BB B-Cause
& I-Cause
T I-Cause
and I-Cause
SunTrust I-Cause
have I-Cause
completed I-Cause
their I-Cause
merger I-Cause
, I-Cause
forming I-Cause
Truist I-Cause
, O
which B-Effect
we I-Effect
believe I-Effect
will I-Effect
drive I-Effect
the I-Effect
next I-Effect
step I-Effect
up I-Effect
in I-Effect
profitability I-Effect
for I-Effect
the I-Effect
franchises I-Effect
. O

Given B-Cause
Tulip I-Cause
's I-Cause
lack I-Cause
of I-Cause
profitability I-Cause
( I-Cause
management I-Cause
has I-Cause
stated I-Cause
the I-Cause
business I-Cause
was I-Cause
not I-Cause
profitable I-Cause
at I-Cause
the I-Cause
time I-Cause
of I-Cause
the I-Cause
October I-Cause
2019 I-Cause
acquisition I-Cause
) I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
the I-Effect
business I-Effect
maintains I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

TC B-Effect
Energy I-Effect
's I-Effect
profitability I-Effect
is I-Effect
not I-Effect
directly I-Effect
tied I-Effect
to I-Effect
commodity I-Effect
prices I-Effect
, O
because O
pipeline B-Cause
transportation I-Cause
costs I-Cause
are I-Cause
not I-Cause
tied I-Cause
to I-Cause
the I-Cause
price I-Cause
of I-Cause
natural I-Cause
gas I-Cause
and I-Cause
crude I-Cause
oil I-Cause
. O

That O
said O
, O
Wynn B-Cause
has I-Cause
recently I-Cause
renovated I-Cause
rooms I-Cause
and I-Cause
the I-Cause
gaming I-Cause
floor I-Cause
space I-Cause
at I-Cause
its I-Cause
peninsula I-Cause
property I-Cause
, O
which O
should O
help B-Effect
the I-Effect
facility I-Effect
maintain I-Effect
market I-Effect
share I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We B-Effect
are I-Effect
keeping I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Danaher I-Effect
at I-Effect
$ I-Effect
160 I-Effect
per I-Effect
share I-Effect
after I-Effect
raising I-Effect
it I-Effect
in I-Effect
January I-Effect
2021 I-Effect
to O
reflect O
recently B-Cause
generated I-Cause
cash I-Cause
flows I-Cause
and I-Cause
our I-Cause
higher I-Cause
near-term I-Cause
outlook I-Cause
primarily I-Cause
for I-Cause
its I-Cause
tools I-Cause
used I-Cause
to I-Cause
diagnose I-Cause
and I-Cause
develop I-Cause
products I-Cause
to I-Cause
treat I-Cause
COVID-19 I-Cause
. O

We O
expect O
that O
management B-Cause
will I-Cause
continue I-Cause
to I-Cause
pursue I-Cause
acquisition I-Cause
targets I-Cause
with I-Cause
high I-Cause
levels I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
, O
which O
would O
further O
lower O
the B-Effect
cyclicality I-Effect
of I-Effect
Fortive I-Effect
's I-Effect
portfolio I-Effect
. O

We O
expect O
a O
primary O
growth O
driver O
to O
be O
the B-Effect
20 I-Effect
% I-Effect
of I-Effect
consumers I-Effect
willing I-Effect
to I-Effect
adjust I-Effect
their I-Effect
habits I-Effect
to I-Effect
benefit I-Effect
the I-Effect
environment I-Effect
, O
as O
Beyond B-Cause
's I-Cause
products I-Cause
emit I-Cause
90 I-Cause
% I-Cause
less I-Cause
greenhouse I-Cause
gases I-Cause
, I-Cause
require I-Cause
93 I-Cause
% I-Cause
less I-Cause
land I-Cause
, I-Cause
99 I-Cause
% I-Cause
less I-Cause
water I-Cause
, I-Cause
and I-Cause
46 I-Cause
% I-Cause
less I-Cause
energy I-Cause
to I-Cause
produce I-Cause
than O
their O
meat O
equivalents O
. O

We O
believe O
Musk O
will O
be O
involved O
with O
Tesla O
for O
the O
rest O
of O
his O
life O
but O
if O
a B-Cause
sudden I-Cause
departure I-Cause
occurred I-Cause
, O
we O
see O
Tesla B-Effect
's I-Effect
stock I-Effect
at I-Effect
risk I-Effect
for I-Effect
a I-Effect
severe I-Effect
decline I-Effect
. O

With O
governments B-Effect
on I-Effect
national I-Effect
, I-Effect
state I-Effect
, I-Effect
and I-Effect
local I-Effect
levels I-Effect
reeling I-Effect
from O
budget B-Cause
problems I-Cause
and I-Cause
emergency I-Cause
expenses I-Cause
from I-Cause
COVID-19 I-Cause
, O
the B-Effect
emergence I-Effect
of I-Effect
cannabis I-Effect
as I-Effect
a I-Effect
legal I-Effect
product I-Effect
has I-Effect
come I-Effect
to I-Effect
be I-Effect
viewed I-Effect
as I-Effect
a I-Effect
funding I-Effect
panacea I-Effect
. O

This B-Cause
is I-Cause
largely I-Cause
attributable I-Cause
to I-Cause
greater I-Cause
capital I-Cause
efficiency I-Cause
and I-Cause
business I-Cause
mix I-Cause
tilted I-Cause
toward I-Cause
credit I-Cause
cards. O
These O
high-yield O
loans O
drive B-Effect
the I-Effect
bank I-Effect
's I-Effect
exceptional I-Effect
net I-Effect
interest I-Effect
margins I-Effect
, I-Effect
which I-Effect
routinely I-Effect
exceed I-Effect
those I-Effect
of I-Effect
money I-Effect
center I-Effect
banks I-Effect
by I-Effect
600 I-Effect
basis I-Effect
points I-Effect
. O

As O
its B-Cause
larger I-Cause
rivals I-Cause
( I-Cause
such I-Cause
as I-Cause
Royal I-Cause
Dutch I-Cause
Shell I-Cause
, I-Cause
BP I-Cause
, I-Cause
and I-Cause
Exxon I-Cause
) I-Cause
are I-Cause
vertically I-Cause
integrated I-Cause
, O
Valvoline B-Effect
does I-Effect
not I-Effect
enjoy I-Effect
the I-Effect
same I-Effect
degree I-Effect
of I-Effect
control I-Effect
over I-Effect
base I-Effect
oil I-Effect
supply I-Effect
( O
though O
low O
crude O
oil O
prices O
have O
mitigated O
the O
near-term O
disadvantage O
) O
. O

Although O
the B-Effect
economic I-Effect
impact I-Effect
from I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
will I-Effect
pressure I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
due O
in O
large O
part O
to O
NiSource B-Cause
's I-Cause
high I-Cause
share I-Cause
of I-Cause
commercial I-Cause
and I-Cause
industrial I-Cause
customers I-Cause
, O
we O
expect O
a O
rebound O
in O
average O
annual O
EPS O
growth O
exceeding O
7 O
% O
from O
2021 O
to O
2024 O
and O
strong O
dividend O
growth O
averaging O
about O
6 O
% O
annually O
. O

As O
evidence B-Cause
that I-Cause
Gap I-Cause
lacks I-Cause
a I-Cause
competitive I-Cause
edge I-Cause
, O
its B-Effect
operating I-Effect
margins I-Effect
and I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have I-Effect
declined I-Effect
since I-Effect
2013 I-Effect
. O

However O
, O
if O
people B-Cause
start I-Cause
opting I-Cause
to I-Cause
use I-Cause
debit I-Cause
cards I-Cause
rather O
than O
credit O
cards O
, O
this O
could O
eat O
into O
Discover B-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
interest I-Effect
income I-Effect
. O

As O
licenses B-Cause
for I-Cause
these I-Cause
facilities I-Cause
are I-Cause
given I-Cause
by I-Cause
state I-Cause
and I-Cause
local I-Cause
officials I-Cause
, O
if O
ethylene B-Cause
oxide I-Cause
becomes I-Cause
a I-Cause
priority I-Cause
for I-Cause
state I-Cause
officials I-Cause
, O
Teleflex B-Effect
could I-Effect
face I-Effect
supply I-Effect
disruptions I-Effect
. O

Additionally O
, O
properties B-Cause
located I-Cause
in I-Cause
desirable I-Cause
submarkets I-Cause
with I-Cause
easy I-Cause
access I-Cause
to I-Cause
transportation I-Cause
, I-Cause
are I-Cause
near I-Cause
business I-Cause
districts I-Cause
, I-Cause
provide I-Cause
food I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
, O
and O
have O
low B-Cause
crime I-Cause
statistics I-Cause
see I-Cause
higher I-Cause
demand I-Cause
that O
can O
translate O
to O
higher B-Effect
rents I-Effect
and I-Effect
higher I-Effect
growth I-Effect
. O

Because O
AMC B-Cause
's I-Cause
cable I-Cause
network I-Cause
business I-Cause
depends I-Cause
on I-Cause
advertising I-Cause
for I-Cause
about I-Cause
35 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
, O
the B-Effect
company I-Effect
could I-Effect
be I-Effect
vulnerable I-Effect
to I-Effect
a I-Effect
general I-Effect
slowdown I-Effect
in I-Effect
the I-Effect
economy I-Effect
or I-Effect
weak I-Effect
programming I-Effect
that I-Effect
reduces I-Effect
its I-Effect
viewership I-Effect
. O

We B-Cause
still I-Cause
view I-Cause
Polaris I-Cause
as I-Cause
more I-Cause
seasonally I-Cause
and I-Cause
end-user I-Cause
diversified I-Cause
( O
it O
sells O
electric O
vehicles O
, O
military O
products O
, O
motorcycles O
, O
and O
more O
) O
, O
so O
we O
think O
BRP B-Effect
's I-Effect
normalized I-Effect
operating I-Effect
margins I-Effect
could I-Effect
trail I-Effect
slightly I-Effect
behind I-Effect
. O

The B-Cause
commodity I-Cause
products I-Cause
ADM I-Cause
moves I-Cause
around I-Cause
the I-Cause
world I-Cause
are I-Cause
readily I-Cause
available I-Cause
from I-Cause
competitors I-Cause
, I-Cause
and I-Cause
the I-Cause
company I-Cause
has I-Cause
little I-Cause
pricing I-Cause
power I-Cause
over I-Cause
the I-Cause
products I-Cause
it I-Cause
buys I-Cause
and I-Cause
sells I-Cause
, O
making O
for O
slim B-Effect
margins I-Effect
. O

Echo B-Cause
's I-Cause
robust I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
coupled I-Cause
with I-Cause
its I-Cause
vast I-Cause
reservoir I-Cause
of I-Cause
market/transaction I-Cause
data I-Cause
, O
enhances B-Effect
its I-Effect
internal I-Effect
pricing I-Effect
decisions I-Effect
and I-Effect
improves I-Effect
customer I-Effect
connectivity I-Effect
and I-Effect
reporting I-Effect
. O

Slowing B-Cause
computing-related I-Cause
revenue I-Cause
forced O
AMD B-Effect
to I-Effect
reduce I-Effect
its I-Effect
reliance I-Effect
on I-Effect
PCs I-Effect
for I-Effect
growth I-Effect
and I-Effect
focus I-Effect
on I-Effect
utilizing I-Effect
its I-Effect
CPU I-Effect
and I-Effect
GPU I-Effect
technology I-Effect
in I-Effect
embedded I-Effect
and I-Effect
semicustom I-Effect
processor I-Effect
applications I-Effect
, I-Effect
such I-Effect
as I-Effect
game I-Effect
consoles I-Effect
. O

CarMax B-Effect
's I-Effect
revenue I-Effect
has I-Effect
increased I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
about I-Effect
11 I-Effect
% I-Effect
since I-Effect
fiscal I-Effect
2000 I-Effect
because O
of O
the B-Cause
success I-Cause
of I-Cause
customer-friendly I-Cause
sales I-Cause
practices I-Cause
and I-Cause
use I-Cause
of I-Cause
information I-Cause
technology I-Cause
and O
the O
firm O
targets O
a O
12 O
% O
annual O
rate O
for O
fiscal O
2021 O
to O
fiscal O
2026 O
. O

For O
example O
, O
consumer B-Effect
sales I-Effect
dropped I-Effect
to I-Effect
26 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
in I-Effect
2019 I-Effect
from I-Effect
32 I-Effect
% I-Effect
in I-Effect
2018 I-Effect
, O
due O
in O
part O
to O
weak B-Cause
demand I-Cause
for I-Cause
a I-Cause
gaming I-Cause
console I-Cause
the I-Cause
firm I-Cause
supplies I-Cause
products I-Cause
for I-Cause
. O

The B-Effect
firm I-Effect
's I-Effect
gross I-Effect
margin I-Effect
is I-Effect
set I-Effect
to I-Effect
stabilize I-Effect
as O
Harley B-Cause
refocuses I-Cause
its I-Cause
efforts I-Cause
on I-Cause
more I-Cause
profitable I-Cause
markets I-Cause
, O
and O
our O
base O
case O
assumes O
that O
it B-Effect
stabilizes I-Effect
around I-Effect
32 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
, O
helped O
by O
a B-Cause
more I-Cause
measured I-Cause
approach I-Cause
to I-Cause
entering I-Cause
new I-Cause
markets I-Cause
. O

While O
the O
loan O
book O
is O
largely O
repriced O
to O
lower O
rates O
, O
there B-Effect
could I-Effect
be I-Effect
some I-Effect
pressure I-Effect
in I-Effect
credit I-Effect
margins I-Effect
if O
competition B-Cause
increases I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
. O

It O
is O
possible O
that O
these B-Effect
investments I-Effect
will I-Effect
not I-Effect
deliver I-Effect
expected I-Effect
returns I-Effect
, O
as O
the B-Cause
innovations I-Cause
may I-Cause
not I-Cause
resonate I-Cause
with I-Cause
consumers I-Cause
, O
who O
may O
choose O
to O
stick O
with O
more O
familiar O
brands O
. O

General B-Cause
Mills I-Cause
' I-Cause
products I-Cause
sell I-Cause
at I-Cause
a I-Cause
price I-Cause
premium I-Cause
to I-Cause
most I-Cause
of I-Cause
its I-Cause
competitors I-Cause
, O
which O
we O
think O
provides O
further B-Effect
evidence I-Effect
of I-Effect
its I-Effect
brand I-Effect
strength I-Effect
. O

Because O
index B-Cause
data I-Cause
is I-Cause
critical I-Cause
to I-Cause
stakeholders I-Cause
that I-Cause
benchmark I-Cause
to I-Cause
MSCI I-Cause
, O
its B-Effect
index I-Effect
subscriptions I-Effect
have I-Effect
strong I-Effect
retention I-Effect
and I-Effect
pricing I-Effect
power I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
it I-Effect
has I-Effect
the I-Effect
power I-Effect
to I-Effect
negotiate I-Effect
lower I-Effect
prices I-Effect
from I-Effect
these I-Effect
producers I-Effect
as O
there B-Cause
are I-Cause
many I-Cause
competitors I-Cause
who I-Cause
buy I-Cause
clothing I-Cause
in I-Cause
larger I-Cause
volumes I-Cause
than I-Cause
Urban I-Cause
Outfitters I-Cause
. O

Given O
the B-Cause
ongoing I-Cause
demand I-Cause
for I-Cause
content I-Cause
, O
we O
believe O
content B-Effect
creation I-Effect
is I-Effect
not I-Effect
a I-Effect
zero-sum I-Effect
game I-Effect
, O
as O
high-quality B-Cause
content I-Cause
will I-Cause
always I-Cause
find I-Cause
an I-Cause
outlet I-Cause
. O

Cheniere B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
be I-Effect
the I-Effect
exporter I-Effect
of I-Effect
the I-Effect
incremental I-Effect
liquefied I-Effect
natural I-Effect
gas I-Effect
supplied I-Effect
to O
the O
global O
market O
over O
the O
next O
few O
years O
, O
particularly O
as O
demand B-Cause
ramps I-Cause
up I-Cause
from I-Cause
China I-Cause
. O

Deere B-Cause
's I-Cause
products I-Cause
help I-Cause
farmers I-Cause
save I-Cause
on I-Cause
farming I-Cause
input I-Cause
costs I-Cause
, I-Cause
limit I-Cause
machine I-Cause
maintenance I-Cause
and I-Cause
repair I-Cause
costs I-Cause
, O
ultimately O
leading O
to O
a B-Effect
lower I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
. O

In O
what O
we O
view O
as O
a O
differentiator O
up O
to O
this O
point O
, O
Snap B-Effect
also I-Effect
allows I-Effect
its I-Effect
users I-Effect
to I-Effect
partake I-Effect
in I-Effect
advertising I-Effect
, O
as O
users B-Cause
can I-Cause
customize I-Cause
their I-Cause
pictures I-Cause
with I-Cause
Lenses I-Cause
sponsored I-Cause
by I-Cause
different I-Cause
brands I-Cause
. O

The O
utility O
must O
maintain B-Cause
political I-Cause
and I-Cause
regulatory I-Cause
support I-Cause
for I-Cause
infrastructure I-Cause
replacement I-Cause
, I-Cause
clean I-Cause
energy I-Cause
, I-Cause
energy I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
other I-Cause
network I-Cause
upgrades I-Cause
to O
increase B-Effect
earnings I-Effect
. O

Operating B-Effect
margins I-Effect
should I-Effect
rise I-Effect
as O
Advance B-Cause
cuts I-Cause
costs I-Cause
and I-Cause
after I-Cause
near-term I-Cause
conditions I-Cause
normalize I-Cause
, O
rebounding O
from O
8 O
% O
in O
2018-19 O
and O
approaching O
12 O
% O
long O
term O
. O

Over O
the O
past O
decade O
, O
the O
HDD O
market O
has O
experienced O
rapid O
consolidation O
, O
with O
the B-Effect
number I-Effect
of I-Effect
players I-Effect
falling I-Effect
from I-Effect
10 I-Effect
to I-Effect
three I-Effect
as O
others B-Cause
have I-Cause
exited I-Cause
because O
of O
an B-Cause
inability I-Cause
to I-Cause
meet I-Cause
the I-Cause
rising I-Cause
investments I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
higher-capacity I-Cause
HDDs I-Cause
and I-Cause
the I-Cause
shift I-Cause
to I-Cause
SSDs I-Cause
. O

Further B-Effect
, I-Effect
Dish I-Effect
's I-Effect
relatively I-Effect
complex I-Effect
capital I-Effect
structure I-Effect
could I-Effect
create I-Effect
more I-Effect
uncertainty I-Effect
if B-Cause
the I-Cause
firm I-Cause
chose I-Cause
to I-Cause
cast I-Cause
off I-Cause
the I-Cause
subsidiary I-Cause
that I-Cause
holds I-Cause
the I-Cause
satellite I-Cause
business I-Cause
and I-Cause
carries I-Cause
most I-Cause
of I-Cause
its I-Cause
debt I-Cause
burden I-Cause
. I-Cause

Our B-Cause
base-case I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
is I-Cause
based I-Cause
on I-Cause
our I-Cause
projection I-Cause
that I-Cause
the I-Cause
overall I-Cause
streaming I-Cause
revenue I-Cause
for I-Cause
the I-Cause
recorded I-Cause
music I-Cause
industry I-Cause
will I-Cause
grow I-Cause
22 I-Cause
% I-Cause
annually I-Cause
from I-Cause
2019 I-Cause
until I-Cause
2025. O
As O
a O
result O
of O
our O
industry O
projection O
, O
we O
expect O
streaming B-Effect
revenue I-Effect
for I-Effect
the I-Effect
recorded I-Effect
music I-Effect
segment I-Effect
to I-Effect
expand I-Effect
by I-Effect
18.5 I-Effect
% I-Effect
on I-Effect
average I-Effect
from I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
fiscal I-Effect
2025 I-Effect
. O

In O
a O
four-player O
Italian O
mobile O
market O
, O
new B-Effect
rational I-Effect
entrants I-Effect
are I-Effect
not I-Effect
economically I-Effect
incentivized I-Effect
to I-Effect
enter I-Effect
due O
to O
low B-Cause
market I-Cause
growth I-Cause
, I-Cause
low I-Cause
price I-Cause
levels I-Cause
and I-Cause
existing I-Cause
incumbents I-Cause
with I-Cause
established I-Cause
operations I-Cause
. O

The B-Cause
majority I-Cause
of I-Cause
CRH I-Cause
's I-Cause
sales I-Cause
are I-Cause
from I-Cause
developed I-Cause
markets I-Cause
and O
thus O
enjoy B-Effect
greater I-Effect
protection I-Effect
against I-Effect
new I-Effect
entrants I-Effect
than I-Effect
competitors I-Effect
with I-Effect
a I-Effect
greater I-Effect
emerging-market I-Effect
presence I-Effect
. O

The O
Goldman O
Sachs O
name O
has O
brand B-Cause
recognition I-Cause
that O
provides O
a B-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
garnering I-Effect
investment I-Effect
banking I-Effect
deals I-Effect
and I-Effect
recruiting I-Effect
top I-Effect
talent I-Effect
. O

With O
a O
significant O
portion O
of O
annual O
revenue O
generated O
by O
management O
fees O
levied O
on O
AUM O
, O
dramatic O
market B-Cause
movements I-Cause
or I-Cause
changes I-Cause
in I-Cause
fund I-Cause
flows I-Cause
can O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
operating I-Effect
profits I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Crane I-Effect
to I-Effect
$ I-Effect
107 I-Effect
from I-Effect
$ I-Effect
98 I-Effect
following O
the B-Cause
firm I-Cause
's I-Cause
aerospace I-Cause
& I-Cause
electronics I-Cause
investor I-Cause
conference I-Cause
on I-Cause
May I-Cause
26 I-Cause
. O

Intel B-Effect
's I-Effect
historical I-Effect
lead I-Effect
in I-Effect
process I-Effect
technology I-Effect
benefits O
from O
sizable B-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
( O
19 O
% O
of O
revenue O
on O
average O
in O
recent O
years O
) O
, O
which O
is O
critical O
to O
the O
firm O
's O
ability O
to O
sustain O
its O
advantage O
. O

While O
the O
barriers O
to O
entry O
are O
not O
significant O
for O
the O
industry O
, O
the B-Effect
barriers I-Effect
to I-Effect
success I-Effect
are I-Effect
extremely I-Effect
high I-Effect
-- O
as O
it B-Cause
takes I-Cause
time I-Cause
and I-Cause
skill I-Cause
to I-Cause
not I-Cause
only I-Cause
put I-Cause
together I-Cause
a I-Cause
long I-Cause
enough I-Cause
track I-Cause
record I-Cause
of I-Cause
investment I-Cause
performance I-Cause
to I-Cause
start I-Cause
gathering I-Cause
assets I-Cause
but I-Cause
to I-Cause
build I-Cause
the I-Cause
scale I-Cause
necessary I-Cause
to I-Cause
be I-Cause
competitive I-Cause
. O

Whereas O
the O
relative O
complexity O
involved O
in O
developing O
a O
facility O
had O
served O
as O
a O
deterrent O
, O
an B-Effect
increased I-Effect
focus I-Effect
on I-Effect
supply I-Effect
chains I-Effect
due O
to O
the B-Cause
rise I-Cause
of I-Cause
e-commerce I-Cause
and I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
has O
eroded O
this O
prior O
source O
of O
hesitation O
. O

In O
Mexico O
( O
11 O
% O
of O
sales O
) O
, O
we O
expect O
sales B-Effect
will I-Effect
recover I-Effect
9 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
after I-Effect
a I-Effect
5 I-Effect
% I-Effect
drop I-Effect
in I-Effect
2020 I-Effect
on O
material B-Cause
currency I-Cause
weakness I-Cause
and I-Cause
lower I-Cause
volume I-Cause
. O

We O
expect O
Crown B-Effect
to I-Effect
generate I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
around I-Effect
3.5 I-Effect
% I-Effect
annually I-Effect
through I-Effect
2025 I-Effect
, O
owing O
to O
tepid B-Cause
growth I-Cause
in I-Cause
developed I-Cause
markets I-Cause
and I-Cause
moderate I-Cause
growth I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

While O
the B-Cause
concentration I-Cause
of I-Cause
high-quality I-Cause
tenants I-Cause
across I-Cause
Simon I-Cause
's I-Cause
portfolio I-Cause
can O
provide B-Effect
an I-Effect
experience I-Effect
for I-Effect
consumers I-Effect
that I-Effect
is I-Effect
hard I-Effect
for I-Effect
other I-Effect
retailers I-Effect
to I-Effect
replicate I-Effect
, O
there O
is O
significant O
uncertainty O
about O
the O
future O
of O
sales O
growth O
even O
from O
this O
segment O
stemming O
from O
the O
coronavirus O
. O

We B-Effect
'd I-Effect
be I-Effect
hard-pressed I-Effect
to I-Effect
identify I-Effect
a I-Effect
strong I-Effect
area I-Effect
of I-Effect
organic I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
given O
the B-Cause
middling I-Cause
economics I-Cause
of I-Cause
the I-Cause
basins I-Cause
and I-Cause
regions I-Cause
it I-Cause
serves I-Cause
. O

A B-Cause
pipeline I-Cause
network I-Cause
allows I-Cause
the I-Cause
midstream I-Cause
firm I-Cause
to I-Cause
optimize I-Cause
the I-Cause
flow I-Cause
of I-Cause
hydrocarbons I-Cause
across I-Cause
the I-Cause
system I-Cause
and I-Cause
capture I-Cause
geographic I-Cause
differentials I-Cause
; I-Cause
use I-Cause
storage I-Cause
facilities I-Cause
to I-Cause
capture I-Cause
price I-Cause
differentials I-Cause
over I-Cause
time I-Cause
; I-Cause
and I-Cause
direct I-Cause
more I-Cause
hydrocarbons I-Cause
through I-Cause
its I-Cause
system I-Cause
using I-Cause
storage I-Cause
, I-Cause
gathering I-Cause
, I-Cause
and I-Cause
processing I-Cause
assets I-Cause
; O
ensuring B-Effect
security I-Effect
of I-Effect
flows I-Effect
and I-Effect
higher I-Effect
fees I-Effect
. O

Nonetheless O
, O
we O
think O
that O
total B-Effect
revenue I-Effect
generated I-Effect
by I-Effect
ERP I-Effect
customers I-Effect
will I-Effect
grow I-Effect
by I-Effect
about I-Effect
50 I-Effect
% I-Effect
as O
more B-Cause
and I-Cause
more I-Cause
cloud I-Cause
customers I-Cause
should I-Cause
increase I-Cause
the I-Cause
lifetime I-Cause
value I-Cause
they I-Cause
offer I-Cause
to I-Cause
SAP I-Cause
. O

After O
acquiring B-Cause
Kepware I-Cause
in I-Cause
2016 I-Cause
, O
the B-Effect
Thingworx I-Effect
platform I-Effect
is I-Effect
able I-Effect
to I-Effect
communicate I-Effect
with I-Effect
an I-Effect
estimated I-Effect
70 I-Effect
% I-Effect
of I-Effect
hardware I-Effect
without I-Effect
customized I-Effect
coding I-Effect
from I-Effect
system I-Effect
integrators I-Effect
via I-Effect
the I-Effect
Kepware I-Effect
server I-Effect
, O
with O
only O
Software O
AG O
comparing O
in O
the O
extent O
of O
connectivity O
. O

On O
balance O
, O
the B-Effect
advent I-Effect
of I-Effect
the I-Effect
cloud I-Effect
has I-Effect
been I-Effect
good I-Effect
for I-Effect
data I-Effect
center I-Effect
businesses I-Effect
, O
as O
the B-Cause
number I-Cause
of I-Cause
firms I-Cause
reducing I-Cause
their I-Cause
own I-Cause
data I-Cause
center I-Cause
needs I-Cause
has I-Cause
been I-Cause
much I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
those I-Cause
that I-Cause
increasingly I-Cause
move I-Cause
off-site I-Cause
for I-Cause
interconnection I-Cause
with I-Cause
cloud I-Cause
service I-Cause
providers I-Cause
for I-Cause
their I-Cause
hybrid I-Cause
cloud I-Cause
needs I-Cause
. O

Defective B-Cause
equipment I-Cause
or I-Cause
components I-Cause
from I-Cause
ABB I-Cause
's I-Cause
automation I-Cause
or I-Cause
electrical I-Cause
portfolio I-Cause
could O
lead O
to O
product B-Effect
recalls I-Effect
; O
however O
, O
we O
would O
not O
expect O
any O
specific O
recalls O
to O
be O
material O
across O
the O
group O
financials O
as O
the O
product O
portfolio O
is O
diverse O
, O
and O
we O
believe O
the O
company O
has O
internal O
controls O
to O
minimize O
recall O
risk O
. O

In O
addition O
, O
as O
merchants B-Cause
become I-Cause
slightly I-Cause
more I-Cause
tech-savvy I-Cause
, O
they B-Effect
may I-Effect
become I-Effect
easier I-Effect
targets I-Effect
for I-Effect
companies I-Effect
such I-Effect
as I-Effect
Google I-Effect
that O
provide O
dashboards O
for O
variety O
of O
businesses O
for O
ad O
design O
, O
purchase O
, O
and O
placement O
. O

In O
developed O
markets O
, O
replicating B-Effect
Booking I-Effect
's I-Effect
leading I-Effect
network I-Effect
in I-Effect
Europe I-Effect
is I-Effect
proving I-Effect
costly I-Effect
and I-Effect
time I-Effect
consuming I-Effect
for I-Effect
key I-Effect
competitors I-Effect
, O
given O
around B-Cause
60 I-Cause
% I-Cause
of I-Cause
all I-Cause
hotels I-Cause
in I-Cause
the I-Cause
region I-Cause
are I-Cause
small I-Cause
boutique I-Cause
establishments I-Cause
. O

Given O
Atlassian B-Cause
's I-Cause
appeal I-Cause
to I-Cause
small I-Cause
teams I-Cause
at I-Cause
organizations I-Cause
of I-Cause
all I-Cause
sizes I-Cause
and I-Cause
the I-Cause
web-driven I-Cause
sales I-Cause
model I-Cause
for I-Cause
perpetual I-Cause
licenses I-Cause
and I-Cause
maintenance O
, O
our O
base O
assumption O
is O
that O
this O
is O
a O
long-tailed B-Effect
transition I-Effect
. O

With O
the B-Cause
firm I-Cause
's I-Cause
restructuring I-Cause
and I-Cause
bolt-on I-Cause
acquisition I-Cause
plans I-Cause
mostly I-Cause
complete I-Cause
, O
we O
believe O
it B-Effect
is I-Effect
unlikely I-Effect
that I-Effect
investors I-Effect
will I-Effect
face I-Effect
large I-Effect
risks I-Effect
of I-Effect
overpayment I-Effect
and I-Effect
integration I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Sinopec O
does O
benefit O
at O
home O
from O
its O
leadership O
position O
in O
downstream O
operations O
, O
but O
a B-Effect
lack I-Effect
of I-Effect
pricing I-Effect
power I-Effect
persists O
with O
petrol B-Cause
product I-Cause
pricing I-Cause
determined I-Cause
by I-Cause
the I-Cause
government I-Cause
. O

It B-Cause
is I-Cause
also I-Cause
applying I-Cause
artificial I-Cause
intelligence I-Cause
and I-Cause
virtual I-Cause
and I-Cause
augmented I-Cause
reality I-Cause
technologies I-Cause
to I-Cause
various I-Cause
products I-Cause
, O
which O
may B-Effect
increase I-Effect
Facebook I-Effect
user I-Effect
engagement I-Effect
even I-Effect
further I-Effect
, I-Effect
helping I-Effect
to I-Effect
further I-Effect
generate I-Effect
attractive I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
advertisers I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Finally O
, O
the B-Cause
Callcredit I-Cause
acquisition I-Cause
was I-Cause
large I-Cause
and I-Cause
marks I-Cause
a I-Cause
break I-Cause
from I-Cause
the I-Cause
bolt-on I-Cause
acquisitions I-Cause
the I-Cause
company I-Cause
has I-Cause
historically I-Cause
completed I-Cause
, O
which O
raises B-Effect
operational I-Effect
and I-Effect
integration I-Effect
risk I-Effect
. O

Landstar B-Cause
's I-Cause
strong I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
coupled I-Cause
with I-Cause
its I-Cause
vast I-Cause
reservoir I-Cause
of I-Cause
market I-Cause
data I-Cause
, O
also O
enhances B-Effect
its I-Effect
internal I-Effect
pricing I-Effect
decisions I-Effect
and I-Effect
improves I-Effect
customer I-Effect
connectivity I-Effect
and I-Effect
reporting I-Effect
. O

Another B-Effect
risk I-Effect
that O
concern O
us O
is O
that O
payroll B-Cause
providers I-Cause
are I-Cause
handling I-Cause
increasing I-Cause
amounts I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
that I-Cause
could I-Cause
be I-Cause
compromised I-Cause
in I-Cause
a I-Cause
cyberattack I-Cause
. O

Our O
margin B-Effect
forecast I-Effect
for I-Effect
Summit I-Effect
is I-Effect
milder I-Effect
than I-Effect
what I-Effect
we I-Effect
forecast I-Effect
for I-Effect
Martin I-Effect
Marietta I-Effect
and I-Effect
Vulcan I-Effect
, O
as O
its O
greater O
exposure O
to O
downstream B-Cause
activities I-Cause
weighs I-Cause
on I-Cause
margin I-Cause
expansion I-Cause
. O

While O
we O
think O
that O
some O
concerts O
will O
be O
able O
to O
be O
rescheduled O
, O
many B-Effect
events I-Effect
may I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
find I-Effect
new I-Effect
dates I-Effect
given O
the B-Cause
already I-Cause
crowded I-Cause
schedule I-Cause
. O

A B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
IQVIA I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
solutions I-Cause
, I-Cause
while I-Cause
large I-Cause
pharmaceutical I-Cause
companies I-Cause
offer I-Cause
profitable I-Cause
preferred I-Cause
partnerships I-Cause
with I-Cause
high I-Cause
switching I-Cause
costs I-Cause
, I-Cause
choosing I-Cause
one I-Cause
or I-Cause
a I-Cause
few I-Cause
trusted I-Cause
CROs I-Cause
to I-Cause
which I-Cause
they I-Cause
funnel I-Cause
most I-Cause
of I-Cause
their I-Cause
new I-Cause
business I-Cause
. O

We O
are O
lifting B-Effect
our I-Effect
valuation I-Effect
of I-Effect
Target I-Effect
to I-Effect
$ I-Effect
151 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
138 I-Effect
, O
reflecting O
exceptional O
first-quarter O
comparable O
sales O
( O
23 O
% O
growth O
) O
, O
offset O
somewhat O
by O
a B-Cause
higher I-Cause
long-term I-Cause
corporate I-Cause
tax I-Cause
rate I-Cause
assumption I-Cause
( O
26 O
% O
statutory O
rate O
from O
2022 O
versus O
21 O
% O
currently O
) O
. O

NRG B-Cause
now I-Cause
serves I-Cause
substantially I-Cause
more I-Cause
retail I-Cause
load I-Cause
than I-Cause
its I-Cause
slimmed-down I-Cause
generation I-Cause
fleet I-Cause
can I-Cause
help I-Cause
serve I-Cause
, O
reducing O
the B-Effect
benefit I-Effect
of I-Effect
the I-Effect
retail-wholesale I-Effect
hedge I-Effect
. O

Following O
first-quarter O
results O
, O
we B-Effect
raise I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Canadian I-Effect
National I-Effect
to I-Effect
USD I-Effect
94 I-Effect
from I-Effect
USD I-Effect
90 I-Effect
on B-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
foreign I-Cause
exchange I-Cause
on I-Cause
our I-Cause
USD-denominated I-Cause
fair I-Cause
value I-Cause
. O

BNP B-Effect
Paribas I-Effect
has I-Effect
consistently I-Effect
been I-Effect
gaining I-Effect
market I-Effect
share I-Effect
in I-Effect
investment I-Effect
banking I-Effect
and I-Effect
we I-Effect
anticipate I-Effect
this I-Effect
to I-Effect
continue I-Effect
as O
a B-Cause
number I-Cause
of I-Cause
its I-Cause
European I-Cause
peers I-Cause
are I-Cause
still I-Cause
looking I-Cause
to I-Cause
scale I-Cause
back I-Cause
their I-Cause
trading I-Cause
operations I-Cause
. O

We B-Effect
also I-Effect
have I-Effect
confidence I-Effect
that I-Effect
this I-Effect
level I-Effect
of I-Effect
earnings I-Effect
growth I-Effect
will I-Effect
continue I-Effect
beyond I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
given O
the B-Cause
investment I-Cause
and I-Cause
acquisition I-Cause
opportunities I-Cause
in I-Cause
the I-Cause
water I-Cause
utilities I-Cause
industry I-Cause
. O

While O
housing B-Cause
starts I-Cause
alone I-Cause
should O
increase B-Effect
demand I-Effect
for I-Effect
gardening I-Effect
products I-Effect
, O
we O
see O
some B-Cause
secular I-Cause
trends I-Cause
that O
will B-Effect
offset I-Effect
the I-Effect
growth I-Effect
. O

We O
think O
a B-Effect
very I-Effect
high I-Effect
cost I-Effect
of I-Effect
equity I-Effect
and I-Effect
high I-Effect
cost I-Effect
of I-Effect
debt I-Effect
are I-Effect
reasonable I-Effect
for I-Effect
this I-Effect
airline I-Effect
, O
given O
American B-Cause
's I-Cause
material I-Cause
financial I-Cause
leverage I-Cause
and I-Cause
cyclicality I-Cause
. O

This O
is O
because O
of O
the O
immense B-Effect
financial I-Effect
losses I-Effect
an O
upstart O
would O
incur O
while O
trying O
to O
amass B-Cause
the I-Cause
volume I-Cause
and I-Cause
density I-Cause
necessary I-Cause
to I-Cause
absorb I-Cause
the I-Cause
remarkably I-Cause
high I-Cause
capital I-Cause
outlays I-Cause
and I-Cause
fixed I-Cause
costs I-Cause
associated I-Cause
with I-Cause
a I-Cause
global I-Cause
parcel I-Cause
delivery I-Cause
network I-Cause
. O

The O
NBCUniversal O
acquisition B-Effect
has I-Effect
added I-Effect
shareholder I-Effect
value I-Effect
, O
in O
our O
view O
, O
through O
a O
combination B-Cause
of I-Cause
a I-Cause
reasonable I-Cause
purchase I-Cause
price I-Cause
and I-Cause
strong I-Cause
execution I-Cause
. O

Large O
global O
CROs O
like O
PPD O
have O
developed B-Cause
regulatory I-Cause
expertise I-Cause
and I-Cause
proprietary I-Cause
data I-Cause
that O
help B-Effect
them I-Effect
produce I-Effect
the I-Effect
best I-Effect
trial I-Effect
designs I-Effect
and I-Effect
enroll I-Effect
patients I-Effect
into I-Effect
trials I-Effect
quickly I-Effect
and I-Effect
efficiently I-Effect
, O
allowing O
Drug O
Manufacturers O
- O
Specialty O
& O
Genericdrugs O
to O
get O
to O
market O
faster O
. O

At O
$ O
2.80/mcf O
, O
North O
American O
gas O
is O
not O
some O
of O
the O
cheapest O
gas O
on O
the O
global O
cost O
curve O
, O
meaning O
that O
without B-Cause
the I-Cause
contracts I-Cause
in I-Cause
place I-Cause
, O
Cheniere B-Effect
would I-Effect
struggle I-Effect
. O

Switching B-Effect
costs I-Effect
are I-Effect
at I-Effect
play I-Effect
because O
Balchem B-Cause
's I-Cause
gases I-Cause
account I-Cause
for I-Cause
a I-Cause
fraction I-Cause
of I-Cause
its I-Cause
customers I-Cause
' I-Cause
cost I-Cause
structure I-Cause
, O
but O
a O
reliable O
supply O
is O
critical O
to O
their O
production O
processes O
. O

Our O
long-term O
forecast O
assumes O
roughly O
4 O
% O
annual O
top-line O
growth O
through O
2025 O
, O
but O
we O
forecast O
sales B-Effect
growth I-Effect
to I-Effect
average I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
as O
Ingredion B-Cause
's I-Cause
volumes I-Cause
recover I-Cause
from I-Cause
the I-Cause
COVID-19-related I-Cause
slowdown I-Cause
. O

As O
a O
result O
, B-Cause
Veoneer I-Cause
has I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
negative I-Effect
impact I-Effect
on I-Effect
short-term I-Effect
profitability I-Effect
. O

Also O
, O
the B-Cause
price I-Cause
wars I-Cause
that I-Cause
hit I-Cause
the I-Cause
market I-Cause
following I-Cause
regulatory I-Cause
reform I-Cause
and I-Cause
AT I-Cause
& I-Cause
T I-Cause
's I-Cause
entrance I-Cause
have O
hurt O
third-place O
carrier O
Telefonica O
particularly O
hard O
, O
prompting B-Effect
the I-Effect
firm I-Effect
to I-Effect
effectively I-Effect
exit I-Effect
the I-Effect
market I-Effect
in I-Effect
2019 I-Effect
as I-Effect
a I-Effect
facilities-based I-Effect
operator I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Duke I-Effect
Realty I-Effect
to O
$ O
33 O
per O
share O
from O
$ O
31 O
due O
to O
an B-Cause
improved I-Cause
near-term I-Cause
outlook I-Cause
amid I-Cause
positive I-Cause
performance I-Cause
from I-Cause
the I-Cause
industrial I-Cause
real I-Cause
estate I-Cause
industry I-Cause
despite O
the O
coronavirus O
crisis O
. O

Although O
most O
dealerships O
are O
good O
businesses O
, O
we O
think O
the B-Effect
large I-Effect
publicly I-Effect
traded I-Effect
dealers I-Effect
are I-Effect
best I-Effect
positioned I-Effect
for I-Effect
growth I-Effect
since O
they B-Cause
can I-Cause
be I-Cause
the I-Cause
most I-Cause
flexible I-Cause
in I-Cause
changing I-Cause
brand I-Cause
mix I-Cause
. O

We O
expect O
sales B-Effect
and I-Effect
marketing I-Effect
expenses I-Effect
to I-Effect
grow I-Effect
appreciably I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
as O
the B-Cause
firm I-Cause
faces I-Cause
entrenched I-Cause
competitors I-Cause
, O
but O
to O
lag O
sales B-Effect
growth I-Effect
as O
it B-Cause
further I-Cause
penetrates I-Cause
its I-Cause
addressable I-Cause
market I-Cause
. O

We B-Effect
expect I-Effect
earnings I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
faster I-Effect
pace I-Effect
than I-Effect
revenue I-Effect
due O
to O
margin B-Cause
expansion I-Cause
and I-Cause
capital I-Cause
allocation I-Cause
activities I-Cause
. O

For O
instance O
, O
Neva O
, O
an B-Cause
attended I-Cause
RPA I-Cause
product I-Cause
, I-Cause
monitors I-Cause
agents I-Cause
' I-Cause
desktop I-Cause
activities I-Cause
, I-Cause
identifies I-Cause
repetitive I-Cause
processes I-Cause
which I-Cause
can I-Cause
be I-Cause
automated I-Cause
, I-Cause
and O
frees B-Effect
up I-Effect
agents I-Effect
from I-Effect
routine I-Effect
tasks I-Effect
so O
they B-Effect
can I-Effect
focus I-Effect
on I-Effect
the I-Effect
most I-Effect
important I-Effect
activity- I-Effect
servicing I-Effect
the I-Effect
customer I-Effect
. I-Effect

Given O
significant B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and I-Cause
high I-Cause
switching I-Cause
costs I-Cause
, I-Cause
market I-Cause
share I-Cause
has I-Cause
remained I-Cause
stable I-Cause
in I-Cause
the I-Cause
orthopedic I-Cause
implant I-Cause
space I-Cause
, O
and O
we O
view O
Colfax B-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
in I-Effect
the I-Effect
reconstructive I-Effect
segment I-Effect
as I-Effect
durable I-Effect
. O

We O
also O
like O
management B-Cause
's I-Cause
aggressive I-Cause
effort I-Cause
to O
drive B-Effect
penetration I-Effect
, I-Effect
limiting I-Effect
price I-Effect
increases I-Effect
, I-Effect
improving I-Effect
customer I-Effect
service I-Effect
, I-Effect
and I-Effect
expanding I-Effect
its I-Effect
offerings I-Effect
to I-Effect
appeal I-Effect
to I-Effect
a I-Effect
variety I-Effect
of I-Effect
customer I-Effect
preferences I-Effect
. O

That O
said O
, O
the B-Effect
lines I-Effect
between I-Effect
the I-Effect
company I-Effect
's I-Effect
clouds I-Effect
are I-Effect
at I-Effect
times I-Effect
blurry I-Effect
, O
as O
similar B-Cause
features I-Cause
can I-Cause
be I-Cause
found I-Cause
in I-Cause
multiple I-Cause
clouds I-Cause
. O

Management B-Cause
favors I-Cause
owned I-Cause
stores I-Cause
over I-Cause
franchised I-Cause
locations I-Cause
for I-Cause
growth I-Cause
, O
which O
should O
restrain O
margins O
given O
the O
low O
cost O
associated O
with O
franchise O
royalties O
( O
worthwhile O
as O
Valvoline O
will O
capture O
more O
service-related O
profit O
dollars O
) O
, O
so O
we B-Effect
expect I-Effect
long-term I-Effect
segment I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
near I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
24 I-Effect
% I-Effect
despite I-Effect
growing I-Effect
scale I-Effect
. O

We O
expect O
the B-Cause
additional I-Cause
compute I-Cause
@ I-Cause
edge I-Cause
feature I-Cause
will O
contribute O
to O
Fastly O
's O
existing O
customers O
continuing O
to O
increase B-Effect
their I-Effect
spending I-Effect
levels I-Effect
with I-Effect
the I-Effect
firm I-Effect
. O

CBRE B-Effect
's I-Effect
preeminent I-Effect
competitive I-Effect
position I-Effect
derives O
in O
large O
part O
from O
its B-Cause
lengthy I-Cause
track I-Cause
record I-Cause
of I-Cause
effective I-Cause
and I-Cause
ethical I-Cause
service I-Cause
, O
which O
has O
bolstered B-Effect
its I-Effect
reputation I-Effect
. O

In O
Texas O
, O
slowing B-Cause
electricity I-Cause
growth I-Cause
or I-Cause
a I-Cause
continued I-Cause
surge I-Cause
in I-Cause
renewable I-Cause
energy I-Cause
growth I-Cause
could O
cut O
into O
NRG B-Effect
's I-Effect
wholesale I-Effect
generation I-Effect
earnings I-Effect
. O

Additionally O
, O
part B-Cause
of I-Cause
the I-Cause
workforce I-Cause
is I-Cause
covered I-Cause
by I-Cause
collective I-Cause
agreements I-Cause
, O
which O
could O
result B-Effect
in I-Effect
work I-Effect
stoppages I-Effect
if I-Effect
work I-Effect
agreements I-Effect
can I-Effect
not I-Effect
be I-Effect
reached I-Effect
. O

With O
less B-Cause
investment I-Cause
in I-Cause
new I-Cause
towers I-Cause
, I-Cause
which I-Cause
typically I-Cause
have I-Cause
significantly I-Cause
fewer I-Cause
tenants I-Cause
per I-Cause
tower I-Cause
, I-Cause
revenue I-Cause
growth I-Cause
on I-Cause
towers I-Cause
will O
be O
primarily O
from O
co-locations B-Effect
, I-Effect
amendments I-Effect
, I-Effect
and I-Effect
escalators I-Effect
, I-Effect
which I-Effect
will I-Effect
mostly I-Effect
drop I-Effect
straight I-Effect
to I-Effect
the I-Effect
bottom I-Effect
line I-Effect
. O

However O
, O
the B-Cause
pandemic I-Cause
also O
accelerated B-Effect
the I-Effect
broader I-Effect
e-commerce I-Effect
shift I-Effect
( I-Effect
likely I-Effect
by I-Effect
many I-Effect
years I-Effect
) I-Effect
, O
and O
heavy B-Cause
online I-Cause
fulfullment I-Cause
demand O
drove B-Effect
a I-Effect
surge I-Effect
in I-Effect
UPS I-Effect
' I-Effect
B2C I-Effect
package I-Effect
volumes I-Effect
. O

The O
most B-Effect
significant I-Effect
ESG I-Effect
risk I-Effect
for I-Effect
the I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
businesses I-Effect
is O
from O
the B-Cause
potential I-Cause
for I-Cause
a I-Cause
gas I-Cause
explosion I-Cause
and I-Cause
fire I-Cause
. O

Being B-Cause
omnipresent I-Cause
across I-Cause
most I-Cause
customer I-Cause
channels I-Cause
and I-Cause
product I-Cause
lines I-Cause
has O
cemented O
the B-Effect
firm I-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
go-to I-Effect
reliable I-Effect
supplier I-Effect
, O
likely O
garnering B-Effect
it I-Effect
greater I-Effect
wallet I-Effect
share I-Effect
going I-Effect
forward I-Effect
. O

We O
think O
investors B-Effect
are I-Effect
familiar I-Effect
with I-Effect
transitions I-Effect
such I-Effect
as I-Effect
this I-Effect
, O
as O
a B-Cause
variety I-Cause
of I-Cause
software I-Cause
companies I-Cause
have I-Cause
completed I-Cause
this I-Cause
process I-Cause
, I-Cause
with I-Cause
a I-Cause
number I-Cause
still I-Cause
moving I-Cause
along I-Cause
the I-Cause
transition I-Cause
path I-Cause
. O

The B-Cause
close I-Cause
proximity I-Cause
between I-Cause
production I-Cause
and I-Cause
end I-Cause
customers I-Cause
( I-Cause
construction I-Cause
and I-Cause
public I-Cause
works I-Cause
customers I-Cause
as I-Cause
well I-Cause
as I-Cause
producers I-Cause
of I-Cause
ready-mix I-Cause
concrete I-Cause
) I-Cause
results O
in O
cheaper B-Effect
transportation I-Effect
costs I-Effect
and I-Effect
minimizes I-Effect
the I-Effect
threat I-Effect
of I-Effect
distant I-Effect
competitors I-Effect
. O

Not B-Effect
only I-Effect
do I-Effect
robust I-Effect
aftermarket I-Effect
sales I-Effect
make I-Effect
revenue I-Effect
less I-Effect
cyclical I-Effect
, I-Effect
they I-Effect
also I-Effect
reduce I-Effect
Pentair I-Effect
's I-Effect
reliance I-Effect
on I-Effect
new I-Effect
construction I-Effect
starts I-Effect
, O
as B-Cause
the I-Cause
bulk I-Cause
of I-Cause
revenue I-Cause
is I-Cause
derived I-Cause
from I-Cause
the I-Cause
large I-Cause
existing I-Cause
market I-Cause
of I-Cause
over I-Cause
5 I-Cause
million I-Cause
swimming I-Cause
pools I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

While O
the O
last O
mile O
tends O
to O
be O
the O
most O
expensive O
, O
the B-Cause
Wayfair I-Cause
process I-Cause
reduces B-Effect
the I-Effect
number I-Effect
of I-Effect
touches I-Effect
between I-Effect
order I-Effect
and I-Effect
delivery I-Effect
, I-Effect
decreasing I-Effect
delivery I-Effect
time I-Effect
and I-Effect
reducing I-Effect
damage I-Effect
risk I-Effect
offsetting I-Effect
other I-Effect
potential I-Effect
expenses I-Effect
. O

More O
importantly O
, O
the B-Effect
replication I-Effect
efforts I-Effect
might I-Effect
be I-Effect
futile I-Effect
because O
no B-Cause
other I-Cause
heavy I-Cause
equipment I-Cause
company I-Cause
has I-Cause
the I-Cause
completeness I-Cause
of I-Cause
its I-Cause
product I-Cause
line I-Cause
to I-Cause
fully I-Cause
support I-Cause
a I-Cause
branch I-Cause
. O

Military O
contracts O
are O
more O
secretive O
than O
commercial O
, O
and O
a B-Effect
potential I-Effect
new I-Effect
entrant I-Effect
would I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
easily I-Effect
access I-Effect
this I-Effect
market I-Effect
due O
to O
a B-Cause
lack I-Cause
of I-Cause
knowledge I-Cause
of I-Cause
the I-Cause
available I-Cause
opportunities I-Cause
with I-Cause
prime I-Cause
contractors I-Cause
. O

Fastly B-Cause
has I-Cause
a I-Cause
more I-Cause
modern I-Cause
approach I-Cause
to I-Cause
running I-Cause
a I-Cause
content I-Cause
delivery I-Cause
network I-Cause
( O
CDN O
) O
that O
enables O
it O
to O
offer B-Effect
equivalent I-Effect
or I-Effect
superior I-Effect
service I-Effect
, O
depending O
on O
the O
task O
, O
with O
fewer O
points O
of O
presence O
( O
PoPs O
) O
and O
less O
commitment O
of O
capital O
. O

A O
critical O
assumption O
we O
're O
making O
is O
that O
United B-Effect
Airlines I-Effect
will I-Effect
permanently I-Effect
improve I-Effect
its I-Effect
cost I-Effect
structure I-Effect
by O
cutting B-Cause
labor I-Cause
overhead I-Cause
during I-Cause
the I-Cause
crisis I-Cause
. O

But O
since O
the B-Cause
FAST I-Cause
Act I-Cause
relied I-Cause
on I-Cause
one-time I-Cause
funding I-Cause
rather I-Cause
than I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
gas I-Cause
tax I-Cause
, O
the B-Effect
risk I-Effect
to I-Effect
highway I-Effect
funding I-Effect
remains I-Effect
, O
the B-Effect
risk I-Effect
has I-Effect
returned I-Effect
as O
the B-Cause
FAST I-Cause
Act I-Cause
nears I-Cause
expiration I-Cause
. O

The O
firm O
is O
also O
expected O
to O
benefit O
from O
Virtual O
Reality O
, O
however O
, O
a O
shift B-Effect
to I-Effect
mobile I-Effect
gaming I-Effect
VR I-Effect
over I-Effect
PC I-Effect
VR I-Effect
could I-Effect
curb I-Effect
these I-Effect
opportunities I-Effect
, O
as O
Nvidia B-Cause
's I-Cause
GPUs I-Cause
are I-Cause
n't I-Cause
formidable I-Cause
in I-Cause
smartphones I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
extensive I-Cause
store I-Cause
and I-Cause
distribution I-Cause
network I-Cause
forms O
the B-Effect
heart I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
advantage I-Effect
versus O
smaller O
peers O
that O
can O
not O
match O
O'Reilly O
's O
inventory O
flexibility O
. O

Additionally O
, O
IFF B-Cause
has I-Cause
announced I-Cause
a I-Cause
merger I-Cause
with I-Cause
DuPont I-Cause
's I-Cause
nutrition I-Cause
and I-Cause
biosciences I-Cause
business I-Cause
, O
a O
transformative O
deal O
that O
would O
more B-Effect
than I-Effect
double I-Effect
its I-Effect
enterprise I-Effect
value I-Effect
. O

As O
a O
fully O
integrated O
waste O
hauler O
, O
it O
leverages B-Cause
a I-Cause
vast I-Cause
network I-Cause
of I-Cause
collection I-Cause
routes I-Cause
and I-Cause
transfer I-Cause
stations I-Cause
, O
which O
bestow O
significant O
control O
over O
the O
waste O
stream O
, O
funneling O
trash O
from O
commercial O
, O
industrial O
, O
and O
residential B-Effect
end I-Effect
markets I-Effect
into I-Effect
its I-Effect
landfills I-Effect
. O

Amazon B-Effect
is I-Effect
now I-Effect
serving I-Effect
local I-Effect
markets I-Effect
by O
providing B-Cause
same-day I-Cause
delivery I-Cause
for I-Cause
its I-Cause
Amazon I-Cause
Prime I-Cause
members I-Cause
in I-Cause
certain I-Cause
regions I-Cause
, O
while O
Google O
continues O
to O
utilize O
user O
data O
to O
provide O
more O
targeted O
and O
possibly O
more O
effective O
ads O
and O
ad O
placements O
for O
local O
businesses O
. O

Many O
of O
Steris O
' O
products O
, O
such O
as O
washers O
and O
sterilizers O
, O
are O
designed O
for O
specific O
medical O
devices O
, O
and O
reliability B-Effect
is I-Effect
a I-Effect
key I-Effect
concern I-Effect
for I-Effect
customers I-Effect
because O
of O
the B-Cause
high I-Cause
cost I-Cause
that I-Cause
can I-Cause
arise I-Cause
when I-Cause
reprocessing I-Cause
fails I-Cause
. O

Any B-Cause
lapse I-Cause
in I-Cause
technological I-Cause
innovation I-Cause
in I-Cause
the I-Cause
segments I-Cause
in I-Cause
which I-Cause
Lam I-Cause
competes I-Cause
could O
result O
in O
failure B-Effect
to I-Effect
defend I-Effect
key I-Effect
positions I-Effect
in I-Effect
customers I-Effect
' I-Effect
process I-Effect
flows I-Effect
. O

South O
America O
recovered O
in O
2020 O
following O
a O
difficult O
year O
in O
2019 O
, O
where O
sales O
contracted O
16 O
% O
because O
of O
a B-Cause
bad I-Cause
Argentine I-Cause
economy I-Cause
, O
we O
anticipate B-Effect
revenue I-Effect
in I-Effect
the I-Effect
region I-Effect
will I-Effect
increase I-Effect
by O
18 O
% O
in O
2021 O
. O

If B-Cause
demand I-Cause
for I-Cause
third-party I-Cause
data I-Cause
centers I-Cause
weakens I-Cause
for I-Cause
any I-Cause
reason I-Cause
, O
Equinix B-Effect
would I-Effect
find I-Effect
itself I-Effect
with I-Effect
too I-Effect
much I-Effect
capacity I-Effect
and I-Effect
a I-Effect
weakened I-Effect
cost I-Effect
profile I-Effect
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
for O
OEM O
customers O
are O
an O
auto O
industry O
norm O
, O
so O
Tenneco O
has O
to O
aggressively O
employ O
kaizen O
, O
kanban O
, O
and O
Six O
Sigma O
lean O
manufacturing O
programs O
to O
advance B-Effect
cost I-Effect
savings I-Effect
. O

Smucker O
's O
organic O
sales O
were O
down O
in O
three O
of O
the O
past O
five O
years O
, O
but O
stepped-up B-Cause
brand I-Cause
investments I-Cause
( I-Cause
and I-Cause
a I-Cause
renewed I-Cause
focus I-Cause
on I-Cause
the I-Cause
ROI I-Cause
of I-Cause
those I-Cause
investments I-Cause
) I-Cause
should O
gradually B-Effect
improve I-Effect
Smucker I-Effect
's I-Effect
underlying I-Effect
sale I-Effect
trajectory I-Effect
, I-Effect
improving I-Effect
long-term I-Effect
organic I-Effect
growth I-Effect
to I-Effect
2 I-Effect
% I-Effect
in I-Effect
2023 I-Effect
and I-Effect
beyond I-Effect
. O

On O
a O
standalone O
basis O
, O
we B-Effect
expect I-Effect
AMD I-Effect
to I-Effect
achieve I-Effect
a I-Effect
top-line I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
19 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
( O
consistent O
with O
management O
's O
guidance O
) O
, O
including O
39 O
% O
growth O
in O
2020 O
due O
to O
new B-Cause
product I-Cause
growth I-Cause
and I-Cause
the I-Cause
expectation I-Cause
of I-Cause
strong I-Cause
share I-Cause
gains I-Cause
against I-Cause
Intel I-Cause
. O

As O
a O
result O
of O
the B-Cause
acquisition I-Cause
of I-Cause
the I-Cause
legacy I-Cause
Caesars I-Cause
business I-Cause
by I-Cause
Eldorado I-Cause
( I-Cause
closed I-Cause
July I-Cause
2020 I-Cause
) I-Cause
, O
we O
estimate O
Caesars B-Effect
holds I-Effect
more I-Effect
than I-Effect
a I-Effect
10 I-Effect
% I-Effect
revenue I-Effect
share I-Effect
of I-Effect
the I-Effect
domestic I-Effect
casino I-Effect
gaming I-Effect
market I-Effect
( I-Effect
which I-Effect
represents I-Effect
around I-Effect
100 I-Effect
% I-Effect
of I-Effect
its I-Effect
total I-Effect
EBITDA I-Effect
) I-Effect
. O

At B-Effect
their I-Effect
core I-Effect
, I-Effect
they I-Effect
both I-Effect
run I-Effect
machines I-Effect
and I-Effect
ensure I-Effect
efficiencies I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
other I-Effect
operational I-Effect
performance I-Effect
metrics I-Effect
, I-Effect
through I-Effect
control I-Effect
systems. O
These B-Cause
involve I-Cause
a I-Cause
system I-Cause
of I-Cause
motors I-Cause
, I-Cause
sensors I-Cause
, I-Cause
and I-Cause
microprocessors I-Cause
that I-Cause
power I-Cause
equipment I-Cause
and I-Cause
simultaneously I-Cause
feed I-Cause
back I-Cause
key I-Cause
measurements I-Cause
into I-Cause
ABB I-Cause
's I-Cause
control I-Cause
software I-Cause
. O

Although O
near-term O
pricing O
has O
recently O
strengthened O
due O
to O
carbon O
pricing O
, O
our B-Effect
long-term I-Effect
view I-Effect
of I-Effect
Alberta I-Effect
power I-Effect
prices I-Effect
remains I-Effect
bearish I-Effect
due O
in O
part B-Cause
to I-Cause
limits I-Cause
on I-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
move I-Cause
natural I-Cause
gas I-Cause
out I-Cause
of I-Cause
Alberta I-Cause
. O

We O
believe O
that O
RingCentral B-Cause
's I-Cause
UCaaS I-Cause
offers I-Cause
a I-Cause
strong I-Cause
value I-Cause
proposition I-Cause
and I-Cause
plays I-Cause
a I-Cause
critical I-Cause
role I-Cause
( I-Cause
in I-Cause
both I-Cause
internal I-Cause
and I-Cause
external I-Cause
communications I-Cause
) I-Cause
in I-Cause
the I-Cause
daily I-Cause
workflow I-Cause
of I-Cause
employees I-Cause
that O
will O
allow O
it O
to O
earn B-Effect
excess I-Effect
returns I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Cummins B-Cause
' I-Cause
brand I-Cause
familiarity I-Cause
of I-Cause
more I-Cause
than I-Cause
a I-Cause
century I-Cause
and I-Cause
ability I-Cause
to I-Cause
continually I-Cause
provide I-Cause
innovative I-Cause
products I-Cause
has O
materialized O
into O
a B-Effect
leading I-Effect
market I-Effect
position I-Effect
, I-Effect
despite O
a O
continually O
changing O
industry O
landscape O
. O

Returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
historically I-Effect
north I-Effect
of I-Effect
20 I-Effect
% I-Effect
, I-Effect
are I-Effect
likely I-Effect
to I-Effect
bottom I-Effect
out I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
due O
to O
generic B-Cause
pressure I-Cause
on I-Cause
Tecfidera I-Cause
sales I-Cause
and I-Cause
biosimialr I-Cause
pressure I-Cause
on I-Cause
Rituxan I-Cause
. O

The B-Cause
value I-Cause
of I-Cause
a I-Cause
CDN I-Cause
is I-Cause
enhanced I-Cause
the I-Cause
wider I-Cause
it I-Cause
gets O
, O
so O
being B-Effect
at I-Effect
the I-Effect
edge I-Effect
of I-Effect
more I-Effect
networks I-Effect
greatly I-Effect
improves I-Effect
the I-Effect
service I-Effect
. O

We B-Effect
believe I-Effect
the I-Effect
breadth I-Effect
of I-Effect
its I-Effect
geographic I-Effect
focus I-Effect
combined I-Effect
with I-Effect
exposure I-Effect
to I-Effect
local I-Effect
governments I-Effect
as B-Cause
end I-Cause
markets I-Cause
creates I-Cause
a I-Cause
moderate I-Cause
risk I-Cause
that I-Cause
future I-Cause
incidences I-Cause
of I-Cause
corruption I-Cause
occur I-Cause
. O

As O
a O
result O
, O
considering O
that O
switching B-Cause
vendors I-Cause
would I-Cause
require I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
time I-Cause
to I-Cause
master I-Cause
a I-Cause
different I-Cause
set I-Cause
of I-Cause
instruments I-Cause
and I-Cause
develop I-Cause
a I-Cause
relationship I-Cause
with I-Cause
a I-Cause
new I-Cause
sales I-Cause
representative I-Cause
, O
surgeons B-Effect
often I-Effect
remain I-Effect
loyal I-Effect
to I-Effect
their I-Effect
preferred I-Effect
vendor I-Effect
and I-Effect
sales I-Effect
rep I-Effect
for I-Effect
over I-Effect
a I-Effect
decade I-Effect
. O

As O
WeChat B-Cause
or I-Cause
mobile I-Cause
QQ I-Cause
become I-Cause
the I-Cause
go-to I-Cause
platforms I-Cause
because O
they B-Effect
possess I-Effect
a I-Effect
sizable I-Effect
Internet I-Effect
Content I-Effect
& I-Effect
Informationamount I-Effect
of I-Effect
miniprograms I-Effect
, I-Effect
existing I-Effect
miniprogram I-Effect
developers I-Effect
also I-Effect
benefit I-Effect
from I-Effect
the I-Effect
overall I-Effect
increase I-Effect
in I-Effect
traffic I-Effect
. O

As O
a O
result O
of O
increasing B-Cause
third-party I-Cause
confidence I-Cause
in I-Cause
Hyatt I-Cause
's I-Cause
brands I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
asset-light I-Effect
business I-Effect
became I-Effect
the I-Effect
majority I-Effect
of I-Effect
adjusted I-Effect
EBITDA I-Effect
( I-Effect
before I-Effect
corporate I-Effect
) I-Effect
in I-Effect
2018 I-Effect
and I-Effect
reached I-Effect
57 I-Effect
% I-Effect
prior I-Effect
to I-Effect
the I-Effect
pandemic I-Effect
outbreak I-Effect
in I-Effect
2019 I-Effect
. O

Like O
its O
off-price O
peers O
, O
Burlington B-Cause
emphasizes I-Cause
its I-Cause
store I-Cause
experience I-Cause
in I-Cause
marketing I-Cause
rather I-Cause
than I-Cause
the I-Cause
brands I-Cause
on I-Cause
offer I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
opportunistically I-Effect
source I-Effect
items I-Effect
from I-Effect
a I-Effect
variety I-Effect
of I-Effect
vendors I-Effect
rather O
than O
face O
customers O
' O
expectations O
that O
certain O
labels O
be O
offered O
consistently O
. O

As O
vaccine O
availability O
rises O
, O
we O
expect O
economic B-Cause
conditions I-Cause
to I-Cause
normalize I-Cause
, I-Cause
with I-Cause
Americans I-Cause
increasing I-Cause
their I-Cause
spending I-Cause
on I-Cause
pandemic-affected I-Cause
categories I-Cause
like I-Cause
restaurants I-Cause
and I-Cause
reversing I-Cause
some I-Cause
of I-Cause
grocery I-Cause
's I-Cause
fiscal I-Cause
2020 I-Cause
sales I-Cause
surge. O
As O
a O
result O
, O
we O
expect O
Kroger B-Effect
to I-Effect
post I-Effect
a I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
percentage I-Effect
decline I-Effect
in I-Effect
its I-Effect
identical I-Effect
sales I-Effect
( I-Effect
excluding I-Effect
fuel I-Effect
) I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

We B-Cause
believe I-Cause
the I-Cause
combination I-Cause
of I-Cause
strong I-Cause
pricing I-Cause
and I-Cause
production I-Cause
efficiencies I-Cause
allow B-Effect
Hanes I-Effect
to I-Effect
maintain I-Effect
operating I-Effect
margins I-Effect
above I-Effect
20 I-Effect
% I-Effect
for I-Effect
its I-Effect
American I-Effect
innerwear I-Effect
business I-Effect
despite I-Effect
somewhat I-Effect
inconsistent I-Effect
sales I-Effect
. O

We O
expect O
Vertex B-Effect
to I-Effect
maintain I-Effect
its I-Effect
dominant I-Effect
position I-Effect
in I-Effect
cystic I-Effect
fibrosis I-Effect
, O
given B-Cause
the I-Cause
strong I-Cause
efficacy I-Cause
of I-Cause
its I-Cause
therapies I-Cause
, I-Cause
lengthy I-Cause
patents I-Cause
, I-Cause
and I-Cause
lack I-Cause
of I-Cause
competition I-Cause
, O
while O
developing O
pipeline O
candidates O
in O
other O
rare O
indications O
to O
spur O
growth O
. O

Against B-Effect
pre-pandemic I-Effect
fiscal I-Effect
2019 I-Effect
numbers I-Effect
, I-Effect
we I-Effect
expect I-Effect
low-double-digit I-Effect
percentage I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
rest I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
driven I-Effect
by I-Effect
rising I-Effect
apparel I-Effect
sales I-Effect
as O
Americans B-Cause
update I-Cause
their I-Cause
wardrobes I-Cause
as I-Cause
activity I-Cause
outside I-Cause
the I-Cause
home I-Cause
increases I-Cause
. O

In O
January O
2012 O
, O
Iliad B-Cause
launched I-Cause
as I-Cause
France I-Cause
's I-Cause
fourth I-Cause
wireless I-Cause
network I-Cause
and I-Cause
has I-Cause
priced I-Cause
aggressively I-Cause
, O
disrupting B-Effect
the I-Effect
cozy I-Effect
relationship I-Effect
Orange I-Effect
, I-Effect
Bouygues I-Effect
, I-Effect
and I-Effect
SFR I-Effect
had I-Effect
maintained I-Effect
. O

Though O
management O
missteps O
have O
stymied O
performance O
in O
the O
past O
, O
the B-Cause
confluence I-Cause
of I-Cause
better I-Cause
execution I-Cause
and I-Cause
benefits I-Cause
inherent I-Cause
to I-Cause
its I-Cause
integrated I-Cause
business I-Cause
model I-Cause
has O
allowed O
Pepsi B-Effect
to I-Effect
reaccelerate I-Effect
profitable I-Effect
growth I-Effect
, O
and O
we O
see O
plenty O
of O
room O
to O
run O
. O

Improvements B-Cause
to I-Cause
the I-Cause
linker I-Cause
, I-Cause
drug I-Cause
, I-Cause
antibody I-Cause
, I-Cause
and I-Cause
antigen I-Cause
selection I-Cause
have O
allowed O
for O
a B-Cause
wider I-Cause
therapeutic I-Cause
window I-Cause
for I-Cause
ADCs I-Cause
that O
makes O
the B-Effect
class I-Effect
more I-Effect
viable I-Effect
to I-Effect
work I-Effect
with I-Effect
than I-Effect
previous I-Effect
generations I-Effect
. O

We B-Cause
're I-Cause
also I-Cause
giving I-Cause
Fastenal I-Cause
credit I-Cause
for I-Cause
tighter I-Cause
operating I-Cause
expense I-Cause
control I-Cause
, O
which O
caused O
our B-Effect
forecast I-Effect
five-year I-Effect
average I-Effect
operating I-Effect
margin I-Effect
to I-Effect
increase I-Effect
30 I-Effect
basis I-Effect
points I-Effect
to I-Effect
20.6 I-Effect
% I-Effect
. O

A B-Cause
switch I-Cause
in I-Cause
consumer I-Cause
spending I-Cause
patterns I-Cause
toward I-Cause
home I-Cause
improvement I-Cause
activity I-Cause
during I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
has O
provided O
Kingfisher B-Effect
a I-Effect
degree I-Effect
of I-Effect
defensiveness I-Effect
, O
where O
we O
forecast O
sales O
to O
decline O
by O
a O
mere O
2 O
% O
during O
the O
current O
year O
. O

We O
believe O
the B-Effect
firm I-Effect
is I-Effect
likely I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
but O
this O
is O
largely O
a O
function O
of O
a B-Cause
rising I-Cause
connectivity I-Cause
tide I-Cause
raising I-Cause
all I-Cause
boats I-Cause
; O
we O
expect O
Marvell O
will O
struggle O
to O
get O
out O
of O
Broadcom O
's O
and O
Intel O
's O
wake O
. O

In O
particular O
, O
the B-Cause
emergence I-Cause
of I-Cause
containerized I-Cause
sand I-Cause
delivery I-Cause
systems I-Cause
has O
obviated O
much B-Effect
of I-Effect
Halliburton I-Effect
's I-Effect
advantage I-Effect
, O
which O
Halliburton O
acknowledged O
when O
it O
decided O
to O
begin O
partnering O
with O
U.S O
. O

We O
think O
top-line B-Effect
growth I-Effect
will I-Effect
slow I-Effect
materially I-Effect
from I-Effect
the I-Effect
exceptional I-Effect
growth I-Effect
of I-Effect
2018-20 I-Effect
, I-Effect
averaging I-Effect
2.1 I-Effect
% I-Effect
from I-Effect
2021 I-Effect
to I-Effect
2025 I-Effect
, O
due O
to O
slowing B-Cause
inorganic I-Cause
growth I-Cause
and I-Cause
the I-Cause
IT I-Cause
services I-Cause
divestiture I-Cause
. O

While O
Garmin O
has O
built O
a O
robust O
set O
of O
proprietary O
functions O
to O
make O
use O
of O
third-party O
mapping O
data O
under O
one O
streamlined O
user O
experience O
, O
we O
believe O
it B-Effect
lacks I-Effect
intangible I-Effect
assets I-Effect
in I-Effect
its I-Effect
auto I-Effect
sector I-Effect
due O
to O
the B-Cause
replicability I-Cause
of I-Cause
its I-Cause
products I-Cause
. O

The B-Cause
whole I-Cause
process I-Cause
of I-Cause
changing I-Cause
a I-Cause
critical I-Cause
supplier I-Cause
like I-Cause
BorgWarner I-Cause
might O
cost B-Effect
an I-Effect
OEM I-Effect
as I-Effect
little I-Effect
as I-Effect
a I-Effect
few I-Effect
million I-Effect
dollars I-Effect
to I-Effect
several I-Effect
hundred I-Effect
million I-Effect
dollars I-Effect
, I-Effect
depending I-Effect
on I-Effect
the I-Effect
size I-Effect
and I-Effect
scope I-Effect
of I-Effect
the I-Effect
components I-Effect
or I-Effect
systems I-Effect
replaced I-Effect
. O

The O
company O
recently O
announced O
that O
it B-Cause
will I-Cause
expand I-Cause
acetic I-Cause
acid I-Cause
production I-Cause
capacity I-Cause
at I-Cause
Clear I-Cause
Lake I-Cause
by I-Cause
roughly I-Cause
50 I-Cause
% I-Cause
while I-Cause
closing I-Cause
higher-cost I-Cause
production I-Cause
capacity I-Cause
in I-Cause
Asia I-Cause
, O
which O
should O
benefit B-Effect
segment I-Effect
margins I-Effect
thanks O
to O
lower B-Cause
average I-Cause
unit I-Cause
production I-Cause
costs I-Cause
. O

First O
, O
we B-Cause
have I-Cause
raised I-Cause
our I-Cause
sales I-Cause
growth I-Cause
rate I-Cause
between I-Cause
2019-24 I-Cause
so I-Cause
that I-Cause
our I-Cause
2024 I-Cause
sales I-Cause
forecast I-Cause
moves I-Cause
to I-Cause
$ I-Cause
7.5 I-Cause
billion I-Cause
from I-Cause
$ I-Cause
7.2 I-Cause
billion I-Cause
prior. O
This O
helps O
account B-Effect
for I-Effect
the I-Effect
growth I-Effect
opportunity I-Effect
in I-Effect
B2B I-Effect
( I-Effect
which I-Effect
the I-Effect
firm I-Effect
estimates I-Effect
could I-Effect
reach I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
) I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
parks I-Effect
to I-Effect
rebound I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
ends I-Effect
as O
families B-Cause
will I-Cause
still I-Cause
view I-Cause
the I-Cause
parks I-Cause
as I-Cause
a I-Cause
prime I-Cause
vacation I-Cause
destination I-Cause
. O

The B-Cause
firm I-Cause
is I-Cause
relying I-Cause
on I-Cause
a I-Cause
network I-Cause
usage I-Cause
agreement I-Cause
with I-Cause
T-Mobile I-Cause
while I-Cause
it I-Cause
builds I-Cause
its I-Cause
own I-Cause
networks I-Cause
, O
leaving B-Effect
it I-Effect
in I-Effect
a I-Effect
position I-Effect
where I-Effect
it I-Effect
will I-Effect
likely I-Effect
have I-Effect
to I-Effect
compete I-Effect
on I-Effect
price I-Effect
to I-Effect
attract I-Effect
customers I-Effect
. O

We O
expect O
fiber B-Cause
use I-Cause
to I-Cause
continue I-Cause
growing I-Cause
substantially I-Cause
given O
constantly B-Cause
increasing I-Cause
data I-Cause
consumption I-Cause
across I-Cause
wired I-Cause
and I-Cause
wireless I-Cause
networks I-Cause
, O
and O
we B-Effect
think I-Effect
Uniti I-Effect
can I-Effect
capitalize I-Effect
in I-Effect
its I-Effect
niche I-Effect
. O

Waste B-Cause
per I-Cause
capita I-Cause
has I-Cause
been I-Cause
growing I-Cause
, O
while O
governments B-Effect
are I-Effect
increasingly I-Effect
regulating I-Effect
the I-Effect
space I-Effect
to I-Effect
mitigate I-Effect
illegal I-Effect
dumping I-Effect
, I-Effect
and I-Effect
environmental I-Effect
regulation I-Effect
, I-Effect
in I-Effect
tandem I-Effect
with I-Effect
general I-Effect
infrastructure I-Effect
and I-Effect
other I-Effect
government I-Effect
spending I-Effect
should I-Effect
continue I-Effect
to I-Effect
drive I-Effect
value-accretive I-Effect
growth I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

Product O
availability O
has O
been O
more O
than O
adequate O
for O
decades O
, O
and O
we O
expect O
the B-Effect
company I-Effect
's I-Effect
scale I-Effect
to I-Effect
give I-Effect
it I-Effect
access I-Effect
to I-Effect
the I-Effect
most I-Effect
attractive I-Effect
opportunities I-Effect
as O
its O
long B-Cause
history I-Cause
and I-Cause
established I-Cause
, I-Cause
national I-Cause
presence I-Cause
attract I-Cause
vendors I-Cause
. O

Excluding O
pandemic-related O
production O
disruption O
in O
2021 O
, O
we B-Effect
expect I-Effect
gross I-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
about I-Effect
35 I-Effect
basis I-Effect
points I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
driven O
by O
improved B-Cause
product I-Cause
mix I-Cause
and I-Cause
supply I-Cause
chain I-Cause
cost I-Cause
savings I-Cause
. O

There O
could O
be O
a O
significant O
impact O
on O
customer O
health O
if O
Alcon B-Cause
's I-Cause
products I-Cause
have I-Cause
quality I-Cause
issues I-Cause
, O
which O
makes O
product B-Effect
governance I-Effect
an I-Effect
important I-Effect
ESG I-Effect
consideration I-Effect
. O

While O
the O
current O
macroenvironment O
has O
not O
led O
to O
a O
spike O
in O
commodity O
prices O
, O
global B-Cause
light I-Cause
vehicle I-Cause
production I-Cause
as I-Cause
well I-Cause
as I-Cause
consumer I-Cause
demand I-Cause
have I-Cause
been I-Cause
severely I-Cause
curtailed I-Cause
, O
potentially O
prolonging B-Effect
Veoneer I-Effect
's I-Effect
ramp I-Effect
to I-Effect
profitability I-Effect
. O

We O
contend B-Cause
that I-Cause
Kroger I-Cause
's I-Cause
ability I-Cause
to I-Cause
leverage I-Cause
distribution I-Cause
costs I-Cause
, O
investments B-Cause
in I-Cause
omnichannel I-Cause
offerings I-Cause
, O
and O
supply B-Cause
chain I-Cause
capabilities I-Cause
should O
allow O
it O
to O
continue B-Effect
to I-Effect
outperform I-Effect
its I-Effect
pure-play I-Effect
rivals I-Effect
. O

We O
think O
the O
main O
determinants O
of O
the B-Effect
bank I-Effect
's I-Effect
future I-Effect
success I-Effect
will O
be O
the B-Cause
interest-rate I-Cause
environment I-Cause
, O
the B-Cause
ability I-Cause
to I-Cause
maintain I-Cause
and I-Cause
improve I-Cause
operational I-Cause
efficiency I-Cause
, O
and O
the B-Cause
capacity I-Cause
to I-Cause
control I-Cause
credit I-Cause
costs I-Cause
. I-Cause

Private B-Cause
label I-Cause
is O
meaningful O
among O
the O
consumable O
, O
usable O
, O
and O
edible O
products O
the O
company O
sells O
and O
includes O
key O
products O
that O
customers O
use O
on O
a O
regular O
basis O
-- O
making B-Effect
those I-Effect
end I-Effect
users I-Effect
become I-Effect
repeat I-Effect
customers I-Effect
-- O
like O
pet O
food O
, O
seasonal O
products O
, O
livestock O
feed O
, O
and O
pest O
control O
. O

The B-Cause
Medicare I-Cause
for I-Cause
All I-Cause
scenario I-Cause
debated I-Cause
in I-Cause
the I-Cause
Democratic I-Cause
primaries I-Cause
called I-Cause
for I-Cause
the I-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would O
have O
threatened B-Effect
most I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

If B-Effect
customers I-Effect
are I-Effect
content I-Effect
with I-Effect
their I-Effect
optometrist I-Effect
and I-Effect
receive I-Effect
coverage I-Effect
for I-Effect
their I-Effect
eye I-Effect
exams I-Effect
, I-Effect
they I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
to I-Effect
contacts I-Effect
for I-Effect
a I-Effect
different I-Effect
manufacturer I-Effect
, O
as B-Cause
, I-Cause
according I-Cause
to I-Cause
the I-Cause
Information I-Cause
Technology I-Cause
and I-Cause
Innovation I-Cause
Institute I-Cause
, I-Cause
most I-Cause
optometrists I-Cause
primarily I-Cause
prescribe I-Cause
one I-Cause
manufacturer I-Cause
's I-Cause
contacts I-Cause
and I-Cause
prescriptions I-Cause
are I-Cause
brand I-Cause
specific I-Cause
. O

The B-Cause
removal I-Cause
of I-Cause
the I-Cause
franc I-Cause
's I-Cause
peg I-Cause
against I-Cause
the I-Cause
euro I-Cause
in I-Cause
2015 I-Cause
enhanced I-Cause
the I-Cause
franc I-Cause
's I-Cause
attractiveness I-Cause
as O
a O
portfolio B-Effect
diversification I-Effect
tool I-Effect
to I-Effect
minimise I-Effect
risk I-Effect
. O

We O
forecast O
Sandvik B-Effect
's I-Effect
machining I-Effect
segment I-Effect
to I-Effect
grow I-Effect
12 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
benefiting O
from O
a B-Cause
cyclical I-Cause
recovery I-Cause
in I-Cause
industrial I-Cause
manufacturing I-Cause
but O
remaining O
below O
2019 O
levels O
, O
with O
demand O
for O
Sandvik O
's O
mining O
equipment O
and O
services O
to O
continue O
the O
positive O
sales O
momentum O
it O
experienced O
in O
2020 O
, O
where O
we O
forecast O
double-digit O
sales O
growth O
for O
2021 O
. O

Customers B-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
equipment I-Effect
supplier I-Effect
because O
of O
the B-Cause
costs I-Cause
to I-Cause
retrain I-Cause
healthcare I-Cause
workers I-Cause
, I-Cause
and I-Cause
they I-Cause
can I-Cause
be I-Cause
reluctant I-Cause
to I-Cause
change I-Cause
a I-Cause
process I-Cause
that I-Cause
's I-Cause
working I-Cause
effectively I-Cause
. O

Labor O
has O
been O
another O
core O
focus O
of O
the O
management O
team O
in O
recent O
years O
, O
with O
efforts O
to O
reallocate B-Cause
workers I-Cause
to I-Cause
service I-Cause
rather I-Cause
than I-Cause
stocking I-Cause
hours I-Cause
and I-Cause
restructuring I-Cause
its I-Cause
workforce I-Cause
to O
increase B-Effect
productivity I-Effect
-- O
something O
the O
prior O
management O
team O
had O
struggled O
to O
execute O
successfully O
. O

As O
with O
all O
regulated O
utilities O
, O
WEC O
Energy O
Group O
faces O
the B-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

As O
a O
result O
, O
we O
have O
further B-Effect
reduced I-Effect
our I-Effect
2020 I-Effect
earnings I-Effect
per-share I-Effect
estimate I-Effect
to I-Effect
a I-Effect
more I-Effect
than I-Effect
$ I-Effect
16 I-Effect
per-share I-Effect
loss I-Effect
( O
from O
a O
more O
than O
$ O
15 O
loss O
prior O
) O
, O
as O
COVID-19 B-Cause
has I-Cause
pushed I-Cause
Royal I-Cause
's I-Cause
initial I-Cause
domestic I-Cause
sail I-Cause
date I-Cause
back I-Cause
to I-Cause
Jan I-Cause
. O

Within O
the O
life O
sciences O
field O
, O
we B-Effect
find I-Effect
that I-Effect
end I-Effect
market I-Effect
particularly I-Effect
attractive I-Effect
given O
its B-Cause
strong I-Cause
growth I-Cause
trajectory I-Cause
, I-Cause
high I-Cause
margins I-Cause
, I-Cause
and I-Cause
high I-Cause
switching I-Cause
costs I-Cause
associated I-Cause
with I-Cause
regulatory I-Cause
and I-Cause
reproducibility I-Cause
concerns I-Cause
of I-Cause
end I-Cause
users I-Cause
. O

The B-Cause
replenishment I-Cause
of I-Cause
new I-Cause
drugs I-Cause
is I-Cause
finally I-Cause
offsetting I-Cause
the I-Cause
recent I-Cause
patent I-Cause
losses I-Cause
on I-Cause
gastrointestinal I-Cause
drug I-Cause
Nexium I-Cause
and I-Cause
cholesterol I-Cause
reducer I-Cause
Crestor I-Cause
that O
have O
weighed B-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
growth I-Effect
potential I-Effect
. O

Our O
profitability O
outlook O
assumes O
that O
intense B-Cause
price I-Cause
competition I-Cause
persists I-Cause
, O
and O
therefore O
we O
think O
the B-Effect
13.8 I-Effect
% I-Effect
average I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
the I-Effect
company I-Effect
achieved I-Effect
between I-Effect
2011 I-Effect
and I-Effect
2015 I-Effect
are I-Effect
a I-Effect
thing I-Effect
of I-Effect
the I-Effect
past I-Effect
. O

Spending B-Cause
on I-Cause
the I-Cause
fifth I-Cause
generation I-Cause
of I-Cause
wireless I-Cause
communication I-Cause
infrastructure I-Cause
should I-Cause
provide I-Cause
Nokia I-Cause
with I-Cause
brief I-Cause
tailwinds I-Cause
; O
however O
, O
we O
expect O
stout B-Effect
industry I-Effect
competitors I-Effect
to I-Effect
hinder I-Effect
its I-Effect
ability I-Effect
to I-Effect
consistently I-Effect
produce I-Effect
durable I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
. O

We O
think O
Jack O
Henry O
's O
competitive B-Effect
position I-Effect
is I-Effect
a I-Effect
little I-Effect
weaker I-Effect
on I-Effect
this I-Effect
side I-Effect
, O
given B-Cause
its I-Cause
relative I-Cause
lack I-Cause
of I-Cause
scale I-Cause
, O
but O
at O
this O
point O
see O
this O
is O
a O
one-time O
issue O
and O
believe O
the O
company O
is O
closing O
in O
on O
the O
end O
of O
this O
effort O
. O

We O
think O
that O
there B-Cause
will I-Cause
be I-Cause
a I-Cause
lag I-Cause
in I-Cause
attendees I-Cause
' I-Cause
willingness I-Cause
to I-Cause
amass I-Cause
in I-Cause
large I-Cause
groups I-Cause
in I-Cause
enclosed I-Cause
space I-Cause
so O
attendance B-Effect
will I-Effect
lower I-Effect
than I-Effect
capacity I-Effect
in I-Effect
certain I-Effect
markets I-Effect
into I-Effect
2022 I-Effect
. O

The B-Cause
$ I-Cause
1.7 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
Novartis I-Cause
' I-Cause
blood I-Cause
and I-Cause
plasma I-Cause
diagnostics O
business O
in O
2014 O
( O
and O
the O
$ O
1.85 O
billion O
acquisition O
of O
partner O
Hologic O
's O
share O
of O
this O
business O
in O
2017 O
) O
complements B-Effect
Grifols I-Effect
' I-Effect
plasma I-Effect
business I-Effect
, I-Effect
locking I-Effect
in I-Effect
a I-Effect
dominant I-Effect
market I-Effect
share I-Effect
in I-Effect
blood I-Effect
and I-Effect
plasma I-Effect
testing I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
. O

The O
professional O
segment O
is O
recovering O
but O
renewed B-Cause
stay-at-home I-Cause
orders I-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
the I-Cause
emergence I-Cause
of I-Cause
vaccine-resistant I-Cause
strains I-Cause
could O
derail B-Effect
progress I-Effect
. O

For O
Las O
Vegas O
we O
have O
maintained B-Effect
our I-Effect
2020 I-Effect
sales I-Effect
forecast I-Effect
of I-Effect
a I-Effect
65 I-Effect
% I-Effect
decline I-Effect
, O
as O
we O
expect B-Cause
the I-Cause
recovery I-Cause
to I-Cause
be I-Cause
a I-Cause
slow I-Cause
pace I-Cause
. I-Cause

According O
to O
foreign O
policy O
experts O
, O
the B-Effect
threat I-Effect
of I-Effect
a I-Effect
crude I-Effect
fissile I-Effect
nuclear I-Effect
bomb I-Effect
in I-Effect
the I-Effect
hands I-Effect
of I-Effect
terrorists I-Effect
is I-Effect
admittedly I-Effect
low I-Effect
given O
the B-Cause
technical I-Cause
difficulty I-Cause
with I-Cause
manufacturing I-Cause
such I-Cause
a I-Cause
device I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
difficulty I-Cause
gathering I-Cause
enough I-Cause
weapons-grade I-Cause
uranium I-Cause
or I-Cause
plutonium I-Cause
. O

Paychex B-Effect
's I-Effect
business I-Effect
has I-Effect
been I-Effect
challenged I-Effect
as O
small B-Cause
businesses I-Cause
lay I-Cause
off I-Cause
employees I-Cause
and I-Cause
the I-Cause
company I-Cause
realizes I-Cause
lower I-Cause
yields I-Cause
on I-Cause
cash I-Cause
balances I-Cause
. O

Roughly B-Effect
half I-Effect
of I-Effect
ICE I-Effect
's I-Effect
revenue I-Effect
is I-Effect
recurring I-Effect
, I-Effect
reducing I-Effect
the I-Effect
company I-Effect
's I-Effect
reliance I-Effect
on I-Effect
exchange I-Effect
fees I-Effect
, O
a B-Cause
positive I-Cause
given I-Cause
the I-Cause
amount I-Cause
of I-Cause
competition I-Cause
facing I-Cause
its I-Cause
equity I-Cause
trading I-Cause
business I-Cause
. O

The B-Effect
specialty I-Effect
sweeteners I-Effect
and I-Effect
starches I-Effect
business I-Effect
in I-Effect
the I-Effect
carbohydrate I-Effect
solutions I-Effect
segment I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
specialty I-Effect
ingredients I-Effect
products I-Effect
in I-Effect
the I-Effect
nutrition I-Effect
segment I-Effect
deliver I-Effect
higher I-Effect
margins I-Effect
, O
likely O
due O
to O
intangible B-Cause
assets I-Cause
and I-Cause
switching I-Cause
costs I-Cause
. O

The B-Cause
Delaware I-Cause
Basin I-Cause
offers I-Cause
the I-Cause
best I-Cause
development I-Cause
economics I-Cause
in I-Cause
Devon I-Cause
's I-Cause
portfolio I-Cause
, O
and O
will O
be O
the B-Effect
primary I-Effect
growth I-Effect
engine I-Effect
for I-Effect
the I-Effect
company I-Effect
going I-Effect
forward I-Effect
. I-Effect

Large B-Effect
quantities I-Effect
of I-Effect
deferred I-Effect
revenue I-Effect
exist O
because O
many B-Cause
software I-Cause
businesses I-Cause
receive I-Cause
cash I-Cause
far I-Cause
in I-Cause
advance I-Cause
of I-Cause
when I-Cause
services I-Cause
are I-Cause
rendered I-Cause
. O

We O
think O
that O
net B-Effect
interest I-Effect
margins I-Effect
will I-Effect
be I-Effect
under I-Effect
pressure I-Effect
for I-Effect
years I-Effect
, O
as O
rates B-Cause
stay I-Cause
low I-Cause
for I-Cause
some I-Cause
time I-Cause
, O
with O
balance O
sheet O
growth O
being O
the O
primary O
lever O
for O
net O
interest O
income O
growth O
for O
some O
time O
. O

Over O
time O
, O
we O
expect O
revenue B-Effect
and I-Effect
profits I-Effect
to I-Effect
decrease I-Effect
in I-Effect
this I-Effect
segment I-Effect
as O
these B-Cause
products I-Cause
roll I-Cause
off I-Cause
the I-Cause
firm I-Cause
's I-Cause
financial I-Cause
statements I-Cause
. O

Synergies B-Cause
stemming I-Cause
from I-Cause
the I-Cause
2017 I-Cause
Level I-Cause
3 I-Cause
Communications I-Cause
merger I-Cause
, I-Cause
a I-Cause
move I-Cause
away I-Cause
from I-Cause
less-profitable I-Cause
revenue I-Cause
, I-Cause
and I-Cause
the I-Cause
increase I-Cause
in I-Cause
buildings I-Cause
on I-Cause
the I-Cause
its I-Cause
own I-Cause
network I-Cause
can O
drive B-Effect
margin I-Effect
expansion I-Effect
. O

Due O
to O
the B-Cause
risks I-Cause
a I-Cause
software I-Cause
switch I-Cause
entails I-Cause
in I-Cause
mission-critical I-Cause
functions I-Cause
, O
we O
think O
there B-Effect
's I-Effect
much I-Effect
inertia I-Effect
in I-Effect
remaining I-Effect
a I-Effect
Catia I-Effect
shop I-Effect
. O

A O
key O
benefit O
of O
Coupa O
's O
platform O
is O
that O
the B-Cause
company I-Cause
does I-Cause
not I-Cause
charge I-Cause
businesses I-Cause
and I-Cause
suppliers I-Cause
on I-Cause
a I-Cause
transaction-by-transaction I-Cause
basis I-Cause
, O
allowing O
a B-Effect
vast I-Effect
portion I-Effect
of I-Effect
purchasing I-Effect
activity I-Effect
to I-Effect
take I-Effect
place I-Effect
without I-Effect
penalizing I-Effect
users I-Effect
. O

According B-Cause
to I-Cause
Cooper I-Cause
, I-Cause
the I-Cause
four I-Cause
largest I-Cause
players I-Cause
( I-Cause
Johnson I-Cause
& I-Cause
Johnson I-Cause
, I-Cause
Novartis I-Cause
, I-Cause
Cooper I-Cause
, I-Cause
and I-Cause
Valeant I-Cause
) I-Cause
control I-Cause
approximately I-Cause
97 I-Cause
% I-Cause
of I-Cause
the I-Cause
global I-Cause
market I-Cause
, I-Cause
and I-Cause
industry I-Cause
regulation I-Cause
creates I-Cause
strong I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
keeping B-Effect
new I-Effect
entrants I-Effect
away I-Effect
. O

Still O
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
this I-Effect
drop I-Effect
to I-Effect
be I-Effect
very I-Effect
dramatic I-Effect
, O
as O
we B-Cause
still I-Cause
expect I-Cause
the I-Cause
company I-Cause
to I-Cause
report I-Cause
healthy I-Cause
revenue I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
, I-Cause
with I-Cause
a I-Cause
five-year I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
13 I-Cause
% I-Cause
. O

We O
also O
expect O
TIM B-Cause
will I-Cause
continue I-Cause
investing I-Cause
in I-Cause
the I-Cause
fixed-line I-Cause
business I-Cause
, O
driving O
annual B-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
segment I-Effect
of I-Effect
about I-Effect
10 I-Effect
% I-Effect
annually I-Effect
. O

All O
else O
equal O
, O
we O
'd O
expect O
AT O
& O
amp O
; O
T O
to O
earn O
roughly O
its O
cost O
of O
capital O
on O
this O
acquisition O
, O
with O
future B-Effect
growth I-Effect
offset I-Effect
in I-Effect
part I-Effect
by O
the B-Cause
increase I-Cause
in I-Cause
competition I-Cause
for I-Cause
content I-Cause
resulting I-Cause
from I-Cause
the I-Cause
rise I-Cause
of I-Cause
Netflix I-Cause
and I-Cause
other I-Cause
new I-Cause
platforms I-Cause
. O

As O
with O
most O
integrated O
oil O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure O
Ovintiv B-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Parker B-Cause
's I-Cause
sealing I-Cause
solutions I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
products I-Cause
based I-Cause
on I-Cause
proprietary I-Cause
materials I-Cause
and I-Cause
are I-Cause
designed I-Cause
to B-Effect
keep I-Effect
tight I-Effect
tolerance I-Effect
and I-Effect
resist I-Effect
higher I-Effect
temperatures I-Effect
. O

The B-Cause
changing I-Cause
perception I-Cause
toward I-Cause
benign I-Cause
hysterectomy I-Cause
will O
most O
likely O
cause O
dVH B-Effect
to I-Effect
struggle I-Effect
to I-Effect
expand I-Effect
its I-Effect
penetration I-Effect
rate I-Effect
beyond I-Effect
current I-Effect
levels I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. I-Effect

We O
project O
average B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
over I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
, O
driven O
by O
the B-Cause
firm I-Cause
's I-Cause
aggressive I-Cause
data I-Cause
center I-Cause
development I-Cause
and I-Cause
expansion I-Cause
into I-Cause
new I-Cause
markets I-Cause
. O

The B-Effect
social I-Effect
networking I-Effect
elements I-Effect
inside I-Effect
Tencent I-Effect
games I-Effect
, O
which O
result O
from O
Weixin B-Cause
's I-Cause
and I-Cause
QQ I-Cause
's I-Cause
strong I-Cause
network I-Cause
effect I-Cause
, O
are O
the B-Effect
key I-Effect
factor I-Effect
in I-Effect
its I-Effect
success I-Effect
. O

But O
then O
again O
, O
Garmin O
's O
7 O
% O
share O
shows O
that O
some B-Cause
customers I-Cause
are I-Cause
willing I-Cause
to I-Cause
endure I-Cause
such I-Cause
lack I-Cause
of I-Cause
capabilities I-Cause
for O
more B-Effect
focus I-Effect
on I-Effect
fitness I-Effect
functions I-Effect
. O

Operating B-Effect
margins I-Effect
should I-Effect
rise I-Effect
as O
Advance B-Cause
cuts I-Cause
costs I-Cause
and I-Cause
after I-Cause
near-term I-Cause
conditions I-Cause
normalize I-Cause
, O
rebounding O
from O
8 O
% O
in O
2018-20 O
and O
reaching O
12 O
% O
long O
term O
. O

But O
Edison B-Cause
now I-Cause
has I-Cause
most I-Cause
of I-Cause
its I-Cause
financing I-Cause
in I-Cause
place I-Cause
to I-Cause
execute I-Cause
its I-Cause
large I-Cause
growth I-Cause
plan I-Cause
, O
which O
ultimately O
will O
drive O
earnings B-Effect
and I-Effect
dividend I-Effect
growth I-Effect
. O

However O
, O
management B-Cause
's I-Cause
strong I-Cause
focus I-Cause
on I-Cause
prudent I-Cause
inventory I-Cause
management I-Cause
and I-Cause
capital I-Cause
stewardship I-Cause
has O
resulted O
in O
improved B-Effect
ROICs I-Effect
and I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
. O

Our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
$ I-Effect
28 I-Effect
per I-Effect
share I-Effect
is O
first O
driven O
by O
our B-Cause
expectations I-Cause
for I-Cause
global I-Cause
oil I-Cause
and I-Cause
gas I-Cause
exploration I-Cause
and I-Cause
development I-Cause
expenditures I-Cause
. O

We B-Effect
've I-Effect
seen I-Effect
this I-Effect
with I-Effect
the I-Effect
decline I-Effect
in I-Effect
tariffs I-Effect
on I-Effect
Magellan I-Effect
's I-Effect
Permian I-Effect
pipes I-Effect
due B-Cause
to I-Cause
additional I-Cause
competition I-Cause
, I-Cause
and I-Cause
the I-Cause
near-term I-Cause
outlook I-Cause
remains I-Cause
weak I-Cause
. O

This B-Cause
risk I-Cause
of I-Cause
material I-Cause
value I-Cause
destruction I-Cause
weighs B-Effect
on I-Effect
our I-Effect
forecasts I-Effect
firm I-Effect
and I-Effect
leads I-Effect
us I-Effect
to I-Effect
award I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Google B-Cause
has I-Cause
quickly I-Cause
leveraged I-Cause
the I-Cause
technological I-Cause
expertise I-Cause
it I-Cause
applied I-Cause
to I-Cause
creating I-Cause
and I-Cause
maintaining I-Cause
its I-Cause
private I-Cause
cloud I-Cause
platform I-Cause
to O
increase B-Effect
its I-Effect
market I-Effect
share I-Effect
in I-Effect
this I-Effect
space I-Effect
, I-Effect
driving I-Effect
additional I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
creating I-Effect
more I-Effect
operating I-Effect
leverage I-Effect
, I-Effect
and I-Effect
expanding I-Effect
its I-Effect
operating I-Effect
margin I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
will I-Effect
continue I-Effect
. O

Specifically O
, O
management B-Cause
's I-Cause
greater I-Cause
focus I-Cause
on I-Cause
premiumizing I-Cause
the I-Cause
portfolio I-Cause
, O
as O
well O
as O
an B-Cause
increase I-Cause
in I-Cause
licensing I-Cause
models I-Cause
internationally I-Cause
( O
which O
decrease O
reported O
volumes O
but O
still O
incorporate O
a O
royalty O
rate O
in O
the O
top O
line O
) O
, O
should O
drive-low-single B-Effect
digit I-Effect
increases I-Effect
in I-Effect
per-hectoliter I-Effect
price I-Effect
realization I-Effect
across I-Effect
the I-Effect
business I-Effect
. O

Finally O
, O
like O
many O
of O
its O
software O
peers O
, O
Blackbaud O
is O
ramping O
its O
investment O
in O
sales O
and O
marketing O
, O
notwithstanding O
a O
near O
term O
hiring B-Cause
freeze I-Cause
, O
to O
capitalize B-Effect
on I-Effect
its I-Effect
wider I-Effect
and I-Effect
stronger I-Effect
portfolio I-Effect
and I-Effect
the I-Effect
variety I-Effect
of I-Effect
growth I-Effect
drivers I-Effect
it I-Effect
represents I-Effect
. O

We O
forecast O
that O
Autodesk O
's O
operating O
leverage O
will O
stem O
from O
growing O
popularity O
of O
its O
eStore O
significantly O
reducing B-Effect
advertising I-Effect
and I-Effect
marketing I-Effect
costs I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
as O
the B-Cause
eStore I-Cause
allows I-Cause
for I-Cause
improved I-Cause
internal I-Cause
upselling I-Cause
. O

While O
patent B-Cause
losses I-Cause
on I-Cause
anemia I-Cause
drug I-Cause
Exjade I-Cause
and I-Cause
cancer I-Cause
drug I-Cause
Afinitor I-Cause
will O
weigh B-Effect
on I-Effect
near-term I-Effect
growth I-Effect
, O
a B-Cause
strong I-Cause
portfolio I-Cause
of I-Cause
drugs I-Cause
along I-Cause
with I-Cause
a I-Cause
robust I-Cause
pipeline I-Cause
should O
ensure O
steady B-Effect
long-term I-Effect
growth I-Effect
. O

The B-Effect
outbreak I-Effect
reduced I-Effect
fiscal I-Effect
2020 I-Effect
sales I-Effect
as O
motorists B-Cause
stayed I-Cause
off I-Cause
the I-Cause
road I-Cause
, I-Cause
though I-Cause
we I-Cause
are I-Cause
encouraged I-Cause
that I-Cause
Valvoline I-Cause
's I-Cause
premium I-Cause
mix I-Cause
continued I-Cause
to I-Cause
grow I-Cause
. O

In O
the O
past O
year O
, O
gold B-Effect
prices I-Effect
rose I-Effect
to I-Effect
more I-Effect
than I-Effect
$ I-Effect
1,900 I-Effect
per I-Effect
ounce I-Effect
as O
investment B-Cause
demand I-Cause
has I-Cause
strengthened I-Cause
during I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

Working O
capital O
vigilance O
and O
scale O
should O
lift O
Advance O
's O
payables O
to B-Effect
inventory I-Effect
ratio I-Effect
to I-Effect
around I-Effect
90 I-Effect
% I-Effect
long I-Effect
term I-Effect
, O
from B-Cause
77 I-Cause
% I-Cause
in O
2019 O
. O

On O
top O
of O
that O
, O
we O
believe O
AH B-Effect
's I-Effect
premium I-Effect
pricing I-Effect
has O
been O
accompanied O
by O
more B-Cause
expensive I-Cause
operations I-Cause
( O
versus O
no-frills O
competitors O
) O
in O
an O
effort O
to O
differentiate O
its O
broad O
offering O
and O
enrich O
the O
costumer O
experience O
. O

Infineon O
is O
closely O
tied O
to O
the O
health O
of O
the O
automotive O
industry O
, O
and O
weakness B-Cause
in I-Cause
this I-Cause
end I-Cause
market I-Cause
could O
spell B-Effect
trouble I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

By B-Cause
completely I-Cause
backing I-Cause
out I-Cause
more I-Cause
expensive I-Cause
foreign I-Cause
light I-Cause
crude I-Cause
imports I-Cause
to I-Cause
its I-Cause
refineries I-Cause
and I-Cause
replacing I-Cause
them I-Cause
with I-Cause
discount I-Cause
domestic I-Cause
light I-Cause
crude I-Cause
, O
Valero B-Effect
's I-Effect
crude I-Effect
slate I-Effect
is I-Effect
almost I-Effect
entirely I-Effect
cost-advantaged I-Effect
. O

Wealth B-Effect
Management I-Effect
has I-Effect
been I-Effect
a I-Effect
focus I-Effect
for I-Effect
FactSet I-Effect
in I-Effect
recent I-Effect
years I-Effect
as O
FactSet B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
take I-Cause
its I-Cause
research I-Cause
content I-Cause
and I-Cause
repackage I-Cause
it I-Cause
for I-Cause
financial I-Cause
advisors I-Cause
. O

We O
think O
regulatory B-Effect
risk I-Effect
relating I-Effect
to I-Effect
Canada I-Effect
potentially I-Effect
banning I-Effect
Huawei I-Effect
equipment I-Effect
in I-Effect
5G I-Effect
networks I-Effect
is I-Effect
now I-Effect
largely I-Effect
past I-Effect
, O
as O
Telus B-Cause
chose I-Cause
Nokia I-Cause
and I-Cause
Ericsson I-Cause
as I-Cause
5G I-Cause
network I-Cause
partners I-Cause
. O

As O
most B-Cause
of I-Cause
the I-Cause
ad I-Cause
holding I-Cause
companies I-Cause
' I-Cause
larger I-Cause
clients I-Cause
and I-Cause
Fortune I-Cause
500 I-Cause
firms I-Cause
favor I-Cause
omnichannel I-Cause
or I-Cause
multichannel I-Cause
marketing I-Cause
and I-Cause
advertising I-Cause
campaigns I-Cause
, O
these B-Effect
acquisitions I-Effect
help I-Effect
make I-Effect
the I-Effect
ad I-Effect
holding I-Effect
companies I-Effect
platform-agnostic I-Effect
and I-Effect
one-stop I-Effect
shops I-Effect
, O
unlike O
the O
smaller O
competitors O
. O

The O
new O
CEO O
unveiled O
a B-Cause
five-year I-Cause
strategic I-Cause
plan I-Cause
that I-Cause
will I-Cause
concentrate I-Cause
investments I-Cause
both I-Cause
geographically I-Cause
and I-Cause
on I-Cause
emerging I-Cause
categories I-Cause
that O
are O
likely O
to O
become B-Effect
the I-Effect
largest I-Effect
profit I-Effect
pools I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
believe O
General B-Effect
Mills I-Effect
possesses I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
stemming I-Cause
from I-Cause
its B-Cause
strong I-Cause
brand I-Cause
equity I-Cause
, I-Cause
preferred I-Cause
status I-Cause
with I-Cause
its I-Cause
retail I-Cause
partners O
, O
which O
allows O
the B-Effect
firm I-Effect
to I-Effect
secure I-Effect
valuable I-Effect
shelf I-Effect
space I-Effect
, I-Effect
and I-Effect
cost I-Effect
advantage I-Effect
. O

After B-Cause
heavy I-Cause
exposure I-Cause
to I-Cause
real I-Cause
estate-related I-Cause
loans I-Cause
during I-Cause
the I-Cause
crisis I-Cause
( I-Cause
over I-Cause
half I-Cause
the I-Cause
loan I-Cause
book I-Cause
) I-Cause
, O
Regions B-Effect
has I-Effect
increasingly I-Effect
focused I-Effect
on I-Effect
its I-Effect
commercial I-Effect
lending I-Effect
business I-Effect
and I-Effect
reduced I-Effect
its I-Effect
exposure I-Effect
to I-Effect
residential I-Effect
mortgages I-Effect
, I-Effect
which I-Effect
went I-Effect
from I-Effect
40 I-Effect
% I-Effect
of I-Effect
the I-Effect
book I-Effect
to I-Effect
roughly I-Effect
15 I-Effect
% I-Effect
. O

With B-Cause
15 I-Cause
% I-Cause
of I-Cause
sales I-Cause
to I-Cause
the I-Cause
auto I-Cause
industry I-Cause
and I-Cause
no I-Cause
other I-Cause
end-market I-Cause
making I-Cause
up I-Cause
over I-Cause
5 I-Cause
% I-Cause
, O
DuPont B-Effect
is I-Effect
fairly I-Effect
diversified I-Effect
and I-Effect
we I-Effect
forecast I-Effect
consolidated I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
slightly I-Effect
above I-Effect
global I-Effect
GDP I-Effect
. O

In O
our O
opinion O
, O
Paragard B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
benefit I-Effect
from O
secular B-Cause
trends I-Cause
toward I-Cause
increased I-Cause
adoption I-Cause
of I-Cause
IUDs I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

We B-Cause
anticipate I-Cause
a I-Cause
net I-Cause
addition I-Cause
of I-Cause
more I-Cause
than I-Cause
40-50 I-Cause
million I-Cause
new I-Cause
Internet I-Cause
users I-Cause
across I-Cause
Latin I-Cause
America I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
which O
will O
significantly B-Effect
broaden I-Effect
MercadoLibre I-Effect
's I-Effect
active I-Effect
base I-Effect
of I-Effect
76 I-Effect
million I-Effect
unique I-Effect
active I-Effect
users I-Effect
. I-Effect

This B-Cause
division I-Cause
of I-Cause
scope I-Cause
has O
probably O
been O
a B-Effect
key I-Effect
contributor I-Effect
to I-Effect
ballooning I-Effect
costs I-Effect
in I-Effect
the I-Effect
one-third I-Effect
share I-Effect
of I-Effect
deep-water I-Effect
project I-Effect
costs I-Effect
that I-Effect
come I-Effect
from I-Effect
subsea I-Effect
. O

Looking O
ahead O
, O
Neogen B-Effect
will I-Effect
be I-Effect
prioritizing I-Effect
international I-Effect
expansion I-Effect
in I-Effect
food I-Effect
and I-Effect
dairy I-Effect
, O
with B-Cause
population I-Cause
growth I-Cause
, I-Cause
a I-Cause
growing I-Cause
middle-class I-Cause
, I-Cause
and I-Cause
greater I-Cause
regulation I-Cause
fueling I-Cause
demand I-Cause
prospects I-Cause
abroad I-Cause
, I-Cause
especially I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

Cenovus B-Cause
' I-Cause
oil I-Cause
sands I-Cause
assets I-Cause
are I-Cause
best I-Cause
in I-Cause
class I-Cause
when I-Cause
it I-Cause
comes I-Cause
to I-Cause
supply I-Cause
costs I-Cause
, O
which O
should O
enable O
cash B-Effect
flow I-Effect
generation I-Effect
at I-Effect
lower I-Effect
prices I-Effect
than I-Effect
peers I-Effect
. O

From O
the O
perspective O
of O
the O
Class O
I O
rail O
carriers O
, O
Hunt O
is O
an B-Effect
attractive I-Effect
source I-Effect
of I-Effect
cargo I-Effect
because O
of O
its B-Cause
ability I-Cause
to I-Cause
aggregate I-Cause
fragmented I-Cause
demand I-Cause
across I-Cause
an I-Cause
immense I-Cause
pool I-Cause
of I-Cause
customers I-Cause
looking I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
multimodal I-Cause
capabilities I-Cause
. O

Unlike O
rivals O
, O
Kroger B-Cause
manufactures I-Cause
around I-Cause
40 I-Cause
% I-Cause
of I-Cause
its I-Cause
own I-Cause
brand I-Cause
grocery I-Cause
offerings I-Cause
, O
allowing O
it O
to O
elevate B-Effect
quality I-Effect
while I-Effect
containing I-Effect
production I-Effect
costs I-Effect
. O

However O
, O
we O
do B-Effect
n't I-Effect
believe I-Effect
that I-Effect
sheer I-Effect
volume I-Effect
of I-Effect
aircraft I-Effect
sold I-Effect
would I-Effect
impact I-Effect
software I-Effect
seats I-Effect
given O
that O
the B-Cause
engineering I-Cause
needs I-Cause
of I-Cause
aircraft I-Cause
OEM I-Cause
are I-Cause
primarily I-Cause
a I-Cause
function I-Cause
of I-Cause
outright I-Cause
models I-Cause
. O

The B-Effect
risk I-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
is O
most O
likely O
to O
materialize O
through O
a B-Cause
carbon I-Cause
tax I-Cause
, O
which O
increases B-Effect
the I-Effect
price I-Effect
of I-Effect
end I-Effect
products I-Effect
to I-Effect
consumers I-Effect
, I-Effect
reducing I-Effect
demand I-Effect
over I-Effect
time I-Effect
and I-Effect
threatening I-Effect
Shell I-Effect
's I-Effect
hydrocarbon I-Effect
business I-Effect
. O

This O
increase O
was O
primarily O
due O
to O
our O
increased O
conviction O
that O
the B-Effect
cabinets I-Effect
business I-Effect
can I-Effect
sustain I-Effect
a I-Effect
higher I-Effect
level I-Effect
of I-Effect
profitability I-Effect
throughout I-Effect
the I-Effect
business I-Effect
cycle I-Effect
thanks O
to O
management B-Cause
's I-Cause
market I-Cause
repositioning I-Cause
and I-Cause
restructuring I-Cause
efforts I-Cause
. O

In O
Avery O
's O
LGM O
business O
, O
we O
expect O
margins B-Effect
to I-Effect
come I-Effect
under I-Effect
pressure I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, I-Effect
falling I-Effect
gradually I-Effect
toward I-Effect
13 I-Effect
% I-Effect
as O
competition B-Cause
erodes I-Cause
the I-Cause
profitability I-Cause
of I-Cause
less I-Cause
differentiated I-Cause
label I-Cause
and I-Cause
graphic I-Cause
products I-Cause
. O

ON B-Cause
Semiconductor I-Cause
is I-Cause
well I-Cause
placed I-Cause
to O
benefit O
from O
the B-Effect
content I-Effect
growth I-Effect
in I-Effect
the I-Effect
automotive I-Effect
market I-Effect
and I-Effect
the I-Effect
increasingly I-Effect
complex I-Effect
power I-Effect
and I-Effect
connectivity I-Effect
needs I-Effect
of I-Effect
the I-Effect
industrial I-Effect
, I-Effect
data I-Effect
center I-Effect
, I-Effect
and I-Effect
communications I-Effect
infrastructure I-Effect
markets I-Effect
. O

In O
fact O
, O
we O
suspect O
that O
absent O
government O
intervention O
, O
the B-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, O
via O
additional B-Cause
consolidation I-Cause
. O

Additionally O
, O
relative B-Cause
to I-Cause
other I-Cause
specialists I-Cause
, I-Cause
orthopedic I-Cause
surgeon I-Cause
skill I-Cause
and I-Cause
experience I-Cause
play I-Cause
an I-Cause
outsize I-Cause
role I-Cause
in I-Cause
the I-Cause
clinical I-Cause
outcome I-Cause
for I-Cause
the I-Cause
patient. O
These O
issues O
all O
leave O
surgeons B-Effect
reluctant I-Effect
to I-Effect
train I-Effect
and I-Effect
master I-Effect
multiple I-Effect
instrumentation I-Effect
systems I-Effect
, I-Effect
especially I-Effect
if I-Effect
procedure I-Effect
volume I-Effect
is I-Effect
too I-Effect
low I-Effect
to I-Effect
maintain I-Effect
high I-Effect
surgical I-Effect
facility I-Effect
with I-Effect
more I-Effect
than I-Effect
one I-Effect
system I-Effect
. O

Aside O
from O
strength O
in O
developed O
markets O
, O
the B-Effect
firm I-Effect
faces I-Effect
brighter I-Effect
growth I-Effect
prospects I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
, O
where O
the B-Cause
growth I-Cause
of I-Cause
middle-class I-Cause
families I-Cause
has I-Cause
spurred I-Cause
demand I-Cause
for I-Cause
pediatric I-Cause
and I-Cause
adult I-Cause
nutrition I-Cause
products I-Cause
. O

As O
such O
, O
builders B-Effect
are I-Effect
largely I-Effect
reluctant I-Effect
to I-Effect
substitute I-Effect
Hardie I-Effect
products I-Effect
for I-Effect
an I-Effect
equivalent I-Effect
, O
given O
the B-Cause
additional I-Cause
effort I-Cause
and I-Cause
time I-Cause
required I-Cause
to I-Cause
use I-Cause
a I-Cause
less I-Cause
familiar I-Cause
product I-Cause
. O

There B-Effect
is I-Effect
little I-Effect
brand I-Effect
switching I-Effect
after O
the B-Cause
first I-Cause
year I-Cause
with I-Cause
a I-Cause
stoma I-Cause
once I-Cause
patients I-Cause
become I-Cause
familiar I-Cause
with I-Cause
one I-Cause
brand I-Cause
's I-Cause
system I-Cause
. O

Since O
its B-Cause
2005 I-Cause
spin-off I-Cause
from I-Cause
American I-Cause
Express I-Cause
, I-Cause
Ameriprise B-Effect
has I-Effect
gradually I-Effect
moved I-Effect
up I-Effect
the I-Effect
value I-Effect
chain I-Effect
to I-Effect
provide I-Effect
customized I-Effect
services I-Effect
and I-Effect
financial I-Effect
planning I-Effect
solutions I-Effect
to I-Effect
the I-Effect
mass I-Effect
affluent I-Effect
and I-Effect
affluent I-Effect
client I-Effect
groups I-Effect
. I-Effect

With O
the B-Cause
benefit I-Cause
of I-Cause
higher-priced I-Cause
product I-Cause
offerings I-Cause
, O
such O
as O
silicone O
hydrogel O
and O
one-day O
premium O
lenses O
, O
we O
expect O
Cooper B-Effect
to I-Effect
expand I-Effect
margins I-Effect
and I-Effect
maintain I-Effect
earnings I-Effect
growth I-Effect
that I-Effect
outpaces I-Effect
growth I-Effect
in I-Effect
the I-Effect
overall I-Effect
soft I-Effect
contact I-Effect
lens I-Effect
market O
. O

We O
believe O
the B-Cause
strength I-Cause
of I-Cause
the I-Cause
Coach I-Cause
brand I-Cause
has O
made O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
luxury I-Effect
handbag I-Effect
companies I-Effect
in I-Effect
the I-Effect
world I-Effect
in I-Effect
terms I-Effect
of I-Effect
units I-Effect
and I-Effect
revenue I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
is I-Effect
lower I-Effect
than I-Effect
its I-Effect
peers I-Effect
in I-Effect
our I-Effect
coverage I-Effect
because O
of O
its O
highly B-Cause
leveraged I-Cause
balance I-Cause
sheet I-Cause
. O

Given O
the B-Cause
pressure I-Cause
that I-Cause
low I-Cause
interest I-Cause
rates I-Cause
are I-Cause
having I-Cause
on I-Cause
net I-Cause
interest I-Cause
income I-Cause
and I-Cause
money I-Cause
market I-Cause
fee I-Cause
waivers I-Cause
, O
we O
expect O
management B-Effect
to I-Effect
continue I-Effect
to I-Effect
focus I-Effect
on I-Effect
expense I-Effect
control I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
access I-Cause
to I-Cause
customer I-Cause
channels I-Cause
is I-Cause
unparalleled I-Cause
; O
the B-Effect
legacy I-Effect
Fisher I-Effect
catalog I-Effect
dominates I-Effect
the I-Effect
marketplace I-Effect
, O
as O
its O
next-largest O
competitor O
, O
VWR O
International O
, O
is O
significantly O
smaller O
. O

However O
, O
in O
weakened O
environments O
, O
its B-Effect
professionals I-Effect
share I-Effect
in I-Effect
the I-Effect
pain I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
able I-Cause
to I-Cause
significantly I-Cause
cut I-Cause
costs I-Cause
, I-Cause
helping I-Cause
preserve I-Cause
reasonable I-Cause
profits I-Cause
, I-Cause
cash I-Cause
flow I-Cause
, I-Cause
and I-Cause
ROIC I-Cause
. O

Due O
to O
capital O
intensity O
, O
especially O
in O
heavy O
truck O
operations O
, O
we O
expect O
highly B-Cause
unfavorable I-Cause
operating I-Cause
leverage I-Cause
resulting O
from O
COVID-19 B-Effect
factory I-Effect
closures I-Effect
. O

All O
of O
HollyFrontier O
's O
refineries O
are O
in O
the O
midcontinent O
, O
ensuring O
it O
405 O
mb/d O
of O
capacity O
to O
process O
either O
discount O
light O
or O
heavy O
crude O
, O
while O
it B-Effect
enjoys I-Effect
a I-Effect
discount I-Effect
, O
given B-Cause
their I-Cause
proximity I-Cause
to I-Cause
the I-Cause
source I-Cause
of I-Cause
production I-Cause
. O

Over O
the O
past O
decade O
, O
the O
firm O
was O
slow B-Cause
to I-Cause
respond I-Cause
to I-Cause
consumers I-Cause
' I-Cause
growing I-Cause
preference I-Cause
for O
Greek O
yogurt O
, O
and O
Yoplait O
lost B-Effect
significant I-Effect
share I-Effect
. I-Effect

The B-Cause
high I-Cause
attach I-Cause
rate I-Cause
of I-Cause
subscription-based I-Cause
services I-Cause
, I-Cause
including I-Cause
technical I-Cause
support I-Cause
and I-Cause
the I-Cause
latest I-Cause
threat I-Cause
prevention I-Cause
updates I-Cause
, O
have O
helped O
drive B-Effect
20 I-Effect
% I-Effect
average I-Effect
billings I-Effect
growth I-Effect
( I-Effect
revenue I-Effect
plus I-Effect
the I-Effect
change I-Effect
in I-Effect
deferred I-Effect
revenue I-Effect
) I-Effect
between I-Effect
2016 I-Effect
and I-Effect
2019 I-Effect
. O

Overall B-Effect
revenue I-Effect
is I-Effect
anticipated I-Effect
to I-Effect
grow I-Effect
slightly I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
largely I-Effect
due O
to O
the B-Cause
growth I-Cause
of I-Cause
specialty I-Cause
drugs I-Cause
and I-Cause
stabilization I-Cause
in I-Cause
generics I-Cause
. O

Given O
the B-Cause
firm I-Cause
has I-Cause
historically I-Cause
produced I-Cause
one I-Cause
third I-Cause
of I-Cause
its I-Cause
top I-Cause
line I-Cause
growth I-Cause
inorganically I-Cause
, O
any B-Effect
slowdown I-Effect
in I-Effect
M I-Effect
& I-Effect
A I-Effect
could I-Effect
slow I-Effect
growth I-Effect
prospects I-Effect
. O

While O
CoreSite O
has O
benefited O
from O
the O
cloud O
trend O
, O
it B-Effect
is I-Effect
not I-Effect
aggressively I-Effect
expanding I-Effect
its I-Effect
footprint I-Effect
to O
simply O
accommodate O
cloud O
providers O
, O
which O
we O
think O
is O
smart O
, O
since O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
generic I-Cause
data I-Cause
centers I-Cause
. O

Morgan O
Stanley O
has O
performed O
exceptionally O
well O
over O
the O
previous O
several O
years O
and O
any B-Cause
missteps I-Cause
could O
reverse B-Effect
recently I-Effect
positive I-Effect
market I-Effect
sentiment I-Effect
. O

Intesa B-Cause
's I-Cause
insurance I-Cause
business I-Cause
is I-Cause
well I-Cause
integrated I-Cause
with I-Cause
the I-Cause
banking I-Cause
operation I-Cause
, I-Cause
and I-Cause
we I-Cause
believe I-Cause
it I-Cause
adds I-Cause
switching I-Cause
costs I-Cause
, I-Cause
as I-Cause
it B-Effect
increases I-Effect
Intesa I-Effect
's I-Effect
cross-selling I-Effect
of I-Effect
products I-Effect
to I-Effect
clients I-Effect
, O
making O
it O
harder O
for O
them O
to O
move O
to O
another O
institution O
that O
may O
not O
offer O
the O
same O
product O
range O
. O

Winnebago O
's O
towable O
share O
is O
only O
about O
10 O
% O
, O
up O
from O
about O
1 O
% O
before O
Grand O
Design O
, O
so O
we B-Effect
see I-Effect
a I-Effect
long I-Effect
growth I-Effect
runway I-Effect
if O
it B-Cause
can I-Cause
keep I-Cause
chipping I-Cause
into I-Cause
Thor I-Cause
's I-Cause
and I-Cause
Forest I-Cause
River I-Cause
's I-Cause
82 I-Cause
% I-Cause
combined I-Cause
share I-Cause
. O

This O
example O
illustrates O
the O
key O
problem O
with O
breaking O
into O
aircraft O
manufacturing O
: O
If B-Cause
a I-Cause
competitor I-Cause
goes I-Cause
through I-Cause
the I-Cause
arduous I-Cause
process I-Cause
of I-Cause
developing I-Cause
an I-Cause
aircraft I-Cause
, I-Cause
potential I-Cause
customers I-Cause
face I-Cause
massive I-Cause
switching I-Cause
costs I-Cause
and O
are O
thus O
quite B-Effect
conservative I-Effect
in I-Effect
their I-Effect
purchasing I-Effect
habits I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
heavy I-Cause
investment I-Cause
in I-Cause
technology I-Cause
and I-Cause
marketing I-Cause
has O
enabled O
it B-Effect
to I-Effect
use I-Effect
online I-Effect
bank I-Effect
accounts I-Effect
to I-Effect
build I-Effect
an I-Effect
asset I-Effect
and I-Effect
deposit I-Effect
base I-Effect
that I-Effect
is I-Effect
national I-Effect
in I-Effect
scope I-Effect
while I-Effect
maintaining I-Effect
a I-Effect
limited I-Effect
branch I-Effect
network I-Effect
. O

Specifically O
, O
we O
expect O
low-single-digit B-Effect
claims I-Effect
growth I-Effect
to I-Effect
be I-Effect
largely I-Effect
offset I-Effect
by I-Effect
pricing I-Effect
pressure I-Effect
, O
as O
new B-Cause
competitors I-Cause
could I-Cause
enter I-Cause
the I-Cause
fray I-Cause
, O
such O
as O
Anthem O
. O

Shippers B-Effect
also I-Effect
enjoy I-Effect
the I-Effect
added I-Effect
benefit I-Effect
of I-Effect
converting I-Effect
fixed I-Effect
transportation I-Effect
costs I-Effect
( O
such O
as O
a O
large O
traffic O
management O
department O
) O
into O
variable O
costs O
when O
outsourcing B-Cause
logistics I-Cause
Integrated I-Cause
Freight I-Cause
& I-Cause
Logisticsmanagement I-Cause
functions I-Cause
. O

Remarkably O
, O
the B-Cause
firm I-Cause
gathers I-Cause
200,000 I-Cause
consumer I-Cause
data I-Cause
points I-Cause
every I-Cause
day I-Cause
on I-Cause
its I-Cause
brand.com I-Cause
sites I-Cause
, O
which O
stands B-Effect
to I-Effect
further I-Effect
improve I-Effect
its I-Effect
ability I-Effect
to I-Effect
target I-Effect
its I-Effect
consumer I-Effect
base I-Effect
. O

Aside O
from O
the O
apparent O
bargaining O
power O
of O
customers O
, O
from O
a O
Porter O
's O
Five O
Forces O
perspective O
, O
we O
believe O
IP B-Effect
suffers I-Effect
from I-Effect
inherently I-Effect
weak I-Effect
bargaining I-Effect
power I-Effect
with I-Effect
its I-Effect
own I-Effect
suppliers I-Effect
, O
given O
that O
suppliers B-Cause
have I-Cause
n't I-Cause
historically I-Cause
been I-Cause
held I-Cause
financially I-Cause
accountable I-Cause
for I-Cause
delivery I-Cause
delays I-Cause
. O

Additional B-Effect
revenue I-Effect
is I-Effect
expected I-Effect
from O
5G B-Cause
networking I-Cause
solutions I-Cause
being I-Cause
used I-Cause
across I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
industries I-Cause
deploying I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
devices I-Cause
. O

Conagra B-Effect
also I-Effect
modernized I-Effect
its I-Effect
advertising I-Effect
approach I-Effect
, I-Effect
which I-Effect
had I-Effect
been I-Effect
slow I-Effect
to I-Effect
evolve I-Effect
to I-Effect
digital I-Effect
mediums I-Effect
, O
a O
more O
relevant O
and O
effective O
way O
to O
reach O
and O
target O
consumers O
, O
as O
consumers B-Cause
have I-Cause
been I-Cause
spending I-Cause
more I-Cause
time I-Cause
using I-Cause
digital I-Cause
media I-Cause
in I-Cause
lieu I-Cause
of I-Cause
traditional I-Cause
forms I-Cause
such I-Cause
as I-Cause
TV I-Cause
, I-Cause
radio I-Cause
, I-Cause
and I-Cause
print I-Cause
. O

Although O
Furnishings O
, O
Fixtures O
& O
Appliancescheaper O
options O
exist O
, O
the O
potential O
savings O
is O
not O
nearly O
enough O
for O
homebuilders B-Effect
to I-Effect
risk I-Effect
impairing B-Cause
their I-Cause
reputation I-Cause
and I-Cause
incurring I-Cause
replacement I-Cause
costs I-Cause
on I-Cause
low-quality I-Cause
, I-Cause
malfunctioning I-Cause
hardware I-Cause
. O

We O
expect O
Advance B-Effect
to I-Effect
post I-Effect
4 I-Effect
% I-Effect
full-year I-Effect
growth I-Effect
( I-Effect
after I-Effect
2 I-Effect
% I-Effect
expansion I-Effect
through I-Effect
the I-Effect
first I-Effect
nine I-Effect
months I-Effect
of I-Effect
2020 I-Effect
) I-Effect
, O
with O
the B-Cause
addition I-Cause
of I-Cause
DieHard I-Cause
boosting I-Cause
winter I-Cause
sales I-Cause
as I-Cause
DIY I-Cause
remains I-Cause
strong I-Cause
as I-Cause
the I-Cause
pandemic I-Cause
wears I-Cause
on I-Cause
. O

Family B-Cause
control I-Cause
can O
raise B-Effect
succession I-Effect
issues I-Effect
, O
but O
we O
also O
feel O
if O
the B-Cause
family I-Cause
wanted I-Cause
an I-Cause
outsider I-Cause
to I-Cause
be I-Cause
CEO I-Cause
that O
president B-Effect
Jeff I-Effect
Dyke I-Effect
, I-Effect
53 I-Effect
, I-Effect
could I-Effect
handle I-Effect
the I-Effect
job I-Effect
well I-Effect
. O

In O
addition O
, O
the B-Cause
government I-Cause
mandate I-Cause
to I-Cause
supply I-Cause
the I-Cause
domestic I-Cause
market I-Cause
and O
Petrobras B-Cause
' I-Cause
inability I-Cause
to I-Cause
pass I-Cause
along I-Cause
international I-Cause
prices I-Cause
have O
resulted O
in O
increasing B-Effect
downstream I-Effect
losses I-Effect
and I-Effect
sagging I-Effect
returns I-Effect
. O

Thanks O
to O
its B-Cause
persistent I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
, O
Medtronic B-Effect
is I-Effect
often I-Effect
first I-Effect
to I-Effect
market I-Effect
with I-Effect
new I-Effect
products I-Effect
in I-Effect
various I-Effect
therapeutic I-Effect
areas I-Effect
. O

If O
Bath B-Cause
& I-Cause
Body I-Cause
becomes I-Cause
a I-Cause
stand-alone I-Cause
business I-Cause
, O
long-term B-Effect
operating I-Effect
margins I-Effect
could I-Effect
reach I-Effect
a I-Effect
high-teens I-Effect
rate I-Effect
, O
as O
segment B-Effect
economics I-Effect
are I-Effect
crimped I-Effect
by I-Cause
a B-Cause
rising I-Cause
shift I-Cause
to I-Cause
the I-Cause
e-commerce I-Cause
channel I-Cause
and I-Cause
the I-Cause
attendant I-Cause
shipping I-Cause
costs I-Cause
. O

However O
, O
truckload B-Effect
competition I-Effect
is I-Effect
now I-Effect
easing I-Effect
and I-Effect
intermodal I-Effect
demand I-Effect
is I-Effect
rebounding I-Effect
sharply I-Effect
after B-Cause
bottoming I-Cause
in I-Cause
April I-Cause
, I-Cause
with I-Cause
help I-Cause
from I-Cause
a I-Cause
staggering I-Cause
recovery I-Cause
in I-Cause
U.S I-Cause
. O

There O
is O
high B-Effect
uncertainty I-Effect
regarding I-Effect
the I-Effect
timing I-Effect
and I-Effect
scale I-Effect
of I-Effect
commercialization I-Effect
of I-Effect
Baidu I-Effect
's I-Effect
AI-based I-Effect
services I-Effect
, O
such O
as O
voice O
assistant O
platform O
DuerOS O
, O
autonomous O
driving O
platform O
Apollo O
, O
and O
artificial O
intelligence O
cloud O
services O
, O
due O
to O
the B-Cause
high I-Cause
uncertainty I-Cause
of I-Cause
these I-Cause
businesses I-Cause
. O

Unlike B-Cause
most I-Cause
of I-Cause
the I-Cause
other I-Cause
U.S.-based I-Cause
asset I-Cause
managers I-Cause
we I-Cause
cover I-Cause
, I-Cause
we I-Cause
are I-Cause
projecting I-Cause
an I-Cause
improvement I-Cause
( I-Cause
albeit I-Cause
a I-Cause
slight I-Cause
one I-Cause
) I-Cause
in I-Cause
operating I-Cause
margins I-Cause
for I-Cause
BlackRock I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
margins I-Cause
expected I-Cause
to I-Cause
average I-Cause
around I-Cause
41 I-Cause
% I-Cause
on I-Cause
an I-Cause
adjusted I-Cause
basis I-Cause
( I-Cause
compared I-Cause
with I-Cause
39 I-Cause
% I-Cause
on I-Cause
average I-Cause
the I-Cause
past I-Cause
five I-Cause
calendar I-Cause
years I-Cause
) I-Cause
. O
As O
such O
, O
the B-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
close I-Effect
to I-Effect
$ I-Effect
8 I-Effect
billion I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2021-25 I-Effect
, I-Effect
much I-Effect
of I-Effect
which I-Effect
we I-Effect
anticipate I-Effect
will I-Effect
be I-Effect
returned I-Effect
to I-Effect
shareholders I-Effect
as I-Effect
dividends I-Effect
and I-Effect
share I-Effect
repurchases I-Effect
. O

Though O
crude B-Effect
prices I-Effect
fell I-Effect
dramatically I-Effect
due O
to O
economic B-Cause
slowdown I-Cause
related I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
, O
prices B-Effect
could I-Effect
further I-Effect
rebound I-Effect
with O
the O
resumption B-Cause
of I-Cause
economic I-Cause
activity I-Cause
. O

Our O
cost/income O
ratio O
, O
as O
we O
calculate O
it O
, O
including O
remediation B-Effect
and I-Effect
below-the-line I-Effect
items I-Effect
, I-Effect
drops I-Effect
from I-Effect
64 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
55 I-Effect
% I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
below-the-line B-Cause
items I-Cause
reduce I-Cause
materially I-Cause
and I-Cause
Lloyds I-Cause
hits I-Cause
its I-Cause
GBP I-Cause
7.5 I-Cause
billion I-Cause
operating I-Cause
cost I-Cause
target I-Cause
this I-Cause
year I-Cause
. O

We B-Effect
think I-Effect
that I-Effect
QuickBooks I-Effect
merits I-Effect
a I-Effect
network I-Effect
effect I-Effect
because O
despite B-Cause
using I-Cause
an I-Cause
accounting I-Cause
software I-Cause
, I-Cause
many I-Cause
small I-Cause
businesses I-Cause
opt I-Cause
to I-Cause
hire I-Cause
an I-Cause
accountant I-Cause
to I-Cause
go I-Cause
over I-Cause
their I-Cause
books I-Cause
that I-Cause
they I-Cause
track I-Cause
through I-Cause
software I-Cause
like I-Cause
QuickBooks I-Cause
. O

Our B-Effect
cost I-Effect
of I-Effect
equity I-Effect
assumption I-Effect
is I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
rate I-Effect
of I-Effect
return I-Effect
we I-Effect
expect I-Effect
investors I-Effect
will I-Effect
demand I-Effect
reflecting O
Ormat B-Cause
's I-Cause
lower I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
and I-Cause
lower I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
. O

Similarly O
, O
we O
expect O
revenue B-Effect
from I-Effect
the I-Effect
communications I-Effect
end I-Effect
market I-Effect
to I-Effect
grow I-Effect
7 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
heightened O
demand O
for O
power O
management O
solutions O
in O
the O
cloud O
power O
market O
( O
including O
hyperscale O
data O
centers O
, O
enterprises O
, O
and O
5G O
infrastructure O
) O
along O
with O
increased B-Cause
sales I-Cause
of I-Cause
Quantenna I-Cause
products I-Cause
. O

Over O
time O
, O
the B-Effect
product I-Effect
set I-Effect
of I-Effect
bank I-Effect
technology I-Effect
companies I-Effect
has I-Effect
widened I-Effect
significantly I-Effect
, O
as O
technology B-Cause
has I-Cause
come I-Cause
to I-Cause
play I-Cause
a I-Cause
greater I-Cause
role I-Cause
in I-Cause
banking I-Cause
operations I-Cause
. O

We O
think O
these B-Effect
users I-Effect
are I-Effect
drawn I-Effect
to I-Effect
the I-Effect
brand I-Effect
in I-Effect
the I-Effect
first I-Effect
place I-Effect
because O
of O
its B-Cause
perception I-Cause
as I-Cause
the I-Cause
industry I-Cause
standard I-Cause
in I-Cause
rugged I-Cause
wearables I-Cause
and I-Cause
handhelds I-Cause
. O

Schnitzer B-Effect
's I-Effect
margins I-Effect
are I-Effect
less I-Effect
susceptible I-Effect
to I-Effect
volatile I-Effect
swings I-Effect
, O
given O
that O
the B-Cause
scrap I-Cause
purchasing I-Cause
and I-Cause
selling I-Cause
prices I-Cause
tend I-Cause
to I-Cause
move I-Cause
in I-Cause
tandem I-Cause
. O

Fortunately O
, O
health B-Effect
insurers I-Effect
could I-Effect
play I-Effect
key I-Effect
roles I-Effect
in I-Effect
a I-Effect
public I-Effect
option I-Effect
and I-Effect
could I-Effect
even I-Effect
benefit I-Effect
from I-Effect
the I-Effect
expansion I-Effect
of I-Effect
services I-Effect
provided I-Effect
, O
if O
the O
public B-Cause
option I-Cause
merely I-Cause
expands I-Cause
access I-Cause
to I-Cause
insurance I-Cause
. O

Pricing B-Cause
pressure I-Cause
has I-Cause
also I-Cause
increased I-Cause
in I-Cause
fixed-line I-Cause
broadband I-Cause
in I-Cause
certain I-Cause
high-value I-Cause
areas I-Cause
as O
China B-Effect
Mobile I-Effect
has I-Effect
increased I-Effect
its I-Effect
focus I-Effect
in I-Effect
that I-Effect
market I-Effect
. O

Splunk B-Cause
offers I-Cause
a I-Cause
suite I-Cause
of I-Cause
products I-Cause
linked I-Cause
to I-Cause
its I-Cause
Data-to-Everything I-Cause
platform I-Cause
that O
ensures B-Effect
smooth I-Effect
business I-Effect
operations I-Effect
and I-Effect
generates I-Effect
data I-Effect
analytics I-Effect
and I-Effect
insights I-Effect
. O

The O
TNT O
integration O
made O
headway O
in O
the O
firm O
's O
fiscal O
2020 O
, O
and O
we O
expect O
efforts B-Effect
to I-Effect
gradually I-Effect
bear I-Effect
fruit I-Effect
in I-Effect
Europe I-Effect
as O
FedEx B-Cause
fully I-Cause
integrates I-Cause
all I-Cause
of I-Cause
its I-Cause
ground I-Cause
and I-Cause
express I-Cause
assets I-Cause
there I-Cause
. O

We O
believe O
that O
Palo O
Alto O
shrewdly O
sees O
that O
increased B-Cause
data I-Cause
and I-Cause
traffic I-Cause
will I-Cause
refine I-Cause
its I-Cause
machine I-Cause
learning I-Cause
tools I-Cause
, O
which O
will O
increase B-Effect
the I-Effect
accuracy I-Effect
and I-Effect
speed I-Effect
to I-Effect
segregate I-Effect
threats I-Effect
from I-Effect
safe I-Effect
traffic I-Effect
. O

While O
Welltower O
is O
in O
sectors O
that O
use O
a O
triple-net O
lease O
structure O
that O
can O
have O
long O
contracts O
with O
annual O
rent O
increases O
, O
there O
are O
precedents O
that O
show O
these B-Effect
contracts I-Effect
are I-Effect
renegotiated I-Effect
if O
the B-Cause
underlying I-Cause
tenant I-Cause
operations I-Cause
are I-Cause
under I-Cause
pressure I-Cause
. O

PG B-Cause
& I-Cause
E I-Cause
's I-Cause
inability I-Cause
to I-Cause
access I-Cause
capital I-Cause
markets I-Cause
at I-Cause
reasonable I-Cause
prices I-Cause
due O
to O
wildfire-related B-Cause
legal I-Cause
, I-Cause
regulatory I-Cause
, I-Cause
and I-Cause
political I-Cause
concerns I-Cause
led O
to O
the B-Effect
company I-Effect
's I-Effect
bankruptcy I-Effect
in I-Effect
January I-Effect
2019 I-Effect
. O

Once O
the B-Cause
practice I-Cause
has I-Cause
installed I-Cause
the I-Cause
base I-Cause
equipment I-Cause
and I-Cause
trained I-Cause
its I-Cause
vet I-Cause
techs I-Cause
on I-Cause
it I-Cause
, O
practices B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
stick I-Effect
with I-Effect
Idexx I-Effect
than I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
brand I-Effect
. O

However O
, O
the B-Effect
firm I-Effect
's I-Effect
robust I-Effect
operating I-Effect
margins I-Effect
speak O
to O
a B-Cause
different I-Cause
iteration I-Cause
of I-Cause
intangibles I-Cause
; O
one O
where O
the O
resonance B-Cause
of I-Cause
its I-Cause
brands I-Cause
allows O
it O
to O
achieve O
similar B-Effect
consumer I-Effect
adoption I-Effect
with I-Effect
a I-Effect
structurally I-Effect
leaner I-Effect
operational I-Effect
infrastructure I-Effect
( I-Effect
primarily I-Effect
in I-Effect
terms I-Effect
of I-Effect
its I-Effect
salesforce I-Effect
and I-Effect
marketing I-Effect
budget I-Effect
) I-Effect
. O

But O
demand B-Cause
has I-Cause
persisted I-Cause
despite O
the O
pandemic O
, O
and O
innovation B-Cause
should I-Cause
continue I-Cause
to I-Cause
drive I-Cause
sales I-Cause
, O
particularly O
in O
the O
marine O
segment O
where O
BRP O
has O
launched O
Project O
Ghost O
( O
altering O
placement O
of O
outboard O
engines O
) O
and O
Project O
M O
( O
reaching O
entry-level O
pontoon O
consumers O
) O
, O
offerings B-Effect
we I-Effect
think I-Effect
will I-Effect
be I-Effect
differentiated I-Effect
from I-Effect
existing I-Effect
products I-Effect
. O

But O
more O
importantly O
, O
if O
customers B-Cause
move I-Cause
to I-Cause
a I-Cause
competing I-Cause
cloud I-Cause
provider I-Cause
, O
they B-Effect
block I-Effect
themselves I-Effect
from I-Effect
the I-Effect
ability I-Effect
to I-Effect
use I-Effect
Oracle I-Effect
cloud-native I-Effect
software I-Effect
, O
Fusion O
, O
and O
the O
change O
to O
competing O
ERP O
software O
could O
instill O
a O
change O
in O
databases O
. O

We B-Cause
believe I-Cause
new I-Cause
fiber I-Cause
construction I-Cause
is I-Cause
now I-Cause
rational I-Cause
, O
so O
to B-Effect
the I-Effect
extent I-Effect
a I-Effect
firm I-Effect
has I-Effect
a I-Effect
presence I-Effect
in I-Effect
an I-Effect
area I-Effect
that I-Effect
is I-Effect
not I-Effect
already I-Effect
subject I-Effect
to I-Effect
multiple I-Effect
competitors I-Effect
, I-Effect
we I-Effect
think I-Effect
it I-Effect
has I-Effect
efficient I-Effect
scale I-Effect
benefits I-Effect
. O

With O
nearly B-Cause
30 I-Cause
% I-Cause
of I-Cause
loans I-Cause
outstanding I-Cause
held I-Cause
abroad I-Cause
, O
the B-Effect
bank I-Effect
is I-Effect
in I-Effect
a I-Effect
unique I-Effect
position I-Effect
to I-Effect
benefit I-Effect
from I-Effect
Latin I-Effect
American I-Effect
emerging-market I-Effect
growth I-Effect
. O

If B-Cause
HPE I-Cause
's I-Cause
products I-Cause
do I-Cause
not I-Cause
create I-Cause
unique I-Cause
value I-Cause
for I-Cause
enterprises I-Cause
, I-Cause
the B-Effect
firm I-Effect
may I-Effect
be I-Effect
required I-Effect
to I-Effect
engage I-Effect
in I-Effect
unsustainable I-Effect
price I-Effect
wars I-Effect
. I-Effect

We O
believe O
risk B-Effect
stemming I-Effect
from I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
concerns I-Effect
is I-Effect
manageable I-Effect
, O
as O
the B-Cause
factors I-Cause
with I-Cause
most I-Cause
materiality I-Cause
( I-Cause
higher I-Cause
cost I-Cause
of I-Cause
wages I-Cause
and I-Cause
turnover I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
higher I-Cause
energy I-Cause
costs I-Cause
) I-Cause
still I-Cause
provide I-Cause
low I-Cause
risk I-Cause
to I-Cause
economic I-Cause
profits I-Cause
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
produce I-Effect
fairly I-Effect
strong I-Effect
underwriting I-Effect
results O
in O
the O
very O
near O
term O
, O
as O
it O
benefits O
from O
recent B-Cause
pricing I-Cause
increases I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
, O
but O
to O
revert O
toward O
historical O
results O
over O
time O
. O

The B-Cause
latest I-Cause
technological I-Cause
advances I-Cause
in I-Cause
this I-Cause
field I-Cause
allow I-Cause
chipmakers I-Cause
to I-Cause
traverse I-Cause
along I-Cause
the I-Cause
pathway I-Cause
prescribed I-Cause
by I-Cause
Moore I-Cause
's I-Cause
law I-Cause
, O
which O
claims O
that O
the B-Effect
number I-Effect
of I-Effect
transistors I-Effect
on I-Effect
the I-Effect
same I-Effect
area I-Effect
of I-Effect
silicon I-Effect
will I-Effect
double I-Effect
every I-Effect
two I-Effect
years I-Effect
( I-Effect
roughly I-Effect
) I-Effect
. O

Intangibles B-Cause
-- I-Cause
including I-Cause
the I-Cause
firm I-Cause
's I-Cause
extensive I-Cause
testing I-Cause
menu I-Cause
, I-Cause
intellectual I-Cause
property I-Cause
, I-Cause
technological I-Cause
expertise I-Cause
, I-Cause
and I-Cause
established I-Cause
relationships I-Cause
with I-Cause
governments I-Cause
and I-Cause
hospitals I-Cause
-- O
increase B-Effect
the I-Effect
barriers I-Effect
of I-Effect
entry I-Effect
into I-Effect
the I-Effect
space I-Effect
, O
while O
the B-Cause
razor-and-blade I-Cause
model I-Cause
of I-Cause
the I-Cause
newborn I-Cause
screening I-Cause
business I-Cause
makes O
customers B-Effect
hesitant I-Effect
to I-Effect
switch I-Effect
providers I-Effect
. O

We O
expect O
1 B-Effect
% I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
legacy I-Effect
Eldorado I-Effect
on I-Effect
average I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
weighed I-Effect
by I-Effect
lower I-Effect
demand I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
planned I-Cause
asset I-Cause
divestitures I-Cause
over I-Cause
the I-Cause
next I-Cause
year I-Cause
. O

Nevertheless O
, O
when O
supply B-Cause
expands I-Cause
too I-Cause
much I-Cause
and I-Cause
prices I-Cause
fall I-Cause
, O
it O
leaves O
the B-Effect
firm I-Effect
vulnerable I-Effect
to I-Effect
economic I-Effect
losses I-Effect
, O
and O
we O
do O
n't O
think O
Western O
is O
able O
to O
sustain O
economic O
profits O
over O
the O
course O
of O
the O
cycle O
. O

Around B-Cause
96 I-Cause
% I-Cause
of I-Cause
its I-Cause
transactions I-Cause
are I-Cause
tied I-Cause
to I-Cause
a I-Cause
loyalty I-Cause
card I-Cause
, O
leaving O
Kroger B-Effect
with I-Effect
more I-Effect
than I-Effect
60 I-Effect
million I-Effect
households I-Effect
' I-Effect
worth I-Effect
of I-Effect
behavioral I-Effect
information I-Effect
and I-Effect
data I-Effect
that I-Effect
extends I-Effect
back I-Effect
years I-Effect
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
significantly I-Effect
from I-Effect
18 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
on I-Effect
a I-Effect
pro I-Effect
forma I-Effect
basis I-Effect
to I-Effect
25 I-Effect
% I-Effect
by I-Effect
2024. O
This O
improvement O
comes O
mainly O
from O
the B-Cause
company I-Cause
's I-Cause
recent I-Cause
restructuring I-Cause
efforts I-Cause
, I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
the I-Cause
Willis I-Cause
Towers I-Cause
Watson I-Cause
merger I-Cause
and I-Cause
from I-Cause
lower I-Cause
purchase I-Cause
amortization I-Cause
expense I-Cause
over I-Cause
time I-Cause
. O

As O
one O
moves B-Cause
up I-Cause
the I-Cause
wealth I-Cause
pyramid I-Cause
the O
needs B-Effect
of I-Effect
clients I-Effect
becomes I-Effect
more I-Effect
complex I-Effect
and I-Effect
unique I-Effect
and O
the O
full O
needs O
of O
clients O
are O
unlikely O
to O
be O
met O
with O
generic O
products O
and O
advice O
at O
the O
top O
of O
the O
wealth O
pyramid O
. O

Lastly O
, O
we O
expect O
the B-Cause
increasing I-Cause
awareness I-Cause
of I-Cause
the I-Cause
importance I-Cause
of I-Cause
software I-Cause
security I-Cause
in I-Cause
chips I-Cause
and I-Cause
applications I-Cause
to O
propel B-Effect
mid- I-Effect
to I-Effect
high I-Effect
teens I-Effect
growth I-Effect
for I-Effect
Synopsys I-Effect
' I-Effect
newer I-Effect
software I-Effect
integrity I-Effect
segment I-Effect
. O

We O
think O
that O
Imax B-Effect
box I-Effect
office I-Effect
finally I-Effect
surpasses I-Effect
the I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2022 I-Effect
as O
consumers B-Cause
return I-Cause
to I-Cause
theaters I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
footprint I-Cause
continues I-Cause
to I-Cause
grow I-Cause
. O

We O
forecast O
gross B-Effect
margins I-Effect
to I-Effect
rise I-Effect
moderately I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
( O
by O
roughly O
130 O
basis O
points O
, O
to O
35.7 O
% O
) O
, O
constrained O
by O
our O
belief O
that O
e-commerce B-Cause
retailers I-Cause
can I-Cause
compete I-Cause
in I-Cause
about I-Cause
30 I-Cause
% I-Cause
of I-Cause
the I-Cause
sales I-Cause
areas I-Cause
Tractor I-Cause
Supply I-Cause
operates I-Cause
within I-Cause
. O

After O
the B-Cause
Andeavor I-Cause
acquisition I-Cause
, O
Marathon B-Effect
Petroleum I-Effect
holds I-Effect
a I-Effect
larger I-Effect
, I-Effect
more I-Effect
geographically I-Effect
diverse I-Effect
portfolio I-Effect
with I-Effect
high-complexity I-Effect
facilities I-Effect
in I-Effect
the I-Effect
midcontinent I-Effect
, I-Effect
West I-Effect
Coast I-Effect
, I-Effect
and I-Effect
Gulf I-Effect
Coast I-Effect
. O

We B-Effect
still I-Effect
see I-Effect
consolidated I-Effect
comp I-Effect
growth I-Effect
in I-Effect
the I-Effect
mid I-Effect
single I-Effect
digits I-Effect
as O
a B-Cause
realistic I-Cause
goal I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
through I-Cause
new I-Cause
menu I-Cause
innovations I-Cause
, I-Cause
digital/drive-thru/delivery I-Cause
efforts I-Cause
, I-Cause
and I-Cause
inflationary I-Cause
price I-Cause
increases I-Cause
. O

In O
addition O
to O
the B-Effect
reputational I-Effect
threat I-Effect
, O
these B-Cause
issues I-Cause
could O
force O
climate-conscious B-Effect
consumers I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
in I-Effect
greater I-Effect
numbers I-Effect
, O
resulting O
in O
long-term B-Effect
demand I-Effect
erosion I-Effect
. O

Other B-Cause
P2P I-Cause
firms I-Cause
can I-Cause
charge I-Cause
businesses I-Cause
based I-Cause
on I-Cause
purchase I-Cause
order I-Cause
size I-Cause
and I-Cause
frequency I-Cause
, I-Cause
and I-Cause
take I-Cause
a I-Cause
cut I-Cause
of I-Cause
the I-Cause
price I-Cause
paid I-Cause
to I-Cause
the I-Cause
supplier I-Cause
as I-Cause
well. O
As O
a O
result O
, O
businesses B-Effect
tend I-Effect
to I-Effect
control I-Effect
a I-Effect
smaller I-Effect
amount I-Effect
of I-Effect
spending I-Effect
within I-Effect
the I-Effect
P2P I-Effect
platform I-Effect
and I-Effect
miss I-Effect
out I-Effect
on I-Effect
some I-Effect
of I-Effect
the I-Effect
possible I-Effect
cost I-Effect
savings I-Effect
, I-Effect
while I-Effect
suppliers I-Effect
do I-Effect
not I-Effect
reap I-Effect
full I-Effect
profits I-Effect
from I-Effect
the I-Effect
sale I-Effect
of I-Effect
their I-Effect
products I-Effect
. O

Small B-Cause
modifications I-Cause
to I-Cause
the I-Cause
fermentation I-Cause
process I-Cause
or I-Cause
hop I-Cause
composition I-Cause
can I-Cause
result I-Cause
in I-Cause
a I-Cause
variety I-Cause
of I-Cause
distinct I-Cause
tastes I-Cause
, O
which O
makes B-Effect
differentiation I-Effect
less I-Effect
difficult I-Effect
than I-Effect
in I-Effect
other I-Effect
industries I-Effect
. O

Having B-Cause
already I-Cause
acquired I-Cause
REN I-Cause
Skincare I-Cause
, I-Cause
Kate I-Cause
Somerville I-Cause
, I-Cause
Dermalogica I-Cause
, I-Cause
and I-Cause
Murad I-Cause
, I-Cause
Unilever I-Cause
is I-Cause
close I-Cause
to I-Cause
achieving I-Cause
a I-Cause
critical I-Cause
mass I-Cause
of I-Cause
volume I-Cause
in I-Cause
the I-Cause
prestige I-Cause
beauty I-Cause
industry I-Cause
that O
should O
give O
it O
competitive B-Effect
advantages I-Effect
. O

Tyson B-Effect
's I-Effect
0.6 I-Effect
% I-Effect
is I-Effect
much I-Effect
lower I-Effect
than I-Effect
peers I-Effect
because O
the B-Cause
company I-Cause
only I-Cause
advertises I-Cause
for I-Cause
the I-Cause
35 I-Cause
% I-Cause
of I-Cause
its I-Cause
portfolio I-Cause
that I-Cause
is I-Cause
branded I-Cause
. O

With B-Cause
regulatory I-Cause
and I-Cause
political I-Cause
backing I-Cause
, O
CMS B-Effect
plans I-Effect
at I-Effect
least I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
of I-Effect
investment I-Effect
during I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
including I-Effect
more I-Effect
than I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
$ I-Effect
2 I-Effect
per I-Effect
share I-Effect
to I-Effect
$ I-Effect
30 I-Effect
per I-Effect
share I-Effect
after O
PPL B-Cause
agreed I-Cause
to I-Cause
sell I-Cause
its I-Cause
U.K I-Cause
. O

We O
believe O
the B-Effect
continuous I-Effect
increase I-Effect
in I-Effect
student I-Effect
enrolment I-Effect
for I-Effect
after-school I-Effect
tutoring I-Effect
is O
primarily O
attributable O
to O
the B-Cause
increasing I-Cause
middle I-Cause
class I-Cause
in I-Cause
China I-Cause
, I-Cause
where I-Cause
parents I-Cause
are I-Cause
willing I-Cause
to I-Cause
spend I-Cause
at I-Cause
least I-Cause
20 I-Cause
% I-Cause
of I-Cause
their I-Cause
disposal I-Cause
income I-Cause
on I-Cause
Children I-Cause
's I-Cause
education I-Cause
. O

Pentair B-Effect
's I-Effect
third-quarter I-Effect
sales I-Effect
and I-Effect
adjusted I-Effect
EPS I-Effect
both I-Effect
meaningfully I-Effect
surpassed I-Effect
our I-Effect
expectations I-Effect
thanks O
to O
strong B-Cause
double-digit I-Cause
revenue I-Cause
growth I-Cause
in I-Cause
consumer I-Cause
solutions I-Cause
. O

Aptar B-Effect
's I-Effect
expertise I-Effect
is I-Effect
especially I-Effect
important I-Effect
when O
working O
with O
smaller O
drug O
companies O
, O
as O
these O
smaller O
firms O
have O
limited B-Cause
expertise I-Cause
in I-Cause
development I-Cause
and I-Cause
design I-Cause
of I-Cause
packaging I-Cause
. O

This B-Effect
should I-Effect
support I-Effect
6.5 I-Effect
% I-Effect
annual I-Effect
earnings I-Effect
per I-Effect
share I-Effect
growth I-Effect
following O
the B-Cause
earnings I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
due O
to O
the B-Cause
abandonment I-Cause
of I-Cause
the I-Cause
Atlantic I-Cause
Coast I-Cause
Pipeline I-Cause
and I-Cause
the I-Cause
sale I-Cause
of I-Cause
most I-Cause
of I-Cause
the I-Cause
assets I-Cause
in I-Cause
the I-Cause
gas I-Cause
transmission I-Cause
and I-Cause
storage I-Cause
segment I-Cause
. O

Further O
, O
we O
note O
that O
the B-Cause
company I-Cause
's I-Cause
cash I-Cause
reserve I-Cause
, I-Cause
lack I-Cause
of I-Cause
debt I-Cause
, I-Cause
and I-Cause
steady I-Cause
operating I-Cause
income I-Cause
provide B-Effect
Check I-Effect
Point I-Effect
with I-Effect
great I-Effect
flexibility I-Effect
in I-Effect
growth I-Effect
and I-Effect
recessionary I-Effect
environments I-Effect
. O

We O
now O
estimate O
a B-Effect
high-single-digit I-Effect
decrease I-Effect
in I-Effect
core I-Effect
operating I-Effect
profit I-Effect
in I-Effect
2020 I-Effect
( I-Effect
an I-Effect
improvement I-Effect
from I-Effect
earlier I-Effect
estimates I-Effect
of I-Effect
midteens I-Effect
declines I-Effect
) I-Effect
driven I-Effect
in I-Effect
large I-Effect
part I-Effect
by O
operational B-Cause
efficiencies I-Cause
. O

The B-Effect
dealer I-Effect
knows I-Effect
the I-Effect
vehicle I-Effect
, I-Effect
and I-Effect
comparison-shopping I-Effect
for I-Effect
repair I-Effect
work I-Effect
is I-Effect
very I-Effect
time-consuming I-Effect
since O
the B-Cause
customer I-Cause
has I-Cause
to I-Cause
take I-Cause
the I-Cause
vehicle I-Cause
to I-Cause
each I-Cause
shop I-Cause
to I-Cause
get I-Cause
a I-Cause
quote I-Cause
. O

Although O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
provides I-Cause
new I-Cause
growth I-Cause
opportunities I-Cause
, I-Cause
diversifies I-Cause
revenue I-Cause
, I-Cause
and I-Cause
damps I-Cause
cyclicality I-Cause
, O
it B-Effect
also I-Effect
exposes I-Effect
the I-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
and I-Effect
other I-Effect
risks I-Effect
. O

Our O
current O
forecasts O
have O
fees B-Cause
for I-Cause
the I-Cause
money I-Cause
market I-Cause
AUM I-Cause
being I-Cause
run I-Cause
by I-Cause
the I-Cause
asset I-Cause
managers I-Cause
in I-Cause
our I-Cause
coverage I-Cause
dropping I-Cause
from I-Cause
the I-Cause
15- I-Cause
to I-Cause
16-basis-point I-Cause
levels I-Cause
during I-Cause
2017-19 I-Cause
down I-Cause
to I-Cause
7 I-Cause
to I-Cause
8 I-Cause
basis I-Cause
points I-Cause
this I-Cause
year I-Cause
due I-Cause
to I-Cause
fee I-Cause
waivers I-Cause
( O
and O
then O
trending O
closer O
to O
a O
more O
normalized O
11 O
to O
12 O
basis O
points O
over O
the O
course O
of O
2021-30 O
) O
. O
This O
will O
limit O
the B-Effect
contribution I-Effect
that I-Effect
Federated I-Effect
's I-Effect
cash-management I-Effect
operations I-Effect
can I-Effect
make I-Effect
to I-Effect
ongoing I-Effect
efforts I-Effect
to I-Effect
expand I-Effect
and I-Effect
diversify I-Effect
the I-Effect
business I-Effect
away I-Effect
from I-Effect
money I-Effect
market I-Effect
funds I-Effect
longer I-Effect
term I-Effect
. O

We O
're O
anticipating O
some O
margin O
expansion O
over O
the O
short O
term O
, O
with O
operating O
margins O
normalizing O
at O
roughly O
12.8 O
% O
, O
The B-Effect
lion I-Effect
's I-Effect
share I-Effect
of I-Effect
margin I-Effect
expansion I-Effect
comes I-Effect
from I-Effect
Pratt I-Effect
and I-Effect
Whitney I-Effect
, O
which O
we O
anticipate O
will O
benefit B-Cause
from I-Cause
both I-Cause
reduced I-Cause
negative I-Cause
margin I-Cause
on I-Cause
commercial I-Cause
engine I-Cause
sales I-Cause
as I-Cause
well I-Cause
as I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
higher-margin I-Cause
revenues I-Cause
. O

Over B-Cause
the I-Cause
longer I-Cause
term I-Cause
, I-Cause
we I-Cause
expect I-Cause
features I-Cause
such I-Cause
as I-Cause
the I-Cause
development I-Cause
of I-Cause
predictive I-Cause
algorithms I-Cause
and I-Cause
integration I-Cause
with B-Effect
continuous I-Effect
glucose I-Effect
monitors I-Effect
to I-Effect
support I-Effect
growth I-Effect
in I-Effect
the I-Effect
user I-Effect
base I-Effect
. O

Cost B-Cause
pressures I-Cause
in I-Cause
the I-Cause
livestock I-Cause
and I-Cause
poultry I-Cause
production I-Cause
industries I-Cause
may O
translate O
into O
heightened B-Effect
competition I-Effect
and I-Effect
less I-Effect
negotiating I-Effect
leverage I-Effect
for I-Effect
Idexx I-Effect
. O

Even O
without O
new O
major O
acquisitions O
, O
revenue B-Effect
growth I-Effect
for I-Effect
Nexstar I-Effect
will I-Effect
be I-Effect
lumpy I-Effect
moving I-Effect
forward I-Effect
because O
of O
the B-Cause
even-year I-Cause
impact I-Cause
of I-Cause
elections I-Cause
and I-Cause
Olympic I-Cause
games I-Cause
on I-Cause
ad I-Cause
revenue I-Cause
growth I-Cause
. O

With O
the B-Cause
company I-Cause
being I-Cause
in I-Cause
its I-Cause
rapid I-Cause
growth I-Cause
stage I-Cause
, O
these B-Effect
metrics I-Effect
do I-Effect
not I-Effect
showcase I-Effect
the I-Effect
margin I-Effect
expansion I-Effect
we I-Effect
expect I-Effect
throughout I-Effect
the I-Effect
2020s I-Effect
. O

Critically O
, O
we O
're O
anticipating O
that O
volume B-Cause
increases I-Cause
in I-Cause
the I-Cause
high-margin I-Cause
737 I-Cause
MAX I-Cause
will O
bring O
Boeing B-Effect
commercial I-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
a I-Effect
midteens I-Effect
level I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
gross I-Effect
margin I-Effect
is I-Effect
set I-Effect
to I-Effect
stabilize I-Effect
thanks O
to O
refocused B-Cause
efforts I-Cause
on I-Cause
more I-Cause
profitable I-Cause
markets I-Cause
, O
and O
our O
base O
case O
assumes O
that O
it O
stabilizes O
around O
30 O
% O
in O
2030 O
, O
helped O
by O
a O
more O
measured O
approach O
to O
entering O
new O
products O
and O
markets O
. O

Walmart+ O
, O
the B-Cause
chain I-Cause
's I-Cause
new I-Cause
membership I-Cause
program I-Cause
( O
which O
offers O
unlimited O
rapid O
delivery O
, O
fuel O
discounts O
, O
and O
mobile O
scan O
and O
go O
in O
exchange O
for O
a O
$ O
98 O
yearly O
fee O
, O
or O
$ O
12.95 O
monthly O
) O
, O
should O
help O
drive B-Effect
omnichannel I-Effect
sales I-Effect
in I-Effect
grocery I-Effect
and I-Effect
other I-Effect
categories I-Effect
while I-Effect
boosting I-Effect
shopper I-Effect
loyalty I-Effect
. I-Effect

Because O
of O
the B-Cause
firm I-Cause
's I-Cause
focus I-Cause
on I-Cause
early I-Cause
cancer I-Cause
screening I-Cause
and I-Cause
the I-Cause
significant I-Cause
upfront I-Cause
investment I-Cause
required I-Cause
to I-Cause
bring I-Cause
these I-Cause
tests I-Cause
to I-Cause
market I-Cause
, O
we B-Effect
are I-Effect
not I-Effect
yet I-Effect
convinced I-Effect
that I-Effect
Guardant I-Effect
has I-Effect
sustainable I-Effect
competitive I-Effect
advantages I-Effect
that I-Effect
are I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
last I-Effect
10 I-Effect
years I-Effect
. O

From O
the O
outset O
, O
the B-Cause
company I-Cause
has I-Cause
enjoyed I-Cause
a I-Cause
considerable I-Cause
competitive I-Cause
advantage I-Cause
that O
enables B-Effect
it I-Effect
to I-Effect
systematically I-Effect
undercut I-Effect
its I-Effect
upstream I-Effect
peers I-Effect
. O

SQM B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
lithium I-Effect
production I-Effect
due O
to O
its B-Cause
lucrative I-Cause
brine I-Cause
assets I-Cause
in I-Cause
the I-Cause
Salar I-Cause
de I-Cause
Atacama I-Cause
in I-Cause
Chile I-Cause
. O

We B-Cause
expect I-Cause
a I-Cause
2021 I-Cause
coronavirus I-Cause
vaccine I-Cause
will I-Cause
spur I-Cause
a I-Cause
recovery I-Cause
in I-Cause
away-from-home I-Cause
dining I-Cause
, O
resulting B-Effect
in I-Effect
14 I-Effect
% I-Effect
and I-Effect
9 I-Effect
% I-Effect
bumps I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, I-Effect
respectively I-Effect
. O

A O
key O
driver O
of O
our O
top-line O
growth O
forecast O
is O
extremely B-Cause
tight I-Cause
industry I-Cause
capacity I-Cause
, O
which O
is O
breathing B-Effect
new I-Effect
life I-Effect
into I-Effect
Knight I-Effect
's I-Effect
contract I-Effect
pricing I-Effect
, I-Effect
and I-Effect
double-digit I-Effect
gains I-Effect
are I-Effect
n't I-Effect
out I-Effect
of I-Effect
the I-Effect
question I-Effect
for I-Effect
2021 O
. O

The O
firm O
also O
uses O
third-party O
contract O
manufacturers O
around O
the O
world O
that O
produce O
20 O
% O
of O
its O
consumer O
products O
, O
which O
can B-Effect
not I-Effect
be I-Effect
deemed I-Effect
as I-Effect
a I-Effect
unique I-Effect
advantage I-Effect
given O
others B-Cause
throughout I-Cause
the I-Cause
space I-Cause
also I-Cause
have I-Cause
access I-Cause
to I-Cause
these I-Cause
suppliers I-Cause
. O

Overall O
, O
managed-care B-Cause
plans I-Cause
help I-Cause
states I-Cause
lower I-Cause
the I-Cause
cost I-Cause
and I-Cause
risk I-Cause
associated I-Cause
with I-Cause
serving I-Cause
its I-Cause
Medicaid I-Cause
population I-Cause
, O
which O
is O
why O
a B-Effect
state I-Effect
would I-Effect
choose I-Effect
to I-Effect
outsource I-Effect
at I-Effect
least I-Effect
part I-Effect
of I-Effect
its I-Effect
Medicaid I-Effect
program I-Effect
to I-Effect
a I-Effect
company I-Effect
like I-Effect
Centene I-Effect
. O

Cigna O
's O
acquisition O
of O
Express O
Scripts O
, O
a O
top-tier O
PBM O
now O
called O
Evernorth O
, O
should O
be O
instrumental B-Effect
in I-Effect
reaching I-Effect
its I-Effect
cost I-Effect
trend I-Effect
goal I-Effect
, O
and O
we O
view O
the B-Cause
PBM I-Cause
as I-Cause
competitively I-Cause
advantaged I-Cause
in I-Cause
its I-Cause
own I-Cause
right I-Cause
with I-Cause
cost I-Cause
advantages I-Cause
and I-Cause
switching I-Cause
costs I-Cause
present I-Cause
in I-Cause
this I-Cause
business I-Cause
. O

We O
think O
cloud B-Cause
expansion I-Cause
and I-Cause
growth I-Cause
in I-Cause
edge I-Cause
applications I-Cause
will O
spur B-Cause
enough I-Cause
demand I-Cause
for I-Cause
these I-Cause
higher-margin I-Cause
drives I-Cause
in I-Cause
the I-Cause
short I-Cause
term I-Cause
to O
offset B-Effect
declines I-Effect
in I-Effect
consumer-level I-Effect
HDDs I-Effect
as O
they B-Cause
get I-Cause
replaced I-Cause
by I-Cause
faster I-Cause
flash-based I-Cause
solid I-Cause
state I-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
. O

Aerospace O
, O
furthermore O
, O
is O
a O
long-cycle O
business O
that O
can O
have O
a B-Effect
prolonged I-Effect
downturn I-Effect
period I-Effect
depending O
on O
global B-Cause
demand I-Cause
for I-Cause
air I-Cause
travel I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
military I-Cause
defense I-Cause
spending I-Cause
, O
which O
can O
face O
headwinds O
like O
sequestration O
threats O
in O
the O
United O
States O
. O

The B-Cause
outbreak I-Cause
of I-Cause
the I-Cause
novel I-Cause
coronavirus I-Cause
and I-Cause
subsequent I-Cause
lockdown I-Cause
will O
drive B-Effect
the I-Effect
bank I-Effect
's I-Effect
strategy I-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
, I-Effect
reversing I-Effect
a I-Effect
previous I-Effect
mix I-Effect
shift I-Effect
toward I-Effect
individual I-Effect
lending I-Effect
and I-Effect
sending I-Effect
provisioning I-Effect
costs I-Effect
sharply I-Effect
higher I-Effect
. O

China B-Cause
's I-Cause
rapid I-Cause
urbanization I-Cause
is I-Cause
likely I-Cause
to I-Cause
moderate I-Cause
at I-Cause
some I-Cause
point I-Cause
, O
reducing O
the B-Effect
global I-Effect
demand I-Effect
for I-Effect
iron I-Effect
, I-Effect
copper I-Effect
, I-Effect
and I-Effect
metallurgical I-Effect
coal I-Effect
. O

We O
expect O
Brazil O
, O
which O
currently B-Effect
represents I-Effect
20 I-Effect
% I-Effect
of I-Effect
group I-Effect
's I-Effect
revenues I-Effect
, I-Effect
to I-Effect
be I-Effect
the I-Effect
sales I-Effect
growth I-Effect
engine I-Effect
, O
on O
the O
back O
of O
demand B-Cause
for I-Cause
higher I-Cause
data I-Cause
volumes I-Cause
and I-Cause
the I-Cause
market I-Cause
's I-Cause
transition I-Cause
toward I-Cause
the I-Cause
postpaid I-Cause
segment I-Cause
. O

We O
think O
that O
net B-Effect
interest I-Effect
margins I-Effect
will I-Effect
be I-Effect
under I-Effect
pressure I-Effect
for I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
as O
we O
project O
rates B-Cause
staying I-Cause
low I-Cause
before I-Cause
rate I-Cause
hikes I-Cause
start I-Cause
to I-Cause
happen I-Cause
in I-Cause
late I-Cause
2023 I-Cause
, I-Cause
with I-Cause
balance I-Cause
sheet I-Cause
growth I-Cause
being I-Cause
the I-Cause
primary I-Cause
lever I-Cause
for I-Cause
net I-Cause
interest I-Cause
income I-Cause
growth I-Cause
in I-Cause
the I-Cause
meantime I-Cause
. O

ADS B-Cause
' I-Cause
partnership I-Cause
base I-Cause
is I-Cause
weighted I-Cause
toward I-Cause
brick-and-mortar I-Cause
retailers I-Cause
that I-Cause
are I-Cause
under I-Cause
tremendous I-Cause
pressure I-Cause
from I-Cause
the I-Cause
shift I-Cause
toward I-Cause
online I-Cause
shopping. O
As O
a O
result O
of O
this O
pressure O
, O
many B-Effect
of I-Effect
ADS I-Effect
' I-Effect
partners I-Effect
have I-Effect
already I-Effect
gone I-Effect
bankrupt I-Effect
and I-Effect
it I-Effect
is I-Effect
uncertain I-Effect
how I-Effect
many I-Effect
will I-Effect
fully I-Effect
recover I-Effect
from I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
. O

Should O
the O
firm O
fail B-Cause
to I-Cause
maximize I-Cause
its I-Cause
investments I-Cause
in I-Cause
the I-Cause
technology I-Cause
( O
such O
as O
the O
acquisition O
of O
Monolith O
) O
, O
larger B-Effect
firms I-Effect
like I-Effect
ST I-Effect
Micro I-Effect
and I-Effect
Infineon I-Effect
may I-Effect
gain I-Effect
share I-Effect
in I-Effect
the I-Effect
power I-Effect
semiconductor I-Effect
market I-Effect
at I-Effect
Littelfuse I-Effect
's I-Effect
expense I-Effect
. O

Security B-Cause
point I-Cause
solutions I-Cause
were I-Cause
traditionally I-Cause
purchased I-Cause
to I-Cause
combat I-Cause
the I-Cause
latest I-Cause
threats I-Cause
, I-Cause
and I-Cause
IT I-Cause
teams I-Cause
had I-Cause
to I-Cause
manage I-Cause
various I-Cause
vendors I-Cause
' I-Cause
products I-Cause
simultaneously I-Cause
, O
which O
leads B-Effect
us I-Effect
to I-Effect
believe I-Effect
that I-Effect
IT I-Effect
teams I-Effect
are I-Effect
clamoring I-Effect
for I-Effect
security I-Effect
consolidation I-Effect
to I-Effect
manage I-Effect
disparate I-Effect
solutions I-Effect
. O

By O
end O
market O
, O
we O
expect O
Agilent B-Effect
's I-Effect
organic I-Effect
growth I-Effect
to I-Effect
be I-Effect
led I-Effect
by I-Effect
biopharmaceuticals I-Effect
with I-Effect
9 I-Effect
% I-Effect
overall I-Effect
growth I-Effect
expected O
on O
strong B-Cause
biologic-related I-Cause
and I-Cause
solid I-Cause
growth I-Cause
in I-Cause
small I-Cause
molecules I-Cause
. O

Occupancy B-Cause
, I-Cause
minimum I-Cause
rent I-Cause
growth I-Cause
, I-Cause
re-leasing I-Cause
spreads I-Cause
, I-Cause
and I-Cause
margin I-Cause
assumptions I-Cause
drive B-Effect
total I-Effect
company I-Effect
annual I-Effect
same-store I-Effect
NOI I-Effect
growth I-Effect
averaging I-Effect
2.1 I-Effect
% I-Effect
across I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
. O

Semiconductor B-Cause
manufacturing I-Cause
is I-Cause
inherently I-Cause
capital-intensive I-Cause
and O
thus O
requires B-Effect
methodical I-Effect
planning I-Effect
and I-Effect
execution I-Effect
to I-Effect
keep I-Effect
the I-Effect
cost I-Effect
per I-Effect
chip I-Effect
at I-Effect
a I-Effect
reasonable I-Effect
level I-Effect
. O

The B-Cause
more I-Cause
critical I-Cause
the I-Cause
function I-Cause
and I-Cause
the I-Cause
more I-Cause
touch I-Cause
points I-Cause
across I-Cause
an I-Cause
organization I-Cause
a I-Cause
software I-Cause
vendor I-Cause
has I-Cause
, O
the B-Effect
higher I-Effect
the I-Effect
switching I-Effect
costs I-Effect
. O

We O
believe O
the B-Cause
elimination I-Cause
of I-Cause
unprofitable I-Cause
SKUs I-Cause
and I-Cause
unproductive I-Cause
promotional I-Cause
spending I-Cause
, I-Cause
the I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
products I-Cause
, I-Cause
and I-Cause
productivity I-Cause
cost I-Cause
savings I-Cause
will O
help O
boost B-Effect
consolidated I-Effect
gross I-Effect
margins I-Effect
to I-Effect
28 I-Effect
% I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
up I-Effect
from I-Effect
the I-Effect
23 I-Effect
% I-Effect
reported I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

We O
expect O
Ross B-Effect
' I-Effect
store I-Effect
growth I-Effect
to I-Effect
continue I-Effect
, O
albeit O
at O
a O
somewhat O
slower O
pace O
as O
the B-Cause
chain I-Cause
matures I-Cause
( O
4 O
% O
yearly O
against O
its O
historical O
6 O
% O
prepandemic O
five-year O
average O
) O
. O

We O
expect O
recent B-Cause
trends I-Cause
in I-Cause
per I-Cause
capita I-Cause
consumption I-Cause
to I-Cause
continue I-Cause
in I-Cause
Asia-Pacific I-Cause
, O
leading O
to O
revenue B-Effect
growth I-Effect
between I-Effect
4 I-Effect
% I-Effect
and I-Effect
5 I-Effect
% I-Effect
and I-Effect
modestly I-Effect
improved I-Effect
margins I-Effect
beyond I-Effect
2020 I-Effect
. O

We O
remain B-Effect
favorable I-Effect
about I-Effect
Stryker I-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
as O
procedure B-Cause
volume I-Cause
and I-Cause
healthcare I-Cause
utilization I-Cause
have I-Cause
demonstrated I-Cause
solid I-Cause
growth I-Cause
and I-Cause
should I-Cause
continue I-Cause
to I-Cause
do I-Cause
so O
, O
this O
near-term O
pandemic O
disruption O
notwithstanding O
. O

Net B-Effect
interest I-Effect
margin I-Effect
compression I-Effect
is O
almost O
inevitable O
, O
with O
a B-Cause
lower I-Cause
Selic I-Cause
rate I-Cause
and I-Cause
efforts I-Cause
by I-Cause
regulators I-Cause
to I-Cause
cap I-Cause
interest I-Cause
rates I-Cause
. O

The B-Effect
business I-Effect
had I-Effect
to I-Effect
swallow I-Effect
EUR I-Effect
492.7 I-Effect
million I-Effect
in I-Effect
realized I-Effect
losses I-Effect
largely I-Effect
related O
to O
the B-Cause
EUR I-Cause
2.0 I-Cause
billion I-Cause
of I-Cause
equities I-Cause
held I-Cause
in I-Cause
its I-Cause
investment I-Cause
portfolio I-Cause
, O
close O
to O
10 O
% O
of O
total O
investments O
. O

The B-Effect
firm I-Effect
's I-Effect
international I-Effect
operations I-Effect
also I-Effect
have I-Effect
a I-Effect
slightly I-Effect
higher I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
than I-Effect
its I-Effect
domestic I-Effect
business I-Effect
, O
given O
the B-Cause
costs I-Cause
and I-Cause
expertise I-Cause
required I-Cause
to I-Cause
deal I-Cause
with I-Cause
the I-Cause
multitude I-Cause
of I-Cause
different I-Cause
regulatory I-Cause
environments I-Cause
, I-Cause
the I-Cause
foreign I-Cause
exchange I-Cause
risk I-Cause
, I-Cause
and I-Cause
the I-Cause
marketing I-Cause
of I-Cause
investment I-Cause
products I-Cause
to I-Cause
many I-Cause
different I-Cause
cultures I-Cause
around I-Cause
the I-Cause
globe I-Cause
. O

Furthermore O
, O
we O
think O
the O
power O
and O
scale O
of O
AT O
& O
amp O
; O
T O
and O
Verizon O
will O
likely O
keep O
Lumen O
from O
making O
major O
share O
gains O
, O
and O
technological B-Cause
advances I-Cause
that O
makes O
data O
transportation O
more O
efficient O
leave O
us O
questioning B-Effect
how I-Effect
much I-Effect
the I-Effect
total I-Effect
pie I-Effect
will I-Effect
grow I-Effect
. O

Eni B-Cause
might I-Cause
be I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
experience I-Cause
gained I-Cause
from I-Cause
offshore I-Cause
oil I-Cause
and I-Cause
gas I-Cause
developments I-Cause
to O
carve B-Effect
out I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
offshore I-Effect
wind I-Effect
, O
but O
that B-Effect
remains I-Effect
to I-Effect
be I-Effect
seen I-Effect
as O
it B-Cause
will I-Cause
likely I-Cause
remain I-Cause
a I-Cause
relatively I-Cause
small I-Cause
player I-Cause
that I-Cause
lacks I-Cause
the I-Cause
scale I-Cause
for I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
. O

The O
shift O
to O
BEVs O
is O
in O
the O
early O
stages O
today O
, O
but O
as O
adoption B-Cause
increases I-Cause
, O
we B-Effect
think I-Effect
add-on I-Effect
products I-Effect
like I-Effect
charging I-Effect
stations I-Effect
will I-Effect
help I-Effect
Paccar I-Effect
win I-Effect
a I-Effect
larger I-Effect
share I-Effect
of I-Effect
fleet I-Effect
owners I-Effect
' I-Effect
wallet I-Effect
share I-Effect
. O

In O
addition O
to O
critical-mass O
advantages O
, O
Airbnb B-Cause
's I-Cause
network I-Cause
advantage I-Cause
is I-Cause
also I-Cause
witnessed I-Cause
in I-Cause
its I-Cause
large I-Cause
global I-Cause
awareness I-Cause
, O
which O
aids O
in O
host B-Effect
and I-Effect
guest I-Effect
acquisition I-Effect
. O

Price/mix B-Effect
has I-Effect
deteriorated I-Effect
in I-Effect
several I-Effect
food I-Effect
, I-Effect
household I-Effect
, I-Effect
and I-Effect
personal-care I-Effect
categories I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
amid O
greater B-Cause
competition I-Cause
from I-Cause
the I-Cause
hard I-Cause
discounters I-Cause
' I-Cause
private-label I-Cause
lines I-Cause
and I-Cause
lower I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
in I-Cause
the I-Cause
e-commerce I-Cause
channel I-Cause
. O

In O
order O
to O
develop B-Cause
more I-Cause
advanced I-Cause
products I-Cause
and/or I-Cause
reach I-Cause
superior I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, O
these B-Cause
smaller I-Cause
competitors I-Cause
occasionally I-Cause
establish I-Cause
joint I-Cause
ventures I-Cause
or I-Cause
purchase I-Cause
even I-Cause
smaller I-Cause
peers I-Cause
to O
gain B-Effect
the I-Effect
required I-Effect
technical I-Effect
knowledge I-Effect
or I-Effect
add I-Effect
capacity I-Effect
. O

This B-Effect
is I-Effect
problematic I-Effect
because O
retail B-Cause
and I-Cause
commercial I-Cause
banking I-Cause
mostly I-Cause
does I-Cause
not I-Cause
scale I-Cause
well I-Cause
across I-Cause
borders I-Cause
, O
as O
typically B-Cause
a I-Cause
separate I-Cause
local I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
significant I-Cause
investment I-Cause
in I-Cause
a I-Cause
local I-Cause
workforce I-Cause
are I-Cause
required I-Cause
. O

Based O
on O
pricing B-Cause
on I-Cause
the I-Cause
Microsoft I-Cause
and I-Cause
Slack I-Cause
websites I-Cause
, I-Cause
as I-Cause
well I-Cause
an I-Cause
estimation I-Cause
of I-Cause
historical I-Cause
average I-Cause
revenue I-Cause
per I-Cause
user I-Cause
, O
we B-Effect
applied I-Effect
a I-Effect
price I-Effect
of I-Effect
$ I-Effect
10 I-Effect
per I-Effect
user I-Effect
per I-Effect
month I-Effect
. O

Since B-Cause
programming I-Cause
costs I-Cause
for I-Cause
much I-Cause
of I-Cause
the I-Cause
non-sports I-Cause
entertainment I-Cause
was I-Cause
already I-Cause
spent I-Cause
and I-Cause
the I-Cause
ad I-Cause
slots I-Cause
will I-Cause
be I-Cause
filled I-Cause
at I-Cause
a I-Cause
lower I-Cause
price I-Cause
, I-Cause
ViacomCBS B-Effect
may I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
do I-Effect
much I-Effect
to I-Effect
offset I-Effect
the I-Effect
bottom-line I-Effect
impact I-Effect
. I-Effect

Regulations B-Cause
limit I-Cause
the I-Cause
amount I-Cause
of I-Cause
each I-Cause
product I-Cause
that I-Cause
can I-Cause
be I-Cause
transported I-Cause
at I-Cause
one I-Cause
time I-Cause
, O
meaning O
that O
Balchem B-Effect
must I-Effect
deliver I-Effect
small I-Effect
batches I-Effect
with I-Effect
high I-Effect
frequency I-Effect
, O
a O
practice O
that O
management O
refers O
to O
as O
milk O
runs O
. O

That O
said O
, O
shipment B-Effect
activity I-Effect
and I-Effect
sell I-Effect
rates I-Effect
to I-Effect
shippers I-Effect
have I-Effect
rebounded I-Effect
dramatically I-Effect
off I-Effect
pandemic I-Effect
lows I-Effect
thanks O
to O
robust B-Cause
retailer I-Cause
restocking I-Cause
and I-Cause
better I-Cause
economic I-Cause
conditions I-Cause
, O
which O
have B-Effect
tightened I-Effect
TL I-Effect
capacity I-Effect
and I-Effect
lifted I-Effect
spot I-Effect
opportunities I-Effect
for I-Effect
truck I-Effect
brokers I-Effect
. O

We O
have O
long O
argued O
that O
customers O
look O
to O
product O
brands O
rather O
than O
the O
store O
marquee O
when O
making O
purchasing O
decisions O
; O
however O
, O
by O
emphasizing B-Cause
the I-Cause
treasure-hunt I-Cause
experience I-Cause
over I-Cause
a I-Cause
specific I-Cause
, I-Cause
steady I-Cause
roster I-Cause
of I-Cause
labels I-Cause
, O
Ross B-Effect
avoids I-Effect
this I-Effect
handicap I-Effect
. O

We O
think O
that O
Fluor B-Cause
's I-Cause
experience I-Cause
with I-Cause
complex I-Cause
megaprojects I-Cause
has O
created B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
and I-Effect
intangible I-Effect
assets I-Effect
that O
helped B-Effect
the I-Effect
firm I-Effect
generate I-Effect
impressive I-Effect
ROICs I-Effect
, O
averaging O
roughly O
25 O
% O
from O
2006 O
to O
2015 O
. O

Brown-Forman B-Cause
boasts I-Cause
strong I-Cause
market I-Cause
positioning I-Cause
in I-Cause
categories I-Cause
like I-Cause
whiskey I-Cause
, I-Cause
tequila I-Cause
, I-Cause
and I-Cause
vodka I-Cause
, I-Cause
which I-Cause
constitute I-Cause
roughly I-Cause
70 I-Cause
% I-Cause
of I-Cause
total I-Cause
spirits I-Cause
volume I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
according O
to O
the O
Distilled O
Spirits O
Council O
, O
and O
we O
believe O
this B-Effect
confers I-Effect
tremendous I-Effect
clout I-Effect
across I-Effect
the I-Effect
supply I-Effect
chain I-Effect
. O

However O
, O
we B-Effect
think I-Effect
there I-Effect
is I-Effect
little I-Effect
to I-Effect
keep I-Effect
major I-Effect
cloud I-Effect
providers I-Effect
from I-Effect
eroding I-Effect
this I-Effect
advantage I-Effect
if B-Cause
they I-Cause
pursue I-Cause
their I-Cause
CDNs I-Cause
to I-Cause
a I-Cause
greater I-Cause
degree I-Cause
. O

In B-Effect
our I-Effect
view I-Effect
, I-Effect
Lyft I-Effect
is I-Effect
also I-Effect
likely I-Effect
to I-Effect
increase I-Effect
the I-Effect
use I-Effect
of I-Effect
its I-Effect
platform I-Effect
by I-Effect
consumers I-Effect
as O
it B-Cause
provides I-Cause
additional I-Cause
options I-Cause
such I-Cause
as I-Cause
last-mile I-Cause
offerings I-Cause
( I-Cause
bike- I-Cause
and I-Cause
scooter-sharing I-Cause
) I-Cause
. O

In B-Cause
exchange I-Cause
for I-Cause
its I-Cause
service I-Cause
territory I-Cause
monopoly I-Cause
, O
state B-Effect
and I-Effect
federal I-Effect
regulators I-Effect
set I-Effect
returns I-Effect
at I-Effect
levels I-Effect
that I-Effect
aim I-Effect
to I-Effect
minimize I-Effect
customer I-Effect
costs I-Effect
while I-Effect
offering I-Effect
fair I-Effect
returns I-Effect
for I-Effect
capital I-Effect
providers I-Effect
. O

UBS O
' O
2016 O
risk O
disclosure O
suggests O
that O
a B-Cause
1 I-Cause
% I-Cause
increase I-Cause
in I-Cause
interest I-Cause
rates I-Cause
will O
lead O
to O
a B-Effect
3 I-Effect
% I-Effect
reduction I-Effect
in I-Effect
profit I-Effect
before I-Effect
tax I-Effect
. O

Ormat B-Cause
's I-Cause
exposure I-Cause
to I-Cause
emerging I-Cause
markets I-Cause
where I-Cause
lower-heat I-Cause
geothermal I-Cause
resources I-Cause
are I-Cause
abundant I-Cause
supports O
cash B-Effect
flow I-Effect
growth I-Effect
and O
could O
provide O
significant B-Effect
upside I-Effect
to I-Effect
our I-Effect
growth I-Effect
projections I-Effect
. O

Since O
gas B-Cause
typically I-Cause
represents I-Cause
only I-Cause
a I-Cause
fraction I-Cause
of I-Cause
total I-Cause
costs I-Cause
, O
customers B-Cause
are I-Cause
often I-Cause
willing I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
and I-Cause
enter I-Cause
into I-Cause
long-term I-Cause
contracts I-Cause
with I-Cause
reputable I-Cause
distributors I-Cause
to O
ensure B-Effect
uninterrupted I-Effect
supply I-Effect
. O

We B-Effect
project I-Effect
that I-Effect
Coloplast I-Effect
can I-Effect
incrementally I-Effect
increase I-Effect
operating I-Effect
margin I-Effect
to I-Effect
34.2 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
as O
slight B-Cause
gains I-Cause
in I-Cause
manufacturing I-Cause
efficiency I-Cause
prevail I-Cause
over I-Cause
more I-Cause
investment I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
programs I-Cause
, I-Cause
which I-Cause
nets I-Cause
out I-Cause
to I-Cause
9 I-Cause
% I-Cause
average I-Cause
annual I-Cause
growth I-Cause
in I-Cause
operating I-Cause
income I-Cause
during I-Cause
the I-Cause
same I-Cause
period I-Cause
. O

Chinese B-Effect
steel I-Effect
demand I-Effect
is I-Effect
the I-Effect
main I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
for I-Effect
iron I-Effect
ore I-Effect
prices I-Effect
as O
it B-Cause
's I-Cause
the I-Cause
world I-Cause
's I-Cause
largest I-Cause
consumer I-Cause
of I-Cause
iron I-Cause
ore I-Cause
, I-Cause
accounting I-Cause
for I-Cause
about I-Cause
70 I-Cause
% I-Cause
of I-Cause
traded I-Cause
iron I-Cause
ore I-Cause
demand I-Cause
. O

Focused B-Cause
entry I-Cause
into I-Cause
the I-Cause
OTA I-Cause
market I-Cause
from O
Google O
, O
Facebook O
, O
Alibaba O
, O
Amazon O
, O
and O
others O
could O
double B-Effect
the B-Cause
current I-Cause
handful I-Cause
of I-Cause
players I-Cause
that I-Cause
have I-Cause
dominant I-Cause
scale I-Cause
, O
leading O
to O
a B-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profitability I-Effect
. O

With O
less B-Cause
data I-Cause
, O
Criteo B-Effect
may I-Effect
be I-Effect
less I-Effect
effective I-Effect
in I-Effect
calculating I-Effect
the I-Effect
probability I-Effect
that O
a O
user O
will O
engage O
with O
an O
ad O
. O

We B-Effect
expect I-Effect
Landstar I-Effect
to I-Effect
garner I-Effect
additional I-Effect
market I-Effect
share I-Effect
from I-Effect
less I-Effect
capable I-Effect
3PL I-Effect
competitors I-Effect
as O
supply B-Cause
chains I-Cause
continue I-Cause
to I-Cause
increase I-Cause
in I-Cause
complexity I-Cause
, I-Cause
requiring I-Cause
sophisticated I-Cause
informational I-Cause
expertise I-Cause
. O

Fiscal B-Effect
2020 I-Effect
was I-Effect
a I-Effect
challenging I-Effect
year I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
as O
gaming B-Effect
revenue I-Effect
fell I-Effect
due O
to O
a B-Cause
cryptocurrency I-Cause
mining-related I-Cause
hangover I-Cause
and I-Cause
excess I-Cause
channel I-Cause
inventories I-Cause
, O
but O
we O
anticipate O
sales B-Effect
growth I-Effect
of I-Effect
over I-Effect
50 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
thanks O
to O
the B-Cause
Mellanox I-Cause
acquisition I-Cause
. O

While O
results O
will O
likely O
remain O
volatile O
, O
we O
expect O
Vivo B-Effect
will I-Effect
prosper I-Effect
as O
Brazilians B-Cause
continue I-Cause
to I-Cause
adopt I-Cause
wireless I-Cause
and I-Cause
fixed-line I-Cause
data I-Cause
services I-Cause
. O

Given O
the O
sensitive O
nature O
of O
consumers O
' O
data O
, O
data B-Cause
getting I-Cause
into I-Cause
the I-Cause
wrong I-Cause
hands I-Cause
can O
lead O
to O
adverse B-Effect
consequences I-Effect
for I-Effect
the I-Effect
credit I-Effect
bureaus I-Effect
. O

A B-Cause
carbon I-Cause
tax I-Cause
is I-Cause
likely I-Cause
to I-Cause
be I-Cause
implemented I-Cause
and I-Cause
will I-Cause
increase I-Cause
the I-Cause
price I-Cause
of I-Cause
end I-Cause
products I-Cause
to I-Cause
consumers I-Cause
-- O
which O
will O
likely B-Effect
erode I-Effect
demand I-Effect
but I-Effect
not I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
think O
Ulta B-Effect
will I-Effect
continue I-Effect
to I-Effect
gain I-Effect
share I-Effect
in I-Effect
prestige I-Effect
beauty I-Effect
as O
vendors B-Cause
and I-Cause
consumers I-Cause
view I-Cause
it I-Cause
as I-Cause
a I-Cause
destination I-Cause
for I-Cause
prestige I-Cause
products I-Cause
. O

We O
also O
assume O
the B-Effect
Colombian I-Effect
wireless I-Effect
business I-Effect
struggles I-Effect
in I-Effect
2022 I-Effect
as O
new B-Cause
entrant I-Cause
Wom I-Cause
ramps I-Cause
up I-Cause
efforts I-Cause
to I-Cause
win I-Cause
share I-Cause
. O

Adient B-Effect
has I-Effect
more I-Effect
scale I-Effect
opportunity I-Effect
than O
its O
competition O
due O
to O
its O
larger B-Cause
size I-Cause
in O
seating O
and O
its O
present O
inefficient B-Cause
manufacturing I-Cause
. O

While O
low O
costs O
stemming O
from O
favorable O
geology O
and O
a O
good O
mine O
plan O
should O
remain O
fairly O
steady O
, O
low B-Cause
costs I-Cause
from I-Cause
byproduct I-Cause
metals I-Cause
rely I-Cause
on I-Cause
silver I-Cause
, I-Cause
zinc I-Cause
, I-Cause
and I-Cause
copper I-Cause
prices I-Cause
, O
exposing B-Effect
the I-Effect
company I-Effect
to I-Effect
additional I-Effect
volatility I-Effect
. O

Second O
, O
once O
Twilio B-Cause
software I-Cause
is I-Cause
integrated I-Cause
, I-Cause
switching I-Cause
over I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
would I-Cause
give I-Cause
rise I-Cause
to I-Cause
business I-Cause
disruption I-Cause
and I-Cause
operational I-Cause
risk I-Cause
, O
potentially B-Effect
leading I-Effect
to I-Effect
a I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. I-Effect

We O
think O
fee B-Effect
income I-Effect
develops I-Effect
a I-Effect
bank I-Effect
's I-Effect
cost I-Effect
advantage I-Effect
and I-Effect
switching I-Effect
costs I-Effect
because O
relative B-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
are I-Cause
decreased I-Cause
, I-Cause
and I-Cause
customers I-Cause
do I-Cause
not I-Cause
need I-Cause
to I-Cause
develop I-Cause
relationships I-Cause
with I-Cause
competing I-Cause
banks I-Cause
. O

Mutable B-Cause
tastes I-Cause
, I-Cause
the I-Cause
proliferation I-Cause
of I-Cause
alternative I-Cause
distribution I-Cause
channels I-Cause
, I-Cause
and I-Cause
inherent I-Cause
demand I-Cause
variability I-Cause
due I-Cause
to I-Cause
unpredictable I-Cause
external I-Cause
factors I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
weather I-Cause
) I-Cause
, O
should O
leave B-Effect
room I-Effect
for I-Effect
off-price I-Effect
retailers I-Effect
to I-Effect
source I-Effect
products I-Effect
attractively I-Effect
, I-Effect
capitalizing I-Effect
on I-Effect
their I-Effect
vendor I-Effect
relationships I-Effect
and I-Effect
ability I-Effect
to I-Effect
offer I-Effect
favorable I-Effect
terms I-Effect
. O

Dish O
will O
be O
smaller O
than O
Sprint O
was O
, O
but O
we O
assume O
it O
is O
able O
to O
constrain B-Effect
operating I-Effect
costs I-Effect
thanks O
to O
its B-Cause
new I-Cause
network I-Cause
and I-Cause
a I-Cause
focus I-Cause
on I-Cause
narrow I-Cause
geographies I-Cause
and I-Cause
market I-Cause
niches I-Cause
. O

Also O
, O
our O
unit O
growth O
forecast O
is O
supported O
by O
a O
favorable O
position O
with O
the B-Effect
growing I-Effect
next-generation I-Effect
traveler I-Effect
, O
driven B-Cause
by I-Cause
new I-Cause
brand I-Cause
launches I-Cause
. O

Third O
, O
integration B-Effect
risk I-Effect
with I-Effect
acquisitions I-Effect
( I-Effect
which I-Effect
we I-Effect
do I-Effect
n't I-Effect
see I-Effect
as I-Effect
a I-Effect
near-term I-Effect
risk I-Effect
given O
liquidity B-Cause
constraints I-Cause
) I-Cause
could I-Cause
disrupt I-Cause
management I-Cause
's I-Cause
focus I-Cause
and I-Cause
profits I-Cause
. O

MercadoLibre O
's O
push B-Cause
into I-Cause
off-platform I-Cause
payment I-Cause
solutions I-Cause
could O
require O
additional O
regulatory O
oversight O
and O
expose B-Effect
the I-Effect
company I-Effect
to I-Effect
increased I-Effect
bad I-Effect
debt I-Effect
expenses I-Effect
. O

RH B-Cause
has I-Cause
a I-Cause
robust I-Cause
e-commerce I-Cause
business I-Cause
, O
which O
helps O
enhance B-Effect
brand I-Effect
awareness I-Effect
and I-Effect
leverage I-Effect
costs I-Effect
, I-Effect
with I-Effect
the I-Effect
ability I-Effect
to I-Effect
market I-Effect
incremental I-Effect
SKUs I-Effect
( O
and O
other O
concepts O
upon O
the O
World O
of O
RH O
platform O
launch O
in O
2021 O
) O
. O

While O
this O
cohort O
is O
receptive O
to O
digital O
retail O
's O
charms O
, O
we B-Effect
believe I-Effect
that I-Effect
the I-Effect
dollar I-Effect
store I-Effect
segment I-Effect
is I-Effect
better I-Effect
protected I-Effect
than I-Effect
most I-Effect
, O
as O
the B-Cause
low I-Cause
price I-Cause
point I-Cause
and I-Cause
limited I-Cause
basket I-Cause
size I-Cause
( I-Cause
the I-Cause
average I-Cause
Dollar I-Cause
Tree I-Cause
transaction I-Cause
totals I-Cause
roughly I-Cause
$ I-Cause
8 I-Cause
) I-Cause
leave I-Cause
little I-Cause
room I-Cause
for I-Cause
online I-Cause
retailers I-Cause
to I-Cause
absorb I-Cause
shipping I-Cause
costs I-Cause
economically I-Cause
. O

In O
2019 O
, O
Icon B-Cause
acquired I-Cause
Symphony I-Cause
Clinical I-Cause
Research I-Cause
, I-Cause
a I-Cause
provider I-Cause
of I-Cause
in-home I-Cause
and I-Cause
alternate-site I-Cause
services. O
This O
has O
boosted O
Icon B-Effect
's I-Effect
hybrid I-Effect
clinical I-Effect
trial I-Effect
services I-Effect
, I-Effect
which I-Effect
has I-Effect
proved I-Effect
beneficial I-Effect
during I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
as I-Effect
many I-Effect
trials I-Effect
have I-Effect
shifted I-Effect
to I-Effect
remote I-Effect
methods I-Effect
. O

We O
believe O
that O
when O
federal B-Cause
regulation I-Cause
is I-Cause
changed I-Cause
to O
allow B-Effect
states I-Effect
to I-Effect
decide I-Effect
their I-Effect
own I-Effect
cannabis I-Effect
legalization I-Effect
, I-Effect
interstate I-Effect
trade I-Effect
between I-Effect
two I-Effect
legal I-Effect
states I-Effect
will I-Effect
be I-Effect
possible I-Effect
. O

The B-Effect
operating I-Effect
leverage I-Effect
and I-Effect
cyclicality I-Effect
inherent I-Effect
in I-Effect
BHP I-Effect
, O
as O
a O
result O
of O
exposure B-Cause
to I-Cause
fluctuating I-Cause
commodity I-Cause
prices I-Cause
, O
are O
the O
key O
earnings O
drivers O
. O

Switching O
to O
a O
variable-speed O
pump O
can O
cut O
electricity O
consumption O
by O
over O
50 O
% O
, O
and O
the B-Cause
savings I-Cause
can O
allow B-Effect
customers I-Effect
to I-Effect
recoup I-Effect
their I-Effect
up-front I-Effect
investment I-Effect
within I-Effect
the I-Effect
first I-Effect
two I-Effect
to I-Effect
three I-Effect
years I-Effect
of I-Effect
ownership I-Effect
. O

With O
the B-Cause
regulatory I-Cause
and I-Cause
payer I-Cause
push I-Cause
for I-Cause
device I-Cause
registries I-Cause
, O
the B-Effect
orthopedic I-Effect
companies I-Effect
may I-Effect
be I-Effect
subject I-Effect
to I-Effect
more I-Effect
frequent I-Effect
discoveries I-Effect
of I-Effect
product I-Effect
failures I-Effect
and O
subsequent B-Effect
recalls I-Effect
. O

Further O
, O
the B-Effect
company I-Effect
has I-Effect
an I-Effect
increased I-Effect
opportunity I-Effect
to I-Effect
assist I-Effect
with I-Effect
the I-Effect
evolving I-Effect
reimbursement I-Effect
policies I-Effect
, O
but O
we B-Cause
do I-Cause
view I-Cause
risk I-Cause
in I-Cause
the I-Cause
ability I-Cause
to I-Cause
stem I-Cause
the I-Cause
loss I-Cause
of I-Cause
certain I-Cause
more I-Cause
commoditized I-Cause
services I-Cause
with I-Cause
the I-Cause
push I-Cause
for I-Cause
increased I-Cause
interoperability I-Cause
between I-Cause
all I-Cause
electronic I-Cause
medical I-Cause
records I-Cause
and I-Cause
uncertainty I-Cause
in I-Cause
future I-Cause
reimbursement I-Cause
trends I-Cause
. O

Many B-Cause
of I-Cause
BHP I-Cause
's I-Cause
assets I-Cause
are I-Cause
located I-Cause
close I-Cause
to I-Cause
key I-Cause
Asian I-Cause
markets I-Cause
, I-Cause
particularly I-Cause
iron I-Cause
ore I-Cause
and I-Cause
metallurgical I-Cause
coal I-Cause
, O
which O
provides B-Effect
a I-Effect
modest I-Effect
freight I-Effect
cost I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
peers I-Effect
. O

In O
our O
explicit O
five-year O
forecast O
, O
we B-Effect
expect I-Effect
Accenture I-Effect
interactive I-Effect
and I-Effect
intelligent I-Effect
platform I-Effect
services I-Effect
to I-Effect
propel I-Effect
Accenture I-Effect
's I-Effect
growth I-Effect
as O
the B-Cause
company I-Cause
shifts I-Cause
to I-Cause
increase I-Cause
its I-Cause
exposure I-Cause
to I-Cause
consulting I-Cause
sales I-Cause
, I-Cause
compared I-Cause
with I-Cause
more I-Cause
commoditized I-Cause
outsourcing I-Cause
sales I-Cause
. O

Even O
so O
, O
we O
expect O
the B-Cause
firm I-Cause
's I-Cause
strong I-Cause
retail I-Cause
brands I-Cause
and O
aggressive B-Cause
cost I-Cause
management I-Cause
efforts I-Cause
will O
allow O
it O
to O
continue B-Effect
earning I-Effect
double-digit I-Effect
operating I-Effect
margins I-Effect
throughout I-Effect
the I-Effect
pandemic I-Effect
. O

Given O
ICU B-Cause
's I-Cause
very I-Cause
different I-Cause
business I-Cause
mix I-Cause
versus I-Cause
a I-Cause
few I-Cause
years I-Cause
ago I-Cause
, O
we O
think O
it B-Effect
's I-Effect
unlikely I-Effect
that I-Effect
the I-Effect
firm I-Effect
will I-Effect
return I-Effect
to I-Effect
pre-Hospira I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
. O

These O
strengths O
have O
helped O
Home B-Effect
Depot I-Effect
deliver I-Effect
adjusted I-Effect
average I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
of I-Effect
31 I-Effect
% I-Effect
during I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, O
benefiting O
from O
operational B-Cause
excellence I-Cause
at I-Cause
its I-Cause
core I-Cause
namesake I-Cause
business I-Cause
. O

We B-Effect
expect I-Effect
operating I-Effect
leverage I-Effect
beginning I-Effect
in I-Effect
2022 I-Effect
, O
mostly O
due O
to O
growth B-Cause
in I-Cause
high-margin I-Cause
local I-Cause
and I-Cause
travel I-Cause
revenue I-Cause
, O
completion B-Cause
of I-Cause
the I-Cause
cloud I-Cause
transition I-Cause
which I-Cause
the I-Cause
firm I-Cause
has I-Cause
undertaken I-Cause
in I-Cause
early I-Cause
2020 I-Cause
, O
and O
the B-Cause
ongoing I-Cause
cost I-Cause
control I-Cause
. O

In O
2021 O
, O
we B-Effect
model I-Effect
a I-Effect
22 I-Effect
% I-Effect
revenue I-Effect
lift I-Effect
and I-Effect
around I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
to I-Effect
17 I-Effect
% I-Effect
( O
as O
robust B-Cause
BBW I-Cause
throughput I-Cause
continues I-Cause
to I-Cause
provide I-Cause
leverage I-Cause
) O
. O

If B-Cause
lingering I-Cause
fears I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
cause I-Cause
consumers I-Cause
to I-Cause
avoid I-Cause
shopping I-Cause
at I-Cause
the I-Cause
busiest I-Cause
retail I-Cause
centers I-Cause
, O
foot B-Effect
traffic I-Effect
may I-Effect
fall I-Effect
despite I-Effect
the I-Effect
concentration I-Effect
of I-Effect
high-quality I-Effect
tenants I-Effect
. O

By O
combining B-Cause
digital I-Cause
solutions I-Cause
with I-Cause
its I-Cause
equipment I-Cause
, O
we B-Effect
think I-Effect
Lincoln I-Effect
Electric I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
offer I-Effect
an I-Effect
integrated I-Effect
package I-Effect
and I-Effect
thus I-Effect
create I-Effect
stickier I-Effect
customer I-Effect
relationships I-Effect
. O

Most B-Cause
of I-Cause
Syneos I-Cause
' I-Cause
CRO I-Cause
business I-Cause
comes I-Cause
from I-Cause
the I-Cause
most I-Cause
lucrative I-Cause
area I-Cause
of I-Cause
the I-Cause
CRO I-Cause
market I-Cause
: I-Cause
long B-Cause
, I-Cause
complex I-Cause
trials I-Cause
that I-Cause
require B-Effect
hundreds I-Effect
if I-Effect
not I-Effect
thousands I-Effect
of I-Effect
patients I-Effect
across I-Effect
the I-Effect
globe I-Effect
and O
thus O
have O
ample B-Effect
room I-Effect
for I-Effect
missteps I-Effect
. O

Fee-for-service B-Cause
plans I-Cause
often I-Cause
provide I-Cause
less I-Cause
oversight I-Cause
and I-Cause
few I-Cause
incentives I-Cause
for I-Cause
the I-Cause
end I-Cause
users I-Cause
to I-Cause
control I-Cause
health-related I-Cause
expenditures I-Cause
, O
which O
can O
lead O
to O
higher B-Effect
spending I-Effect
per I-Effect
member I-Effect
than I-Effect
in I-Effect
managed-care I-Effect
plans I-Effect
. O

In B-Cause
October I-Cause
2020 I-Cause
, I-Cause
Bed I-Cause
Bath I-Cause
& I-Cause
Beyond I-Cause
put I-Cause
forth I-Cause
an I-Cause
updated I-Cause
strategy I-Cause
to I-Cause
revitalize I-Cause
its I-Cause
brand I-Cause
and I-Cause
regain I-Cause
customer I-Cause
confidence I-Cause
by I-Cause
focusing I-Cause
on I-Cause
its I-Cause
core I-Cause
properties. O
As O
such O
, O
the B-Effect
company I-Effect
divested I-Effect
peripheral I-Effect
brands I-Effect
such I-Effect
as I-Effect
Cost I-Effect
Plus I-Effect
in I-Effect
order I-Effect
to I-Effect
focus I-Effect
on I-Effect
the I-Effect
Bed I-Effect
Bath I-Effect
& I-Effect
Beyond I-Effect
, I-Effect
Buy I-Effect
Buy I-Effect
Baby I-Effect
, I-Effect
Harmon I-Effect
Face I-Effect
Value I-Effect
, I-Effect
and I-Effect
Decorist I-Effect
labels I-Effect
. O

Furthermore O
, O
the B-Cause
category I-Cause
is I-Cause
shrinking I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
overall I-Cause
grocery I-Cause
spending I-Cause
, O
which O
we O
believe O
also O
serves O
to O
lower B-Effect
the I-Effect
importance I-Effect
of I-Effect
the I-Effect
category I-Effect
for I-Effect
retailers I-Effect
. O

Volatility B-Effect
in I-Effect
raw I-Effect
material I-Effect
prices I-Effect
and I-Effect
weaker I-Effect
steel I-Effect
demand I-Effect
in I-Effect
South I-Effect
Korea I-Effect
, I-Effect
China I-Effect
, I-Effect
Japan I-Effect
, I-Effect
and I-Effect
the I-Effect
rest I-Effect
of I-Effect
Asia I-Effect
are I-Effect
the I-Effect
main I-Effect
risks I-Effect
to I-Effect
Posco I-Effect
, O
as O
around B-Cause
90 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
is I-Cause
derived I-Cause
from I-Cause
these I-Cause
regions I-Cause
. O

We O
believe O
that O
increasing B-Cause
the I-Cause
fixed I-Cause
costs I-Cause
to I-Cause
provide I-Cause
credit I-Cause
ratings I-Cause
has O
raised O
the O
barriers O
to O
entry B-Effect
for I-Effect
smaller I-Effect
rating I-Effect
agencies I-Effect
. O

We O
still O
see O
risks O
to O
execution B-Effect
, O
particularly O
as O
it O
reorients B-Cause
its I-Cause
go-to-market I-Cause
approach I-Cause
and I-Cause
distribution I-Cause
networks I-Cause
to I-Cause
receive I-Cause
more I-Cause
targeted I-Cause
selling I-Cause
efforts I-Cause
from I-Cause
its I-Cause
wholesalers I-Cause
. O

Instead O
, O
the B-Effect
company I-Effect
will I-Effect
improve I-Effect
the I-Effect
quality I-Effect
of I-Effect
its I-Effect
assets I-Effect
and O
reposition B-Effect
them I-Effect
in I-Effect
their I-Effect
markets I-Effect
through O
continual B-Cause
redevelopment I-Cause
and O
also O
selectively B-Effect
invest I-Effect
in I-Effect
development I-Effect
projects I-Effect
. O

We B-Effect
forecast I-Effect
roughly I-Effect
6.5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, O
following O
a O
9 O
% O
year-over-year O
decline O
in O
fiscal O
2020 O
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
, I-Cause
soft I-Cause
industrial I-Cause
production I-Cause
, I-Cause
and I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
U.S I-Cause
. I-Cause

Now O
, O
flash O
chipmakers B-Cause
can I-Cause
improve I-Cause
lateral I-Cause
density I-Cause
of I-Cause
NAND I-Cause
cells I-Cause
at I-Cause
each I-Cause
layer I-Cause
, I-Cause
and I-Cause
pack I-Cause
more I-Cause
and I-Cause
more I-Cause
layers I-Cause
into I-Cause
a I-Cause
single I-Cause
chip I-Cause
to O
improve B-Effect
overall I-Effect
storage I-Effect
density I-Effect
. O

For O
fiscal O
2021 O
, O
we O
expect O
organic B-Effect
sales I-Effect
growth I-Effect
of I-Effect
1.0 I-Effect
% I-Effect
, O
as O
solid B-Cause
first-half I-Cause
growth I-Cause
from I-Cause
consumers I-Cause
' I-Cause
continued I-Cause
turn I-Cause
homeward I-Cause
is I-Cause
largely I-Cause
offset I-Cause
by I-Cause
second-half I-Cause
declines I-Cause
, I-Cause
given I-Cause
difficult I-Cause
comparisons I-Cause
with I-Cause
last I-Cause
year I-Cause
's I-Cause
pantry I-Cause
stocking I-Cause
. O

BlackBerry B-Cause
does I-Cause
n't I-Cause
disclose I-Cause
the I-Cause
length I-Cause
or I-Cause
terminal I-Cause
dates I-Cause
of I-Cause
these I-Cause
contracts I-Cause
, O
and O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
the I-Effect
BlackBerry I-Effect
name I-Effect
is I-Effect
strong I-Effect
enough I-Effect
to I-Effect
elicit I-Effect
high I-Effect
retention I-Effect
rates I-Effect
for I-Effect
these I-Effect
licensing I-Effect
agreements I-Effect
. O

In O
addition O
, O
the O
Brazilian O
economy O
faces O
ongoing B-Cause
macroeconomic I-Cause
instability I-Cause
that O
could O
lead O
to O
further B-Effect
currency I-Effect
weakness I-Effect
and I-Effect
a I-Effect
decline I-Effect
in I-Effect
personal I-Effect
discretionary I-Effect
income I-Effect
. O

Going O
forward O
, O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
drive I-Cause
to I-Cause
ramp I-Cause
10-nm I-Cause
and I-Cause
7-nm I-Cause
( I-Cause
likely I-Cause
in I-Cause
2022 I-Cause
) I-Cause
will O
pressure B-Effect
gross I-Effect
margins I-Effect
by I-Effect
a I-Effect
few I-Effect
hundred I-Effect
basis I-Effect
points I-Effect
. O

Fourth-quarter O
performance O
should O
be O
marred B-Effect
by O
renewed B-Cause
closures I-Cause
( O
about O
470 O
locations O
, O
mostly O
in O
Europe O
, O
were O
closed O
as O
of O
Nov O
. O

Without B-Cause
a I-Cause
studio I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
will I-Effect
be I-Effect
squeezed I-Effect
by I-Effect
outside B-Cause
studios I-Cause
that I-Cause
will I-Cause
pass I-Cause
through I-Cause
increased I-Cause
production I-Cause
costs I-Cause
. O

We B-Effect
expect I-Effect
it I-Effect
to I-Effect
survive I-Effect
the I-Effect
crisis I-Effect
and I-Effect
eventually I-Effect
boost I-Effect
returns I-Effect
as O
it B-Cause
optimizes I-Cause
its I-Cause
stores I-Cause
and I-Cause
assortment I-Cause
and O
executes O
on O
new O
CEO O
Michael O
O'Sullivan O
's O
plans O
to O
favor O
more O
opportunistic O
merchandising O
( O
expected O
fiscal O
2030 O
return O
of O
17 O
% O
) O
. O

Looking O
at O
the O
two O
side O
of O
the O
business O
, O
AIG O
's O
life O
insurance O
operations O
are O
highly O
exposed O
to O
the O
direction O
of O
capital O
markets O
, O
and O
lower B-Cause
interest I-Cause
rates I-Cause
and I-Cause
the I-Cause
fall I-Cause
off I-Cause
in I-Cause
the I-Cause
equity I-Cause
market I-Cause
will O
hamper B-Effect
profitability I-Effect
. I-Effect

In O
our O
view O
, O
the B-Cause
vast I-Cause
creation I-Cause
of I-Cause
data I-Cause
plus I-Cause
the I-Cause
increased I-Cause
use I-Cause
of I-Cause
software-as-a-service I-Cause
applications I-Cause
and I-Cause
cloud-based I-Cause
ecosystems I-Cause
will O
continuously O
drive B-Effect
up I-Effect
the I-Effect
quantity I-Effect
and I-Effect
complexity I-Effect
of I-Effect
cyberthreats I-Effect
. O

Steam O
revenue O
is O
not O
decoupled O
and O
, O
along O
with O
mild B-Cause
first-quarter I-Cause
weather I-Cause
, O
drove O
the B-Effect
reduction I-Effect
in I-Effect
Con I-Effect
Ed I-Effect
's I-Effect
2020 I-Effect
earnings I-Effect
guidance I-Effect
range I-Effect
earlier I-Effect
this I-Effect
year I-Effect
. O

We O
think O
that O
once O
tenants B-Cause
choose I-Cause
an I-Cause
Equinix I-Cause
data I-Cause
center I-Cause
, O
they B-Effect
are I-Effect
locking I-Effect
themselves I-Effect
into I-Effect
that I-Effect
data I-Effect
center I-Effect
for I-Effect
the I-Effect
long I-Effect
term I-Effect
in O
most O
cases O
. O

New B-Cause
Jersey I-Cause
's I-Cause
historically I-Cause
constructive I-Cause
regulation I-Cause
allows O
NJR B-Effect
to I-Effect
support I-Effect
a I-Effect
high I-Effect
payout I-Effect
ratio I-Effect
and I-Effect
dividend I-Effect
growth I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
utility I-Effect
's I-Effect
earnings I-Effect
growth I-Effect
. O

As O
electric B-Cause
vehicles I-Cause
age I-Cause
and I-Cause
prices I-Cause
fall I-Cause
, O
the B-Effect
economic I-Effect
motivations I-Effect
that I-Effect
drive I-Effect
motorists I-Effect
to I-Effect
attempt I-Effect
to I-Effect
repair I-Effect
their I-Effect
cars I-Effect
and I-Effect
trucks I-Effect
outside I-Effect
the I-Effect
more I-Effect
expensive I-Effect
dealer I-Effect
channel I-Effect
should I-Effect
emerge I-Effect
( O
though O
DIY O
fixes O
should O
become O
increasingly O
daunting O
, O
benefiting O
third-party O
repair O
facilities O
and O
necessitating O
O'Reilly O
's O
strong O
dual-market O
presence O
) O
. O

Its B-Effect
hereditary I-Effect
cancer I-Effect
business I-Effect
still I-Effect
dominates I-Effect
over I-Effect
half I-Effect
its I-Effect
revenue I-Effect
stream I-Effect
, I-Effect
and I-Effect
its I-Effect
runner I-Effect
up I-Effect
, I-Effect
GeneSight I-Effect
, I-Effect
faces I-Effect
some I-Effect
complications I-Effect
, O
as O
its B-Cause
efficacy I-Cause
remains I-Cause
in I-Cause
question I-Cause
, O
in O
our O
opinion O
. O

Since O
these B-Cause
segments I-Cause
earn I-Cause
materially I-Cause
higher I-Cause
margins I-Cause
than I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
we B-Effect
also I-Effect
expect I-Effect
them I-Effect
to I-Effect
drive I-Effect
margins I-Effect
higher I-Effect
over I-Effect
time I-Effect
. O

Additionally O
, O
Abbott B-Effect
has I-Effect
already I-Effect
begun I-Effect
efforts I-Effect
to I-Effect
improve I-Effect
productivity I-Effect
and I-Effect
efficiency I-Effect
, O
as O
it B-Cause
streamlines I-Cause
distribution I-Cause
channels I-Cause
and I-Cause
builds I-Cause
new I-Cause
facilities I-Cause
in I-Cause
lower-cost I-Cause
locations I-Cause
like I-Cause
China I-Cause
and I-Cause
India I-Cause
. O

And O
with O
its B-Cause
production I-Cause
( I-Cause
particuarly I-Cause
for I-Cause
consumer I-Cause
tissue I-Cause
) I-Cause
occuring I-Cause
in I-Cause
regions I-Cause
where I-Cause
water I-Cause
is I-Cause
a I-Cause
scarce I-Cause
resource I-Cause
, O
Kimberly B-Effect
may I-Effect
also I-Effect
be I-Effect
challenged I-Effect
by I-Effect
impediments I-Effect
to I-Effect
its I-Effect
production I-Effect
process I-Effect
over I-Effect
time I-Effect
. O

However O
, O
the B-Effect
price I-Effect
discrepancy I-Effect
between I-Effect
HDD I-Effect
and I-Effect
SSD I-Effect
tech I-Effect
has I-Effect
been I-Effect
narrowing I-Effect
quickly I-Effect
as O
flash B-Cause
technology I-Cause
advances I-Cause
, O
and O
we O
think O
SSDs O
now O
present O
an O
overall O
better O
value O
proposition O
for O
consumer O
devices O
than O
HDDs O
. O

We B-Effect
project I-Effect
that I-Effect
Coloplast I-Effect
can I-Effect
incrementally I-Effect
increase I-Effect
operating I-Effect
margin I-Effect
to I-Effect
33.7 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
, O
as O
slight B-Cause
gains I-Cause
in I-Cause
manufacturing I-Cause
efficiency I-Cause
prevail I-Cause
over I-Cause
more I-Cause
investment I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
programs I-Cause
, I-Cause
which I-Cause
nets B-Effect
out I-Effect
to I-Effect
9 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
in I-Effect
operating I-Effect
income I-Effect
during I-Effect
the I-Effect
same I-Effect
period I-Effect
. O

We O
forecast O
operating B-Effect
margins I-Effect
of I-Effect
19 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
an I-Effect
increase I-Effect
of I-Effect
220 I-Effect
basis I-Effect
points I-Effect
, O
as O
a B-Cause
rebound I-Cause
in I-Cause
manufacturing I-Cause
and I-Cause
mining I-Cause
activity I-Cause
drive I-Cause
operating I-Cause
leverage I-Cause
, O
which O
is O
combined O
with O
the O
realization O
of O
cost O
savings O
implemented O
in O
2020 O
. O

The B-Cause
first I-Cause
risk I-Cause
is I-Cause
that I-Cause
economic I-Cause
fundamentals I-Cause
deteriorate I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
Canada I-Cause
, O
weighing B-Effect
on I-Effect
employment I-Effect
and I-Effect
wage I-Effect
growth I-Effect
and I-Effect
therefore I-Effect
on I-Effect
household I-Effect
formation I-Effect
and I-Effect
housing I-Effect
demand I-Effect
. O

Further O
, O
because O
Boeing B-Cause
owns I-Cause
the I-Cause
intellectual I-Cause
property I-Cause
behind I-Cause
much I-Cause
of I-Cause
its I-Cause
aerostructures I-Cause
, O
the B-Effect
knowledge I-Effect
of I-Effect
how I-Effect
to I-Effect
make I-Effect
these I-Effect
products I-Effect
could I-Effect
theoretically I-Effect
be I-Effect
moved I-Effect
to I-Effect
a I-Effect
new I-Effect
supplier I-Effect
under I-Effect
. O

However O
, O
many B-Cause
new I-Cause
market I-Cause
entrants I-Cause
over O
the O
past O
three O
years O
caused O
Quest B-Effect
's I-Effect
market I-Effect
share I-Effect
to I-Effect
fall I-Effect
modestly I-Effect
from I-Effect
9.8 I-Effect
% I-Effect
in I-Effect
2017 I-Effect
. O

Combining B-Cause
these I-Cause
two I-Cause
large I-Cause
organizations I-Cause
will I-Cause
be I-Cause
a I-Cause
multiyear I-Cause
process I-Cause
, O
which O
may O
not O
go O
perfectly O
smooth O
, O
and O
the B-Effect
synergies I-Effect
we I-Effect
anticipate I-Effect
between I-Effect
the I-Effect
organizations I-Effect
may I-Effect
never I-Effect
materialize I-Effect
. O

We O
forecast O
that O
it B-Effect
will I-Effect
recover I-Effect
to I-Effect
above I-Effect
the I-Effect
WACC I-Effect
level I-Effect
by I-Effect
2023 I-Effect
after I-Effect
COVID-19 I-Effect
and O
as O
its B-Cause
higher-margin I-Cause
international I-Cause
businesses I-Cause
gain I-Cause
scale I-Cause
. O

A B-Effect
key I-Effect
part I-Effect
of I-Effect
our I-Effect
thesis I-Effect
is I-Effect
that I-Effect
Wells I-Effect
will I-Effect
begin I-Effect
cutting I-Effect
expenses I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, I-Effect
as B-Cause
regulatory I-Cause
and I-Cause
compliance I-Cause
related I-Cause
expense I-Cause
pressures I-Cause
begin I-Cause
to I-Cause
ease I-Cause
. I-Cause

Additionally O
, O
the O
firm O
's O
expertise O
with O
mRNA B-Cause
has I-Cause
readily I-Cause
lent I-Cause
itself I-Cause
to O
the B-Effect
development I-Effect
of I-Effect
vaccine I-Effect
candidates I-Effect
for I-Effect
COVID-19 I-Effect
, O
garnering O
investor O
enthusiasm O
as O
the O
world O
awaits O
a O
viable O
vaccine O
. O

Advance B-Cause
augments I-Cause
its I-Cause
relationships I-Cause
through I-Cause
its I-Cause
technician I-Cause
and I-Cause
shop I-Cause
owner I-Cause
training I-Cause
programs I-Cause
and I-Cause
technology I-Cause
solutions I-Cause
, O
which O
we O
believe O
deepen B-Effect
the I-Effect
firm I-Effect
's I-Effect
engagement I-Effect
with I-Effect
professional I-Effect
clients I-Effect
and I-Effect
strengthen I-Effect
its I-Effect
brand I-Effect
equity I-Effect
. O

The B-Effect
firm I-Effect
pioneered I-Effect
and I-Effect
continues I-Effect
to I-Effect
dominate I-Effect
an I-Effect
enclave I-Effect
of I-Effect
the I-Effect
coffee I-Effect
segment I-Effect
with I-Effect
superior I-Effect
pricing I-Effect
power I-Effect
, O
owing O
partly O
to O
the B-Cause
convenience I-Cause
that I-Cause
it I-Cause
affords I-Cause
as I-Cause
well I-Cause
as I-Cause
Keurig I-Cause
's I-Cause
brand I-Cause
equity I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
competitive I-Effect
position I-Effect
was I-Effect
bolstered I-Effect
several I-Effect
years I-Effect
ago I-Effect
with O
the B-Cause
discovery I-Cause
of I-Cause
significant I-Cause
oil I-Cause
and I-Cause
gas I-Cause
resources I-Cause
under I-Cause
a I-Cause
salt I-Cause
layer I-Cause
( I-Cause
presalt I-Cause
) I-Cause
in I-Cause
existing I-Cause
offshore I-Cause
concessions I-Cause
. O

We O
believe O
the B-Effect
firm I-Effect
may I-Effect
eventually I-Effect
seek I-Effect
to I-Effect
divest I-Effect
at I-Effect
least I-Effect
the I-Effect
residential I-Effect
portion I-Effect
of I-Effect
lighting I-Effect
as O
competitors B-Cause
like I-Cause
GE I-Cause
, I-Cause
Philips I-Cause
, I-Cause
Eaton I-Cause
, I-Cause
Cree I-Cause
, I-Cause
and I-Cause
others I-Cause
have I-Cause
done I-Cause
or I-Cause
are I-Cause
planning I-Cause
to I-Cause
do I-Cause
in I-Cause
the I-Cause
near I-Cause
future I-Cause
. O

Increased B-Effect
competitive I-Effect
pressures I-Effect
drove I-Effect
higher I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
marketing I-Effect
efforts I-Effect
as O
operating B-Cause
margin I-Cause
declined I-Cause
to I-Cause
48 I-Cause
% I-Cause
in I-Cause
2018 I-Cause
versus I-Cause
56 I-Cause
% I-Cause
in I-Cause
2012 I-Cause
. O

Over B-Effect
the I-Effect
past I-Effect
decade I-Effect
, I-Effect
Ulta I-Effect
has I-Effect
become I-Effect
the I-Effect
largest I-Effect
specialty I-Effect
beauty I-Effect
retailer I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
through O
store B-Cause
openings I-Cause
, I-Cause
product I-Cause
and I-Cause
brand I-Cause
introductions I-Cause
, I-Cause
improved I-Cause
marketing I-Cause
, I-Cause
and I-Cause
an I-Cause
enhanced I-Cause
loyalty I-Cause
program I-Cause
( I-Cause
more I-Cause
than I-Cause
30 I-Cause
million I-Cause
members I-Cause
) I-Cause
. O

However O
, O
if B-Cause
some I-Cause
of I-Cause
the I-Cause
large I-Cause
operators I-Cause
continue I-Cause
to I-Cause
trim I-Cause
older I-Cause
hardware I-Cause
from I-Cause
their I-Cause
fleet I-Cause
to I-Cause
rightsize I-Cause
the I-Cause
business I-Cause
, O
sold B-Effect
ships I-Effect
could I-Effect
be I-Effect
repurposed I-Effect
for I-Effect
another I-Effect
operator I-Effect
at I-Effect
a I-Effect
significantly I-Effect
lower I-Effect
price I-Effect
( I-Effect
although I-Effect
recently I-Effect
quite I-Effect
a I-Effect
few I-Effect
have I-Effect
gone I-Effect
to I-Effect
scrap I-Effect
) I-Effect
. O

Since O
the B-Cause
expiration I-Cause
of I-Cause
its I-Cause
patent I-Cause
in I-Cause
2012 I-Cause
, O
there O
has O
been O
an B-Effect
increasing I-Effect
number I-Effect
of I-Effect
competitive I-Effect
contract I-Effect
K-cup I-Effect
pod I-Effect
manufacturers I-Effect
that I-Effect
have I-Effect
been I-Effect
taking I-Effect
share I-Effect
. O

This O
is O
due O
to O
very O
heavy O
investment O
spending O
and O
softer B-Effect
demand I-Effect
from O
sluggish B-Cause
global I-Cause
trade I-Cause
and I-Cause
soft I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
( I-Cause
factors I-Cause
both I-Cause
firms I-Cause
have I-Cause
in I-Cause
common I-Cause
) I-Cause
. O

When B-Cause
constructing I-Cause
a I-Cause
Lego I-Cause
house I-Cause
, I-Cause
there I-Cause
are I-Cause
prebuilt I-Cause
blocks I-Cause
that I-Cause
can I-Cause
be I-Cause
combined I-Cause
to I-Cause
put I-Cause
together I-Cause
a I-Cause
custom I-Cause
outcome. O
This O
allows B-Effect
for I-Effect
more I-Effect
time I-Effect
to I-Effect
be I-Effect
spent I-Effect
on I-Effect
deciding I-Effect
the I-Effect
custom I-Effect
layout/differentiating I-Effect
factor I-Effect
of I-Effect
a I-Effect
house I-Effect
rather I-Effect
than I-Effect
constructing I-Effect
each I-Effect
individual I-Effect
Lego I-Effect
block I-Effect
. O

With O
improved B-Cause
understanding I-Cause
of I-Cause
biomarkers I-Cause
and I-Cause
new I-Cause
diagnostic I-Cause
and I-Cause
genetic I-Cause
testing I-Cause
, O
inclusion B-Effect
criteria I-Effect
for I-Effect
trial I-Effect
participants I-Effect
continues I-Effect
to I-Effect
become I-Effect
more I-Effect
complex I-Effect
. O

As B-Cause
the I-Cause
firm I-Cause
plans I-Cause
to I-Cause
further I-Cause
invest I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
content I-Cause
creation I-Cause
, O
in B-Effect
addition I-Effect
to I-Effect
data I-Effect
security I-Effect
, I-Effect
we I-Effect
see I-Effect
the I-Effect
average I-Effect
operating I-Effect
margin I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
lower I-Effect
than I-Effect
the I-Effect
previous I-Effect
three I-Effect
years I-Effect
. O

Longer B-Cause
aging I-Cause
is I-Cause
perceived I-Cause
to I-Cause
beget I-Cause
superior I-Cause
quality I-Cause
, I-Cause
smoother I-Cause
taste I-Cause
, I-Cause
or I-Cause
the I-Cause
like I-Cause
, O
leading O
to O
higher B-Effect
marginal I-Effect
benefit I-Effect
derived I-Effect
from I-Effect
consumption I-Effect
in I-Effect
the I-Effect
eyes I-Effect
of I-Effect
the I-Effect
buyer I-Effect
, I-Effect
and I-Effect
consequently I-Effect
greater I-Effect
pricing I-Effect
power I-Effect
for I-Effect
the I-Effect
seller I-Effect
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
Teleflex I-Cause
products I-Cause
to I-Cause
health I-Cause
outcomes I-Cause
, O
product O
issues O
( O
either O
related O
to O
quality O
control O
or O
manufacturing O
) O
should O
be O
prevented O
to O
avoid B-Effect
social I-Effect
ESG I-Effect
concerns I-Effect
. O

We O
believe O
vibration B-Cause
, I-Cause
noise I-Cause
, I-Cause
and I-Cause
safety I-Cause
concerns I-Cause
should O
propel B-Effect
sales I-Effect
of I-Effect
absorption I-Effect
and I-Effect
damping I-Effect
solutions I-Effect
as I-Effect
well I-Effect
as I-Effect
coupling I-Effect
components I-Effect
. O

As O
the B-Cause
company I-Cause
's I-Cause
commercial I-Cause
aerospace I-Cause
and I-Cause
defense I-Cause
businesses I-Cause
operate I-Cause
starkly I-Cause
different I-Cause
business I-Cause
models I-Cause
, O
we O
believe O
the B-Effect
best I-Effect
way I-Effect
to I-Effect
analyze I-Effect
the I-Effect
company I-Effect
is I-Effect
by I-Effect
end I-Effect
market I-Effect
. O

Given O
slowing B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
likely I-Cause
decreases I-Cause
in I-Cause
retention I-Cause
as I-Cause
small I-Cause
businesses I-Cause
go I-Cause
bankrupt I-Cause
, O
we O
do O
anticipate O
margins B-Effect
will I-Effect
contract I-Effect
modestly I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

Within B-Cause
our I-Cause
base I-Cause
scenario I-Cause
, I-Cause
we I-Cause
expect I-Cause
revenue I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
25 I-Cause
% I-Cause
through I-Cause
fiscal I-Cause
2026. O
This O
growth O
will O
be O
a O
result O
of O
increased B-Effect
usage I-Effect
of I-Effect
Splunk I-Effect
's I-Effect
products I-Effect
by I-Effect
existing I-Effect
customers I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
an I-Effect
increase I-Effect
in I-Effect
new I-Effect
customers I-Effect
( I-Effect
we I-Effect
expect I-Effect
a I-Effect
13 I-Effect
% I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
) I-Effect
. O

If O
proposed O
dual O
eligible O
legislation O
is O
ever O
passed O
, O
Novo O
will O
face O
mandatory B-Effect
price I-Effect
cuts I-Effect
on I-Effect
its I-Effect
high-margin I-Effect
products I-Effect
for I-Effect
these I-Effect
patients I-Effect
, O
as O
they O
make B-Cause
the I-Cause
transition I-Cause
from I-Cause
Medicare I-Cause
Part I-Cause
D I-Cause
to I-Cause
Medicaid I-Cause
. I-Cause

We O
do B-Effect
not I-Effect
think I-Effect
Dick I-Effect
's I-Effect
has I-Effect
any I-Effect
pricing I-Effect
power I-Effect
as O
many B-Cause
of I-Cause
its I-Cause
key I-Cause
brands I-Cause
and I-Cause
items I-Cause
are I-Cause
widely I-Cause
available I-Cause
. O

Epstein-Barr B-Cause
virus I-Cause
and I-Cause
HIV I-Cause
are I-Cause
other I-Cause
programs I-Cause
that I-Cause
are I-Cause
likely I-Cause
to I-Cause
be I-Cause
defined I-Cause
by I-Cause
their I-Cause
complexity I-Cause
, O
which O
could O
make O
it O
difficult O
for O
other B-Effect
non-mRNA I-Effect
vaccines I-Effect
to I-Effect
compete I-Effect
. O

Overall O
, O
we O
project O
a B-Effect
five-year I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
of I-Effect
3 I-Effect
% I-Effect
, O
largely O
driven O
by O
steady B-Cause
gains I-Cause
with I-Cause
consumer I-Cause
products I-Cause
and I-Cause
vaccines I-Cause
along I-Cause
with I-Cause
new I-Cause
product I-Cause
launches I-Cause
offsetting I-Cause
deteriorating I-Cause
pricing I-Cause
for I-Cause
the I-Cause
company I-Cause
's I-Cause
top I-Cause
drug I-Cause
Lantus I-Cause
. O

Steel B-Effect
is I-Effect
not I-Effect
a I-Effect
low-cost I-Effect
operator I-Effect
, I-Effect
it I-Effect
will I-Effect
be I-Effect
difficult I-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
consistently I-Effect
generate I-Effect
economic I-Effect
profit I-Effect
unless O
management B-Cause
significantly I-Cause
improves I-Cause
its I-Cause
positioning I-Cause
on I-Cause
the I-Cause
industry I-Cause
cost I-Cause
curve I-Cause
for I-Cause
steelmaking I-Cause
. O

Similar B-Cause
to I-Cause
rigs I-Cause
, I-Cause
the I-Cause
frac I-Cause
spread I-Cause
market I-Cause
remains I-Cause
oversupplied I-Cause
, I-Cause
lending I-Cause
significant I-Cause
power I-Cause
to I-Cause
buyers I-Cause
, O
which O
we B-Effect
expect I-Effect
will I-Effect
present I-Effect
significant I-Effect
pricing I-Effect
pressure I-Effect
on I-Effect
pressure I-Effect
pumpers I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

Celanese B-Effect
also I-Effect
faces I-Effect
the I-Effect
risk I-Effect
of I-Effect
lower I-Effect
demand I-Effect
for I-Effect
its I-Effect
products I-Effect
if O
its B-Cause
end I-Cause
markets I-Cause
experience I-Cause
a I-Cause
slowdown I-Cause
. O

As O
patents B-Cause
expire I-Cause
and I-Cause
bugs I-Cause
develop I-Cause
resistance I-Cause
to I-Cause
current I-Cause
products I-Cause
, O
seeds B-Effect
with I-Effect
new I-Effect
traits I-Effect
and I-Effect
new I-Effect
chemical I-Effect
formulations I-Effect
must I-Effect
be I-Effect
developed I-Effect
. O

Encouragingly O
, O
we O
do O
n't O
believe O
its B-Cause
recent I-Cause
investments I-Cause
will O
burden B-Effect
the I-Effect
business I-Effect
with I-Effect
excess I-Effect
capacity I-Effect
over I-Effect
a I-Effect
longer I-Effect
horizon I-Effect
, O
as O
we O
think O
Clorox O
is O
building O
capacity O
to O
meet O
75 O
% O
-85 O
% O
of O
its O
demand O
outlook O
over O
a O
three- O
to O
four-quarter O
time O
frame O
. O

Although O
personal O
and O
home O
care O
companies O
use O
PET O
materials O
in O
their O
packaging O
, O
we O
think O
alternatives B-Cause
are I-Cause
within I-Cause
reach I-Cause
and O
this O
should O
limit B-Effect
the I-Effect
financial I-Effect
impact I-Effect
. O

Over O
the O
next O
few O
quarters O
, O
we O
expect O
increased B-Cause
demand I-Cause
, I-Cause
raw I-Cause
material I-Cause
inflation I-Cause
, I-Cause
and I-Cause
factors I-Cause
related I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
will O
likely O
result O
in O
higher B-Effect
costs I-Effect
, I-Effect
particularly I-Effect
related I-Effect
to I-Effect
safety I-Effect
, I-Effect
logistics I-Effect
, I-Effect
maintenance I-Effect
, I-Effect
and I-Effect
labor I-Effect
. O

For O
this O
reason O
, O
having B-Cause
higher-quality I-Cause
proteins I-Cause
with I-Cause
greater I-Cause
bioactivity I-Cause
in I-Cause
combination I-Cause
with I-Cause
lot-to-lot I-Cause
consistency I-Cause
leads O
to O
repeat B-Effect
business I-Effect
, O
and O
has O
allowed B-Effect
Bio-Techne I-Effect
to I-Effect
maintain I-Effect
protein I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
30 I-Effect
% I-Effect
-40 I-Effect
% I-Effect
range I-Effect
, I-Effect
despite I-Effect
higher I-Effect
pricing I-Effect
. O

After O
reviewing O
fourth-quarter O
results O
, O
we O
raise B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
184 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
181 I-Effect
, O
about O
half O
of O
the O
increase O
due O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
and O
half O
due O
to O
Honeywell B-Cause
smashing O
sales O
estimates O
during O
the O
quarter O
( O
which O
we O
think O
bodes B-Effect
well I-Effect
for I-Effect
an I-Effect
eventual I-Effect
recovery I-Effect
) O
. O

These B-Effect
revenue I-Effect
streams I-Effect
also I-Effect
make I-Effect
it I-Effect
difficult I-Effect
for I-Effect
new I-Effect
competitors I-Effect
to I-Effect
enter I-Effect
the I-Effect
equity I-Effect
exchange I-Effect
market I-Effect
, O
since O
they B-Cause
will I-Cause
be I-Cause
forced I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
against I-Cause
ICE I-Cause
without I-Cause
these I-Cause
alternative I-Cause
revenue I-Cause
sources I-Cause
. O

The B-Cause
CEPG I-Cause
tries I-Cause
to I-Cause
limit I-Cause
its I-Cause
list I-Cause
of I-Cause
suppliers I-Cause
to I-Cause
large I-Cause
multinational I-Cause
players I-Cause
with I-Cause
operations I-Cause
across I-Cause
TCCC I-Cause
's I-Cause
territories I-Cause
, O
making O
sure O
it B-Effect
can I-Effect
eke I-Effect
out I-Effect
as I-Effect
many I-Effect
concessions I-Effect
as I-Effect
possible I-Effect
from I-Effect
each I-Effect
vendor I-Effect
( O
though O
some O
specialized O
sweetener O
variants O
can O
only O
be O
purchased O
locally O
) O
. O

In O
addition O
, O
federal B-Effect
regulators I-Effect
approve I-Effect
new I-Effect
transmission I-Effect
lines I-Effect
only O
if O
there B-Cause
is I-Cause
a I-Cause
demonstrated I-Cause
need I-Cause
for I-Cause
new I-Cause
capacity I-Cause
, O
protecting O
the O
incumbent O
's O
efficient O
scale O
advantage O
. O

In O
coffee O
systems O
, O
leading B-Cause
volumes I-Cause
likely O
facilitate B-Effect
better I-Effect
capacity I-Effect
utilization I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
procurement I-Effect
leverage I-Effect
for I-Effect
ingredients I-Effect
such I-Effect
as I-Effect
green I-Effect
coffee I-Effect
. O

We B-Effect
project I-Effect
the I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
rise I-Effect
100-150 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
increased B-Cause
competition I-Cause
that I-Cause
we I-Cause
think I-Cause
Akamai I-Cause
faces I-Cause
will I-Cause
be I-Cause
offset I-Cause
by I-Cause
a I-Cause
higher I-Cause
portion I-Cause
of I-Cause
security I-Cause
sales I-Cause
, O
which O
we O
believe O
bring O
higher O
gross O
margins O
. O

We O
think O
new B-Cause
space I-Cause
will I-Cause
take I-Cause
a I-Cause
couple I-Cause
of I-Cause
years I-Cause
before I-Cause
reaching I-Cause
occupancy I-Cause
rates I-Cause
more I-Cause
comparable I-Cause
with I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
portfolio I-Cause
, O
which O
will O
provide O
a B-Effect
further I-Effect
tailwind I-Effect
to I-Effect
revenue I-Effect
growth I-Effect
. O

Nevertheless O
, O
structural B-Cause
factors I-Cause
endemic I-Cause
to I-Cause
the I-Cause
segment I-Cause
of I-Cause
the I-Cause
water I-Cause
market I-Cause
where I-Cause
the I-Cause
company I-Cause
is I-Cause
situated I-Cause
, I-Cause
along I-Cause
with I-Cause
LaCroix I-Cause
's I-Cause
positioning I-Cause
in I-Cause
this I-Cause
category I-Cause
, O
give O
us O
confidence O
that O
the B-Effect
company I-Effect
can I-Effect
continue I-Effect
extracting I-Effect
economic I-Effect
rents I-Effect
from I-Effect
its I-Effect
markets I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

The B-Effect
stickiness I-Effect
of I-Effect
the I-Effect
equipment I-Effect
itself I-Effect
also I-Effect
generates I-Effect
recurring I-Effect
revenue I-Effect
on I-Effect
the I-Effect
service I-Effect
side I-Effect
, O
as O
customers B-Cause
are I-Cause
often I-Cause
reliant I-Cause
on I-Cause
Mettler I-Cause
to I-Cause
perform I-Cause
repair I-Cause
service I-Cause
and O
tend O
to O
be B-Cause
unwilling I-Cause
to I-Cause
risk I-Cause
service I-Cause
from I-Cause
an I-Cause
unproven I-Cause
third-party I-Cause
vendor I-Cause
. O

Yet O
NXP B-Effect
's I-Effect
prospects I-Effect
are I-Effect
also I-Effect
bright I-Effect
within I-Effect
its I-Effect
industrial I-Effect
and I-Effect
'Internet I-Effect
of I-Effect
Things I-Effect
' I-Effect
segment I-Effect
, O
thanks O
to O
its B-Cause
legacy I-Cause
strength I-Cause
in I-Cause
MCUs I-Cause
and I-Cause
embedded I-Cause
processors I-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
development I-Cause
of I-Cause
newer I-Cause
'crossover I-Cause
' I-Cause
MCUs I-Cause
, O
which O
combine O
some O
of O
the O
benefits O
of O
each O
. O

The B-Cause
smartphone I-Cause
facilitates O
the B-Effect
rise I-Effect
of I-Effect
additional I-Effect
private-label I-Effect
closed-loop I-Effect
payment I-Effect
networks I-Effect
, O
making B-Effect
it I-Effect
easier I-Effect
for I-Effect
consumers I-Effect
to I-Effect
use I-Effect
a I-Effect
retailer I-Effect
's I-Effect
preferred I-Effect
form I-Effect
of I-Effect
payment I-Effect
incentivized I-Effect
by I-Effect
rewards I-Effect
and I-Effect
sidestep I-Effect
the I-Effect
expensive I-Effect
discount I-Effect
rates I-Effect
of I-Effect
American I-Effect
Express I-Effect
and I-Effect
other I-Effect
providers I-Effect
. O

With B-Cause
combined I-Cause
provisioning I-Cause
for I-Cause
2008 I-Cause
and I-Cause
2009 I-Cause
exceeding I-Cause
total I-Cause
net I-Cause
interest I-Cause
income I-Cause
for I-Cause
the I-Cause
same I-Cause
period I-Cause
, O
the B-Effect
bank I-Effect
has I-Effect
not I-Effect
historically I-Effect
had I-Effect
a I-Effect
credit I-Effect
cost I-Effect
advantage I-Effect
. O

Because O
lawncare B-Cause
and I-Cause
gardening I-Cause
are I-Cause
recreational I-Cause
activities I-Cause
, O
and O
the O
result O
( O
an B-Effect
attractive I-Effect
lawn I-Effect
) O
becomes B-Effect
a I-Effect
status I-Effect
symbol I-Effect
, I-Effect
many I-Effect
consumers I-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
for I-Effect
a I-Effect
product I-Effect
they I-Effect
perceive I-Effect
to I-Effect
be I-Effect
more I-Effect
effective I-Effect
. O

Similarly O
, O
if O
old B-Cause
corrugated I-Cause
container I-Cause
prices I-Cause
continue I-Cause
to I-Cause
fall I-Cause
, O
the B-Effect
relative I-Effect
cost I-Effect
position I-Effect
of I-Effect
manufacturers I-Effect
with I-Effect
a I-Effect
higher I-Effect
recycled I-Effect
mix I-Effect
would I-Effect
improve I-Effect
. O

Since O
VeriSign B-Cause
has I-Cause
over I-Cause
23 I-Cause
years I-Cause
of I-Cause
uninterrupted I-Cause
service I-Cause
and I-Cause
virtually I-Cause
its I-Cause
entire I-Cause
business I-Cause
hinges I-Cause
on I-Cause
adequate I-Cause
Internet I-Cause
infrastructure I-Cause
and I-Cause
security I-Cause
, O
we O
think O
the B-Effect
risk I-Effect
of I-Effect
a I-Effect
severe I-Effect
failure I-Effect
is I-Effect
low I-Effect
. O

Thereafter O
, O
we O
expect O
flattish B-Effect
salt I-Effect
volumes I-Effect
as O
rising B-Cause
consumer I-Cause
and I-Cause
industrial I-Cause
demand I-Cause
offsets I-Cause
a B-Effect
long I-Effect
, I-Effect
slow I-Effect
decline I-Effect
in I-Effect
typical I-Effect
deicing I-Effect
salt I-Effect
demand I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
climate I-Cause
change I-Cause
. O

We B-Effect
believe I-Effect
that I-Effect
CrowdStrike I-Effect
is I-Effect
a I-Effect
land-and-expand I-Effect
case I-Effect
, O
whereby O
elevated B-Cause
upfront I-Cause
costs I-Cause
to I-Cause
establish I-Cause
itself I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
will I-Cause
provide I-Cause
significant I-Cause
operating I-Cause
margin I-Cause
leverage I-Cause
as I-Cause
its I-Cause
top-line I-Cause
year-over-year I-Cause
growth I-Cause
abates I-Cause
. O

We B-Effect
rate I-Effect
Natwest I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
very I-Effect
high I-Effect
as O
a O
result O
of O
potential B-Cause
worse-than-expected I-Cause
EU I-Cause
withdrawal I-Cause
outcomes I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
prolonged I-Cause
recovery I-Cause
from I-Cause
coronavirus-induced I-Cause
impacts I-Cause
to I-Cause
the I-Cause
economy I-Cause
. O

Although O
its O
e-commerce O
is O
growing O
, O
Ulta B-Cause
is I-Cause
primarily I-Cause
a I-Cause
physical I-Cause
retailer I-Cause
and O
we O
anticipate O
a B-Effect
steep I-Effect
sales I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
. O

We B-Effect
forecast I-Effect
Nordstrom I-Effect
will I-Effect
reduce I-Effect
its I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
about I-Effect
$ I-Effect
385 I-Effect
million I-Effect
in I-Effect
2020 I-Effect
, I-Effect
down I-Effect
from I-Effect
an I-Effect
elevated I-Effect
$ I-Effect
935 I-Effect
million I-Effect
in I-Effect
2019 I-Effect
, O
to O
conserve B-Cause
cash I-Cause
. O

We B-Effect
expect I-Effect
Nutrien I-Effect
's I-Effect
unit I-Effect
costs I-Effect
to I-Effect
remain I-Effect
low I-Effect
, O
given O
our B-Cause
midcycle I-Cause
natural I-Cause
gas I-Cause
forecast I-Cause
of I-Cause
$ I-Cause
2.80 I-Cause
per I-Cause
thousand I-Cause
cubic I-Cause
feet I-Cause
( I-Cause
Henry I-Cause
Hub I-Cause
) I-Cause
in I-Cause
2020 I-Cause
real I-Cause
terms I-Cause
. O

Dropbox B-Cause
has I-Cause
engaged I-Cause
in I-Cause
viral I-Cause
freemium I-Cause
marketing I-Cause
to O
attract B-Effect
free I-Effect
users I-Effect
to I-Effect
the I-Effect
platform I-Effect
before O
targeted B-Cause
marketing I-Cause
within I-Cause
the I-Cause
application I-Cause
attempt O
to O
upgrade B-Effect
users I-Effect
to I-Effect
paid I-Effect
membership I-Effect
. O

To O
help B-Effect
elevate I-Effect
its I-Effect
brand I-Effect
perception I-Effect
, O
it B-Cause
has I-Cause
combined I-Cause
its I-Cause
online I-Cause
and I-Cause
in-store I-Cause
inventory I-Cause
management I-Cause
with I-Cause
its I-Cause
new I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
omni-always I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
initiative I-Cause
in O
the O
hopes O
of O
capturing B-Effect
more I-Effect
e-commerce I-Effect
business I-Effect
and I-Effect
avoiding I-Effect
the I-Effect
long I-Effect
restock I-Effect
times I-Effect
and I-Effect
uneven I-Effect
inventories I-Effect
that I-Effect
previously I-Effect
plagued I-Effect
the I-Effect
firm I-Effect
. O

We O
think O
the O
firm O
's O
growth O
driver O
will O
be O
its O
enterprise O
visibility O
and O
mobility O
segment O
, O
which O
we B-Effect
forecast I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
9 I-Effect
% I-Effect
following I-Effect
2020 I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
make I-Cause
up I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
overall I-Cause
top I-Cause
line I-Cause
. O

Considering O
the O
global O
nature O
of O
the O
largest O
consumer O
packaged O
goods O
, O
apparel O
, O
home O
d茅cor O
, O
and O
other O
product O
manufacturers O
, O
all B-Effect
of I-Effect
Walmart I-Effect
's I-Effect
units I-Effect
contribute I-Effect
to I-Effect
a I-Effect
meaningful I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
rivals I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
an I-Cause
essential I-Cause
point I-Cause
of I-Cause
distribution I-Cause
. O

As O
workflow B-Cause
automation I-Cause
proliferated I-Cause
within I-Cause
the I-Cause
IT I-Cause
function I-Cause
, O
other B-Effect
areas I-Effect
of I-Effect
the I-Effect
enterprise I-Effect
became I-Effect
increasingly I-Effect
interested I-Effect
in I-Effect
process I-Effect
automation I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
way I-Effect
to I-Effect
improve I-Effect
productivity I-Effect
and I-Effect
user I-Effect
experience I-Effect
. O

The O
overarching O
assumption O
relating O
to O
reduced-risk O
products O
in O
our O
base-case O
valuation O
is O
that O
iQOS B-Cause
continues I-Cause
to I-Cause
increase I-Cause
its I-Cause
share I-Cause
of I-Cause
PMI I-Cause
's I-Cause
volume I-Cause
mix I-Cause
and O
that O
this O
is O
margin B-Effect
dilutive I-Effect
. O

Stuart B-Cause
Weitzman I-Cause
operates I-Cause
in I-Cause
the I-Cause
competitive I-Cause
category I-Cause
of I-Cause
women I-Cause
's I-Cause
shoes I-Cause
and I-Cause
has I-Cause
operational I-Cause
and I-Cause
design I-Cause
issues I-Cause
that O
may O
depress B-Effect
margins I-Effect
. O

As O
demand O
resumes O
longer O
term O
, O
we O
think O
pricing B-Effect
could I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
clip I-Effect
( I-Effect
averaging I-Effect
around I-Effect
3 I-Effect
% I-Effect
between I-Effect
2023-29 I-Effect
) I-Effect
as O
willingness B-Cause
to I-Cause
socially I-Cause
gather I-Cause
resumes I-Cause
. O

We B-Effect
believe I-Effect
Tractor I-Effect
Supply I-Effect
is I-Effect
somewhat I-Effect
insulated I-Effect
from I-Effect
competitive I-Effect
pricing I-Effect
pressure I-Effect
from I-Effect
Home I-Effect
Depot I-Effect
and I-Effect
Lowe I-Effect
's I-Effect
in I-Effect
overlapping I-Effect
product I-Effect
categories I-Effect
due B-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
rural I-Cause
presence I-Cause
versus I-Cause
its I-Cause
competitors I-Cause
' I-Cause
more I-Cause
urban/suburban I-Cause
focus I-Cause
. I-Cause

Local B-Effect
brands I-Effect
are I-Effect
also I-Effect
proving I-Effect
to I-Effect
be I-Effect
a I-Effect
more I-Effect
meaningful I-Effect
threat I-Effect
abroad I-Effect
, O
given O
these B-Cause
players I-Cause
possess I-Cause
a I-Cause
solid I-Cause
pulse I-Cause
of I-Cause
the I-Cause
preferences I-Cause
of I-Cause
in-market I-Cause
consumers I-Cause
. O

We O
suspect O
that O
this B-Effect
will I-Effect
benefit I-Effect
Honeywell I-Effect
by O
allowing B-Cause
it I-Cause
to I-Cause
stay I-Cause
a I-Cause
step I-Cause
ahead I-Cause
of I-Cause
its I-Cause
competitors I-Cause
through O
enhanced B-Cause
visibility I-Cause
over I-Cause
its I-Cause
installed I-Cause
base I-Cause
. O

Unless O
the B-Cause
pandemic I-Cause
takes I-Cause
a I-Cause
sharp I-Cause
negative I-Cause
turn I-Cause
, O
the B-Effect
long-term I-Effect
secular I-Effect
tailwind I-Effect
appears I-Effect
to I-Effect
be I-Effect
reasserting I-Effect
itself I-Effect
and I-Effect
the I-Effect
worst I-Effect
seem I-Effect
to I-Effect
be I-Effect
past I-Effect
the I-Effect
industry I-Effect
. O

From O
an O
ESG O
standpoint O
, O
Walmart B-Cause
's I-Cause
size I-Cause
and I-Cause
success I-Cause
have O
made O
it O
a B-Effect
frequent I-Effect
target I-Effect
of I-Effect
politicians I-Effect
and O
subject B-Effect
it I-Effect
to I-Effect
a I-Effect
level I-Effect
of I-Effect
media I-Effect
scrutiny I-Effect
that O
few O
other O
retailers O
face O
. O

In O
line O
with O
demographic O
trends O
, O
most B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
membership I-Effect
growth I-Effect
will O
probably O
come O
from O
its B-Cause
fully I-Cause
insured I-Cause
business I-Cause
, I-Cause
particularly I-Cause
the I-Cause
fast-growing I-Cause
Medicare I-Cause
Advantage I-Cause
business I-Cause
, O
which O
can O
have B-Effect
an I-Effect
amplified I-Effect
effect I-Effect
on I-Effect
revenue I-Effect
growth I-Effect
. O

If O
AT B-Cause
& I-Cause
T I-Cause
's I-Cause
services I-Cause
are I-Cause
deemed I-Cause
insufficient I-Cause
or I-Cause
overpriced I-Cause
, I-Cause
especially I-Cause
if I-Cause
in I-Cause
response I-Cause
to I-Cause
weak I-Cause
competition I-Cause
, O
regulators B-Effect
or I-Effect
politicians I-Effect
could I-Effect
step I-Effect
in I-Effect
. O

We B-Cause
also I-Cause
count I-Cause
on I-Cause
Lumen I-Cause
to I-Cause
be I-Cause
able I-Cause
to I-Cause
use I-Cause
the I-Cause
sizable I-Cause
net I-Cause
operating I-Cause
loss I-Cause
carryforwards I-Cause
, I-Cause
or I-Cause
NOLs I-Cause
, O
it O
has O
, O
which O
should O
meaningfully B-Effect
enhance I-Effect
cash I-Effect
flow I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Through O
its B-Cause
integrated I-Cause
gas I-Cause
segment I-Cause
, O
Shell B-Effect
holds I-Effect
the I-Effect
largest I-Effect
LNG I-Effect
portfolio I-Effect
among I-Effect
peers I-Effect
with I-Effect
70 I-Effect
mtpa I-Effect
in I-Effect
LNG I-Effect
sales I-Effect
volumes I-Effect
in I-Effect
2020 I-Effect
including I-Effect
33 I-Effect
mtpa I-Effect
of I-Effect
its I-Effect
own I-Effect
production I-Effect
. O

The B-Cause
closure I-Cause
of I-Cause
an I-Cause
anchor I-Cause
usually O
means O
less B-Effect
traffic I-Effect
for I-Effect
a I-Effect
mall I-Effect
and I-Effect
many I-Effect
in I-Effect
line I-Effect
tenants I-Effect
opting I-Effect
out I-Effect
of I-Effect
their I-Effect
leases I-Effect
, O
which O
further O
exacerbates O
the O
situation O
. O

We O
believe O
that O
Chipotle B-Cause
's I-Cause
ESG I-Cause
risk I-Cause
remains I-Cause
muted I-Cause
on I-Cause
the I-Cause
product I-Cause
side I-Cause
, O
due O
to O
the B-Effect
firm I-Effect
's I-Effect
commitment I-Effect
to I-Effect
ethical I-Effect
supply I-Effect
chain I-Effect
sourcing I-Effect
, I-Effect
and I-Effect
see I-Effect
labor I-Effect
relations I-Effect
as I-Effect
the I-Effect
firm I-Effect
's I-Effect
largest I-Effect
ESG I-Effect
concern I-Effect
going I-Effect
forward I-Effect
. O

And O
MT B-Cause
's I-Cause
wealth I-Cause
of I-Cause
competitive I-Cause
advantages I-Cause
position O
it B-Effect
strongly I-Effect
in I-Effect
the I-Effect
transition I-Effect
toward I-Effect
electric I-Effect
vehicles I-Effect
on I-Effect
the I-Effect
original I-Effect
equipment I-Effect
side I-Effect
, O
even O
as O
the O
aftermarket O
will O
be O
a O
slow O
, O
but O
long-term O
headwind O
on O
the O
aftermarket O
side O
. O

Thereafter O
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margin I-Effect
to I-Effect
rebound I-Effect
to I-Effect
over I-Effect
14 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
stranded I-Cause
cost I-Cause
headwinds I-Cause
related I-Cause
to I-Cause
the I-Cause
spin-off I-Cause
ease I-Cause
and I-Cause
its I-Cause
mix I-Cause
of I-Cause
service I-Cause
revenue I-Cause
increases I-Cause
. O

Operating O
in O
offshore O
environments O
exposes O
Chevron O
to O
the B-Cause
risk I-Cause
of I-Cause
large I-Cause
oil I-Cause
spills I-Cause
that O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
think I-Effect
recent I-Effect
double-digit I-Effect
sales I-Effect
growth I-Effect
rates I-Effect
are I-Effect
achievable I-Effect
in O
the O
long O
term O
as O
fashion B-Cause
trends I-Cause
change I-Cause
and I-Cause
Adidas I-Cause
' I-Cause
sales I-Cause
base I-Cause
has I-Cause
grown I-Cause
much I-Cause
larger I-Cause
. O

As O
a O
result O
, O
we B-Cause
believe I-Cause
that I-Cause
centralized I-Cause
purchasing I-Cause
allows I-Cause
the I-Cause
firm I-Cause
to I-Cause
take I-Cause
advantage I-Cause
of I-Cause
volume I-Cause
discounts I-Cause
on I-Cause
everything I-Cause
from I-Cause
Mastrena I-Cause
espresso I-Cause
machines I-Cause
to I-Cause
commoditized I-Cause
staples I-Cause
like I-Cause
milk I-Cause
, I-Cause
eggs I-Cause
, I-Cause
syrups I-Cause
, I-Cause
and I-Cause
pastry I-Cause
items I-Cause
, O
which O
are B-Effect
subsequently I-Effect
distributed I-Effect
across I-Effect
the I-Effect
company-operated I-Effect
and I-Effect
licensed I-Effect
footprint I-Effect
. I-Effect

We O
still O
think O
Honeywell O
has O
enough B-Cause
runway I-Cause
to O
drive O
down O
fixed B-Effect
costs I-Effect
and O
improve O
segment O
( O
non-GAAP O
) O
operating O
margins O
by O
about O
300 O
basis O
points O
from O
2020 O
to O
2023 O
, O
particularly O
as O
its O
portfolio O
's O
mix O
moves O
toward O
increased O
software O
offerings O
. O

This O
reflects O
their B-Effect
balance I-Effect
sheet I-Effect
strength I-Effect
, I-Effect
strong I-Effect
profitability I-Effect
, I-Effect
tight I-Effect
risk I-Effect
management I-Effect
and I-Effect
favourable I-Effect
credit I-Effect
ratings I-Effect
-- O
boosted O
by O
the B-Cause
government I-Cause
's I-Cause
strong I-Cause
sovereign I-Cause
credit I-Cause
rating I-Cause
. O

A B-Effect
5 I-Effect
% I-Effect
decrease I-Effect
in I-Effect
mortality I-Effect
rates I-Effect
would I-Effect
lead I-Effect
to I-Effect
a I-Effect
13-percentage-point I-Effect
decrease I-Effect
in I-Effect
Aviva I-Effect
's I-Effect
Solvency I-Effect
II I-Effect
ratio I-Effect
because O
of O
the B-Cause
longer I-Cause
term I-Cause
of I-Cause
payouts I-Cause
in I-Cause
Aviva I-Cause
's I-Cause
annuity I-Cause
business I-Cause
. O

Tulloch B-Effect
helped I-Effect
get I-Effect
leverage I-Effect
under I-Effect
control I-Effect
again I-Effect
with O
a B-Cause
GBP I-Cause
1,500 I-Cause
million I-Cause
debt-reduction I-Cause
plan I-Cause
for I-Cause
2019-22 I-Cause
and I-Cause
set I-Cause
out I-Cause
the I-Cause
road I-Cause
map I-Cause
for I-Cause
some I-Cause
of I-Cause
the I-Cause
aforementioned I-Cause
business I-Cause
disposals I-Cause
. O

Over B-Cause
10 I-Cause
% I-Cause
of I-Cause
its I-Cause
asset I-Cause
base I-Cause
will I-Cause
earn I-Cause
guaranteed I-Cause
12.7 I-Cause
% I-Cause
returns I-Cause
on I-Cause
equity I-Cause
for I-Cause
the I-Cause
next I-Cause
30 I-Cause
years I-Cause
through I-Cause
its I-Cause
Power I-Cause
the I-Cause
Future I-Cause
investments I-Cause
, O
which O
is O
helping O
to O
reduce B-Effect
regulatory I-Effect
risk I-Effect
. O

Furthermore O
, O
we O
think O
the B-Cause
firm I-Cause
's I-Cause
scale I-Cause
allows O
it B-Effect
to I-Effect
better I-Effect
leverage I-Effect
brand I-Effect
investments I-Effect
, O
such O
as O
marketing O
and O
research O
and O
development O
expenditures O
. O

Thanks O
to O
recent O
acquisitions B-Cause
, O
we O
expect O
GAAP B-Effect
margins I-Effect
in I-Effect
the I-Effect
mid-40s I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
before I-Effect
reaching I-Effect
47 I-Effect
% I-Effect
by O
mid-cycle O
at O
the O
end O
of O
our O
forecast O
, O
driven O
by O
the O
Internet B-Cause
of I-Cause
Things I-Cause
related I-Cause
sales I-Cause
that O
we O
expect O
to O
do B-Effect
the I-Effect
heavy I-Effect
lifting I-Effect
. O

More B-Cause
trading I-Cause
volume I-Cause
generally O
leads O
to O
better B-Cause
liquidity I-Cause
, O
which O
allows B-Cause
buyers I-Cause
and I-Cause
sellers I-Cause
to I-Cause
enter I-Cause
and I-Cause
exit I-Cause
their I-Cause
positions I-Cause
with I-Cause
less I-Cause
impact I-Cause
on I-Cause
the I-Cause
price I-Cause
of I-Cause
the I-Cause
asset I-Cause
, O
reducing O
implicit B-Effect
trading I-Effect
costs I-Effect
. O

Operating O
margin O
bottomed O
out O
at O
20 O
% O
in O
2020 O
, O
significantly B-Effect
higher I-Effect
than I-Effect
the I-Effect
14 I-Effect
% I-Effect
we I-Effect
'd I-Effect
originally I-Effect
expected I-Effect
thanks O
to O
rigorous B-Cause
expense I-Cause
control I-Cause
. O

Third O
, O
because O
Logix B-Cause
works I-Cause
with I-Cause
third-party I-Cause
applications I-Cause
, O
customers B-Effect
can I-Effect
make I-Effect
incremental I-Effect
improvements I-Effect
to I-Effect
their I-Effect
facilities I-Effect
without O
having B-Effect
to I-Effect
incur I-Effect
the I-Effect
disruption I-Effect
of I-Effect
an I-Effect
expensive I-Effect
system I-Effect
overhaul I-Effect
. O

For O
competitors O
, O
application B-Cause
of I-Cause
therapeutics I-Cause
originally I-Cause
designed I-Cause
for I-Cause
humans I-Cause
to I-Cause
the I-Cause
animal I-Cause
market I-Cause
Drug I-Cause
Manufacturers I-Cause
- I-Cause
Specialty I-Cause
& I-Cause
Genericalso I-Cause
means O
those B-Effect
firms I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
invest I-Effect
in I-Effect
animal-specific I-Effect
therapies I-Effect
. O

The B-Cause
lack I-Cause
of I-Cause
a I-Cause
strong I-Cause
SSD I-Cause
portfolio I-Cause
-- I-Cause
weaker I-Cause
than I-Cause
competitor I-Cause
Western I-Cause
Digital I-Cause
's I-Cause
-- O
has O
meant O
Seagate B-Effect
must I-Effect
make I-Effect
further I-Effect
inroads I-Effect
into I-Effect
enterprise I-Effect
products I-Effect
to I-Effect
offset I-Effect
declines I-Effect
in I-Effect
the I-Effect
PC I-Effect
market I-Effect
. O

Along O
those O
lines O
, O
railroads O
enjoy O
roughly O
quadruple O
the O
fuel O
efficiency O
of O
trucking O
( O
per O
ton-mile O
of O
freight O
) O
, O
and O
through B-Cause
greater I-Cause
railcar I-Cause
capacity I-Cause
and I-Cause
train I-Cause
length I-Cause
, O
rails B-Effect
make I-Effect
more I-Effect
effective I-Effect
use I-Effect
of I-Effect
locomotive I-Effect
assets I-Effect
and I-Effect
manpower I-Effect
despite I-Effect
the I-Effect
need I-Effect
for I-Effect
train I-Effect
yard I-Effect
personnel I-Effect
. O

Within O
this O
system O
, O
we O
believe O
competition B-Cause
between I-Cause
pillars I-Cause
rather I-Cause
than I-Cause
within I-Cause
pillars I-Cause
defines O
the B-Effect
competitive I-Effect
landscape I-Effect
of I-Effect
the I-Effect
German I-Effect
banking I-Effect
market I-Effect
. O

Second B-Cause
, I-Cause
it I-Cause
is I-Cause
possible I-Cause
that I-Cause
as I-Cause
new I-Cause
TLDs I-Cause
such I-Cause
as I-Cause
.flights I-Cause
gain I-Cause
popularity I-Cause
, I-Cause
demand I-Cause
for I-Cause
.com I-Cause
and I-Cause
.net I-Cause
declines I-Cause
, O
impacting B-Effect
the I-Effect
lucrative I-Effect
nature I-Effect
of I-Effect
Verisign I-Effect
's I-Effect
exclusive I-Effect
registry I-Effect
service I-Effect
for I-Effect
the I-Effect
two I-Effect
TLDs I-Effect
. O

In O
the O
U.S. O
, O
the B-Cause
FDA I-Cause
has I-Cause
imposed I-Cause
restrictions I-Cause
on O
marketing O
new O
or O
modified O
products O
that O
essentially O
keep B-Effect
new I-Effect
entrants I-Effect
out I-Effect
of I-Effect
the I-Effect
market I-Effect
. O

The B-Effect
most I-Effect
likely I-Effect
source I-Effect
would O
be O
a B-Cause
cost I-Cause
advantage I-Cause
, I-Cause
either I-Cause
through I-Cause
closer I-Cause
proximity I-Cause
to I-Cause
customers I-Cause
, I-Cause
which I-Cause
would I-Cause
allow I-Cause
it I-Cause
to I-Cause
spend I-Cause
less I-Cause
on I-Cause
distribution I-Cause
, I-Cause
or I-Cause
a I-Cause
scale I-Cause
advantage I-Cause
, I-Cause
which I-Cause
would I-Cause
provide I-Cause
the I-Cause
firm I-Cause
purchasing I-Cause
power I-Cause
and I-Cause
other I-Cause
scale I-Cause
benefits I-Cause
. O

Despite O
the O
lower-quality O
business O
mix O
, O
we O
expect O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
remain I-Effect
well I-Effect
ahead I-Effect
of I-Effect
Magellan I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
because O
of O
the B-Cause
minimal I-Cause
reinvestment I-Cause
needs I-Cause
of I-Cause
the I-Cause
refined I-Cause
product I-Cause
business I-Cause
. O

Danone B-Cause
has I-Cause
been I-Cause
forced I-Cause
to I-Cause
adapt I-Cause
its I-Cause
products I-Cause
( I-Cause
primarily I-Cause
by I-Cause
fortifying I-Cause
Actimel I-Cause
and I-Cause
Activia I-Cause
with I-Cause
vitamins I-Cause
in I-Cause
some I-Cause
markets I-Cause
) I-Cause
and I-Cause
its I-Cause
marketing I-Cause
( O
by O
removing O
health O
claims O
) O
in O
response O
to O
the B-Effect
European I-Effect
Union I-Effect
's I-Effect
prohibition I-Effect
on I-Effect
marketing I-Effect
probiotics I-Effect
' I-Effect
alleged I-Effect
health I-Effect
benefits I-Effect
in I-Effect
2007 I-Effect
. O

Hanes B-Cause
owns I-Cause
factories I-Cause
in I-Cause
Latin I-Cause
America I-Cause
and I-Cause
the I-Cause
Caribbean I-Cause
and I-Cause
can I-Cause
produce I-Cause
basic I-Cause
apparel I-Cause
at I-Cause
least I-Cause
as I-Cause
efficiently I-Cause
as I-Cause
others I-Cause
because I-Cause
it I-Cause
has I-Cause
the I-Cause
greatest I-Cause
volume. O
As O
such O
, O
Hanes B-Effect
' I-Effect
operating I-Effect
margins I-Effect
in I-Effect
innerwear I-Effect
are I-Effect
typically I-Effect
in I-Effect
the I-Effect
low-20s I-Effect
, I-Effect
which I-Effect
is I-Effect
higher I-Effect
than I-Effect
the I-Effect
operating I-Effect
margins I-Effect
of I-Effect
some I-Effect
higher-priced I-Effect
branded I-Effect
apparel I-Effect
. O

Hexcel B-Cause
also I-Cause
needs I-Cause
to I-Cause
constantly I-Cause
have I-Cause
excess I-Cause
capacity I-Cause
relative I-Cause
to I-Cause
Boeing I-Cause
and I-Cause
Airbus I-Cause
production I-Cause
rates I-Cause
to O
protect B-Effect
its I-Effect
sole-source I-Effect
producer I-Effect
status I-Effect
. O

In O
the O
long O
term O
, O
we O
assume O
a B-Effect
return I-Effect
to I-Effect
midcycle I-Effect
margins I-Effect
, I-Effect
specifically I-Effect
in I-Effect
the I-Effect
midcontinent I-Effect
, O
as O
a O
result O
of O
planned B-Cause
pipeline I-Cause
capacity I-Cause
. O

As O
a O
result O
, O
Imperial B-Cause
's I-Cause
efforts I-Cause
have I-Cause
been I-Cause
focused I-Cause
on I-Cause
solvent-based I-Cause
technology I-Cause
, O
which O
we O
expect O
to O
significantly B-Effect
improve I-Effect
the I-Effect
economics I-Effect
associated I-Effect
with I-Effect
the I-Effect
company I-Effect
's I-Effect
Aspen I-Effect
and I-Effect
Grand I-Effect
Rapids I-Effect
oil I-Effect
sands I-Effect
projects I-Effect
. O

As O
potential B-Cause
competitors I-Cause
license I-Cause
a I-Cause
Corteva I-Cause
technology I-Cause
instead O
of O
developing O
their O
own O
, O
they B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
spend I-Effect
R I-Effect
& I-Effect
D I-Effect
toward I-Effect
enhancing I-Effect
the I-Effect
base I-Effect
technology I-Effect
rather O
than O
invest O
in O
products O
that O
could O
usurp O
market O
share O
from O
Corteva O
's O
seeds O
. O

Part B-Effect
failure I-Effect
is O
tied O
to O
usage B-Cause
and I-Cause
age I-Cause
, O
and O
replacements O
for O
failed O
components O
provided O
49 O
% O
of O
AutoZone O
's O
fiscal O
2020 O
revenue O
. O

In O
October O
2020 O
, O
we B-Cause
increased I-Cause
our I-Cause
uncertainty I-Cause
rating I-Cause
for I-Cause
Illumina I-Cause
to I-Cause
very I-Cause
high I-Cause
from I-Cause
high I-Cause
, O
primarily O
because O
of O
the B-Cause
pending I-Cause
acquisition I-Cause
of I-Cause
Grail I-Cause
that O
substantially O
widened B-Effect
the I-Effect
potential I-Effect
valuation I-Effect
scenarios I-Effect
for I-Effect
Illumina I-Effect
. O

We O
believe O
, O
though O
, O
that O
Ralph O
Lauren B-Cause
has I-Cause
cleaned I-Cause
up I-Cause
the I-Cause
inventory I-Cause
of I-Cause
Polo I-Cause
shirts I-Cause
enough I-Cause
that O
their B-Effect
prices I-Effect
have I-Effect
firmed I-Effect
in I-Effect
both I-Effect
full- I-Effect
and I-Effect
off-price I-Effect
channels I-Effect
. O

Extra B-Effect
Space I-Effect
generates I-Effect
revenue I-Effect
through O
rental B-Cause
income I-Cause
on I-Cause
its I-Cause
wholly I-Cause
owned I-Cause
and I-Cause
joint-venture I-Cause
self-storage I-Cause
facilities I-Cause
, I-Cause
tenant I-Cause
reinsurance I-Cause
, I-Cause
and I-Cause
management I-Cause
fees I-Cause
for I-Cause
third-party I-Cause
facilities I-Cause
. I-Cause

While O
breadth B-Cause
in I-Cause
product I-Cause
and I-Cause
services I-Cause
can I-Cause
be I-Cause
advantageous I-Cause
with I-Cause
regard I-Cause
to I-Cause
cross-selling I-Cause
-- I-Cause
commercial I-Cause
activities I-Cause
that O
bolster B-Effect
content I-Effect
per I-Effect
vehicle I-Effect
and I-Effect
market I-Effect
penetration I-Effect
-- O
we O
see O
only O
limited O
evidence O
that O
Magna O
's O
diversified O
strategy O
has O
benefited O
investors O
in O
the O
form O
of O
higher O
margins O
and O
returns O
on O
invested O
capital O
. O

Based B-Cause
on I-Cause
the I-Cause
relative I-Cause
stability I-Cause
of I-Cause
timberland I-Cause
prices I-Cause
, I-Cause
and I-Cause
a I-Cause
more I-Cause
diversified I-Cause
customer I-Cause
base I-Cause
thanks I-Cause
to I-Cause
its I-Cause
holdings I-Cause
in I-Cause
New I-Cause
Zealand I-Cause
, O
our B-Effect
valuation I-Effect
is I-Effect
based I-Effect
on I-Effect
a I-Effect
relatively I-Effect
low I-Effect
6.7 I-Effect
% I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Indeed O
, O
there O
has O
been O
consistent O
market O
speculation O
that O
the B-Cause
Government I-Cause
could I-Cause
merge I-Cause
the I-Cause
smallest I-Cause
two I-Cause
firms I-Cause
, I-Cause
China I-Cause
Telecom I-Cause
and I-Cause
China I-Cause
Unicom I-Cause
, O
in O
order O
to O
reduce B-Effect
the I-Effect
entire I-Effect
industry I-Effect
spend I-Effect
on I-Effect
5G I-Effect
network I-Effect
rollout I-Effect
. O

Pre-pandemic B-Cause
traffic I-Cause
trends I-Cause
reinforce I-Cause
the I-Cause
strategy I-Cause
's I-Cause
recent I-Cause
success I-Cause
, O
with B-Effect
transaction I-Effect
count I-Effect
growth I-Effect
driving I-Effect
overall I-Effect
like-for-like I-Effect
sales I-Effect
( O
2.6 O
% O
comparable O
transaction O
growth O
against O
3.9 O
% O
same-store O
sales O
growth O
, O
on O
average O
, O
since O
fiscal O
2012 O
) O
. O

Grubhub B-Effect
has I-Effect
developed I-Effect
a I-Effect
sustainable I-Effect
network I-Effect
effect I-Effect
by O
pairing B-Cause
consumers I-Cause
with I-Cause
restaurants I-Cause
, O
but O
the O
market O
is O
now O
crowded O
with O
many O
other O
players O
. O

Given O
the B-Cause
significant I-Cause
proportion I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
asset I-Cause
base I-Cause
that I-Cause
was I-Cause
established I-Cause
from I-Cause
these I-Cause
deals I-Cause
( I-Cause
$ I-Cause
4.6 I-Cause
billion I-Cause
from I-Cause
pro I-Cause
forma I-Cause
total I-Cause
assets I-Cause
just I-Cause
shy I-Cause
of I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
) I-Cause
, O
we O
believe O
it B-Effect
is I-Effect
most I-Effect
appropriate I-Effect
to I-Effect
include I-Effect
goodwill I-Effect
in I-Effect
our I-Effect
ROIC I-Effect
calculations I-Effect
. I-Effect

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
has O
posed O
challenges B-Effect
that I-Effect
affects I-Effect
healthcare I-Effect
systems I-Effect
and I-Effect
clinical I-Effect
trial I-Effect
work I-Effect
; O
however O
, O
we O
believe O
Icon O
adapted O
well O
and O
seems O
to O
have O
rebounded O
from O
client O
disruptions O
, O
reporting O
strong O
new O
business O
wins O
. O

The B-Cause
residential I-Cause
areas I-Cause
of I-Cause
urban I-Cause
markets I-Cause
are I-Cause
densely I-Cause
populated I-Cause
with I-Cause
a I-Cause
younger I-Cause
population I-Cause
that I-Cause
has I-Cause
a I-Cause
propensity I-Cause
to I-Cause
rent I-Cause
, O
which O
supports O
high B-Effect
occupancies I-Effect
in I-Effect
large I-Effect
apartment I-Effect
buildings I-Effect
. O

VF B-Cause
does I-Cause
not I-Cause
have I-Cause
a I-Cause
history I-Cause
of I-Cause
developing I-Cause
its I-Cause
own I-Cause
brands I-Cause
, O
so O
its B-Effect
ability I-Effect
to I-Effect
find I-Effect
deals I-Effect
is I-Effect
a I-Effect
risk I-Effect
. O

We O
believe O
the B-Effect
most I-Effect
significant I-Effect
risk I-Effect
Conagra I-Effect
faces I-Effect
is O
evolving B-Cause
consumer I-Cause
nutritional I-Cause
preferences I-Cause
, O
namely O
the O
trend O
away O
from O
processed O
fare O
toward O
fresh O
, O
natural O
selections O
. O

Sales O
have O
skyrocketed O
amid O
the O
pandemic O
, O
and O
we O
expect O
the B-Effect
crisis I-Effect
has I-Effect
accelerated I-Effect
long-term I-Effect
e-commerce I-Effect
adoption I-Effect
as O
previously O
reticent B-Cause
customers I-Cause
effectively I-Cause
forced I-Cause
to I-Cause
try I-Cause
the I-Cause
channel I-Cause
respond I-Cause
to I-Cause
its I-Cause
convenience I-Cause
. O

As O
competitors B-Cause
invest I-Cause
more I-Cause
in I-Cause
machine I-Cause
learning I-Cause
, I-Cause
analytics I-Cause
, I-Cause
and I-Cause
automated I-Cause
response I-Cause
technology I-Cause
, O
the B-Effect
need I-Effect
for I-Effect
FireEye I-Effect
services I-Effect
could I-Effect
be I-Effect
affected I-Effect
if O
less B-Cause
human I-Cause
interaction I-Cause
is I-Cause
required I-Cause
to I-Cause
control I-Cause
threat I-Cause
defense I-Cause
and I-Cause
response I-Cause
. O

Given O
the O
sector O
's O
sensitivity O
to O
operational O
mishaps O
, O
as O
reputation B-Cause
is I-Cause
the I-Cause
key I-Cause
element I-Cause
of I-Cause
trust I-Cause
and I-Cause
brand I-Cause
equity I-Cause
, O
we O
note O
that O
although O
large O
branded O
multinationals O
will O
always O
appeal O
to O
final O
consumers O
in O
terms O
of O
safety O
and O
quality O
, O
there O
is O
always O
the B-Effect
possibility I-Effect
of I-Effect
trust I-Effect
erosion I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

On B-Cause
average I-Cause
, I-Cause
labor I-Cause
costs I-Cause
and I-Cause
maintenance I-Cause
expenses I-Cause
compose I-Cause
about I-Cause
two I-Cause
thirds I-Cause
of I-Cause
operating I-Cause
costs I-Cause
, O
so O
prolonged B-Effect
cost-cutting I-Effect
is I-Effect
difficult I-Effect
to I-Effect
achieve I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
also I-Cause
built I-Cause
fixed-line I-Cause
networks I-Cause
and I-Cause
partnered I-Cause
with I-Cause
others I-Cause
, I-Cause
including I-Cause
Italian I-Cause
electric I-Cause
utility I-Cause
Enel I-Cause
, O
to O
expand B-Effect
its I-Effect
network I-Effect
reach I-Effect
. O

The B-Cause
continued I-Cause
pressure I-Cause
on I-Cause
drug I-Cause
pricing I-Cause
pose O
a B-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
and O
include O
deflation O
in O
generic O
drug O
prices O
, O
increased O
generic O
mix O
, O
slower O
growth O
in O
the O
pharmacy O
pipeline O
, O
lower O
spending O
on O
hepatitis O
C O
and O
opioids O
. O

In O
addition O
, O
there O
has O
certainly O
been O
some B-Effect
damage I-Effect
to I-Effect
the I-Effect
relationships I-Effect
in I-Effect
Mississippi I-Effect
and I-Effect
Georgia I-Effect
with O
the B-Cause
delays I-Cause
and I-Cause
cost I-Cause
overruns I-Cause
at I-Cause
the I-Cause
Kemper I-Cause
and I-Cause
Vogtle I-Cause
power I-Cause
plants I-Cause
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
very I-Effect
low I-Effect
for I-Effect
hotels I-Effect
in I-Effect
major I-Effect
metropolitan I-Effect
areas I-Effect
as O
cities B-Cause
encourage I-Cause
economic I-Cause
development I-Cause
that I-Cause
revitalizes I-Cause
an I-Cause
area I-Cause
and I-Cause
brings I-Cause
tourism I-Cause
dollars I-Cause
and I-Cause
taxable I-Cause
income I-Cause
. O

Nevertheless O
, O
we O
think O
Cushman B-Effect
& I-Effect
Wakefield I-Effect
is I-Effect
poised I-Effect
to I-Effect
experience I-Effect
long-term I-Effect
growth I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
buoyant I-Cause
real I-Cause
estate I-Cause
services I-Cause
industry I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
, I-Cause
more I-Cause
fragmented I-Cause
competitors I-Cause
. O

With O
more B-Cause
paid I-Cause
and I-Cause
unpaid I-Cause
users I-Cause
, O
we B-Effect
believe I-Effect
Match I-Effect
Group I-Effect
could I-Effect
attract I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
, O
given O
the B-Cause
growing I-Cause
number I-Cause
of I-Cause
young I-Cause
and I-Cause
millennial I-Cause
users I-Cause
, O
which O
is O
why O
we B-Effect
model I-Effect
14 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
in I-Effect
indirect I-Effect
revenue I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
through I-Effect
2024 I-Effect
. O

Still O
, O
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
suffer I-Cause
negative I-Cause
effects I-Cause
on I-Cause
its I-Cause
sales I-Cause
and I-Cause
earnings I-Cause
from I-Cause
COVID-19 I-Cause
( I-Cause
after I-Cause
a I-Cause
sales I-Cause
decline I-Cause
of I-Cause
17 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
) I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
Ulta I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
's I-Effect
sales I-Effect
and I-Effect
operating I-Effect
margin I-Effect
until I-Effect
2022 I-Effect
. O

We O
do O
think O
bipartisan B-Cause
support I-Cause
for I-Cause
improved I-Cause
infrastructure I-Cause
should O
help O
bring B-Effect
improved I-Effect
funding I-Effect
down I-Effect
the I-Effect
road I-Effect
and I-Effect
reduces I-Effect
long-term I-Effect
uncertainty I-Effect
. O

We O
also O
project O
elevated B-Cause
noninterest I-Cause
income I-Cause
growth I-Cause
of I-Cause
4 I-Cause
% I-Cause
-5 I-Cause
% I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
as I-Cause
the I-Cause
bank I-Cause
's I-Cause
Houston I-Cause
expansion I-Cause
bears I-Cause
some I-Cause
fruit. O
This O
leads O
us O
to O
expect O
a B-Effect
terminal I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
13 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
compared I-Effect
with I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

We O
expect O
Thermo B-Effect
's I-Effect
contract I-Effect
manufacturing I-Effect
business I-Effect
will I-Effect
pick I-Effect
up I-Effect
the I-Effect
growth I-Effect
mantle I-Effect
in O
2021 O
as O
vaccine B-Cause
manufacturing I-Cause
efforts I-Cause
accelerate I-Cause
globally I-Cause
. O

We O
expect O
content B-Cause
investments I-Cause
will I-Cause
pressure I-Cause
margins I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
, O
though O
, O
challenging B-Effect
Comcast I-Effect
's I-Effect
ability I-Effect
to I-Effect
meet I-Effect
its I-Effect
goal I-Effect
of I-Effect
doubling I-Effect
Sky I-Effect
EBITDA I-Effect
. O

Operating B-Effect
margins I-Effect
have I-Effect
been I-Effect
under I-Effect
pressure I-Effect
with O
the B-Effect
deceleration I-Effect
of I-Effect
pharmaceutical I-Effect
drug I-Effect
growth I-Effect
due O
to O
slower B-Cause
branded I-Cause
drug I-Cause
inflation I-Cause
, I-Cause
shifting I-Cause
mix I-Cause
favoring I-Cause
generic I-Cause
drugs I-Cause
with I-Cause
lower I-Cause
price I-Cause
points I-Cause
, I-Cause
slower I-Cause
introduction I-Cause
of I-Cause
blockbuster I-Cause
drugs I-Cause
, I-Cause
and I-Cause
increasing I-Cause
consolidation I-Cause
and I-Cause
negotiating I-Cause
leverage I-Cause
of I-Cause
its I-Cause
customers I-Cause
, I-Cause
including I-Cause
retail I-Cause
pharmacies I-Cause
and I-Cause
providers I-Cause
. O

Based O
on O
the B-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
LabCorp I-Cause
's I-Cause
underlying I-Cause
diagnostics I-Cause
business I-Cause
, O
we B-Effect
rate I-Effect
the I-Effect
firm I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

With O
little B-Cause
direct I-Cause
competition I-Cause
in I-Cause
patch I-Cause
pumps I-Cause
, O
Insulet B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
convert I-Effect
more I-Effect
users I-Effect
to I-Effect
its I-Effect
innovative I-Effect
, I-Effect
tubeless I-Effect
insulin I-Effect
pump I-Effect
. O

However O
, O
the B-Cause
economics I-Cause
for I-Cause
other I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
like I-Cause
wind I-Cause
and I-Cause
solar I-Cause
have I-Cause
improved I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
presenting B-Effect
a I-Effect
challenge I-Effect
for I-Effect
geothermal I-Effect
development I-Effect
. O

We O
believe O
Hain B-Effect
does I-Effect
not I-Effect
benefit I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
as O
its B-Cause
large I-Cause
number I-Cause
of I-Cause
brands I-Cause
, I-Cause
categories I-Cause
, I-Cause
and I-Cause
channels I-Cause
has I-Cause
not I-Cause
produced I-Cause
a I-Cause
scale I-Cause
advantage I-Cause
. O

Since O
Cushman B-Cause
& I-Cause
Wakefield I-Cause
relies I-Cause
heavily I-Cause
on I-Cause
its I-Cause
brand I-Cause
, O
we O
would O
also O
view B-Effect
any I-Effect
developments I-Effect
that I-Effect
damage I-Effect
its I-Effect
reputation I-Effect
as I-Effect
being I-Effect
injurious I-Effect
to I-Effect
the I-Effect
company I-Effect
. O

Once B-Cause
past I-Cause
the I-Cause
impact I-Cause
from I-Cause
COVID-19 I-Cause
, O
which O
likely O
will O
result B-Effect
in I-Effect
no I-Effect
dividend I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
and I-Effect
smaller I-Effect
increases I-Effect
in I-Effect
2022 I-Effect
and I-Effect
2023 I-Effect
we I-Effect
project I-Effect
increases I-Effect
in I-Effect
line I-Effect
with I-Effect
EPS I-Effect
growth I-Effect
. O

However O
, O
we B-Effect
expect I-Effect
the I-Effect
media I-Effect
division I-Effect
to I-Effect
grow I-Effect
more I-Effect
slowly I-Effect
than I-Effect
the I-Effect
web I-Effect
division I-Effect
, O
as O
it B-Cause
takes I-Cause
in I-Cause
less I-Cause
security I-Cause
revenue I-Cause
. O

Over O
the O
long O
term O
, O
we B-Effect
expect I-Effect
Valero I-Effect
to I-Effect
improve I-Effect
its I-Effect
margin I-Effect
capture I-Effect
rates I-Effect
across I-Effect
the I-Effect
portfolio I-Effect
as O
investments B-Cause
in I-Cause
improving I-Cause
yield I-Cause
and I-Cause
increased I-Cause
throughput I-Cause
of I-Cause
low-cost I-Cause
feedstock I-Cause
are I-Cause
completed I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

Droughts O
are O
typically O
not O
a O
problem O
, O
as O
potatoes O
are O
irrigated O
, O
but O
excessive B-Cause
rainfall I-Cause
, I-Cause
extreme I-Cause
temperatures I-Cause
, I-Cause
or I-Cause
disease I-Cause
can O
stunt B-Effect
potato I-Effect
growth I-Effect
and I-Effect
lead I-Effect
to I-Effect
deformities I-Effect
such I-Effect
as I-Effect
cracks I-Effect
or I-Effect
discoloration/greening I-Effect
. O

As O
CrowdStrike B-Cause
matures I-Cause
, O
the B-Effect
company I-Effect
may I-Effect
fail I-Effect
to I-Effect
reach I-Effect
intended I-Effect
margin I-Effect
targets I-Effect
by I-Effect
not I-Effect
prudently I-Effect
reducing I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
sales I-Effect
percentage I-Effect
. O

It B-Cause
also I-Cause
comes I-Cause
with I-Cause
the I-Cause
possible I-Cause
risk I-Cause
of I-Cause
a I-Cause
new I-Cause
supplier I-Cause
providing I-Cause
a I-Cause
faulty I-Cause
product I-Cause
, I-Cause
which I-Cause
is I-Cause
especially I-Cause
risky I-Cause
proposition I-Cause
when I-Cause
potentially I-Cause
replacing I-Cause
an I-Cause
NXP I-Cause
product I-Cause
due I-Cause
to I-Cause
its I-Cause
safety-focused I-Cause
portfolio. O
Thus O
, O
once B-Effect
a I-Effect
company I-Effect
's I-Effect
product I-Effect
has I-Effect
been I-Effect
designed I-Effect
in I-Effect
, I-Effect
it I-Effect
is I-Effect
likely I-Effect
to I-Effect
remain I-Effect
in I-Effect
for I-Effect
the I-Effect
duration I-Effect
of I-Effect
the I-Effect
design I-Effect
life I-Effect
cycle I-Effect
. O

We B-Cause
believe I-Cause
the I-Cause
incremental I-Cause
shift I-Cause
toward I-Cause
digital I-Cause
learning I-Cause
from I-Cause
traditional I-Cause
textbooks I-Cause
will B-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
remove I-Effect
significant I-Effect
costs I-Effect
from I-Effect
its I-Effect
publishing I-Effect
operations I-Effect
. O

Unfavorable B-Cause
weather I-Cause
could O
place O
upward B-Effect
pressure I-Effect
on I-Effect
input I-Effect
prices I-Effect
for I-Effect
products I-Effect
such I-Effect
as I-Effect
dairy I-Effect
, I-Effect
coffee I-Effect
beans I-Effect
, I-Effect
meat I-Effect
, I-Effect
wheat I-Effect
, I-Effect
soybean I-Effect
, I-Effect
and I-Effect
sugar I-Effect
. O

However O
, O
over O
time O
, O
improved B-Cause
gross I-Cause
margin I-Cause
results O
from O
strong B-Cause
private-label I-Cause
penetration I-Cause
and I-Cause
better B-Effect
operating I-Effect
expense I-Effect
leverage I-Effect
from O
scale B-Cause
gains I-Cause
could O
lead O
to O
operating B-Effect
margins I-Effect
that I-Effect
rise I-Effect
marginally I-Effect
every I-Effect
year I-Effect
, O
leading O
to O
10 O
% O
long-term O
metrics O
, O
in O
line O
with O
the O
10 O
% O
captured O
in O
2020 O
. O

The B-Effect
company I-Effect
's I-Effect
exchange I-Effect
revenue I-Effect
is O
based O
on O
the B-Cause
volume I-Cause
of I-Cause
trading I-Cause
that I-Cause
occurs I-Cause
on I-Cause
its I-Cause
exchange I-Cause
, O
which O
in O
turn O
is O
heavily O
influenced O
by O
the B-Cause
amount I-Cause
of I-Cause
trading I-Cause
that I-Cause
is I-Cause
occurring I-Cause
across I-Cause
the I-Cause
entire I-Cause
market I-Cause
. O

While B-Cause
Pilgrim I-Cause
is I-Cause
the I-Cause
second-largest I-Cause
poultry I-Cause
producer I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, I-Cause
the I-Cause
firm I-Cause
is I-Cause
not I-Cause
in I-Cause
the I-Cause
top I-Cause
five I-Cause
European I-Cause
poultry I-Cause
producers I-Cause
, O
according O
to O
Watt O
Global O
Media O
; O
therefore O
, O
we O
deem B-Cause
it I-Cause
as I-Cause
too I-Cause
small I-Cause
to O
warrant B-Effect
a I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
. O

Further O
, O
the B-Cause
strong I-Cause
Marriott I-Cause
brand I-Cause
and I-Cause
focus I-Cause
on I-Cause
a I-Cause
managed I-Cause
and I-Cause
franchised I-Cause
structure I-Cause
( I-Cause
97 I-Cause
% I-Cause
of I-Cause
rooms I-Cause
) I-Cause
drives O
a B-Effect
lasting I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
. O

With O
no B-Cause
on-premises I-Cause
controllers I-Cause
necessary I-Cause
, O
the B-Effect
Falcon I-Effect
platform I-Effect
dynamically I-Effect
scales I-Effect
based I-Effect
on I-Effect
endpoint I-Effect
demand I-Effect
and I-Effect
gives I-Effect
CrowdStrike I-Effect
a I-Effect
wider I-Effect
customer I-Effect
audience I-Effect
without I-Effect
requiring I-Effect
particular I-Effect
products I-Effect
per I-Effect
client I-Effect
size I-Effect
. O

We O
believe O
sales B-Effect
will I-Effect
continue I-Effect
to I-Effect
moderate I-Effect
over I-Effect
the I-Effect
remainder I-Effect
of I-Effect
2021 I-Effect
, O
with O
parents B-Cause
already I-Cause
settled I-Cause
in I-Cause
the I-Cause
work-from-home I-Cause
routine I-Cause
and I-Cause
children I-Cause
comfortable I-Cause
in I-Cause
their I-Cause
remote I-Cause
learning I-Cause
workspaces I-Cause
. O

However O
, O
Windstream B-Cause
already I-Cause
filed I-Cause
for I-Cause
bankruptcy I-Cause
and I-Cause
its I-Cause
lease I-Cause
with I-Cause
Uniti I-Cause
has I-Cause
already I-Cause
been I-Cause
litigated I-Cause
, O
so O
further B-Effect
risk I-Effect
stemming I-Effect
from I-Effect
the I-Effect
same I-Effect
issue I-Effect
should I-Effect
be I-Effect
less I-Effect
likely I-Effect
. O

Its B-Cause
gross I-Cause
margin I-Cause
in I-Cause
the I-Cause
quarter I-Cause
was I-Cause
140 I-Cause
basis I-Cause
points I-Cause
better I-Cause
than I-Cause
we I-Cause
had I-Cause
expected I-Cause
, I-Cause
leading I-Cause
to I-Cause
adjusted I-Cause
EPS I-Cause
of I-Cause
$ I-Cause
1.64 I-Cause
versus I-Cause
our I-Cause
forecast I-Cause
of I-Cause
$ I-Cause
1.30. O
Thus O
, O
for B-Effect
the I-Effect
full I-Effect
year I-Effect
, I-Effect
we I-Effect
have I-Effect
increased I-Effect
our I-Effect
adjusted I-Effect
EPS I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
3.43 I-Effect
from I-Effect
$ I-Effect
3.37 I-Effect
( O
excludes O
pretax O
impairment O
and O
store O
closure O
charges O
of O
about O
$ O
84 O
million O
) O
. O

We B-Effect
expect I-Effect
the I-Effect
parts I-Effect
segment I-Effect
to I-Effect
increase I-Effect
sales I-Effect
by I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
roughly I-Effect
5 I-Effect
% I-Effect
in O
our O
forecast O
, O
largely O
due O
to O
our B-Cause
assumption I-Cause
that O
some O
MX O
engines O
designed O
in O
response O
to O
the O
2010 O
EPA O
standards O
have O
entered O
the O
overhaul O
stage O
of O
their O
lifecycle O
. O

Given O
the B-Cause
relative I-Cause
unpopularity I-Cause
of I-Cause
large I-Cause
technology I-Cause
firms I-Cause
like I-Cause
Google I-Cause
and I-Cause
Apple I-Cause
, O
we O
expect O
that O
copyright B-Effect
law I-Effect
with I-Effect
respect I-Effect
to I-Effect
music I-Effect
will I-Effect
continue I-Effect
to I-Effect
rule I-Effect
in I-Effect
favor I-Effect
rightsholders I-Effect
and I-Effect
artists I-Effect
. O

Additionally O
, O
such O
consistent B-Cause
innovation I-Cause
has O
offered B-Effect
Malibu I-Effect
the I-Effect
ability I-Effect
to I-Effect
lift I-Effect
transaction I-Effect
values I-Effect
over I-Effect
time I-Effect
, O
further O
indicating O
product O
resonance O
with O
consumers O
. O

In O
this O
vein O
, O
it O
opted O
to O
delay B-Cause
some I-Cause
previously I-Cause
slated I-Cause
launches I-Cause
( O
including O
its O
lineup O
of O
plant-based O
meat O
alternatives O
) O
to O
maintain B-Effect
service I-Effect
levels I-Effect
to I-Effect
its I-Effect
retail I-Effect
partners I-Effect
in I-Effect
light I-Effect
of I-Effect
high I-Effect
demand I-Effect
, O
which O
we O
view O
as O
prudent O
. O

The B-Cause
company I-Cause
's I-Cause
scale I-Cause
enables O
its B-Effect
expansion I-Effect
approach I-Effect
, O
as O
Five O
Below O
has O
the O
capital O
to O
enter O
markets O
in O
size O
, O
which O
it O
wisely O
uses O
to O
open O
several O
stores O
on O
its O
first O
day O
in O
a O
market O
to O
immediately O
leverage O
advertising O
and O
distribution O
costs O
. O

Intel B-Effect
and I-Effect
AMD I-Effect
are I-Effect
the I-Effect
primary I-Effect
licensees I-Effect
of I-Effect
x86 I-Effect
and I-Effect
owners I-Effect
of I-Effect
x86 I-Effect
intellectual I-Effect
property I-Effect
, O
as O
they B-Cause
have I-Cause
a I-Cause
cross-licensing I-Cause
agreement I-Cause
that I-Cause
covers I-Cause
the I-Cause
x86 I-Cause
patent I-Cause
portfolio I-Cause
and O
would B-Effect
be I-Effect
terminated I-Effect
if O
either B-Cause
firm I-Cause
was I-Cause
acquired I-Cause
or I-Cause
had I-Cause
a I-Cause
change I-Cause
of I-Cause
control I-Cause
. O

For O
fiscal O
2023-25 O
, O
we O
forecast O
the B-Effect
content I-Effect
segment I-Effect
will I-Effect
return I-Effect
to I-Effect
its I-Effect
fiscal I-Effect
2019 I-Effect
levels I-Effect
and I-Effect
beyond I-Effect
due O
to O
the B-Cause
strong I-Cause
slate I-Cause
of I-Cause
Marvel I-Cause
movies I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
TV I-Cause
, I-Cause
subscription I-Cause
VOD I-Cause
, I-Cause
and I-Cause
other I-Cause
outlets I-Cause
as I-Cause
Disney+ I-Cause
ramps I-Cause
up I-Cause
. O

Oi B-Cause
entered I-Cause
bankruptcy I-Cause
in I-Cause
June I-Cause
2016 I-Cause
and I-Cause
has I-Cause
been I-Cause
losing I-Cause
customers I-Cause
to I-Cause
other I-Cause
carriers I-Cause
during I-Cause
its I-Cause
restructuring I-Cause
, O
which B-Effect
has I-Effect
sharply I-Effect
limited I-Effect
its I-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
its I-Effect
networks I-Effect
. O

We O
project O
adjusted B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
expand I-Effect
by I-Effect
about I-Effect
five I-Effect
percentage I-Effect
points I-Effect
between I-Effect
2019 I-Effect
and I-Effect
2024 I-Effect
, O
as O
the O
same O
technological B-Cause
factor I-Cause
that I-Cause
leads I-Cause
to I-Cause
deflationary I-Cause
pricing I-Cause
reduces B-Effect
Cogent I-Effect
's I-Effect
network I-Effect
costs I-Effect
. O

Like O
competitor O
Arrow O
Electronics O
, O
Avnet B-Cause
has I-Cause
a I-Cause
broad I-Cause
range I-Cause
of I-Cause
components I-Cause
and I-Cause
provides I-Cause
various I-Cause
value-added I-Cause
services I-Cause
to O
help B-Effect
customers I-Effect
develop I-Effect
new I-Effect
products I-Effect
, I-Effect
improve I-Effect
time I-Effect
to I-Effect
market I-Effect
, I-Effect
and I-Effect
reduce I-Effect
Electronics I-Effect
& I-Effect
Computer I-Effect
Distributioninefficiencies I-Effect
. O

We B-Effect
expect I-Effect
steel I-Effect
prices I-Effect
to I-Effect
remain I-Effect
lower I-Effect
for I-Effect
longer I-Effect
due O
to O
slowing B-Cause
Chinese I-Cause
fixed-asset I-Cause
investment I-Cause
and I-Cause
the I-Cause
persistence I-Cause
of I-Cause
structural I-Cause
overcapacity I-Cause
on I-Cause
a I-Cause
global I-Cause
scale I-Cause
. O

Reflecting O
relatively O
strong B-Cause
fourth-quarter I-Cause
sales I-Cause
( I-Cause
4 I-Cause
% I-Cause
revenue I-Cause
growth I-Cause
; I-Cause
flat I-Cause
comparable I-Cause
store I-Cause
sales I-Cause
) I-Cause
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Burlington I-Effect
to I-Effect
$ I-Effect
201 I-Effect
per I-Effect
share I-Effect
( I-Effect
29 I-Effect
times I-Effect
forecast I-Effect
fiscal I-Effect
2021 I-Effect
earnings I-Effect
) I-Effect
from I-Effect
$ I-Effect
183 I-Effect
. O

Although O
the B-Cause
migration I-Cause
of I-Cause
wealth I-Cause
to I-Cause
urban I-Cause
centers I-Cause
has O
been O
a O
boon O
to O
SL O
Green O
, O
these O
dynamics O
can O
reverse O
and O
have B-Effect
a I-Effect
large I-Effect
effect I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
fortunes I-Effect
. O

However O
, O
because O
it B-Cause
outsources I-Cause
its I-Cause
production I-Cause
, O
there O
are O
concerns B-Effect
related I-Effect
to I-Effect
human I-Effect
rights I-Effect
and I-Effect
labor I-Effect
issues I-Effect
in I-Effect
its I-Effect
supply I-Effect
chain I-Effect
. O

Visa B-Cause
's I-Cause
position I-Cause
as I-Cause
the I-Cause
leading I-Cause
network I-Cause
makes O
it O
something B-Effect
of I-Effect
a I-Effect
tollbooth I-Effect
business I-Effect
, O
and O
the B-Effect
company I-Effect
is I-Effect
relatively I-Effect
agnostic I-Effect
to I-Effect
the I-Effect
smaller I-Effect
shifts I-Effect
within I-Effect
electronic I-Effect
payments I-Effect
, O
since O
it B-Cause
earns I-Cause
fees I-Cause
regardless I-Cause
of I-Cause
whether I-Cause
payment I-Cause
is I-Cause
credit I-Cause
, I-Cause
debit I-Cause
, I-Cause
or I-Cause
mobile I-Cause
. O

AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
has I-Effect
built I-Effect
FTTH I-Effect
to I-Effect
14 I-Effect
million I-Effect
customer I-Effect
locations I-Effect
throughout I-Effect
its I-Effect
territory I-Effect
, O
but O
this O
represents O
only O
about O
25 O
% O
of O
the O
total O
and O
this O
effort O
is O
primarily O
the O
result O
of O
regulatory B-Cause
conditions I-Cause
placed I-Cause
on I-Cause
the I-Cause
DirecTV I-Cause
acquisition I-Cause
. O

As O
long O
as O
Verisign B-Cause
continues I-Cause
to I-Cause
meet I-Cause
certain I-Cause
specifications I-Cause
, O
we O
believe O
there O
is O
an O
extremely O
low O
probability O
of O
the B-Effect
dire I-Effect
outcome I-Effect
of I-Effect
the I-Effect
firm I-Effect
losing I-Effect
its I-Effect
contracts I-Effect
with I-Effect
ICANN I-Effect
. O

Recognizing O
the B-Cause
shifting I-Cause
balance I-Cause
of I-Cause
power I-Cause
, O
ServiceNow B-Effect
has I-Effect
moved I-Effect
beyond I-Effect
trying I-Effect
to I-Effect
become I-Effect
the I-Effect
system I-Effect
of I-Effect
record I-Effect
for I-Effect
the I-Effect
IT I-Effect
function I-Effect
to O
focus O
on O
simplifying O
and O
automating O
workflows O
. O

These O
are O
complicated O
operations O
to O
run O
, O
and O
if O
the B-Cause
company I-Cause
does I-Cause
n't I-Cause
have I-Cause
a I-Cause
clear I-Cause
strategy I-Cause
, I-Cause
a I-Cause
clear I-Cause
target I-Cause
market I-Cause
that I-Cause
it I-Cause
is I-Cause
aiming I-Cause
for I-Cause
, I-Cause
or I-Cause
a I-Cause
strong I-Cause
modus I-Cause
operandi I-Cause
, O
it B-Effect
often I-Effect
runs I-Effect
into I-Effect
significant I-Effect
managerial I-Effect
issues I-Effect
. O

Despite O
intensifying B-Cause
competition I-Cause
that O
we O
believe O
is O
diminishing B-Effect
its I-Effect
competitive I-Effect
edge I-Effect
, O
Dollar B-Cause
General I-Cause
's I-Cause
advantageously I-Cause
located I-Cause
store I-Cause
network I-Cause
, I-Cause
low-priced I-Cause
items I-Cause
, I-Cause
and I-Cause
leverageable I-Cause
supply I-Cause
and I-Cause
distribution I-Cause
capabilities I-Cause
should O
allow O
it B-Effect
to I-Effect
deliver I-Effect
economic I-Effect
returns I-Effect
. O

Thanks O
to O
growth B-Cause
in I-Cause
PPD I-Cause
's I-Cause
cash I-Cause
position I-Cause
and I-Cause
EBITDA I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
net I-Effect
leverage I-Effect
ratio I-Effect
has I-Effect
come I-Effect
down I-Effect
to I-Effect
4.0 I-Effect
times I-Effect
as O
of O
December O
2020 O
, O
which O
is O
a O
substantial O
improvement O
from O
its O
net O
debt O
ratio O
of O
4.7 O
times O
adjusted O
EBITDA O
following O
its O
IPO O
in O
February O
2020 O
. O

Rather O
, O
we O
expect O
promotional B-Effect
activity I-Effect
to I-Effect
ramp I-Effect
up I-Effect
as I-Effect
inventory I-Effect
builds I-Effect
and I-Effect
retailers I-Effect
restock I-Effect
shelves I-Effect
, O
particularly O
if O
economic B-Cause
conditions I-Cause
remain I-Cause
bleak I-Cause
. O

While O
Capital B-Cause
One I-Cause
's I-Cause
funding I-Cause
costs I-Cause
are O
disadvantaged O
in O
our O
view O
, O
we O
think O
that O
operationally B-Effect
the I-Effect
bank I-Effect
has I-Effect
some I-Effect
cost I-Effect
advantages I-Effect
, I-Effect
helping I-Effect
it I-Effect
reach I-Effect
a I-Effect
mid- I-Effect
to I-Effect
low-50s I-Effect
efficiency I-Effect
ratio I-Effect
. O

With O
growing B-Cause
EV I-Cause
adoption I-Cause
and I-Cause
increased I-Cause
sales I-Cause
of I-Cause
Internet I-Cause
of I-Cause
things I-Cause
technologies I-Cause
, O
Celanese B-Effect
is I-Effect
well I-Effect
positioned I-Effect
for I-Effect
outsize I-Effect
engineered I-Effect
materials I-Effect
' I-Effect
volume I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

SL O
Green O
has O
strategically B-Cause
concentrated I-Cause
on I-Cause
central I-Cause
business I-Cause
district I-Cause
properties I-Cause
in I-Cause
New I-Cause
York I-Cause
City I-Cause
in O
a O
bid O
to O
benefit O
from O
the B-Effect
city I-Effect
's I-Effect
supply I-Effect
constrained I-Effect
nature I-Effect
and I-Effect
its I-Effect
pre-eminence I-Effect
as I-Effect
a I-Effect
global I-Effect
talent I-Effect
hub I-Effect
. O

We O
believe O
this B-Effect
divestiture I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
original I-Effect
Refinitiv I-Effect
carve-out I-Effect
, I-Effect
has I-Effect
created I-Effect
significant I-Effect
value I-Effect
for I-Effect
Thomson I-Effect
Reuters I-Effect
shareholders I-Effect
, O
as O
it B-Cause
lowered I-Cause
the I-Cause
company I-Cause
's I-Cause
overall I-Cause
risk I-Cause
level I-Cause
, I-Cause
reduced I-Cause
the I-Cause
incremental I-Cause
investment I-Cause
required I-Cause
to I-Cause
maintain I-Cause
the I-Cause
business I-Cause
and I-Cause
distanced I-Cause
the I-Cause
company I-Cause
from I-Cause
its I-Cause
less I-Cause
advantaged I-Cause
businesses I-Cause
. O

Philips B-Cause
is I-Cause
a I-Cause
one-stop I-Cause
shop I-Cause
for I-Cause
imaging-related I-Cause
devices I-Cause
with I-Cause
an I-Cause
established I-Cause
footprint I-Cause
in I-Cause
many I-Cause
hospitals I-Cause
, O
which O
positions O
it O
to O
benefit B-Effect
from I-Effect
long-term I-Effect
healthcare I-Effect
trends I-Effect
like I-Effect
the I-Effect
transition I-Effect
to I-Effect
non- I-Effect
or I-Effect
minimally I-Effect
invasive I-Effect
procedures I-Effect
, I-Effect
increased I-Effect
hospital I-Effect
demand I-Effect
for I-Effect
efficiencies I-Effect
or I-Effect
detection I-Effect
of I-Effect
sleep I-Effect
apnea I-Effect
. O

Further O
, O
we O
anticipate O
Gildan B-Effect
's I-Effect
activewear I-Effect
sales I-Effect
will I-Effect
plummet I-Effect
39 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
virus I-Cause
greatly I-Cause
reduces I-Cause
demand I-Cause
for I-Cause
printwear I-Cause
, O
which O
is O
exposed O
to O
corporate O
and O
consumer O
spending O
. O

With O
the B-Cause
BBVA I-Cause
acquisition I-Cause
now I-Cause
closed I-Cause
as O
of O
June O
, O
PNC B-Effect
's I-Effect
focus I-Effect
has I-Effect
shifted I-Effect
toward I-Effect
integration I-Effect
of I-Effect
operations I-Effect
, I-Effect
cost I-Effect
cuts I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
to I-Effect
potential I-Effect
revenue I-Effect
synergies I-Effect
down I-Effect
the I-Effect
road I-Effect
. O

As O
such O
, O
we O
increased B-Cause
our I-Cause
five-year I-Cause
revenue I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
assumption I-Cause
by I-Cause
more I-Cause
than I-Cause
50 I-Cause
basis I-Cause
points I-Cause
to O
reflect O
our B-Effect
more I-Effect
optimistic I-Effect
outlook I-Effect
for I-Effect
Wesco I-Effect
's I-Effect
end I-Effect
markets I-Effect
. O

Fire B-Cause
protection I-Cause
offers O
opportunities B-Effect
for I-Effect
increased I-Effect
revenue I-Effect
without I-Effect
significant I-Effect
added I-Effect
cost I-Effect
, O
while O
direct B-Cause
uniform I-Cause
sales I-Cause
provides O
stickier B-Effect
revenue I-Effect
streams I-Effect
through O
longer O
product O
upgrade O
cycles O
. O

We O
believe O
this B-Cause
complexity I-Cause
in I-Cause
4G I-Cause
today I-Cause
and I-Cause
5G I-Cause
tomorrow I-Cause
enables O
firms B-Effect
like I-Effect
Skyworks I-Effect
to I-Effect
benefit I-Effect
from I-Effect
its I-Effect
integration I-Effect
capabilities I-Effect
, I-Effect
packing I-Effect
more I-Effect
and I-Effect
more I-Effect
content I-Effect
into I-Effect
its I-Effect
devices I-Effect
. O

However O
, O
as O
the B-Cause
firm I-Cause
's I-Cause
dependence I-Cause
on I-Cause
lower-margin I-Cause
products I-Cause
such I-Cause
as I-Cause
messaging I-Cause
APIs I-Cause
falls I-Cause
and O
the B-Cause
company I-Cause
rolls I-Cause
out I-Cause
more I-Cause
solutions I-Cause
APIs I-Cause
, O
we O
believe O
GAAP B-Effect
and I-Effect
non-GAAP I-Effect
margin I-Effect
expansion I-Effect
into I-Effect
the I-Effect
mid-60s I-Effect
can I-Effect
take I-Effect
place I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Process B-Effect
node I-Effect
is I-Effect
n't I-Effect
everything I-Effect
, O
as O
Nvidia O
's O
2019 O
gaming O
GPUs O
remained O
on O
TSMC O
's O
12-nm O
process O
as O
opposed O
to O
the O
foundry O
's O
7-nm O
process O
, O
but O
still B-Cause
performed I-Cause
better I-Cause
than I-Cause
AMD I-Cause
's I-Cause
offerings I-Cause
in I-Cause
most I-Cause
benchmarks I-Cause
. O

However O
, O
we B-Effect
believe I-Effect
PC I-Effect
and I-Effect
server I-Effect
customers I-Effect
are I-Effect
now I-Effect
more I-Effect
open I-Effect
to I-Effect
working I-Effect
with I-Effect
AMD I-Effect
due O
to O
its B-Cause
recent I-Cause
multi-year I-Cause
stretch I-Cause
of I-Cause
strong I-Cause
execution I-Cause
on I-Cause
releasing I-Cause
high-quality I-Cause
chips I-Cause
, O
which O
we O
expect O
will O
translate O
to O
excess O
returns O
over O
the O
next O
decade O
. O

We O
also O
think O
neutrality B-Cause
is I-Cause
important I-Cause
for I-Cause
connected I-Cause
parties. O
This O
ensures B-Effect
that I-Effect
larger I-Effect
shippers I-Effect
are I-Effect
not I-Effect
favored I-Effect
over I-Effect
smaller I-Effect
shippers I-Effect
and I-Effect
that I-Effect
no I-Effect
party I-Effect
is I-Effect
forced I-Effect
to I-Effect
use I-Effect
a I-Effect
competitor I-Effect
's I-Effect
software I-Effect
system I-Effect
. O

We O
expect O
Neogen B-Effect
will I-Effect
continue I-Effect
to I-Effect
face I-Effect
headwinds I-Effect
through I-Effect
2021 I-Effect
because O
of O
reduced B-Cause
volumes I-Cause
and I-Cause
price I-Cause
volatility I-Cause
during I-Cause
the I-Cause
ongoing I-Cause
pandemic I-Cause
. O

The O
solid O
top-line O
performance O
should O
come O
despite O
intense O
competition O
, O
but O
the B-Cause
need I-Cause
to I-Cause
deliver I-Cause
strong I-Cause
value I-Cause
relative I-Cause
to I-Cause
peers I-Cause
should O
keep B-Effect
margins I-Effect
from I-Effect
moving I-Effect
much I-Effect
higher I-Effect
. O

As O
an O
extension O
, O
it B-Effect
opted I-Effect
to I-Effect
delay I-Effect
some I-Effect
previously I-Effect
slated I-Effect
launches I-Effect
( I-Effect
including I-Effect
its I-Effect
lineup I-Effect
of I-Effect
plant-based I-Effect
meat I-Effect
alternatives I-Effect
) I-Effect
to I-Effect
maintain I-Effect
service I-Effect
levels I-Effect
to I-Effect
its I-Effect
retail I-Effect
partners I-Effect
in B-Cause
light I-Cause
of I-Cause
high I-Cause
demand I-Cause
, O
which O
we O
view O
as O
prudent O
. O

We O
think O
Corning B-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
substrates I-Effect
and I-Effect
filters I-Effect
, I-Effect
again I-Effect
stemming I-Effect
from I-Effect
its I-Effect
centralized I-Effect
R I-Effect
& I-Effect
D I-Effect
spending I-Effect
, O
as O
well O
as O
a B-Cause
virtuous I-Cause
cycle I-Cause
with I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
ceramic I-Cause
substrate I-Cause
production I-Cause
. O

However O
, O
medium- B-Cause
and I-Cause
heavy-duty I-Cause
truck I-Cause
manufacturing I-Cause
is O
even O
more O
capital-intensive O
and O
cyclical O
than O
the O
light O
vehicle O
group O
, O
which O
constrains O
economic B-Effect
profit I-Effect
. O

We O
forecast O
that O
Terex B-Effect
will I-Effect
experience I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
1 I-Effect
% I-Effect
between O
2019 O
and O
2024 O
, O
which O
includes O
a O
30 O
% O
decline O
in O
2020 O
due O
to O
COVID-19 B-Cause
that I-Cause
triggered I-Cause
capital I-Cause
expenditure I-Cause
reductions I-Cause
at O
rental O
customers O
and O
other O
end O
users O
. O

The O
firm B-Effect
also I-Effect
benefits I-Effect
from I-Effect
substantial I-Effect
operating I-Effect
leverage I-Effect
, O
as O
additional B-Cause
connections I-Cause
on I-Cause
its I-Cause
existing I-Cause
network I-Cause
have I-Cause
around I-Cause
a I-Cause
95 I-Cause
% I-Cause
margin I-Cause
. O

The B-Effect
value I-Effect
of I-Effect
Tencent I-Effect
's I-Effect
network I-Effect
rises I-Effect
as O
more B-Cause
customers I-Cause
use I-Cause
Weixin I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
, O
and O
as O
usage B-Cause
per I-Cause
customer I-Cause
increases I-Cause
. O

We O
expect O
that B-Cause
the I-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
use I-Cause
concerts I-Cause
as I-Cause
the I-Cause
'flywheel I-Cause
' I-Cause
that O
drives O
the B-Effect
higher I-Effect
margin I-Effect
ticketing I-Effect
and I-Effect
sponsorship I-Effect
and I-Effect
advertising I-Effect
segments I-Effect
, I-Effect
along I-Effect
with I-Effect
onsite I-Effect
spending I-Effect
by I-Effect
fans I-Effect
. O

Additionally O
, O
we B-Effect
believe I-Effect
the I-Effect
acquisition I-Effect
of I-Effect
Starwood I-Effect
( I-Effect
closed I-Effect
in I-Effect
September I-Effect
2016 I-Effect
) I-Effect
has I-Effect
strengthened I-Effect
Marriott I-Effect
's I-Effect
brand I-Effect
advantage I-Effect
, O
as O
Starwood B-Cause
's I-Cause
global I-Cause
luxury I-Cause
portfolio I-Cause
complements I-Cause
Marriott I-Cause
's I-Cause
dominant I-Cause
upper-scale I-Cause
position I-Cause
in I-Cause
North I-Cause
America I-Cause
. O

These B-Cause
logistics I-Cause
create I-Cause
inelasticity I-Cause
of I-Cause
demand I-Cause
, O
which O
creates B-Effect
pricing I-Effect
power I-Effect
for I-Effect
the I-Effect
dealer I-Effect
and I-Effect
is I-Effect
a I-Effect
source I-Effect
of I-Effect
excellent I-Effect
profit I-Effect
in I-Effect
good I-Effect
times I-Effect
and I-Effect
bad I-Effect
. O

Longer O
term O
, O
we O
expect O
earnings B-Effect
will I-Effect
fall I-Effect
beginning O
in O
the O
2023 O
to O
2027 O
time O
period O
as O
generic B-Cause
pressures I-Cause
on I-Cause
key I-Cause
drugs I-Cause
Revlimid I-Cause
and I-Cause
Eliquis I-Cause
emerge I-Cause
. O

We O
also O
expect O
MercadoLibre O
to O
convert B-Effect
a I-Effect
higher I-Effect
portion I-Effect
of I-Effect
Internet I-Effect
users I-Effect
into I-Effect
lifetime I-Effect
customers I-Effect
, I-Effect
aided O
by O
continued O
investments O
in O
technology B-Cause
upgrades I-Cause
, I-Cause
mobile I-Cause
innovations I-Cause
, I-Cause
increased I-Cause
shipping I-Cause
capabilities I-Cause
, I-Cause
and I-Cause
brand I-Cause
awareness I-Cause
marketing I-Cause
. I-Cause

BCE O
also O
awaiting O
a O
regulatory O
decision O
on O
whether O
the B-Cause
big I-Cause
wireless I-Cause
carriers I-Cause
will I-Cause
be I-Cause
required I-Cause
to I-Cause
wholesale I-Cause
network I-Cause
capacity I-Cause
to I-Cause
smaller I-Cause
carriers I-Cause
without I-Cause
their I-Cause
own I-Cause
networks I-Cause
, O
which O
would O
increase B-Effect
competition I-Effect
. O

We O
assume O
around B-Effect
a I-Effect
1 I-Effect
% I-Effect
per I-Effect
year I-Effect
decrease I-Effect
in I-Effect
operating I-Effect
earnings I-Effect
for I-Effect
SK I-Effect
Telecom I-Effect
from I-Effect
2019 I-Effect
onward I-Effect
, O
with O
government B-Cause
pressure I-Cause
on I-Cause
pricing I-Cause
offsetting I-Cause
the I-Cause
positive I-Cause
of I-Cause
the I-Cause
threat I-Cause
of I-Cause
a I-Cause
new I-Cause
entrant I-Cause
having I-Cause
been I-Cause
taken I-Cause
off I-Cause
the I-Cause
table I-Cause
. O

First O
Solar O
's O
technology O
still O
has O
a O
slight O
edge O
on O
the O
silicon O
competition O
, O
but O
silicon B-Effect
technology I-Effect
is I-Effect
catching I-Effect
up I-Effect
as O
more B-Cause
investment I-Cause
flows I-Cause
into I-Cause
the I-Cause
industry I-Cause
. O

We B-Effect
have I-Effect
increased I-Effect
our I-Effect
2021 I-Effect
revenue I-Effect
growth I-Effect
estimate I-Effect
to I-Effect
55 I-Effect
% I-Effect
from I-Effect
36 I-Effect
% I-Effect
, O
as O
ad B-Cause
spending I-Cause
bounced I-Cause
back I-Cause
faster I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
than I-Cause
we I-Cause
had I-Cause
expected I-Cause
. O

These B-Cause
processing I-Cause
services I-Cause
are I-Cause
focused I-Cause
on I-Cause
administrative I-Cause
accuracy I-Cause
with I-Cause
relatively I-Cause
low I-Cause
fee I-Cause
rates. O
As O
a O
result O
, O
there B-Effect
are I-Effect
no I-Effect
material I-Effect
customer I-Effect
concentration I-Effect
issues I-Effect
and I-Effect
no I-Effect
one I-Effect
customer I-Effect
represents I-Effect
more I-Effect
than I-Effect
4 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
. O

Challenges O
to O
Economic O
Profit O
: O
First O
, O
given O
that O
the B-Cause
cannabis I-Cause
industry I-Cause
remains I-Cause
in I-Cause
the I-Cause
growth I-Cause
stage I-Cause
, O
we O
think O
that O
years B-Effect
of I-Effect
significant I-Effect
investment I-Effect
will I-Effect
be I-Effect
necessary I-Effect
to O
support B-Cause
robust I-Cause
growth I-Cause
for I-Cause
the I-Cause
industry I-Cause
. O

Hanes B-Cause
has I-Cause
suffered I-Cause
disruptions I-Cause
from I-Cause
store I-Cause
closures I-Cause
by O
wholesale B-Cause
partners I-Cause
( I-Cause
such I-Cause
as I-Cause
Sears I-Cause
and I-Cause
Kmart I-Cause
) I-Cause
in I-Cause
the I-Cause
U.S. O
, O
and O
this O
issue O
will O
likely O
impact B-Effect
sales I-Effect
, O
especially O
as O
the O
virus O
puts O
many O
retailers O
into O
distress O
. O

Fully B-Cause
stocking I-Cause
a I-Cause
branch I-Cause
is I-Cause
challenging I-Cause
without I-Cause
similar I-Cause
product I-Cause
breadth I-Cause
to I-Cause
Caterpillar I-Cause
, O
hence O
, O
why B-Effect
many I-Effect
competitors I-Effect
' I-Effect
products I-Effect
are I-Effect
sold I-Effect
at I-Effect
dealerships I-Effect
that I-Effect
carry I-Effect
multiple I-Effect
product I-Effect
lines I-Effect
. O

Historically O
we O
have O
thought O
of O
the O
hygiene O
segment O
as O
being O
more O
commoditized O
, O
but O
greater B-Cause
penetration I-Cause
of I-Cause
brands I-Cause
such O
as O
Dettol O
could O
sustain B-Effect
fairly I-Effect
strong I-Effect
short-term I-Effect
growth I-Effect
. O

However O
, O
these O
advantages O
are O
predicated O
on O
the O
immense O
forecast O
volume O
of O
Apple O
's O
products O
, O
and O
we O
surmise O
these B-Effect
advantages I-Effect
would I-Effect
evaporate I-Effect
if O
Apple B-Cause
's I-Cause
device I-Cause
production I-Cause
were I-Cause
to I-Cause
diminish I-Cause
. O

CarMax B-Cause
operates I-Cause
in I-Cause
the I-Cause
cyclical I-Cause
auto I-Cause
industry I-Cause
and I-Cause
the I-Cause
unprecented I-Cause
shutdowns I-Cause
forced I-Cause
by I-Cause
the I-Cause
coronavirus I-Cause
bring B-Effect
massive I-Effect
uncertainty I-Effect
as I-Effect
to I-Effect
the I-Effect
timing I-Effect
and I-Effect
extent I-Effect
of I-Effect
a I-Effect
recovery I-Effect
in I-Effect
consumer I-Effect
demand I-Effect
for I-Effect
used I-Effect
vehicles I-Effect
. O

Furthermore O
, O
registry B-Cause
programs I-Cause
, I-Cause
like I-Cause
'' I-Cause
The I-Cause
One I-Cause
, I-Cause
'' I-Cause
and I-Cause
loyalty I-Cause
plans I-Cause
, I-Cause
such I-Cause
as I-Cause
'' I-Cause
The I-Cause
Key I-Cause
, I-Cause
'' I-Cause
could O
further O
enhance B-Effect
transaction I-Effect
cadence I-Effect
of I-Effect
existing I-Effect
customers I-Effect
and I-Effect
marketing I-Effect
efficiency I-Effect
as O
the O
firm O
better O
understands O
its O
customers O
' O
desires O
. O

Once O
the B-Cause
cap I-Cause
is I-Cause
removed I-Cause
, O
it O
will O
once O
again O
be O
able O
to O
grow B-Effect
the I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
return I-Effect
to I-Effect
some I-Effect
form I-Effect
of I-Effect
offense I-Effect
instead I-Effect
of I-Effect
constantly I-Effect
being I-Effect
on I-Effect
defense I-Effect
. O

While O
this O
unit O
accounts O
for O
less O
than O
40 O
% O
of O
total O
revenue O
, O
attractive B-Cause
profitability I-Cause
means O
it B-Effect
drives I-Effect
70 I-Effect
% I-Effect
of I-Effect
consolidated I-Effect
operating I-Effect
income I-Effect
. O

By O
the O
summer O
, O
dry-van B-Cause
freight I-Cause
demand I-Cause
soared I-Cause
, I-Cause
capacity I-Cause
tightened I-Cause
, I-Cause
spot I-Cause
opportunities I-Cause
abounded I-Cause
, I-Cause
and I-Cause
rates I-Cause
surged I-Cause
on I-Cause
a I-Cause
massive I-Cause
uptick I-Cause
in I-Cause
retailer I-Cause
restocking I-Cause
rooted O
in O
a B-Effect
big I-Effect
shift I-Effect
in I-Effect
U.S I-Effect
. I-Effect

The B-Cause
rapid I-Cause
growth I-Cause
of I-Cause
e-commerce I-Cause
should O
support O
economic O
profit O
longer O
term O
, O
but O
it O
's O
not O
a O
certainty O
and O
is O
the O
key O
reason O
for O
our B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Since O
the O
IPO O
, O
HD B-Cause
Supply I-Cause
's I-Cause
management I-Cause
team I-Cause
has I-Cause
kept I-Cause
a I-Cause
steadfast I-Cause
focus I-Cause
on I-Cause
repairing I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
, O
and O
the B-Effect
company I-Effect
has I-Effect
significantly I-Effect
reduced I-Effect
its I-Effect
debt I-Effect
load I-Effect
. O

We O
think O
margin B-Effect
could I-Effect
take I-Effect
a I-Effect
step I-Effect
back I-Effect
in I-Effect
2022 I-Effect
because O
of O
more-normal B-Cause
levels I-Cause
of I-Cause
operating I-Cause
costs I-Cause
and I-Cause
reduced I-Cause
operating I-Cause
leverage I-Cause
, O
but O
we O
still O
think O
West O
can O
reasonably O
achieve O
average O
annual O
margin O
expansion O
of O
100 O
basis O
points O
. O

Due O
to O
an B-Cause
exceptional I-Cause
product I-Cause
portfolio I-Cause
that I-Cause
will I-Cause
offset I-Cause
challenged I-Cause
end I-Cause
markets I-Cause
, O
we B-Effect
anticipate I-Effect
revenue I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
4 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
over I-Effect
our I-Effect
explicit I-Effect
five-year I-Effect
forecast I-Effect
. O

An B-Cause
expected I-Cause
rise I-Cause
in I-Cause
interest I-Cause
rates I-Cause
could O
hamper O
industry B-Effect
revenue I-Effect
growth I-Effect
, O
however O
, O
we O
do O
n't O
see O
this O
as O
a O
near-term O
risk O
. O

Additionally O
, O
the B-Effect
service I-Effect
business I-Effect
backed I-Effect
by I-Effect
a I-Effect
major I-Effect
national I-Effect
brand I-Effect
, O
as O
the B-Cause
commercial I-Cause
business I-Cause
coming I-Cause
from I-Cause
Interline I-Cause
and I-Cause
HD I-Cause
Supply I-Cause
( I-Cause
starting I-Cause
in I-Cause
2021 I-Cause
) I-Cause
could I-Cause
build I-Cause
brand I-Cause
loyalty I-Cause
and I-Cause
keep I-Cause
consumers I-Cause
returning O
to O
a O
trusted O
source O
, O
something O
that O
could O
be O
hard O
to O
duplicate O
for O
a O
new O
entrant O
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
are I-Cause
an I-Cause
industry I-Cause
norm I-Cause
, O
so O
Veoneer B-Effect
has I-Effect
to I-Effect
aggressively I-Effect
employ I-Effect
kaizen I-Effect
, I-Effect
kanban I-Effect
, I-Effect
Six I-Effect
Sigma I-Effect
, I-Effect
and I-Effect
other I-Effect
lean I-Effect
manufacturing I-Effect
practices I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

Further O
, O
rampant B-Cause
inflation I-Cause
in I-Cause
both I-Cause
vanilla I-Cause
and I-Cause
garlic I-Cause
prices I-Cause
( O
which O
had O
been O
up O
high-double- O
to O
even O
triple-digit O
rates O
) O
also O
ate B-Effect
into I-Effect
the I-Effect
firm I-Effect
's I-Effect
profits I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

We O
believe O
the B-Cause
firm I-Cause
's I-Cause
Optum I-Cause
franchises I-Cause
layer O
in O
more B-Effect
cost I-Effect
and I-Effect
other I-Effect
advantages I-Effect
that O
add B-Effect
value I-Effect
to I-Effect
shareholders I-Effect
as I-Effect
well I-Effect
as I-Effect
end I-Effect
users I-Effect
of I-Effect
UnitedHealth I-Effect
Group I-Effect
's I-Effect
services I-Effect
. O

We O
believe O
the O
top B-Effect
line I-Effect
will O
be O
driven O
by O
secular O
tailwinds O
, O
most O
prominently B-Cause
health- I-Cause
and I-Cause
wellness-aligned I-Cause
sentiments I-Cause
, I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
functional I-Cause
beverage I-Cause
categories I-Cause
. O

Xcel B-Effect
's I-Effect
growth I-Effect
could I-Effect
hit I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
management I-Effect
's I-Effect
5 I-Effect
% I-Effect
-7 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
target I-Effect
if O
the B-Cause
company I-Cause
gains I-Cause
regulatory I-Cause
approval I-Cause
for I-Cause
new I-Cause
projects I-Cause
in I-Cause
2022 I-Cause
and I-Cause
beyond I-Cause
. O

Furthermore O
, O
analog B-Cause
chips I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Cause
decisions I-Cause
tend I-Cause
to I-Cause
be I-Cause
based I-Cause
on I-Cause
performance I-Cause
rather I-Cause
than I-Cause
price I-Cause
, O
helping O
Maxim B-Effect
and I-Effect
its I-Effect
peers I-Effect
retain I-Effect
pricing I-Effect
power I-Effect
. O

We O
also O
expect O
it B-Cause
can I-Cause
avoid I-Cause
bringing I-Cause
assets I-Cause
back I-Cause
on I-Cause
a I-Cause
1-for-1 I-Cause
basis I-Cause
as I-Cause
demand I-Cause
recovers I-Cause
, O
driving B-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
. O

Consequently O
, O
it O
also O
offers B-Cause
Roper I-Cause
greater I-Cause
than I-Cause
inflation I-Cause
pricing I-Cause
power I-Cause
, O
giving O
us O
confidence O
that O
this B-Effect
segment I-Effect
can I-Effect
grow I-Effect
its I-Effect
organic I-Effect
top-line I-Effect
CAGR I-Effect
at I-Effect
about I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Dollar B-Cause
General I-Cause
's I-Cause
recent I-Cause
productivity I-Cause
initiatives I-Cause
( I-Cause
including I-Cause
a I-Cause
shift I-Cause
toward I-Cause
self-distribution I-Cause
of I-Cause
frozen I-Cause
and I-Cause
refrigerated I-Cause
goods I-Cause
and I-Cause
improved I-Cause
stocking I-Cause
practices I-Cause
in I-Cause
distribution I-Cause
centers I-Cause
) I-Cause
should O
help B-Effect
it I-Effect
maintain I-Effect
its I-Effect
efficiency I-Effect
. O

We O
think O
BlackBerry B-Cause
has I-Cause
positioned I-Cause
itself I-Cause
in I-Cause
rapidly I-Cause
growing I-Cause
markets I-Cause
that I-Cause
benefit I-Cause
from I-Cause
secular I-Cause
trends I-Cause
, O
which O
should O
fuel B-Effect
top-line I-Effect
growth I-Effect
. I-Effect

We O
do O
n't O
expect O
industry B-Effect
Macao I-Effect
gaming I-Effect
revenue I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
until I-Effect
early I-Effect
2022 I-Effect
( I-Effect
unchanged I-Effect
) I-Effect
, O
as O
we O
expect O
pent-up B-Cause
demand I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
. O

We O
forecast O
total B-Effect
operating I-Effect
expense I-Effect
to I-Effect
average I-Effect
7.9 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years. O
As O
a O
result O
of O
our O
revenue O
and O
operating O
forecast O
, O
we O
project O
operating B-Cause
margins I-Cause
to I-Cause
reach I-Cause
28 I-Cause
% I-Cause
in I-Cause
2030 I-Cause
from I-Cause
22.6 I-Cause
% I-Cause
in I-Cause
the I-Cause
prepandemic I-Cause
year I-Cause
of I-Cause
2019 I-Cause
. O

Thus O
, O
the B-Effect
company I-Effect
is I-Effect
vulnerable I-Effect
to I-Effect
large I-Effect
cancellations I-Effect
and I-Effect
pipeline I-Effect
reprioritizations I-Effect
since O
it B-Cause
can I-Cause
be I-Cause
challenging I-Cause
to I-Cause
immediately I-Cause
repurpose I-Cause
capacity I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

The B-Cause
greatest I-Cause
risk I-Cause
for I-Cause
Oracle I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
, I-Cause
stems I-Cause
from I-Cause
the I-Cause
shift I-Cause
to I-Cause
cloud I-Cause
computing I-Cause
and I-Cause
whether I-Cause
Oracle I-Cause
can I-Cause
effectively I-Cause
transition I-Cause
its I-Cause
client I-Cause
workloads I-Cause
from I-Cause
on-premises I-Cause
software I-Cause
into I-Cause
Oracle I-Cause
's I-Cause
cloud. O
This B-Effect
transition I-Effect
affects I-Effect
every I-Effect
aspect I-Effect
of I-Effect
Oracle I-Effect
's I-Effect
business I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
most I-Effect
directly I-Effect
eliminating I-Effect
the I-Effect
need I-Effect
for I-Effect
any I-Effect
customer I-Effect
to I-Effect
buy I-Effect
Oracle I-Effect
's I-Effect
hardware I-Effect
to I-Effect
run I-Effect
on-premises I-Effect
databases I-Effect
. O

Over O
the O
next O
decade O
, O
we O
expect O
Hostess B-Effect
to I-Effect
average I-Effect
3.3 I-Effect
% I-Effect
annual I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
as O
it O
continues O
to O
expand B-Cause
into I-Cause
the I-Cause
dollar I-Cause
and I-Cause
club I-Cause
channels I-Cause
and I-Cause
launches I-Cause
the I-Cause
newly I-Cause
acquired I-Cause
Voortman I-Cause
brand I-Cause
into I-Cause
convenience I-Cause
and I-Cause
drug I-Cause
stores I-Cause
. O

This B-Effect
is I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
gross I-Effect
revenue I-Effect
growth I-Effect
, O
as O
we B-Cause
expect I-Cause
rising I-Cause
customer I-Cause
contract I-Cause
rates I-Cause
to I-Cause
allow I-Cause
gross I-Cause
profit I-Cause
per I-Cause
load I-Cause
( I-Cause
and I-Cause
gross I-Cause
margin I-Cause
) I-Cause
to I-Cause
catch I-Cause
up I-Cause
with I-Cause
surging I-Cause
cost I-Cause
of I-Cause
hire I-Cause
rooted O
in O
extremely O
constrained O
capacity O
. O

Eaton O
's O
portfolio O
can O
be O
divided O
into O
two O
portions O
-- O
its B-Effect
more I-Effect
legacy I-Effect
industrial I-Effect
sector I-Effect
and I-Effect
its I-Effect
electrical I-Effect
sector I-Effect
, I-Effect
which I-Effect
in I-Effect
our I-Effect
view I-Effect
was I-Effect
strengthened I-Effect
with O
the B-Cause
acquisition I-Cause
of I-Cause
Cooper I-Cause
Industries I-Cause
in I-Cause
2012 I-Cause
. O

The O
company O
's O
franchises O
have O
a B-Cause
dedicated I-Cause
user I-Cause
base I-Cause
, O
providing O
Activision O
with O
the O
leverage O
to O
push O
more B-Effect
of I-Effect
its I-Effect
games I-Effect
via I-Effect
direct I-Effect
digital I-Effect
channels I-Effect
thus O
bypassing O
retailers O
, O
generating O
higher B-Effect
gross I-Effect
margins I-Effect
and O
improving O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

With O
switching B-Cause
costs I-Cause
negligible I-Cause
, O
Dollar B-Cause
General I-Cause
faces I-Cause
competition I-Cause
from I-Cause
a I-Cause
range I-Cause
of I-Cause
retailers I-Cause
, O
with O
digital B-Effect
sellers I-Effect
' I-Effect
increasing I-Effect
reach I-Effect
into I-Effect
less I-Effect
densely I-Effect
populated I-Effect
areas I-Effect
adding I-Effect
pressure I-Effect
to I-Effect
what I-Effect
had I-Effect
been I-Effect
a I-Effect
more I-Effect
protected I-Effect
store I-Effect
network I-Effect
. O

Long-term B-Cause
contracts I-Cause
that I-Cause
include I-Cause
both I-Cause
development I-Cause
and I-Cause
production I-Cause
as I-Cause
well I-Cause
as I-Cause
high I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
promote B-Effect
sticky I-Effect
market I-Effect
shares I-Effect
for I-Effect
Veoneer I-Effect
's I-Effect
products I-Effect
. O

In O
addition O
, O
these B-Cause
systems I-Cause
allow I-Cause
clients I-Cause
to I-Cause
input I-Cause
their I-Cause
own I-Cause
orders I-Cause
, O
freeing O
up O
about O
50 O
% O
of O
the O
salesforce O
's O
time O
so O
they B-Effect
can I-Effect
engage I-Effect
in I-Effect
more I-Effect
value-added I-Effect
activities I-Effect
, O
such O
as O
consultative B-Cause
selling I-Cause
to O
increase B-Effect
penetration I-Effect
of I-Effect
existing I-Effect
accounts I-Effect
or O
follow B-Cause
leads O
to O
secure B-Effect
new I-Effect
business I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
brine I-Cause
assets I-Cause
have I-Cause
a I-Cause
slightly I-Cause
lower I-Cause
lithium I-Cause
concentration I-Cause
and O
, O
therefore O
, O
a B-Effect
slightly I-Effect
higher I-Effect
unit I-Effect
cost I-Effect
than I-Effect
the I-Effect
top-tier I-Effect
brine I-Effect
assets I-Effect
in I-Effect
Chile I-Effect
. O

Hanes B-Cause
owns I-Cause
factories I-Cause
in I-Cause
Latin I-Cause
America I-Cause
and I-Cause
the I-Cause
Caribbean I-Cause
and I-Cause
can I-Cause
produce I-Cause
basic I-Cause
apparel I-Cause
at I-Cause
least I-Cause
as I-Cause
efficiently I-Cause
as I-Cause
others I-Cause
because I-Cause
it I-Cause
has I-Cause
the I-Cause
greatest I-Cause
volume. O
As O
such O
, O
Hanes B-Effect
' I-Effect
operating I-Effect
margins I-Effect
in I-Effect
innerwear I-Effect
are I-Effect
typically I-Effect
in I-Effect
the I-Effect
low I-Effect
20s I-Effect
, I-Effect
which I-Effect
is I-Effect
higher I-Effect
than I-Effect
the I-Effect
operating I-Effect
margins I-Effect
of I-Effect
some I-Effect
higher-priced I-Effect
branded I-Effect
apparel I-Effect
. O

Shareholders B-Cause
should I-Cause
keep I-Cause
a I-Cause
close I-Cause
watch I-Cause
on I-Cause
PSEG I-Cause
's I-Cause
venture I-Cause
into I-Cause
offshore I-Cause
wind I-Cause
, O
which O
could O
introduce B-Effect
financial I-Effect
and I-Effect
operational I-Effect
risk I-Effect
. O

ConocoPhillips B-Effect
also I-Effect
stands I-Effect
to I-Effect
benefit I-Effect
from I-Effect
Concho I-Effect
's I-Effect
expertise I-Effect
in I-Effect
the I-Effect
Permian I-Effect
while I-Effect
deriving I-Effect
$ I-Effect
500 I-Effect
million I-Effect
in I-Effect
annual I-Effect
synergies I-Effect
from I-Effect
the I-Effect
deal I-Effect
, O
primarily O
through O
cost B-Cause
reductions I-Cause
. O

In O
fact O
, O
during O
a O
downturn O
in O
new O
vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
, O
but O
then O
report B-Effect
lower I-Effect
operating I-Effect
margins I-Effect
due O
to O
SG B-Cause
& I-Cause
amp I-Cause
; I-Cause
A I-Cause
deleveraging I-Cause
. O

In O
total O
, O
the B-Cause
assets I-Cause
sales I-Cause
reduced I-Cause
ConocoPhillips I-Cause
' I-Cause
production I-Cause
about I-Cause
16 I-Cause
% I-Cause
from I-Cause
2014 I-Cause
, I-Cause
but I-Cause
divested I-Cause
volumes I-Cause
were I-Cause
largely I-Cause
natural I-Cause
gas I-Cause
, O
leaving O
higher-margin B-Effect
crude I-Effect
oil I-Effect
production I-Effect
at I-Effect
51 I-Effect
% I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
compared I-Effect
with I-Effect
39 I-Effect
% I-Effect
previously I-Effect
. O

In B-Cause
Belgium I-Cause
and I-Cause
Central I-Cause
Europe I-Cause
Orange I-Cause
owns I-Cause
very I-Cause
little I-Cause
fixed-line I-Cause
infrastructure I-Cause
so O
its B-Effect
ability I-Effect
to I-Effect
offer I-Effect
broadband I-Effect
and I-Effect
convergent I-Effect
services I-Effect
is I-Effect
more I-Effect
limited I-Effect
( O
in O
Belgium O
Orange O
has O
350,000 O
fixed O
accesses O
compared O
with O
2 O
million O
for O
Proximus O
or O
Telnet O
) O
. O

Intangible B-Cause
assets I-Cause
are I-Cause
evident I-Cause
in I-Cause
Neptune I-Cause
's I-Cause
ability I-Cause
to I-Cause
solve I-Cause
a I-Cause
customer I-Cause
pain I-Cause
points I-Cause
by I-Cause
making I-Cause
all I-Cause
its I-Cause
network I-Cause
meters I-Cause
backwards I-Cause
compatible I-Cause
with I-Cause
non-network I-Cause
meters I-Cause
, I-Cause
which I-Cause
according I-Cause
to I-Cause
management I-Cause
, I-Cause
gives I-Cause
Roper I-Cause
some I-Cause
pricing I-Cause
power. O
This O
has O
allowed O
utility B-Effect
customers I-Effect
to I-Effect
migrate I-Effect
to I-Effect
network I-Effect
meters I-Effect
over I-Effect
a I-Effect
series I-Effect
of I-Effect
years I-Effect
and I-Effect
has I-Effect
allowed I-Effect
customers I-Effect
to I-Effect
not I-Effect
have I-Effect
to I-Effect
either I-Effect
abandon I-Effect
their I-Effect
historical I-Effect
investment I-Effect
or I-Effect
incur I-Effect
the I-Effect
expense I-Effect
of I-Effect
unnecessary I-Effect
downtime I-Effect
from I-Effect
a I-Effect
large I-Effect
, I-Effect
one-time I-Effect
migrations I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
evidences I-Effect
switching I-Effect
costs I-Effect
. O

Although O
most O
dealerships O
are O
good O
businesses O
, O
we O
think O
the B-Effect
large I-Effect
publicly I-Effect
traded I-Effect
dealers I-Effect
are I-Effect
best I-Effect
positioned I-Effect
for I-Effect
growth I-Effect
going I-Effect
forward I-Effect
because O
these B-Cause
firms I-Cause
can I-Cause
be I-Cause
the I-Cause
most I-Cause
flexible I-Cause
in I-Cause
changing I-Cause
brand I-Cause
mix I-Cause
. O

Tesla O
's O
strategy O
is O
to O
maintain B-Cause
its I-Cause
market I-Cause
leader I-Cause
status I-Cause
as O
EVs B-Effect
grow I-Effect
from I-Effect
a I-Effect
niche I-Effect
auto I-Effect
market I-Effect
to I-Effect
reaching I-Effect
mass I-Effect
consumer I-Effect
adoption I-Effect
. O

Through B-Cause
its I-Cause
stake I-Cause
in I-Cause
CIBIL I-Cause
, I-Cause
TransUnion I-Cause
has I-Cause
a I-Cause
leading I-Cause
position I-Cause
in I-Cause
India I-Cause
, O
which O
we O
believe O
is O
one B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
largest I-Effect
opportunities I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

In O
short O
, O
we O
materially B-Cause
boost I-Cause
our I-Cause
revenue I-Cause
forecasts I-Cause
for I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
to O
give B-Cause
more I-Cause
credit I-Cause
for I-Cause
accelerating I-Cause
market I-Cause
share I-Cause
gains I-Cause
stemming I-Cause
from I-Cause
ample I-Cause
network I-Cause
capacity I-Cause
, O
and O
this O
also O
lifted B-Effect
our I-Effect
margin I-Effect
assumptions I-Effect
. O

For O
Vistar O
, O
organic B-Effect
volumes I-Effect
fell I-Effect
11 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
another I-Effect
2.5 I-Effect
% I-Effect
drop I-Effect
in I-Effect
2021 I-Effect
as O
movie B-Cause
theaters I-Cause
and I-Cause
entertainment I-Cause
arenas I-Cause
should I-Cause
be I-Cause
slower I-Cause
to I-Cause
recover I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

Both O
Visa B-Effect
and I-Effect
Mastercard I-Effect
have I-Effect
paid I-Effect
substantial I-Effect
fines I-Effect
historically I-Effect
related O
to O
the O
oligopolistic B-Cause
nature I-Cause
of I-Cause
the I-Cause
industry I-Cause
, O
and O
we O
see B-Effect
legal I-Effect
and I-Effect
regulatory I-Effect
risk I-Effect
as I-Effect
intrinsic I-Effect
to I-Effect
the I-Effect
business I-Effect
model I-Effect
, O
given O
merchants B-Cause
' I-Cause
desires I-Cause
to I-Cause
lower I-Cause
fees I-Cause
. O

In O
addition O
, O
we B-Effect
see I-Effect
certain I-Effect
switching I-Effect
costs I-Effect
for I-Effect
NetEase I-Effect
's I-Effect
partners I-Effect
, O
because O
all B-Cause
the I-Cause
licensed I-Cause
games I-Cause
are I-Cause
operated I-Cause
on I-Cause
NetEase I-Cause
's I-Cause
servers I-Cause
. O

Although O
FireEye O
's O
platform O
does O
not O
have O
the O
breadth O
of O
its O
rivals O
, O
we O
find O
value B-Cause
in I-Cause
FireEye I-Cause
being O
able O
to O
offer B-Effect
leading I-Effect
services I-Effect
with I-Effect
its I-Effect
subscriptions I-Effect
. O

On O
a O
standalone O
basis O
, O
we O
foresee O
healthy O
long-term O
revenue O
growth O
for O
Maxim O
in O
certain O
end O
markets O
, O
such O
as O
the O
automotive O
and O
industrial O
sectors O
, O
but O
perhaps O
with O
lesser O
growth B-Effect
out I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
consumer I-Effect
business I-Effect
as O
it O
continues O
to O
reduce B-Cause
its I-Cause
dependence I-Cause
on I-Cause
Samsung I-Cause
, O
a O
former O
large O
customer O
. O

But O
successful B-Cause
efficiency I-Cause
efforts I-Cause
and I-Cause
growth I-Cause
in I-Cause
its I-Cause
longer-haul I-Cause
cross-border I-Cause
Mexico I-Cause
franchise I-Cause
enabled O
it B-Effect
to I-Effect
gradually I-Effect
bolster I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
, I-Effect
improve I-Effect
free I-Effect
cash I-Effect
flow I-Effect
, I-Effect
and I-Effect
bring I-Effect
margins I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
. O

We B-Cause
expect I-Cause
COVID-19 I-Cause
to I-Cause
have I-Cause
a I-Cause
material I-Cause
impact I-Cause
on I-Cause
InterContinental I-Cause
's I-Cause
demand I-Cause
and O
estimate B-Effect
its I-Effect
revPAR I-Effect
to I-Effect
decline I-Effect
50 I-Effect
% I-Effect
this I-Effect
year I-Effect
. O

Additionally O
, O
on O
the O
cost O
advantage O
front O
, O
we O
believe O
Centene B-Cause
's I-Cause
significant I-Cause
scale I-Cause
, I-Cause
efficient I-Cause
operations I-Cause
, I-Cause
and I-Cause
effective I-Cause
programs I-Cause
for I-Cause
the I-Cause
Medicaid I-Cause
population I-Cause
give O
it B-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
other I-Effect
private I-Effect
health I-Effect
insurers I-Effect
that I-Effect
offer I-Effect
Medicaid I-Effect
plans I-Effect
, O
too O
, O
which O
contributes O
to O
its O
market-leading O
position O
in O
the O
Medicaid O
managed-care O
business O
, O
in O
our O
opinion O
. O

After B-Cause
taking I-Cause
a I-Cause
fresh I-Cause
look I-Cause
at I-Cause
our I-Cause
key I-Cause
valuation I-Cause
assumptions I-Cause
following I-Cause
Wesco I-Cause
's I-Cause
fourth-quarter I-Cause
2020 I-Cause
earnings I-Cause
release I-Cause
and I-Cause
its I-Cause
10-K I-Cause
filing I-Cause
, O
we B-Effect
've I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
7 I-Effect
% I-Effect
to I-Effect
$ I-Effect
107 I-Effect
per I-Effect
share I-Effect
. O

Hospital B-Cause
reimbursement I-Cause
from I-Cause
Medicare I-Cause
and I-Cause
insurers I-Cause
has I-Cause
been I-Cause
pressured I-Cause
for I-Cause
many I-Cause
years I-Cause
, O
which O
has O
squeezed B-Effect
hospitals I-Effect
margins I-Effect
which I-Effect
try I-Effect
to I-Effect
pass I-Effect
these I-Effect
pressures I-Effect
on I-Effect
to I-Effect
its I-Effect
suppliers I-Effect
. O

The B-Cause
ability I-Cause
to I-Cause
influence I-Cause
distributors I-Cause
' I-Cause
routes I-Cause
, I-Cause
product I-Cause
assortment I-Cause
, I-Cause
and I-Cause
product I-Cause
ramps I-Cause
gives O
a B-Effect
competitive I-Effect
edge I-Effect
to I-Effect
brewers I-Effect
with I-Effect
outsize I-Effect
volumes I-Effect
. I-Effect

Regardless O
, O
given O
that O
Alcoa B-Cause
is I-Cause
beholden I-Cause
to I-Cause
the I-Cause
aluminum I-Cause
commodity I-Cause
cycle O
, O
we O
believe O
a B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
appropriate I-Effect
. O

Additionally O
, O
the B-Cause
concentration I-Cause
of I-Cause
the I-Cause
Essex I-Cause
portfolio I-Cause
in I-Cause
tech-oriented I-Cause
West I-Cause
Coast I-Cause
markets I-Cause
leaves O
it O
exposed O
to O
the B-Cause
risk I-Cause
of I-Cause
a I-Cause
downturn I-Cause
and O
a O
resulting O
job/income B-Effect
loss I-Effect
in I-Effect
the I-Effect
technology I-Effect
sector I-Effect
. O

Despite O
declining O
automotive O
revenue O
, O
we O
think O
that O
the B-Cause
company I-Cause
's I-Cause
aviation I-Cause
, I-Cause
marine I-Cause
, I-Cause
outdoor I-Cause
, I-Cause
and I-Cause
fitness I-Cause
segments I-Cause
will I-Cause
all I-Cause
grow I-Cause
, O
resulting O
in O
a B-Effect
five-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
8 I-Effect
% I-Effect
for I-Effect
the I-Effect
firm I-Effect
as I-Effect
a I-Effect
whole I-Effect
. O

We O
believe O
Gildan B-Effect
has I-Effect
suffered I-Effect
market I-Effect
share I-Effect
losses I-Effect
to I-Effect
private-label I-Effect
brands I-Effect
, I-Effect
especially I-Effect
in I-Effect
socks I-Effect
, O
as O
its B-Cause
annual I-Cause
hosiery I-Cause
and I-Cause
underwear I-Cause
sales I-Cause
have I-Cause
declined I-Cause
by I-Cause
over I-Cause
$ I-Cause
200 I-Cause
million I-Cause
over I-Cause
the I-Cause
past I-Cause
three I-Cause
years I-Cause
. O

Aside O
from O
the B-Cause
secular I-Cause
decline I-Cause
in I-Cause
commodity I-Cause
prices I-Cause
, O
the B-Effect
erosion I-Effect
of I-Effect
Exxon I-Effect
's I-Effect
returns I-Effect
is O
largely O
attributable O
to O
its B-Cause
pursuit I-Cause
of I-Cause
production I-Cause
volume I-Cause
growth I-Cause
during I-Cause
the I-Cause
last I-Cause
decade I-Cause
or I-Cause
so I-Cause
through I-Cause
acquisitions I-Cause
and I-Cause
investment I-Cause
in I-Cause
higher-cost I-Cause
assets I-Cause
like I-Cause
oil I-Cause
sands I-Cause
. O

Segment B-Cause
operating I-Cause
margins I-Cause
, I-Cause
moreover I-Cause
, I-Cause
are I-Cause
nearly I-Cause
2.5 I-Cause
times I-Cause
that I-Cause
of I-Cause
comparable I-Cause
peers I-Cause
, I-Cause
which I-Cause
we I-Cause
partially I-Cause
attribute I-Cause
to I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, O
giving B-Effect
ITW I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
Hi-Cone I-Effect
's I-Effect
business I-Effect
. I-Effect

This B-Cause
level I-Cause
of I-Cause
brand-development I-Cause
expenditure I-Cause
creates I-Cause
a I-Cause
virtuous I-Cause
cycle I-Cause
for I-Cause
the I-Cause
larger I-Cause
players I-Cause
because I-Cause
higher I-Cause
spending I-Cause
on I-Cause
marketing I-Cause
, I-Cause
line I-Cause
extensions I-Cause
, I-Cause
and I-Cause
continuous I-Cause
investment I-Cause
in I-Cause
innovation I-Cause
can I-Cause
drive I-Cause
volume I-Cause
and I-Cause
category I-Cause
growth I-Cause
, I-Cause
assuming I-Cause
execution I-Cause
is I-Cause
effective. O
This O
makes B-Effect
the I-Effect
products I-Effect
more I-Effect
appealing I-Effect
to I-Effect
distributors I-Effect
and I-Effect
retailers I-Effect
, I-Effect
and I-Effect
in I-Effect
turn I-Effect
makes I-Effect
them I-Effect
more I-Effect
likely I-Effect
to I-Effect
win I-Effect
shelf I-Effect
space I-Effect
. O

There O
is O
therefore O
some O
concentration O
risk O
to O
a O
downturn O
in O
the O
Dutch O
property O
market O
, O
although O
the B-Cause
government I-Cause
backed I-Cause
guarantee I-Cause
of I-Cause
smaller I-Cause
mortgages I-Cause
does B-Effect
shield I-Effect
a I-Effect
meaningful I-Effect
portion I-Effect
of I-Effect
ING I-Effect
's I-Effect
mortgage I-Effect
book I-Effect
from I-Effect
credit I-Effect
risk I-Effect
. O

This O
is O
200 O
basis O
points O
above O
the O
9 O
% O
rate O
of O
return O
we O
expect O
investors B-Effect
to I-Effect
demand I-Effect
of I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
and I-Effect
reflects O
Fiat B-Cause
Chrysler I-Cause
's I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
, I-Cause
financial I-Cause
leverage I-Cause
, I-Cause
and I-Cause
comparatively I-Cause
lower I-Cause
operating I-Cause
performance I-Cause
than I-Cause
some I-Cause
automotive I-Cause
manufacturers I-Cause
. O

Without B-Effect
new I-Effect
major I-Effect
acquisitions I-Effect
, I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
Nexstar I-Effect
will I-Effect
be I-Effect
lumpy I-Effect
moving I-Effect
forward I-Effect
because O
of O
the B-Cause
even-year I-Cause
impact I-Cause
of I-Cause
elections I-Cause
and I-Cause
Olympic I-Cause
games I-Cause
on I-Cause
ad I-Cause
revenue I-Cause
growth I-Cause
. O

However O
, O
after O
hiring B-Cause
the I-Cause
firm I-Cause
for I-Cause
a I-Cause
short-term I-Cause
contract I-Cause
, O
the B-Effect
client I-Effect
firm I-Effect
may I-Effect
be I-Effect
more I-Effect
inclined I-Effect
to I-Effect
continue I-Effect
with I-Effect
the I-Effect
same I-Effect
firm I-Effect
for I-Effect
a I-Effect
longer I-Effect
contract I-Effect
. O

To O
improve B-Cause
small I-Cause
and I-Cause
medium-size I-Cause
enterprise I-Cause
, O
or O
SME O
, O
ad O
revenue O
, B-Effect
Weibo I-Effect
is I-Effect
expanding I-Effect
into I-Effect
untapped I-Effect
verticals I-Effect
and I-Effect
faster-growing I-Effect
verticals I-Effect
such O
as O
Taobao O
merchants O
, O
online O
education O
and O
online O
gaming O
by O
restructuring O
its O
sales O
team O
since O
2019 O
. O

A B-Cause
price I-Cause
increase I-Cause
of I-Cause
about I-Cause
33 I-Cause
% I-Cause
for I-Cause
maintenance I-Cause
contracts I-Cause
has I-Cause
been I-Cause
put I-Cause
in I-Cause
place I-Cause
as O
well O
, O
which O
should O
support B-Effect
revenue I-Effect
in I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Robotic B-Cause
surgery I-Cause
's I-Cause
acceptance I-Cause
in I-Cause
most I-Cause
of I-Cause
the I-Cause
developed I-Cause
world I-Cause
is I-Cause
significantly I-Cause
lower I-Cause
than I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
and I-Cause
in I-Cause
the I-Cause
absence I-Cause
of I-Cause
formidable I-Cause
competitors I-Cause
( I-Cause
up I-Cause
until I-Cause
recently I-Cause
) I-Cause
, O
Intuitive B-Effect
Surgical I-Effect
should I-Effect
continue I-Effect
to I-Effect
dominate I-Effect
the I-Effect
robotic I-Effect
surgery I-Effect
arena I-Effect
. O

Lastly O
, O
Merck B-Effect
's I-Effect
strong I-Effect
entrenchment I-Effect
in I-Effect
vaccines I-Effect
adds I-Effect
a I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
protection I-Effect
from I-Effect
intellectual I-Effect
property I-Effect
and I-Effect
cost I-Effect
advantages I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
large-scale I-Cause
production I-Cause
enables I-Cause
a I-Cause
lower I-Cause
cost I-Cause
base I-Cause
, O
which O
can O
be O
more O
important O
in O
the O
vaccine O
market O
. O

We O
also O
highlight O
that O
in O
2011 O
, O
the O
year O
of O
the O
Fukushima O
nuclear O
disaster O
, O
EIG B-Cause
's I-Cause
sales I-Cause
of I-Cause
radiation I-Cause
detection I-Cause
equipment I-Cause
saw I-Cause
an I-Cause
appreciable I-Cause
spike I-Cause
, O
which O
we O
believe O
helped O
drive O
segment B-Effect
organic I-Effect
sales I-Effect
growth I-Effect
to I-Effect
record I-Effect
highs I-Effect
on I-Effect
a I-Effect
year-over-year I-Effect
basis I-Effect
( I-Effect
over I-Effect
17 I-Effect
% I-Effect
) I-Effect
. O

The O
company B-Cause
has I-Cause
shifted I-Cause
to I-Cause
a I-Cause
lighter I-Cause
land I-Cause
acquisition I-Cause
strategy I-Cause
, O
which O
seeks B-Effect
to I-Effect
reduce B-Cause
the I-Cause
amount I-Cause
of I-Cause
capital I-Cause
tied I-Cause
up I-Cause
in I-Cause
land I-Cause
by I-Cause
purchasing I-Cause
smaller I-Cause
land I-Cause
parcels I-Cause
and I-Cause
relying I-Cause
more I-Cause
on I-Cause
land I-Cause
options I-Cause
to O
acquire B-Effect
land I-Effect
on I-Effect
a I-Effect
just-in-time I-Effect
basis I-Effect
. O

Extra O
Space O
also O
continues O
to O
expand O
into O
third-party O
management O
operations O
, O
which O
requires B-Effect
third-party I-Effect
operators I-Effect
to I-Effect
transform I-Effect
their I-Effect
facilities I-Effect
to B-Cause
aesthetically I-Cause
match I-Cause
Extra I-Cause
Space-owned I-Cause
facilities I-Cause
. O

After O
years O
of O
being O
the O
darling O
of O
the O
consumer O
staples O
large O
caps O
, O
Reckitt B-Cause
Benckiser I-Cause
Group I-Cause
has I-Cause
hit I-Cause
several I-Cause
roadbumps I-Cause
and O
new B-Effect
management I-Effect
has I-Effect
set I-Effect
a I-Effect
path I-Effect
to I-Effect
return I-Effect
to I-Effect
profitable I-Effect
growth I-Effect
. O

We O
believe O
RingCentral B-Effect
benefits I-Effect
from I-Effect
robust I-Effect
switching I-Effect
costs I-Effect
, O
as O
evidenced O
by O
the B-Cause
growing I-Cause
importance I-Cause
of I-Cause
UCaaS I-Cause
in I-Cause
business I-Cause
communications I-Cause
( I-Cause
exacerbated I-Cause
by I-Cause
COVID-19 I-Cause
) I-Cause
, I-Cause
a I-Cause
strong I-Cause
recurring I-Cause
revenue I-Cause
stream I-Cause
, I-Cause
and I-Cause
solid I-Cause
user I-Cause
metrics I-Cause
. O

We B-Effect
view I-Effect
Graco I-Effect
as I-Effect
a I-Effect
GDP-plus I-Effect
business I-Effect
, I-Effect
with B-Cause
the I-Cause
firm I-Cause
's I-Cause
commitment I-Cause
to I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
continuous I-Cause
innovation I-Cause
driving I-Cause
sales I-Cause
growth I-Cause
slightly I-Cause
above I-Cause
the I-Cause
average I-Cause
industrial I-Cause
production I-Cause
growth I-Cause
rate I-Cause
through I-Cause
new I-Cause
product I-Cause
introductions I-Cause
, I-Cause
expansion I-Cause
into I-Cause
adjacent I-Cause
markets I-Cause
, I-Cause
and I-Cause
market I-Cause
share I-Cause
gains I-Cause
. O

Once O
customers B-Cause
decide I-Cause
to I-Cause
outsource I-Cause
these I-Cause
services I-Cause
and I-Cause
shed I-Cause
their I-Cause
associated I-Cause
resource I-Cause
cost I-Cause
, O
they B-Effect
may I-Effect
be I-Effect
less I-Effect
likely I-Effect
to I-Effect
build I-Effect
these I-Effect
capabilities I-Effect
back I-Effect
up I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

CP O
could O
still O
make O
a O
counteroffer O
, O
but O
either O
way O
, O
this O
is O
a B-Effect
positive I-Effect
development I-Effect
for I-Effect
KCS I-Effect
shareholders I-Effect
, O
given O
the B-Cause
generous I-Cause
offer I-Cause
price I-Cause
. O

Also O
, O
we O
believe O
there O
will O
be O
a B-Cause
plethora I-Cause
of I-Cause
scenarios I-Cause
, I-Cause
where I-Cause
purchases I-Cause
are I-Cause
impromptu I-Cause
and I-Cause
the I-Cause
immediacy I-Cause
of I-Cause
the I-Cause
need I-Cause
is I-Cause
high I-Cause
, O
that O
will O
continue O
to O
be O
conducive O
to O
physical B-Effect
purchases I-Effect
. O

We B-Effect
expect I-Effect
mid- I-Effect
to I-Effect
high-single-digit I-Effect
growth I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
mobile I-Effect
device I-Effect
segment I-Effect
, I-Effect
exceeding I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
4 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
growth I-Effect
, O
as O
NFC B-Cause
and I-Cause
UWB I-Cause
solutions I-Cause
become I-Cause
more I-Cause
ubiquitous I-Cause
for I-Cause
payments I-Cause
and I-Cause
secure I-Cause
access I-Cause
. O

Premium B-Cause
, I-Cause
high-margin I-Cause
product I-Cause
features I-Cause
that I-Cause
mitigate I-Cause
risk I-Cause
and I-Cause
contain I-Cause
labor I-Cause
costs I-Cause
should O
foster B-Effect
meaningful I-Effect
economic I-Effect
profits I-Effect
. O

We O
further O
believe O
the B-Cause
proliferation I-Cause
of I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, I-Cause
and I-Cause
the I-Cause
increasing I-Cause
data I-Cause
demands I-Cause
of I-Cause
those I-Cause
products I-Cause
, O
will O
keep B-Effect
sales I-Effect
for I-Effect
components I-Effect
within I-Effect
mobile I-Effect
devices I-Effect
and I-Effect
broadband I-Effect
communications I-Effect
sectors I-Effect
ticking I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
competitive I-Effect
position I-Effect
was I-Effect
bolstered I-Effect
over I-Effect
a I-Effect
decade I-Effect
ago I-Effect
with O
the B-Cause
discovery I-Cause
of I-Cause
significant I-Cause
oil I-Cause
and I-Cause
gas I-Cause
resources I-Cause
under I-Cause
a I-Cause
salt I-Cause
layer I-Cause
( I-Cause
presalt I-Cause
) I-Cause
in I-Cause
existing I-Cause
offshore I-Cause
concessions I-Cause
. O

If O
a B-Effect
pay-television I-Effect
distributor I-Effect
like I-Effect
Comcast I-Effect
or I-Effect
Dish I-Effect
Network I-Effect
wants I-Effect
to I-Effect
carry I-Effect
one I-Effect
of I-Effect
the I-Effect
four I-Effect
broadcast I-Effect
networks I-Effect
in I-Effect
a I-Effect
specific I-Effect
market I-Effect
, O
the B-Cause
distributor I-Cause
must I-Cause
retransmit I-Cause
the I-Cause
local I-Cause
station I-Cause
feed I-Cause
for I-Cause
that I-Cause
market I-Cause
. O

We O
expect O
a B-Effect
high-70 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
industry I-Effect
Macau I-Effect
gaming I-Effect
revenue I-Effect
( O
mid-50 O
% O
decline O
prior O
) O
, O
as O
quarantine B-Cause
restrictions I-Cause
have I-Cause
remained I-Cause
in I-Cause
place I-Cause
longer I-Cause
than I-Cause
previously I-Cause
expected I-Cause
. O

This O
strategy O
is O
aimed B-Cause
at I-Cause
ensuring I-Cause
the I-Cause
software I-Cause
provides I-Cause
appreciable I-Cause
value I-Cause
and I-Cause
that I-Cause
the I-Cause
customer I-Cause
becomes I-Cause
self-sufficient I-Cause
with I-Cause
the I-Cause
software I-Cause
, O
which O
we O
believe O
helps B-Effect
lock I-Effect
the I-Effect
customer I-Effect
into I-Effect
the I-Effect
ecosystem I-Effect
. O

Second O
, O
the B-Cause
shelter-in-place I-Cause
orders I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
caused O
massive B-Effect
layoffs I-Effect
, O
and O
if O
those B-Cause
unemployed I-Cause
people I-Cause
lose I-Cause
their I-Cause
health I-Cause
insurance I-Cause
for I-Cause
a I-Cause
sustained I-Cause
period I-Cause
, O
the B-Effect
employer-based I-Effect
insurance I-Effect
rolls I-Effect
could I-Effect
fall I-Effect
more I-Effect
than I-Effect
expected I-Effect
. O

McDonald O
's O
mobile O
application O
, O
anticipated O
loyalty O
program O
launch O
, O
and O
recent O
acquisition O
activity O
are O
steps O
in O
the O
right O
direction O
, O
with O
customization B-Cause
, I-Cause
targeted I-Cause
promotions I-Cause
, I-Cause
and I-Cause
increased I-Cause
penetration I-Cause
of I-Cause
the I-Cause
delivery I-Cause
channel I-Cause
offering I-Cause
opportunities I-Cause
to I-Cause
the I-Cause
operators I-Cause
able O
to O
get B-Effect
ahead I-Effect
of I-Effect
the I-Effect
curve I-Effect
. O

With O
deep B-Cause
institutional I-Cause
relationships I-Cause
in I-Cause
academia I-Cause
, O
we O
believe O
Wiley B-Effect
is I-Effect
poised I-Effect
for I-Effect
outsize I-Effect
growth I-Effect
, I-Effect
featuring I-Effect
differentiated I-Effect
products I-Effect
delivered O
based O
on O
multiyear O
contracts O
. O

Grameenphone/Telenor B-Effect
's I-Effect
profitability I-Effect
is I-Effect
ahead I-Effect
of I-Effect
the I-Effect
competition I-Effect
, O
and O
we O
attribute O
this O
performance O
to O
the B-Cause
firm I-Cause
's I-Cause
large I-Cause
size I-Cause
relative I-Cause
to I-Cause
its I-Cause
closest I-Cause
peers I-Cause
( O
Grameenphone O
's O
subscriber O
base O
is O
50 O
% O
larger O
than O
the O
second O
market O
player O
's O
subscriber O
base O
) O
. O

Perhaps O
the O
greatest O
risk O
is O
the O
scarcity O
of O
experienced O
analog O
talent O
within O
the O
industry O
, O
but O
ADI B-Cause
's I-Cause
inorganic I-Cause
expansion I-Cause
has O
enabled O
the B-Effect
firm I-Effect
to I-Effect
acquire I-Effect
talent I-Effect
and I-Effect
reduced I-Effect
this I-Effect
risk I-Effect
, O
in O
our O
view O
. O

We B-Effect
believe I-Effect
Agco I-Effect
faces I-Effect
little I-Effect
risk I-Effect
on I-Effect
this I-Effect
front I-Effect
, O
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
evolve I-Cause
the I-Cause
sustainability I-Cause
of I-Cause
its I-Cause
products I-Cause
and I-Cause
its I-Cause
impact I-Cause
on I-Cause
the I-Cause
environment I-Cause
. O

We O
expect O
Nokia B-Effect
's I-Effect
technology I-Effect
business I-Effect
, I-Effect
with I-Effect
its I-Effect
stellar I-Effect
operating I-Effect
margins I-Effect
, I-Effect
to I-Effect
expand I-Effect
moderately I-Effect
as O
a O
result O
of O
licensing B-Cause
agreements I-Cause
with I-Cause
major I-Cause
5G I-Cause
phone I-Cause
manufacturers I-Cause
, I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
industries I-Cause
signing I-Cause
5G I-Cause
licensing I-Cause
deals I-Cause
, I-Cause
and I-Cause
by I-Cause
profiting I-Cause
from I-Cause
Nokia-branded I-Cause
smartphone I-Cause
royalties I-Cause
. O

Overall B-Cause
, I-Cause
RingCentral I-Cause
's I-Cause
healthy I-Cause
user I-Cause
metrics I-Cause
with I-Cause
a I-Cause
strong I-Cause
predictable I-Cause
revenue I-Cause
stream I-Cause
, I-Cause
high I-Cause
retention I-Cause
, O
and O
increasing B-Effect
enterprise I-Effect
adoption I-Effect
point I-Effect
toward I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Each O
year O
, O
there B-Effect
is I-Effect
a I-Effect
certain I-Effect
price I-Effect
cap I-Effect
for I-Effect
vehicles I-Effect
to I-Effect
be I-Effect
included I-Effect
so O
that O
high-end B-Cause
and I-Cause
exotic I-Cause
sports I-Cause
cars I-Cause
are I-Cause
excluded I-Cause
. O

Gas B-Effect
is I-Effect
likely I-Effect
to I-Effect
have I-Effect
an I-Effect
even I-Effect
longer I-Effect
life I-Effect
thanks O
to O
the B-Cause
attractiveness I-Cause
of I-Cause
its I-Cause
emission I-Cause
intensity I-Cause
relative I-Cause
to I-Cause
coal I-Cause
for I-Cause
power I-Cause
generation I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
supplement I-Cause
intermittent I-Cause
renewable I-Cause
power I-Cause
. O

We O
expect O
the B-Cause
transition I-Cause
toward I-Cause
high-speed I-Cause
rail I-Cause
in I-Cause
China I-Cause
will O
further B-Effect
be I-Effect
a I-Effect
boon I-Effect
to I-Effect
the I-Effect
numerator I-Effect
in I-Effect
MT I-Effect
's I-Effect
segment-level I-Effect
ROICs I-Effect
, O
where O
ITT O
consistently O
reports O
taking O
significant O
share O
. O

Combining B-Cause
two I-Cause
very I-Cause
large I-Cause
firms I-Cause
with I-Cause
vastly I-Cause
different I-Cause
cultures I-Cause
, I-Cause
different I-Cause
networks I-Cause
, I-Cause
and I-Cause
different I-Cause
approaches I-Cause
to I-Cause
the I-Cause
network I-Cause
without I-Cause
alienating I-Cause
a I-Cause
significant I-Cause
number I-Cause
of I-Cause
customers I-Cause
could O
prove B-Effect
very I-Effect
challenging I-Effect
. O

We B-Effect
think I-Effect
GM I-Effect
's I-Effect
earnings I-Effect
potential I-Effect
is I-Effect
excellent I-Effect
because O
the B-Cause
company I-Cause
has I-Cause
a I-Cause
healthy I-Cause
North I-Cause
American I-Cause
unit I-Cause
and I-Cause
a I-Cause
nearly I-Cause
mature I-Cause
finance I-Cause
arm I-Cause
with I-Cause
GM I-Cause
Financial I-Cause
. O

Overall O
, O
we O
think O
intangible B-Cause
asset I-Cause
and I-Cause
switching I-Cause
cost I-Cause
advantages I-Cause
associated I-Cause
with I-Cause
its I-Cause
highly I-Cause
specialized I-Cause
analytical I-Cause
instruments I-Cause
create B-Effect
the I-Effect
very I-Effect
stable I-Effect
market I-Effect
shares I-Effect
that I-Effect
Agilent I-Effect
enjoys I-Effect
even I-Effect
in I-Effect
these I-Effect
less-regulated I-Effect
end I-Effect
markets I-Effect
. O

Oneok B-Effect
experienced I-Effect
more I-Effect
volume I-Effect
volatility I-Effect
than I-Effect
peers I-Effect
in I-Effect
2020 I-Effect
, O
as O
natural B-Cause
gas I-Cause
liquids I-Cause
volumes I-Cause
in I-Cause
the I-Cause
Rockies I-Cause
fell I-Cause
more I-Cause
than I-Cause
20 I-Cause
% I-Cause
sequentially I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
but O
recovered O
to O
well O
above O
pre-COVID-19 O
levels O
by O
the O
end O
of O
the O
year O
. O

In O
a O
recession B-Cause
, O
investors B-Effect
may I-Effect
not I-Effect
want I-Effect
to I-Effect
hold I-Effect
the I-Effect
stock I-Effect
of O
a B-Cause
firm I-Cause
whose I-Cause
story I-Cause
will I-Cause
not I-Cause
play I-Cause
out I-Cause
until I-Cause
next I-Cause
decade I-Cause
, O
or O
Tesla B-Effect
could I-Effect
fail I-Effect
to I-Effect
raise I-Effect
capital I-Effect
when I-Effect
it I-Effect
needs I-Effect
it I-Effect
. O

We O
think O
Square O
's O
business O
model O
, O
characterized B-Cause
by I-Cause
efficient I-Cause
client I-Cause
onboarding I-Cause
, I-Cause
innovative I-Cause
point-of-sale I-Cause
devices I-Cause
, I-Cause
flat I-Cause
fees I-Cause
, I-Cause
and I-Cause
an I-Cause
internally I-Cause
developed I-Cause
and I-Cause
integrated I-Cause
set I-Cause
of I-Cause
software I-Cause
solutions I-Cause
, O
allows O
the B-Effect
company I-Effect
to I-Effect
reach I-Effect
and I-Effect
retain I-Effect
micro I-Effect
merchants I-Effect
that I-Effect
are I-Effect
unviable I-Effect
for I-Effect
other I-Effect
acquirers I-Effect
. O

In O
the O
next O
five O
years O
, O
we B-Effect
expect I-Effect
Weibo I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
increase I-Effect
with O
the B-Cause
rapid I-Cause
monetization I-Cause
of I-Cause
Weibo I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
. O

To B-Effect
generate I-Effect
high I-Effect
, I-Effect
growing I-Effect
rents I-Effect
, O
a B-Cause
residential I-Cause
property I-Cause
would I-Cause
have I-Cause
to I-Cause
be I-Cause
located I-Cause
in I-Cause
a I-Cause
market I-Cause
with I-Cause
very I-Cause
strong I-Cause
demographics I-Cause
to I-Cause
support I-Cause
the I-Cause
rent I-Cause
and I-Cause
high I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
. O

A B-Effect
cost-effective I-Effect
battery I-Effect
storage I-Effect
and I-Effect
renewable I-Effect
energy I-Effect
combination I-Effect
providing I-Effect
similar I-Effect
around-the-clock I-Effect
capacity I-Effect
benefits I-Effect
as O
geothermal B-Cause
poses I-Cause
a I-Cause
long-term I-Cause
risk I-Cause
for I-Cause
Ormat I-Cause
. O

Still O
, O
with B-Cause
a I-Cause
more I-Cause
aligned I-Cause
and I-Cause
technologically I-Cause
capable I-Cause
distribution I-Cause
system I-Cause
, I-Cause
digitization I-Cause
initiatives I-Cause
to I-Cause
drive I-Cause
engagement I-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
vast I-Cause
financial I-Cause
resources I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
more I-Effect
than I-Effect
equipped I-Effect
to I-Effect
defend I-Effect
its I-Effect
turf I-Effect
. O

The B-Cause
lower I-Cause
infrastructure I-Cause
investment I-Cause
, O
driving O
a B-Effect
reduction I-Effect
in I-Effect
our I-Effect
estimated I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
, O
was O
the O
primary O
reason O
for O
the B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
cut I-Effect
. O

Consequently O
, O
we O
think O
fiscal B-Effect
2021 I-Effect
revenue I-Effect
will I-Effect
be I-Effect
up I-Effect
nearly I-Effect
20 I-Effect
% I-Effect
thanks O
to O
improved B-Cause
DRAM I-Cause
pricing I-Cause
as I-Cause
well I-Cause
as I-Cause
greater I-Cause
memory I-Cause
and I-Cause
storage I-Cause
requirements I-Cause
across I-Cause
servers I-Cause
, I-Cause
smartphones I-Cause
, I-Cause
game I-Cause
consoles I-Cause
, I-Cause
and I-Cause
new I-Cause
opportunities I-Cause
for I-Cause
Micron I-Cause
such O
as O
embedded O
DRAM O
in O
automotive O
. O

ARM-based O
chips O
( O
the O
primary O
competition O
for O
x86-based O
chips O
) O
have O
proliferated O
mobile O
computing O
, O
including O
nearly O
every O
smartphone O
and O
tablet O
, O
but O
have O
had O
very O
little O
success B-Effect
in I-Effect
displacing I-Effect
x86 I-Effect
in I-Effect
PCs I-Effect
and I-Effect
server I-Effect
( I-Effect
until I-Effect
very I-Effect
recently I-Effect
) I-Effect
due O
to O
the B-Cause
costs I-Cause
of I-Cause
rewriting I-Cause
software I-Cause
and I-Cause
lack I-Cause
of I-Cause
sufficient I-Cause
performance I-Cause
. O

Even O
though O
secularly O
challenged O
mainstream O
categories O
should O
continue O
to O
weigh O
disproportionately O
on O
the O
portfolio O
, O
we O
see O
increasing B-Effect
contributions I-Effect
from I-Effect
above-premium I-Effect
( O
particularly O
hard O
seltzer O
) O
as O
the B-Cause
world I-Cause
returns I-Cause
to I-Cause
normal I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

New B-Cause
York I-Cause
's I-Cause
rate I-Cause
decoupling I-Cause
framework I-Cause
, O
originally O
for O
the O
impact O
of O
weather O
and O
energy O
efficiency O
, O
is O
shielding B-Effect
New I-Effect
York I-Effect
utilities I-Effect
from I-Effect
the I-Effect
decline I-Effect
in I-Effect
electricity I-Effect
demand I-Effect
related I-Effect
to I-Effect
COVID-19 I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
comprehensive I-Cause
data I-Cause
set I-Cause
of I-Cause
de-identified I-Cause
patient I-Cause
records I-Cause
and I-Cause
script I-Cause
data I-Cause
enhances B-Effect
its I-Effect
ability I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
healthcare I-Effect
customers I-Effect
throughout I-Effect
the I-Effect
life I-Effect
cycle I-Effect
of I-Effect
a I-Effect
drug I-Effect
product I-Effect
. O

A B-Effect
high I-Effect
cost I-Effect
of I-Effect
failure I-Effect
in I-Effect
some I-Effect
of I-Effect
Parker I-Effect
's I-Effect
end I-Effect
markets I-Effect
could I-Effect
translate I-Effect
to I-Effect
thousands I-Effect
of I-Effect
dollars I-Effect
per I-Effect
minute I-Effect
of I-Effect
downtime I-Effect
if O
an B-Cause
offshore I-Cause
seal I-Cause
fails I-Cause
in I-Cause
the I-Cause
oil I-Cause
and I-Cause
gas I-Cause
industry I-Cause
, I-Cause
at I-Cause
best I-Cause
. O

We O
think O
switching B-Effect
costs I-Effect
in I-Effect
the I-Effect
Canadian I-Effect
system I-Effect
are O
driven O
by O
a B-Cause
tightly I-Cause
regulated I-Cause
oligopolistic I-Cause
market I-Cause
structure I-Cause
that O
limits B-Effect
excess I-Effect
competition I-Effect
, I-Effect
stabilizing I-Effect
product I-Effect
pricing I-Effect
and I-Effect
giving I-Effect
customers I-Effect
less I-Effect
incentive I-Effect
to I-Effect
switch I-Effect
banks I-Effect
. O

As O
the B-Effect
contract I-Effect
structure I-Effect
essentially I-Effect
grants I-Effect
a I-Effect
monopoly I-Effect
on I-Effect
the I-Effect
product I-Effect
once B-Cause
the I-Cause
product I-Cause
is I-Cause
granted I-Cause
, O
we O
also O
see O
some B-Effect
modest I-Effect
switching I-Effect
costs I-Effect
stemming O
from O
a B-Cause
lack I-Cause
of I-Cause
viable I-Cause
alternatives I-Cause
, O
but O
this O
is O
partially O
mitigated O
by O
the B-Cause
government I-Cause
's I-Cause
right I-Cause
to I-Cause
license I-Cause
patents I-Cause
to I-Cause
third I-Cause
parties I-Cause
. O

In O
an O
effort O
to O
become B-Effect
an I-Effect
as-a-service I-Effect
company I-Effect
, O
solutions B-Cause
like I-Cause
HPE I-Cause
GreenLake I-Cause
give I-Cause
enterprises I-Cause
a I-Cause
pay-per-usage I-Cause
business I-Cause
model I-Cause
for I-Cause
on-premises I-Cause
and I-Cause
private I-Cause
clouds I-Cause
. O

Given O
the B-Cause
limited I-Cause
need I-Cause
for I-Cause
capital I-Cause
in I-Cause
retailing I-Cause
, O
we O
would O
expect O
average B-Effect
ROICs I-Effect
to I-Effect
surpass I-Effect
our I-Effect
WACC I-Effect
unless O
the B-Cause
housing I-Cause
market I-Cause
faces I-Cause
another I-Cause
downturn I-Cause
( I-Cause
the I-Cause
firm I-Cause
had I-Cause
mid-single-digit I-Cause
ROICs I-Cause
in I-Cause
2008-09 I-Cause
) I-Cause
. O

The B-Cause
company I-Cause
is I-Cause
introducing I-Cause
and I-Cause
leveraging I-Cause
features I-Cause
across I-Cause
its I-Cause
various I-Cause
cloud I-Cause
offerings I-Cause
( O
like O
Sensei O
artificial O
intelligence O
) O
to O
drive O
a B-Effect
more I-Effect
cohesive I-Effect
experience I-Effect
, I-Effect
win I-Effect
new I-Effect
clients I-Effect
, I-Effect
upsell I-Effect
users I-Effect
to I-Effect
higher I-Effect
price I-Effect
point I-Effect
solutions I-Effect
, I-Effect
and I-Effect
cross I-Effect
sell I-Effect
digital I-Effect
media I-Effect
offerings I-Effect
. O

Upstream B-Cause
operations I-Cause
are I-Cause
primarily I-Cause
focused I-Cause
on I-Cause
the I-Cause
development I-Cause
and I-Cause
production I-Cause
of I-Cause
the I-Cause
Athabasca I-Cause
oil I-Cause
sands I-Cause
and I-Cause
are I-Cause
supplemented I-Cause
with I-Cause
conventional I-Cause
crude I-Cause
oil I-Cause
that O
provides B-Effect
Suncor I-Effect
with I-Effect
access I-Effect
to I-Effect
higher I-Effect
world I-Effect
pricing I-Effect
. O

Switching B-Cause
devices I-Cause
would I-Cause
require I-Cause
regulatory I-Cause
recertification I-Cause
to O
ensure B-Effect
the I-Effect
new I-Effect
device I-Effect
meets I-Effect
standards I-Effect
for I-Effect
the I-Effect
specific I-Effect
application I-Effect
, O
causing O
generic O
manufacturers O
to O
almost O
exclusively O
use O
the O
same O
dispensing O
devices O
. O

Also O
, O
Cisco B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, O
which O
may O
attract B-Effect
cybercriminals O
, O
and O
its O
solutions O
are O
tasked B-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making B-Effect
data I-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

Steel B-Effect
Dynamics I-Effect
vertically I-Effect
integrated I-Effect
by O
acquiring B-Cause
metal I-Cause
recycler I-Cause
OmniSource I-Cause
in O
2007 O
for O
a O
total O
cost O
just O
above O
$ O
1 O
billion O
. O

Integrating B-Effect
the I-Effect
former I-Effect
Keurig I-Effect
and I-Effect
Dr I-Effect
Pepper I-Effect
Snapple I-Effect
businesses I-Effect
will I-Effect
be I-Effect
no I-Effect
small I-Effect
feat I-Effect
, O
given O
the B-Cause
size I-Cause
of I-Cause
the I-Cause
predecessor I-Cause
entities I-Cause
and O
the B-Cause
disparate I-Cause
nature I-Cause
of I-Cause
their I-Cause
operations I-Cause
. O

However O
, O
we O
think O
the B-Cause
firm I-Cause
will I-Cause
eke I-Cause
out I-Cause
operating I-Cause
leverage I-Cause
at I-Cause
the I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
and I-Cause
general I-Cause
and I-Cause
administrative I-Cause
lines I-Cause
, I-Cause
which I-Cause
along I-Cause
with I-Cause
gross I-Cause
margin I-Cause
expansion I-Cause
will O
push B-Effect
ON I-Effect
's I-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
past I-Effect
20 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

We O
believe O
the B-Cause
company I-Cause
deserves I-Cause
credit I-Cause
for I-Cause
creating I-Cause
a I-Cause
more I-Cause
effective I-Cause
member I-Cause
acquisition I-Cause
innovations I-Cause
like O
the O
Invite O
a O
Friend O
program O
and O
in-app O
subscription O
purchasing O
( O
which O
has O
helped B-Effect
attract I-Effect
members I-Effect
outside I-Effect
of I-Effect
WW I-Effect
's I-Effect
traditional I-Effect
over-50 I-Effect
female I-Effect
demographic I-Effect
) O
. O

For O
instance O
, O
the O
firm O
manufactures O
blowers O
used O
to O
purify O
water O
at O
wastewater O
treatment O
facilities O
, O
and O
a B-Cause
product I-Cause
failure I-Cause
could O
result O
in O
the B-Effect
facility I-Effect
being I-Effect
shut I-Effect
down I-Effect
. O

Pfizer B-Cause
's I-Cause
recent I-Cause
decision I-Cause
to I-Cause
divest I-Cause
its I-Cause
off-patent I-Cause
division I-Cause
Upjohn I-Cause
to I-Cause
create I-Cause
a I-Cause
new I-Cause
company I-Cause
( I-Cause
Viatris I-Cause
) I-Cause
in I-Cause
combination I-Cause
with I-Cause
Mylan I-Cause
should O
drive B-Effect
accelerating I-Effect
growth I-Effect
at I-Effect
the I-Effect
remaining I-Effect
innovative I-Effect
business I-Effect
at I-Effect
Pfizer I-Effect
. O

Since O
this B-Cause
business I-Cause
has I-Cause
seen I-Cause
significant I-Cause
growth I-Cause
lately I-Cause
, O
we O
think O
Cushman B-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
is I-Effect
poised I-Effect
to I-Effect
better I-Effect
withstand I-Effect
future I-Effect
downturns I-Effect
. O

In O
fiscal O
2021 O
, O
we O
expect O
total B-Effect
revenue I-Effect
to I-Effect
be I-Effect
up I-Effect
31 I-Effect
% I-Effect
thanks O
to O
strength B-Cause
in I-Cause
Mac I-Cause
and I-Cause
iPad I-Cause
sales I-Cause
related I-Cause
to I-Cause
work- I-Cause
and I-Cause
learning-from-home I-Cause
trends I-Cause
and I-Cause
the I-Cause
5G I-Cause
iPhone I-Cause
12 I-Cause
launch I-Cause
. O

We B-Effect
assign I-Effect
Garmin I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
given O
the B-Cause
stakes I-Cause
involved I-Cause
when I-Cause
competing I-Cause
in I-Cause
the I-Cause
same I-Cause
space I-Cause
as I-Cause
Apple I-Cause
and I-Cause
Samsung I-Cause
in I-Cause
the I-Cause
smartwatch I-Cause
market I-Cause
. O

This B-Effect
substantial I-Effect
growth I-Effect
is O
driven O
by O
continued B-Cause
shifts I-Cause
of I-Cause
workloads I-Cause
to I-Cause
a I-Cause
cloud I-Cause
environment I-Cause
, O
prompting O
the O
use O
case O
to O
which O
Snowflake O
caters O
. O

We O
believe O
the B-Effect
firm I-Effect
may I-Effect
eventually I-Effect
seek I-Effect
to I-Effect
divest I-Effect
at I-Effect
least I-Effect
the I-Effect
residential I-Effect
portion I-Effect
of I-Effect
lighting I-Effect
as O
competitors B-Cause
like I-Cause
GE I-Cause
, I-Cause
Eaton I-Cause
, I-Cause
Philips I-Cause
, I-Cause
Cree I-Cause
, I-Cause
and I-Cause
others I-Cause
have I-Cause
done I-Cause
or I-Cause
are I-Cause
planning I-Cause
to I-Cause
do I-Cause
in I-Cause
the I-Cause
near I-Cause
future I-Cause
. O

We O
believe O
the B-Cause
firm I-Cause
holds I-Cause
an I-Cause
informational I-Cause
advantage I-Cause
as O
an O
incumbent O
supplier O
that O
gives B-Effect
it I-Effect
an I-Effect
upper I-Effect
hand I-Effect
in I-Effect
competing I-Effect
for I-Effect
design I-Effect
wins I-Effect
upon I-Effect
a I-Effect
product I-Effect
refresh I-Effect
. I-Effect

Arguably O
, O
L-3 B-Effect
was I-Effect
an I-Effect
ideal I-Effect
partner I-Effect
for I-Effect
a I-Effect
merger I-Effect
of I-Effect
equals I-Effect
because O
L-3 B-Cause
operated I-Cause
as I-Cause
a I-Cause
holding I-Cause
company I-Cause
and I-Cause
there I-Cause
are I-Cause
quite I-Cause
a I-Cause
few I-Cause
potential I-Cause
efficiencies I-Cause
from I-Cause
consolidating I-Cause
the I-Cause
firm I-Cause
into I-Cause
a I-Cause
more I-Cause
integrated I-Cause
firm I-Cause
. O

We O
think O
that O
Sensata B-Cause
's I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
allows O
it B-Effect
to I-Effect
win I-Effect
new I-Effect
sockets I-Effect
and I-Effect
staves I-Effect
off I-Effect
the I-Effect
threat I-Effect
of I-Effect
commoditization I-Effect
, O
while O
Sensata B-Cause
's I-Cause
close I-Cause
design I-Cause
relationships I-Cause
and I-Cause
reliability I-Cause
in I-Cause
mission I-Cause
critical I-Cause
applications I-Cause
create O
sticky B-Effect
customer I-Effect
relationships I-Effect
. O

The B-Cause
outbreak I-Cause
adds O
uncertainty B-Effect
to I-Effect
near-term I-Effect
estimates I-Effect
, O
with O
the B-Effect
prospect I-Effect
of I-Effect
economic I-Effect
normalization I-Effect
in I-Effect
2021 I-Effect
as O
vaccination B-Cause
rates I-Cause
rise I-Cause
, O
assuming O
resistant O
strains O
do O
not O
emerge O
. O

With O
widespread B-Cause
loan I-Cause
forbearance I-Cause
and I-Cause
restructuring I-Cause
, O
write-offs B-Effect
likely I-Effect
wo I-Effect
n't I-Effect
flow I-Effect
through I-Effect
until I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
2020 I-Effect
or I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2021 O
. O

The O
firm O
utilizes O
technological B-Cause
innovation I-Cause
to O
improve B-Effect
the I-Effect
user I-Effect
experience I-Effect
in O
nearly O
all O
its O
Google O
offerings O
, O
while O
making B-Effect
the I-Effect
sale I-Effect
and I-Effect
purchase I-Effect
of I-Effect
ads I-Effect
efficient I-Effect
for I-Effect
publishers I-Effect
and I-Effect
advertisers I-Effect
. O

After O
reviewing O
Terex O
's O
first-quarter O
results O
, O
we B-Effect
've I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
about I-Effect
4 I-Effect
% I-Effect
to I-Effect
$ I-Effect
28 I-Effect
per I-Effect
share I-Effect
, O
primarily O
due O
to O
increased B-Cause
revenue I-Cause
and I-Cause
margin I-Cause
assumptions I-Cause
in I-Cause
our I-Cause
forecast I-Cause
. O

Coal-fired B-Cause
power I-Cause
plants I-Cause
used I-Cause
to I-Cause
bear I-Cause
the I-Cause
brunt I-Cause
of I-Cause
volatile I-Cause
coal I-Cause
prices I-Cause
and I-Cause
centrally I-Cause
regulated I-Cause
power I-Cause
prices I-Cause
, O
resulting O
in O
an B-Cause
inability I-Cause
to I-Cause
pass I-Cause
through I-Cause
rising I-Cause
costs I-Cause
, O
and O
thus O
increased B-Effect
uncertainty I-Effect
. O

Near-term B-Cause
risks I-Cause
center I-Cause
on I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
with I-Cause
fiscal I-Cause
2021 I-Cause
featuring I-Cause
a I-Cause
gradual I-Cause
normalization I-Cause
as O
vaccination B-Effect
rates I-Effect
rise I-Effect
. O

As O
contracts B-Cause
for I-Cause
defense I-Cause
hardware I-Cause
essentially I-Cause
grant I-Cause
a I-Cause
monopoly I-Cause
on I-Cause
the I-Cause
product I-Cause
once I-Cause
the I-Cause
product I-Cause
is I-Cause
granted I-Cause
, O
we O
also O
see O
some B-Effect
modest I-Effect
switching I-Effect
costs I-Effect
stemming I-Effect
from I-Effect
a I-Effect
lack I-Effect
of I-Effect
viable I-Effect
alternatives I-Effect
, O
but O
this B-Effect
is I-Effect
partially I-Effect
mitigated I-Effect
by O
the B-Cause
government I-Cause
's I-Cause
right I-Cause
to I-Cause
license I-Cause
patents I-Cause
to I-Cause
third I-Cause
parties I-Cause
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we O
are O
currently B-Effect
assigning I-Effect
Huntington I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Our O
base O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
54 I-Effect
% I-Effect
as O
management B-Cause
continues I-Cause
its I-Cause
focus I-Cause
on I-Cause
containing I-Cause
costs I-Cause
and O
as O
rates B-Cause
eventually I-Cause
rise I-Cause
once I-Cause
again I-Cause
. O

The B-Effect
difficulty I-Effect
of I-Effect
adjusting I-Effect
procurement I-Effect
quantities I-Effect
generally O
insulates O
shipbuilders B-Cause
from I-Cause
cuts I-Cause
in I-Cause
the I-Cause
defense I-Cause
budget I-Cause
, O
though O
it O
also O
generally O
means O
that O
the O
contractor O
can O
not O
fully O
capture O
defense O
budget O
increases O
. O

We B-Effect
expect I-Effect
operating I-Effect
margin I-Effect
to I-Effect
over I-Effect
around I-Effect
30 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
, O
with O
pricing B-Cause
power I-Cause
in I-Cause
the I-Cause
TAVR I-Cause
franchise I-Cause
and I-Cause
new I-Cause
TMTT I-Cause
technology I-Cause
offsetting I-Cause
increased I-Cause
competition I-Cause
. O

Whether B-Effect
a I-Effect
pinner I-Effect
immediately I-Effect
takes I-Effect
action I-Effect
or I-Effect
not I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
advertisers I-Effect
still I-Effect
benefit I-Effect
as O
they B-Cause
can I-Cause
retarget I-Cause
the I-Cause
same I-Cause
users I-Cause
in I-Cause
the I-Cause
future I-Cause
, I-Cause
further I-Cause
increasing I-Cause
conversion I-Cause
rates I-Cause
. O

Driving O
this B-Effect
growth I-Effect
are I-Effect
beneficial I-Effect
trends I-Effect
in I-Effect
the I-Effect
semiconductor I-Effect
industry I-Effect
, O
including O
rise B-Cause
of I-Cause
in-house I-Cause
custom I-Cause
chip I-Cause
design I-Cause
( I-Cause
as I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
slows I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
proliferation I-Cause
of I-Cause
key I-Cause
technologies I-Cause
such O
as O
5G O
, O
cloud O
computing O
, O
AI/ML O
, O
Internet O
of O
Things O
, O
and O
autonomous O
vehicles O
. O

Now O
, O
with O
scores B-Cause
of I-Cause
Gap I-Cause
and I-Cause
Banana I-Cause
Republic I-Cause
stores I-Cause
slated I-Cause
to I-Cause
be I-Cause
closed I-Cause
, O
we O
think O
the B-Effect
brands I-Effect
are I-Effect
permanently I-Effect
diminished I-Effect
. O

Omnipod O
is O
'stuck O
' O
directly O
on O
the O
body O
for O
three O
days O
at O
a O
time O
, O
the B-Cause
waterproof I-Cause
design I-Cause
means O
the B-Effect
patient I-Effect
can I-Effect
bathe I-Effect
or I-Effect
swim I-Effect
without I-Effect
any I-Effect
worry I-Effect
or I-Effect
disconnecting I-Effect
from I-Effect
the I-Effect
pump I-Effect
. O

Following O
solid B-Cause
fourth-quarter I-Cause
results I-Cause
and I-Cause
our I-Cause
increased I-Cause
confidence I-Cause
XPO I-Cause
will I-Cause
see I-Cause
benefits I-Cause
in I-Cause
its I-Cause
transportation I-Cause
division I-Cause
from I-Cause
the I-Cause
upcoming I-Cause
logistics I-Cause
segment I-Cause
spin-off I-Cause
( I-Cause
more I-Cause
focused I-Cause
resource I-Cause
allocation I-Cause
, I-Cause
for I-Cause
example I-Cause
) I-Cause
, O
we B-Effect
raised I-Effect
our I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
forecasts I-Effect
and I-Effect
boosted I-Effect
our I-Effect
DCF-derived I-Effect
fair I-Effect
value I-Effect
to I-Effect
$ I-Effect
77 I-Effect
from I-Effect
$ I-Effect
69 I-Effect
. O

Balchem O
will O
be O
able O
to O
leverage O
its B-Cause
market I-Cause
leadership I-Cause
and I-Cause
existing I-Cause
VitaCholine I-Cause
brand I-Cause
to I-Cause
supply I-Cause
rising I-Cause
demand I-Cause
for I-Cause
human-grade I-Cause
choline I-Cause
, O
improving B-Effect
its I-Effect
product I-Effect
mix I-Effect
and I-Effect
driving I-Effect
the I-Effect
benefits I-Effect
of I-Effect
operating I-Effect
leverage O
. O

Margins B-Effect
have I-Effect
dipped I-Effect
recently O
related O
to O
spending B-Cause
in I-Cause
the I-Cause
payments I-Cause
segments I-Cause
, O
and O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
will O
likely O
add O
some O
pressure O
in O
the O
near O
term O
. O

That O
is O
, O
would-be B-Effect
rational I-Effect
competitors I-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
enter I-Effect
because O
massive B-Cause
upfront I-Cause
infrastructure I-Cause
costs I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
creating I-Cause
excess I-Cause
capacity I-Cause
amid I-Cause
limited I-Cause
demand I-Cause
would I-Cause
preclude I-Cause
economic I-Cause
profit I-Cause
and I-Cause
destroy I-Cause
value I-Cause
. O

Revenue B-Effect
fell I-Effect
1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on I-Effect
fewer I-Effect
carloads I-Effect
, O
falling B-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
headwinds I-Cause
, O
but O
core B-Cause
pricing I-Cause
remained I-Cause
positive I-Cause
and O
top-line B-Effect
declines I-Effect
moderated I-Effect
throughout I-Effect
the I-Effect
second I-Effect
half I-Effect
. O

We O
have O
decreased B-Effect
the I-Effect
impact I-Effect
of I-Effect
Grand I-Effect
Theft I-Effect
Auto I-Effect
VI I-Effect
in I-Effect
the I-Effect
launch I-Effect
and I-Effect
post-launch I-Effect
years I-Effect
due O
to O
a B-Cause
more I-Cause
diverse I-Cause
game I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
recurrent I-Cause
spending I-Cause
which O
should O
help O
cushion B-Effect
the I-Effect
impact I-Effect
post I-Effect
the I-Effect
launch I-Effect
year I-Effect
. O

Along O
these O
lines O
, O
we O
continue O
to O
see O
consolidation B-Cause
and I-Cause
fab I-Cause
closures I-Cause
throughout I-Cause
the I-Cause
industry I-Cause
, O
making B-Effect
it I-Effect
less I-Effect
likely I-Effect
that I-Effect
hefty I-Effect
investments I-Effect
will I-Effect
be I-Effect
made I-Effect
in I-Effect
the I-Effect
power I-Effect
semiconductor I-Effect
arena I-Effect
. O

Thus O
, O
while O
China B-Effect
Telecom I-Effect
continues I-Effect
to I-Effect
lose I-Effect
fixed-line I-Effect
telephone I-Effect
subscribers I-Effect
because O
of O
mobile B-Cause
substitution I-Cause
, O
the B-Cause
growth I-Cause
in I-Cause
its I-Cause
broadband I-Cause
base I-Cause
limits O
those B-Effect
declines I-Effect
. O

There B-Effect
is I-Effect
risk I-Effect
that I-Effect
policymakers I-Effect
will I-Effect
move I-Effect
retail I-Effect
customers I-Effect
away I-Effect
from I-Effect
gas I-Effect
heating I-Effect
, O
but O
we O
think O
that O
's O
unlikely O
in O
the O
near O
future O
, O
given O
the B-Cause
colder I-Cause
climates I-Cause
where I-Cause
Eversource I-Cause
operates I-Cause
. O

Given O
the O
nature O
of O
its O
software O
businesses O
, O
Roper B-Effect
also I-Effect
benefits I-Effect
from I-Effect
negative I-Effect
working I-Effect
capital I-Effect
thanks O
to O
large B-Cause
amounts I-Cause
of I-Cause
deferred I-Cause
revenue I-Cause
that I-Cause
it I-Cause
can I-Cause
continuously I-Cause
reinvest I-Cause
at I-Cause
incrementally I-Cause
higher I-Cause
returns I-Cause
on I-Cause
capital I-Cause
, O
albeit O
Ametek O
's O
balance O
sheet O
reveals O
it O
has O
also O
begun O
to O
benefit O
from O
customer O
advances O
in O
2018 O
. O

The B-Cause
company I-Cause
even I-Cause
produces I-Cause
original I-Cause
content I-Cause
for I-Cause
Prime I-Cause
Video I-Cause
to B-Effect
help I-Effect
reinforce I-Effect
the I-Effect
notion I-Effect
that I-Effect
consumers I-Effect
can I-Effect
get I-Effect
anything I-Effect
they I-Effect
need I-Effect
from I-Effect
Amazon I-Effect
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
acquisitions I-Cause
to I-Cause
the I-Cause
organization I-Cause
's I-Cause
expansion I-Cause
strategy I-Cause
, O
we B-Effect
expect I-Effect
them I-Effect
to I-Effect
remain I-Effect
a I-Effect
key I-Effect
capital I-Effect
allocation I-Effect
priority I-Effect
. O

As O
the B-Cause
group I-Cause
of I-Cause
claimant I-Cause
associations I-Cause
grew I-Cause
, O
in O
March O
2016 O
Ageas B-Effect
announced I-Effect
a I-Effect
significantly I-Effect
larger I-Effect
settlement I-Effect
in I-Effect
the I-Effect
proceedings I-Effect
with I-Effect
all I-Effect
five I-Effect
claimants I-Effect
organisations I-Effect
. O

Because O
the B-Cause
extensive I-Cause
tools I-Cause
used I-Cause
to I-Cause
prepare I-Cause
bones I-Cause
and I-Cause
install I-Cause
implants I-Cause
are I-Cause
not I-Cause
standardized I-Cause
and I-Cause
differ I-Cause
by I-Cause
company I-Cause
, O
there O
is O
a B-Effect
long I-Effect
learning I-Effect
curve I-Effect
to I-Effect
become I-Effect
proficient I-Effect
in I-Effect
using I-Effect
a I-Effect
company I-Effect
's I-Effect
instrumentation I-Effect
. O

Further O
, O
we O
forecast O
a O
low-single-digit O
operating O
margin O
in O
2021 O
, O
down O
from O
3.2 O
% O
last O
year O
, O
but O
we O
see O
a O
path O
to O
low-teens B-Effect
operating I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
through O
take-rate B-Cause
monetization I-Cause
opportunities I-Cause
( I-Cause
payments I-Cause
and I-Cause
logistics I-Cause
) I-Cause
and I-Cause
improved I-Cause
operating I-Cause
leverage I-Cause
. O

Accordingly O
, O
Ingredion B-Cause
actively I-Cause
hedges I-Cause
against I-Cause
corn I-Cause
price I-Cause
fluctuations I-Cause
in I-Cause
North I-Cause
America I-Cause
, I-Cause
matching I-Cause
hedge I-Cause
volumes I-Cause
with I-Cause
its I-Cause
contracted I-Cause
corn-based I-Cause
ingredient I-Cause
volumes I-Cause
, O
which O
helps B-Effect
stabilize I-Effect
gross I-Effect
margins I-Effect
for I-Effect
the I-Effect
segment I-Effect
. O

In O
2020 O
, O
Exelon B-Effect
reached I-Effect
a I-Effect
deferred I-Effect
prosecution I-Effect
agreement I-Effect
at I-Effect
its I-Effect
ComEd I-Effect
subsidiary I-Effect
helping B-Cause
to I-Cause
resolve I-Cause
a I-Cause
Justice I-Cause
Department I-Cause
investigation I-Cause
of I-Cause
its I-Cause
lobbying I-Cause
practices I-Cause
. O

We O
believe O
the B-Cause
improvement I-Cause
in I-Cause
and I-Cause
consolidation I-Cause
of I-Cause
its I-Cause
catalogs I-Cause
should O
increase O
its O
parts O
availability O
and O
expand O
customer O
choice O
, O
which O
should O
lead O
to O
organic B-Effect
revenue I-Effect
growth I-Effect
. O

FedEx B-Cause
is I-Cause
also I-Cause
the I-Cause
largest I-Cause
domestic I-Cause
less-than-truckload I-Cause
carrier I-Cause
, O
which O
helps B-Effect
forge I-Effect
sticky I-Effect
relationships I-Effect
with I-Effect
retail I-Effect
and I-Effect
industrial I-Effect
shippers I-Effect
on I-Effect
the I-Effect
package I-Effect
side I-Effect
. O

We O
expect O
recovery B-Cause
from I-Cause
COVID-19 I-Cause
to I-Cause
further I-Cause
boost I-Cause
top-line I-Cause
growth I-Cause
and O
result O
in O
a B-Effect
59 I-Effect
% I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
( I-Effect
from I-Effect
46 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
) I-Effect
and I-Effect
48 I-Effect
% I-Effect
year-over-year I-Effect
growth I-Effect
in I-Effect
2022 I-Effect
, I-Effect
representing I-Effect
total I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
4 I-Effect
billion I-Effect
and I-Effect
$ I-Effect
5.9 I-Effect
billion I-Effect
, I-Effect
respectively I-Effect
. O

Sinclair B-Effect
has I-Effect
been I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
aggressive I-Effect
consolidators I-Effect
of I-Effect
local I-Effect
television I-Effect
stations I-Effect
over O
the O
last O
30 O
years O
as O
it O
only B-Cause
owned I-Cause
three I-Cause
television I-Cause
stations I-Cause
in I-Cause
1991 I-Cause
. O

Additionally O
, O
the B-Cause
rejection I-Cause
of I-Cause
merger I-Cause
proposals I-Cause
in I-Cause
1998 I-Cause
between I-Cause
Royal I-Cause
Bank I-Cause
of I-Cause
Canada I-Cause
and I-Cause
BMO I-Cause
, I-Cause
and I-Cause
between I-Cause
Toronto I-Cause
Dominion I-Cause
and I-Cause
CIBC I-Cause
created I-Cause
a I-Cause
precedent I-Cause
where O
no O
further O
consolidation B-Effect
between I-Effect
the I-Effect
main I-Effect
Canadian I-Effect
banks I-Effect
will I-Effect
be I-Effect
accepted I-Effect
by I-Effect
the I-Effect
regulators I-Effect
. O

We O
believe O
that O
Alibaba B-Effect
can I-Effect
increase I-Effect
its I-Effect
monetization I-Effect
rates I-Effect
over I-Effect
time I-Effect
via O
improved B-Cause
seller I-Cause
conversion I-Cause
rates I-Cause
from I-Cause
personalized I-Cause
search I-Cause
efforts I-Cause
, O
the O
embracing O
of O
data-enriched O
marketing O
tools O
by O
mobile O
sellers O
, O
and O
increased O
contribution O
from O
Tmall O
. O

The B-Effect
damage I-Effect
to I-Effect
the I-Effect
pump I-Effect
franchise I-Effect
could I-Effect
have I-Effect
been I-Effect
even I-Effect
worse I-Effect
if O
not O
for O
pandemic-driven B-Cause
demand I-Cause
, O
but O
we O
think O
BD O
will O
still O
end O
up O
ceding O
some O
market O
share O
in O
this O
area O
even O
if O
it O
returns O
the O
pump O
to O
the O
market O
in O
late O
2021-early O
2022 O
. O

We O
rate O
Lloyds B-Effect
' I-Effect
uncertainty I-Effect
as I-Effect
very I-Effect
high I-Effect
as O
a O
result O
of O
potential B-Cause
worse-than-expected I-Cause
EU I-Cause
withdrawal I-Cause
outcomes I-Cause
while I-Cause
the I-Cause
economy I-Cause
recovers I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

That O
said O
, O
coal B-Cause
runs I-Cause
in I-Cause
unit I-Cause
trains I-Cause
hauling I-Cause
exclusively I-Cause
coal I-Cause
( I-Cause
often I-Cause
using I-Cause
customers I-Cause
' I-Cause
cars I-Cause
) I-Cause
, O
thus O
we B-Effect
susepct I-Effect
the I-Effect
rail I-Effect
can I-Effect
continue I-Effect
to I-Effect
adjust I-Effect
its I-Effect
train I-Effect
and I-Effect
crew I-Effect
starts I-Effect
to I-Effect
match I-Effect
demand I-Effect
conditions I-Effect
. O

Seals B-Effect
are I-Effect
essential I-Effect
to I-Effect
the I-Effect
functioning I-Effect
of I-Effect
centrifugal I-Effect
pumps I-Effect
, O
given O
that O
69 B-Cause
% I-Cause
of I-Cause
pump I-Cause
failures I-Cause
are I-Cause
caused I-Cause
by I-Cause
malfunctioning I-Cause
seals I-Cause
. O

We B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
12 I-Effect
% I-Effect
to I-Effect
$ I-Effect
74 I-Effect
per I-Effect
share I-Effect
due O
to O
our B-Cause
upward-revised I-Cause
sales I-Cause
growth I-Cause
and I-Cause
operating I-Cause
margin I-Cause
assumptions I-Cause
. O

The B-Cause
complex I-Cause
, I-Cause
multinational I-Cause
nature I-Cause
of I-Cause
late-stage I-Cause
trials I-Cause
limits B-Effect
competition I-Effect
to I-Effect
a I-Effect
few I-Effect
of I-Effect
the I-Effect
largest I-Effect
CROs I-Effect
that O
have O
the O
necessary O
global O
infrastructure O
, O
including O
Syneos O
. O

However O
, O
the B-Cause
waste I-Cause
industry I-Cause
is I-Cause
still I-Cause
modestly I-Cause
cyclical I-Cause
and I-Cause
recycled I-Cause
commodity I-Cause
and I-Cause
oil I-Cause
prices I-Cause
( I-Cause
the I-Cause
firm I-Cause
's I-Cause
E I-Cause
& I-Cause
P I-Cause
waste I-Cause
business I-Cause
is I-Cause
affected I-Cause
by I-Cause
oil I-Cause
price I-Cause
fluctuations I-Cause
) I-Cause
can O
be O
volatile B-Effect
. O

Given B-Cause
our I-Cause
modeling I-Cause
for I-Cause
Cantel I-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
9 I-Cause
% I-Cause
-11 I-Cause
% I-Cause
range I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
the B-Effect
acquisition I-Effect
should I-Effect
increase I-Effect
Steris I-Effect
' I-Effect
top-line I-Effect
growth I-Effect
rate I-Effect
going I-Effect
forward I-Effect
. O

This O
extra B-Cause
benefit I-Cause
to I-Cause
Mint I-Cause
users I-Cause
is I-Cause
discrete I-Cause
, O
in O
our O
opinion O
-- O
meaning O
a O
user B-Effect
would I-Effect
not I-Effect
lose I-Effect
a I-Effect
loan I-Effect
after I-Effect
it I-Effect
is I-Effect
secured I-Effect
merely I-Effect
because I-Effect
of I-Effect
leaving I-Effect
Mint I-Effect
. O

Regardless O
, O
the B-Effect
gap I-Effect
between I-Effect
Livent I-Effect
's I-Effect
unit I-Effect
costs I-Effect
and I-Effect
those I-Effect
of I-Effect
Chilean I-Effect
producers I-Effect
Albemarle I-Effect
and I-Effect
SQM I-Effect
remains I-Effect
modest I-Effect
due O
to O
large B-Cause
royalty I-Cause
rates I-Cause
on I-Cause
lithium I-Cause
production I-Cause
required I-Cause
by I-Cause
the I-Cause
Chilean I-Cause
government I-Cause
. O

The B-Cause
size I-Cause
and I-Cause
geographical I-Cause
breadth I-Cause
of I-Cause
Capital I-Cause
One I-Cause
's I-Cause
loans I-Cause
also I-Cause
diversifies I-Cause
them I-Cause
across I-Cause
multiple I-Cause
regions I-Cause
and I-Cause
FICO I-Cause
scores. O
This O
reduces B-Effect
the I-Effect
bank I-Effect
's I-Effect
dependence I-Effect
on I-Effect
the I-Effect
economic I-Effect
conditions I-Effect
of I-Effect
any I-Effect
particular I-Effect
region I-Effect
in I-Effect
the I-Effect
country I-Effect
and I-Effect
allows I-Effect
it I-Effect
to I-Effect
accumulate I-Effect
a I-Effect
diverse I-Effect
array I-Effect
of I-Effect
lending I-Effect
data I-Effect
. O

By B-Effect
2016 I-Effect
, I-Effect
the I-Effect
market I-Effect
had I-Effect
grown I-Effect
considerably I-Effect
larger I-Effect
and I-Effect
increasingly I-Effect
competitive I-Effect
, I-Effect
with I-Effect
new I-Effect
entrants I-Effect
in I-Effect
the I-Effect
land I-Effect
grab I-Effect
as O
medical B-Cause
practices I-Cause
and I-Cause
hospitals I-Cause
raced I-Cause
to I-Cause
convert I-Cause
paper I-Cause
records I-Cause
to I-Cause
maximize I-Cause
incentive I-Cause
payments I-Cause
. O

This B-Cause
ability I-Cause
for I-Cause
users I-Cause
to I-Cause
customize I-Cause
their I-Cause
Splunk I-Cause
products I-Cause
and I-Cause
generate I-Cause
personalized I-Cause
analytics I-Cause
and I-Cause
reports I-Cause
is O
likely O
to B-Effect
attract I-Effect
new I-Effect
customers I-Effect
for I-Effect
Splunk I-Effect
, O
which O
in B-Effect
turn I-Effect
will I-Effect
attract I-Effect
new I-Effect
developers I-Effect
as O
they B-Cause
can I-Cause
reach I-Cause
a I-Cause
wider I-Cause
audience I-Cause
. O

In O
addition O
to O
the O
costs B-Cause
associated I-Cause
with I-Cause
physically I-Cause
disconnecting I-Cause
, I-Cause
moving I-Cause
, I-Cause
and I-Cause
reconnecting I-Cause
equipment I-Cause
, I-Cause
firms I-Cause
engage I-Cause
in I-Cause
mirroring I-Cause
, O
which O
is O
costly O
, O
to B-Effect
mitigate I-Effect
those I-Effect
risks I-Effect
and I-Effect
prevent I-Effect
downtime I-Effect
. O

Given B-Cause
PNC I-Cause
's I-Cause
history I-Cause
of I-Cause
successful I-Cause
acquisitions I-Cause
and I-Cause
the I-Cause
strategic I-Cause
fit I-Cause
of I-Cause
the I-Cause
BBVA I-Cause
franchise I-Cause
, O
we B-Effect
view I-Effect
the I-Effect
integration I-Effect
risks I-Effect
of I-Effect
this I-Effect
acquisition I-Effect
as I-Effect
low I-Effect
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
telecom I-Cause
services I-Cause
to I-Cause
economic I-Cause
growth I-Cause
, O
politicians B-Effect
and I-Effect
regulators I-Effect
often I-Effect
take I-Effect
aim I-Effect
at I-Effect
dominant I-Effect
carriers I-Effect
to I-Effect
drive I-Effect
network I-Effect
investment I-Effect
and I-Effect
foster I-Effect
technology I-Effect
adoption I-Effect
. O

However O
, O
we O
anticipate O
that O
R B-Cause
& I-Cause
D I-Cause
will I-Cause
remain I-Cause
elevated I-Cause
as O
Lyft B-Cause
is I-Cause
likely I-Cause
to I-Cause
invest I-Cause
in I-Cause
new I-Cause
ventures I-Cause
, O
resulting O
in O
slight B-Effect
declines I-Effect
in I-Effect
R I-Effect
& I-Effect
D I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
net I-Effect
revenue I-Effect
. O

Additionally O
, O
if O
that O
molecule B-Cause
is I-Cause
successfully I-Cause
marketed I-Cause
, O
the B-Effect
revenue I-Effect
stream I-Effect
would I-Effect
likely I-Effect
continue I-Effect
through I-Effect
the I-Effect
life I-Effect
cycle I-Effect
of I-Effect
that I-Effect
product I-Effect
. O

Eversource B-Effect
is I-Effect
addressing I-Effect
ESG I-Effect
risk I-Effect
through O
its B-Cause
five-year I-Cause
, I-Cause
$ I-Cause
17 I-Cause
billion I-Cause
investment I-Cause
plan I-Cause
focused O
on O
supporting O
clean O
energy O
and O
improving O
safety O
and O
reliability O
. O

Tapestry B-Cause
, I-Cause
like I-Cause
many I-Cause
competing I-Cause
firms I-Cause
, I-Cause
outsources I-Cause
its I-Cause
production I-Cause
to I-Cause
factories I-Cause
in I-Cause
Vietnam I-Cause
, I-Cause
China I-Cause
, I-Cause
the I-Cause
Philippines I-Cause
, I-Cause
and I-Cause
other I-Cause
countries I-Cause
and O
, O
therefore O
, O
has O
no B-Effect
production I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
others I-Effect
. O

We O
think O
the B-Effect
dock I-Effect
access I-Effect
is I-Effect
important I-Effect
, O
given O
geographic B-Cause
constraints I-Cause
, O
and O
it B-Effect
allowed I-Effect
the I-Effect
firm I-Effect
to I-Effect
export I-Effect
34 I-Effect
million I-Effect
barrels I-Effect
of I-Effect
crude I-Effect
oil I-Effect
in I-Effect
2016 I-Effect
following O
the B-Cause
lifting I-Cause
of I-Cause
the I-Cause
export I-Cause
ban I-Cause
in I-Cause
December I-Cause
2015 I-Cause
, O
as O
well O
as O
another O
17 O
million O
barrels O
of O
processed O
condensate O
. O

Also O
, O
its O
resorts O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
discourage O
some B-Effect
visitation I-Effect
. O

However O
, O
if O
every B-Cause
interaction I-Cause
of I-Cause
every I-Cause
user I-Cause
required I-Cause
retrieval I-Cause
of I-Cause
information I-Cause
from I-Cause
an I-Cause
origin I-Cause
server I-Cause
, O
it O
would O
lead O
to O
higher B-Cause
latency I-Cause
for I-Cause
those I-Cause
that I-Cause
are I-Cause
not I-Cause
physically I-Cause
nearby I-Cause
and I-Cause
would I-Cause
make I-Cause
it I-Cause
more I-Cause
likely I-Cause
for I-Cause
websites I-Cause
to I-Cause
become I-Cause
overwhelmed I-Cause
, O
leading O
to O
slow B-Effect
and I-Effect
frustrating I-Effect
user I-Effect
experiences I-Effect
, I-Effect
including I-Effect
website I-Effect
crashes I-Effect
. O

False B-Effect
positives I-Effect
can I-Effect
also I-Effect
slowdown I-Effect
the I-Effect
flow I-Effect
of I-Effect
commerce I-Effect
, O
which O
is O
yet O
another O
reason O
Ametek B-Cause
's I-Cause
radiation I-Cause
detectors I-Cause
can I-Cause
save I-Cause
taxpayer I-Cause
money I-Cause
. O

With O
limited B-Cause
experience I-Cause
in I-Cause
enterprise I-Cause
sales I-Cause
, I-Cause
and I-Cause
a I-Cause
small I-Cause
arsenal I-Cause
of I-Cause
use-case-specific I-Cause
solutions I-Cause
, O
Twilio B-Effect
's I-Effect
success I-Effect
with I-Effect
enterprise I-Effect
adoption I-Effect
remains I-Effect
to I-Effect
be I-Effect
seen I-Effect
. O

As O
Komatsu B-Cause
focuses I-Cause
on I-Cause
construction I-Cause
and I-Cause
mining I-Cause
equipment I-Cause
, O
global B-Effect
economic I-Effect
activity I-Effect
and I-Effect
the I-Effect
profitability I-Effect
of I-Effect
companies I-Effect
in I-Effect
these I-Effect
two I-Effect
industries I-Effect
affect I-Effect
the I-Effect
demand I-Effect
for I-Effect
its I-Effect
equipment I-Effect
. O

Yet O
, O
because O
most B-Cause
uranium I-Cause
is I-Cause
transacted I-Cause
through I-Cause
long-term I-Cause
contracts I-Cause
negotiated I-Cause
years I-Cause
in I-Cause
advance I-Cause
, O
a B-Cause
disconnect I-Cause
between I-Cause
realized I-Cause
and I-Cause
spot I-Cause
prices I-Cause
makes I-Effect
it I-Effect
appear I-Effect
that I-Effect
lower B-Effect
prices I-Effect
are I-Effect
sufficient I-Effect
. O

Approximately B-Cause
one I-Cause
third I-Cause
of I-Cause
this I-Cause
increase I-Cause
is I-Cause
driven I-Cause
by I-Cause
the I-Cause
strong I-Cause
performance I-Cause
in I-Cause
2020 I-Cause
, O
where O
adoption B-Effect
of I-Effect
pets I-Effect
under I-Effect
pandemic I-Effect
conditions I-Effect
buoyed I-Effect
demand I-Effect
. O

Sandvik B-Cause
's I-Cause
tools I-Cause
are I-Cause
consumable I-Cause
in I-Cause
nature I-Cause
and I-Cause
are I-Cause
ISO I-Cause
standard I-Cause
products I-Cause
, O
which O
therefore O
exhibit O
no B-Effect
positive I-Effect
differentiation I-Effect
versus I-Effect
those I-Effect
of I-Effect
peers I-Effect
such I-Effect
as I-Effect
Kennametal I-Effect
and I-Effect
Iscar I-Effect
. O

While O
we O
believe O
that O
Myriad O
will O
be O
able O
to O
hold O
off O
its O
competition O
in O
this O
segment O
, O
we B-Effect
remain I-Effect
concerned I-Effect
about I-Effect
pricing I-Effect
, O
as O
reimbursement B-Cause
rates I-Cause
for I-Cause
various I-Cause
codes I-Cause
have I-Cause
been I-Cause
tackled I-Cause
by I-Cause
PAMA I-Cause
in I-Cause
the I-Cause
past I-Cause
two I-Cause
years I-Cause
. O

The O
difference B-Effect
between I-Effect
our I-Effect
premerger I-Effect
valuation I-Effect
of I-Effect
EUR I-Effect
18 I-Effect
and I-Effect
our I-Effect
current I-Effect
EUR I-Effect
25 I-Effect
fair I-Effect
value I-Effect
estimates I-Effect
is O
primarily O
attributable O
to O
the B-Effect
increase I-Effect
in I-Effect
average I-Effect
margin I-Effect
during I-Effect
our I-Effect
Stage I-Effect
I I-Effect
forecast I-Effect
as O
COVID-19-affected B-Cause
2020 I-Cause
rolled I-Cause
off I-Cause
while I-Cause
operating I-Cause
leverage I-Cause
improves I-Cause
through O
our O
explicit O
forecast O
period O
. O

Its B-Cause
low-cost I-Cause
portfolio I-Cause
gives O
it O
high B-Effect
return I-Effect
investment I-Effect
options I-Effect
to I-Effect
grow I-Effect
in I-Effect
a I-Effect
rising I-Effect
price I-Effect
environment I-Effect
while I-Effect
its I-Effect
strong I-Effect
financial I-Effect
position I-Effect
keeps I-Effect
the I-Effect
dividend I-Effect
safe I-Effect
in I-Effect
a I-Effect
down I-Effect
cycle I-Effect
. O

Any B-Effect
delay I-Effect
in I-Effect
migrations I-Effect
, I-Effect
in I-Effect
addition I-Effect
to I-Effect
stunting B-Cause
RingCentral I-Cause
's I-Cause
top-line I-Cause
growth I-Cause
, I-Effect
could I-Effect
affect B-Effect
profitability I-Effect
, O
as O
RingCentral B-Cause
might I-Cause
overinvest I-Cause
for I-Cause
growth I-Cause
opportunities I-Cause
that I-Cause
do I-Cause
not I-Cause
materialize I-Cause
for I-Cause
some I-Cause
years I-Cause
. O

China B-Effect
's I-Effect
suspension I-Effect
of I-Effect
group I-Effect
visa I-Effect
programs I-Effect
and I-Effect
re-establishment I-Effect
of I-Effect
the I-Effect
Individual I-Effect
Visit I-Effect
Scheme I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
also O
saw O
a O
sharp O
fall O
in O
visitations O
to O
Macao O
. O

We O
note O
that O
such B-Effect
risk I-Effect
is I-Effect
less I-Effect
than I-Effect
the I-Effect
one I-Effect
associated I-Effect
with I-Effect
Safari I-Effect
, O
as O
Google B-Cause
is I-Cause
dependent I-Cause
on I-Cause
ad I-Cause
revenue I-Cause
. O

As O
a O
result O
of O
the B-Cause
ruling I-Cause
and I-Cause
the I-Cause
increased I-Cause
politicization I-Cause
of I-Cause
American I-Cause
society I-Cause
, O
ad B-Effect
revenue I-Effect
has I-Effect
begun I-Effect
to I-Effect
spike I-Effect
in I-Effect
even-numbered I-Effect
years I-Effect
, I-Effect
with I-Effect
larger I-Effect
growth I-Effect
in I-Effect
presidential I-Effect
election I-Effect
years I-Effect
. O

Increased B-Cause
competitive I-Cause
pressures I-Cause
drove O
higher B-Effect
research I-Effect
and I-Effect
development I-Effect
and I-Effect
marketing I-Effect
efforts I-Effect
as O
operating O
margin O
declined O
to O
48 O
% O
in O
2018 O
versus O
56 O
% O
in O
2012 O
. O

These O
master O
leases O
generally O
prevent O
tenants B-Cause
from I-Cause
dropping I-Cause
poorer-performing I-Cause
properties I-Cause
, O
as O
lease O
renewals B-Effect
are I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
all I-Effect
or I-Effect
none I-Effect
, O
" O
" O
" O
" O
and O
promotes B-Effect
strong I-Effect
partnerships I-Effect
between I-Effect
Welltower I-Effect
and I-Effect
its I-Effect
various I-Effect
operators I-Effect
, O
making O
triple-net O
business O
relatively O
sticky O
. O

With O
market O
penetration B-Cause
this I-Cause
deep I-Cause
there O
is O
little B-Effect
room I-Effect
for I-Effect
competing I-Effect
programs I-Effect
, O
and O
the O
business B-Effect
is I-Effect
protected I-Effect
by I-Effect
strong I-Effect
network I-Effect
effects I-Effect
. I-Effect

At O
the O
same O
time O
, O
younger B-Cause
consumers I-Cause
are I-Cause
increasingly I-Cause
valuing I-Cause
experiences I-Cause
over I-Cause
material I-Cause
goods I-Cause
and I-Cause
are I-Cause
allocating I-Cause
their I-Cause
disposable I-Cause
income I-Cause
accordingly. O
These O
trends O
have O
driven O
strong B-Effect
growth I-Effect
in I-Effect
the I-Effect
ticket I-Effect
sales I-Effect
, I-Effect
which I-Effect
has I-Effect
grown I-Effect
from I-Effect
$ I-Effect
1.7 I-Effect
billion I-Effect
in I-Effect
2000 I-Effect
to I-Effect
$ I-Effect
4.2 I-Effect
billion I-Effect
in I-Effect
2008 I-Effect
to I-Effect
$ I-Effect
10.4 I-Effect
billion I-Effect
in I-Effect
2018 I-Effect
in I-Effect
North I-Effect
America I-Effect
alone I-Effect
according I-Effect
to I-Effect
Pollstar I-Effect
. O

However O
, O
this B-Cause
transaction I-Cause
still I-Cause
needs I-Cause
to I-Cause
gain I-Cause
regulatory I-Cause
approval I-Cause
, O
which O
could O
require B-Effect
the I-Effect
carriers I-Effect
to I-Effect
agree I-Effect
to I-Effect
conditions I-Effect
that I-Effect
offset I-Effect
the I-Effect
benefits I-Effect
of I-Effect
consolidation I-Effect
. O

We O
're O
also O
modeling O
230 B-Effect
basis I-Effect
points I-Effect
of I-Effect
adjusted I-Effect
net I-Effect
operating I-Effect
margin I-Effect
( I-Effect
EBIT/net I-Effect
revenue I-Effect
) I-Effect
gains I-Effect
, I-Effect
to I-Effect
about I-Effect
9.7 I-Effect
% I-Effect
on I-Effect
leverage I-Effect
from O
net B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
rising I-Cause
truckload I-Cause
transaction I-Cause
automation I-Cause
, O
despite O
a O
likely O
uptick O
in O
certain O
costs O
like O
travel O
and O
entertainment O
as O
the O
economy O
reopens O
. O

In O
Asia O
, O
where O
Ralph B-Effect
Lauren I-Effect
trails I-Effect
some I-Effect
competitors I-Effect
, I-Effect
we I-Effect
expect I-Effect
6 I-Effect
% I-Effect
compound I-Effect
average I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
stores B-Cause
open I-Cause
and I-Cause
e-commerce I-Cause
expands I-Cause
in I-Cause
mainland I-Cause
China I-Cause
. O

The B-Effect
strength I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
will I-Effect
be I-Effect
mitigated I-Effect
by I-Effect
continued I-Effect
declines I-Effect
in I-Effect
voice I-Effect
and I-Effect
more I-Effect
moderate I-Effect
TV I-Effect
subscriber I-Effect
growth I-Effect
, O
as O
consumers B-Cause
continue I-Cause
to I-Cause
have I-Cause
alternative I-Cause
options I-Cause
to I-Cause
traditional I-Cause
linear I-Cause
TV I-Cause
. O

If B-Cause
CMS I-Cause
can I-Cause
keep I-Cause
rate I-Cause
increases I-Cause
modest I-Cause
by I-Cause
controlling I-Cause
operating I-Cause
costs I-Cause
, O
the B-Effect
prospect I-Effect
of I-Effect
regulatory I-Effect
pushback I-Effect
will I-Effect
be I-Effect
less I-Effect
daunting I-Effect
, O
even O
if O
a O
COVID-19 O
slowdown O
persists O
. O

Marriott B-Cause
has I-Cause
added I-Cause
several I-Cause
new I-Cause
brands I-Cause
since I-Cause
2007 I-Cause
, I-Cause
renovated I-Cause
a I-Cause
meaningful I-Cause
percentage I-Cause
of I-Cause
core I-Cause
Marriott I-Cause
and I-Cause
Courtyard I-Cause
hotels I-Cause
in I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, I-Cause
and I-Cause
expanded I-Cause
technology I-Cause
integration I-Cause
and I-Cause
loyalty-member I-Cause
presence I-Cause
; O
these O
actions O
have O
led O
to O
share B-Effect
gains I-Effect
and I-Effect
a I-Effect
strong I-Effect
positioning I-Effect
with I-Effect
millennial I-Effect
travelers I-Effect
. O

As O
Mattel B-Cause
winds I-Cause
down I-Cause
at I-Cause
least I-Cause
some I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
, O
ROICs B-Effect
should I-Effect
increase I-Effect
, O
with O
the B-Cause
most I-Cause
capital-intensive I-Cause
portion I-Cause
of I-Cause
the I-Cause
business I-Cause
eliminated I-Cause
. O

Driving O
this O
growth O
are O
secular B-Cause
trends I-Cause
that I-Cause
should I-Cause
support I-Cause
increased I-Cause
adoption I-Cause
of I-Cause
CCaaS I-Cause
products I-Cause
as I-Cause
well I-Cause
as I-Cause
NICE I-Cause
's I-Cause
shift I-Cause
to I-Cause
a I-Cause
cloud-based I-Cause
platform I-Cause
that O
should O
lead B-Effect
to I-Effect
healthy I-Effect
new I-Effect
customer I-Effect
growth I-Effect
and I-Effect
upselling I-Effect
opportunities I-Effect
with I-Effect
existing I-Effect
customers I-Effect
. O

Conversely B-Cause
, I-Cause
we I-Cause
see I-Cause
demand I-Cause
for I-Cause
insecticides I-Cause
, O
which B-Effect
made I-Effect
up I-Effect
roughly I-Effect
one I-Effect
fourth I-Effect
of I-Effect
crop I-Effect
protection I-Effect
sales I-Effect
in I-Effect
2019 I-Effect
, I-Effect
falling I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
due I-Effect
to I-Effect
an I-Effect
increase I-Effect
in I-Effect
GMO I-Effect
seeds I-Effect
. O

Executing B-Cause
a I-Cause
long-term I-Cause
fee-based I-Cause
contract I-Cause
with I-Cause
Phillips I-Cause
66 I-Cause
for I-Cause
the I-Cause
LPG I-Cause
assets I-Cause
would O
reduce O
the B-Effect
partnership I-Effect
's I-Effect
commodity I-Effect
market I-Effect
exposure I-Effect
and O
support O
a B-Effect
well-covered I-Effect
distribution I-Effect
. O

We O
model O
non-IFRS B-Effect
operating I-Effect
margins I-Effect
increasing I-Effect
from I-Effect
23 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
28 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, O
driven O
by O
scale B-Cause
across I-Cause
all I-Cause
operating I-Cause
expenses I-Cause
, I-Cause
mainly I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
as O
the O
transition O
matures O
. O

Moreover O
, O
it B-Effect
does I-Effect
not I-Effect
appear I-Effect
that I-Effect
increased I-Effect
outlet I-Effect
sales I-Effect
have I-Effect
had I-Effect
a I-Effect
discernible I-Effect
effect I-Effect
on I-Effect
pricing I-Effect
, O
as O
Adidas B-Cause
' I-Cause
overall I-Cause
gross I-Cause
margin I-Cause
improved I-Cause
440 I-Cause
basis I-Cause
points I-Cause
in I-Cause
the I-Cause
period I-Cause
to I-Cause
52.0 I-Cause
% I-Cause
from I-Cause
47.6 I-Cause
% I-Cause
. O

As O
CoreSite B-Cause
expanded I-Cause
its I-Cause
footprint I-Cause
, O
occupancy B-Effect
dipped I-Effect
from O
around O
90 O
% O
at O
the O
end O
of O
2017 O
and O
2018 O
to O
under O
85 O
% O
at O
the O
end O
of O
2020 O
, O
and O
we O
expect O
it O
will O
gradually O
climb O
back O
to O
2018 O
levels O
over O
the O
course O
of O
the O
next O
decade O
. O

Having B-Cause
30 I-Cause
% I-Cause
of I-Cause
its I-Cause
assets I-Cause
under I-Cause
management I-Cause
dedicated I-Cause
to I-Cause
alternative I-Cause
strategies I-Cause
and I-Cause
16 I-Cause
% I-Cause
committed I-Cause
to I-Cause
multi-asset I-Cause
strategies I-Cause
and I-Cause
other I-Cause
products I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
not I-Effect
as I-Effect
heavily I-Effect
exposed I-Effect
to I-Effect
the I-Effect
impact I-Effect
passive I-Effect
investing I-Effect
has I-Effect
had I-Effect
on I-Effect
active I-Effect
equities I-Effect
. O

Furthermore O
, O
EV B-Cause
chargers I-Cause
distribute I-Cause
relatively I-Cause
little I-Cause
energy I-Cause
and I-Cause
operate I-Cause
at I-Cause
low I-Cause
utilization I-Cause
rates I-Cause
likely O
making O
them B-Effect
a I-Effect
poor I-Effect
earnings I-Effect
substitute I-Effect
for I-Effect
selling I-Effect
gasoline I-Effect
. O

Given O
Weibo O
's O
large O
MAU O
, O
there O
could O
be O
overcollection B-Cause
or I-Cause
abuse I-Cause
of I-Cause
personal I-Cause
data I-Cause
that O
may O
lead O
to O
fine B-Effect
by I-Effect
the I-Effect
regulator I-Effect
or I-Effect
user I-Effect
backlash I-Effect
. O

Although O
we B-Cause
estimate I-Cause
this I-Cause
exit I-Cause
, O
combined O
with O
the B-Cause
expected I-Cause
divestiture I-Cause
of I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
utilities I-Cause
in I-Cause
Oklahoma I-Cause
and I-Cause
Arkansas I-Cause
, O
will O
pressure B-Effect
earnings I-Effect
, O
it B-Cause
provides I-Cause
capital I-Cause
for I-Cause
annual I-Cause
utility I-Cause
rate I-Cause
base I-Cause
growth I-Cause
that O
we B-Effect
estimate I-Effect
will I-Effect
be I-Effect
near I-Effect
10 I-Effect
% I-Effect
over I-Effect
2020-25 I-Effect
. O

The B-Cause
hassles I-Cause
of I-Cause
switching I-Cause
providers I-Cause
, I-Cause
penalties I-Cause
for I-Cause
early I-Cause
withdrawals I-Cause
, I-Cause
and I-Cause
the I-Cause
limited I-Cause
number I-Cause
of I-Cause
competitors I-Cause
that I-Cause
have I-Cause
branded I-Cause
themselves I-Cause
as I-Cause
tax-avoidance I-Cause
specialists I-Cause
have O
all O
served O
to O
strengthen B-Effect
the I-Effect
hold I-Effect
Eaton I-Effect
Vance I-Effect
has I-Effect
over I-Effect
these I-Effect
assets I-Effect
once O
they O
've O
been O
invested O
with O
the O
firm O
. O

We O
expect O
the B-Cause
network I-Cause
to I-Cause
retain I-Cause
its I-Cause
spot I-Cause
at I-Cause
the I-Cause
top I-Cause
of I-Cause
the I-Cause
cable I-Cause
news I-Cause
pyramid I-Cause
, O
allowing O
Fox B-Effect
to I-Effect
increase I-Effect
the I-Effect
affiliate I-Effect
fees I-Effect
while I-Effect
maintaining I-Effect
carriage I-Effect
at I-Effect
both I-Effect
traditional I-Effect
and I-Effect
OTT I-Effect
distributors I-Effect
. O

NIMs B-Cause
were I-Cause
also I-Cause
affected I-Cause
by I-Cause
higher I-Cause
payment I-Cause
rates I-Cause
, O
which O
reduce B-Effect
late I-Effect
fees I-Effect
and I-Effect
the I-Effect
portion I-Effect
of I-Effect
Synchrony I-Effect
's I-Effect
receivable I-Effect
base I-Effect
that I-Effect
is I-Effect
accruing I-Effect
interest I-Effect
. O

While O
Lululemon O
can O
not O
match O
the O
marketing O
budgets O
of O
the O
biggest O
players O
, O
its B-Cause
more I-Cause
than I-Cause
$ I-Cause
4 I-Cause
billion I-Cause
in I-Cause
annual I-Cause
sales I-Cause
allows O
it B-Effect
to I-Effect
spend I-Effect
more I-Effect
on I-Effect
marketing I-Effect
than I-Effect
the I-Effect
smaller I-Effect
competitors I-Effect
. O

We O
believe O
the B-Effect
Kontoor I-Effect
spin-off I-Effect
and I-Effect
sale I-Effect
of I-Effect
some I-Effect
of I-Effect
VF I-Effect
's I-Effect
work I-Effect
brands I-Effect
will I-Effect
improve I-Effect
the I-Effect
firm I-Effect
's I-Effect
margins I-Effect
as O
the B-Cause
remaining I-Cause
brands I-Cause
have I-Cause
more I-Cause
pricing I-Cause
power I-Cause
than I-Cause
those I-Cause
that I-Cause
have I-Cause
been I-Cause
eliminated I-Cause
. O

We O
think O
the B-Cause
firm I-Cause
's I-Cause
legacy I-Cause
segment I-Cause
, I-Cause
asset I-Cause
intelligence I-Cause
and I-Cause
tracking I-Cause
, I-Cause
will I-Cause
grow I-Cause
at I-Cause
an I-Cause
annual I-Cause
rate I-Cause
of I-Cause
3 I-Cause
% I-Cause
after I-Cause
2020 I-Cause
, O
maintaining B-Effect
Zebra I-Effect
's I-Effect
share I-Effect
in I-Effect
the I-Effect
slower-growth I-Effect
barcode I-Effect
printing I-Effect
market I-Effect
. I-Effect

Larger B-Cause
industrial I-Cause
distributors I-Cause
also I-Cause
operate I-Cause
scalable I-Cause
distribution I-Cause
networks I-Cause
and I-Cause
centralized I-Cause
order I-Cause
fulfillment I-Cause
centers I-Cause
, O
which O
allows B-Effect
these I-Effect
companies I-Effect
to I-Effect
cost-effectively I-Effect
serve I-Effect
their I-Effect
customer I-Effect
base I-Effect
, O
including O
large O
customers O
that O
require O
consistent O
product O
availability O
and O
service O
quality O
across O
North O
America O
. O

As O
a O
large-cap O
consumer O
staples O
multinational O
, O
RB O
is O
a O
relatively O
stable O
operator O
, O
but O
after O
recent O
operational O
mishaps O
, O
we O
now O
believe O
the B-Cause
firm I-Cause
carries I-Cause
an I-Cause
above-average I-Cause
risk I-Cause
of I-Cause
a I-Cause
black I-Cause
swan I-Cause
event I-Cause
that O
could O
materially B-Effect
affect I-Effect
the I-Effect
financial I-Effect
performance I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

Poor B-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
, I-Effect
or I-Effect
ESG I-Effect
, I-Effect
risk I-Effect
management I-Effect
may I-Effect
lead I-Effect
to I-Effect
direct I-Effect
and I-Effect
indirect I-Effect
costs I-Effect
related I-Effect
to I-Effect
data I-Effect
leakage I-Effect
problems I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
business I-Cause
is I-Cause
shifting I-Cause
from I-Cause
being I-Cause
hardware-centric I-Cause
to I-Cause
providing I-Cause
its I-Cause
content I-Cause
online I-Cause
. O

In O
2012 O
, O
the B-Cause
company I-Cause
opened I-Cause
its I-Cause
first I-Cause
factory I-Cause
in I-Cause
Mexico I-Cause
, O
aiding B-Effect
distribution I-Effect
in I-Effect
the I-Effect
Southwest I-Effect
and I-Effect
engaging I-Effect
labor I-Effect
at I-Effect
competitive I-Effect
rates I-Effect
. O

Macroeconomic B-Cause
risks I-Cause
are I-Cause
those I-Cause
related I-Cause
to I-Cause
the I-Cause
housing I-Cause
market I-Cause
and I-Cause
the I-Cause
credit I-Cause
and I-Cause
debt I-Cause
cycle I-Cause
, O
which O
are O
largely B-Effect
out I-Effect
of I-Effect
management I-Effect
's I-Effect
control I-Effect
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
is I-Effect
$ I-Effect
138 I-Effect
per I-Effect
share I-Effect
, O
which O
is O
1.1 O
times O
book O
value O
per O
share O
as O
of O
December O
2020 O
, O
to O
reflect O
strong O
auto O
loan O
performance O
and O
lower O
credit O
cost O
assumptions O
for O
2021 O
as O
paydown B-Cause
rates I-Cause
remain I-Cause
at I-Cause
historic I-Cause
highs I-Cause
. O

Our O
calls O
for O
3 O
% O
comparable O
growth O
for O
2021 O
are O
at O
the O
high O
end O
of O
management O
's O
guidance O
range O
( O
1 O
% O
at O
the O
low O
end O
) O
and O
up B-Effect
from I-Effect
flat I-Effect
prior I-Effect
to I-Effect
O'Reilly O
's O
first-quarter O
earnings O
announcement O
, O
as O
a B-Cause
cold I-Cause
winter I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
economic I-Cause
stimulus I-Cause
, I-Cause
and I-Cause
recovering I-Cause
miles I-Cause
driven I-Cause
cushion I-Cause
difficult I-Cause
comparisons I-Cause
. O

While O
Match B-Cause
Group I-Cause
has I-Cause
been I-Cause
a I-Cause
first-mover I-Cause
in I-Cause
creating I-Cause
useful I-Cause
and I-Cause
attractive I-Cause
features I-Cause
on I-Cause
its I-Cause
offerings I-Cause
such I-Cause
as I-Cause
the I-Cause
right I-Cause
and I-Cause
left I-Cause
swipes I-Cause
, I-Cause
match I-Cause
likelihood I-Cause
, I-Cause
passport I-Cause
, I-Cause
or I-Cause
boost I-Cause
on I-Cause
Tinder I-Cause
, I-Cause
we I-Cause
note I-Cause
that I-Cause
it I-Cause
lacks I-Cause
intangible I-Cause
assets I-Cause
protecting I-Cause
such I-Cause
innovation I-Cause
, I-Cause
practically I-Cause
eliminating I-Cause
any I-Cause
barriers I-Cause
to I-Cause
entry. O
For O
this O
reason O
, O
Match B-Effect
Group I-Effect
continuously I-Effect
competes I-Effect
with I-Effect
other I-Effect
online I-Effect
dating I-Effect
service I-Effect
providers I-Effect
such I-Effect
as I-Effect
Spark I-Effect
Networks I-Effect
( I-Effect
which I-Effect
focuses I-Effect
mostly I-Effect
on I-Effect
singles I-Effect
within I-Effect
different I-Effect
religious I-Effect
groups I-Effect
) I-Effect
, I-Effect
and I-Effect
the I-Effect
more I-Effect
direct I-Effect
Tinder I-Effect
competitors I-Effect
such I-Effect
as I-Effect
Bumble I-Effect
( O
founded O
by O
one O
of O
Tinder O
's O
cofounders O
) O
, O
Hinge O
, O
France-based O
Happn O
, O
and O
The O
Grade O
. O

In B-Cause
the I-Cause
third I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
, I-Cause
Twilio I-Cause
reported I-Cause
a I-Cause
strong I-Cause
137 I-Cause
% I-Cause
DBNE I-Cause
, O
which O
is O
indicative O
of O
the B-Effect
utility I-Effect
developers I-Effect
are I-Effect
deriving I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
. O

Through O
gross B-Cause
margin I-Cause
expansion I-Cause
and I-Cause
revenue I-Cause
outpacing I-Cause
operating I-Cause
expenditures I-Cause
, O
we O
model O
operating B-Effect
margins I-Effect
expanding I-Effect
into I-Effect
the I-Effect
mid-20 I-Effect
% I-Effect
range I-Effect
by I-Effect
2025 I-Effect
versus I-Effect
19 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Its B-Cause
massive I-Cause
and I-Cause
overpriced I-Cause
invested I-Cause
capital I-Cause
base I-Cause
makes O
it O
unlikely O
that O
the B-Effect
firm I-Effect
will I-Effect
generate I-Effect
economic I-Effect
returns I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
even O
if O
it O
can O
get O
costs O
lower O
. O

Finally O
, O
the B-Cause
end I-Cause
customer I-Cause
could I-Cause
risk I-Cause
production I-Cause
disruption I-Cause
or I-Cause
delays I-Cause
accompanying I-Cause
a I-Cause
modified I-Cause
product I-Cause
design. O
As O
a O
result O
, O
Sensata B-Effect
's I-Effect
sensors I-Effect
are I-Effect
likely I-Effect
to I-Effect
remain I-Effect
designed I-Effect
in I-Effect
for I-Effect
a I-Effect
product I-Effect
's I-Effect
entire I-Effect
lifecycle鈥攔anging I-Effect
from I-Effect
five I-Effect
to I-Effect
seven I-Effect
years I-Effect
for I-Effect
cars I-Effect
, I-Effect
all I-Effect
the I-Effect
way I-Effect
up I-Effect
to I-Effect
three I-Effect
decades I-Effect
for I-Effect
a I-Effect
commercial I-Effect
airplane I-Effect
. O

In B-Effect
2018 I-Effect
, I-Effect
HPE I-Effect
pledged I-Effect
a I-Effect
$ I-Effect
4 I-Effect
billion I-Effect
commitment I-Effect
to I-Effect
organically I-Effect
innovate I-Effect
within I-Effect
this I-Effect
segment I-Effect
, I-Effect
and I-Effect
we I-Effect
believe I-Effect
that I-Effect
edge I-Effect
computing I-Effect
may I-Effect
offer I-Effect
long-term I-Effect
growth I-Effect
possibilities I-Effect
as B-Cause
computing I-Cause
and I-Cause
analytics I-Cause
move I-Cause
closer I-Cause
to I-Cause
the I-Cause
user I-Cause
instead I-Cause
of I-Cause
crunching I-Cause
data I-Cause
in I-Cause
a I-Cause
centralized I-Cause
data I-Cause
center I-Cause
. O

Within O
this O
segment O
, O
we O
think O
these B-Effect
proprietary I-Effect
consumables I-Effect
have I-Effect
very I-Effect
high I-Effect
switching I-Effect
costs O
because O
customers B-Cause
ca I-Cause
n't I-Cause
substitute I-Cause
Alcon I-Cause
's I-Cause
products I-Cause
with I-Cause
those I-Cause
of I-Cause
competitors I-Cause
. O

The B-Effect
global I-Effect
food-service I-Effect
industry I-Effect
has I-Effect
come I-Effect
under I-Effect
pressure I-Effect
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
dine-in I-Cause
service I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

Consumer B-Effect
demand I-Effect
remains I-Effect
vibrant I-Effect
, O
and O
operating O
margins O
, O
which O
outperformed O
in O
2020 O
due O
to O
the B-Cause
dearth I-Cause
of I-Cause
available I-Cause
marketing I-Cause
occasions I-Cause
( O
concerts O
and O
sporting O
events O
, O
for O
example O
) O
, O
will O
likely O
sustain O
without O
commensurate O
brand O
investment O
over O
the O
medium O
term O
. O

We O
expect O
the B-Cause
combination I-Cause
of I-Cause
operating B-Effect
leverage I-Effect
stemming I-Cause
from I-Cause
volume B-Cause
growth I-Cause
and I-Cause
an I-Cause
improving I-Cause
product I-Cause
mix I-Cause
to O
drive O
material B-Effect
margin I-Effect
expansion I-Effect
. O

Furthermore O
, O
KLA B-Effect
must I-Effect
maintain I-Effect
its I-Effect
large I-Effect
research I-Effect
and I-Effect
development I-Effect
budget I-Effect
to B-Cause
serve I-Cause
its I-Cause
customers I-Cause
effectively I-Cause
, O
with O
R O
& O
D O
as O
a O
percentage O
of O
sales O
in O
the O
midteens O
. O

While O
the O
customer O
penetration O
rates O
remain O
low O
, O
with O
a O
single-digit O
level O
of O
the O
global O
population O
ever O
having O
cruised O
, O
we O
believe O
low B-Cause
switching I-Cause
costs I-Cause
could I-Cause
hinder I-Cause
the I-Cause
growth I-Cause
rate I-Cause
of I-Cause
cruisers I-Cause
, O
decreasing B-Effect
our I-Effect
confidence I-Effect
that I-Effect
Royal I-Effect
is I-Effect
poised I-Effect
to I-Effect
generate I-Effect
ROICs I-Effect
above I-Effect
our I-Effect
WACC I-Effect
estimate I-Effect
over I-Effect
an I-Effect
extended I-Effect
period I-Effect
. O

Investments B-Effect
in I-Effect
renewable I-Effect
diesel I-Effect
can I-Effect
deliver I-Effect
high I-Effect
rates I-Effect
of I-Effect
return I-Effect
given O
growing B-Cause
governmental I-Cause
blending I-Cause
mandates I-Cause
and I-Cause
financial I-Cause
support I-Cause
through O
blending O
credits O
. O

We B-Effect
forecast I-Effect
five-year I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
4.6 I-Effect
% I-Effect
for I-Effect
CNH I-Effect
Industrial I-Effect
, O
driven O
largely O
by O
5 B-Cause
% I-Cause
average I-Cause
revenue I-Cause
growth I-Cause
in I-Cause
its I-Cause
agricultural I-Cause
equipment I-Cause
segment I-Cause
, I-Cause
followed I-Cause
by I-Cause
similar I-Cause
levels I-Cause
of I-Cause
growth I-Cause
for I-Cause
construction I-Cause
, I-Cause
commercial I-Cause
, I-Cause
and I-Cause
powertrain I-Cause
revenue I-Cause
. O

Against O
a B-Cause
weak I-Cause
macroeconomic I-Cause
backdrop O
, O
its O
not O
uncommon O
to O
see O
financial O
strain O
manifest O
in O
consumers B-Effect
using I-Effect
less I-Effect
of I-Effect
the I-Effect
essential I-Effect
fare I-Effect
that I-Effect
Kimberly I-Effect
sells I-Effect
. I-Effect

Further O
, O
we O
think O
customer B-Effect
churn I-Effect
occurs I-Effect
largely I-Effect
at I-Effect
the I-Effect
low I-Effect
end I-Effect
simply O
because O
their O
size B-Cause
is I-Cause
less I-Cause
sustainable I-Cause
, I-Cause
and I-Cause
that I-Cause
retention I-Cause
in I-Cause
midsize I-Cause
and I-Cause
large I-Cause
users I-Cause
is I-Cause
higher I-Cause
still I-Cause
and O
near O
the O
elite O
category O
of O
software O
retention O
. O

The B-Effect
spread I-Effect
of I-Effect
Imperial I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROIC I-Effect
, I-Effect
over I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
or I-Effect
WACC I-Effect
, I-Effect
is I-Effect
narrower I-Effect
than I-Effect
that I-Effect
of I-Effect
PMI I-Effect
because O
of O
the B-Cause
less I-Cause
efficient I-Cause
logistics I-Cause
assets I-Cause
. O

We O
believe O
Masco B-Cause
's I-Cause
efforts I-Cause
to I-Cause
contain I-Cause
costs I-Cause
through I-Cause
its I-Cause
lean I-Cause
business I-Cause
operating I-Cause
system I-Cause
should O
bolster B-Effect
Masco I-Effect
's I-Effect
profitability I-Effect
over O
our O
forecast O
. O

In O
our O
view O
, O
as O
more B-Cause
individuals I-Cause
remain I-Cause
at I-Cause
home I-Cause
due O
to O
lockdowns B-Cause
and I-Cause
quarantines I-Cause
, O
they O
will O
spend B-Effect
more I-Effect
time I-Effect
on I-Effect
Facebook I-Effect
and I-Effect
Instagram I-Effect
not O
only O
engaging O
with O
other O
users O
, O
but O
also O
seeking O
additional O
information O
regarding O
many O
COVID-19-relevant O
topics O
. O

While O
a O
new O
entrant O
could O
build O
a O
facility O
that O
is O
sized O
for O
demand O
, O
even O
if O
it O
could O
take O
25 O
% O
share O
immediately O
, O
startup B-Effect
costs I-Effect
( I-Effect
building I-Effect
a I-Effect
facility I-Effect
, I-Effect
hiring I-Effect
workers I-Effect
, I-Effect
acquiring I-Effect
proper I-Effect
equipment I-Effect
) I-Effect
would I-Effect
probably I-Effect
prevent I-Effect
the I-Effect
endeavor I-Effect
from I-Effect
being I-Effect
economically I-Effect
sensible I-Effect
, O
as O
payoff B-Cause
periods I-Cause
would I-Cause
be I-Cause
extensive I-Cause
. O

Customers B-Cause
, I-Cause
which I-Cause
include I-Cause
the I-Cause
world I-Cause
's I-Cause
largest I-Cause
mining I-Cause
companies I-Cause
, I-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
for I-Cause
Sandvik I-Cause
's I-Cause
record I-Cause
of I-Cause
reliability I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
regular I-Cause
availability I-Cause
of I-Cause
spare I-Cause
parts I-Cause
and I-Cause
services I-Cause
resulting O
in O
a B-Effect
lower I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
. O

Developing O
a O
global O
footprint O
like O
Autoliv O
's O
-- O
with O
production O
facilities O
in O
27 O
countries O
-- O
would O
require O
a O
huge O
capital O
investment O
, O
a B-Effect
substantial I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
potential I-Effect
competitors I-Effect
, I-Effect
particularly I-Effect
given O
the B-Cause
challenges I-Cause
for I-Cause
auto I-Cause
suppliers I-Cause
' I-Cause
to I-Cause
consistently I-Cause
turn I-Cause
an I-Cause
economic I-Cause
profit I-Cause
. O

In O
the O
past O
, O
payers O
were O
slower O
to O
adopt O
telehealth O
relative O
to O
self-funded O
employers O
, O
but O
recent B-Cause
payer I-Cause
pilots I-Cause
have I-Cause
started I-Cause
to I-Cause
realize I-Cause
advertised I-Cause
cost I-Cause
savings I-Cause
, O
which O
will O
likely O
improve B-Effect
traction I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
further I-Effect
sell I-Effect
into I-Effect
existing I-Effect
customers I-Effect
( O
75 O
million O
lives O
) O
. O

A B-Effect
decrease I-Effect
in I-Effect
outsourcing I-Effect
or I-Effect
R I-Effect
& I-Effect
D I-Effect
spending I-Effect
is I-Effect
unlikely I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
in O
our O
opinion O
, O
but O
all O
CROs O
could O
be O
affected O
by O
these O
risks O
if B-Cause
biopharma I-Cause
funding I-Cause
is I-Cause
constrained I-Cause
, I-Cause
if I-Cause
there I-Cause
are I-Cause
changes I-Cause
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
, I-Cause
or I-Cause
if I-Cause
the I-Cause
biopharma I-Cause
industry I-Cause
faces I-Cause
other I-Cause
macroeconomic I-Cause
headwinds I-Cause
. O

We B-Effect
do I-Effect
see I-Effect
risks I-Effect
emanating I-Effect
from I-Effect
potential I-Effect
government I-Effect
backlash I-Effect
because B-Cause
of I-Cause
perceived I-Cause
disparity I-Cause
in I-Cause
pricing I-Cause
between I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
Europe I-Cause
. O

We B-Effect
are I-Effect
maintaining I-Effect
our I-Effect
$ I-Effect
22 I-Effect
per I-Effect
share I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
after O
incorporating O
full-year B-Cause
fiscal I-Cause
results I-Cause
that I-Cause
included I-Cause
a I-Cause
17 I-Cause
% I-Cause
sales I-Cause
decline I-Cause
and I-Cause
operating I-Cause
losses I-Cause
. O

Seagate B-Effect
faces I-Effect
risk I-Effect
from O
the B-Cause
secular I-Cause
decline I-Cause
of I-Cause
PC I-Cause
unit I-Cause
sales I-Cause
, I-Cause
which I-Cause
account I-Cause
for I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
its I-Cause
sales I-Cause
. O

Department O
of O
Justice O
wrapped O
up O
its O
investigation O
into O
off-label O
use O
of O
the O
Infuse O
product O
without O
issuing O
any O
charges O
, O
the B-Cause
controversy I-Cause
around I-Cause
the I-Cause
investigation I-Cause
added O
uncertainty B-Effect
and I-Effect
contributed I-Effect
to I-Effect
a I-Effect
decline I-Effect
in I-Effect
Infuse I-Effect
sales I-Effect
. O

In O
the O
near O
term O
, O
Cerner B-Cause
's I-Cause
federal I-Cause
business I-Cause
is I-Cause
the I-Cause
primary I-Cause
driver I-Cause
of I-Cause
growth I-Cause
, O
and O
any O
meaningful B-Effect
interruption I-Effect
to I-Effect
implementation I-Effect
could I-Effect
impact I-Effect
the I-Effect
company I-Effect
's I-Effect
top I-Effect
line I-Effect
. O

Through O
gross B-Cause
margin I-Cause
expansion I-Cause
and I-Cause
revenue I-Cause
outpacing I-Cause
operating I-Cause
expenditures I-Cause
, O
we B-Effect
model I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
into I-Effect
the I-Effect
mid-20 I-Effect
% I-Effect
range I-Effect
by I-Effect
2024 I-Effect
versus I-Effect
16 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Sensient B-Cause
's I-Cause
consistent I-Cause
free I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
should O
allow O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
a I-Effect
strong I-Effect
financial I-Effect
condition I-Effect
and O
capitalize O
on O
value-accretive O
, O
tuck-in O
merger O
and O
acquisition O
opportunities O
when O
they O
arise O
. O

We O
think O
this B-Cause
elevated I-Cause
volume I-Cause
of I-Cause
near-term I-Cause
deliveries I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
the I-Cause
likely I-Cause
development I-Cause
of I-Cause
more-affordable I-Cause
suburban I-Cause
apartments I-Cause
and I-Cause
single-family I-Cause
homes I-Cause
, O
will O
continue B-Effect
to I-Effect
pressure I-Effect
market I-Effect
rents I-Effect
and O
will O
offset O
much O
of O
the B-Effect
demand I-Effect
growth I-Effect
created I-Effect
by I-Effect
positive I-Effect
demographic I-Effect
trends I-Effect
. O

In O
stage O
two O
of O
our O
cash O
flow O
model O
we O
assume O
growth B-Effect
of I-Effect
3 I-Effect
% I-Effect
per I-Effect
year I-Effect
for I-Effect
10 I-Effect
years I-Effect
underpinned I-Effect
by I-Effect
continued I-Effect
growth I-Effect
in I-Effect
aftermarket I-Effect
revenue I-Effect
as O
the B-Cause
fleet I-Cause
ages I-Cause
. O

Ultimately O
, O
the O
need O
to O
navigate B-Cause
a I-Cause
byzantine I-Cause
Mexican I-Cause
bureaucracy I-Cause
at I-Cause
the I-Cause
local I-Cause
, I-Cause
provincial I-Cause
, I-Cause
and I-Cause
perhaps I-Cause
even I-Cause
national I-Cause
levels I-Cause
, I-Cause
serve I-Cause
as O
a B-Effect
bulwark I-Effect
against I-Effect
hypothetical I-Effect
new I-Effect
entrants I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

COVID-19 B-Cause
is I-Cause
also I-Cause
bringing I-Cause
massive I-Cause
uncertainty I-Cause
to I-Cause
the I-Cause
near-term I-Cause
auto I-Cause
demand I-Cause
environment I-Cause
, O
which O
may B-Effect
force I-Effect
Sonic I-Effect
to I-Effect
rely I-Effect
more I-Effect
on I-Effect
service I-Effect
and I-Effect
used I-Effect
vehicles I-Effect
. O

Toyota B-Cause
believes I-Cause
hydrogen I-Cause
fuel I-Cause
cell I-Cause
vehicles I-Cause
rather I-Cause
than I-Cause
battery I-Cause
electric I-Cause
vehicles I-Cause
will I-Cause
be I-Cause
the I-Cause
way I-Cause
the I-Cause
industry I-Cause
moves I-Cause
long-term I-Cause
, O
but B-Effect
that I-Effect
will I-Effect
be I-Effect
a I-Effect
costly I-Effect
mistake I-Effect
if I-Effect
they I-Effect
are I-Effect
wrong I-Effect
and I-Effect
the I-Effect
firm I-Effect
needs I-Effect
to I-Effect
catch-up I-Effect
with I-Effect
consumer I-Effect
demand I-Effect
for I-Effect
BEVs I-Effect
. O

Initially O
, O
this B-Effect
was I-Effect
a I-Effect
virtuous I-Effect
circle I-Effect
, O
as O
developers B-Cause
wrote I-Cause
software I-Cause
for I-Cause
the I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
DOS-based I-Cause
PCs I-Cause
, I-Cause
and I-Cause
users I-Cause
quickly I-Cause
coalesced I-Cause
around I-Cause
DOS I-Cause
because O
it B-Cause
became I-Cause
the I-Cause
most I-Cause
useful I-Cause
. O

Similarly B-Cause
, I-Cause
a I-Cause
major I-Cause
product I-Cause
transition I-Cause
to I-Cause
Citrix I-Cause
Cloud I-Cause
could O
lead O
to O
customer B-Effect
loss I-Effect
, I-Effect
which I-Effect
we I-Effect
also I-Effect
see I-Effect
no I-Effect
signs I-Effect
of I-Effect
since I-Effect
the I-Effect
product I-Effect
release I-Effect
. O

The O
company O
sells O
its O
products O
through O
a B-Cause
dedicated I-Cause
salesforce I-Cause
that I-Cause
maintains I-Cause
client I-Cause
relationships I-Cause
, I-Cause
building I-Cause
trust I-Cause
and O
enabling O
it B-Effect
to I-Effect
use I-Effect
its I-Effect
reputation I-Effect
to I-Effect
ease I-Effect
adoption I-Effect
of I-Effect
new I-Effect
product I-Effect
offerings I-Effect
in I-Effect
areas I-Effect
that I-Effect
are I-Effect
often I-Effect
mission-critical I-Effect
and I-Effect
subject I-Effect
to I-Effect
regulatory I-Effect
scrutiny I-Effect
. O

After O
79 O
% O
and O
24 O
% O
room O
supply O
growth O
in O
Las O
Vegas O
during O
the O
1990s O
and O
the O
first O
decade O
of O
this O
millennium O
, O
room B-Cause
supply I-Cause
has I-Cause
not I-Cause
increased I-Cause
through I-Cause
2020 I-Cause
, O
helping B-Effect
sustain I-Effect
Las I-Effect
Vegas I-Effect
Strip I-Effect
industry I-Effect
occupancy I-Effect
at I-Effect
healthy I-Effect
levels I-Effect
of I-Effect
around I-Effect
90 I-Effect
% I-Effect
. O

Although O
the O
firm O
is O
a O
dominant O
provider O
of O
frozen O
potatoes O
( O
over O
30 O
% O
share O
between O
branded O
and O
private O
label O
) O
, O
we O
hold O
that O
the B-Cause
category I-Cause
represents I-Cause
a I-Cause
low-single-digit I-Cause
percentage I-Cause
of I-Cause
overall I-Cause
grocery I-Cause
sales I-Cause
and O
is O
not O
material O
enough O
to O
elevate B-Effect
Lamb I-Effect
Weston I-Effect
to I-Effect
strategic I-Effect
partner I-Effect
status I-Effect
. O

We B-Effect
model I-Effect
a I-Effect
roughly I-Effect
150-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
the I-Effect
welding I-Effect
business I-Effect
, I-Effect
to I-Effect
management I-Effect
's I-Effect
long-term I-Effect
target I-Effect
of I-Effect
around I-Effect
15 I-Effect
% I-Effect
, O
driven B-Cause
by I-Cause
volume I-Cause
leverage I-Cause
, I-Cause
mix I-Cause
shift I-Cause
, I-Cause
and I-Cause
ongoing I-Cause
productivity I-Cause
initiatives I-Cause
. O

We O
expect O
net B-Cause
revenue I-Cause
to I-Cause
grow I-Cause
faster I-Cause
than I-Cause
portions I-Cause
of I-Cause
Uber I-Cause
's I-Cause
cost I-Cause
of I-Cause
revenue I-Cause
, I-Cause
including I-Cause
hosting I-Cause
, I-Cause
transaction I-Cause
processing I-Cause
, I-Cause
and I-Cause
insurance I-Cause
costs I-Cause
, O
which O
will O
result O
in O
gross B-Effect
margin I-Effect
expansion I-Effect
. O

For O
either O
model O
, O
we O
think O
Honeywell B-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
given O
its B-Cause
equipment I-Cause
's I-Cause
strong I-Cause
integration I-Cause
into I-Cause
customers I-Cause
' I-Cause
airframes I-Cause
and I-Cause
landing I-Cause
systems I-Cause
. O

As O
the B-Cause
global I-Cause
economy I-Cause
recovers I-Cause
, O
we B-Effect
expect I-Effect
Fortune I-Effect
Brands I-Effect
' I-Effect
operating I-Effect
margin I-Effect
to I-Effect
continue I-Effect
to I-Effect
improve I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
the I-Effect
company I-Effect
will I-Effect
near I-Effect
its I-Effect
15 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
target I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

A B-Cause
concurrent I-Cause
improvement I-Cause
in I-Cause
contract I-Cause
prices I-Cause
( I-Cause
toward I-Cause
our I-Cause
$ I-Cause
65 I-Cause
midcycle I-Cause
estimate I-Cause
) I-Cause
and I-Cause
new I-Cause
low-cost I-Cause
production I-Cause
from I-Cause
Cigar I-Cause
Lake I-Cause
should O
help O
Cameco B-Effect
clear I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

In O
addition O
, O
the O
nascent O
SaaS-based O
products O
for O
cloud O
and O
mobile O
security O
may O
not O
require O
the O
established O
track B-Cause
record I-Cause
and I-Cause
relationships I-Cause
that O
benefit B-Effect
Check I-Effect
Point I-Effect
for I-Effect
networking I-Effect
security I-Effect
. O

More O
important O
, O
BlackRock B-Cause
continues I-Cause
to I-Cause
see I-Cause
solid I-Cause
organic I-Cause
growth I-Cause
from I-Cause
its I-Cause
higher I-Cause
fee I-Cause
earning I-Cause
active I-Cause
equity I-Cause
platform I-Cause
, O
which O
provides O
some O
offset O
to O
ongoing B-Effect
fee I-Effect
compression I-Effect
. O

However O
, O
the O
industrial B-Cause
segment I-Cause
will I-Cause
fuel I-Cause
operating I-Cause
margin I-Cause
expansion I-Cause
, O
as O
the B-Effect
firm I-Effect
's I-Effect
footprint I-Effect
consolidation I-Effect
initiatives I-Effect
in I-Effect
this I-Effect
sector I-Effect
help I-Effect
expand I-Effect
its O
adjusted O
operating O
margin O
from O
14 O
% O
in O
fiscal O
2019 O
before O
the O
COVID-19 O
pandemic O
( O
14 O
% O
in O
fiscal O
2020 O
during O
the O
pandemic O
) O
to O
19 O
% O
at O
the O
end O
of O
our O
forecast O
. O

Domino B-Cause
's I-Cause
global I-Cause
technology I-Cause
platform I-Cause
includes O
a B-Effect
digital I-Effect
loyalty I-Effect
program I-Effect
with I-Effect
a I-Effect
rewards I-Effect
system I-Effect
, I-Effect
electronic I-Effect
customer I-Effect
profiling I-Effect
, I-Effect
geo-tracking I-Effect
of I-Effect
pizzas I-Effect
being I-Effect
delivered I-Effect
to I-Effect
customer I-Effect
homes I-Effect
, I-Effect
and I-Effect
customer I-Effect
geo-tracking I-Effect
to I-Effect
have I-Effect
carryout I-Effect
pizzas I-Effect
ready I-Effect
just I-Effect
as I-Effect
they I-Effect
enter I-Effect
the I-Effect
store I-Effect
. O

Verizon B-Cause
has I-Cause
deployed I-Cause
Fios I-Cause
, I-Cause
its I-Cause
fiber-optic I-Cause
cable I-Cause
network I-Cause
, I-Cause
to I-Cause
about I-Cause
three I-Cause
fourths I-Cause
of I-Cause
this I-Cause
territory I-Cause
, O
eliminating B-Effect
the I-Effect
gap I-Effect
in I-Effect
network I-Effect
capabilities I-Effect
versus I-Effect
cable I-Effect
companies I-Effect
like I-Effect
Comcast I-Effect
. O

We O
anticipate O
price/mix O
gains O
will O
be O
roughly O
flat O
, O
as O
typical B-Cause
rate I-Cause
pricing I-Cause
increases I-Cause
, I-Cause
premium I-Cause
line I-Cause
extensions I-Cause
, I-Cause
and I-Cause
higher I-Cause
convenience I-Cause
channel I-Cause
mix I-Cause
are I-Cause
offset I-Cause
by I-Cause
the I-Cause
deluge I-Cause
of I-Cause
deep-pocketed I-Cause
competition I-Cause
in I-Cause
the I-Cause
sparkling I-Cause
category I-Cause
, O
which O
should O
result O
in O
greater B-Effect
promotional I-Effect
depth I-Effect
and I-Effect
frequency I-Effect
. O

Drugs B-Cause
typically I-Cause
have I-Cause
a I-Cause
20-year I-Cause
patent I-Cause
life I-Cause
span I-Cause
, I-Cause
which I-Cause
begins I-Cause
at I-Cause
discovery. O
This O
means O
that O
clinical B-Effect
trials I-Effect
consume I-Effect
a I-Effect
significant I-Effect
portion I-Effect
of I-Effect
what I-Effect
could I-Effect
otherwise I-Effect
be I-Effect
patent-protected I-Effect
profits I-Effect
before I-Effect
generic I-Effect
drugs I-Effect
come I-Effect
to I-Effect
market I-Effect
. O

Cost-cutting B-Cause
and I-Cause
additional I-Cause
higher-margin I-Cause
volumes I-Cause
should I-Cause
lead I-Cause
to I-Cause
greater I-Cause
free I-Cause
cash I-Cause
flow I-Cause
after I-Cause
2021 I-Cause
( I-Cause
assuming I-Cause
$ I-Cause
60 I-Cause
a I-Cause
barrel I-Cause
for I-Cause
oil I-Cause
) I-Cause
which O
should B-Effect
reduce I-Effect
its I-Effect
break-even I-Effect
level I-Effect
and I-Effect
support I-Effect
increased I-Effect
cash I-Effect
returns I-Effect
to I-Effect
shareholders I-Effect
. I-Effect

This O
example O
illustrates O
the O
key O
problem O
with O
breaking O
into O
aircraft O
manufacturing O
: O
if O
a B-Cause
competitor I-Cause
goes I-Cause
through I-Cause
the I-Cause
arduous I-Cause
process I-Cause
of I-Cause
developing I-Cause
an I-Cause
aircraft I-Cause
, I-Cause
potential I-Cause
customers I-Cause
face I-Cause
massive I-Cause
switching I-Cause
costs I-Cause
and O
are O
thus O
quite B-Effect
conservative I-Effect
in I-Effect
their I-Effect
purchasing I-Effect
habits I-Effect
. O

We B-Effect
forecast I-Effect
operating I-Effect
margins I-Effect
to I-Effect
improve I-Effect
slowly I-Effect
( I-Effect
back I-Effect
to I-Effect
14 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
) I-Effect
, I-Effect
helped I-Effect
by I-Effect
a I-Effect
steadily I-Effect
improving I-Effect
global I-Effect
economic I-Effect
environment I-Effect
and I-Effect
rising I-Effect
cost I-Effect
leverage I-Effect
as O
S B-Cause
& I-Cause
A I-Cause
and I-Cause
advertising I-Cause
costs I-Cause
are I-Cause
spread I-Cause
across I-Cause
more I-Cause
toys I-Cause
sold I-Cause
. O

Additionally O
, O
Vertex B-Effect
holds I-Effect
significant I-Effect
patient I-Effect
share I-Effect
as O
nearly B-Cause
50 I-Cause
% I-Cause
of I-Cause
patients I-Cause
worldwide I-Cause
are I-Cause
currently I-Cause
treated I-Cause
for I-Cause
cystic I-Cause
fibrosis I-Cause
using I-Cause
its I-Cause
medicines I-Cause
. O

The B-Cause
latest I-Cause
technological I-Cause
advances I-Cause
in I-Cause
this I-Cause
field I-Cause
allow O
chipmakers B-Effect
to I-Effect
pursue I-Effect
Moore I-Effect
's I-Effect
law I-Effect
and I-Effect
continually I-Effect
increase I-Effect
the I-Effect
number I-Effect
of I-Effect
transistors I-Effect
on I-Effect
the I-Effect
same I-Effect
area I-Effect
of I-Effect
silicon I-Effect
. O

Mattel B-Cause
has I-Cause
historically I-Cause
had I-Cause
some I-Cause
of I-Cause
the I-Cause
most I-Cause
popular I-Cause
toys I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
which O
could O
lead O
to O
better B-Effect
point-of-sale I-Effect
results I-Effect
as O
product B-Cause
lines I-Cause
are I-Cause
rightsized I-Cause
, I-Cause
stabilizing I-Cause
brand I-Cause
equity I-Cause
volatility I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Xylem I-Effect
to I-Effect
$ I-Effect
95 I-Effect
from I-Effect
$ I-Effect
87 I-Effect
after B-Cause
the I-Cause
company I-Cause
announced I-Cause
strong I-Cause
first-quarter I-Cause
results I-Cause
and I-Cause
raised I-Cause
its I-Cause
guidance I-Cause
for I-Cause
full-year I-Cause
2021 I-Cause
. O

Moreover O
, O
relative B-Cause
to I-Cause
other I-Cause
specialists I-Cause
, I-Cause
an I-Cause
orthopedic I-Cause
surgeon I-Cause
's I-Cause
skill I-Cause
and I-Cause
experience I-Cause
can I-Cause
play I-Cause
an I-Cause
outsize I-Cause
role I-Cause
in I-Cause
the I-Cause
clinical I-Cause
outcome I-Cause
for I-Cause
the I-Cause
patient. O
These O
factors O
leave O
surgeons B-Effect
reluctant I-Effect
to I-Effect
train I-Effect
and I-Effect
master I-Effect
multiple I-Effect
instrumentation I-Effect
systems I-Effect
, I-Effect
especially I-Effect
if I-Effect
procedure I-Effect
volume I-Effect
is I-Effect
too I-Effect
low I-Effect
to I-Effect
maintain I-Effect
high I-Effect
surgical I-Effect
facility I-Effect
with I-Effect
more I-Effect
than I-Effect
one I-Effect
system I-Effect
. O

While O
plans O
to O
still O
enter O
the O
middleweight O
market O
in O
2021 O
exist O
, O
we O
surmise O
it B-Cause
will I-Cause
occur I-Cause
in I-Cause
a I-Cause
much I-Cause
more I-Cause
methodical I-Cause
way I-Cause
, O
derisking B-Effect
rapid I-Effect
average I-Effect
selling I-Effect
price I-Effect
declines I-Effect
. O

Roche O
will O
continue O
to O
rely O
on O
innovation B-Cause
and I-Cause
key I-Cause
acquisitions I-Cause
to O
maintain B-Effect
growth I-Effect
, O
but O
we O
think O
the B-Cause
firm I-Cause
's I-Cause
diversification I-Cause
( I-Cause
a I-Cause
global I-Cause
pharmaceutical I-Cause
business I-Cause
with I-Cause
multiple I-Cause
blockbuster I-Cause
therapies I-Cause
and I-Cause
a I-Cause
strong I-Cause
diagnostics I-Cause
division I-Cause
) I-Cause
and I-Cause
continuing I-Cause
innovation I-Cause
keep O
uncertainty B-Effect
low I-Effect
. O

However O
, O
SAP B-Cause
is I-Cause
phasing I-Cause
out I-Cause
its I-Cause
support I-Cause
of I-Cause
its I-Cause
on-premises I-Cause
ERP I-Cause
software I-Cause
such O
that O
by B-Effect
2030 I-Effect
all I-Effect
of I-Effect
its I-Effect
ERP I-Effect
customers I-Effect
will I-Effect
need I-Effect
to I-Effect
shift I-Effect
to I-Effect
a I-Effect
cloud I-Effect
solution I-Effect
. O

In O
addition O
, O
we O
would O
expect O
high B-Cause
rates I-Cause
to I-Cause
change I-Cause
the I-Cause
mix I-Cause
of I-Cause
housing I-Cause
starts I-Cause
to O
favor B-Effect
multifamily I-Effect
or I-Effect
lower-square-footage I-Effect
single-family I-Effect
builds I-Effect
, O
reducing B-Effect
total I-Effect
panel I-Effect
and I-Effect
siding I-Effect
demand I-Effect
for I-Effect
any I-Effect
given I-Effect
level I-Effect
of I-Effect
housing I-Effect
starts I-Effect
. O

Polaris B-Effect
had I-Effect
sacrificed I-Effect
some I-Effect
financial I-Effect
flexibility I-Effect
after B-Cause
financing I-Cause
its I-Cause
acquisitions I-Cause
of I-Cause
TAP I-Cause
and I-Cause
Boat I-Cause
Holdings I-Cause
, O
but O
debt-service B-Effect
metrics I-Effect
have I-Effect
been I-Effect
rapidly I-Effect
worked I-Effect
down I-Effect
via B-Cause
EBITDA I-Cause
expansion I-Cause
and I-Cause
cost-saving I-Cause
scale I-Cause
benefits I-Cause
( I-Cause
with I-Cause
debt/adjusted I-Cause
EBITDA I-Cause
trending I-Cause
down I-Cause
from I-Cause
2019 I-Cause
's I-Cause
2 I-Cause
times I-Cause
in I-Cause
our I-Cause
forecast I-Cause
) I-Cause
. O

Moreover O
, O
with O
largely O
separate O
management O
teams O
, O
we O
believe O
the O
right O
focus O
is O
in O
place O
at O
the O
highest O
levels O
and O
, O
in O
conjunction O
with O
massive B-Cause
financial I-Cause
resources I-Cause
, O
should O
allow B-Effect
each I-Effect
business I-Effect
to I-Effect
navigate I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

Although O
the O
firm O
is O
n't O
immune O
to O
freight O
downturns O
, O
its B-Cause
variable-cost I-Cause
model I-Cause
helps O
shield B-Effect
profitability I-Effect
during I-Effect
periods I-Effect
of I-Effect
lackluster I-Effect
demand I-Effect
, O
as O
evidenced O
by O
a O
long O
history O
of O
above-average O
profitability O
. O

Since O
Akamai B-Cause
is I-Cause
in I-Cause
1,700 I-Cause
networks I-Cause
, O
which O
we O
believe O
is O
more O
than O
any O
competitor O
, O
it B-Effect
can I-Effect
offer I-Effect
the I-Effect
most I-Effect
compelling I-Effect
product I-Effect
to I-Effect
the I-Effect
widest I-Effect
range I-Effect
of I-Effect
customers I-Effect
. O

We O
think O
the B-Cause
strength I-Cause
of I-Cause
the I-Cause
Ralph I-Cause
Lauren I-Cause
brand I-Cause
has O
allowed O
it O
to O
grow B-Effect
into I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
individual I-Effect
fashion I-Effect
companies I-Effect
. O

Much B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
standalone I-Cause
products I-Cause
are I-Cause
low-price I-Cause
, I-Cause
higher I-Cause
volume I-Cause
products I-Cause
, O
and O
are O
thus O
more B-Effect
reactive I-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
funding I-Effect
environment I-Effect
. O

The O
erosion O
of O
asset O
competitiveness O
during O
the O
last O
decade O
demonstrated O
by O
the B-Cause
impairments I-Cause
and I-Cause
reserve I-Cause
debookings I-Cause
helps O
explain B-Effect
the I-Effect
decline I-Effect
in I-Effect
upstream I-Effect
ROCEs I-Effect
from I-Effect
an I-Effect
average I-Effect
of I-Effect
22 I-Effect
% I-Effect
during I-Effect
2010-14 I-Effect
to I-Effect
average I-Effect
of I-Effect
6 I-Effect
% I-Effect
during I-Effect
2015-19 I-Effect
. O

As O
with O
all O
regulated O
utilities O
we O
cover O
, O
Ameren B-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and O
make B-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

We O
believe O
small B-Cause
challenger I-Cause
banks I-Cause
-- I-Cause
without I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
opportunity I-Cause
to I-Cause
leverage I-Cause
technology I-Cause
spend I-Cause
, O
will O
struggle O
to B-Effect
be I-Effect
as I-Effect
or I-Effect
more I-Effect
disruptive I-Effect
than I-Effect
ING I-Effect
. O

With O
the B-Cause
completion I-Cause
of I-Cause
the I-Cause
Art I-Cause
on I-Cause
theMart I-Cause
digital I-Cause
exhibition I-Cause
in I-Cause
2018 I-Cause
, O
the B-Effect
building I-Effect
is I-Effect
set I-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from I-Effect
its I-Effect
great I-Effect
location I-Effect
and I-Effect
iconic I-Effect
status I-Effect
within I-Effect
the I-Effect
Chicago I-Effect
office I-Effect
market I-Effect
. O

We O
expect O
the B-Cause
segment I-Cause
will I-Cause
continue I-Cause
gain I-Cause
leverage I-Cause
on I-Cause
its I-Cause
sales I-Cause
, O
helping O
EBITDA B-Effect
margin I-Effect
expand I-Effect
from I-Effect
25 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
28 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

And B-Cause
with I-Cause
its I-Cause
production I-Cause
( I-Cause
particularly I-Cause
for I-Cause
consumer I-Cause
tissue I-Cause
) I-Cause
occurring I-Cause
in I-Cause
regions I-Cause
where I-Cause
water I-Cause
is I-Cause
a I-Cause
scarce I-Cause
resource I-Cause
, O
Kimberly B-Effect
may I-Effect
also I-Effect
be I-Effect
challenged I-Effect
by I-Effect
impediments I-Effect
to I-Effect
its I-Effect
production I-Effect
process I-Effect
over I-Effect
time I-Effect
. O

However O
, O
we O
see O
EVs B-Effect
becoming I-Effect
a I-Effect
greater I-Effect
proportion I-Effect
of I-Effect
auto I-Effect
sales I-Effect
, I-Effect
growing I-Effect
to I-Effect
30 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, I-Effect
up I-Effect
from I-Effect
3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
which O
will O
expand O
the O
market O
as O
EVs B-Cause
rapidly I-Cause
take I-Cause
share I-Cause
from I-Cause
internal I-Cause
combustion I-Cause
engine I-Cause
vehicles I-Cause
. O

The B-Cause
bank I-Cause
is I-Cause
also I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
subject I-Cause
to I-Cause
the I-Cause
Federal I-Cause
Reserve I-Cause
's I-Cause
annual I-Cause
stress I-Cause
tests I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
host I-Cause
of I-Cause
other I-Cause
regulatory I-Cause
requirements I-Cause
( O
liquidity O
coverage O
ratio O
and O
supplementary O
leverage O
ratio O
, O
for O
example O
) O
and O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
any I-Effect
massive I-Effect
regulatory I-Effect
relief I-Effect
coming I-Effect
for I-Effect
the I-Effect
large I-Effect
money I-Effect
center I-Effect
banks I-Effect
. O

We O
see O
some O
positive O
trends O
in O
the O
wireless O
market O
in O
Brazil O
, O
with O
average B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
starting I-Effect
to I-Effect
move I-Effect
higher I-Effect
as O
the B-Cause
carriers I-Cause
have I-Cause
tried I-Cause
to I-Cause
exercise I-Cause
discipline I-Cause
. O

However O
, O
the B-Cause
economics I-Cause
for I-Cause
other I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
like I-Cause
wind I-Cause
and I-Cause
solar I-Cause
have I-Cause
vastly I-Cause
improved I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
presenting O
a O
headwind O
for O
geothermal B-Effect
development I-Effect
. O

Regardless O
, O
the B-Effect
company I-Effect
's I-Effect
patent I-Effect
portfolio I-Effect
could I-Effect
become I-Effect
more I-Effect
impactful I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
thanks O
to O
the B-Cause
development I-Cause
of I-Cause
patented I-Cause
chelated I-Cause
minerals I-Cause
through I-Cause
the I-Cause
integration I-Cause
of I-Cause
the I-Cause
recent I-Cause
Albion I-Cause
International I-Cause
acquisition I-Cause
. O

Its B-Cause
efforts I-Cause
in I-Cause
medical I-Cause
devices I-Cause
, I-Cause
including I-Cause
robotics I-Cause
and I-Cause
digital I-Cause
data I-Cause
, O
should O
help B-Effect
maintain I-Effect
leadership I-Effect
in I-Effect
several I-Effect
medical I-Effect
device I-Effect
areas I-Effect
as I-Effect
well I-Effect
as I-Effect
support I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
. O

By O
focusing O
its O
portfolio O
on O
the O
West O
Coast O
, O
the O
company O
operates O
in O
markets O
that O
should O
see O
several B-Cause
years I-Cause
of I-Cause
job I-Cause
and I-Cause
income I-Cause
growth I-Cause
above I-Cause
the I-Cause
national I-Cause
average I-Cause
, O
which O
should O
lead O
to O
higher B-Effect
rent I-Effect
growth I-Effect
. I-Effect

With B-Cause
the I-Cause
top I-Cause
line I-Cause
challenged I-Cause
and I-Cause
mix I-Cause
shifting I-Cause
, O
our B-Effect
10-year I-Effect
forecast I-Effect
calls I-Effect
for I-Effect
an I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
pullback I-Effect
from I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
24 I-Effect
% I-Effect
to I-Effect
around I-Effect
22 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2030 I-Effect
. O

Yet O
management B-Cause
must I-Cause
maintain I-Cause
a I-Cause
delicate I-Cause
balance I-Cause
as O
to O
avoid B-Effect
diluting I-Effect
the I-Effect
core I-Effect
value I-Effect
proposition I-Effect
of I-Effect
providing I-Effect
sellers I-Effect
a I-Effect
means I-Effect
of I-Effect
guaranteed I-Effect
transactions I-Effect
of I-Effect
high-dollar-value I-Effect
items I-Effect
by I-Effect
a I-Effect
specific I-Effect
date I-Effect
. O

Despite O
this O
lower O
WACC O
, O
we O
believe O
that O
American B-Effect
Airlines I-Effect
has I-Effect
a I-Effect
higher I-Effect
chance I-Effect
of I-Effect
firm I-Effect
failure I-Effect
when O
compared O
with O
other O
legacy O
carriers O
as O
it B-Cause
carries I-Cause
much I-Cause
more I-Cause
debt I-Cause
relative I-Cause
to I-Cause
enterprise I-Cause
value I-Cause
than I-Cause
peers I-Cause
. O

Effectively B-Cause
all I-Cause
computer I-Cause
software I-Cause
written I-Cause
to I-Cause
run I-Cause
on I-Cause
PCs I-Cause
and I-Cause
servers I-Cause
is I-Cause
written I-Cause
specifically I-Cause
for I-Cause
the I-Cause
x86 I-Cause
architecture I-Cause
, O
which O
makes B-Effect
it I-Effect
challenging I-Effect
for I-Effect
non-x86 I-Effect
chipmakers I-Effect
( I-Effect
such I-Effect
as I-Effect
those I-Effect
that I-Effect
license I-Effect
ARM I-Effect
architecture I-Effect
) I-Effect
to I-Effect
encroach I-Effect
upon I-Effect
Intel I-Effect
and I-Effect
AMD I-Effect
's I-Effect
x86 I-Effect
CPU I-Effect
turf I-Effect
. O

Given O
Google O
's O
focus O
on O
privacy O
for O
its O
Chrome O
browser O
, O
we O
believe O
it O
is O
more O
likely O
that O
Criteo B-Cause
's I-Cause
current I-Cause
and I-Cause
potential I-Cause
clients I-Cause
may O
allocate O
less B-Effect
ad I-Effect
dollars I-Effect
to I-Effect
the I-Effect
firm I-Effect
. I-Effect

Rolls-Royce B-Cause
's I-Cause
absence I-Cause
from I-Cause
the I-Cause
fast I-Cause
growing I-Cause
narrow-body I-Cause
market I-Cause
could O
prompt O
management B-Effect
to I-Effect
embark I-Effect
unsuccessfully I-Effect
on I-Effect
an I-Effect
engine I-Effect
development I-Effect
program I-Effect
in O
an O
attempt O
to O
capture O
share O
. O

While O
this O
investment O
has O
inarguably O
created O
significant O
long-term O
value O
to O
shareholders O
, O
there B-Effect
is I-Effect
risk I-Effect
from I-Effect
holding I-Effect
on I-Effect
to I-Effect
the I-Effect
investment I-Effect
given O
our O
view O
that O
Sartorius B-Cause
shares I-Cause
are I-Cause
highly I-Cause
overvalued I-Cause
. O

Further O
, O
while O
raw O
material O
costs O
had O
been O
favorable O
in O
recent O
years O
, O
we B-Effect
believe I-Effect
a I-Effect
sustained I-Effect
period I-Effect
with I-Effect
a I-Effect
more I-Effect
inflationary I-Effect
climate I-Effect
could I-Effect
hinder I-Effect
margin I-Effect
expansion I-Effect
or I-Effect
compress I-Effect
volume I-Effect
if B-Cause
Kimberly I-Cause
opts I-Cause
to I-Cause
raise I-Cause
prices I-Cause
and I-Cause
consumers I-Cause
balk I-Cause
at I-Cause
these I-Cause
higher I-Cause
costs I-Cause
. O

With O
each O
successive O
development O
of O
aircraft O
, O
composites B-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
weight I-Effect
have I-Effect
increased I-Effect
because O
composites B-Cause
tend I-Cause
to I-Cause
be I-Cause
lighter I-Cause
weight I-Cause
, O
which O
allows O
airlines B-Effect
to I-Effect
save I-Effect
on I-Effect
fuel I-Effect
expense I-Effect
. O

Its B-Cause
design I-Cause
focuses I-Cause
on I-Cause
innovative I-Cause
software I-Cause
, I-Cause
next-generation I-Cause
switching I-Cause
speed I-Cause
, I-Cause
and I-Cause
removing I-Cause
antiquated I-Cause
backward-compatible I-Cause
features I-Cause
to O
create B-Effect
product I-Effect
nimbleness I-Effect
and I-Effect
lower I-Effect
ownership I-Effect
costs I-Effect
. O

From O
a O
manufacturing O
standpoint O
, O
concentrate O
operations O
are O
markedly O
less O
capital-intensive O
and O
require O
less O
labor O
and O
overhead O
relative O
to O
finished O
product O
operations O
, O
which O
require B-Cause
specialized I-Cause
canning I-Cause
and I-Cause
bottling I-Cause
production I-Cause
lines I-Cause
that O
are O
typically O
not O
interchangeable B-Effect
across I-Effect
products I-Effect
or I-Effect
package I-Effect
sizes I-Effect
. O

Government B-Cause
legislation I-Cause
limits I-Cause
individual I-Cause
ownership I-Cause
of I-Cause
an I-Cause
Australian I-Cause
bank I-Cause
to I-Cause
a I-Cause
maximum I-Cause
of I-Cause
15 I-Cause
% I-Cause
without O
the O
specific O
approval O
of O
the O
Federal O
Treasurer O
( O
equivalent O
to O
the O
Treasury O
Secretary O
in O
the O
US O
) O
, O
thereby O
reducing B-Effect
the I-Effect
potential I-Effect
for I-Effect
a I-Effect
foreign I-Effect
takeover I-Effect
. O

Like O
its O
peers O
, O
the O
firm O
is O
focused O
on O
engaging B-Effect
users I-Effect
beyond I-Effect
the I-Effect
initial I-Effect
game I-Effect
sale I-Effect
via I-Effect
extending I-Effect
the I-Effect
monetization I-Effect
window I-Effect
by O
expanding B-Cause
the I-Cause
use I-Cause
of I-Cause
multiplayer I-Cause
options I-Cause
and I-Cause
releasing I-Cause
downloadable I-Cause
content I-Cause
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
KeyCorp I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Capital B-Cause
projects I-Cause
targeting I-Cause
capacity I-Cause
and I-Cause
velocity I-Cause
improvement I-Cause
have O
helped O
the B-Effect
rail I-Effect
capitalize I-Effect
on I-Effect
net I-Effect
positive I-Effect
truck-to-rail I-Effect
conversion I-Effect
activity I-Effect
over I-Effect
the I-Effect
years I-Effect
. O

Further O
, O
we O
think O
that O
as O
a O
result O
of O
these B-Cause
cost I-Cause
advantages I-Cause
, O
Kellogg B-Effect
maintains I-Effect
the I-Effect
ability I-Effect
to I-Effect
replicate I-Effect
competitive I-Effect
products I-Effect
and I-Effect
ultimately I-Effect
offer I-Effect
this I-Effect
fare I-Effect
to I-Effect
retailers I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

As O
some B-Cause
of I-Cause
the I-Cause
more I-Cause
potent I-Cause
energy I-Cause
drink I-Cause
ingredients I-Cause
, I-Cause
such I-Cause
as I-Cause
guarana I-Cause
or I-Cause
ginseng I-Cause
, I-Cause
receive I-Cause
closer I-Cause
scrutiny I-Cause
from I-Cause
health I-Cause
experts I-Cause
and I-Cause
regulators I-Cause
, O
several B-Effect
go-to-market I-Effect
restrictions I-Effect
could I-Effect
come I-Effect
to I-Effect
fruition I-Effect
. O

IT O
investments O
are O
necessary O
to O
lower O
carrier O
sourcing O
costs O
and O
boost O
independent-agent O
productivity O
, O
but O
they O
add B-Effect
incremental I-Effect
pressure I-Effect
amid B-Cause
a I-Cause
tough I-Cause
operating I-Cause
backdrop I-Cause
. O

Meanwhile O
, O
the B-Cause
analog I-Cause
chip I-Cause
market I-Cause
is I-Cause
fragmented I-Cause
and I-Cause
based I-Cause
on I-Cause
proprietary I-Cause
designs I-Cause
, O
so O
market B-Effect
share I-Effect
shifts I-Effect
tend I-Effect
to I-Effect
be I-Effect
quite I-Effect
gradual I-Effect
, O
and O
it O
remains O
to O
be O
seen O
whether O
hearty O
growth O
can O
come O
to O
fruition O
. O

The B-Cause
company I-Cause
's I-Cause
continued I-Cause
shift I-Cause
toward I-Cause
larger I-Cause
, I-Cause
higher-value I-Cause
jets I-Cause
necessitates I-Cause
substantial I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
which O
compresses B-Effect
margins I-Effect
and I-Effect
adds I-Effect
to I-Effect
an I-Effect
invested I-Effect
capital I-Effect
base I-Effect
. O

These B-Cause
chemicals I-Cause
are I-Cause
highly I-Cause
tailored I-Cause
to I-Cause
specific I-Cause
refineries I-Cause
and I-Cause
most I-Cause
need I-Cause
to I-Cause
be I-Cause
constantly I-Cause
replaced I-Cause
, O
usually B-Effect
giving I-Effect
the I-Effect
company I-Effect
a I-Effect
steady I-Effect
cash I-Effect
flow I-Effect
stream I-Effect
. I-Effect

We O
also O
see O
modest B-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expense I-Effect
leverage I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
expands I-Cause
, O
though O
it O
accounts O
for O
less O
than O
100 O
basis O
points O
of O
our O
estimated O
EBITDA O
improvement O
. O

In B-Cause
the I-Cause
retail I-Cause
channel I-Cause
, I-Cause
Beyond I-Cause
provides I-Cause
customers I-Cause
with I-Cause
new I-Cause
products I-Cause
in I-Cause
the I-Cause
meat I-Cause
case I-Cause
, I-Cause
where I-Cause
innovation I-Cause
rarely I-Cause
occurs I-Cause
, O
driving B-Effect
higher I-Effect
retail I-Effect
velocities I-Effect
( I-Effect
units I-Effect
sold I-Effect
per I-Effect
month I-Effect
per I-Effect
store I-Effect
) I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
repeat I-Effect
purchases I-Effect
. O

We O
're O
expecting O
that O
the B-Cause
firm I-Cause
will I-Cause
spend I-Cause
about I-Cause
4 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
internal I-Cause
R I-Cause
& I-Cause
D I-Cause
, I-Cause
which I-Cause
is I-Cause
higher I-Cause
than I-Cause
peers I-Cause
and O
should O
provide O
the O
firm O
with O
a B-Effect
high-margin I-Effect
growth I-Effect
runway I-Effect
. O

Wells B-Effect
Fargo I-Effect
remains I-Effect
one I-Effect
of I-Effect
the I-Effect
top I-Effect
deposit I-Effect
gatherers I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
, O
even O
after O
the O
bank O
's O
scandals O
and O
an O
asset O
cap O
, O
with B-Cause
the I-Cause
third I-Cause
most I-Cause
deposits I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
behind I-Cause
JPMorgan I-Cause
and I-Cause
Bank I-Cause
of I-Cause
America O
. O

We O
believe O
Wesco B-Cause
's I-Cause
technological I-Cause
capabilities I-Cause
, I-Cause
including I-Cause
its I-Cause
e-commerce I-Cause
sales I-Cause
channel I-Cause
, I-Cause
integrated I-Cause
customer I-Cause
purchasing I-Cause
and I-Cause
inventory I-Cause
management I-Cause
solutions I-Cause
, I-Cause
and I-Cause
warehouse I-Cause
automation I-Cause
, O
drive B-Cause
distribution I-Cause
efficiencies I-Cause
that O
would O
be O
difficult B-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
replicate I-Effect
. O

Credit B-Cause
ratings I-Cause
provide I-Cause
value I-Cause
to I-Cause
bond I-Cause
issuers I-Cause
as I-Cause
well I-Cause
as I-Cause
bond I-Cause
investors I-Cause
, O
and O
as O
a O
result O
this O
creates B-Effect
a I-Effect
network I-Effect
effect I-Effect
. O

A B-Effect
constant I-Effect
concern I-Effect
in I-Effect
the I-Effect
RF I-Effect
industry I-Effect
is I-Effect
the I-Effect
threat I-Effect
of I-Effect
pricing I-Effect
pressure I-Effect
, I-Effect
as I-Effect
Qorvo I-Effect
and I-Effect
others I-Effect
rely I-Effect
on I-Effect
a I-Effect
handful I-Cause
of I-Cause
smartphone I-Cause
leaders I-Cause
for I-Cause
the I-Cause
bulk I-Cause
of I-Cause
their I-Cause
revenue I-Cause
. O

We B-Effect
view I-Effect
the I-Effect
merger I-Effect
with I-Effect
Banco I-Effect
Popular I-Effect
as I-Effect
positive I-Effect
for I-Effect
Santander I-Effect
, O
because O
it B-Cause
increases I-Cause
its I-Cause
deposit I-Cause
market I-Cause
share I-Cause
in I-Cause
Spain I-Cause
to I-Cause
19 I-Cause
% I-Cause
( I-Cause
from I-Cause
13 I-Cause
% I-Cause
) I-Cause
, I-Cause
making I-Cause
Santander I-Cause
the I-Cause
bank I-Cause
with I-Cause
dominant I-Cause
market I-Cause
share I-Cause
in I-Cause
Spanish I-Cause
deposits I-Cause
. O

With O
cafelike O
environments O
and O
a O
brand O
that O
is O
broadly O
synonymous O
with O
a O
high-quality O
customer O
experience O
, O
Starbucks O
enjoys B-Cause
pricing I-Cause
power I-Cause
advantages I-Cause
over O
most O
specialty O
coffee O
peers O
, O
which O
we O
believe O
will O
only O
be O
augmented O
by O
the O
incubation O
of O
the O
Starbucks O
Reserve O
sub-brand O
to O
distribute O
exclusive O
, O
higher-end B-Effect
coffee I-Effect
blends I-Effect
. O

We O
forecast O
that O
Trane B-Cause
can I-Cause
continue I-Cause
to I-Cause
raise I-Cause
prices I-Cause
in I-Cause
excess I-Cause
of I-Cause
input I-Cause
cost I-Cause
inflation I-Cause
, O
supporting B-Effect
both I-Effect
top-line I-Effect
growth I-Effect
and I-Effect
profit I-Effect
margins I-Effect
. O

We O
believe O
that O
the B-Cause
familiarity I-Cause
of I-Cause
the I-Cause
brand I-Cause
and I-Cause
knowledge I-Cause
of I-Cause
the I-Cause
employee I-Cause
base O
keep B-Effect
the I-Effect
business I-Effect
in I-Effect
the I-Effect
forefront I-Effect
of I-Effect
consumers I-Effect
' I-Effect
minds I-Effect
as I-Effect
the I-Effect
premier I-Effect
choice I-Effect
for I-Effect
home I-Effect
improvement I-Effect
needs I-Effect
. O

Specifically O
, O
intra-process B-Cause
node I-Cause
advancements I-Cause
have O
driven B-Effect
a I-Effect
greater I-Effect
than I-Effect
20 I-Effect
% I-Effect
performance I-Effect
boost I-Effect
from I-Effect
the I-Effect
first I-Effect
iteration I-Effect
of I-Effect
14-nm I-Effect
to I-Effect
14-nm++ I-Effect
. O

Its B-Effect
chemical I-Effect
facilities I-Effect
enjoy I-Effect
a I-Effect
relative I-Effect
feedstock I-Effect
advantage I-Effect
, O
given O
their B-Cause
location I-Cause
on I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
and I-Cause
in I-Cause
the I-Cause
Middle I-Cause
East I-Cause
. O

We O
deem O
it B-Effect
appropriate I-Effect
to I-Effect
use I-Effect
wine I-Effect
and I-Effect
spirit I-Effect
consumption I-Effect
as I-Effect
a I-Effect
quantitative I-Effect
proxy I-Effect
for I-Effect
premiumization I-Effect
, O
given O
that B-Cause
these I-Cause
categories I-Cause
have I-Cause
been I-Cause
taking I-Cause
share I-Cause
from I-Cause
beer I-Cause
and I-Cause
are I-Cause
emblematic I-Cause
of I-Cause
consumers I-Cause
trading I-Cause
up I-Cause
to I-Cause
higher I-Cause
price I-Cause
points I-Cause
. O

We O
expect O
R B-Effect
& I-Effect
D I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
to I-Effect
settle I-Effect
in I-Effect
the I-Effect
midteens I-Effect
as O
ASML B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
EUV I-Cause
development I-Cause
and I-Cause
other I-Cause
critical I-Cause
technologies I-Cause
for I-Cause
extending I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
. O

This O
decline O
in O
revenue B-Effect
is O
anticipated O
from O
the B-Cause
continued I-Cause
pressure I-Cause
in I-Cause
pharmaceutical I-Cause
distribution I-Cause
, I-Cause
and I-Cause
headwinds I-Cause
from I-Cause
the I-Cause
rationalization I-Cause
of I-Cause
medical I-Cause
device I-Cause
operations I-Cause
. O

Vodafone O
operates O
in O
a O
variety O
of O
markets O
, O
many O
of O
which O
face O
different O
regulatory O
issues O
and O
, O
it O
earns B-Cause
revenue I-Cause
in I-Cause
various I-Cause
currencies I-Cause
, O
which O
increases B-Effect
the I-Effect
volatility I-Effect
of I-Effect
its I-Effect
results I-Effect
. O

Specifically O
, O
the O
complaint O
stated O
that O
by B-Cause
threatening I-Cause
to I-Cause
disrupt I-Cause
smartphone I-Cause
manufacturers I-Cause
' I-Cause
supply I-Cause
of I-Cause
baseband I-Cause
processors I-Cause
, I-Cause
Qualcomm B-Effect
receives I-Effect
excess I-Effect
royalties I-Effect
for I-Effect
its I-Effect
standard-essential I-Effect
patents I-Effect
that I-Effect
enable I-Effect
cellular I-Effect
connectivity I-Effect
. I-Effect

IAC B-Cause
has I-Cause
invested I-Cause
in I-Cause
areas I-Cause
within I-Cause
this I-Cause
segment I-Cause
that I-Cause
have I-Cause
resulted I-Cause
in I-Cause
basically I-Cause
a I-Cause
feedback I-Cause
loop I-Cause
: O
attracting O
more O
service O
professionals O
who O
have O
helped O
bring O
in O
more O
consumers O
who O
in O
turn O
have O
attracted O
more O
service O
professionals O
, O
and O
so O
on O
, O
thereby O
strengthening B-Effect
ANGI I-Effect
Homeservices I-Effect
' I-Effect
network I-Effect
effect I-Effect
. O

A B-Cause
typical I-Cause
refinery I-Cause
will I-Cause
run I-Cause
24 I-Cause
hours I-Cause
a I-Cause
day I-Cause
, I-Cause
seven I-Cause
days I-Cause
a I-Cause
week I-Cause
, I-Cause
and I-Cause
process I-Cause
around I-Cause
200,000 I-Cause
barrels I-Cause
, O
so O
a B-Effect
1 I-Effect
% I-Effect
improvement I-Effect
in I-Effect
throughput I-Effect
can I-Effect
drive I-Effect
millions I-Effect
of I-Effect
dollars I-Effect
of I-Effect
operating I-Effect
profit I-Effect
. O

Since B-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2016 I-Cause
, I-Cause
the I-Cause
number I-Cause
of I-Cause
average I-Cause
monthly I-Cause
unique I-Cause
users I-Cause
has I-Cause
grown I-Cause
from I-Cause
around I-Cause
124 I-Cause
million I-Cause
to I-Cause
nearly I-Cause
200 I-Cause
million I-Cause
in I-Cause
2019. O
This O
makes B-Effect
Zillow I-Effect
the I-Effect
most I-Effect
visited I-Effect
real I-Effect
estate I-Effect
platform I-Effect
by I-Effect
a I-Effect
wide I-Effect
margin I-Effect
, I-Effect
with I-Effect
the I-Effect
company I-Effect
possessing I-Effect
the I-Effect
most I-Effect
visited I-Effect
real I-Effect
estate I-Effect
website I-Effect
in I-Effect
Zillow.com I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
third I-Effect
most I-Effect
visited I-Effect
website I-Effect
in I-Effect
Trulia.com I-Effect
. O

We B-Cause
apply I-Cause
an I-Cause
8.0 I-Cause
% I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
to I-Cause
discount I-Cause
our I-Cause
cash I-Cause
flow I-Cause
projections I-Cause
, I-Cause
which I-Cause
reflects I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
debt I-Cause
in I-Cause
the I-Cause
capital I-Cause
structure I-Cause
and O
thus O
a B-Effect
substantial I-Effect
interest I-Effect
tax I-Effect
shield I-Effect
. O

Potential O
customers O
will O
continue O
to O
try O
minimizing B-Effect
any I-Effect
form I-Effect
of I-Effect
risks I-Effect
on I-Effect
avoiding I-Effect
downtime I-Effect
by O
putting B-Cause
preference I-Cause
over I-Cause
products I-Cause
with I-Cause
a I-Cause
proven I-Cause
track I-Cause
record I-Cause
of I-Cause
being I-Cause
able I-Cause
to I-Cause
program/shape I-Cause
complex I-Cause
products I-Cause
with I-Cause
absolute I-Cause
precision I-Cause
, O
especially O
when O
such O
high O
switching O
costs O
are O
at O
stake O
. O

But O
reported B-Effect
volumes I-Effect
could I-Effect
fluctuate I-Effect
as O
Apache B-Effect
's I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
in I-Effect
Egypt I-Effect
are I-Effect
governed I-Effect
by I-Effect
production-sharing I-Effect
contracts I-Effect
( I-Cause
due I-Cause
to I-Cause
cost B-Cause
recovery I-Cause
provisions I-Cause
in I-Cause
these I-Cause
contracts I-Cause
, I-Cause
lower I-Cause
crude I-Cause
prices I-Cause
translate I-Cause
to I-Cause
higher I-Cause
volumes I-Cause
, I-Cause
creating I-Cause
a I-Cause
natural I-Cause
hedge I-Cause
, I-Cause
helping I-Cause
the I-Cause
company I-Cause
to I-Cause
cope I-Cause
with I-Cause
this I-Cause
very I-Cause
weak I-Cause
commodity I-Cause
environment I-Cause
) O
. O

During O
periods O
of O
tightening O
supply O
when O
air O
and O
ocean O
carriers O
tend O
to O
boost O
rates O
, O
Expeditors O
normally O
sees O
gross B-Effect
profit I-Effect
margin I-Effect
compression I-Effect
( I-Effect
and I-Effect
thus I-Effect
lower I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
) I-Effect
, O
driven O
in O
part O
by O
the B-Cause
time I-Cause
lag I-Cause
associated I-Cause
with I-Cause
renegotiating I-Cause
higher I-Cause
capacity I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
. O

Between O
fiscal O
years O
2013 O
and O
2015 O
, O
Coach B-Effect
's I-Effect
sales I-Effect
dropped I-Effect
by I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
just I-Effect
two I-Effect
years I-Effect
due O
to O
an B-Cause
intentional I-Cause
reduction I-Cause
in I-Cause
retail I-Cause
distribution I-Cause
and I-Cause
aggressive I-Cause
competition I-Cause
from I-Cause
Michael I-Cause
Kors I-Cause
and I-Cause
others I-Cause
. O

The B-Cause
Cloverhill I-Cause
acquisition I-Cause
( O
which O
was O
operating O
at O
a O
loss O
when O
Hostess O
acquired O
it O
) O
impaired B-Effect
Hostess I-Effect
' I-Effect
2018 I-Effect
gross I-Effect
margins I-Effect
by I-Effect
over I-Effect
500 I-Effect
basis I-Effect
points I-Effect
. O

For O
2022-30 O
, O
we O
estimate O
Las B-Effect
Vegas I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
4 I-Effect
% I-Effect
versus I-Effect
6 I-Effect
% I-Effect
prior I-Effect
, O
as O
demand B-Cause
is I-Cause
pushed I-Cause
forward I-Cause
into I-Cause
2021 I-Cause
. O

The B-Cause
invested I-Cause
capital I-Cause
base I-Cause
was I-Cause
inflated I-Cause
by I-Cause
substantial I-Cause
procyclical I-Cause
investment I-Cause
during I-Cause
the I-Cause
height I-Cause
of I-Cause
the I-Cause
China I-Cause
boom I-Cause
, I-Cause
the I-Cause
rot I-Cause
setting I-Cause
in I-Cause
by I-Cause
overpaying I-Cause
for I-Cause
Alcan I-Cause
, I-Cause
and I-Cause
subsequent I-Cause
excessive I-Cause
iron I-Cause
ore I-Cause
expansion I-Cause
; O
the O
combination O
of O
these O
factors O
means O
midcycle B-Effect
returns I-Effect
are I-Effect
likely I-Effect
to I-Effect
remain I-Effect
below I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Additionally O
, O
we O
expect O
that O
management O
will O
continue O
to O
invest O
in O
M O
& O
A O
, O
and O
our B-Cause
model I-Cause
incorporates I-Cause
meaningful I-Cause
acquisitions I-Cause
helping B-Effect
the I-Effect
company I-Effect
reach I-Effect
a I-Effect
roughly I-Effect
13 I-Effect
% I-Effect
total I-Effect
growth I-Effect
rate I-Effect
through I-Effect
from I-Effect
2020 I-Effect
through I-Effect
2025 I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
lean I-Cause
manufacturing I-Cause
capabilities I-Cause
and I-Cause
flexible I-Cause
operations I-Cause
allow O
it O
to O
thrive B-Cause
in I-Cause
a I-Cause
high I-Cause
mix I-Cause
and I-Cause
low I-Cause
volume I-Cause
environment I-Cause
, O
offering B-Effect
customers I-Effect
a I-Effect
wide I-Effect
array I-Effect
of I-Effect
configurable I-Effect
and I-Effect
customizable I-Effect
solutions I-Effect
. O

Moreover O
, O
Nike B-Effect
, I-Effect
especially I-Effect
, I-Effect
has I-Effect
been I-Effect
aggressive I-Effect
in I-Effect
cutting I-Effect
back I-Effect
on I-Effect
shipments I-Effect
to I-Effect
wholesale I-Effect
partners I-Effect
that O
it B-Cause
no I-Cause
longer I-Cause
views I-Cause
as I-Cause
strategic I-Cause
. O

The B-Effect
firm I-Effect
has I-Effect
not I-Effect
achieved I-Effect
its I-Effect
ambition I-Effect
of I-Effect
becoming I-Effect
the I-Effect
largest I-Effect
operator I-Effect
in I-Effect
Malaysia I-Effect
, I-Effect
a I-Effect
market I-Effect
experiencing I-Effect
intense I-Effect
competition I-Effect
due B-Cause
to I-Cause
the I-Cause
entrance I-Cause
of I-Cause
U I-Cause
Mobile I-Cause
. I-Cause

Acquisitions B-Cause
in I-Cause
recent I-Cause
years I-Cause
have O
increased B-Effect
Millicom I-Effect
's I-Effect
debt I-Effect
load I-Effect
substantially I-Effect
, I-Effect
adding I-Effect
the I-Effect
volatility I-Effect
that I-Effect
comes I-Effect
with I-Effect
financial I-Effect
leverage I-Effect
to I-Effect
the I-Effect
operational I-Effect
risks I-Effect
facing I-Effect
the I-Effect
firm I-Effect
. O

We O
believe O
that O
Moody B-Effect
's I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
respond I-Effect
to I-Effect
soft I-Effect
issuance I-Effect
with I-Effect
higher I-Effect
pricing I-Effect
and I-Effect
continued I-Effect
penetration I-Effect
by O
providing B-Cause
ratings I-Cause
to I-Cause
first-time I-Cause
or I-Cause
newer I-Cause
issuers I-Cause
. O

Bond B-Effect
issuers I-Effect
value I-Effect
credit I-Effect
ratings I-Effect
from I-Effect
Moody I-Effect
's I-Effect
and I-Effect
S I-Effect
& I-Effect
P I-Effect
because O
of O
their B-Cause
wide I-Cause
acceptance I-Cause
among I-Cause
asset I-Cause
owners I-Cause
and I-Cause
asset I-Cause
managers I-Cause
. O

The B-Cause
focus I-Cause
on I-Cause
essentials I-Cause
has O
led O
to O
a B-Effect
greater I-Effect
skew I-Effect
toward I-Effect
broadly I-Effect
available I-Effect
consumables I-Effect
, O
which O
constitute O
over O
75 O
% O
of O
segment O
sales O
. O

COVID-19 O
and O
the O
pace O
of O
economic O
recovery O
is O
also O
a O
risk O
; O
given O
the B-Cause
firm I-Cause
's I-Cause
reliance I-Cause
on I-Cause
convenience I-Cause
stores I-Cause
, O
a B-Effect
lack I-Effect
of I-Effect
movement I-Effect
by I-Effect
the I-Effect
general I-Effect
populous I-Effect
could I-Effect
stymie I-Effect
Monster I-Effect
's I-Effect
growth I-Effect
in I-Effect
this I-Effect
channel I-Effect
. O

Given O
the B-Cause
maturity I-Cause
of I-Cause
the I-Cause
domestic I-Cause
home I-Cause
improvement I-Cause
industry I-Cause
, O
we B-Effect
expect I-Effect
demand I-Effect
to I-Effect
largely I-Effect
depend I-Effect
on I-Effect
changes I-Effect
in I-Effect
the I-Effect
real I-Effect
estate I-Effect
market I-Effect
, I-Effect
driven I-Effect
by I-Effect
prices I-Effect
, I-Effect
interest I-Effect
rates I-Effect
, I-Effect
turnover I-Effect
, I-Effect
and I-Effect
lending I-Effect
standards I-Effect
once I-Effect
COVID-19 I-Effect
subsides I-Effect
. O

With O
Buffett B-Cause
running I-Cause
Berkshire I-Cause
on I-Cause
a I-Cause
decentralized I-Cause
basis I-Cause
, O
the B-Effect
managers I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operating I-Effect
subsidiaries I-Effect
are I-Effect
empowered I-Effect
to I-Effect
make I-Effect
their I-Effect
own I-Effect
business I-Effect
decisions I-Effect
. O

Further O
, O
we O
've O
seen O
evidence O
of O
significant O
customer B-Effect
tendency I-Effect
to I-Effect
stick I-Effect
with I-Effect
Baxter I-Effect
for I-Effect
IV I-Effect
solutions I-Effect
, O
despite O
the B-Effect
supply I-Effect
disruption I-Effect
that O
ensued O
from O
Hurricane B-Cause
Maria I-Cause
in I-Cause
2017 I-Cause
, O
suggesting O
that O
price B-Cause
is I-Cause
really I-Cause
the I-Cause
key I-Cause
decision I-Cause
factor I-Cause
for I-Cause
a I-Cause
majority I-Cause
of I-Cause
this I-Cause
market I-Cause
. O

We O
expect O
Macao B-Effect
industry I-Effect
gross I-Effect
gaming I-Effect
revenue I-Effect
to I-Effect
recover I-Effect
to I-Effect
low-60s I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2020 I-Effect
, O
as O
visa B-Cause
and I-Cause
COVID-19 I-Cause
testing I-Cause
restrictions I-Cause
slowly I-Cause
ease I-Cause
. O

Dish O
is O
now O
building O
a O
wireless O
network O
it B-Effect
believes I-Effect
will I-Effect
be I-Effect
technologically I-Effect
superior I-Effect
to I-Effect
the I-Effect
existing I-Effect
carriers I-Effect
' I-Effect
as O
it B-Cause
establishes I-Cause
a I-Cause
presence I-Cause
in I-Cause
the I-Cause
market I-Cause
around I-Cause
the I-Cause
acquired I-Cause
Sprint I-Cause
prepaid I-Cause
business I-Cause
and I-Cause
attempts I-Cause
to I-Cause
create I-Cause
new I-Cause
wireless I-Cause
business I-Cause
models I-Cause
. O

Longer O
term O
, O
the B-Cause
positive I-Cause
mix I-Cause
impact I-Cause
of I-Cause
premiumization I-Cause
, I-Cause
together I-Cause
with I-Cause
modest I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
volume I-Cause
growth I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, I-Cause
should I-Cause
mean I-Cause
that I-Cause
a I-Cause
steady-state I-Cause
EBIT I-Cause
margin I-Cause
of I-Cause
over I-Cause
32 I-Cause
% I-Cause
is I-Cause
achievable. O
This O
would O
require B-Effect
post-COVID-19 I-Effect
margin I-Effect
drivers I-Effect
such I-Effect
as I-Effect
channel I-Effect
, I-Effect
packaging I-Effect
and I-Effect
brand I-Effect
mix I-Effect
to I-Effect
kick I-Effect
in I-Effect
, I-Effect
but I-Effect
it I-Effect
is I-Effect
still I-Effect
below I-Effect
the I-Effect
34 I-Effect
% I-Effect
peak I-Effect
margins I-Effect
achieved I-Effect
before I-Effect
the I-Effect
SABMiller I-Effect
acquisition I-Effect
. O

Fluctuating B-Cause
prices I-Cause
for I-Cause
key I-Cause
commodities I-Cause
the I-Cause
company I-Cause
extracts I-Cause
and I-Cause
sells I-Cause
has O
been O
a O
constant O
risk O
for O
Republic B-Effect
's I-Effect
recycling I-Effect
operations I-Effect
( I-Effect
3 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
revenue I-Effect
) I-Effect
, O
and O
the B-Cause
business I-Cause
has I-Cause
been I-Cause
adversely I-Cause
affected I-Cause
by I-Cause
China I-Cause
's I-Cause
import I-Cause
restrictions I-Cause
, O
which O
have B-Effect
pressured I-Effect
recycled I-Effect
commodity I-Effect
prices I-Effect
. O

If O
practitioners B-Cause
do I-Cause
not I-Cause
embrace I-Cause
Zimmer I-Cause
Biomet I-Cause
's I-Cause
robot I-Cause
and I-Cause
its I-Cause
array I-Cause
of I-Cause
features I-Cause
( O
which O
are O
different O
from O
those O
of O
Stryker O
's O
Mako O
robot O
) O
, O
this B-Effect
will I-Effect
hinder I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
catch I-Effect
up I-Effect
with I-Effect
Stryker I-Effect
's I-Effect
installed I-Effect
base I-Effect
of I-Effect
robots I-Effect
and I-Effect
product I-Effect
pull-through I-Effect
of I-Effect
higher-margin I-Effect
cementless I-Effect
knees I-Effect
. O

Workday O
Credentials O
is O
a O
blockchain O
platform O
which O
allows B-Effect
applicants I-Effect
' I-Effect
single I-Effect
identity I-Effect
to I-Effect
be I-Effect
recognized I-Effect
as O
they B-Cause
apply I-Cause
to I-Cause
jobs I-Cause
across I-Cause
multiple I-Cause
Workday I-Cause
customers I-Cause
-- I-Cause
in I-Cause
order I-Cause
to I-Cause
remove I-Cause
the I-Cause
headache I-Cause
of I-Cause
submitting I-Cause
the I-Cause
same I-Cause
information I-Cause
time I-Cause
and I-Cause
time I-Cause
again I-Cause
. O

Margins B-Effect
were I-Effect
hit I-Effect
in I-Effect
2019 I-Effect
as I-Effect
Pepsi I-Effect
booked B-Cause
charges I-Cause
for I-Cause
severance I-Cause
and I-Cause
system I-Cause
implementation I-Cause
associated I-Cause
with I-Cause
its I-Cause
productivity I-Cause
initiatives I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
incremental I-Cause
strategic I-Cause
investments I-Cause
. O

Financial B-Cause
regulators I-Cause
in I-Cause
China I-Cause
have I-Cause
continuously I-Cause
scrutinized I-Cause
online I-Cause
financial I-Cause
services I-Cause
and O
has O
led O
to O
the B-Effect
cancellation I-Effect
of I-Effect
its I-Effect
investee I-Effect
Ant I-Effect
Financial I-Effect
's I-Effect
IPO I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
reputation I-Cause
, I-Cause
developed I-Cause
over I-Cause
the I-Cause
decades I-Cause
, O
for B-Cause
pricing I-Cause
transactions I-Cause
in I-Cause
a I-Cause
way I-Cause
that I-Cause
benefits I-Cause
both I-Cause
sellers I-Cause
and O
buyers B-Effect
puts I-Effect
it I-Effect
in I-Effect
a I-Effect
strong I-Effect
position I-Effect
when I-Effect
management I-Effect
teams I-Effect
are I-Effect
contemplating I-Effect
an I-Effect
investment I-Effect
banking I-Effect
deal I-Effect
. O

We O
think O
outgrowth B-Effect
over I-Effect
underlying I-Effect
production I-Effect
will I-Effect
inch I-Effect
higher I-Effect
at O
the O
end O
of O
our O
explicit O
forecast O
as O
electrification B-Cause
accelerates I-Cause
and I-Cause
Sensata I-Cause
's I-Cause
fleet I-Cause
management I-Cause
and I-Cause
telematics I-Cause
solutions I-Cause
begin I-Cause
to I-Cause
accrete I-Cause
meaningful I-Cause
revenue I-Cause
. O

We B-Effect
expect I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
to I-Effect
remain I-Effect
around I-Effect
30 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
payments B-Cause
( I-Cause
which I-Cause
should I-Cause
accelerate I-Cause
as I-Cause
eBay I-Cause
's I-Cause
operating I-Cause
agreement I-Cause
with I-Cause
PayPal I-Cause
has I-Cause
expired I-Cause
) I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
offset I-Cause
other I-Cause
experience I-Cause
investments I-Cause
. O

Given O
the B-Cause
small I-Cause
market I-Cause
size I-Cause
and I-Cause
relatively I-Cause
modest I-Cause
sales I-Cause
potential I-Cause
of I-Cause
products I-Cause
, O
the B-Effect
reward I-Effect
often I-Effect
will I-Effect
not I-Effect
justify I-Effect
a I-Effect
new I-Effect
competitor I-Effect
pursuing I-Effect
clinical I-Effect
trials I-Effect
to I-Effect
bring I-Effect
a I-Effect
product I-Effect
to I-Effect
market I-Effect
. O

These B-Cause
clients I-Cause
require I-Cause
cross-border I-Cause
banking I-Cause
services I-Cause
and I-Cause
products I-Cause
, O
and O
we O
believe O
that O
this O
increase B-Effect
switching I-Effect
costs I-Effect
for I-Effect
clients I-Effect
on I-Effect
either I-Effect
side I-Effect
of I-Effect
the I-Effect
border I-Effect
. O

Due O
to O
the B-Cause
requisite I-Cause
engineering I-Cause
and I-Cause
sales I-Cause
expenses I-Cause
associated I-Cause
with I-Cause
these I-Cause
services I-Cause
, O
demand B-Effect
creation I-Effect
comes I-Effect
with I-Effect
much I-Effect
higher I-Effect
operating I-Effect
expenses I-Effect
while O
still O
generating O
operating B-Effect
profit I-Effect
above I-Effect
simple I-Effect
fulfillment I-Effect
. O

With O
scale B-Cause
the I-Cause
only I-Cause
way I-Cause
to I-Cause
plausibly I-Cause
develop I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
in I-Cause
this I-Cause
space I-Cause
, O
that O
Monster O
( O
and O
many O
of O
its O
pure-play O
peers O
, O
for O
that O
matter O
) O
does O
not O
own O
most O
aspects O
of O
its O
production O
or O
distribution O
implies O
that O
its B-Effect
ability I-Effect
to I-Effect
reduce I-Effect
per-unit I-Effect
fixed I-Effect
costs I-Effect
through I-Effect
greater I-Effect
volumes I-Effect
is I-Effect
negligible I-Effect
. O

Additionally O
, O
Landstar B-Cause
's I-Cause
broad I-Cause
relationships I-Cause
with I-Cause
truckers I-Cause
as I-Cause
well I-Cause
as I-Cause
air I-Cause
, I-Cause
ocean I-Cause
, I-Cause
and I-Cause
rail I-Cause
carriers I-Cause
support O
multimodal B-Effect
capabilities I-Effect
that I-Effect
optimize I-Effect
shippers I-Effect
' I-Effect
use I-Effect
of I-Effect
truckload I-Effect
, I-Effect
less-than-truckload I-Effect
, I-Effect
and I-Effect
rail I-Effect
intermodal I-Effect
on I-Effect
the I-Effect
domestic I-Effect
front I-Effect
and I-Effect
air I-Effect
and I-Effect
ocean I-Effect
freight I-Effect
for I-Effect
overseas I-Effect
shipping I-Effect
. O

We O
're O
generally O
constructive O
about O
the O
Cheddar O
's O
acquisition O
, O
as O
its B-Cause
value I-Cause
reputation I-Cause
, I-Cause
restaurant I-Cause
layout I-Cause
, I-Cause
and I-Cause
target I-Cause
audience I-Cause
complement O
Darden B-Effect
's I-Effect
portfolio I-Effect
and O
offers B-Effect
customer I-Effect
data/menu I-Effect
construction I-Effect
synergies I-Effect
, O
improved B-Effect
bargaining I-Effect
clout I-Effect
with I-Effect
suppliers I-Effect
and I-Effect
landlords I-Effect
, I-Effect
and I-Effect
other I-Effect
cost-reduction I-Effect
opportunities I-Effect
. I-Effect

Still O
, O
Walmart O
and O
Amazon O
define O
the O
space O
, O
driving B-Effect
prices I-Effect
down I-Effect
as O
they B-Cause
deploy I-Cause
unparalleled I-Cause
scale I-Cause
in I-Cause
ways I-Cause
we I-Cause
believe I-Cause
Target I-Cause
can I-Cause
not I-Cause
match I-Cause
. O

High B-Cause
levels I-Cause
of I-Cause
part I-Cause
availability I-Cause
further O
enhance B-Effect
retailers I-Effect
' I-Effect
reputations I-Effect
with I-Effect
commercial I-Effect
buyers I-Effect
( O
and O
are O
difficult O
to O
replicate O
for O
regional O
players O
with O
less O
extensive O
infrastructure O
) O
. O

Even O
if O
we O
're O
right O
, O
we O
expect O
wireless B-Cause
technologies I-Cause
will O
continue O
to O
advance O
in O
the O
coming O
years O
, O
potentially O
disrupting O
Comcast B-Effect
's I-Effect
business I-Effect
at O
some O
point O
. O

Additionally O
, O
AMD B-Cause
supplies I-Cause
semicustom I-Cause
chips I-Cause
such I-Cause
as I-Cause
those I-Cause
for I-Cause
game I-Cause
consoles I-Cause
PlayStation I-Cause
4 I-Cause
and I-Cause
Microsoft I-Cause
Xbox I-Cause
One I-Cause
, O
which O
has O
helped O
generate B-Effect
much-needed I-Effect
cashflow I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

The B-Cause
complexity I-Cause
and I-Cause
unique I-Cause
mechanism I-Cause
of I-Cause
these I-Cause
drugs I-Cause
results O
in O
a B-Effect
new I-Effect
, I-Effect
efficacious I-Effect
therapy I-Effect
that I-Effect
serves I-Effect
as I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
Vertex I-Effect
. O

The B-Cause
W-2 I-Cause
and I-Cause
ACA I-Cause
forms I-Cause
are I-Cause
required I-Cause
to I-Cause
be I-Cause
produced I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
the I-Cause
calendar I-Cause
year I-Cause
, O
which O
leads O
to O
some B-Effect
seasonality I-Effect
in I-Effect
the I-Effect
business I-Effect
' I-Effect
revenue I-Effect
. O

With O
growth O
investment O
set O
to O
drop O
substantially O
, O
we O
think O
EBITDA B-Effect
will I-Effect
remain I-Effect
around I-Effect
$ I-Effect
1.5 I-Effect
billion I-Effect
based O
on O
Phillips B-Cause
66 I-Cause
Partners I-Cause
' I-Cause
existing I-Cause
assets I-Cause
and I-Cause
assuming I-Cause
the I-Cause
Dakota I-Cause
Access I-Cause
Pipeline I-Cause
remains I-Cause
in I-Cause
service I-Cause
. O

The O
firm O
's O
ability O
to O
continue O
securing O
permits O
is O
also O
necessary O
, O
but O
due O
to O
the B-Cause
societal I-Cause
dependence I-Cause
on I-Cause
mobile I-Cause
communication I-Cause
, O
this B-Effect
is I-Effect
unlikely I-Effect
to I-Effect
be I-Effect
an I-Effect
issue I-Effect
. O

Many O
of O
these O
providers B-Cause
are I-Cause
n't I-Cause
fully I-Cause
integrated I-Cause
with I-Cause
landfill I-Cause
assets I-Cause
and O
may O
not O
enjoy B-Effect
the I-Effect
same I-Effect
level I-Effect
of I-Effect
profitability I-Effect
as I-Effect
Waste I-Effect
Management I-Effect
's I-Effect
network I-Effect
, O
but O
many B-Cause
are I-Cause
competent I-Cause
providers I-Cause
and O
a B-Effect
large I-Effect
number I-Effect
of I-Effect
players I-Effect
keeps I-Effect
the I-Effect
pricing I-Effect
backdrop I-Effect
competitive I-Effect
, O
especially O
during O
periods O
of O
sluggish O
macroeconomic O
growth O
. O

We O
think O
examples O
of O
rapidly B-Effect
slowing I-Effect
demand I-Effect
like O
this O
indicate O
that O
pricing B-Cause
can I-Cause
become I-Cause
competitive I-Cause
during I-Cause
periods I-Cause
of I-Cause
economic I-Cause
distress I-Cause
. O

In O
mobile O
network O
base O
stations O
, O
the B-Cause
move I-Cause
to I-Cause
5G I-Cause
and I-Cause
massive I-Cause
MIMO I-Cause
antenna I-Cause
technology I-Cause
requires I-Cause
a I-Cause
proliferation I-Cause
of I-Cause
connections I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
greater I-Cause
complexity I-Cause
in I-Cause
antenna I-Cause
design—all O
of O
which O
serve O
to O
grow B-Effect
Amphenol I-Effect
's I-Effect
revenue I-Effect
per I-Effect
base I-Effect
station I-Effect
. O

It O
is O
arguable O
, O
though O
, O
that O
S B-Effect
& I-Effect
P I-Effect
would I-Effect
benefit I-Effect
from I-Effect
such I-Effect
a I-Effect
move I-Effect
as O
its B-Cause
credit I-Cause
ratings I-Cause
business I-Cause
would I-Cause
require I-Cause
fewer I-Cause
analysts I-Cause
but O
still O
receive O
the O
seal O
of O
approval O
attached O
to O
its O
ratings O
. O

There B-Cause
is I-Cause
some I-Cause
risk I-Cause
that I-Cause
it I-Cause
will I-Cause
overpay I-Cause
, I-Cause
become I-Cause
distracted I-Cause
by I-Cause
a I-Cause
challenging I-Cause
deal I-Cause
, I-Cause
or I-Cause
overburden I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
with I-Cause
debt. O
Thus O
far B-Effect
the I-Effect
company I-Effect
has I-Effect
generally I-Effect
been I-Effect
successful I-Effect
in I-Effect
its I-Effect
M I-Effect
& I-Effect
A I-Effect
efforts I-Effect
to I-Effect
enter I-Effect
new I-Effect
areas I-Effect
, I-Effect
expand I-Effect
its I-Effect
addressable I-Effect
market I-Effect
, I-Effect
and I-Effect
eliminate I-Effect
competitors I-Effect
. O

While O
upcoming B-Cause
patent I-Cause
losses I-Cause
on I-Cause
anemia I-Cause
drug I-Cause
Exjade I-Cause
and I-Cause
cancer I-Cause
drug I-Cause
Afinitor I-Cause
will O
weigh B-Effect
on I-Effect
near-term I-Effect
growth I-Effect
, O
a O
strong O
portfolio O
of O
drugs O
along O
with O
a O
robust O
pipeline O
should O
ensure O
steady O
long-term O
growth O
. O

The B-Effect
need I-Effect
for I-Effect
infrastructure I-Effect
investment I-Effect
is O
due O
in O
large O
part O
to O
above-average B-Cause
electricity I-Cause
demand I-Cause
growth I-Cause
in I-Cause
Houston I-Cause
and I-Cause
systemwide I-Cause
infrastructure I-Cause
investment I-Cause
to I-Cause
replace I-Cause
substandard I-Cause
pipe I-Cause
, I-Cause
notably I-Cause
at I-Cause
the I-Cause
gas I-Cause
distribution I-Cause
utilities I-Cause
that I-Cause
include I-Cause
operations I-Cause
in I-Cause
Minneapolis I-Cause
and I-Cause
Houston I-Cause
. O

Even O
if O
regulation O
never O
rises O
to O
the O
level O
of O
explicit O
price O
caps O
, O
the B-Cause
threat I-Cause
of I-Cause
this I-Cause
regulation I-Cause
could O
pressure B-Effect
Comcast I-Effect
to I-Effect
limit I-Effect
price I-Effect
increases I-Effect
. O

The B-Cause
more I-Cause
critical I-Cause
the I-Cause
function I-Cause
and I-Cause
the I-Cause
more I-Cause
touch I-Cause
points I-Cause
across I-Cause
an I-Cause
organization I-Cause
a I-Cause
software I-Cause
vendor I-Cause
has I-Cause
, O
the B-Effect
higher I-Effect
the I-Effect
switching I-Effect
costs I-Effect
are I-Effect
. O

Government B-Cause
spending I-Cause
on I-Cause
farm I-Cause
subsidies I-Cause
and I-Cause
biofuel I-Cause
mandates I-Cause
affect B-Effect
farm I-Effect
income I-Effect
, O
while O
investment B-Cause
in I-Cause
infrastructure I-Cause
development I-Cause
can O
affect B-Effect
the I-Effect
demand I-Effect
for I-Effect
construction I-Effect
equipment I-Effect
. O

A B-Cause
downturn I-Cause
in I-Cause
this I-Cause
industry I-Cause
would O
significantly O
affect B-Effect
the I-Effect
economies I-Effect
of I-Effect
these I-Effect
markets I-Effect
, I-Effect
leaving I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
exposed I-Effect
to I-Effect
falling I-Effect
demand I-Effect
for I-Effect
its I-Effect
assets I-Effect
. I-Effect

As O
Terex B-Cause
makes I-Cause
products I-Cause
that I-Cause
can I-Cause
significantly I-Cause
impact I-Cause
productivity I-Cause
and I-Cause
worker I-Cause
safety I-Cause
, O
intuition O
would O
suggest O
that O
the B-Effect
market I-Effect
would I-Effect
place I-Effect
a I-Effect
premium I-Effect
on I-Effect
brands I-Effect
known I-Effect
for I-Effect
their I-Effect
quality I-Effect
. O

These B-Cause
logistics I-Cause
create I-Cause
inelasticity I-Cause
of I-Cause
demand I-Cause
, O
which O
in B-Effect
turn I-Effect
creates I-Effect
pricing I-Effect
power I-Effect
for I-Effect
the I-Effect
dealer I-Effect
and I-Effect
is I-Effect
a I-Effect
source I-Effect
of I-Effect
excellent I-Effect
profit I-Effect
in I-Effect
good I-Effect
times I-Effect
and I-Effect
bad I-Effect
. O

Furthermore O
, O
despite O
the O
high O
costs O
of O
entering O
the O
industry O
, O
some B-Cause
new I-Cause
players I-Cause
are I-Cause
still I-Cause
attempting I-Cause
to I-Cause
tap I-Cause
into I-Cause
the I-Cause
cruiser I-Cause
base I-Cause
as I-Cause
extensions I-Cause
of I-Cause
their I-Cause
existing I-Cause
operating I-Cause
businesses I-Cause
, O
like O
Virgin O
or O
Ritz-Carlton O
( O
launches O
of O
both O
which O
were O
pushed O
to O
2021 O
) O
, O
potentially O
increasing B-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

In O
oncology O
, O
we O
include O
$ O
1.3 O
billion O
in O
sales O
from O
Yescarta O
by O
2024 O
, O
with O
annual B-Cause
sales I-Cause
stabilizing I-Cause
around I-Cause
this I-Cause
level I-Cause
as I-Cause
usage I-Cause
expands I-Cause
to I-Cause
second-line I-Cause
DLBCL I-Cause
therapy I-Cause
and I-Cause
other I-Cause
forms I-Cause
of I-Cause
blood I-Cause
cancer I-Cause
, O
but O
the B-Effect
competitive I-Effect
landscape I-Effect
gets I-Effect
tougher I-Effect
. O

We B-Effect
also I-Effect
like I-Effect
Toronto-Dominion I-Effect
's I-Effect
positioning I-Effect
as I-Effect
a I-Effect
major I-Effect
discount I-Effect
brokerage I-Effect
player I-Effect
because O
we O
believe O
this B-Cause
industry I-Cause
is I-Cause
ripe I-Cause
for I-Cause
growth I-Cause
as I-Cause
investors I-Cause
seek I-Cause
out I-Cause
lower-cost I-Cause
alternatives I-Cause
, O
and O
the B-Cause
bank I-Cause
could I-Cause
leverage I-Cause
its I-Cause
knowledge I-Cause
of I-Cause
the I-Cause
industry I-Cause
for O
future B-Effect
growth I-Effect
in I-Effect
Canada O
. O

PSEG B-Effect
's I-Effect
nuclear I-Effect
plants I-Effect
generate I-Effect
the I-Effect
lowest-cost I-Effect
source I-Effect
of I-Effect
reliable I-Effect
electricity I-Effect
in I-Effect
the I-Effect
region I-Effect
and I-Effect
face I-Effect
virtually I-Effect
no I-Effect
substitution I-Effect
threat I-Effect
because O
no B-Cause
other I-Cause
power I-Cause
generation I-Cause
source I-Cause
can I-Cause
match I-Cause
their I-Cause
cost I-Cause
or I-Cause
scale I-Cause
. O

It B-Cause
required I-Cause
the I-Cause
two I-Cause
firms I-Cause
to I-Cause
sell I-Cause
mobile I-Cause
assets I-Cause
and I-Cause
spectrum I-Cause
bands I-Cause
to I-Cause
a I-Cause
new I-Cause
player I-Cause
, I-Cause
Iliad. O
As O
a O
result O
, O
Iliad B-Effect
filled I-Effect
in I-Effect
an I-Effect
existing I-Effect
fourth I-Effect
place I-Effect
in I-Effect
the I-Effect
market I-Effect
rather I-Effect
than I-Effect
increasing I-Effect
the I-Effect
number I-Effect
of I-Effect
players I-Effect
. O

Overall O
, O
we B-Effect
are I-Effect
projecting I-Effect
Posco I-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
decrease I-Effect
to I-Effect
4.0 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
from I-Effect
6.0 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
mainly O
due O
to O
a B-Cause
decline I-Cause
in I-Cause
the I-Cause
steel I-Cause
division I-Cause
, O
as O
competition B-Cause
in I-Cause
the I-Cause
steel I-Cause
industry I-Cause
remains I-Cause
intense I-Cause
in I-Cause
an I-Cause
overcapacity I-Cause
environment I-Cause
. O

As O
one B-Cause
of I-Cause
the I-Cause
largest I-Cause
firms I-Cause
in I-Cause
the I-Cause
world I-Cause
, O
Apple B-Effect
is I-Effect
susceptible I-Effect
to I-Effect
competitive I-Effect
threats I-Effect
from I-Effect
capable I-Effect
behemoths I-Effect
with I-Effect
significant I-Effect
resources I-Effect
. O

Although O
just O
entering O
testing O
, O
competition B-Cause
from I-Cause
CRISPR-based I-Cause
gene-editing I-Cause
companies I-Cause
( I-Cause
like I-Cause
Intellia I-Cause
and I-Cause
its I-Cause
potentially I-Cause
curative I-Cause
NTLA-2001 I-Cause
in I-Cause
amyloidosis I-Cause
, O
entering O
clinical O
trials O
by O
the O
end O
of O
2020 O
) O
could O
be O
a B-Effect
threat I-Effect
to I-Effect
RNA-based I-Effect
treatments I-Effect
more I-Effect
broadly I-Effect
. O

As O
luxury B-Cause
watch I-Cause
production I-Cause
has I-Cause
long I-Cause
lead I-Cause
times I-Cause
( O
it O
can O
take O
up O
to O
six O
months O
or O
a O
year O
to O
manufacture O
a O
luxury O
watch O
, O
and O
design-ins O
can O
take O
up O
to O
five O
years O
if O
substantial O
mechanism O
changes O
are O
made O
) O
, O
a B-Effect
lot I-Effect
of I-Effect
inventory I-Effect
investments I-Effect
have I-Effect
been I-Effect
made I-Effect
during I-Effect
boom I-Effect
years I-Effect
. O

New B-Cause
commercial I-Cause
building I-Cause
systems I-Cause
require I-Cause
significant I-Cause
upfront I-Cause
investment I-Cause
and I-Cause
installation I-Cause
time I-Cause
and I-Cause
have I-Cause
long I-Cause
lifecycles I-Cause
( I-Cause
commercial I-Cause
HVAC I-Cause
systems I-Cause
can I-Cause
last I-Cause
over I-Cause
20 I-Cause
years I-Cause
) I-Cause
. O
As O
such O
, O
we O
believe O
building B-Effect
operators I-Effect
would I-Effect
be I-Effect
reluctant I-Effect
to I-Effect
completely I-Effect
replace I-Effect
entire I-Effect
systems I-Effect
and I-Effect
instead I-Effect
prefer I-Effect
to I-Effect
retrofit I-Effect
existing I-Effect
systems I-Effect
to I-Effect
adapt I-Effect
to I-Effect
changing I-Effect
technology I-Effect
, I-Effect
regulatory I-Effect
standards I-Effect
, I-Effect
and I-Effect
user I-Effect
requirements I-Effect
. O

The B-Cause
rate I-Cause
structures I-Cause
and I-Cause
general I-Cause
political I-Cause
climate I-Cause
in I-Cause
Sempra I-Cause
's I-Cause
California I-Cause
regulatory I-Cause
jurisdiction I-Cause
have O
consistently O
provided B-Effect
the I-Effect
utilities I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
earn I-Effect
returns I-Effect
above I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
. O

Ongoing B-Cause
diversification I-Cause
of I-Cause
Agco I-Cause
's I-Cause
product I-Cause
lines I-Cause
through I-Cause
acquisitions I-Cause
is O
crucial O
to O
its O
overall O
strategy O
of O
improving B-Effect
margins I-Effect
and I-Effect
reducing I-Effect
revenue I-Effect
cyclicality I-Effect
. O

Cash O
flow O
coverage O
dropped O
quarter O
after O
quarter O
, O
with O
facility-level O
EBITDAR O
coverage O
dropping O
below O
1.0 O
times O
in O
2012 O
and O
sinking B-Cause
lower I-Cause
each I-Cause
quarter I-Cause
thereafter I-Cause
, O
which O
weighed B-Effect
heavily I-Effect
on I-Effect
the I-Effect
stock I-Effect
. O

Finally O
, O
regulation B-Effect
is I-Effect
always I-Effect
a I-Effect
threat I-Effect
in I-Effect
the I-Effect
telecom I-Effect
industry I-Effect
, O
as O
politicians B-Cause
often I-Cause
view I-Cause
telecom I-Cause
services I-Cause
as I-Cause
key I-Cause
public I-Cause
goods I-Cause
. O

CP B-Effect
has I-Effect
posted I-Effect
excellent I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
especially O
in O
2020 O
, O
as O
it B-Cause
rightsized I-Cause
head I-Cause
count I-Cause
and I-Cause
assets I-Cause
to I-Cause
demand I-Cause
levels I-Cause
. O

We B-Effect
model I-Effect
the I-Effect
critical I-Effect
midcycle I-Effect
automotive I-Effect
operating I-Effect
margin I-Effect
, I-Effect
excluding I-Effect
equity I-Effect
income I-Effect
, I-Effect
in I-Effect
the I-Effect
last I-Effect
year I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
at I-Effect
about I-Effect
5 I-Effect
% I-Effect
, O
as O
GM B-Cause
's I-Cause
transformation I-Cause
plan I-Cause
announced I-Cause
in I-Cause
late I-Cause
2018 I-Cause
should I-Cause
yield I-Cause
billions I-Cause
in I-Cause
new I-Cause
free I-Cause
cash I-Cause
flow I-Cause
. O

Recent B-Cause
work-from-home I-Cause
trends I-Cause
as O
a O
result O
of O
the O
COVID-19 B-Cause
pandemic I-Cause
could O
also O
lead O
to O
a B-Effect
decrease I-Effect
in I-Effect
motor I-Effect
fuel I-Effect
consumption I-Effect
and I-Effect
ethanol I-Effect
blended I-Effect
into I-Effect
gasoline I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
company I-Effect
to I-Effect
perform I-Effect
near I-Effect
its I-Effect
14 I-Effect
% I-Effect
five-year I-Effect
historical I-Effect
average I-Effect
return I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as O
it B-Cause
leverages I-Cause
its I-Cause
infrastructure I-Cause
, I-Cause
inventory I-Cause
, I-Cause
and I-Cause
part I-Cause
availability I-Cause
investments I-Cause
to I-Cause
benefit I-Cause
from I-Cause
favorable I-Cause
industry I-Cause
dynamics I-Cause
in I-Cause
both I-Cause
key I-Cause
segments I-Cause
. O

Icon O
competes O
in O
one O
of O
the O
most O
lucrative O
areas O
of O
the O
CRO O
market O
: O
long B-Cause
, I-Cause
complex I-Cause
trials I-Cause
that I-Cause
require I-Cause
hundreds I-Cause
if I-Cause
not I-Cause
thousands I-Cause
of I-Cause
patients I-Cause
and O
thus O
have B-Effect
ample I-Effect
room I-Effect
for I-Effect
missteps I-Effect
. O

As O
cannabis B-Cause
shifts I-Cause
from I-Cause
its I-Cause
traditional I-Cause
smoking I-Cause
form I-Cause
to I-Cause
infused I-Cause
drinks I-Cause
and I-Cause
food I-Cause
products I-Cause
, O
there B-Effect
may I-Effect
be I-Effect
potential I-Effect
for I-Effect
the I-Effect
creation I-Effect
of I-Effect
brand I-Effect
intangibles I-Effect
. O

The B-Effect
capital I-Effect
and I-Effect
money I-Effect
market I-Effect
account I-Effect
for I-Effect
the I-Effect
balance I-Effect
of I-Effect
funding I-Effect
; I-Effect
they I-Effect
are I-Effect
a I-Effect
more I-Effect
expensive I-Effect
source I-Effect
of I-Effect
funding I-Effect
, O
as O
they B-Cause
price I-Cause
in I-Cause
the I-Cause
risk I-Cause
of I-Cause
default I-Cause
-- I-Cause
represented I-Cause
by I-Cause
a I-Cause
banks I-Cause
CDS I-Cause
spread I-Cause
. O

However O
, O
we B-Effect
anticipate I-Effect
a I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
in I-Effect
2021 I-Effect
and I-Effect
project I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
14 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
7 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
, O
thanks O
to O
a B-Cause
bounce I-Cause
back I-Cause
in I-Cause
automotive I-Cause
production I-Cause
. O

Finally O
, O
the B-Cause
customer I-Cause
tends I-Cause
to I-Cause
order I-Cause
these I-Cause
products I-Cause
in I-Cause
larger I-Cause
blocks I-Cause
, O
so O
the O
contractor B-Effect
must I-Effect
have I-Effect
substantial I-Effect
scale I-Effect
to I-Effect
satisfy I-Effect
customer I-Effect
needs I-Effect
. O

Having B-Cause
information I-Cause
on I-Cause
both I-Cause
sides I-Cause
of I-Cause
the I-Cause
transaction I-Cause
gives O
PayPal B-Effect
a I-Effect
meaningful I-Effect
edge I-Effect
in I-Effect
combating I-Effect
fraud I-Effect
, O
which O
was O
a O
very O
meaningful O
factor O
in O
the O
early O
days O
of O
the O
Internet O
, O
and O
remains O
a O
key O
issue O
. O

We O
believe O
that O
the B-Cause
opportunity I-Cause
ahead I-Cause
provides I-Cause
RingCentral I-Cause
with I-Cause
a I-Cause
long I-Cause
runway I-Cause
for I-Cause
growth I-Cause
during O
which O
it B-Effect
can I-Effect
achieve I-Effect
significant I-Effect
operating I-Effect
leverage I-Effect
. O

The B-Cause
introduction I-Cause
of I-Cause
3D I-Cause
NAND I-Cause
during O
this O
time O
period O
was O
a O
major O
inflection O
in O
flash B-Effect
storage I-Effect
as I-Effect
chipmakers I-Effect
scaled I-Effect
vertically I-Effect
to I-Effect
increase I-Effect
capacity I-Effect
( O
as O
opposed O
to O
solely O
shrinking O
feature O
sizes O
) O
. O

In O
addition O
, O
possible B-Cause
changes I-Cause
in I-Cause
social I-Cause
norms I-Cause
and I-Cause
acceptance I-Cause
could I-Cause
increase I-Cause
ESG I-Cause
risk I-Cause
, O
which O
may O
significantly B-Effect
increase I-Effect
negative I-Effect
client I-Effect
reactions I-Effect
, I-Effect
affecting I-Effect
IPG I-Effect
's I-Effect
revenue I-Effect
and I-Effect
overall I-Effect
business I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
revenue I-Effect
is I-Effect
increasingly I-Effect
tied O
to O
a B-Cause
percentage I-Cause
of I-Cause
the I-Cause
box I-Cause
office I-Cause
for I-Cause
Imax I-Cause
films I-Cause
, O
as O
the O
DMR O
business O
and O
joint O
revenue-sharing O
agreements O
generate O
the O
majority O
of O
revenue O
through O
this O
method O
. O

Like O
most O
branded O
biopharmaceutical O
firms O
, O
Merck B-Cause
's I-Cause
products I-Cause
possess I-Cause
unique I-Cause
safety I-Cause
and I-Cause
efficacy I-Cause
profiles I-Cause
that O
inform B-Effect
prescriber I-Effect
and I-Effect
end I-Effect
user I-Effect
decisions I-Effect
. O

Using B-Cause
the I-Cause
same I-Cause
packaging I-Cause
component I-Cause
reduces O
the O
regulatory B-Effect
burden I-Effect
for I-Effect
generic I-Effect
drug I-Effect
applications I-Effect
, O
and O
customers O
often O
choose O
to O
stay O
with O
a O
vendor O
that O
had O
success O
with O
the O
brand-name O
drug O
. O

However O
, O
even O
though O
we O
think O
Plum B-Effect
360 I-Effect
is I-Effect
a I-Effect
solid I-Effect
product I-Effect
, O
with O
features B-Cause
such I-Cause
as I-Cause
interoperability I-Cause
and I-Cause
topnotch I-Cause
security I-Cause
standard I-Cause
conformance I-Cause
, O
we O
believe O
the B-Cause
market I-Cause
leader I-Cause
, I-Cause
Becton I-Cause
Dickson I-Cause
, I-Cause
to I-Cause
have I-Cause
pumps I-Cause
with I-Cause
overall I-Cause
superior I-Cause
reporting I-Cause
interfaces I-Cause
, I-Cause
analytical I-Cause
capabilities I-Cause
, I-Cause
and I-Cause
brand I-Cause
recognition I-Cause
, O
which O
results O
in O
its B-Effect
much I-Effect
larger I-Effect
installed I-Effect
base I-Effect
. O

We B-Effect
forecast I-Effect
5 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
communications I-Effect
solutions I-Effect
segment I-Effect
, O
as O
rapidly B-Cause
growing I-Cause
data I-Cause
center I-Cause
sales I-Cause
become I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
segment I-Cause
's I-Cause
top I-Cause
line I-Cause
. O

IAC B-Cause
strengthened I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
after I-Cause
spinning I-Cause
off I-Cause
Match I-Cause
, O
which O
we O
think O
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
acquire I-Effect
more I-Effect
fast-growing I-Effect
online I-Effect
marketplace I-Effect
businesses I-Effect
. O

Oneok O
's O
network O
is O
deep O
enough O
in O
Texas O
and O
the O
midcontinent O
that O
it B-Effect
has I-Effect
options I-Effect
in I-Effect
terms I-Effect
of I-Effect
marketing I-Effect
NGLs I-Effect
in I-Effect
the I-Effect
midcontinent I-Effect
or I-Effect
moving I-Effect
them I-Effect
down I-Effect
to I-Effect
the I-Effect
Gulf I-Effect
Coast I-Effect
, O
depending O
on O
the B-Cause
widest I-Cause
differentials I-Cause
. O

The B-Cause
low I-Cause
prices I-Cause
of I-Cause
2020 I-Cause
( I-Cause
$ I-Cause
42/bbl I-Cause
Brent I-Cause
) I-Cause
resulted O
in O
Exxon B-Effect
's I-Effect
proved I-Effect
reserves I-Effect
falling I-Effect
to I-Effect
15.2 I-Effect
billion I-Effect
boe I-Effect
from I-Effect
22.4 I-Effect
billion I-Effect
boe I-Effect
at I-Effect
year-end I-Effect
2019 I-Effect
, I-Effect
demonstrating I-Effect
the I-Effect
marginal I-Effect
amount I-Effect
of I-Effect
reserves I-Effect
Exxon I-Effect
has I-Effect
acquired I-Effect
, I-Effect
discovered I-Effect
, I-Effect
and I-Effect
developed I-Effect
recently I-Effect
. O

We O
project O
that O
the O
firm O
will O
able O
to O
continue O
to O
expand B-Effect
its I-Effect
gross I-Effect
margins I-Effect
to O
77.7 O
% O
by O
fiscal O
2025 O
as O
the B-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
from I-Cause
microtransactions I-Cause
and I-Cause
digital I-Cause
downloads I-Cause
continues I-Cause
to I-Cause
increase I-Cause
. O

Therefore O
, O
the B-Effect
company I-Effect
is I-Effect
vulnerable I-Effect
to I-Effect
large I-Effect
cancellations I-Effect
and I-Effect
pipeline I-Effect
reprioritizations I-Effect
because O
it B-Cause
can I-Cause
be I-Cause
challenging I-Cause
to I-Cause
immediately I-Cause
repurpose I-Cause
capacity I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

Notable B-Cause
investments I-Cause
in I-Cause
distribution I-Cause
and I-Cause
logistics I-Cause
have I-Cause
been I-Cause
made I-Cause
by O
the O
likes O
of O
Amazon O
and O
FedEx O
, O
so O
tenants O
taking O
distribution O
efforts O
in-house O
could O
result O
in O
higher B-Effect
vacancies I-Effect
industrywide I-Effect
. O

Additionally O
, O
we O
think O
trials B-Cause
of I-Cause
Adcetris I-Cause
in I-Cause
combination I-Cause
with I-Cause
checkpoint I-Cause
inhibitors I-Cause
, I-Cause
such I-Cause
as I-Cause
Bristol I-Cause
's I-Cause
Opdivo I-Cause
, O
offer B-Effect
further I-Effect
runway I-Effect
for I-Effect
growth I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
highly I-Cause
valuable I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
proprietary I-Cause
formulations I-Cause
provide O
significant B-Effect
pricing I-Effect
power I-Effect
while O
switching B-Cause
costs I-Cause
help O
ensure O
the B-Effect
durability I-Effect
of I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
. O

We O
see O
lower B-Effect
operating I-Effect
expenses I-Effect
going I-Effect
forward I-Effect
because O
Duke B-Cause
Realty I-Cause
has I-Cause
exited I-Cause
the I-Cause
medical I-Cause
office I-Cause
segment I-Cause
to I-Cause
focus I-Cause
on I-Cause
industrial I-Cause
operations I-Cause
. O

IATA O
agreed O
to O
not O
file O
a O
" O
" O
" O
" O
formal O
complaint O
before O
any O
court O
or O
antitrust O
agency O
" O
" O
" O
" O
in B-Cause
return I-Cause
for I-Cause
the I-Cause
agreement I-Cause
, O
which O
solidifies B-Effect
a I-Effect
generally I-Effect
favorable I-Effect
market I-Effect
structure I-Effect
for I-Effect
the I-Effect
equipment I-Effect
manufacturers I-Effect
. O

In O
areas O
where O
Fios O
is O
n't O
available O
, O
cable B-Cause
has I-Cause
crushed I-Cause
Verizon I-Cause
, I-Cause
leaving I-Cause
it I-Cause
with I-Cause
a I-Cause
subscale I-Cause
operation I-Cause
that O
likely O
earns B-Effect
very I-Effect
poor I-Effect
margins I-Effect
. O

Just B-Cause
as I-Cause
importantly I-Cause
, I-Cause
LabCorp I-Cause
has I-Cause
single-mindedly I-Cause
pursued I-Cause
greater I-Cause
efficiency I-Cause
, O
which O
translates B-Effect
to I-Effect
an I-Effect
ability I-Effect
to I-Effect
reduce I-Effect
costs I-Effect
more I-Effect
quickly I-Effect
than I-Effect
reimbursement I-Effect
cuts I-Effect
coming I-Effect
down I-Effect
the I-Effect
pike I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
content I-Cause
library I-Cause
in I-Cause
niche I-Cause
industries I-Cause
often I-Cause
includes I-Cause
required I-Cause
reading I-Cause
as I-Cause
specialized I-Cause
professionals I-Cause
develop I-Cause
their I-Cause
skill I-Cause
sets I-Cause
, O
leaving O
many B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
offerings I-Effect
as I-Effect
critical I-Effect
references I-Effect
for I-Effect
readers I-Effect
. O

Gross B-Effect
margin I-Effect
performance I-Effect
should O
be O
slightly O
constrained O
, O
however O
, O
by O
less B-Cause
scaled I-Cause
production I-Cause
on I-Cause
new I-Cause
products I-Cause
( I-Cause
like I-Cause
Corona I-Cause
Seltzer I-Cause
) I-Cause
as I-Cause
lines I-Cause
ramp I-Cause
. O

These O
create O
a O
benefit O
for O
established O
players O
that O
can O
be O
succinctly O
described O
as O
'scarcity O
value.'The O
scarcity B-Effect
value I-Effect
is O
partly O
predicated O
on O
regulation O
, O
as O
many O
of B-Effect
the I-Effect
most I-Effect
popular I-Effect
distilled I-Effect
spirit I-Effect
variants I-Effect
are O
accompanied O
by O
strict B-Cause
minimum I-Cause
aging I-Cause
and I-Cause
locale I-Cause
requirements I-Cause
enforced I-Cause
by I-Cause
government I-Cause
agencies I-Cause
. I-Cause

Following O
fourth-quarter O
results O
and O
upon O
rolling O
our O
model O
forward O
one O
year O
, O
we O
are O
raising B-Effect
our I-Effect
DCF-derived I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
UPS I-Effect
to I-Effect
$ I-Effect
131 I-Effect
, I-Effect
from I-Effect
$ I-Effect
123 I-Effect
, O
due O
mostly O
to O
raising B-Cause
our I-Cause
medium-term I-Cause
revenue I-Cause
forecasts I-Cause
on I-Cause
stronger-than-anticipated I-Cause
volume I-Cause
trends I-Cause
and I-Cause
a I-Cause
solid I-Cause
yield I-Cause
positioning I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

While O
it O
is O
harder O
to O
gain B-Effect
carriage I-Effect
for I-Effect
a I-Effect
brand-new I-Effect
network I-Effect
as O
most B-Cause
distributors I-Cause
have I-Cause
enough I-Cause
channels I-Cause
, O
Viacom O
can O
rebrand O
one O
of O
its O
existing O
channels O
in O
order O
to O
quickly O
gain O
carriage O
as O
the O
firm O
did O
with O
Paramount O
Channel O
, O
which O
formerly O
operated O
as O
Spike O
Network O
. O

Competing B-Effect
trucking I-Effect
capacity I-Effect
loosened I-Effect
in I-Effect
2019 I-Effect
after O
an O
unprecedented O
tightening O
in O
2018 O
that O
was O
rooted B-Cause
in I-Cause
widespread I-Cause
electronic I-Cause
logging I-Cause
device I-Cause
adoption I-Cause
among I-Cause
truckers I-Cause
. O

The B-Cause
modified I-Cause
framework I-Cause
reduces I-Cause
regulatory I-Cause
lag I-Cause
, I-Cause
increasing I-Cause
OG I-Cause
& I-Cause
amp I-Cause
; I-Cause
E I-Cause
's I-Cause
realized I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
, O
and O
is O
another B-Effect
sign I-Effect
that I-Effect
Oklahoma I-Effect
regulation I-Effect
is I-Effect
becoming I-Effect
more I-Effect
constructive I-Effect
. O

Customers B-Effect
' I-Effect
thirst I-Effect
for I-Effect
value I-Effect
remains I-Effect
as O
the B-Cause
economic I-Cause
recovery I-Cause
is I-Cause
uneven I-Cause
, O
but O
competition B-Effect
for I-Effect
discretionary I-Effect
dollars I-Effect
should I-Effect
rise I-Effect
as O
pandemic-affected B-Cause
categories I-Cause
( I-Cause
like I-Cause
restaurants I-Cause
) I-Cause
rebound I-Cause
. O

Weibo B-Effect
has I-Effect
discontinued I-Effect
its I-Effect
agreement I-Effect
with I-Effect
Alibaba I-Effect
regarding I-Effect
their I-Effect
strategic I-Effect
alliance I-Effect
, I-Effect
but I-Effect
we I-Effect
think I-Effect
Alibaba I-Effect
will I-Effect
continue I-Effect
to I-Effect
advertise I-Effect
on I-Effect
Weibo. O
This O
is O
because O
Alibaba B-Cause
is I-Cause
the I-Cause
second-largest I-Cause
shareholder I-Cause
of I-Cause
Weibo I-Cause
and I-Cause
does I-Cause
not I-Cause
have I-Cause
a I-Cause
strong I-Cause
presence I-Cause
in I-Cause
the I-Cause
social I-Cause
networking I-Cause
space I-Cause
to I-Cause
place I-Cause
ads I-Cause
. O

We O
believe O
this B-Effect
has I-Effect
created I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
cycle I-Effect
as O
customers B-Cause
often I-Cause
locked I-Cause
into I-Cause
long-term I-Cause
contracts I-Cause
and I-Cause
opted I-Cause
to I-Cause
upgrade I-Cause
through I-Cause
multiple I-Cause
iterations I-Cause
of I-Cause
Motorola I-Cause
radios I-Cause
over I-Cause
the I-Cause
useful I-Cause
life I-Cause
of I-Cause
the I-Cause
infrastructure I-Cause
. O

That O
said O
, O
there O
are O
plans O
for O
two B-Cause
large I-Cause
resorts I-Cause
to I-Cause
open I-Cause
in I-Cause
mid-2021 I-Cause
( I-Cause
Genting I-Cause
World I-Cause
Resort I-Cause
opens I-Cause
with I-Cause
3,000 I-Cause
rooms I-Cause
) I-Cause
and I-Cause
late I-Cause
2022 I-Cause
( I-Cause
the I-Cause
Witkoff I-Cause
Drew I-Cause
opens I-Cause
with I-Cause
around I-Cause
4,000 I-Cause
rooms I-Cause
) I-Cause
that I-Cause
combined I-Cause
will O
increase B-Effect
existing I-Effect
supply I-Effect
by I-Effect
a I-Effect
mid-single-digit I-Effect
percentage I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
dominant I-Cause
position I-Cause
allows O
it O
to O
continue B-Effect
to I-Effect
reinvest I-Effect
in I-Effect
the I-Effect
business I-Effect
, I-Effect
in I-Effect
technology I-Effect
development I-Effect
for I-Effect
both I-Effect
the I-Effect
platform I-Effect
and I-Effect
additional I-Effect
services I-Effect
. O

The B-Effect
company I-Effect
further I-Effect
improved I-Effect
its I-Effect
technological I-Effect
prowess I-Effect
with O
the B-Cause
acquisition I-Cause
in I-Cause
2017 I-Cause
of I-Cause
Precision I-Cause
Planting I-Cause
Systems I-Cause
, O
a O
company O
that O
creates O
solutions O
to O
improve O
seed O
placement O
. O

With O
a B-Cause
substantial I-Cause
portion I-Cause
of I-Cause
those I-Cause
ASCs I-Cause
outside I-Cause
Tenet I-Cause
's I-Cause
legacy I-Cause
hospital I-Cause
network I-Cause
, O
there O
may O
be O
limited O
opportunities O
for O
Tenet B-Effect
to I-Effect
leverage I-Effect
some I-Effect
of I-Effect
its I-Effect
USPI I-Effect
facilities I-Effect
into I-Effect
a I-Effect
stronger I-Effect
negotiating I-Effect
position I-Effect
for I-Effect
its I-Effect
legacy I-Effect
hospital I-Effect
operations I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
given B-Cause
the I-Cause
potential I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
the I-Cause
business I-Cause
and I-Cause
on I-Cause
capital I-Cause
markets I-Cause
. O

With B-Cause
its I-Cause
already I-Cause
strong I-Cause
bargaining I-Cause
clout I-Cause
with I-Cause
national I-Cause
retailers I-Cause
like I-Cause
Amazon I-Cause
, I-Cause
Costco I-Cause
, I-Cause
Kroger I-Cause
, I-Cause
Whole I-Cause
Foods I-Cause
, I-Cause
and I-Cause
Trader I-Cause
Joe I-Cause
's I-Cause
, O
we B-Effect
expect I-Effect
Starbucks I-Effect
to I-Effect
develop I-Effect
national I-Effect
distribution I-Effect
of I-Effect
its I-Effect
entire I-Effect
consumer I-Effect
product I-Effect
portfolio I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
very I-Effect
high I-Effect
and I-Effect
driven I-Effect
by I-Effect
a I-Effect
combination I-Effect
of I-Effect
execution I-Effect
risk I-Effect
, I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
potential I-Effect
fines I-Effect
as O
a O
result O
of O
investigations B-Cause
into I-Cause
Deutsche I-Cause
's I-Cause
operation I-Cause
. O

The B-Effect
company I-Effect
will I-Effect
be I-Effect
weighed I-Effect
down I-Effect
by O
poor B-Cause
returns I-Cause
in I-Cause
the I-Cause
capital-intensive I-Cause
subsea I-Cause
segment I-Cause
as I-Cause
well I-Cause
as I-Cause
much-weakened I-Cause
results I-Cause
in I-Cause
the I-Cause
onshore/offshore I-Cause
segment I-Cause
compared I-Cause
with I-Cause
recent I-Cause
levels I-Cause
. O

Looking O
at O
the O
total O
CAD O
, O
PLM O
, O
simulation O
and O
drug O
R O
& O
D O
markets O
, O
we O
estimate O
that O
Dassault B-Effect
Systemes I-Effect
will I-Effect
lose I-Effect
some I-Effect
of I-Effect
its I-Effect
share I-Effect
as O
the B-Cause
total I-Cause
addressable I-Cause
market I-Cause
continues I-Cause
to I-Cause
expand I-Cause
with I-Cause
recent I-Cause
acquisitions I-Cause
in I-Cause
new I-Cause
territories I-Cause
and I-Cause
new I-Cause
entrants I-Cause
, O
like O
PTC O
's O
midmarket O
CAD O
software O
, O
Onshape O
, O
gaining O
share O
. O

We B-Effect
do I-Effect
expect I-Effect
industry I-Effect
combined I-Effect
ratios I-Effect
to I-Effect
creep I-Effect
up I-Effect
a I-Effect
bit I-Effect
over I-Effect
time I-Effect
, O
as O
we B-Cause
expect I-Cause
a I-Cause
bounceback I-Cause
in I-Cause
interest I-Cause
rates I-Cause
and O
investment O
income O
will O
reduce O
the O
need O
to O
generate O
strong O
underwriting O
profits O
. O

To O
this O
effect O
, O
twice O
in O
the O
past O
10 O
years O
, O
the B-Effect
government I-Effect
has I-Effect
unexpectedly I-Effect
swapped I-Effect
CEOs I-Effect
between I-Effect
the I-Effect
various I-Effect
firms I-Effect
, I-Effect
trying B-Cause
to I-Cause
bring I-Cause
China I-Cause
Mobile I-Cause
's I-Cause
knowledge I-Cause
to I-Cause
the I-Cause
other I-Cause
operators I-Cause
. O

We O
believe O
the B-Effect
total I-Effect
market I-Effect
size I-Effect
of I-Effect
the I-Effect
China I-Effect
after-school I-Effect
tutoring I-Effect
education I-Effect
should I-Effect
continue I-Effect
to I-Effect
grow I-Effect
as O
we O
believe O
tier-one B-Cause
cities I-Cause
have I-Cause
more I-Cause
than I-Cause
70 I-Cause
% I-Cause
of I-Cause
student I-Cause
penetration I-Cause
, I-Cause
while I-Cause
tier-two I-Cause
cities I-Cause
' I-Cause
after-school I-Cause
tutoring I-Cause
penetration I-Cause
remains I-Cause
low I-Cause
at I-Cause
below I-Cause
40 I-Cause
% I-Cause
. O

Another O
potential O
risk O
for O
WEC O
shareholders O
is O
that O
electricity B-Cause
or I-Cause
natural I-Cause
gas I-Cause
demand I-Cause
could I-Cause
fall I-Cause
, O
requiring B-Effect
larger I-Effect
rate I-Effect
increases I-Effect
to I-Effect
continue I-Effect
earning I-Effect
its I-Effect
allowed I-Effect
returns I-Effect
. O

We O
expect O
Waste O
Connections O
to O
continue O
its B-Cause
tuck-in I-Cause
acquisition I-Cause
strategy I-Cause
, I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
raise I-Cause
core I-Cause
price I-Cause
on O
acquired O
volume O
( O
thanks O
to O
its O
vast O
ownership O
of O
landfills O
, O
a O
preferred O
asset O
) O
should O
support O
free B-Effect
cash I-Effect
flow I-Effect
growth I-Effect
. O

At O
present O
, O
we O
think O
the B-Effect
remaining I-Effect
portfolio I-Effect
is I-Effect
on I-Effect
solid I-Effect
competitive I-Effect
footing I-Effect
, O
with O
nearly B-Cause
41 I-Cause
% I-Cause
of I-Cause
its I-Cause
refining I-Cause
portfolio I-Cause
located I-Cause
within I-Cause
North I-Cause
America I-Cause
, I-Cause
where I-Cause
it I-Cause
operates I-Cause
large I-Cause
, I-Cause
high-complexity I-Cause
facilities I-Cause
capable I-Cause
of I-Cause
capitalizing I-Cause
on I-Cause
the I-Cause
growing I-Cause
streams I-Cause
of I-Cause
discount I-Cause
feedstock I-Cause
and I-Cause
cheap I-Cause
natural I-Cause
gas I-Cause
. O

Further O
, O
nearly O
one O
quarter O
of O
its O
sales O
result O
from O
the O
convenience O
and O
drug O
store O
channels O
, O
where O
traffic B-Effect
trends I-Effect
have I-Effect
been I-Effect
under I-Effect
pressure I-Effect
due O
to O
social B-Cause
distancing I-Cause
mandates I-Cause
. O

Coach B-Cause
uses I-Cause
a I-Cause
lot I-Cause
of I-Cause
high-quality I-Cause
leather I-Cause
that O
is O
available O
from O
a O
limited O
number O
of O
suppliers O
, O
suggesting O
that O
it B-Effect
does I-Effect
not I-Effect
have I-Effect
any I-Effect
scale I-Effect
advantage I-Effect
in I-Effect
sourcing I-Effect
. O

Still O
, O
we O
believe O
that O
demand B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
match I-Effect
these I-Effect
supply I-Effect
additions I-Effect
, O
as O
historically B-Cause
room I-Cause
expansion I-Cause
and I-Cause
visitation I-Cause
in I-Cause
the I-Cause
region I-Cause
have I-Cause
been I-Cause
correlated I-Cause
, O
as O
travelers B-Cause
are I-Cause
enticed I-Cause
to I-Cause
see I-Cause
new I-Cause
attractions I-Cause
, O
and O
the O
football B-Cause
stadium I-Cause
opens I-Cause
in I-Cause
2020 I-Cause
. O

We O
do O
not O
think O
Macy B-Effect
's I-Effect
can I-Effect
gain I-Effect
market I-Effect
share I-Effect
as O
online B-Cause
and I-Cause
offline I-Cause
competition I-Cause
will I-Cause
intensify I-Cause
despite O
some O
store O
closures O
by O
rivals O
. O

Amid O
weaker B-Cause
Chinese I-Cause
steel I-Cause
demand I-Cause
, O
we O
expect O
China B-Effect
's I-Effect
met I-Effect
coal I-Effect
import I-Effect
needs I-Effect
to I-Effect
decline I-Effect
, I-Effect
particularly I-Effect
once I-Effect
supply-side I-Effect
reforms I-Effect
on I-Effect
domestic I-Effect
coal I-Effect
mines I-Effect
are I-Effect
complete I-Effect
and I-Effect
recycled I-Effect
scrap I-Effect
rates I-Effect
grow I-Effect
. O

Our O
view O
on O
the O
Time O
Warner O
deal O
is O
based O
on O
our O
belief O
that O
media B-Effect
firms I-Effect
need I-Effect
to I-Effect
reach I-Effect
as I-Effect
wide I-Effect
an I-Effect
audience I-Effect
as O
possible B-Cause
to I-Cause
maintain I-Cause
relationships I-Cause
with I-Cause
content I-Cause
creators I-Cause
and I-Cause
fend I-Cause
off I-Cause
rivals I-Cause
. O

Lennar B-Cause
's I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Everything I-Cause
's I-Cause
Included I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
product I-Cause
strategy I-Cause
, I-Cause
reduced I-Cause
floor-plan I-Cause
offerings I-Cause
, I-Cause
and I-Cause
centralized I-Cause
purchasing I-Cause
have O
simplified B-Effect
the I-Effect
construction I-Effect
process I-Effect
, I-Effect
reducing I-Effect
construction I-Effect
costs I-Effect
and I-Effect
cycle I-Effect
times I-Effect
. O

The B-Cause
increase I-Cause
in I-Cause
infrastructure I-Cause
investment I-Cause
and I-Cause
acquisitions I-Cause
resulted O
in O
our O
average B-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
estimate I-Effect
increasing I-Effect
by I-Effect
60 I-Effect
basis I-Effect
points I-Effect
, O
to O
9.5 O
% O
. O

We O
think O
Baidu B-Effect
faces I-Effect
high I-Effect
levels I-Effect
of I-Effect
risk I-Effect
, O
given O
intense B-Cause
competition I-Cause
along I-Cause
with I-Cause
questions I-Cause
as I-Cause
to I-Cause
whether I-Cause
its I-Cause
AI-related I-Cause
investment I-Cause
will I-Cause
generate I-Cause
satisfactory I-Cause
returns I-Cause
. O

We O
expect O
the B-Cause
Sprint I-Cause
merger I-Cause
will O
go O
a O
long O
way O
toward O
solidifying B-Effect
T-Mobile I-Effect
's I-Effect
position I-Effect
within I-Effect
a I-Effect
healthier I-Effect
industry I-Effect
structure I-Effect
, O
but O
several B-Cause
potential I-Cause
developments I-Cause
could O
derail B-Effect
these I-Effect
efforts I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
limiting I-Effect
our I-Effect
confidence I-Effect
. O

Our O
forecast O
has O
slight B-Effect
increases I-Effect
in I-Effect
charge-offs I-Effect
in I-Effect
2021 I-Effect
due O
to O
the B-Cause
COVID-19-driven I-Cause
downturn I-Cause
although O
we O
see O
credit O
costs O
as O
being O
very O
manageable O
, O
with O
reserve O
releases O
throughout O
2021 O
. O

Another B-Effect
problem I-Effect
associated I-Effect
with I-Effect
Southern I-Effect
's I-Effect
transformation I-Effect
is O
the O
delays B-Cause
and I-Cause
cost I-Cause
overruns I-Cause
at I-Cause
the I-Cause
Kemper B-Cause
( I-Cause
Mississippi I-Cause
) I-Cause
project I-Cause
, O
an O
integrated O
gasification O
combined-cycle O
power O
plant O
that O
was O
to O
convert B-Effect
lignite I-Effect
coal I-Effect
to I-Effect
syngas I-Effect
and O
the O
first O
plant O
at O
commercial O
scale O
to O
use O
carbon O
capture O
. O

In O
short O
, O
TCCC B-Cause
is I-Cause
well-aware I-Cause
of I-Cause
how I-Cause
unnecessarily I-Cause
severe I-Cause
pricing I-Cause
relationships I-Cause
with I-Cause
bottlers I-Cause
can O
affect O
its B-Effect
competitive I-Effect
positioning I-Effect
in I-Effect
the I-Effect
marketplace I-Effect
, O
and O
as O
such O
, O
it O
works O
doubly O
hard O
to O
ensure O
that O
its O
bottling O
partners O
are O
properly O
incented O
. O

PPD O
has O
cited O
an B-Effect
increasing I-Effect
win I-Effect
rate I-Effect
for I-Effect
new I-Effect
business I-Effect
, O
driven B-Cause
by I-Cause
AES I-Cause
, O
and O
the O
company O
has O
also O
cited O
patient O
enrollment O
and O
trial O
startups O
10 O
% O
-30 O
% O
faster O
than O
industry O
benchmarks O
. O

Of O
the O
traditional O
grocers O
, O
we O
believe O
Kroger B-Cause
is I-Cause
uniquely I-Cause
positioned I-Cause
to O
defend B-Effect
its I-Effect
returns I-Effect
against I-Effect
a I-Effect
competitive I-Effect
onslaught I-Effect
that O
should O
intensify O
as O
Amazon B-Cause
, I-Cause
hard I-Cause
discounters I-Cause
, I-Cause
and I-Cause
mass I-Cause
merchandisers I-Cause
price I-Cause
aggressively I-Cause
to I-Cause
boost I-Cause
volume I-Cause
. O

The B-Cause
removal I-Cause
of I-Cause
bottlenecks I-Cause
like O
these O
will O
make O
it O
more O
likely O
that O
casing B-Effect
services I-Effect
is I-Effect
the I-Effect
limiting I-Effect
factor I-Effect
in I-Effect
deep-water I-Effect
drilling I-Effect
speed I-Effect
, O
and O
thus O
amplify O
the O
value O
proposition O
of O
superior O
casing O
operations O
. O

This B-Cause
expertise I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
offer I-Cause
technology I-Cause
capable I-Cause
of I-Cause
handling I-Cause
dynamic I-Cause
power I-Cause
requirements I-Cause
efficiently I-Cause
( O
through O
the O
firm O
's O
QSMod O
technology O
) O
has O
allowed O
Monolithic B-Effect
to I-Effect
take I-Effect
share I-Effect
in I-Effect
new I-Effect
server I-Effect
platforms I-Effect
ahead I-Effect
of I-Effect
competitors I-Effect
. O

The B-Effect
most I-Effect
important I-Effect
driver I-Effect
for I-Effect
Plains I-Effect
will O
be O
its B-Cause
Permian I-Cause
asset I-Cause
base I-Cause
, O
where O
we O
think O
the B-Effect
outlook I-Effect
is I-Effect
more I-Effect
of I-Effect
a I-Effect
lower-for-longer I-Effect
scenario I-Effect
, O
as O
producers B-Cause
spend I-Cause
within I-Cause
cash I-Cause
flows I-Cause
and I-Cause
are I-Cause
seeking I-Cause
to I-Cause
hold I-Cause
production I-Cause
flat I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

With O
15 B-Cause
% I-Cause
of I-Cause
sales I-Cause
to I-Cause
the I-Cause
auto I-Cause
industry I-Cause
and O
no B-Cause
other I-Cause
end-market I-Cause
making I-Cause
up I-Cause
over I-Cause
5 I-Cause
% I-Cause
, O
DuPont B-Effect
is I-Effect
diversified I-Effect
and O
we O
forecast O
consolidated B-Cause
revenue I-Cause
to I-Cause
grow I-Cause
above I-Cause
global I-Cause
GDP I-Cause
. O

Unlike O
other O
areas O
of O
packaged O
food O
, O
Hershey B-Effect
's I-Effect
category I-Effect
mix I-Effect
has I-Effect
n't I-Effect
benefited I-Effect
from I-Effect
stock I-Effect
up I-Effect
grocery I-Effect
trips I-Effect
in I-Effect
response I-Effect
to I-Effect
concerns I-Effect
surrounding I-Effect
the I-Effect
coronavirus I-Effect
-- O
given O
the B-Cause
impulse I-Cause
nature I-Cause
of I-Cause
the I-Cause
purchase I-Cause
. O

We O
expect O
the B-Effect
company I-Effect
's I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
reach I-Effect
46 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
, O
mostly O
due O
to O
fixed B-Cause
cost I-Cause
leverage I-Cause
against I-Cause
overhead I-Cause
expenses I-Cause
. O

While O
these O
volumes O
will O
not O
realize O
net O
growth O
in O
the O
next O
several O
years O
, O
ConocoPhillips B-Cause
is I-Cause
adding I-Cause
175 I-Cause
mboe/d I-Cause
of I-Cause
volumes I-Cause
to I-Cause
backfill I-Cause
declines I-Cause
, O
which O
should O
keep B-Effect
the I-Effect
conventional I-Effect
assets I-Effect
at I-Effect
about I-Effect
40 I-Effect
% I-Effect
of I-Effect
the I-Effect
total I-Effect
portfolio I-Effect
. O

If O
one B-Cause
of I-Cause
ICE I-Cause
's I-Cause
customer I-Cause
's I-Cause
fails I-Cause
to I-Cause
settle I-Cause
a I-Cause
contract I-Cause
, O
the B-Effect
exchange I-Effect
will I-Effect
step I-Effect
in I-Effect
and I-Effect
close I-Effect
out I-Effect
the I-Effect
transaction I-Effect
after I-Effect
seizing I-Effect
the I-Effect
collateral I-Effect
of I-Effect
the I-Effect
defaulted I-Effect
counterparty I-Effect
. O

While O
the O
Chilean O
government O
has O
maintained O
one O
of O
the O
lowest O
debt O
burdens O
in O
Latin O
America O
, O
at O
roughly O
30 O
% O
of O
GDP O
, O
expanded B-Cause
fiscal I-Cause
spending I-Cause
and I-Cause
consistent I-Cause
budget I-Cause
deficits I-Cause
could O
result O
in O
sovereign B-Effect
credit I-Effect
downgrades I-Effect
, I-Effect
which I-Effect
places I-Effect
an I-Effect
implicit I-Effect
cap I-Effect
on I-Effect
domestic I-Effect
credit I-Effect
ratings I-Effect
and I-Effect
could I-Effect
raise I-Effect
borrowing I-Effect
costs I-Effect
. O

Additionally O
, O
over B-Cause
80 I-Cause
% I-Cause
of I-Cause
AUM I-Cause
is I-Cause
in I-Cause
private I-Cause
real I-Cause
estate I-Cause
rather I-Cause
than I-Cause
listed I-Cause
securities I-Cause
, I-Cause
which I-Cause
lacks I-Cause
the I-Cause
liquidity I-Cause
of I-Cause
shares I-Cause
traded I-Cause
on I-Cause
an I-Cause
exchange I-Cause
and O
is O
thus O
inherently B-Effect
stickier I-Effect
. O

We O
've O
been O
impressed O
by O
Starbucks B-Cause
' I-Cause
efforts I-Cause
to I-Cause
expand I-Cause
its I-Cause
distribution I-Cause
beyond I-Cause
traditional I-Cause
outlets I-Cause
, I-Cause
including I-Cause
other I-Cause
restaurant I-Cause
chains I-Cause
, I-Cause
hotels I-Cause
, I-Cause
airlines I-Cause
, I-Cause
universities I-Cause
, I-Cause
and I-Cause
offices. O
These O
developments O
give B-Effect
us I-Effect
confidence I-Effect
in I-Effect
our I-Effect
outlook I-Effect
calling I-Effect
for I-Effect
mid-single-digit I-Effect
collective I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
channel I-Effect
development I-Effect
segments I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
excluding I-Effect
a I-Effect
shift I-Effect
to I-Effect
a I-Effect
more I-Effect
royalty-based I-Effect
revenue I-Effect
structure I-Effect
for I-Effect
its I-Effect
single-serve I-Effect
business I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
) I-Effect
. O

We O
believe O
that O
EA B-Cause
will I-Cause
continue I-Cause
to I-Cause
release I-Cause
its I-Cause
sports I-Cause
franchises I-Cause
and I-Cause
Battlefield I-Cause
on I-Cause
an I-Cause
annual I-Cause
and I-Cause
biennial I-Cause
basis I-Cause
, I-Cause
respectively I-Cause
, O
which O
provides O
the B-Effect
firm I-Effect
with I-Effect
a I-Effect
steady I-Effect
revenue I-Effect
base I-Effect
. O

In O
addition O
to O
further O
success O
we O
expect O
in O
adding O
subscribers O
, O
we O
believe O
the B-Cause
higher-quality I-Cause
network I-Cause
gives O
Telus B-Effect
more I-Effect
pricing I-Effect
power I-Effect
and I-Effect
is I-Effect
more I-Effect
efficient I-Effect
, O
leading O
to O
reduced B-Effect
costs I-Effect
. O

With O
its B-Cause
strong I-Cause
track I-Cause
record I-Cause
and I-Cause
decades I-Cause
of I-Cause
experience I-Cause
in I-Cause
the I-Cause
business I-Cause
, O
Crane B-Effect
enjoys I-Effect
strong I-Effect
relationships I-Effect
with I-Effect
all I-Effect
major I-Effect
original I-Effect
equipment I-Effect
manufacturers I-Effect
, I-Effect
including I-Effect
Boeing I-Effect
, I-Effect
Airbus I-Effect
, I-Effect
Bombardier I-Effect
, I-Effect
and I-Effect
Comac I-Effect
. O

The B-Cause
unknown I-Cause
duration I-Cause
and I-Cause
severity I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
makes O
it O
challenging O
at O
best O
to O
forecast O
any B-Effect
return I-Effect
to I-Effect
automotive I-Effect
industry I-Effect
normalcy I-Effect
. O

Toll B-Cause
Brothers I-Cause
entered I-Cause
the I-Cause
luxury I-Cause
for-sale I-Cause
( I-Cause
City I-Cause
Living I-Cause
) I-Cause
and I-Cause
for-rent I-Cause
( I-Cause
Apartment I-Cause
Living I-Cause
) I-Cause
market I-Cause
in I-Cause
urban I-Cause
centers I-Cause
to O
leverage B-Effect
existing I-Effect
assets I-Effect
and I-Effect
diversify I-Effect
revenue I-Effect
streams I-Effect
. I-Effect

Operating B-Effect
margins I-Effect
are I-Effect
anticipated I-Effect
to I-Effect
expand I-Effect
as O
the B-Cause
company I-Cause
optimizes I-Cause
its I-Cause
infrastructure I-Cause
as I-Cause
a I-Cause
stand-alone I-Cause
entity I-Cause
while I-Cause
improving I-Cause
scale I-Cause
as I-Cause
it I-Cause
grows I-Cause
revenue I-Cause
. O

PPD O
has O
cited O
an O
increasing B-Cause
win I-Cause
rate I-Cause
for I-Cause
new I-Cause
business I-Cause
, I-Cause
driven I-Cause
by I-Cause
AES I-Cause
' I-Cause
capabilities I-Cause
, O
and O
the O
company O
has O
also O
cited O
patient B-Effect
enrollment I-Effect
and I-Effect
trial I-Effect
startups I-Effect
10 I-Effect
% I-Effect
-30 I-Effect
% I-Effect
faster I-Effect
than I-Effect
industry I-Effect
benchmarks I-Effect
. O

Also O
, O
once O
its O
products B-Effect
are I-Effect
chosen I-Effect
due O
to O
their B-Cause
differentiated I-Cause
features I-Cause
for I-Cause
a I-Cause
specific I-Cause
application I-Cause
, O
Danaher O
is O
often O
able O
to O
layer O
on O
substantial O
switching O
cost-related O
advantages O
. O

The O
platform O
often O
needs O
to O
be O
integrated O
with O
different O
departments O
within O
a O
business O
, O
and O
the B-Effect
sophistication I-Effect
of I-Effect
deployment I-Effect
increases I-Effect
with O
the B-Cause
number I-Cause
of I-Cause
touchpoints I-Cause
that I-Cause
generate I-Cause
spending I-Cause
data I-Cause
. O

As O
Broadridge B-Cause
continues I-Cause
to I-Cause
gain I-Cause
scale I-Cause
and I-Cause
generate I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
we O
expect O
investor B-Effect
communication I-Effect
solutions I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
( I-Effect
net I-Effect
of I-Effect
distribution I-Effect
revenue I-Effect
) I-Effect
of I-Effect
about I-Effect
28 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

The B-Cause
2009 I-Cause
agreement I-Cause
with I-Cause
La I-Cause
Jolla I-Cause
Pharmaceutical I-Cause
for I-Cause
lupus I-Cause
drug I-Cause
Riquent I-Cause
was I-Cause
a I-Cause
failure I-Cause
, O
and O
BioMarin B-Effect
's I-Effect
drisapersen I-Effect
( I-Effect
acquired I-Effect
with I-Effect
Prosensa I-Effect
in I-Effect
2015 I-Effect
) I-Effect
has I-Effect
failed I-Effect
to I-Effect
reach I-Effect
the I-Effect
market I-Effect
( O
research O
on O
next-generation O
versions O
of O
drisapersen O
appears O
to O
have O
been O
deprioritized O
) O
. O

In O
addition O
to O
process B-Cause
development I-Cause
challenges I-Cause
( I-Cause
including I-Cause
overly I-Cause
aggressive I-Cause
scaling I-Cause
targets I-Cause
and I-Cause
new I-Cause
interconnect I-Cause
materials I-Cause
that I-Cause
were I-Cause
difficult I-Cause
to I-Cause
manufacture I-Cause
) I-Cause
, I-Cause
the I-Cause
secular I-Cause
PC I-Cause
decline I-Cause
and I-Cause
relative I-Cause
lack I-Cause
of I-Cause
competition I-Cause
from O
AMD B-Effect
all I-Effect
contributed I-Effect
to I-Effect
Intel I-Effect
delaying I-Effect
its I-Effect
10-nm I-Effect
process I-Effect
ramp I-Effect
, O
in O
our O
opinion O
. O

Through O
the B-Cause
streaming I-Cause
video I-Cause
delivery I-Cause
method I-Cause
, O
Netflix B-Effect
tracks I-Effect
every I-Effect
customer I-Effect
interaction I-Effect
, I-Effect
from I-Effect
large I-Effect
( I-Effect
total I-Effect
time I-Effect
spent I-Effect
at I-Effect
Netflix I-Effect
) I-Effect
to I-Effect
minute I-Effect
( I-Effect
whether I-Effect
a I-Effect
user I-Effect
pressed I-Effect
fast I-Effect
forward I-Effect
) I-Effect
. O

COVID-19-related B-Effect
changes I-Effect
in I-Effect
consumer I-Effect
behavior I-Effect
are I-Effect
helping I-Effect
to I-Effect
accelerate I-Effect
Amazon I-Effect
's I-Effect
online I-Effect
commerce I-Effect
and I-Effect
related-service I-Effect
offerings I-Effect
, O
partly O
tempered O
by O
near-term B-Cause
COVID-19-related I-Cause
expenses I-Cause
. O

A B-Effect
significant I-Effect
amount I-Effect
of I-Effect
its I-Effect
growth I-Effect
has I-Effect
come I-Effect
through I-Effect
acquisitions I-Effect
as O
organic B-Cause
growth I-Cause
in I-Cause
basic I-Cause
apparel I-Cause
is I-Cause
not I-Cause
much I-Cause
more I-Cause
than I-Cause
overall I-Cause
population I-Cause
growth I-Cause
. O

Eni B-Effect
has I-Effect
diversified I-Effect
its I-Effect
European I-Effect
refining I-Effect
assets I-Effect
with I-Effect
the I-Effect
addition I-Effect
of I-Effect
capacity I-Effect
in I-Effect
the I-Effect
Middle I-Effect
East I-Effect
through O
its B-Cause
20 I-Cause
% I-Cause
ownership I-Cause
in I-Cause
ADNOC I-Cause
refining I-Cause
that I-Cause
operates I-Cause
refining I-Cause
capacity I-Cause
of I-Cause
922 I-Cause
mbd I-Cause
. O

The B-Cause
increase I-Cause
in I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
slower I-Cause
than I-Cause
anticipated I-Cause
vaccine I-Cause
rollout I-Cause
has O
delayed O
our B-Effect
timeline I-Effect
for I-Effect
return I-Effect
to I-Effect
normal I-Effect
dine-in I-Effect
patterns I-Effect
. O

However O
, O
because O
of O
the B-Cause
secular I-Cause
headwinds I-Cause
pressuring I-Cause
over I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
, O
many B-Effect
of I-Effect
these I-Effect
categories I-Effect
are I-Effect
not I-Effect
as I-Effect
strategically I-Effect
important I-Effect
for I-Effect
the I-Effect
retailers I-Effect
as I-Effect
other I-Effect
high-growth I-Effect
categories I-Effect
, O
like O
organics O
, O
fresh O
prepared O
meals O
, O
and O
fresh O
on-the-go O
snacks O
, O
for O
example O
, O
where O
Conagra O
is O
not O
entrenched O
. O

We O
expect O
new B-Cause
square I-Cause
footage I-Cause
growth I-Cause
to I-Cause
slow I-Cause
after I-Cause
the I-Cause
big I-Cause
expansion I-Cause
we I-Cause
forecast I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
so O
we O
project O
capital B-Effect
spending I-Effect
to I-Effect
fall I-Effect
from I-Effect
over I-Effect
45 I-Effect
% I-Effect
of I-Effect
sales I-Effect
in I-Effect
2019 I-Effect
to I-Effect
just I-Effect
under I-Effect
20 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
80 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
70 I-Effect
per I-Effect
share I-Effect
as O
we B-Cause
incorporate I-Cause
quicker I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
acquisitions I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
subsequent I-Cause
shift I-Cause
into I-Cause
higher-margin I-Cause
markets I-Cause
. O

The O
company B-Cause
also I-Cause
invests I-Cause
in I-Cause
for-sale I-Cause
urban I-Cause
high-rise I-Cause
infill I-Cause
and I-Cause
for-rent I-Cause
projects I-Cause
to O
diversify B-Effect
revenue I-Effect
and I-Effect
leverage I-Effect
existing I-Effect
assets I-Effect
. O

In O
our O
view O
, O
Masimo B-Cause
has I-Cause
successfully I-Cause
used I-Cause
its I-Cause
research I-Cause
spending I-Cause
to I-Cause
develop I-Cause
innovative I-Cause
technologies I-Cause
that O
will O
allow O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
intangible I-Effect
asset I-Effect
base I-Effect
. O

We O
believe O
the B-Cause
company I-Cause
's I-Cause
presence I-Cause
in I-Cause
traditional I-Cause
on-premises I-Cause
deployments I-Cause
of I-Cause
Server I-Cause
( O
and O
SQL O
database O
) O
have O
helped O
guide B-Effect
customers I-Effect
toward I-Effect
Azure I-Effect
for I-Effect
both I-Effect
fully I-Effect
public I-Effect
and I-Effect
hybrid I-Effect
deployments I-Effect
. O

We O
think O
management B-Cause
has I-Cause
positioned I-Cause
Lumen I-Cause
to I-Cause
remain I-Cause
viable I-Cause
for I-Cause
the I-Cause
long I-Cause
term I-Cause
despite I-Cause
sales I-Cause
headwinds I-Cause
, O
reducing B-Effect
the I-Effect
chances I-Effect
that I-Effect
it I-Effect
is I-Effect
on I-Effect
a I-Effect
slow I-Effect
path I-Effect
to I-Effect
fading I-Effect
away I-Effect
. I-Effect

We B-Cause
believe I-Cause
Sirius I-Cause
has I-Cause
developed I-Cause
a I-Cause
differentiated I-Cause
product I-Cause
through I-Cause
its I-Cause
lineup I-Cause
of I-Cause
stations I-Cause
and I-Cause
that I-Cause
it I-Cause
can I-Cause
deliver I-Cause
hours I-Cause
of I-Cause
entertainment I-Cause
more I-Cause
cheaply I-Cause
than I-Cause
these I-Cause
rivals. O
As O
a O
result O
, O
we B-Effect
expect I-Effect
Sirius I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
modestly I-Effect
grow I-Effect
its I-Effect
customer I-Effect
base I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We O
view O
Bio-Techne B-Cause
's I-Cause
intangible I-Cause
assets I-Cause
as O
being O
supportive B-Effect
of I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, O
and O
stickiness B-Cause
from I-Cause
the I-Cause
relatively I-Cause
low I-Cause
cost I-Cause
of I-Cause
protein I-Cause
inputs I-Cause
additionally O
supports O
the B-Effect
likelihood I-Effect
of I-Effect
longer-term I-Effect
excess I-Effect
returns I-Effect
. O

Lithia B-Cause
tends I-Cause
to I-Cause
have I-Cause
one I-Cause
of I-Cause
the I-Cause
lowest I-Cause
ratios I-Cause
of I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expense I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
gross I-Cause
profit I-Cause
in I-Cause
the I-Cause
dealer I-Cause
sector I-Cause
; O
thus O
, O
it B-Effect
is I-Effect
a I-Effect
top I-Effect
operator I-Effect
, O
which O
can O
result O
in O
positive B-Effect
earnings I-Effect
surprises I-Effect
. O

As O
Ingersoll-Rand B-Cause
's I-Cause
products I-Cause
perform I-Cause
a I-Cause
critical I-Cause
function I-Cause
and I-Cause
are I-Cause
closely I-Cause
integrated I-Cause
within I-Cause
a I-Cause
customer I-Cause
's I-Cause
production I-Cause
process I-Cause
, O
customers B-Effect
tend I-Effect
to I-Effect
replace I-Effect
components I-Effect
like-for-like I-Effect
. O

With O
no B-Cause
meaningful I-Cause
debt I-Cause
maturities I-Cause
until I-Cause
2024 I-Cause
, I-Cause
greater I-Cause
flexibility I-Cause
under I-Cause
its I-Cause
revolving I-Cause
credit I-Cause
facility I-Cause
( I-Cause
access I-Cause
to I-Cause
$ I-Cause
175 I-Cause
million I-Cause
) I-Cause
, I-Cause
and I-Cause
a I-Cause
cash I-Cause
balance I-Cause
of I-Cause
$ I-Cause
166 I-Cause
million I-Cause
at I-Cause
December I-Cause
, O
we O
believe O
WW B-Effect
has I-Effect
the I-Effect
financial I-Effect
foundation I-Effect
to I-Effect
a I-Effect
pursue I-Effect
its I-Effect
digital I-Effect
evolution I-Effect
and I-Effect
transform I-Effect
its I-Effect
physical I-Effect
studio I-Effect
footprint I-Effect
. O

For O
Vistar O
, O
organic O
volumes O
fell O
11 O
% O
in O
fiscal O
2020 O
, O
and O
we O
expect O
another B-Effect
4 I-Effect
% I-Effect
drop I-Effect
in I-Effect
2021 I-Effect
as O
movie B-Cause
theaters I-Cause
and I-Cause
entertainment I-Cause
arenas I-Cause
should I-Cause
be I-Cause
slower I-Cause
to I-Cause
recover I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

We O
had O
forecast B-Effect
strong I-Effect
earnings I-Effect
growth I-Effect
for I-Effect
Dominion I-Effect
Energy I-Effect
Virginia I-Effect
in I-Effect
2023 I-Effect
and I-Effect
2024 I-Effect
, O
as O
investments B-Cause
in I-Cause
offshore I-Cause
wind I-Cause
and I-Cause
solar I-Cause
were I-Cause
recognized I-Cause
in I-Cause
rates I-Cause
. O

With O
an B-Cause
R I-Cause
& I-Cause
D I-Cause
spend I-Cause
in I-Cause
line I-Cause
with I-Cause
its I-Cause
peers I-Cause
, O
we O
think O
Tesla B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
its I-Effect
proprietary I-Effect
technological I-Effect
advantage I-Effect
. O

We O
project O
that O
net B-Effect
interest I-Effect
margins I-Effect
will I-Effect
decline I-Effect
in I-Effect
2021 I-Effect
and I-Effect
bottom I-Effect
out I-Effect
as O
rate B-Cause
cuts I-Cause
weigh I-Cause
on I-Cause
the I-Cause
bank I-Cause
and I-Cause
the I-Cause
Fed I-Cause
does I-Cause
not I-Cause
raise I-Cause
rates I-Cause
for I-Cause
years I-Cause
. O

Finally O
, O
Hilton O
and O
other O
large O
hotel O
brands O
require O
high B-Cause
amounts I-Cause
of I-Cause
human I-Cause
capital I-Cause
, O
which O
helps B-Effect
drive I-Effect
traveler I-Effect
experience I-Effect
, O
and O
therefore O
is O
tied O
to O
brand O
intangible O
asset O
advantages O
found O
in O
the O
industry O
. O

T-Mobile B-Cause
's I-Cause
strong I-Cause
brand I-Cause
and I-Cause
reputation I-Cause
for I-Cause
service I-Cause
quality I-Cause
, I-Cause
coupled I-Cause
with I-Cause
its I-Cause
industry-leading I-Cause
spectrum I-Cause
position I-Cause
, O
should O
enable O
to O
the B-Effect
firm I-Effect
to I-Effect
steadily I-Effect
attract I-Effect
customers I-Effect
without I-Effect
resorting I-Effect
to I-Effect
aggressive I-Effect
promotional I-Effect
offers O
. O

More B-Cause
positively I-Cause
, I-Cause
though I-Cause
, I-Cause
DaVita I-Cause
's I-Cause
international I-Cause
operations I-Cause
are I-Cause
beginning I-Cause
to I-Cause
become I-Cause
profitable I-Cause
and I-Cause
the I-Cause
2019 I-Cause
sale I-Cause
of I-Cause
the I-Cause
DaVita I-Cause
Medical I-Cause
Group I-Cause
to I-Cause
UnitedHealth I-Cause
's I-Cause
Optum I-Cause
franchise I-Cause
should O
help O
push O
DaVita B-Effect
's I-Effect
profitability I-Effect
toward I-Effect
16 I-Effect
% I-Effect
on I-Effect
an I-Effect
operating I-Effect
margin I-Effect
basis I-Effect
through I-Effect
2024 I-Effect
. O

We B-Effect
believe I-Effect
the I-Effect
company I-Effect
's I-Effect
aggressive I-Effect
approach I-Effect
is I-Effect
the I-Effect
best I-Effect
strategy I-Effect
as O
Western B-Cause
Union I-Cause
is I-Cause
positioning I-Cause
itself I-Cause
to I-Cause
adapt I-Cause
to I-Cause
a I-Cause
changing I-Cause
industry I-Cause
and I-Cause
maintain I-Cause
its I-Cause
scale I-Cause
advantage I-Cause
despite I-Cause
the I-Cause
shift I-Cause
. O

The B-Cause
cut I-Cause
in I-Cause
Enable I-Cause
's I-Cause
distribution I-Cause
and I-Cause
near-term I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
earnings I-Cause
and I-Cause
cash I-Cause
flow O
forced O
CenterPoint B-Effect
to I-Effect
slash I-Effect
its I-Effect
common I-Effect
dividend I-Effect
to I-Effect
an I-Effect
annual I-Effect
rate I-Effect
of I-Effect
$ I-Effect
0.60 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
1.16 I-Effect
. O

With O
its B-Cause
large I-Cause
and I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
and I-Cause
a I-Cause
proven I-Cause
ability I-Cause
to I-Cause
grow I-Cause
faster I-Cause
than I-Cause
its I-Cause
underlying I-Cause
markets I-Cause
, O
product B-Effect
suppliers I-Effect
see I-Effect
HD I-Effect
Supply I-Effect
as I-Effect
a I-Effect
preferred I-Effect
distribution I-Effect
partner I-Effect
. O

Our O
base O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
about I-Effect
52 I-Effect
% I-Effect
as O
management B-Cause
realizes I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
infrastructure I-Cause
investments I-Cause
and I-Cause
the I-Cause
BBVA I-Cause
acquisition I-Cause
helps I-Cause
push I-Cause
efficiency I-Cause
for I-Cause
PNC I-Cause
to I-Cause
the I-Cause
next I-Cause
level I-Cause
. O

We O
think O
it B-Effect
is I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
chains I-Effect
to I-Effect
compete I-Effect
with I-Effect
Ulta I-Effect
because O
they B-Cause
can I-Cause
not I-Cause
gain I-Cause
access I-Cause
to I-Cause
prestige I-Cause
beauty I-Cause
brands I-Cause
or I-Cause
new I-Cause
items I-Cause
. O

In O
our O
view O
, O
developing B-Cause
software I-Cause
solutions I-Cause
should O
lower B-Effect
Cisco I-Effect
's I-Effect
development I-Effect
costs I-Effect
while O
recurring B-Cause
revenue I-Cause
growth I-Cause
should O
decrease B-Effect
its I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
. O

We O
see O
little B-Cause
expansion I-Cause
opportunity I-Cause
in I-Cause
wireless I-Cause
service I-Cause
margins I-Cause
due O
to O
a B-Effect
competitive I-Effect
and I-Effect
regulatory I-Effect
environment I-Effect
that I-Effect
will I-Effect
limit I-Effect
opportunities I-Effect
to I-Effect
raise I-Effect
prices I-Effect
. O

While O
these O
types O
of O
lawsuits O
are O
typically O
resolved O
with O
negotiated O
settlements O
and O
single-digit O
royalty O
payments O
, O
Regeneron B-Effect
may I-Effect
face I-Effect
larger I-Effect
financial I-Effect
penalties I-Effect
should O
it O
be B-Cause
found I-Cause
to I-Cause
be I-Cause
infringing I-Cause
on I-Cause
Amgen I-Cause
's I-Cause
patents I-Cause
. O

While O
the O
Alliance O
( O
growth O
equity O
) O
and O
Bernstein O
( O
value O
equity O
) O
brands O
were O
tarnished O
by O
poor O
investment O
performance O
during O
the O
periods O
leading O
up O
to O
and O
following O
the O
2008-09 O
financial O
crisis O
, O
the B-Effect
Sanford I-Effect
Bernstein I-Effect
brand I-Effect
remains I-Effect
well I-Effect
known I-Effect
and I-Effect
well I-Effect
respected I-Effect
for O
its B-Cause
research I-Cause
, I-Cause
especially I-Cause
in I-Cause
the I-Cause
institutional I-Cause
channel I-Cause
. O

Nice O
, O
which O
already O
provided O
cloud-based O
WEM O
and O
WFO O
, O
made O
a B-Effect
bigger I-Effect
push I-Effect
into I-Effect
the I-Effect
cloud I-Effect
with O
the O
2016 B-Cause
acquisition I-Cause
of I-Cause
contact-center-as-a-service I-Cause
provider I-Cause
inContact I-Cause
. O

Telefonica O
has O
rebuilt B-Cause
much I-Cause
of I-Cause
its I-Cause
fixed-line I-Cause
infrastructure I-Cause
in O
recent O
years O
, O
replacing B-Cause
copper I-Cause
facilities I-Cause
with I-Cause
fiber I-Cause
optics I-Cause
, O
enabling O
far B-Effect
faster I-Effect
data I-Effect
speeds I-Effect
and I-Effect
improved I-Effect
reliability I-Effect
. O

We O
forecast O
low- B-Effect
to I-Effect
mid-single-digit I-Effect
compound I-Effect
annual I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
we O
expect O
all B-Cause
of I-Cause
DuPont I-Cause
's I-Cause
businesses I-Cause
to I-Cause
fully I-Cause
recover I-Cause
after I-Cause
a I-Cause
COVID-19-related I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
. O

Its B-Cause
portfolio I-Cause
of I-Cause
long-running I-Cause
successful I-Cause
franchises I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
monetize I-Effect
its I-Effect
intellectual I-Effect
property I-Effect
year I-Effect
after I-Effect
year I-Effect
by O
delivering O
content O
via O
sequels O
, O
expansion O
packs O
, O
and O
DLC O
, O
exemplified O
by O
the O
annual O
Electronic O
Gaming O
& O
Multimediaversions O
of O
Madden O
( O
over O
25 O
annual O
editions O
) O
and O
FIFA O
( O
over O
20 O
annual O
editions O
) O
. O

Fee B-Effect
income I-Effect
will I-Effect
be I-Effect
volatile I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
due O
to O
the B-Cause
result I-Cause
of I-Cause
divestitures I-Cause
, I-Cause
the I-Cause
economic I-Cause
slowdown I-Cause
, I-Cause
and I-Cause
volatility I-Cause
within I-Cause
the I-Cause
mortgage I-Cause
market I-Cause
. O

We B-Effect
had I-Effect
increased I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
early I-Effect
in I-Effect
the I-Effect
pandemic I-Effect
primarily O
to O
account B-Cause
for I-Cause
the I-Cause
legal I-Cause
uncertainty I-Cause
surrounding I-Cause
business I-Cause
interruption I-Cause
claims I-Cause
. O

From O
the O
client O
perspective O
, O
Robert B-Cause
Half I-Cause
's I-Cause
large I-Cause
database I-Cause
of I-Cause
resumes I-Cause
increases I-Cause
the I-Cause
probability I-Cause
of I-Cause
filling I-Cause
an I-Cause
open I-Cause
role I-Cause
quickly I-Cause
, O
saving B-Effect
clients I-Effect
time I-Effect
and I-Effect
resources I-Effect
. O

Therefore O
, O
although O
regional O
price O
differentials O
for O
ferrous O
and O
nonferrous O
scrap O
are O
generally O
of O
a O
low O
magnitude O
, O
changes B-Cause
in I-Cause
regional I-Cause
supply I-Cause
and I-Cause
demand I-Cause
can O
cause O
short-term B-Effect
pricing I-Effect
discrepancies I-Effect
. O

Politicians B-Cause
and I-Cause
regulators I-Cause
in I-Cause
Colorado I-Cause
, I-Cause
Minnesota I-Cause
, I-Cause
and I-Cause
New I-Cause
Mexico I-Cause
are I-Cause
pushing I-Cause
aggressive I-Cause
environmental I-Cause
targets I-Cause
, O
supporting O
even O
more B-Effect
growth I-Effect
potential I-Effect
for I-Effect
Xcel I-Effect
during I-Effect
the I-Effect
next I-Effect
few I-Effect
decades I-Effect
. O

Even O
so O
, O
annual B-Cause
research I-Cause
and I-Cause
development I-Cause
expense I-Cause
as I-Cause
well I-Cause
as I-Cause
number I-Cause
of I-Cause
patents I-Cause
are I-Cause
not I-Cause
disclosed I-Cause
by I-Cause
Magna I-Cause
, O
leaving O
no O
way O
for O
the B-Effect
market I-Effect
to I-Effect
judge I-Effect
the I-Effect
extent I-Effect
of I-Effect
technological I-Effect
innovation I-Effect
. O

Cumulatively O
, O
management O
expects O
organic O
revenue O
to O
grow O
about O
4 O
% O
to O
6 O
% O
annually O
, O
with O
the B-Cause
potential I-Cause
for I-Cause
margin I-Cause
improvement I-Cause
and I-Cause
capital I-Cause
allocation I-Cause
to O
boost B-Effect
EPS I-Effect
materially I-Effect
above I-Effect
that I-Effect
rate I-Effect
. O

Nevertheless O
, O
the B-Cause
breadth I-Cause
of I-Cause
the I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
performance I-Cause
of I-Cause
other I-Cause
formula I-Cause
brands I-Cause
in I-Cause
China I-Cause
have O
ensured B-Effect
Danone I-Effect
has I-Effect
continued I-Effect
its I-Effect
spectacular I-Effect
growth I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

Capital B-Effect
spending I-Effect
has I-Effect
been I-Effect
elevated I-Effect
in I-Effect
recent I-Effect
years I-Effect
as O
Telus B-Cause
brings I-Cause
fiber I-Cause
to I-Cause
the I-Cause
home I-Cause
over I-Cause
much I-Cause
of I-Cause
its I-Cause
network I-Cause
, O
but O
we O
believe O
that O
has O
reached O
an O
inflection O
point O
and O
is O
now O
trending O
down O
. O

Since O
switching B-Cause
requires I-Cause
potentially I-Cause
retraining I-Cause
, I-Cause
retooling I-Cause
, I-Cause
and I-Cause
even I-Cause
relocating I-Cause
manufacturing I-Cause
, O
the B-Effect
cost I-Effect
of I-Effect
switching I-Effect
to I-Effect
marginally I-Effect
cheaper I-Effect
products I-Effect
that I-Effect
meet I-Effect
a I-Effect
similar I-Effect
reliability I-Effect
standard I-Effect
is I-Effect
extremely I-Effect
high I-Effect
for I-Effect
these I-Effect
customers I-Effect
both I-Effect
in I-Effect
terms I-Effect
of I-Effect
time I-Effect
, I-Effect
expense I-Effect
, I-Effect
and I-Effect
loss I-Effect
of I-Effect
revenue I-Effect
. O

STMicro B-Effect
's I-Effect
ROICs I-Effect
in I-Effect
prior I-Effect
years I-Effect
have I-Effect
been I-Effect
below I-Effect
the I-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
mainly O
because O
the B-Cause
firm I-Cause
still I-Cause
competed I-Cause
in I-Cause
less I-Cause
profitable I-Cause
( I-Cause
if I-Cause
not I-Cause
money I-Cause
losing I-Cause
) I-Cause
wireless I-Cause
baseband I-Cause
and I-Cause
digital I-Cause
chip I-Cause
business I-Cause
like O
set-top O
box O
processors O
that O
were O
both O
costly O
to O
manufacture O
and O
faced O
cutthroat O
competition O
. O

As O
Lloyds B-Cause
operates I-Cause
primarily I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, I-Cause
which I-Cause
comprises I-Cause
highly I-Cause
correlated I-Cause
and I-Cause
homogeneous I-Cause
markets I-Cause
, O
we O
do O
n't O
see O
any O
strong B-Effect
diversification I-Effect
effects I-Effect
that I-Effect
could I-Effect
help I-Effect
manage I-Effect
spikes I-Effect
in I-Effect
credit I-Effect
costs I-Effect
. O

We O
expect O
revenue B-Effect
growth I-Effect
to I-Effect
accelerate I-Effect
in I-Effect
2021 I-Effect
as I-Effect
the I-Effect
economy I-Effect
recovers I-Effect
from I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
, O
helped O
by O
greater B-Cause
revenue I-Cause
contribution I-Cause
from I-Cause
YouTube I-Cause
and I-Cause
cloud I-Cause
and I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Fitbit I-Cause
. O

Teleflex O
growth O
and O
profit O
outlook O
is O
strong O
, O
in O
our O
opinion O
, O
with O
UroLift-led B-Cause
growth I-Cause
likely O
to O
keep B-Effect
the I-Effect
firm I-Effect
's I-Effect
growth I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
upper-single-digit I-Effect
range I-Effect
over O
the O
next O
few O
years O
, O
and O
restructuring B-Cause
and I-Cause
transformation I-Cause
efforts I-Cause
should O
improve B-Effect
the I-Effect
firm I-Effect
's I-Effect
margin I-Effect
profile I-Effect
, I-Effect
which I-Effect
has I-Effect
generally I-Effect
trailed I-Effect
peers I-Effect
. O

These B-Cause
agencies I-Cause
implement I-Cause
regulation I-Cause
based I-Cause
on I-Cause
braking I-Cause
performance I-Cause
, I-Cause
including I-Cause
requirements I-Cause
for I-Cause
maximum I-Cause
stopping I-Cause
distance I-Cause
for I-Cause
passenger I-Cause
vehicles I-Cause
traveling I-Cause
at I-Cause
a I-Cause
certain I-Cause
speed I-Cause
, O
which O
indirectly B-Effect
affects I-Effect
brake I-Effect
pads I-Effect
when I-Effect
they I-Effect
are I-Effect
installed I-Effect
as I-Effect
original I-Effect
equipment I-Effect
. O

That O
said O
, O
the B-Effect
low I-Effect
level I-Effect
of I-Effect
balance I-Effect
sheet I-Effect
leverage I-Effect
is I-Effect
an I-Effect
advantage I-Effect
for I-Effect
Magna I-Effect
during O
periods B-Cause
of I-Cause
economic I-Cause
uncertainty I-Cause
like I-Cause
the I-Cause
current I-Cause
COVID-19 I-Cause
environment I-Cause
. O

Mortgage B-Cause
brokers I-Cause
are I-Cause
paid I-Cause
on I-Cause
settlements I-Cause
, O
hence O
are O
likely O
to O
recommend B-Effect
lenders I-Effect
which I-Effect
increase I-Effect
the I-Effect
likelihood I-Effect
of I-Effect
a I-Effect
timely I-Effect
loan I-Effect
approval I-Effect
. O

By B-Cause
utilizing I-Cause
Nice I-Cause
's I-Cause
solutions I-Cause
, O
businesses B-Effect
can I-Effect
reduce I-Effect
the I-Effect
expenditure I-Effect
needed I-Effect
to I-Effect
hire I-Effect
compliance I-Effect
personnel I-Effect
and I-Effect
reduce I-Effect
the I-Effect
risk I-Effect
of I-Effect
breaking I-Effect
certain I-Effect
laws I-Effect
. O

With O
the B-Cause
improvements I-Cause
already I-Cause
realized I-Cause
, I-Cause
future I-Cause
earnings I-Cause
growth I-Cause
, I-Cause
and I-Cause
a I-Cause
strong I-Cause
competitive I-Cause
position I-Cause
, O
we O
expect O
downstream B-Effect
returns I-Effect
to I-Effect
improve I-Effect
to I-Effect
11 I-Effect
% I-Effect
during I-Effect
2020-24 I-Effect
despite I-Effect
current I-Effect
headwinds I-Effect
compared I-Effect
with I-Effect
7 I-Effect
% I-Effect
during I-Effect
2010-14 I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
AspenOne I-Cause
software I-Cause
platform I-Cause
helps I-Cause
improve I-Cause
process-oriented I-Cause
plant I-Cause
efficiency I-Cause
, O
and O
thereby O
lower B-Effect
capital I-Effect
intensity I-Effect
, I-Effect
increase I-Effect
working I-Effect
capital I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
improve I-Effect
margins I-Effect
. O

Overall O
, O
robust O
operational B-Cause
execution I-Cause
has O
driven O
industry-leading B-Effect
profitability I-Effect
and I-Effect
robust I-Effect
share I-Effect
gains I-Effect
from I-Effect
less I-Effect
capable I-Effect
carriers I-Effect
, O
and O
that O
will O
likely O
persist O
. O

RingCentral O
's O
early O
focus O
was O
on O
small O
and O
medium O
businesses O
, O
but O
we B-Effect
're I-Effect
optimistic I-Effect
about I-Effect
the I-Effect
company I-Effect
's I-Effect
expansion I-Effect
into I-Effect
larger I-Effect
enterprises I-Effect
, O
as O
dollar B-Cause
retention I-Cause
exceeds I-Cause
120 I-Cause
% I-Cause
for I-Cause
mid-size I-Cause
and I-Cause
enterprise I-Cause
customers I-Cause
. O

We B-Cause
forecast I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
12 I-Cause
% I-Cause
for I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
which O
has B-Effect
the I-Effect
company I-Effect
surpassing I-Effect
its I-Effect
goal I-Effect
of I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2022 I-Effect
, O
when O
cloud O
will O
represent O
60 O
% O
of O
revenue O
. O

Still O
, O
lower B-Cause
allowed I-Cause
returns I-Cause
or I-Cause
political I-Cause
pushback I-Cause
on I-Cause
Atmos I-Cause
' I-Cause
favorable I-Cause
rate I-Cause
mechanisms I-Cause
would O
cause O
the B-Effect
company I-Effect
significant I-Effect
pain I-Effect
, O
especially O
in O
Texas O
, O
its O
largest O
service O
territory O
. O

Stryker B-Effect
continues I-Effect
to I-Effect
pursue I-Effect
its I-Effect
strategy I-Effect
of I-Effect
augmenting I-Effect
internal I-Effect
innovation I-Effect
with O
acquisitions B-Cause
of I-Cause
specific I-Cause
technology I-Cause
, O
including O
Patient O
Safety O
Technologies O
, O
Small O
Bone O
Innovations O
, O
Sage O
, O
Mako O
, O
and O
K2M O
. O

As O
consumers B-Cause
become I-Cause
increasingly I-Cause
averse I-Cause
to I-Cause
captive I-Cause
ecosystems I-Cause
in I-Cause
general I-Cause
, O
we O
think O
brands B-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
more I-Cause
and I-Cause
more I-Cause
willing I-Cause
to I-Cause
partner I-Cause
with I-Cause
different I-Cause
pod I-Cause
makers I-Cause
, O
which O
should O
reduce B-Effect
the I-Effect
primacy I-Effect
of I-Effect
the I-Effect
partnership I-Effect
ecosystem I-Effect
to I-Effect
the I-Effect
overall I-Effect
competitive I-Effect
dynamic I-Effect
. O

According O
to O
a O
'' O
'' O
'' O
'' O
Successful O
Farming O
'' O
'' O
'' O
'' O
report O
of O
top O
2020 O
pork O
producers O
in O
the O
U.S. O
, O
Tyson B-Effect
was I-Effect
listed I-Effect
as I-Effect
the I-Effect
14th I-Effect
largest I-Effect
, O
which O
we O
view O
as O
too B-Cause
small I-Cause
to I-Cause
warrant I-Cause
a I-Cause
scale-driven I-Cause
cost I-Cause
advantage I-Cause
. O

However O
, O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
any I-Cause
long-term I-Cause
industry I-Cause
trends I-Cause
that O
will O
impede O
Visa B-Effect
's I-Effect
ability I-Effect
to I-Effect
maintain I-Effect
its I-Effect
growth I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
and O
the B-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
should O
still O
allow O
the B-Effect
company I-Effect
to I-Effect
modestly I-Effect
expand I-Effect
its I-Effect
already I-Effect
ample I-Effect
margins I-Effect
over I-Effect
time I-Effect
. O

Likewise O
, O
we O
believe O
micro- B-Cause
or I-Cause
small-cap I-Cause
companies I-Cause
have I-Cause
only I-Cause
a I-Cause
fraction I-Cause
of I-Cause
the I-Cause
shareholders I-Cause
, O
so O
they B-Effect
face I-Effect
fees I-Effect
of I-Effect
$ I-Effect
20,000- I-Effect
$ I-Effect
50,000 I-Effect
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
injects O
considerable B-Effect
near-term I-Effect
macroeconomic I-Effect
uncertainty I-Effect
, O
though O
the O
industry O
has O
performed O
well O
during O
the O
pandemic O
thus O
far O
. O

But O
a O
review O
of O
storm-related O
power O
outages O
in O
2020 O
led O
regulators O
to O
impose O
harsh O
penalties O
that O
will O
slow B-Effect
earnings I-Effect
growth I-Effect
in I-Effect
2021-22 I-Effect
and I-Effect
depress I-Effect
returns I-Effect
for I-Effect
many I-Effect
years I-Effect
. O

We O
suspect O
that O
recent B-Cause
consumer I-Cause
pressure I-Cause
and I-Cause
voluntary I-Cause
pension I-Cause
fund I-Cause
withdrawals I-Cause
will O
result O
in O
sustained B-Effect
pressure I-Effect
, O
modeling O
normalized O
charge-offs O
reaching O
0.3 O
% O
in O
mortgages O
and O
1.10 O
% O
across O
the O
whole O
loan O
book O
. O

From O
our O
perspective O
, O
insurance O
and O
annuities O
are O
very O
mature O
, O
and O
insurance B-Cause
products I-Cause
are I-Cause
mostly I-Cause
commodities I-Cause
that O
can B-Effect
be I-Effect
replicated I-Effect
by I-Effect
a I-Effect
competitor I-Effect
fairly I-Effect
easily I-Effect
. O

Enterprise B-Effect
's I-Effect
major I-Effect
risk I-Effect
is I-Effect
a I-Effect
decline I-Effect
in I-Effect
natural I-Effect
gas I-Effect
liquids I-Effect
demand I-Effect
, O
as O
its B-Cause
NGL I-Cause
business I-Cause
makes I-Cause
up I-Cause
over I-Cause
50 I-Cause
% I-Cause
of I-Cause
the I-Cause
partnership I-Cause
's I-Cause
gross I-Cause
operating I-Cause
margin I-Cause
today I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
505 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
400 I-Effect
per I-Effect
share I-Effect
, O
as O
we B-Cause
incorporate I-Cause
a I-Cause
substantially I-Cause
stronger I-Cause
near-term I-Cause
outlook I-Cause
for I-Cause
wafer I-Cause
fab I-Cause
equipment I-Cause
spending I-Cause
in I-Cause
2021 I-Cause
. O

If O
Western B-Cause
is I-Cause
n't I-Cause
able I-Cause
to I-Cause
strike I-Cause
a I-Cause
deal I-Cause
, O
it O
could O
be O
left B-Effect
with I-Effect
a I-Effect
fringe I-Effect
market I-Effect
share I-Effect
, O
and O
we O
think O
its O
ability B-Effect
to I-Effect
compete I-Effect
would I-Effect
suffer I-Effect
. O

The B-Effect
company I-Effect
is I-Effect
also I-Effect
taking I-Effect
great I-Effect
strides I-Effect
to I-Effect
accelerate I-Effect
its I-Effect
debt I-Effect
payback I-Effect
through O
selling B-Cause
business I-Cause
units I-Cause
and I-Cause
its I-Cause
planned I-Cause
VMware I-Cause
spin-off I-Cause
. O

Given B-Cause
the I-Cause
market I-Cause
appreciation I-Cause
during I-Cause
2020 I-Cause
and I-Cause
at I-Cause
the I-Cause
beginning I-Cause
in I-Cause
2021 I-Cause
, O
we B-Effect
expect I-Effect
the I-Effect
firm I-Effect
's I-Effect
asset-management I-Effect
business I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
in I-Effect
2021 I-Effect
. O

While O
the O
level O
of O
penetration O
in O
each O
of O
these O
locations O
varies O
, O
we O
believe O
the B-Cause
security I-Cause
and I-Cause
social I-Cause
environment I-Cause
is O
currently O
driving B-Effect
demand I-Effect
for I-Effect
these I-Effect
products I-Effect
, I-Effect
increasing I-Effect
the I-Effect
penetration I-Effect
of I-Effect
these I-Effect
new I-Effect
solutions I-Effect
at I-Effect
existing I-Effect
customers I-Effect
and I-Effect
further I-Effect
increasing I-Effect
the I-Effect
potential I-Effect
switching I-Effect
costs I-Effect
. O

Over O
the O
next O
three O
years O
Bed O
Bath O
expects O
to O
uncover O
$ B-Effect
850 I-Effect
million- I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
EBITDA I-Effect
improvement I-Effect
, O
aided O
by O
a B-Cause
workforce I-Cause
reduction I-Cause
, I-Cause
improved I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
and I-Cause
real I-Cause
estate I-Cause
optimization I-Cause
. O

Failure B-Cause
of I-Cause
the I-Cause
tailings I-Cause
dam I-Cause
at I-Cause
Vale I-Cause
's I-Cause
Corrego I-Cause
de I-Cause
Feijao I-Cause
iron I-Cause
ore I-Cause
mine I-Cause
in I-Cause
Brazil I-Cause
in I-Cause
January I-Cause
2019 I-Cause
brought O
environmental B-Effect
and I-Effect
humanitarian I-Effect
liabilities I-Effect
for I-Effect
Vale I-Effect
, O
and O
potentially B-Effect
impact I-Effect
its I-Effect
social I-Effect
licence I-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
. O

But O
with O
its B-Cause
stores I-Cause
remaining I-Cause
open I-Cause
and I-Cause
serving I-Cause
essential I-Cause
needs I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
the I-Effect
outbreak I-Effect
presents I-Effect
Dollar I-Effect
Tree I-Effect
with I-Effect
anything I-Effect
near I-Effect
the I-Effect
existential I-Effect
threat I-Effect
it I-Effect
does I-Effect
for I-Effect
other I-Effect
retailers I-Effect
. O

If O
materials B-Cause
science I-Cause
interactions I-Cause
predicted I-Cause
in I-Cause
Dassault I-Cause
Systemes I-Cause
software I-Cause
prove I-Cause
faulty I-Cause
, O
animal B-Effect
or I-Effect
human I-Effect
testing I-Effect
of I-Effect
a I-Effect
drug I-Effect
could I-Effect
imply I-Effect
serious I-Effect
results I-Effect
, I-Effect
and I-Effect
longer I-Effect
drug I-Effect
cycle I-Effect
times I-Effect
. O

While O
it O
is O
expected O
to O
produce O
revenue O
growth O
at O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer I-Cause
less I-Cause
room I-Cause
for I-Cause
missteps I-Cause
and O
therefore O
carry B-Effect
greater I-Effect
inherent I-Effect
risks I-Effect
, O
in O
our O
opinion O
. O

While O
we O
expect O
this O
initial O
wave O
of O
new O
supply O
to O
be O
absorbed O
by O
significant O
demand O
growth O
and O
help O
moderate O
the O
market O
, O
increased B-Cause
new I-Cause
supply I-Cause
will O
pressure B-Effect
operations I-Effect
and I-Effect
asset I-Effect
values I-Effect
. O

We B-Effect
expect I-Effect
solid I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
revenue I-Effect
rising I-Effect
8 I-Effect
% I-Effect
-9 I-Effect
% I-Effect
on I-Effect
solid I-Effect
intermodal I-Effect
growth I-Effect
( B-Cause
aided I-Cause
by I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
) I-Cause
, I-Cause
new I-Cause
automotive I-Cause
end-market I-Cause
business I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
( I-Cause
which I-Cause
carries I-Cause
some I-Cause
risk I-Cause
) I-Cause
. O

Our O
expectations O
for O
Sartorius O
, O
and O
especially O
the O
exposure O
to O
high-growth O
biopharma O
, O
is O
meaningful O
for O
Bio-Rad O
, O
and O
if O
Sartorius B-Cause
exceeds I-Cause
our I-Cause
expectations I-Cause
, O
the B-Effect
investment I-Effect
could I-Effect
account I-Effect
for I-Effect
a I-Effect
greater I-Effect
portion I-Effect
of I-Effect
valuation I-Effect
over I-Effect
time I-Effect
. O

Of B-Cause
painting I-Cause
contractor I-Cause
costs I-Cause
, I-Cause
80 I-Cause
% I-Cause
-90 I-Cause
% I-Cause
is I-Cause
labor I-Cause
and I-Cause
just I-Cause
10 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
is I-Cause
paint I-Cause
, O
so O
contractors B-Effect
are I-Effect
not I-Effect
especially I-Effect
price-sensitive I-Effect
about I-Effect
paint I-Effect
costs I-Effect
. O

We O
think O
that O
United B-Cause
's I-Cause
substantial I-Cause
cash I-Cause
on I-Cause
hand I-Cause
from I-Cause
successful I-Cause
capital I-Cause
raises I-Cause
lowers O
the B-Effect
chance I-Effect
of I-Effect
firm I-Effect
failure I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
. O

As O
the B-Cause
firm I-Cause
gains I-Cause
more I-Cause
listeners I-Cause
, O
leading O
to O
more B-Cause
hours I-Cause
of I-Cause
content I-Cause
consumed I-Cause
, O
we O
think O
it O
can O
attract B-Effect
more I-Effect
advertisers I-Effect
, I-Effect
generating I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
. O

With O
the B-Cause
new I-Cause
low-risk I-Cause
indication I-Cause
added I-Cause
in I-Cause
2019 I-Cause
, O
we O
anticipate O
the B-Effect
firm I-Effect
will I-Effect
further I-Effect
expand I-Effect
TAVR I-Effect
indications I-Effect
to I-Effect
fuel I-Effect
growth I-Effect
. O

These O
products O
have O
shown O
strong O
growth O
, O
but O
pressure B-Cause
on I-Cause
asset I-Cause
manager I-Cause
budgets I-Cause
and I-Cause
fund I-Cause
closures I-Cause
could O
weigh B-Effect
on I-Effect
the I-Effect
firm I-Effect
. O

It O
benefits O
from O
a B-Cause
powerful I-Cause
set I-Cause
of I-Cause
mutually I-Cause
reinforcing I-Cause
and I-Cause
self-perpetuating I-Cause
intangible I-Cause
assets I-Cause
that I-Cause
, I-Cause
together I-Cause
with I-Cause
its I-Cause
strong I-Cause
cost I-Cause
positioning I-Cause
, O
have O
calcified B-Effect
its I-Effect
competitive I-Effect
position I-Effect
. O

Through O
the O
first O
three O
quarters O
of O
2020 O
, O
Kellogg B-Effect
saw I-Effect
a I-Effect
7 I-Effect
% I-Effect
jump I-Effect
in I-Effect
organic I-Effect
sales I-Effect
( O
including O
just O
less O
than O
7 O
% O
gains O
in O
North O
America O
, O
60 O
% O
of O
sales O
) O
, O
entirely O
from O
higher B-Cause
volume I-Cause
. O

It B-Effect
remains I-Effect
unclear I-Effect
whether I-Effect
canning I-Effect
or I-Effect
beverage/food I-Effect
companies I-Effect
would I-Effect
bear I-Effect
the I-Effect
burden I-Effect
of I-Effect
a I-Effect
definitive I-Effect
link I-Effect
between I-Effect
BPA I-Effect
and I-Effect
health I-Effect
issues I-Effect
, O
as O
cans B-Cause
are I-Cause
made I-Cause
to I-Cause
client I-Cause
specifications I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
reorganization I-Effect
plans I-Effect
in I-Effect
response I-Effect
to I-Effect
regulatory I-Effect
issues I-Effect
creates I-Effect
some I-Effect
uncertainty I-Effect
, O
as O
MetLife B-Cause
has I-Cause
divested I-Cause
a I-Cause
substantial I-Cause
portion I-Cause
of I-Cause
its I-Cause
operations I-Cause
. O

The B-Cause
most I-Cause
pressing I-Cause
risk I-Cause
PFG I-Cause
faces I-Cause
is I-Cause
the I-Cause
pandemic I-Cause
, O
which O
resulted O
in O
a B-Effect
7 I-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
and I-Effect
about I-Effect
$ I-Effect
45 I-Effect
million I-Effect
in I-Effect
bad I-Effect
debt I-Effect
expense I-Effect
. O

However O
, O
despite O
the O
downside O
effect O
of O
changes O
to O
employers O
' O
tax O
credits O
, O
in O
general O
, O
France B-Cause
's I-Cause
pro-employment I-Cause
policies I-Cause
are O
shaping O
up O
to O
be O
tailwinds B-Effect
to I-Effect
the I-Effect
temporary I-Effect
recruitment I-Effect
industry I-Effect
. O

Marsh O
& O
McLennan O
's O
largest O
cost O
component O
is O
employee O
compensation O
, O
which O
could O
lead O
to O
pressure B-Effect
on I-Effect
margins I-Effect
if O
labor B-Cause
conditions I-Cause
grew I-Cause
tight I-Cause
, O
and O
any B-Cause
large-scale I-Cause
employee I-Cause
defections I-Cause
could O
damage B-Effect
the I-Effect
business I-Effect
. O

We O
believe O
these B-Cause
rising I-Cause
standards I-Cause
favor B-Effect
existing I-Effect
chip I-Effect
suppliers I-Effect
that I-Effect
can I-Effect
reliably I-Effect
and I-Effect
consistently I-Effect
deliver I-Effect
microcontroller I-Effect
units I-Effect
and I-Effect
advanced I-Effect
analog I-Effect
chips I-Effect
at I-Effect
the I-Effect
scale I-Effect
to I-Effect
service I-Effect
the I-Effect
demands I-Effect
of I-Effect
global I-Effect
auto I-Effect
OEMs I-Effect
and I-Effect
Tier I-Effect
1 I-Effect
suppliers I-Effect
. O

Cummins B-Cause
' I-Cause
strong I-Cause
product I-Cause
performance I-Cause
empowers I-Cause
customers I-Cause
to I-Cause
lower I-Cause
the I-Cause
total I-Cause
cost I-Cause
of I-Cause
their I-Cause
operations. O
This O
dynamic O
allows O
the B-Effect
company I-Effect
to I-Effect
thrive I-Effect
in I-Effect
a I-Effect
highly I-Effect
competitive I-Effect
industry I-Effect
, I-Effect
which I-Effect
in I-Effect
most I-Effect
cases I-Effect
calls I-Effect
for I-Effect
Cummins I-Effect
to I-Effect
compete I-Effect
directly I-Effect
with I-Effect
its I-Effect
own I-Effect
customers I-Effect
, I-Effect
truck I-Effect
manufacturers I-Effect
. O

Vans B-Effect
has I-Effect
grown I-Effect
through O
international B-Cause
expansion I-Cause
, I-Cause
greater I-Cause
wholesale I-Cause
distribution I-Cause
, I-Cause
e-commerce I-Cause
, I-Cause
and I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
number I-Cause
of I-Cause
company-owned I-Cause
stores I-Cause
, I-Cause
of I-Cause
which I-Cause
there I-Cause
are I-Cause
now I-Cause
more I-Cause
than I-Cause
700 I-Cause
. O

Although O
Dell O
Technologies O
has O
substantial B-Cause
exposure I-Cause
to I-Cause
commoditized I-Cause
markets I-Cause
and O
carries B-Cause
considerable I-Cause
financial I-Cause
leverage I-Cause
, O
we O
believe O
synergistic B-Cause
opportunities I-Cause
across I-Cause
its I-Cause
brands I-Cause
should O
drive B-Effect
success I-Effect
as I-Effect
businesses I-Effect
migrate I-Effect
to I-Effect
hybrid I-Effect
cloud I-Effect
IT I-Effect
infrastructures I-Effect
. O

In O
addition O
, O
like O
all O
oilfield O
service O
firms O
, O
the B-Cause
firm I-Cause
is I-Cause
exposed I-Cause
to I-Cause
a I-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt B-Effect
its I-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. O

Moreover O
, O
a B-Cause
number I-Cause
of I-Cause
Sonoco I-Cause
's I-Cause
major I-Cause
customers I-Cause
such I-Cause
as I-Cause
Kraft I-Cause
Heinz I-Cause
have I-Cause
undergone I-Cause
changes I-Cause
in I-Cause
their I-Cause
corporate I-Cause
structures I-Cause
, O
which O
may O
adversely B-Effect
affect I-Effect
longer-term I-Effect
relationships I-Effect
with I-Effect
the I-Effect
company I-Effect
. O

We O
expect O
solid O
recovery O
in O
2021 O
, O
with O
revenue B-Effect
rising I-Effect
8 I-Effect
% I-Effect
-9 I-Effect
% I-Effect
on I-Effect
solid I-Effect
intermodal I-Effect
growth I-Effect
( O
aided O
by O
robust B-Cause
retailer I-Cause
restocking I-Cause
) O
, O
new O
automotive O
end-market O
business O
, O
and O
industrial O
end-market O
improvement O
. O

To O
develop B-Cause
sufficient I-Cause
scale I-Cause
, O
Square B-Effect
must I-Effect
move I-Effect
past I-Effect
its I-Effect
micro I-Effect
merchant I-Effect
base I-Effect
, O
and O
recent O
results O
suggest O
it O
is O
doing O
just O
that O
. O

Being B-Cause
unable I-Cause
to I-Cause
get I-Cause
site I-Cause
approvals I-Cause
in I-Cause
countries I-Cause
where I-Cause
corruption I-Cause
could O
be O
more O
prevalent O
could O
impact O
growth B-Effect
in I-Effect
the I-Effect
international I-Effect
business I-Effect
, O
which O
we O
are O
counting O
on O
, O
but O
the O
company O
has O
a O
lot O
of O
experience O
navigating O
foreign O
markets O
. O

Consumers B-Cause
have I-Cause
limited I-Cause
discretionary I-Cause
dollars I-Cause
to I-Cause
spend I-Cause
, O
and O
as O
fashions B-Cause
and I-Cause
trends I-Cause
cycle I-Cause
, O
there O
could O
be O
a B-Effect
disproportionate I-Effect
impact I-Effect
on I-Effect
Activision I-Effect
's I-Effect
cash I-Effect
flow I-Effect
. O

We O
assume O
about O
1.6 B-Effect
% I-Effect
average I-Effect
selling I-Effect
price I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
as O
pricing B-Cause
power I-Cause
is I-Cause
partially I-Cause
offset I-Cause
by I-Cause
Lennar I-Cause
's I-Cause
continued I-Cause
mix I-Cause
shift I-Cause
to I-Cause
lower-priced I-Cause
entry-level I-Cause
homes I-Cause
. O

Finally O
, O
it O
is O
possible O
that O
Gentex B-Effect
could I-Effect
be I-Effect
put I-Effect
out I-Effect
of I-Effect
the I-Effect
automotive I-Effect
supply I-Effect
chain I-Effect
if O
governments B-Cause
start I-Cause
allowing I-Cause
camera I-Cause
technology I-Cause
to I-Cause
replace I-Cause
all I-Cause
types I-Cause
of I-Cause
mirrors I-Cause
in I-Cause
a I-Cause
vehicle I-Cause
, O
as O
Europe O
and O
Japan O
now O
do O
under O
UN-ECE O
Regulation O
46 O
. O

Meanwhile O
, O
continued B-Cause
decreases I-Cause
in I-Cause
square I-Cause
footage I-Cause
per I-Cause
employee I-Cause
could O
have B-Effect
a I-Effect
negative I-Effect
effect I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
, O
although O
we O
think O
this O
dynamic O
has O
largely O
played O
out O
. O

Our O
projected O
asset-management B-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
is I-Effect
about I-Effect
5.5 I-Effect
% I-Effect
. O
This O
is O
based O
on O
normalized B-Cause
growth I-Cause
of I-Cause
about I-Cause
6.5 I-Cause
% I-Cause
in I-Cause
assets I-Cause
under I-Cause
management I-Cause
and I-Cause
2 I-Cause
basis I-Cause
points I-Cause
of I-Cause
annual I-Cause
pricing I-Cause
compression I-Cause
. O

We O
have B-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
10 I-Effect
per I-Effect
ADR I-Effect
from I-Effect
$ I-Effect
10.50 I-Effect
after O
incorporating B-Cause
a I-Cause
less I-Cause
bullish I-Cause
view I-Cause
on I-Cause
Enel I-Cause
Americas I-Cause
' I-Cause
acquisition I-Cause
of I-Cause
EGP I-Cause
's I-Cause
renewable I-Cause
energy I-Cause
assets I-Cause
. O

Management O
has O
indicated O
there O
will O
be O
a O
focus O
on O
bringing O
leverage O
even O
further O
down O
, O
and O
without B-Effect
large I-Effect
acquisitions I-Effect
, O
we O
believe O
successful B-Cause
deleveraging I-Cause
is I-Cause
a I-Cause
reasonable I-Cause
outcome I-Cause
. O

Pipeline O
utilization O
for O
Sand O
Hills O
( O
primarily O
moving O
NGLs O
from O
the O
Permian O
to O
Mont O
Belvieu O
, O
Texas O
) O
is O
nearly O
maxed O
out O
, O
offering B-Effect
the I-Effect
potential I-Effect
for I-Effect
further I-Effect
expansion I-Effect
as O
markets B-Cause
slowly I-Cause
recover I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

In O
fiscal O
2020 O
, O
Malibu O
's O
EBITDA O
margin O
was O
17 O
% O
, O
comparable O
to O
Mastercraft O
's O
17 O
% O
, O
so O
further B-Cause
EBITDA I-Cause
expansion I-Cause
could O
indicate O
integrated B-Effect
engines I-Effect
have I-Effect
helped I-Effect
give I-Effect
Malibu I-Effect
an I-Effect
edge I-Effect
over I-Effect
peers I-Effect
( O
we B-Effect
forecast I-Effect
an I-Effect
20 I-Effect
% I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
helped O
by O
still-robust B-Cause
demand I-Cause
) O
. O

Moreover O
, O
the O
crisis B-Cause
forced O
the B-Cause
suspension I-Cause
of I-Cause
nearly I-Cause
all I-Cause
amateur I-Cause
and I-Cause
professional I-Cause
sports I-Cause
, O
causing O
a B-Effect
drop I-Effect
in I-Effect
demand I-Effect
for I-Effect
some I-Effect
of I-Effect
Under I-Effect
Armour I-Effect
's I-Effect
athletic I-Effect
gear I-Effect
. O

In O
the O
past O
, O
this O
had O
led O
to O
some B-Cause
cumbersome I-Cause
wafer I-Cause
supply I-Cause
agreements I-Cause
with I-Cause
Global I-Cause
Foundries I-Cause
that O
locked O
AMD O
into O
fixed O
amounts O
of O
wafers O
, O
which O
consequently O
hurt B-Effect
margins I-Effect
during I-Effect
times I-Effect
of I-Effect
lower I-Effect
chip I-Effect
demand I-Effect
. O

With O
the B-Cause
purchase I-Cause
of I-Cause
the I-Cause
Fox I-Cause
entertainment I-Cause
assets I-Cause
, O
Disney B-Effect
has I-Effect
enhanced I-Effect
its I-Effect
pay-television I-Effect
network I-Effect
lineup I-Effect
by I-Effect
adding I-Effect
multiple I-Effect
channels I-Effect
with I-Effect
strong I-Effect
appeal I-Effect
to I-Effect
adults. O
" O
, O
positiv O

We B-Effect
have I-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Arrow I-Effect
to I-Effect
$ I-Effect
84 I-Effect
from I-Effect
$ I-Effect
88 I-Effect
per I-Effect
share I-Effect
because O
of O
weaker B-Cause
demand I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
macroeconomic I-Cause
uncertainty I-Cause
from I-Cause
COVID-19 I-Cause
. O

Suppliers O
are O
eager B-Cause
to I-Cause
partner I-Cause
with I-Cause
Yum I-Cause
and I-Cause
its I-Cause
strong I-Cause
unit I-Cause
growth I-Cause
potential I-Cause
, O
thus O
ensuring B-Effect
access I-Effect
to I-Effect
favorable I-Effect
purchasing I-Effect
terms I-Effect
. O

While O
the O
automotive O
part O
sector O
has O
performed O
relatively O
well O
during O
the O
pandemic O
thus O
far O
, O
spiking B-Cause
unemployment I-Cause
and O
unprecedented B-Cause
global I-Cause
lockdowns I-Cause
have O
slashed B-Effect
miles I-Effect
driven I-Effect
and O
slowed B-Effect
vehicle I-Effect
wear I-Effect
and I-Effect
tear I-Effect
. O

To B-Cause
grow I-Cause
alongside I-Cause
the I-Cause
rise I-Cause
in I-Cause
offloading I-Cause
workloads I-Cause
and I-Cause
storage I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
NetApp B-Effect
is I-Effect
keenly I-Effect
focusing I-Effect
resources I-Effect
on I-Effect
developing I-Effect
software I-Effect
for I-Effect
cloud-based I-Effect
data I-Effect
management I-Effect
and I-Effect
storage I-Effect
. O

Even B-Cause
though I-Cause
firms I-Cause
throughout I-Cause
the I-Cause
consumer I-Cause
products I-Cause
segment I-Cause
have I-Cause
been I-Cause
touting I-Cause
improving I-Cause
sales I-Cause
trends I-Cause
as I-Cause
consumers I-Cause
are I-Cause
stocking I-Cause
up I-Cause
on I-Cause
essential I-Cause
fare I-Cause
, I-Cause
Hershey B-Effect
's I-Effect
category I-Effect
mix I-Effect
has I-Effect
n't I-Effect
fit I-Effect
the I-Effect
bill I-Effect
-- I-Effect
given I-Effect
the I-Effect
impulse I-Effect
nature I-Effect
of I-Effect
the I-Effect
purchase I-Effect
. I-Effect

We O
believe O
that O
enabling O
access O
management O
and O
protecting O
networks O
from O
malicious O
actors O
based O
upon O
identity O
credentials O
are O
cornerstones O
of O
cybersecurity O
, O
and O
that O
the B-Cause
dissipation I-Cause
of I-Cause
a I-Cause
distinct I-Cause
security I-Cause
perimeter I-Cause
could O
make B-Effect
security I-Effect
teams I-Effect
further I-Effect
rely I-Effect
on I-Effect
user-based I-Effect
cybersecurity I-Effect
. O

While O
many O
of O
the O
segments O
Caterpillar O
operates O
in O
are O
highly O
competitive O
, O
we O
believe O
its B-Cause
strategy I-Cause
of I-Cause
investing I-Cause
in I-Cause
optimal I-Cause
product I-Cause
design I-Cause
coupled I-Cause
with I-Cause
strong I-Cause
brand I-Cause
development I-Cause
places B-Effect
it I-Effect
far I-Effect
ahead I-Effect
of I-Effect
the I-Effect
competition I-Effect
. O

In O
addition O
, O
over O
time O
, O
if O
different B-Cause
brands I-Cause
begin I-Cause
to I-Cause
share I-Cause
more I-Cause
features I-Cause
and I-Cause
attract I-Cause
similar I-Cause
users I-Cause
, I-Cause
cannibalization I-Cause
of I-Cause
one I-Cause
brand I-Cause
by I-Cause
a I-Cause
lower I-Cause
priced I-Cause
one I-Cause
could O
have B-Effect
a I-Effect
bigger I-Effect
impact I-Effect
on I-Effect
Match I-Effect
Group I-Effect
's I-Effect
overall I-Effect
operating I-Effect
results I-Effect
. O

That O
being O
said O
, O
we O
think O
Linde B-Effect
can I-Effect
fuel I-Effect
additional I-Effect
revenue I-Effect
growth I-Effect
through O
investments B-Cause
in I-Cause
new I-Cause
on-site I-Cause
projects I-Cause
, I-Cause
asset I-Cause
buybacks I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
newer I-Cause
opportunities I-Cause
in I-Cause
carbon I-Cause
capture I-Cause
and I-Cause
green I-Cause
hydrogen I-Cause
. O

As O
we O
have O
seen O
in O
the O
past O
, O
firms O
that O
rely O
on O
their B-Effect
reputations I-Effect
and I-Effect
trustworthiness I-Effect
are O
especially O
vulnerable O
to O
the B-Cause
possible I-Cause
unethical I-Cause
or I-Cause
illegal I-Cause
activities I-Cause
of I-Cause
its I-Cause
employees I-Cause
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
113 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
106 I-Effect
after I-Effect
incorporating I-Effect
better-than-expected I-Effect
third-quarter I-Effect
2020 I-Effect
results I-Effect
, O
updating B-Cause
our I-Cause
assumptions I-Cause
for I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
, I-Cause
and I-Cause
due I-Cause
to I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

While O
Coty O
is O
the O
world O
's O
largest O
provider O
of O
fragrance O
, O
we O
suspect O
that O
the B-Cause
firm I-Cause
's I-Cause
lack I-Cause
of I-Cause
dominance I-Cause
in I-Cause
prestige I-Cause
skin I-Cause
care I-Cause
and I-Cause
makeup I-Cause
limits O
Coty B-Effect
's I-Effect
ability I-Effect
to I-Effect
reach I-Effect
preferred I-Effect
vendor I-Effect
status I-Effect
with I-Effect
department I-Effect
stores I-Effect
and I-Effect
travel I-Effect
retail I-Effect
operators I-Effect
. O

We O
think O
the B-Cause
different I-Cause
networking I-Cause
infrastructures I-Cause
provide O
an B-Effect
opportunity I-Effect
for I-Effect
VMware I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
enterprises I-Effect
desiring I-Effect
software I-Effect
commonality I-Effect
between I-Effect
their I-Effect
private I-Effect
and I-Effect
public I-Effect
clouds I-Effect
. O

This O
method O
means O
we O
currently O
model O
the B-Cause
yen I-Cause
to I-Cause
slightly I-Cause
strengthen I-Cause
against I-Cause
the I-Cause
dollar I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
relative I-Cause
to I-Cause
the I-Cause
spot I-Cause
rate I-Cause
in I-Cause
June I-Cause
2021 I-Cause
, O
which O
hurts B-Effect
Honda I-Effect
's I-Effect
margins I-Effect
. O

Corning B-Cause
's I-Cause
synergies I-Cause
between I-Cause
Display I-Cause
and I-Cause
Specialty I-Cause
Materials I-Cause
, O
along O
with O
its B-Cause
unparalleled I-Cause
scale I-Cause
in I-Cause
the I-Cause
cover I-Cause
glass I-Cause
market I-Cause
, O
allow O
it O
to O
consistently O
achieve B-Effect
operating I-Effect
margins I-Effect
500-plus I-Effect
basis I-Effect
points I-Effect
above I-Effect
its I-Effect
chief I-Effect
competitors I-Effect
. O

In O
particular O
, O
we B-Effect
suspect I-Effect
management I-Effect
has I-Effect
made I-Effect
the I-Effect
deliberate I-Effect
decision I-Effect
to O
focus B-Cause
on I-Cause
gaining I-Cause
market I-Cause
share I-Cause
, I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
profitability I-Cause
. O

The O
Canadian O
banks O
, O
because O
their B-Cause
branch I-Cause
networks I-Cause
spread I-Cause
out I-Cause
through I-Cause
all I-Cause
of I-Cause
Canada I-Cause
, O
arguably O
have B-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
powerful I-Effect
distribution I-Effect
networks I-Effect
in I-Effect
Canada I-Effect
. O

Its O
strategy O
makes O
ConocoPhillips O
a B-Effect
compelling I-Effect
option I-Effect
in I-Effect
the I-Effect
energy I-Effect
sector I-Effect
, O
given O
its O
commitment B-Cause
to I-Cause
capital I-Cause
restraint I-Cause
and I-Cause
clear I-Cause
policy I-Cause
on I-Cause
return I-Cause
of I-Cause
cash I-Cause
to I-Cause
shareholders I-Cause
. O

However O
, O
because O
the B-Cause
firm I-Cause
does I-Cause
not I-Cause
yet I-Cause
have I-Cause
a I-Cause
large I-Cause
and I-Cause
reliable I-Cause
recurring I-Cause
revenue I-Cause
base I-Cause
( O
through O
supplies O
, O
services O
, O
or O
software O
) O
, O
a B-Effect
sustained I-Effect
economic I-Effect
downturn I-Effect
would I-Effect
cause I-Effect
Zebra I-Effect
's I-Effect
revenue I-Effect
and I-Effect
margins I-Effect
to I-Effect
be I-Effect
materially I-Effect
affected I-Effect
. O

Gap O
has O
, O
in O
some O
sense O
, O
been B-Effect
in I-Effect
decline I-Effect
for I-Effect
more I-Effect
than I-Effect
two I-Effect
decades I-Effect
as O
specialty B-Cause
chains I-Cause
, I-Cause
mass I-Cause
merchants I-Cause
, I-Cause
and I-Cause
others I-Cause
have I-Cause
relentlessly I-Cause
offered I-Cause
styles I-Cause
to I-Cause
draw I-Cause
shoppers I-Cause
from I-Cause
Gap I-Cause
and I-Cause
the I-Cause
malls I-Cause
that I-Cause
house I-Cause
many I-Cause
of I-Cause
its I-Cause
stores I-Cause
. O

However O
, O
we O
expect O
customers B-Effect
will I-Effect
prove I-Effect
more I-Effect
price-sensitive I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
as O
competitors B-Cause
like I-Cause
Disney+ I-Cause
are I-Cause
already I-Cause
undercutting I-Cause
Netflix I-Cause
's I-Cause
prices I-Cause
. O

This B-Cause
contractual I-Cause
dynamic I-Cause
results O
in O
suppliers B-Effect
' I-Effect
focus I-Effect
on I-Effect
lean I-Effect
manufacturing I-Effect
practices I-Effect
like I-Effect
Six I-Effect
Sigma I-Effect
, I-Effect
Kaizen I-Effect
, I-Effect
and I-Effect
Kanban I-Effect
just I-Effect
to I-Effect
partially I-Effect
offset I-Effect
potential I-Effect
margin I-Effect
erosion I-Effect
. O

For O
the O
core O
teleheatlh O
services O
, O
we O
believe O
the B-Effect
company I-Effect
is I-Effect
likely I-Effect
to I-Effect
retain I-Effect
its I-Effect
first-mover I-Effect
advantage I-Effect
and I-Effect
scale I-Effect
by O
penetrating B-Cause
members I-Cause
of I-Cause
existing I-Cause
customers I-Cause
in O
addition O
to O
adding O
members O
of O
new O
clients O
under O
new O
logos O
. O

Xcel B-Cause
is I-Cause
offsetting I-Cause
some I-Cause
of I-Cause
the I-Cause
rising I-Cause
investment I-Cause
costs I-Cause
with O
lower O
supply B-Effect
costs I-Effect
from I-Effect
lower I-Effect
natural I-Effect
gas I-Effect
and I-Effect
renewable I-Effect
energy I-Effect
prices I-Effect
. O

An B-Cause
overlapping I-Cause
business I-Cause
with I-Cause
Level I-Cause
3 I-Cause
and I-Cause
the I-Cause
more I-Cause
abundant I-Cause
combined I-Cause
network I-Cause
brings I-Cause
far I-Cause
more I-Cause
buildings I-Cause
on I-Cause
net I-Cause
and O
should O
lead B-Effect
to I-Effect
other I-Effect
synergies I-Effect
, I-Effect
resulting I-Effect
better I-Effect
profitability I-Effect
. I-Effect

AvalonBay B-Cause
Communities I-Cause
owns I-Cause
and I-Cause
operates I-Cause
high-quality I-Cause
multifamily I-Cause
buildings I-Cause
in I-Cause
urban I-Cause
and I-Cause
suburban I-Cause
coastal I-Cause
markets I-Cause
with I-Cause
demographics I-Cause
that O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
maintain I-Effect
high I-Effect
occupancies I-Effect
and I-Effect
drive I-Effect
strong I-Effect
rent I-Effect
growth I-Effect
, O
specifically O
, O
New O
England O
, O
New O
York/New O
Jersey O
, O
the O
mid-Atlantic O
, O
Southern O
California O
, O
Northern O
California O
, O
and O
Seattle O
. O

Prior O
to O
the O
COVID-19-related O
uptick O
in O
demand O
, O
customer B-Cause
acquisition I-Cause
costs I-Cause
rose I-Cause
to I-Cause
around I-Cause
$ I-Cause
90 I-Cause
in I-Cause
2019 I-Cause
( I-Cause
versus I-Cause
$ I-Cause
66 I-Cause
in I-Cause
2016 I-Cause
) I-Cause
, I-Cause
while I-Cause
direct I-Cause
retail I-Cause
advertising I-Cause
spending I-Cause
growth I-Cause
had I-Cause
also I-Cause
increased I-Cause
to O
support O
sales B-Effect
increases I-Effect
. O

On O
the O
positive O
side O
, O
we B-Effect
think I-Effect
it I-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
any I-Effect
new I-Effect
competitor I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
en I-Effect
masse I-Effect
and I-Effect
take I-Effect
material I-Effect
share I-Effect
from I-Effect
the I-Effect
top I-Effect
operators I-Effect
( I-Effect
Royal I-Effect
Caribbean I-Effect
, I-Effect
Carnival I-Effect
, I-Effect
and I-Effect
Norwegian I-Effect
) I-Effect
due O
to O
the B-Cause
structural I-Cause
anomalies I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

Operational O
risks O
involve O
potential O
difficulty O
turning O
a O
profit O
because O
of O
high B-Cause
sales I-Cause
expenses I-Cause
and I-Cause
research I-Cause
and O
development B-Effect
costs I-Effect
that I-Effect
could I-Effect
be I-Effect
required I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
the I-Effect
competition I-Effect
. O

It B-Cause
has I-Cause
built I-Cause
a I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
speed I-Cause
, O
which O
allows O
it O
to O
control B-Effect
35 I-Effect
% I-Effect
market I-Effect
share I-Effect
of I-Effect
the I-Effect
research I-Effect
model I-Effect
and I-Effect
services I-Effect
industry I-Effect
and I-Effect
33 I-Effect
% I-Effect
of I-Effect
the I-Effect
outsourced I-Effect
safety I-Effect
assessment I-Effect
industry I-Effect
worldwide I-Effect
. O

We O
believe O
these O
legacy B-Cause
game I-Cause
IPs I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
capabilities I-Cause
have O
helped O
and O
will O
continue O
to O
help O
NetEase B-Effect
cement I-Effect
its I-Effect
number-two I-Effect
position I-Effect
in I-Effect
the I-Effect
Chinese I-Effect
gaming I-Effect
market I-Effect
. O

For O
sales O
representatives O
, O
we O
believe O
the B-Effect
sales I-Effect
pitch I-Effect
becomes I-Effect
much I-Effect
easier I-Effect
if O
they B-Cause
offer I-Cause
technicians I-Cause
periodic I-Cause
payment I-Cause
installments I-Cause
, I-Cause
rather I-Cause
than I-Cause
asking I-Cause
for I-Cause
an I-Cause
up-front I-Cause
payment I-Cause
. O

Over O
the O
next O
10 O
years O
, O
we O
expect O
gross B-Effect
margins I-Effect
will I-Effect
average I-Effect
30.3 I-Effect
% I-Effect
, I-Effect
a I-Effect
220 I-Effect
basis I-Effect
point I-Effect
improvement I-Effect
over I-Effect
fiscal I-Effect
2020 I-Effect
, O
driven O
by O
synergies B-Cause
from I-Cause
the I-Cause
Pinnacle I-Cause
Foods I-Cause
acquisition I-Cause
, I-Cause
over I-Cause
$ I-Cause
700 I-Cause
million I-Cause
in I-Cause
supply I-Cause
chain I-Cause
savings I-Cause
, I-Cause
and I-Cause
margin-accretive I-Cause
innovation I-Cause
, O
partially O
offset O
by O
cost O
inflation O
. O

In O
addition O
, O
the B-Cause
ongoing I-Cause
low-carbon I-Cause
trends I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
gradual I-Cause
transition I-Cause
to I-Cause
lower-emitting I-Cause
fuels I-Cause
) I-Cause
could O
eventually O
lower B-Effect
demand I-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
. O

While O
we O
believe O
Wayfair B-Effect
benefits I-Effect
from I-Effect
low I-Effect
overhead I-Effect
thanks O
to O
its B-Cause
almost I-Cause
100 I-Cause
% I-Cause
online I-Cause
presence I-Cause
, O
we O
still O
see O
higher B-Effect
customer I-Effect
acquisition I-Effect
cost I-Effect
risk I-Effect
as O
rivals B-Cause
, I-Cause
including I-Cause
other I-Cause
online I-Cause
players I-Cause
like I-Cause
Amazon I-Cause
, I-Cause
push I-Cause
harder I-Cause
into I-Cause
the I-Cause
home I-Cause
improvement I-Cause
and I-Cause
furnishing I-Cause
categories I-Cause
. O

Returns O
for O
these O
assets O
are O
typically O
about O
6 O
% O
, O
but O
Total O
expects O
to O
deliver B-Effect
returns I-Effect
of I-Effect
10 I-Effect
% I-Effect
or I-Effect
higher I-Effect
by O
developing B-Cause
assets I-Cause
with I-Cause
leverage I-Cause
then I-Cause
later I-Cause
farming I-Cause
down I-Cause
its I-Cause
stakes I-Cause
. O

In B-Cause
2017 I-Cause
, I-Cause
Jacobs I-Cause
acquired I-Cause
CH2M I-Cause
for I-Cause
$ I-Cause
3.3 I-Cause
billion I-Cause
to O
bolster B-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
transportation I-Effect
, I-Effect
water I-Effect
, I-Effect
nuclear I-Effect
, I-Effect
and I-Effect
environmental I-Effect
services I-Effect
end I-Effect
markets I-Effect
. O

We O
think O
TE B-Effect
's I-Effect
transportation I-Effect
segment I-Effect
exhibits I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
due O
to O
automotive B-Cause
design I-Cause
cycles I-Cause
and I-Cause
an I-Cause
immense I-Cause
cost I-Cause
of I-Cause
failure I-Cause
, O
as O
well O
as O
intangible O
assets O
in O
the O
design O
of O
automotive O
connectors O
and O
sensors O
. O

NXP O
and O
its O
analog/mixed-signal O
chipmaking O
peers O
tend O
to O
profit B-Cause
from I-Cause
these I-Cause
high I-Cause
switching I-Cause
costs I-Cause
by I-Cause
having I-Cause
lower I-Cause
ongoing I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
investments I-Cause
than I-Cause
digital I-Cause
chipmaking I-Cause
leaders I-Cause
like I-Cause
Intel I-Cause
and I-Cause
Qualcomm I-Cause
, O
which O
helps O
contribute O
to O
healthy B-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

In O
our O
view O
, O
cybersecurity B-Effect
defense I-Effect
and I-Effect
prevention I-Effect
complexities I-Effect
increase I-Effect
as B-Cause
malicious I-Cause
threat I-Cause
orchestration I-Cause
moves I-Cause
from I-Cause
rogue I-Cause
individuals I-Cause
to I-Cause
clandestine I-Cause
operations I-Cause
that I-Cause
could I-Cause
be I-Cause
state-sponsored I-Cause
. I-Cause

There O
's O
little O
chance O
of O
outspending O
unless O
oil O
prices O
stay O
well O
below O
our O
midcycle O
estimate O
of O
$ O
55 O
per O
barrel O
, O
and O
in O
that O
scenario O
, O
Diamondback B-Effect
would I-Effect
still I-Effect
be I-Effect
better I-Effect
off I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
due O
to O
its B-Cause
highly I-Cause
competitive I-Cause
cost I-Cause
structure I-Cause
. O

Leveraging B-Cause
inventories I-Cause
held I-Cause
at I-Cause
distribution I-Cause
centers I-Cause
across I-Cause
a I-Cause
network I-Cause
of I-Cause
stores I-Cause
allows O
chains B-Effect
to I-Effect
provide I-Effect
a I-Effect
large I-Effect
catalog I-Effect
of I-Effect
readily I-Effect
available I-Effect
parts I-Effect
while I-Effect
maximizing I-Effect
the I-Effect
opportunities I-Effect
to I-Effect
sell I-Effect
infrequently I-Effect
purchased I-Effect
components I-Effect
. O

While O
reimbursement O
pressure O
could O
arise O
in O
the O
U.S. O
, O
we O
see O
medium B-Effect
uncertainty I-Effect
around I-Effect
Fresenius I-Effect
' I-Effect
ongoing I-Effect
cash I-Effect
flows I-Effect
, O
given O
the B-Cause
company I-Cause
's I-Cause
essential I-Cause
and I-Cause
diverse I-Cause
position I-Cause
in I-Cause
the I-Cause
dialysis I-Cause
industry I-Cause
. O

In O
markets O
in O
which O
it B-Cause
holds I-Cause
a I-Cause
commanding I-Cause
volume I-Cause
share I-Cause
, I-Cause
Heineken I-Cause
has I-Cause
relationships I-Cause
with I-Cause
its I-Cause
customers I-Cause
in I-Cause
both I-Cause
the I-Cause
on I-Cause
trade I-Cause
and I-Cause
off I-Cause
trade I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
react I-Effect
quickly I-Effect
to I-Effect
negative I-Effect
competitive I-Effect
events I-Effect
. O

Since O
the O
leading O
vendors O
' O
technological O
differences O
are O
minute O
for O
mass O
volume O
PCs O
, O
in O
our O
view O
, O
a O
possibility O
within O
the O
highly O
competitive O
market O
is O
that O
commercial B-Effect
computer I-Effect
purchases I-Effect
, I-Effect
or I-Effect
DaaS I-Effect
vendor I-Effect
choices I-Effect
, O
may O
solely O
depend O
on O
procurement B-Cause
teams I-Cause
. O

As O
a O
part O
of O
the O
process O
, O
Zillow B-Cause
must I-Cause
hold I-Cause
unsold I-Cause
homes I-Cause
as I-Cause
inventory I-Cause
, O
which O
would O
represent B-Effect
a I-Effect
significant I-Effect
risk I-Effect
should O
the O
pace O
of O
home O
sales O
slow O
in O
a O
downturn O
. O

The B-Cause
Medicare I-Cause
for I-Cause
All I-Cause
scenario I-Cause
debated I-Cause
in I-Cause
the I-Cause
Democratic I-Cause
primaries I-Cause
called I-Cause
for I-Cause
the I-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would O
have B-Effect
threatened I-Effect
the I-Effect
company I-Effect
's I-Effect
insurance I-Effect
operations I-Effect
. O

Unconstructive B-Effect
regulatory I-Effect
decisions I-Effect
are O
more O
likely O
in O
a O
period O
of O
rising O
electricity O
rates O
, O
an O
event O
that O
would O
likely O
occur O
with O
increasing B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
coal I-Cause
and O
nuclear B-Cause
plant I-Cause
retirements I-Cause
. O

We B-Effect
assume I-Effect
the I-Effect
energy I-Effect
storage I-Effect
business I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
14 I-Effect
% I-Effect
annualized I-Effect
rate I-Effect
over I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
period I-Effect
driven I-Effect
by O
high B-Cause
demand I-Cause
for I-Cause
both I-Cause
solar I-Cause
panels I-Cause
and I-Cause
energy I-Cause
storage I-Cause
systems I-Cause
, I-Cause
or I-Cause
ESS I-Cause
. O

Intel B-Cause
initially I-Cause
developed I-Cause
x86 I-Cause
in I-Cause
1978 I-Cause
and I-Cause
licensed I-Cause
the I-Cause
architecture I-Cause
to I-Cause
AMD I-Cause
, O
in O
order O
to O
satisfy B-Effect
conditions I-Effect
from I-Effect
IBM I-Effect
that O
required O
a O
second O
source O
of O
chips O
. O

Sonic O
also O
gets O
about O
55 O
% O
of O
total O
revenue O
from O
Texas O
and O
California O
and O
cheap B-Cause
oil I-Cause
and I-Cause
coronavirus I-Cause
problems I-Cause
may O
pressure B-Effect
Texas O
auto O
dealers O
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
in I-Cause
2020 I-Cause
forced O
the B-Effect
temporary I-Effect
closures I-Effect
of I-Effect
Under I-Effect
Armour I-Effect
's I-Effect
stores I-Effect
and I-Effect
those I-Effect
of I-Effect
many I-Effect
of I-Effect
its I-Effect
retail I-Effect
partners I-Effect
. O

During O
our O
five-year O
explicit O
forecast O
period O
, O
we B-Effect
apply I-Effect
an I-Effect
average I-Effect
annual I-Effect
decline I-Effect
of I-Effect
roughly I-Effect
0.2 I-Effect
% I-Effect
for I-Effect
steel I-Effect
shipment I-Effect
volumes I-Effect
, O
due O
to O
a B-Cause
gradual I-Cause
demand I-Cause
decrease I-Cause
in I-Cause
its I-Cause
end I-Cause
markets I-Cause
. O

Also O
, O
having B-Cause
deeper I-Cause
product I-Cause
lines I-Cause
to I-Cause
cross-sell I-Cause
( I-Cause
with I-Cause
brands I-Cause
like I-Cause
Company I-Cause
Store I-Cause
offering I-Cause
exposure I-Cause
to I-Cause
textiles I-Cause
and I-Cause
HD I-Cause
Supply I-Cause
reaching I-Cause
the I-Cause
MRO I-Cause
consumer I-Cause
) I-Cause
could O
add B-Effect
incremental I-Effect
revenue I-Effect
potential I-Effect
. O

With O
the B-Cause
emergence I-Cause
of I-Cause
domestic I-Cause
light I-Cause
crude I-Cause
discounts I-Cause
it O
pivoted O
to O
processing B-Effect
greater I-Effect
amounts I-Effect
of I-Effect
high-quality I-Effect
discounted I-Effect
domestic I-Effect
crude I-Effect
by O
substituting B-Cause
domestic I-Cause
for I-Cause
imported I-Cause
crude I-Cause
, I-Cause
constructing I-Cause
additional I-Cause
light I-Cause
crude I-Cause
processing I-Cause
capacity I-Cause
and I-Cause
investing I-Cause
in I-Cause
transportation I-Cause
infrastructure I-Cause
. O

Maritime B-Effect
revenue I-Effect
will I-Effect
be I-Effect
boosted I-Effect
by O
the B-Effect
Astute I-Effect
and I-Effect
Dreadnought I-Effect
submarine I-Effect
projects I-Effect
to I-Effect
the I-Effect
Royal I-Effect
Navy I-Effect
and I-Effect
Type I-Effect
26 I-Effect
frigates I-Effect
deliveries I-Effect
to I-Effect
the I-Effect
Australian I-Effect
Navy I-Effect
. O

Additionally O
, O
Tim B-Cause
Hortons I-Cause
' I-Cause
vertically I-Cause
integrated I-Cause
supply I-Cause
chain I-Cause
business I-Cause
provides B-Effect
a I-Effect
reliable I-Effect
revenue I-Effect
source I-Effect
by O
distributing O
roasted O
coffee O
beans O
and O
other O
food O
products O
to O
franchisees O
. O

Over O
our O
explicit O
forecast O
, O
we B-Effect
expect I-Effect
gross I-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
around I-Effect
350 I-Effect
basis I-Effect
points I-Effect
as O
the B-Cause
company I-Cause
gains I-Cause
scale I-Cause
in I-Cause
its I-Cause
expansion I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
customers I-Cause
and I-Cause
as I-Cause
low-gross-margin I-Cause
servicing I-Cause
revenue I-Cause
decreases I-Cause
. O

DocuSign O
's O
vision O
is O
to O
modernize B-Effect
the I-Effect
contracting I-Effect
process I-Effect
by O
taking B-Cause
it I-Cause
from I-Cause
a I-Cause
disjointed I-Cause
and I-Cause
paper-based I-Cause
manual I-Cause
sequence I-Cause
of I-Cause
steps I-Cause
to I-Cause
an I-Cause
automated I-Cause
digital I-Cause
and I-Cause
collaborative I-Cause
system I-Cause
. O

However O
, O
this B-Effect
positive I-Effect
factor I-Effect
could I-Effect
be I-Effect
offset I-Effect
over I-Effect
the I-Effect
next I-Effect
two I-Effect
decades I-Effect
, O
as O
governments B-Cause
start I-Cause
to I-Cause
push I-Cause
for I-Cause
EV I-Cause
adoption I-Cause
, I-Cause
moving I-Cause
away I-Cause
from I-Cause
ICE I-Cause
vehicles I-Cause
. O

Given O
our B-Cause
stronger I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
profit I-Cause
margin I-Cause
expectations I-Cause
, O
we B-Effect
increased I-Effect
our I-Effect
stage I-Effect
two I-Effect
earnings I-Effect
before I-Effect
interest I-Effect
growth I-Effect
assumption I-Effect
to I-Effect
8 I-Effect
% I-Effect
from I-Effect
about I-Effect
7 I-Effect
% I-Effect
previously I-Effect
. O

This O
has O
allowed O
Monolithic B-Cause
to I-Cause
spend I-Cause
relatively I-Cause
less I-Cause
on I-Cause
capital I-Cause
investments I-Cause
than I-Cause
it I-Cause
otherwise I-Cause
would I-Cause
, O
helping O
buoy B-Effect
its I-Effect
margins I-Effect
and I-Effect
keeping I-Effect
engineering I-Effect
resources I-Effect
focused I-Effect
on I-Effect
its I-Effect
core I-Effect
competency I-Effect
: I-Effect
chip I-Effect
design I-Effect
. O

Technology B-Effect
leading I-Effect
to I-Effect
cost I-Effect
savings I-Effect
matters I-Effect
because O
compressed B-Cause
air I-Cause
systems I-Cause
require I-Cause
huge I-Cause
expenditures I-Cause
of I-Cause
energy I-Cause
and I-Cause
costs I-Cause
that I-Cause
are I-Cause
often I-Cause
overlooked I-Cause
when I-Cause
calculating I-Cause
a I-Cause
plant I-Cause
's I-Cause
cost I-Cause
of I-Cause
production I-Cause
. O

On O
the O
expense O
side O
, O
we O
believe O
that O
Fox B-Cause
will I-Cause
continue I-Cause
to I-Cause
spend I-Cause
to I-Cause
acquire I-Cause
sports I-Cause
rights. O
As O
a O
result O
, O
we O
expect O
EBITDA B-Effect
margin I-Effect
to I-Effect
compress I-Effect
from I-Effect
49.3 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
artificially I-Effect
high I-Effect
due I-Effect
to I-Effect
sports I-Effect
cancelations I-Effect
) I-Effect
to I-Effect
46.0 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
. O

With O
no B-Cause
sales I-Cause
presence I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
no I-Effect
relationship I-Effect
to I-Effect
fall I-Effect
back I-Effect
on I-Effect
in I-Effect
the I-Effect
case I-Effect
of I-Effect
an I-Effect
unsatisfied I-Effect
customer I-Effect
. O

While O
our O
2025 O
projection O
comes O
in O
well O
above O
the O
previous O
normalized O
high-water O
margin O
mark O
of O
29.9 O
% O
set O
in O
2013 O
, O
we O
believe O
that O
the B-Cause
secular I-Cause
trend I-Cause
toward I-Cause
more I-Cause
high-margin I-Cause
digital I-Cause
full-game I-Cause
sales I-Cause
and I-Cause
microtransactions I-Cause
will O
more O
than O
offset O
the B-Effect
diminishing I-Effect
contribution I-Effect
from I-Effect
the I-Effect
high-margin I-Effect
World I-Effect
of I-Effect
Warcraft I-Effect
game I-Effect
. O

Due B-Cause
to I-Cause
the I-Cause
potential I-Cause
growth I-Cause
opportunities I-Cause
in I-Cause
protecting I-Cause
user I-Cause
identities I-Cause
and I-Cause
network I-Cause
access I-Cause
in I-Cause
hybrid-cloud I-Cause
environments I-Cause
, O
we B-Effect
expect I-Effect
the I-Effect
identity I-Effect
access I-Effect
management I-Effect
space I-Effect
to I-Effect
be I-Effect
a I-Effect
highly I-Effect
contested I-Effect
market I-Effect
within I-Effect
cybersecurity I-Effect
. O

We O
believe O
these B-Effect
switching I-Effect
costs I-Effect
will I-Effect
likely I-Effect
increase I-Effect
with I-Effect
continued I-Effect
electrification I-Effect
and I-Effect
sensor I-Effect
connectivity I-Effect
, O
as O
design B-Cause
changes I-Cause
may I-Cause
require I-Cause
the I-Cause
replacement I-Cause
of I-Cause
whole I-Cause
sensor I-Cause
subsystems I-Cause
, I-Cause
rather I-Cause
than I-Cause
individual I-Cause
sensors I-Cause
for I-Cause
specific I-Cause
sockets I-Cause
. O

In O
nutrition O
, O
we O
forecast O
operating B-Effect
margins I-Effect
to I-Effect
grow I-Effect
from I-Effect
around I-Effect
7.5 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
over I-Effect
12 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
as O
the B-Cause
company I-Cause
sells I-Cause
a I-Cause
higher I-Cause
volume I-Cause
of I-Cause
premium-priced I-Cause
specialty I-Cause
ingredients I-Cause
. O

Offshore B-Effect
wind I-Effect
likely I-Effect
holds I-Effect
the I-Effect
greatest I-Effect
opportunity I-Effect
for I-Effect
a I-Effect
firm I-Effect
to I-Effect
carve I-Effect
out I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
given O
the B-Cause
greater I-Cause
complexity I-Cause
involved I-Cause
in I-Cause
operating I-Cause
in I-Cause
harsher I-Cause
environments I-Cause
, I-Cause
particularly I-Cause
compared I-Cause
with I-Cause
onshore I-Cause
solar I-Cause
. O

In B-Effect
our I-Effect
base-case I-Effect
scenario I-Effect
, I-Effect
we I-Effect
expect I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
35 I-Effect
% I-Effect
through I-Effect
2025. O
This O
growth O
will O
be O
a O
result O
of O
increased B-Cause
usage I-Cause
of I-Cause
core I-Cause
products I-Cause
by I-Cause
existing I-Cause
customers I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
an I-Cause
increase I-Cause
in I-Cause
new I-Cause
customers I-Cause
( I-Cause
we I-Cause
anticipate I-Cause
growth I-Cause
at I-Cause
a I-Cause
24 I-Cause
% I-Cause
CAGR I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
) I-Cause
. O

With O
delivery O
times O
creeping O
as O
low O
as O
16-17 O
minutes O
in O
some O
markets O
, O
we O
note O
that O
it O
could O
legitimately O
be O
quicker O
to O
order O
a B-Cause
Domino I-Cause
's I-Cause
pizza I-Cause
than I-Cause
to I-Cause
pop I-Cause
a I-Cause
frozen I-Cause
one I-Cause
in I-Cause
the I-Cause
oven I-Cause
, O
a B-Effect
value I-Effect
proposition I-Effect
that I-Effect
competitors I-Effect
will I-Effect
find I-Effect
increasingly I-Effect
difficult I-Effect
to I-Effect
match I-Effect
. O

Steadily B-Effect
rising I-Effect
Internet I-Effect
access I-Effect
pricing I-Effect
, I-Effect
including I-Effect
the I-Effect
elimination I-Effect
of I-Effect
bundle I-Effect
discounts I-Effect
, I-Effect
is I-Effect
important I-Effect
to I-Effect
maintaining I-Effect
cash I-Effect
flow I-Effect
as O
fewer B-Cause
customers I-Cause
take I-Cause
Comcast I-Cause
's I-Cause
television I-Cause
and I-Cause
telephone I-Cause
offerings I-Cause
. O

Because O
of O
its B-Cause
size I-Cause
and I-Cause
geographic I-Cause
reach I-Cause
, O
Sinclair B-Effect
also I-Effect
sells I-Effect
advertising I-Effect
on I-Effect
a I-Effect
national I-Effect
basis I-Effect
to I-Effect
auto I-Effect
manufacturers I-Effect
, I-Effect
telecom I-Effect
firms I-Effect
, I-Effect
fast I-Effect
food I-Effect
restaurants I-Effect
, I-Effect
and I-Effect
retailers I-Effect
via I-Effect
their I-Effect
ad I-Effect
agencies I-Effect
. O

We O
expect O
NextEra B-Cause
to I-Cause
deliver I-Cause
at I-Cause
the I-Cause
top I-Cause
end I-Cause
of I-Cause
management I-Cause
's I-Cause
expectations I-Cause
, O
which O
was O
the O
main O
driver O
of O
our B-Effect
fair I-Effect
value I-Effect
increase I-Effect
. O

As O
consumers B-Cause
connect I-Cause
more I-Cause
devices I-Cause
in I-Cause
the I-Cause
home I-Cause
and I-Cause
stream I-Cause
higher-quality I-Cause
video I-Cause
content I-Cause
, O
we O
expect O
demand B-Effect
for I-Effect
superior I-Effect
capacity I-Effect
and I-Effect
reliability I-Effect
will I-Effect
only I-Effect
increase I-Effect
. O

Combined O
with O
strong B-Cause
revenue I-Cause
growth I-Cause
, O
we O
expect O
slight B-Effect
deceleration I-Effect
of I-Effect
growth I-Effect
in I-Effect
other I-Effect
operating I-Effect
expenses I-Effect
to I-Effect
create I-Effect
operating I-Effect
leverage I-Effect
for I-Effect
Alphabet I-Effect
starting I-Effect
in I-Effect
2022 I-Effect
. O

With B-Cause
basket I-Cause
sizes I-Cause
small I-Cause
and I-Cause
the I-Cause
average I-Cause
transaction I-Cause
resulting I-Cause
in I-Cause
a I-Cause
modest I-Cause
bill I-Cause
, O
we B-Effect
consider I-Effect
the I-Effect
segment I-Effect
relatively I-Effect
well I-Effect
insulated I-Effect
from I-Effect
the I-Effect
digital I-Effect
threat I-Effect
. O

However O
, O
if O
the B-Cause
public I-Cause
option I-Cause
steals I-Cause
significant I-Cause
share I-Cause
from I-Cause
employer-based I-Cause
insurance I-Cause
rolls O
, O
the B-Effect
reimbursement I-Effect
rates I-Effect
HCA I-Effect
receives I-Effect
for I-Effect
its I-Effect
services I-Effect
may I-Effect
decline I-Effect
substantially I-Effect
. O

The B-Cause
latter I-Cause
is I-Cause
achieved I-Cause
through I-Cause
the I-Cause
bank I-Cause
's I-Cause
long I-Cause
operational I-Cause
history I-Cause
and I-Cause
investments I-Cause
in I-Cause
China. O
As O
a O
result O
, O
HSBC B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capture I-Effect
economic I-Effect
growth I-Effect
in I-Effect
asset I-Effect
management I-Effect
, I-Effect
yuan I-Effect
internationalization I-Effect
, I-Effect
and I-Effect
consumer I-Effect
and I-Effect
corporate I-Effect
lending I-Effect
. O

We O
also O
note O
that O
if O
PRA B-Cause
Health I-Cause
does I-Cause
not I-Cause
effectively I-Cause
utilize I-Cause
the I-Cause
Symphony I-Cause
acquisition I-Cause
and I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
technology I-Cause
or I-Cause
next-generation I-Cause
processes I-Cause
, O
the B-Cause
firm I-Cause
is I-Cause
at I-Cause
risk I-Cause
of I-Cause
falling I-Cause
behind I-Cause
and I-Cause
losing I-Cause
share I-Cause
to I-Cause
more I-Cause
innovative I-Cause
CROs I-Cause
that O
can O
offer O
faster B-Effect
patient I-Effect
enrollment I-Effect
and I-Effect
shorter I-Effect
trial I-Effect
times I-Effect
. O

With B-Cause
its I-Cause
urological I-Cause
products I-Cause
, O
patents B-Effect
and I-Effect
intangibles I-Effect
such I-Effect
as I-Effect
relationships I-Effect
with I-Effect
practitioners I-Effect
prevail I-Effect
as I-Effect
the I-Effect
primary I-Effect
protection I-Effect
for I-Effect
Coloplast I-Effect
. O

Additionally O
, O
the B-Cause
most I-Cause
likely I-Cause
new I-Cause
entrants I-Cause
are I-Cause
based I-Cause
in I-Cause
Russia I-Cause
and I-Cause
China I-Cause
, I-Cause
and I-Cause
the I-Cause
European I-Cause
Union I-Cause
does I-Cause
not I-Cause
have I-Cause
reciprocal I-Cause
acceptance I-Cause
of I-Cause
aircraft I-Cause
design I-Cause
approval I-Cause
with I-Cause
these I-Cause
nations I-Cause
, O
which O
generates B-Effect
frictions I-Effect
in I-Effect
the I-Effect
international I-Effect
approval I-Effect
process I-Effect
. O

Helicopters B-Cause
also I-Cause
have I-Cause
a I-Cause
decades-long I-Cause
product I-Cause
cycle I-Cause
, O
so O
we O
think O
that O
Airbus B-Effect
' I-Effect
installed I-Effect
base I-Effect
will I-Effect
be I-Effect
a I-Effect
secure I-Effect
revenue I-Effect
generator I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

Fifth O
, O
the B-Cause
rising I-Cause
global I-Cause
cases I-Cause
of I-Cause
coronavirus I-Cause
could O
disrupt B-Effect
the I-Effect
supply I-Effect
chain I-Effect
( I-Effect
lower I-Effect
factory I-Effect
utilization I-Effect
) I-Effect
and I-Effect
near-term I-Effect
demand I-Effect
( I-Effect
brick-and-mortar I-Effect
closures I-Effect
) I-Effect
. O

Firmwide B-Cause
centers I-Cause
of I-Cause
expertise I-Cause
and I-Cause
excellence I-Cause
should I-Cause
allow I-Cause
BRP I-Cause
to I-Cause
manufacture I-Cause
more I-Cause
optimally I-Cause
, I-Cause
improving I-Cause
its I-Cause
utilization I-Cause
and I-Cause
allowing I-Cause
it I-Cause
to I-Cause
bring I-Cause
products I-Cause
to I-Cause
market I-Cause
quickly I-Cause
, O
ensuring O
a B-Effect
continually I-Effect
relevant I-Effect
and I-Effect
in-demand I-Effect
product I-Effect
lineup I-Effect
( I-Effect
now I-Effect
with I-Effect
electric I-Effect
vehicle I-Effect
offerings I-Effect
in I-Effect
all I-Effect
segments I-Effect
expected I-Effect
by I-Effect
2026 I-Effect
) I-Effect
. O

This O
significant O
investment O
at O
boom-peak O
prices O
, O
well O
above O
long-term O
averages O
; O
and O
the B-Cause
subsequent I-Cause
dilution I-Cause
to I-Cause
returns I-Cause
is O
a O
key O
reason O
why O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
BHP I-Effect
to I-Effect
earn I-Effect
Other I-Effect
Industrial I-Effect
Metals I-Effect
& I-Effect
Miningreturns I-Effect
above I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

This O
makes O
sense O
because O
a B-Cause
home I-Cause
sale I-Cause
is I-Cause
generally I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
transactions I-Cause
most I-Cause
consumers I-Cause
will I-Cause
engage I-Cause
in I-Cause
, O
meaning O
they B-Effect
are I-Effect
likelier I-Effect
to I-Effect
be I-Effect
more I-Effect
diligent I-Effect
and I-Effect
discerning I-Effect
regarding I-Effect
the I-Effect
process I-Effect
. O

Though O
we O
have O
our O
doubts O
about O
Shaw O
's O
path O
to O
success O
, O
its B-Cause
insurgence I-Cause
alone I-Cause
could I-Cause
result I-Cause
in I-Cause
losses I-Cause
to I-Cause
the I-Cause
three I-Cause
leaders I-Cause
, I-Cause
and I-Cause
if I-Cause
it I-Cause
proves I-Cause
successful I-Cause
, O
long-term B-Effect
share I-Effect
and I-Effect
profitability I-Effect
losses I-Effect
for I-Effect
BCE I-Effect
could I-Effect
ensue I-Effect
. O

Our O
expectations O
for O
how O
Infosys O
will O
fare O
in O
2021 O
assume O
lower-than-usual B-Effect
revenue I-Effect
growth I-Effect
of I-Effect
near I-Effect
5 I-Effect
% I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
, O
followed O
by O
top-line O
growth O
of O
13 O
% O
in O
fiscal O
2022 O
from O
a O
forecast O
recovery O
, O
and O
long-term O
midcycle O
growth O
of O
10 O
% O
per O
year O
thereafter O
. O

CyrusOne O
believes O
cloud B-Effect
companies I-Effect
favor I-Effect
outsourcing I-Effect
data I-Effect
centers I-Effect
because O
they B-Cause
can I-Cause
earn I-Cause
higher I-Cause
returns I-Cause
on I-Cause
capital I-Cause
in I-Cause
their I-Cause
core I-Cause
businesses I-Cause
and O
data O
center O
companies O
have O
building O
efficiency O
expertise O
and O
a O
cost O
advantage O
. O

Due O
to O
a B-Cause
surge I-Cause
of I-Cause
sales I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
we O
forecast O
Dick B-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
jump I-Effect
to I-Effect
7.8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
but O
we O
view O
the O
effect O
as O
temporary O
and O
do O
not O
anticipate O
margins O
will O
return O
to O
previous O
highs O
. O

While B-Cause
Keurig I-Cause
machines I-Cause
ca I-Cause
n't I-Cause
brew I-Cause
espresso I-Cause
coffee I-Cause
, I-Cause
there I-Cause
are I-Cause
many I-Cause
Nespresso I-Cause
machines I-Cause
that I-Cause
can I-Cause
brew I-Cause
both I-Cause
espresso I-Cause
and I-Cause
regular I-Cause
drip I-Cause
coffee. O
This B-Effect
duality I-Effect
of I-Effect
functionality I-Effect
, I-Effect
along I-Effect
with I-Effect
an I-Effect
intensely I-Effect
competitive I-Effect
appliance I-Effect
market I-Effect
in I-Effect
general I-Effect
, I-Effect
structurally I-Effect
limits I-Effect
our I-Effect
confidence I-Effect
in I-Effect
Keurig I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

We O
also O
note O
that O
the O
hyperscale B-Cause
cloud I-Cause
vendors I-Cause
could I-Cause
penetrate I-Cause
the I-Cause
on-premises I-Cause
and I-Cause
private I-Cause
cloud I-Cause
markets I-Cause
, O
which O
could O
cause O
enterprises B-Effect
to I-Effect
bypass I-Effect
HPE I-Effect
's I-Effect
offerings I-Effect
. O

Aircraft B-Effect
carriers I-Effect
concentrate I-Effect
a I-Effect
large I-Effect
proportion I-Effect
of I-Effect
military I-Effect
force I-Effect
on I-Effect
a I-Effect
single I-Effect
platform I-Effect
and I-Effect
the I-Effect
United I-Effect
States I-Effect
only I-Effect
has I-Effect
11 I-Effect
of I-Effect
these I-Effect
massive I-Effect
ships I-Effect
due B-Cause
to I-Cause
the I-Cause
immense I-Cause
cost I-Cause
of I-Cause
building I-Cause
and I-Cause
maintaining I-Cause
them I-Cause
. I-Cause

We O
project B-Effect
modest I-Effect
growth I-Effect
in I-Effect
Twitter I-Effect
's I-Effect
user I-Effect
base I-Effect
, O
due O
to O
the O
established O
presence O
of O
larger O
social O
networks O
such O
as O
Facebook B-Cause
and I-Cause
Instagram I-Cause
and I-Cause
faster-growing I-Cause
ones I-Cause
such I-Cause
as I-Cause
Snapchat I-Cause
and I-Cause
Pinterest I-Cause
. O

Expeditors B-Cause
' I-Cause
customer I-Cause
base I-Cause
of I-Cause
thousands I-Cause
of I-Cause
shippers I-Cause
creates I-Cause
significant I-Cause
buying I-Cause
power. O
As O
a O
result O
, O
it B-Effect
can I-Effect
usually I-Effect
procure I-Effect
air I-Effect
and I-Effect
ocean I-Effect
capacity I-Effect
more I-Effect
efficiently I-Effect
and I-Effect
at I-Effect
lower I-Effect
rates I-Effect
than I-Effect
small I-Effect
and I-Effect
midsize I-Effect
shippers I-Effect
can I-Effect
secure I-Effect
on I-Effect
their I-Effect
own I-Effect
( I-Effect
directly I-Effect
with I-Effect
carriers I-Effect
) I-Effect
. O

Continued B-Cause
innovation I-Cause
will O
be O
key O
to O
Malibu O
's O
ability O
to O
increase B-Effect
pricing I-Effect
power I-Effect
; O
recent B-Cause
product I-Cause
offerings O
have O
helped B-Effect
support I-Effect
price I-Effect
increases I-Effect
into O
2021 O
, O
with O
overall O
net O
sales O
per O
unit O
up O
10 O
% O
in O
the O
company O
's O
fiscal O
third O
quarter O
ending O
March O
( O
compared O
with O
7 O
% O
for O
competitor O
Mastercraft O
) O
. O

We O
forecast O
the B-Effect
firm I-Effect
will I-Effect
slowly I-Effect
lose I-Effect
wireless I-Effect
customers I-Effect
during I-Effect
the I-Effect
year I-Effect
and I-Effect
that I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
will I-Effect
contract I-Effect
as O
consumers B-Cause
use I-Cause
the I-Cause
service I-Cause
less I-Cause
and I-Cause
face I-Cause
difficulties I-Cause
toping I-Cause
up I-Cause
accounts I-Cause
while I-Cause
lockdown I-Cause
orders I-Cause
remain I-Cause
in I-Cause
place I-Cause
. O

Our O
thoughts O
are O
that B-Effect
disaggregation I-Effect
may I-Effect
not I-Effect
become I-Effect
a I-Effect
widespread I-Effect
threat I-Effect
due O
to O
the B-Cause
optimization I-Cause
of I-Cause
purchasing I-Cause
paired I-Cause
software I-Cause
and I-Cause
hardware I-Cause
together I-Cause
, O
and O
that O
Cisco O
is O
adopting O
this O
trend O
to O
cover O
itself O
in O
case O
of O
a O
widespread O
industry O
shift O
. O

Waste B-Cause
Management I-Cause
's I-Cause
predictable I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
and I-Cause
its I-Cause
strong I-Cause
competitive I-Cause
positioning I-Cause
allow O
the O
firm O
to O
generate B-Effect
strong I-Effect
and I-Effect
stable I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

Even B-Cause
sophisticated I-Cause
large I-Cause
pharma I-Cause
clients I-Cause
do I-Cause
n't I-Cause
have I-Cause
the I-Cause
breadth I-Cause
of I-Cause
expertise I-Cause
that I-Cause
CROs I-Cause
offer I-Cause
through I-Cause
their I-Cause
services. O
Thus O
, O
we B-Effect
continue I-Effect
to I-Effect
see I-Effect
preferred I-Effect
partnerships I-Effect
between I-Effect
Big I-Effect
Pharma I-Effect
and I-Effect
top-tier I-Effect
CROs I-Effect
, I-Effect
in I-Effect
which I-Effect
a I-Effect
pharma I-Effect
client I-Effect
selects I-Effect
a I-Effect
handful I-Effect
of I-Effect
CROs I-Effect
for I-Effect
most I-Effect
of I-Effect
its I-Effect
outsourcing I-Effect
business I-Effect
. O

We B-Effect
see I-Effect
Livongo I-Effect
as I-Effect
a I-Effect
stickier I-Effect
offering I-Effect
as O
it B-Cause
has I-Cause
significantly I-Cause
more I-Cause
touchpoints I-Cause
with I-Cause
users I-Cause
and I-Cause
has I-Cause
evidence I-Cause
of I-Cause
tangible I-Cause
cost I-Cause
savings I-Cause
for I-Cause
employers I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
added I-Cause
new I-Cause
products I-Cause
and I-Cause
features I-Cause
to I-Cause
the I-Cause
suite I-Cause
through I-Cause
organic I-Cause
development I-Cause
and I-Cause
bolt-on I-Cause
acquisitions I-Cause
to O
drive O
the B-Effect
most I-Effect
comprehensive I-Effect
portfolio I-Effect
of I-Effect
tools I-Effect
used I-Effect
in I-Effect
print I-Effect
, I-Effect
digital I-Effect
, I-Effect
and I-Effect
video I-Effect
content I-Effect
creation I-Effect
. O

As O
Micron B-Cause
operates I-Cause
in I-Cause
the I-Cause
highly I-Cause
competitive I-Cause
and I-Cause
cyclical I-Cause
memory I-Cause
space I-Cause
, O
we O
believe O
its B-Effect
long-term I-Effect
profitability I-Effect
will I-Effect
be I-Effect
somewhat I-Effect
volatile I-Effect
, I-Effect
though I-Effect
recent I-Effect
consolidation I-Effect
has I-Effect
helped I-Effect
mitigate I-Effect
the I-Effect
sharp I-Effect
swings I-Effect
Micron I-Effect
and I-Effect
its I-Effect
peers I-Effect
have I-Effect
experienced I-Effect
historically I-Effect
. O

That O
said O
, O
as O
a O
result O
of O
its B-Cause
thought I-Cause
leadership I-Cause
and I-Cause
strong I-Cause
portfolio I-Cause
, O
the B-Effect
company I-Effect
enjoys I-Effect
strong I-Effect
customer I-Effect
retention I-Effect
in I-Effect
the I-Effect
low I-Effect
to I-Effect
mid-90 I-Effect
% I-Effect
area I-Effect
. O

The B-Cause
current I-Cause
COVID-19 I-Cause
situation I-Cause
is O
expected O
to O
see O
a B-Effect
sharp I-Effect
increase I-Effect
in I-Effect
credit I-Effect
cost I-Effect
to I-Effect
USD I-Effect
7 I-Effect
billion I-Effect
to I-Effect
USD I-Effect
11 I-Effect
billion I-Effect
, I-Effect
or I-Effect
an I-Effect
average I-Effect
of I-Effect
80 I-Effect
basis I-Effect
points I-Effect
. O

We O
estimate O
consolidated O
operating B-Effect
margins I-Effect
will I-Effect
average I-Effect
4.3 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
we B-Cause
expect I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
to I-Cause
pressure I-Cause
margins I-Cause
on I-Cause
the I-Cause
front I-Cause
end I-Cause
-- I-Cause
ultimately I-Cause
picking I-Cause
up I-Cause
in I-Cause
2021 I-Cause
and I-Cause
2022 I-Cause
. O

If O
inland B-Cause
markets I-Cause
disconnect I-Cause
from I-Cause
global I-Cause
product I-Cause
pricing I-Cause
, O
then O
prices B-Effect
might I-Effect
be I-Effect
based I-Effect
on I-Effect
regional I-Effect
crude I-Effect
prices I-Effect
, I-Effect
negating I-Effect
the I-Effect
advantage I-Effect
of I-Effect
light I-Effect
crude I-Effect
differentials I-Effect
. O

Existing B-Effect
regulations I-Effect
prevent I-Effect
foreign I-Effect
competition I-Effect
, O
as O
non-Canadian B-Cause
residents I-Cause
may I-Cause
not I-Cause
own I-Cause
more I-Cause
than I-Cause
25 I-Cause
% I-Cause
of I-Cause
the I-Cause
shares I-Cause
of I-Cause
a I-Cause
bank I-Cause
unless I-Cause
approved I-Cause
by I-Cause
the I-Cause
government I-Cause
( I-Cause
preventing I-Cause
foreign I-Cause
takeover I-Cause
) I-Cause
, I-Cause
and I-Cause
foreign I-Cause
banks I-Cause
can I-Cause
only I-Cause
operate I-Cause
in I-Cause
Canada I-Cause
under I-Cause
certain I-Cause
restrictions I-Cause
( I-Cause
preventing I-Cause
significant I-Cause
direct I-Cause
foreign I-Cause
competition I-Cause
) I-Cause
. O

Without B-Cause
a I-Cause
production I-Cause
electric I-Cause
heavy-duty I-Cause
truck I-Cause
available I-Cause
for I-Cause
a I-Cause
transparent I-Cause
analysis I-Cause
, O
our B-Effect
ability I-Effect
to I-Effect
accurately I-Effect
assess I-Effect
the I-Effect
economic I-Effect
benefits I-Effect
of I-Effect
such I-Effect
vehicles I-Effect
is I-Effect
challenged I-Effect
. O

The B-Cause
specialized I-Cause
nature I-Cause
of I-Cause
these I-Cause
investments I-Cause
also I-Cause
insulates I-Cause
JLL I-Cause
somewhat I-Cause
from I-Cause
fee I-Cause
compression I-Cause
prevalent I-Cause
in I-Cause
the I-Cause
industry I-Cause
, I-Cause
since I-Cause
its I-Cause
investments I-Cause
are I-Cause
viewed I-Cause
as O
being B-Effect
more I-Effect
niche I-Effect
and I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
by I-Effect
investors I-Effect
. O

In O
the O
retail O
business O
, O
we B-Effect
expect I-Effect
mid-single-digit I-Effect
profit I-Effect
growth I-Effect
on I-Effect
average I-Effect
through I-Effect
2020 I-Effect
, O
as O
the B-Cause
company I-Cause
expands I-Cause
store I-Cause
count I-Cause
though I-Cause
small I-Cause
acquisitions I-Cause
and I-Cause
sells I-Cause
a I-Cause
greater I-Cause
proportion I-Cause
of I-Cause
proprietary I-Cause
and I-Cause
private-label I-Cause
products I-Cause
, I-Cause
which I-Cause
carry I-Cause
higher I-Cause
margins I-Cause
. O

We B-Effect
expect I-Effect
the I-Effect
firm I-Effect
to I-Effect
maintain I-Effect
its I-Effect
market-leading I-Effect
position I-Effect
as O
it B-Cause
generates I-Cause
competitive I-Cause
organic I-Cause
growth I-Cause
, I-Cause
continues I-Cause
to I-Cause
make I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
increases I-Cause
focus I-Cause
on I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
and I-Cause
the I-Cause
overall I-Cause
digital I-Cause
ad I-Cause
markets I-Cause
. O

The B-Cause
ability I-Cause
of I-Cause
oil-producing I-Cause
countries I-Cause
to I-Cause
seize I-Cause
oil I-Cause
assets I-Cause
means O
that O
Halliburton B-Effect
's I-Effect
receivables I-Effect
to I-Effect
national I-Effect
oil I-Effect
companies I-Effect
entail I-Effect
counterparty I-Effect
risk I-Effect
. O

If O
performance B-Cause
deteriorates I-Cause
or I-Cause
the I-Cause
company I-Cause
faces I-Cause
major I-Cause
changes I-Cause
in I-Cause
biopharma I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
, O
Syneos B-Effect
may I-Effect
have I-Effect
trouble I-Effect
meeting I-Effect
interest I-Effect
payments I-Effect
and I-Effect
investing I-Effect
in I-Effect
its I-Effect
business I-Effect
to I-Effect
sustain I-Effect
growth I-Effect
. O

Higher B-Cause
commodity I-Cause
prices I-Cause
during I-Cause
2020 I-Cause
have O
led O
to O
an B-Effect
increase I-Effect
in I-Effect
demand I-Effect
for I-Effect
Sandvik I-Effect
's I-Effect
mining I-Effect
equipment I-Effect
and I-Effect
services I-Effect
, O
which O
account O
for O
44 O
% O
of O
group O
sales O
. O

The B-Cause
Australian I-Cause
banking I-Cause
system I-Cause
weathered B-Effect
the I-Effect
storm I-Effect
of I-Effect
the I-Effect
global I-Effect
financial I-Effect
crisis I-Effect
well I-Effect
, O
and O
tougher O
capital O
requirements O
put O
the O
system O
in O
an O
even O
stronger O
position O
today O
. O

From O
a O
macro O
perspective O
, O
as O
global B-Cause
economic I-Cause
growth I-Cause
slows I-Cause
, O
exacerbated O
as O
a O
result O
of O
the O
spreading O
coronavirus O
, O
capturing B-Effect
the I-Effect
same I-Effect
allocation I-Effect
of I-Effect
discretionary I-Effect
dollars I-Effect
as I-Effect
in I-Effect
the I-Effect
past I-Effect
will I-Effect
likely I-Effect
be I-Effect
more I-Effect
difficult I-Effect
than I-Effect
in I-Effect
prior I-Effect
periods I-Effect
. O

We O
believe O
BCE B-Effect
's I-Effect
wireline I-Effect
scale I-Effect
gives I-Effect
it I-Effect
significant I-Effect
cost I-Effect
advantages I-Effect
over I-Effect
its I-Effect
smaller I-Effect
rivals I-Effect
, O
as O
it B-Cause
can I-Cause
spread I-Cause
overhead I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
other I-Cause
fixed I-Cause
costs I-Cause
over I-Cause
a I-Cause
much I-Cause
larger I-Cause
subscriber I-Cause
base I-Cause
. O

The B-Cause
company I-Cause
experienced I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
improved I-Cause
product I-Cause
mix I-Cause
in I-Cause
its I-Cause
defense I-Cause
business I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
which O
we O
think O
has O
structurally O
improved B-Effect
the I-Effect
company I-Effect
's I-Effect
margin I-Effect
profile I-Effect
. O

In O
fact O
, O
a B-Cause
streamlined I-Cause
menu I-Cause
emphasizing I-Cause
fewer I-Cause
but I-Cause
more I-Cause
impactful I-Cause
products I-Cause
, I-Cause
daypart I-Cause
expansion I-Cause
( I-Cause
including I-Cause
a I-Cause
revamped I-Cause
coffee/breakfast I-Cause
platform I-Cause
, I-Cause
increased I-Cause
snacking I-Cause
items I-Cause
, I-Cause
and I-Cause
plant-based I-Cause
products I-Cause
like I-Cause
the I-Cause
Impossible I-Cause
Whopper I-Cause
) I-Cause
, I-Cause
revamped I-Cause
value I-Cause
platform I-Cause
, I-Cause
and I-Cause
remodeled I-Cause
restaurants I-Cause
have O
reinvigorated B-Effect
the I-Effect
Burger I-Effect
King I-Effect
brand I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
driving I-Effect
improved I-Effect
franchise-level I-Effect
returns I-Effect
. O

Although O
a O
lower O
absolute O
figure O
than O
previous O
plans O
, O
this O
spending B-Effect
has I-Effect
become I-Effect
more I-Effect
productive I-Effect
as O
efficiency B-Cause
gains I-Cause
in I-Cause
the I-Cause
pre I-Cause
salt I-Cause
reservoirs I-Cause
shortened I-Cause
well I-Cause
construction I-Cause
times I-Cause
and I-Cause
reduced I-Cause
the I-Cause
number I-Cause
of I-Cause
wells I-Cause
needed I-Cause
to I-Cause
fill I-Cause
FPSO I-Cause
capacity I-Cause
. O

Coupled B-Cause
with I-Cause
the I-Cause
potential I-Cause
to I-Cause
accelerate I-Cause
its I-Cause
fortressing I-Cause
strategy I-Cause
( I-Cause
increasing I-Cause
store I-Cause
density I-Cause
by I-Cause
splitting I-Cause
franchisee I-Cause
territories I-Cause
) I-Cause
, I-Cause
a I-Cause
more I-Cause
rational I-Cause
delivery I-Cause
environment I-Cause
due I-Cause
to I-Cause
third-party I-Cause
aggregator I-Cause
fee I-Cause
caps I-Cause
in I-Cause
several I-Cause
markets I-Cause
, I-Cause
and I-Cause
new I-Cause
product I-Cause
innovations I-Cause
, I-Cause
Domino I-Cause
's I-Cause
is I-Cause
operating I-Cause
from I-Cause
a I-Cause
position I-Cause
of I-Cause
strength. O
As O
such O
, O
we O
believe O
Domino B-Effect
's I-Effect
can I-Effect
still I-Effect
come I-Effect
close I-Effect
to I-Effect
its I-Effect
2025 I-Effect
targets I-Effect
of I-Effect
25,000 I-Effect
stores I-Effect
worldwide I-Effect
( I-Effect
versus I-Effect
17,000 I-Effect
in I-Effect
2019 I-Effect
) I-Effect
and I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
global I-Effect
retail I-Effect
sales I-Effect
( I-Effect
$ I-Effect
14.3 I-Effect
billion I-Effect
) I-Effect
. O

As O
the O
largest O
nuclear O
power O
plant O
owner O
in O
the O
United O
States O
, O
Exelon B-Effect
has I-Effect
suffered I-Effect
as O
low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
have I-Cause
slashed B-Effect
power I-Effect
prices I-Effect
. O

We B-Effect
expect I-Effect
operating I-Effect
income I-Effect
margins I-Effect
to I-Effect
average I-Effect
20 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
in O
line O
with O
2018 O
, O
as O
management B-Cause
's I-Cause
long-term I-Cause
focus I-Cause
on I-Cause
cost I-Cause
management I-Cause
and I-Cause
revenue I-Cause
growth I-Cause
offsets I-Cause
increased I-Cause
content I-Cause
and I-Cause
sports I-Cause
rights I-Cause
costs I-Cause
. O

Further O
, O
we B-Cause
posit I-Cause
the I-Cause
firm I-Cause
maintains I-Cause
a I-Cause
consistent I-Cause
long-term I-Cause
track I-Cause
record I-Cause
, O
which O
should O
ensure B-Effect
gross I-Effect
margins I-Effect
wo I-Effect
n't I-Effect
falter I-Effect
( O
after O
dipping O
to O
just O
57 O
% O
in O
fiscal O
2011 O
, O
significantly O
below O
its O
prior O
aim O
for O
gross O
margins O
in O
excess O
of O
60 O
% O
) O
. O

On O
a O
normalized O
basis O
excluding O
winter O
storm O
benefits O
, O
recontracting B-Cause
legacy I-Cause
assets I-Cause
will O
be O
a B-Effect
drag I-Effect
on I-Effect
earnings I-Effect
in I-Effect
2021 I-Effect
, I-Effect
in I-Effect
particular I-Effect
offsetting I-Effect
some I-Effect
of I-Effect
the I-Effect
growth I-Effect
in I-Effect
the I-Effect
natural I-Effect
gas I-Effect
pipeline I-Effect
segment I-Effect
. O

The O
firm O
must O
improve B-Cause
processes I-Cause
to O
maintain B-Effect
or I-Effect
improve I-Effect
margin I-Effect
in I-Effect
the I-Effect
upswings I-Effect
, O
which O
requires O
capital B-Cause
expenditures I-Cause
and I-Cause
increased I-Cause
fixed I-Cause
costs I-Cause
. O

The B-Effect
structure I-Effect
of I-Effect
the I-Effect
Formula I-Effect
One I-Effect
World I-Effect
Championship I-Effect
is I-Effect
relatively I-Effect
complex I-Effect
and O
the B-Cause
rights I-Cause
and I-Cause
the I-Cause
relationships I-Cause
between I-Cause
each I-Cause
party I-Cause
are I-Cause
sometimes I-Cause
difficult I-Cause
to I-Cause
untangle I-Cause
. O

The B-Cause
real-time I-Cause
nature I-Cause
of I-Cause
the I-Cause
data I-Cause
provides O
Netflix B-Effect
with I-Effect
the I-Effect
ability I-Effect
to I-Effect
iterate I-Effect
more I-Effect
quickly I-Effect
than I-Effect
traditional I-Effect
user I-Effect
group I-Effect
or I-Effect
beta I-Effect
testing I-Effect
methods I-Effect
. O

Monolithic B-Effect
Power I-Effect
's I-Effect
switching I-Effect
costs I-Effect
are I-Effect
magnified I-Effect
when O
one B-Cause
considers I-Cause
the I-Cause
small I-Cause
portion I-Cause
of I-Cause
an I-Cause
end I-Cause
product I-Cause
's I-Cause
overall I-Cause
cost I-Cause
made I-Cause
up I-Cause
by I-Cause
Monolithic I-Cause
's I-Cause
chips I-Cause
. O

Lennox O
competes O
with O
well-established O
and O
capable O
competitors O
( O
Carrier O
, O
Trane O
Technologies O
, O
and O
Johnson O
Controls O
) O
, O
and O
it B-Cause
must I-Cause
stay I-Cause
on I-Cause
the I-Cause
cutting I-Cause
edge I-Cause
of I-Cause
technology I-Cause
to O
meet B-Effect
future I-Effect
environmental I-Effect
and I-Effect
energy I-Effect
efficiency I-Effect
standards I-Effect
, I-Effect
win I-Effect
future I-Effect
bids I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
brand I-Effect
image I-Effect
and I-Effect
dealer I-Effect
relationships I-Effect
. O

We O
believe O
HD B-Cause
Supply I-Cause
's I-Cause
technological I-Cause
capabilities I-Cause
, I-Cause
including I-Cause
its I-Cause
e-commerce I-Cause
sales I-Cause
channel I-Cause
, I-Cause
integrated I-Cause
customer I-Cause
workflow I-Cause
solutions I-Cause
, I-Cause
and I-Cause
warehouse I-Cause
automation I-Cause
, O
drive B-Effect
distribution I-Effect
efficiencies I-Effect
that O
would O
be O
difficult O
for O
smaller O
competitors O
to O
replicate O
. O

We O
still O
think O
earnings B-Effect
per I-Effect
share I-Effect
can I-Effect
average I-Effect
6 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
at I-Effect
its I-Effect
utilities I-Effect
during I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
if B-Cause
Eversource I-Cause
executes I-Cause
its I-Cause
investment I-Cause
plan I-Cause
and I-Cause
receives I-Cause
regulatory I-Cause
support I-Cause
. I-Cause

Because O
of O
its B-Cause
merger I-Cause
with I-Cause
Level I-Cause
3 I-Cause
, I-Cause
Lumen I-Cause
also I-Cause
still I-Cause
has I-Cause
over I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
in I-Cause
deferred I-Cause
tax I-Cause
assets I-Cause
, O
which O
we O
think O
will O
result O
in O
several B-Effect
hundred I-Effect
million I-Effect
dollars I-Effect
in I-Effect
additional I-Effect
cash I-Effect
flow I-Effect
over I-Effect
each I-Effect
of I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
. O

Nevertheless O
, O
given O
that O
TE B-Cause
's I-Cause
products I-Cause
are I-Cause
more I-Cause
basic I-Cause
-- O
and O
thus O
far B-Effect
more I-Effect
removed I-Effect
from I-Effect
the I-Effect
national I-Effect
security I-Effect
spotlight I-Effect
-- I-Effect
than I-Effect
semiconductors I-Effect
, O
and O
that O
it B-Cause
's I-Cause
domiciled I-Cause
in I-Cause
neutral I-Cause
Switzerland I-Cause
, O
we O
think O
the B-Effect
risk I-Effect
of I-Effect
tariffs I-Effect
or I-Effect
trade I-Effect
restrictions I-Effect
is I-Effect
muted I-Effect
. O

The B-Cause
division I-Cause
currently I-Cause
specializes I-Cause
in I-Cause
screening I-Cause
equipment I-Cause
for I-Cause
airports I-Cause
and I-Cause
ports I-Cause
-- I-Cause
mainly I-Cause
supplying I-Cause
to I-Cause
governments I-Cause
, O
but O
we B-Effect
think I-Effect
Detection I-Effect
could I-Effect
develop I-Effect
security I-Effect
equipment I-Effect
for I-Effect
private I-Effect
market I-Effect
if I-Effect
it I-Effect
choose I-Effect
to I-Effect
. O

We O
expect O
ASML B-Effect
to I-Effect
see I-Effect
material I-Effect
benefits I-Effect
from I-Effect
sales I-Effect
of O
its B-Cause
EUV I-Cause
lithography I-Cause
tools I-Cause
for I-Cause
its I-Cause
foundry I-Cause
customers I-Cause
' I-Cause
5-nanometer I-Cause
process I-Cause
nodes I-Cause
. O

COVID-19 B-Cause
is O
set O
to O
be O
a O
near-term O
headwind O
to O
global B-Effect
travel I-Effect
demand I-Effect
, O
but O
Choice B-Cause
is I-Cause
positioned I-Cause
to I-Cause
outperform I-Cause
industry I-Cause
demand I-Cause
near I-Cause
term I-Cause
, I-Cause
given I-Cause
that I-Cause
90 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
hotels I-Cause
are I-Cause
in I-Cause
drive-to I-Cause
, I-Cause
nonurban I-Cause
locations I-Cause
, O
which O
we B-Effect
believe I-Effect
will I-Effect
rebound I-Effect
ahead I-Effect
of I-Effect
flight I-Effect
destinations I-Effect
. O

If O
airlines B-Cause
begin I-Cause
to I-Cause
utilize I-Cause
aircraft I-Cause
for I-Cause
substantially I-Cause
longer I-Cause
periods I-Cause
, O
it O
may O
cause O
original B-Effect
equipment I-Effect
manufacturers I-Effect
to I-Effect
reduce I-Effect
production I-Effect
rates I-Effect
due I-Effect
to I-Effect
a I-Effect
slower I-Effect
aircraft I-Effect
replacement I-Effect
cycle I-Effect
. O

If O
management B-Cause
decides I-Cause
to I-Cause
make I-Cause
an I-Cause
unwise I-Cause
acquisition I-Cause
from I-Cause
a I-Cause
strategic I-Cause
or I-Cause
valuation I-Cause
perspective I-Cause
, O
minority B-Effect
shareholders I-Effect
could I-Effect
probably I-Effect
only I-Effect
show I-Effect
dissatisfaction I-Effect
in I-Effect
the I-Effect
deal I-Effect
by I-Effect
selling I-Effect
shares I-Effect
. O

Our O
forecast O
assumes O
cabinet B-Effect
additions I-Effect
gradually I-Effect
decline I-Effect
as O
the B-Cause
global I-Cause
market I-Cause
gets I-Cause
more I-Cause
saturated I-Cause
, O
but O
spending O
needs O
will O
come O
down O
in O
turn O
. O

Changing B-Cause
identity I-Cause
access I-Cause
providers I-Cause
can O
be O
terribly B-Effect
disruptive I-Effect
to I-Effect
security I-Effect
and I-Effect
networking I-Effect
teams I-Effect
, O
and O
we O
believe O
that O
Okta B-Cause
's I-Cause
approach I-Cause
to I-Cause
identity I-Cause
access I-Cause
management I-Cause
and I-Cause
user-based I-Cause
cybersecurity I-Cause
, O
including O
its O
expanding O
network O
of O
customers O
and O
applications O
, O
provide B-Effect
it I-Effect
with I-Effect
a I-Effect
sustainable I-Effect
market I-Effect
presence I-Effect
. O

Given B-Cause
the I-Cause
wide I-Cause
spread I-Cause
between I-Cause
the I-Cause
cost I-Cause
of I-Cause
trucking I-Cause
water I-Cause
( I-Cause
from I-Cause
$ I-Cause
7 I-Cause
to I-Cause
$ I-Cause
8 I-Cause
a I-Cause
barrel I-Cause
) I-Cause
versus I-Cause
pipelines I-Cause
( I-Cause
$ I-Cause
2 I-Cause
to I-Cause
$ I-Cause
3 I-Cause
per I-Cause
barrel I-Cause
) I-Cause
, O
we B-Effect
believe I-Effect
there I-Effect
's I-Effect
potential I-Effect
for I-Effect
some I-Effect
attractive I-Effect
investment I-Effect
opportunities I-Effect
. O

A B-Cause
building I-Cause
block I-Cause
on I-Cause
top I-Cause
of I-Cause
the I-Cause
Super I-Cause
Network I-Cause
, I-Cause
the I-Cause
Programmable I-Cause
Communications I-Cause
Cloud I-Cause
enables O
developers B-Effect
to I-Effect
embed I-Effect
voice I-Effect
, I-Effect
text I-Effect
, I-Effect
email I-Effect
, I-Effect
video I-Effect
, I-Effect
and I-Effect
other I-Effect
functionalities I-Effect
into I-Effect
business I-Effect
applications I-Effect
via I-Effect
easy-to-use I-Effect
APIs I-Effect
. O

As O
a O
result O
, O
Chubb B-Cause
and I-Cause
peers I-Cause
are I-Cause
experiencing I-Cause
a I-Cause
positive I-Cause
trend I-Cause
in I-Cause
underlying I-Cause
underwrting I-Cause
profitabiltiy I-Cause
, O
and O
we B-Effect
see I-Effect
potential I-Effect
for I-Effect
a I-Effect
truly I-Effect
hard I-Effect
pricing I-Effect
market I-Effect
. O

Hub B-Effect
's I-Effect
intermodal I-Effect
, I-Effect
dedicated-trucking I-Effect
, I-Effect
and I-Effect
asset-light I-Effect
freight-brokerage I-Effect
operations I-Effect
are O
exposed O
to O
the B-Cause
health I-Cause
of I-Cause
the I-Cause
North I-Cause
American I-Cause
economy I-Cause
because O
it O
serves O
shippers O
across O
most O
industrial O
and O
retail O
end O
markets O
. O

We B-Effect
believe I-Effect
NICE I-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
on I-Effect
this I-Effect
front I-Effect
as O
increasingly B-Cause
efficient I-Cause
processes I-Cause
improve I-Cause
an I-Cause
agent I-Cause
's I-Cause
ability I-Cause
to I-Cause
resolve I-Cause
issues I-Cause
for I-Cause
customers I-Cause
in I-Cause
a I-Cause
timely I-Cause
manner I-Cause
, O
which O
makes O
customers B-Effect
more I-Effect
likely I-Effect
to I-Effect
stay I-Effect
with I-Effect
the I-Effect
company I-Effect
. O

The O
private O
label O
credit O
card O
market O
currently O
sees O
limited B-Cause
participation I-Cause
from I-Cause
major I-Cause
credit I-Cause
card I-Cause
issuers I-Cause
, O
with O
the O
notable O
exception O
of O
Citi O
, O
limiting B-Effect
the I-Effect
amount I-Effect
of I-Effect
competitive I-Effect
pressure I-Effect
that I-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
has I-Effect
historically I-Effect
faced I-Effect
. O

Regulation O
changes O
stipulating O
that O
all O
protein B-Cause
providers I-Cause
need I-Cause
to I-Cause
maintain I-Cause
minimum I-Cause
levels I-Cause
of I-Cause
quality I-Cause
( O
as O
measured O
by O
both O
consistency O
and O
bioactivity O
) O
could O
result O
in O
customers B-Effect
being I-Effect
more I-Effect
trusting I-Effect
of I-Effect
lower I-Effect
priced I-Effect
protein I-Effect
providers I-Effect
. O

From O
an O
attribution O
perspective O
, O
we O
expect O
volume B-Cause
to I-Cause
be I-Cause
the I-Cause
main I-Cause
sales I-Cause
engine I-Cause
, O
averaging B-Effect
6 I-Effect
% I-Effect
growth I-Effect
throughout I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

Following O
a B-Cause
strong I-Cause
rebound I-Cause
of I-Cause
J I-Cause
& I-Cause
J I-Cause
's I-Cause
device I-Cause
business I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
headwinds I-Cause
in I-Cause
early/mid I-Cause
2020 I-Cause
as I-Cause
well I-Cause
as I-Cause
an I-Cause
increasingly I-Cause
well-positioned I-Cause
drug I-Cause
pipeline I-Cause
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
147 I-Effect
from I-Effect
$ I-Effect
141 I-Effect
. O

Cigarette B-Effect
manufacturing I-Effect
is I-Effect
a I-Effect
scalable I-Effect
business I-Effect
model I-Effect
because O
of O
the B-Cause
homogeneity I-Cause
of I-Cause
the I-Cause
product I-Cause
, I-Cause
and I-Cause
there I-Cause
is I-Cause
an I-Cause
inverse I-Cause
correlation I-Cause
between I-Cause
volume I-Cause
and I-Cause
average I-Cause
operating I-Cause
cost I-Cause
per I-Cause
unit I-Cause
. O

However O
, O
based B-Cause
on I-Cause
new I-Cause
user I-Cause
attraction/retention I-Cause
trends I-Cause
and I-Cause
off-platform I-Cause
payment I-Cause
growth I-Cause
, O
we O
believe O
48 B-Effect
% I-Effect
average I-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
is I-Effect
possible I-Effect
, O
with O
payments O
and O
other O
financial O
technology O
revenue O
outpacing O
marketplace O
revenue O
. O

Skyworks B-Effect
should I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from O
the B-Cause
rise I-Cause
of I-Cause
5G I-Cause
devices I-Cause
, O
which O
we O
expect O
will O
rely O
on O
more B-Cause
advanced I-Cause
RF I-Cause
content I-Cause
. O

Additionally O
, O
margin B-Cause
expansion I-Cause
efforts I-Cause
could O
hamper O
its B-Cause
ability I-Cause
to I-Cause
win I-Cause
new I-Cause
customers I-Cause
and I-Cause
support I-Cause
existing I-Cause
clients I-Cause
, O
which O
can O
drive B-Effect
uncertainty I-Effect
in I-Effect
CrowdStrike I-Effect
continuing I-Effect
strong I-Effect
revenue I-Effect
expansion I-Effect
throughout I-Effect
the I-Effect
2020s I-Effect
. O

We O
believe O
Airbus B-Effect
's I-Effect
market I-Effect
position I-Effect
stems I-Effect
from O
the B-Cause
intangible I-Cause
assets I-Cause
and I-Cause
switching I-Cause
costs I-Cause
that I-Cause
Airbus I-Cause
and I-Cause
its I-Cause
predecessor I-Cause
companies I-Cause
constructed I-Cause
over I-Cause
decades I-Cause
of I-Cause
supplying I-Cause
aircraft I-Cause
and I-Cause
weapons I-Cause
to I-Cause
European I-Cause
and I-Cause
international I-Cause
governments I-Cause
. O

Nonetheless O
, O
we B-Effect
think I-Effect
such I-Effect
margins I-Effect
wo I-Effect
n't I-Effect
be I-Effect
sustained I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
, O
as O
we B-Cause
expect I-Cause
travel I-Cause
in I-Cause
the I-Cause
long I-Cause
term I-Cause
to I-Cause
be I-Cause
reduced I-Cause
from I-Cause
its I-Cause
level I-Cause
before I-Cause
the I-Cause
pandemic I-Cause
, O
but O
still O
be O
greater O
than O
virtually O
zero O
, O
as O
in O
fiscal O
2021 O
. O

We O
project O
that O
Marvell B-Effect
's I-Effect
revenue I-Effect
will I-Effect
be I-Effect
up I-Effect
16 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
( O
mostly O
due O
to O
recent B-Cause
acquisitions I-Cause
) O
, O
though O
we O
believe O
the O
firm O
could O
have O
achieved O
top-line O
growth O
in O
the O
low O
teens O
absent O
the O
COVID-19 O
headwinds O
. O

Second O
, O
we O
believe O
existing B-Effect
customers I-Effect
will I-Effect
trade I-Effect
up I-Effect
to I-Effect
premium I-Effect
products I-Effect
as O
daily B-Cause
disposable I-Cause
lenses I-Cause
are I-Cause
growing I-Cause
in I-Cause
popularity I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

By O
providing B-Cause
a I-Cause
quick I-Cause
way I-Cause
to I-Cause
check I-Cause
basic I-Cause
health I-Cause
factors I-Cause
while O
the O
person O
is O
already O
at O
a O
CVS O
retail O
store O
, O
the B-Effect
company I-Effect
aims I-Effect
to I-Effect
identify I-Effect
gaps I-Effect
in I-Effect
care I-Effect
, I-Effect
introduce I-Effect
therapies I-Effect
, I-Effect
and I-Effect
prevent I-Effect
patients I-Effect
from I-Effect
needing I-Effect
a I-Effect
more I-Effect
intensive I-Effect
and I-Effect
likely I-Effect
more I-Effect
costly I-Effect
intervention I-Effect
at I-Effect
an I-Effect
acute I-Effect
hospital I-Effect
. O

Finally O
, O
while O
we B-Cause
agree I-Cause
that I-Cause
AT I-Cause
& I-Cause
T I-Cause
can I-Cause
improve I-Cause
the I-Cause
advertising I-Cause
business I-Cause
, I-Cause
using I-Cause
data I-Cause
to I-Cause
better I-Cause
target I-Cause
consumers I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
changing I-Effect
nature I-Effect
of I-Effect
television I-Effect
viewing I-Effect
limits I-Effect
the I-Effect
size I-Effect
of I-Effect
this I-Effect
opportunity I-Effect
. O

We O
believe O
that O
technical B-Cause
complexity I-Cause
makes O
this O
business B-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
, O
and O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
ensures O
that O
contractors B-Effect
are I-Effect
likely I-Effect
to I-Effect
continue I-Effect
purchasing I-Effect
from I-Effect
incumbents I-Effect
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
500 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
365 I-Effect
as O
we O
incorporate B-Cause
a I-Cause
stronger I-Cause
outlook I-Cause
for I-Cause
EUV I-Cause
adoption I-Cause
and I-Cause
update I-Cause
our I-Cause
EUR I-Cause
to I-Cause
USD I-Cause
exchange I-Cause
rate I-Cause
. O

We B-Effect
model I-Effect
that I-Effect
gross I-Effect
margins I-Effect
will I-Effect
stay I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-30 I-Effect
% I-Effect
range I-Effect
as O
Nokia B-Cause
balances I-Cause
higher I-Cause
margin I-Cause
software I-Cause
with I-Cause
higher I-Cause
costing I-Cause
equipment I-Cause
. O

We B-Effect
've I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Cohen I-Effect
& I-Effect
Steers I-Effect
to O
$ O
77 O
per O
share O
from O
$ O
70 O
to O
account O
for O
improvements B-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
AUM I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
our I-Cause
own I-Cause
near-to-medium I-Cause
term I-Cause
forecasts I-Cause
for I-Cause
the I-Cause
firm I-Cause
, O
since O
our O
last O
update O
. O

Charles B-Cause
River I-Cause
's I-Cause
research I-Cause
model I-Cause
business I-Cause
has I-Cause
built I-Cause
a I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
speed I-Cause
, O
allowing O
it B-Effect
to I-Effect
control I-Effect
an I-Effect
estimated I-Effect
50 I-Effect
% I-Effect
share I-Effect
of I-Effect
the I-Effect
total I-Effect
market I-Effect
. O

We O
expect O
a B-Effect
high I-Effect
70 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
industry I-Effect
gaming I-Effect
revenue I-Effect
in I-Effect
Macao I-Effect
( O
mid-50 O
% O
decline O
prior O
) O
, O
as O
quarantine B-Cause
restrictions I-Cause
have I-Cause
remained I-Cause
in I-Cause
place I-Cause
longer I-Cause
than O
previously O
expected O
. O

The O
service O
business O
backed O
by O
a O
major O
national O
brand O
, O
as O
well O
as O
the O
commercial O
business O
coming O
from O
Interline O
and O
HD O
Supply O
, O
could O
build B-Cause
brand I-Cause
loyalty I-Cause
and O
keep B-Effect
consumers I-Effect
returning I-Effect
to I-Effect
a I-Effect
trusted I-Effect
source I-Effect
, O
something O
that O
could O
be O
hard O
to O
duplicate O
for O
a O
new O
entrant O
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
191 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
175 I-Effect
since O
we O
expect O
improved B-Cause
near-term I-Cause
performance I-Cause
as O
the B-Cause
negative I-Cause
economic I-Cause
effects I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
wear I-Cause
off I-Cause
. O

We O
forecast O
the B-Effect
company I-Effect
to I-Effect
turn I-Effect
profitable I-Effect
by I-Effect
2023 I-Effect
and I-Effect
reach I-Effect
a I-Effect
high-teens I-Effect
margin I-Effect
by I-Effect
2028 I-Effect
as O
operating B-Cause
expenses I-Cause
are I-Cause
scaled I-Cause
against I-Cause
growing I-Cause
revenue I-Cause
. O

Further O
, O
the B-Effect
firm I-Effect
's I-Effect
acquisitive I-Effect
nature I-Effect
could I-Effect
be I-Effect
problematic I-Effect
if B-Cause
acquisition I-Cause
candidates I-Cause
are I-Cause
not I-Cause
available I-Cause
, I-Cause
if I-Cause
it I-Cause
has I-Cause
trouble I-Cause
digesting I-Cause
a I-Cause
tie-up I-Cause
, I-Cause
or I-Cause
if I-Cause
it I-Cause
pays I-Cause
an I-Cause
excessive I-Cause
premium I-Cause
for I-Cause
a I-Cause
target I-Cause
. O

The B-Cause
ongoing I-Cause
COVID-19 I-Cause
outbreak I-Cause
presents I-Cause
substantial I-Cause
risks I-Cause
to I-Cause
near-term I-Cause
air I-Cause
traffic I-Cause
demand I-Cause
, O
which O
calls B-Effect
into I-Effect
question I-Effect
customers I-Effect
' I-Effect
demand I-Effect
for I-Effect
new I-Effect
aircraft I-Effect
. O

We O
like O
Santander B-Cause
's I-Cause
focus I-Cause
on I-Cause
retail I-Cause
and I-Cause
commercial I-Cause
banking I-Cause
, I-Cause
with I-Cause
the I-Cause
investment I-Cause
bank I-Cause
concentrating I-Cause
on I-Cause
the I-Cause
areas I-Cause
where I-Cause
Santander I-Cause
's I-Cause
presence I-Cause
, I-Cause
local I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
and I-Cause
local I-Cause
expertise I-Cause
and I-Cause
relationships I-Cause
allow B-Effect
it I-Effect
to I-Effect
compete I-Effect
with I-Effect
the I-Effect
global I-Effect
bulge I-Effect
bracket I-Effect
investment I-Effect
banks I-Effect
. O

The B-Cause
agent I-Cause
prevents I-Cause
known I-Cause
malware I-Cause
, I-Cause
uses I-Cause
machine I-Cause
learning I-Cause
and I-Cause
behavior I-Cause
algorithms I-Cause
to O
mitigate B-Effect
unknown I-Effect
threats I-Effect
, O
and O
sits B-Cause
below I-Cause
the I-Cause
operating I-Cause
system I-Cause
to O
provide B-Effect
firmware I-Effect
attack I-Effect
detection I-Effect
. O

Wildfire O
risks O
have O
become O
a O
major O
concern O
for O
all O
California O
utilities O
, O
but O
we O
think O
Edison B-Effect
's I-Effect
exposure I-Effect
to I-Effect
worst-case I-Effect
scenarios I-Effect
is I-Effect
far I-Effect
smaller I-Effect
than I-Effect
its I-Effect
northern I-Effect
neighbor I-Effect
, I-Effect
PG I-Effect
& I-Effect
E I-Effect
, I-Effect
because I-Effect
it I-Effect
serves I-Effect
an I-Effect
area I-Effect
of I-Effect
the I-Effect
state I-Effect
with I-Effect
less I-Effect
fire I-Effect
risk I-Effect
. O

Looking O
ahead O
, O
we O
expect O
lower B-Cause
price I-Cause
might O
become O
the O
only O
differentiator O
among O
the O
players O
in O
this O
space O
, O
giving O
more B-Effect
leverage I-Effect
to I-Effect
companies I-Effect
that I-Effect
have I-Effect
access I-Effect
to I-Effect
more I-Effect
capital I-Effect
and I-Effect
that I-Effect
are I-Effect
benefiting I-Effect
more I-Effect
from I-Effect
brand I-Effect
awareness I-Effect
, I-Effect
such I-Effect
as I-Effect
Uber I-Effect
. O

Finally O
, O
in B-Cause
light I-Cause
of I-Cause
COVID-19 I-Cause
, O
Ansys B-Effect
faces I-Effect
risks I-Effect
associated I-Effect
with I-Effect
its I-Effect
exposure I-Effect
to I-Effect
the I-Effect
airline I-Effect
industry I-Effect
given O
the B-Cause
significant I-Cause
potential I-Cause
that I-Cause
these I-Cause
customers I-Cause
( I-Cause
like I-Cause
Boeing I-Cause
and I-Cause
Airbus I-Cause
) I-Cause
could I-Cause
go I-Cause
bankrupt I-Cause
. O

We O
also O
contend O
that O
Hershey O
maintains B-Cause
a I-Cause
cost I-Cause
edge I-Cause
, O
which O
should O
ensure O
it O
can O
fund O
investments O
to O
support O
its O
leading O
brand O
mix O
and O
retail O
relationships O
to O
a O
greater O
extent O
than O
new O
entrants O
with O
limited O
budgets O
, O
ultimately B-Effect
creating I-Effect
a I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
. O

Its O
extensive B-Cause
international I-Cause
shipping I-Cause
network I-Cause
is O
extraordinarily O
difficult O
and O
costly O
to O
duplicate O
and O
domestic/international B-Effect
e-commerce I-Effect
tailwinds I-Effect
should I-Effect
remain I-Effect
favorable I-Effect
for O
years O
to O
come O
( O
outside O
a O
major O
recession O
) O
. O

De-emphasizing O
but O
Retaining O
Intangible O
Asset O
Moat O
Source O
We O
believe O
AB B-Cause
InBev I-Cause
benefits I-Cause
from I-Cause
several I-Cause
intangible I-Cause
asset I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
markets I-Cause
, I-Cause
but O
that B-Effect
these I-Effect
benefits I-Effect
are I-Effect
less I-Effect
potent I-Effect
than I-Effect
cost I-Effect
advantages I-Effect
in I-Effect
creating I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. I-Effect

To O
address B-Cause
potential I-Cause
petroleum I-Cause
product I-Cause
demand I-Cause
destruction I-Cause
, I-Cause
reduce I-Cause
carbon I-Cause
intensity I-Cause
and I-Cause
reinvest I-Cause
in I-Cause
growth I-Cause
, O
Valero B-Effect
has I-Effect
moved I-Effect
into I-Effect
the I-Effect
renewables I-Effect
segment I-Effect
via O
its O
50 O
% O
ownership O
of O
Diamond O
Green O
Diesel O
, O
or O
DGD O
. O

Fifth O
Third O
is O
large O
enough O
to O
be O
subject B-Effect
to I-Effect
the I-Effect
Fed I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
more I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
, O
but O
it O
only O
has O
to O
go O
through O
the O
full O
process O
every O
two O
years O
. O

Given O
that O
costs B-Cause
are I-Cause
primarily I-Cause
variable I-Cause
in I-Cause
the I-Cause
insurance I-Cause
business I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
Prudential I-Effect
has I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
from I-Effect
scale I-Effect
. O

Credit B-Effect
cards I-Effect
carry I-Effect
inherit I-Effect
product I-Effect
risk I-Effect
as B-Cause
they I-Cause
can I-Cause
trap I-Cause
consumers I-Cause
in I-Cause
a I-Cause
cycle I-Cause
of I-Cause
continuously I-Cause
paying I-Cause
high I-Cause
interest I-Cause
rates I-Cause
as I-Cause
they I-Cause
struggle I-Cause
to I-Cause
reduce I-Cause
the I-Cause
principal I-Cause
. O

Cost B-Cause
savings I-Cause
is I-Cause
expected I-Cause
to I-Cause
be I-Cause
generated I-Cause
from I-Cause
digitalisation I-Cause
, O
resulting B-Effect
in I-Effect
automation I-Effect
, I-Effect
a I-Effect
decline I-Effect
in I-Effect
headcount I-Effect
from I-Effect
operations I-Effect
and I-Effect
technology I-Effect
, I-Effect
and I-Effect
a I-Effect
reduced I-Effect
office I-Effect
footprint I-Effect
. O

Beyond O
helping O
defray B-Effect
recent I-Effect
cost I-Effect
pressures I-Effect
, O
we O
suspect O
a B-Cause
portion I-Cause
of I-Cause
any I-Cause
savings I-Cause
realized I-Cause
may O
also O
serve O
to O
bolster B-Effect
its I-Effect
brand I-Effect
spending I-Effect
. O

We O
also O
believe O
the B-Effect
addition I-Effect
of I-Effect
Andeavor I-Effect
's I-Effect
portfolio I-Effect
has I-Effect
diluted I-Effect
Marathon I-Effect
Petroleum I-Effect
's I-Effect
competitive I-Effect
position I-Effect
somewhat I-Effect
, O
evident O
in O
part O
by O
recent B-Cause
impairment I-Cause
charges I-Cause
. O

We O
believe O
there B-Cause
is I-Cause
opportunity I-Cause
for I-Cause
Johnson I-Cause
Controls I-Cause
to I-Cause
eliminate I-Cause
redundant I-Cause
branches I-Cause
, O
and O
in O
turn O
, O
offer B-Effect
more-comprehensive I-Effect
service I-Effect
offerings I-Effect
across I-Effect
a I-Effect
more I-Effect
consolidated I-Effect
branch I-Effect
footprint I-Effect
. O

As O
it O
has O
grown O
in O
scale O
and O
scope O
, O
LKQ B-Effect
has I-Effect
strengthened I-Effect
its I-Effect
relationships I-Effect
with I-Effect
automobile I-Effect
insurance I-Effect
carriers I-Effect
in I-Effect
North I-Effect
America I-Effect
, O
as O
these B-Cause
entities I-Cause
pay I-Cause
for I-Cause
most I-Cause
collision I-Cause
repairs I-Cause
in I-Cause
the I-Cause
region I-Cause
. O

However O
, O
if O
competition B-Cause
for I-Cause
investment I-Cause
banking I-Cause
talent I-Cause
heats I-Cause
up I-Cause
with I-Cause
a I-Cause
more I-Cause
robust I-Cause
upturn I-Cause
in I-Cause
M I-Cause
& I-Cause
A I-Cause
or I-Cause
we I-Cause
enter I-Cause
into I-Cause
an I-Cause
economic I-Cause
downturn I-Cause
, O
the B-Cause
company I-Cause
may I-Cause
be I-Cause
unable I-Cause
to I-Cause
increase I-Cause
its I-Cause
senior I-Cause
managing I-Cause
director I-Cause
head I-Cause
count I-Cause
at I-Cause
its I-Cause
historically I-Cause
fast I-Cause
clip I-Cause
, O
which O
would O
likely O
disappoint B-Effect
growth-orientated I-Effect
investors I-Effect
. O

The B-Cause
risk I-Cause
was I-Cause
muted I-Cause
by I-Cause
the I-Cause
passing I-Cause
of I-Cause
the I-Cause
Fixing I-Cause
America I-Cause
's I-Cause
Surface I-Cause
Transportation I-Cause
Act I-Cause
in I-Cause
2015 I-Cause
, O
which O
provided B-Effect
five I-Effect
years I-Effect
of I-Effect
funding I-Effect
. O

First O
, O
SMB O
customers O
are O
more O
likely O
to O
fail O
in O
a O
recession O
, O
and O
second O
, O
the B-Effect
value I-Effect
of I-Effect
gross I-Effect
merchandise I-Effect
volume I-Effect
processed I-Effect
on I-Effect
the I-Effect
platform I-Effect
is I-Effect
likely I-Effect
to I-Effect
slow I-Effect
as O
consumers B-Cause
spend I-Cause
less I-Cause
. O

Along O
with O
its O
expected O
synergies O
between O
Vanadis O
and O
Euroimmun O
, O
we O
expect O
additional B-Effect
revenue I-Effect
streams I-Effect
to O
unfold O
as O
the B-Cause
firm I-Cause
expands I-Cause
its I-Cause
positioning I-Cause
in I-Cause
infectious I-Cause
diseases I-Cause
and I-Cause
liquid I-Cause
handling I-Cause
and I-Cause
extraction I-Cause
. O

Nokia O
's O
focus O
on O
software-defined O
networking O
should O
expand O
its O
operating O
margins O
, O
and O
we O
believe O
software B-Effect
sales I-Effect
should I-Effect
accelerate I-Effect
as O
Internet B-Cause
of I-Cause
Things I-Cause
devices I-Cause
become I-Cause
integrated I-Cause
into I-Cause
5G I-Cause
networks I-Cause
. O

As O
always O
, O
macro B-Cause
trends I-Cause
in I-Cause
employment I-Cause
and I-Cause
demographics I-Cause
can I-Cause
change I-Cause
dramatically I-Cause
and O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

Our O
forecasts O
also O
assume O
substantial B-Effect
usage I-Effect
growth I-Effect
per I-Effect
customer I-Effect
as O
we O
expect O
customers O
to O
scale O
their O
data O
storage O
and O
compute O
significantly O
once O
migrating O
to O
the O
cloud O
due O
to O
reduced B-Cause
costs I-Cause
and O
the O
ease O
of O
such O
scaling O
. O

In B-Cause
mid-May I-Cause
, I-Cause
KSU I-Cause
deemed I-Cause
Canadian I-Cause
National I-Cause
's I-Cause
previously I-Cause
announced I-Cause
merger I-Cause
offer I-Cause
to I-Cause
be I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
superior I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
and O
the B-Effect
board I-Effect
intends I-Effect
to I-Effect
terminate I-Effect
the I-Effect
Canadian I-Effect
Pacific I-Effect
agreement I-Effect
and I-Effect
accept I-Effect
CN I-Effect
's I-Effect
offer I-Effect
. O

Over O
the O
near O
term O
, O
elevated O
spending O
on O
research O
and O
development O
, O
sales O
, O
and O
capital O
projects O
will O
be O
needed O
to O
support O
product O
development O
and O
growth O
initiatives O
, O
but O
we O
think O
increased B-Cause
reinvestment I-Cause
will O
help O
management B-Effect
accomplish I-Effect
its I-Effect
goal I-Effect
of I-Effect
mid-single-digit I-Effect
top I-Effect
line I-Effect
growth I-Effect
over I-Effect
the I-Effect
mid I-Effect
term I-Effect
. O

Although O
Dick O
's O
physical O
stores O
were O
temporarily O
closed O
earlier O
this O
year O
due O
to O
the O
COVID-19 O
pandemic O
, O
its B-Cause
e-commerce I-Cause
has I-Cause
skyrocketed I-Cause
, O
and O
we O
now O
expect O
it B-Effect
to I-Effect
double I-Effect
this I-Effect
year I-Effect
. O

With O
the B-Cause
landscape I-Cause
rife I-Cause
with I-Cause
private I-Cause
entities I-Cause
, O
there O
is O
a B-Effect
dearth I-Effect
of I-Effect
readily I-Effect
available I-Effect
information I-Effect
for I-Effect
most I-Effect
of I-Effect
these I-Effect
companies I-Effect
. O

Surf B-Cause
Gate I-Cause
, I-Cause
which I-Cause
allows I-Cause
wake I-Cause
surfers I-Cause
to I-Cause
customize I-Cause
the I-Cause
shape I-Cause
of I-Cause
the I-Cause
boat I-Cause
's I-Cause
wake I-Cause
, I-Cause
has I-Cause
become I-Cause
so I-Cause
popular I-Cause
that O
even O
competitors B-Effect
such I-Effect
as I-Effect
Marine I-Effect
Product I-Effect
's I-Effect
Chaparral I-Effect
line I-Effect
license I-Effect
the I-Effect
technology I-Effect
for I-Effect
use I-Effect
in I-Effect
its I-Effect
boats I-Effect
. O

We O
assume O
revenue B-Effect
growth I-Effect
will I-Effect
create I-Effect
operating I-Effect
leverage I-Effect
, O
as O
sales B-Cause
and I-Cause
marketing I-Cause
, I-Cause
along I-Cause
with I-Cause
R I-Cause
& I-Cause
D I-Cause
, I-Cause
and I-Cause
general I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
, I-Cause
should I-Cause
grow I-Cause
at I-Cause
lower I-Cause
rates I-Cause
than I-Cause
the I-Cause
top I-Cause
line I-Cause
. O

Given O
that O
hydrocarbons B-Cause
require I-Cause
investment I-Cause
in I-Cause
existing I-Cause
and I-Cause
new I-Cause
fields I-Cause
to I-Cause
maintain I-Cause
global I-Cause
supply I-Cause
, O
we B-Effect
have I-Effect
a I-Effect
greater I-Effect
level I-Effect
of I-Effect
confidence I-Effect
in I-Effect
what I-Effect
Exxon I-Effect
's I-Effect
returns I-Effect
will I-Effect
be I-Effect
a I-Effect
decade I-Effect
from I-Effect
now I-Effect
as I-Effect
opposed I-Effect
to I-Effect
firms I-Effect
that I-Effect
are I-Effect
investing I-Effect
in I-Effect
lower-return I-Effect
, O
highly O
competitive O
areas O
such O
as O
renewable O
power O
generation O
. O

Given O
their B-Cause
respective I-Cause
historical I-Cause
core I-Cause
competencies I-Cause
, O
both B-Effect
Rockwell I-Effect
and I-Effect
Emerson I-Effect
face I-Effect
similar I-Effect
challenges I-Effect
but O
from O
opposite O
ends O
of O
the O
spectrum O
as O
they O
attempt O
to O
move O
into O
what O
is O
referred O
to O
as O
the O
" O
" O
" O
" O
hybrid O
" O
" O
" O
" O
space O
-- O
or O
a O
mixture O
of O
both O
discrete O
and O
process O
manufacturing O
, O
as O
is O
seen O
in O
the O
pharmaceutical O
industry O
. O

In O
addition O
, O
if O
Groupon B-Cause
were I-Cause
to I-Cause
target I-Cause
more I-Cause
national I-Cause
merchants I-Cause
and I-Cause
increase I-Cause
the I-Cause
number I-Cause
and I-Cause
types I-Cause
of I-Cause
products I-Cause
it I-Cause
sells I-Cause
directly I-Cause
to I-Cause
consumers I-Cause
, O
it B-Effect
would I-Effect
go I-Effect
head-to-head I-Effect
against I-Effect
Amazon I-Effect
, O
versus O
whom O
Groupon O
does O
not O
and O
will O
not O
have O
any O
competitive O
advantages O
, O
either O
on O
price O
or O
distribution O
. O

However O
, O
these B-Effect
projects I-Effect
will I-Effect
also I-Effect
weigh I-Effect
on I-Effect
returns I-Effect
as O
they B-Cause
were I-Cause
sanctioned I-Cause
at I-Cause
the I-Cause
top I-Cause
of I-Cause
the I-Cause
cycle I-Cause
and I-Cause
experienced I-Cause
budget I-Cause
overruns I-Cause
, I-Cause
leaving I-Cause
an I-Cause
inflated I-Cause
capital I-Cause
base I-Cause
. O

We O
forecast O
steady B-Effect
earnings I-Effect
growth I-Effect
in I-Effect
the I-Effect
downstream I-Effect
and I-Effect
chemical I-Effect
segments I-Effect
as O
new B-Cause
projects I-Cause
and I-Cause
capacity I-Cause
are I-Cause
brought I-Cause
on I-Cause
line I-Cause
during I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

Risk O
could O
emanate O
from O
the B-Cause
proposed I-Cause
government I-Cause
rulings I-Cause
seeking B-Effect
increased I-Effect
transparency I-Effect
of I-Effect
drug I-Effect
pricing I-Effect
and I-Effect
elimination I-Effect
of I-Effect
rebates I-Effect
to I-Effect
PBMs I-Effect
. O

We O
believe O
the B-Cause
deal I-Cause
especially O
changed B-Effect
the I-Effect
long-term I-Effect
dynamic I-Effect
for I-Effect
Sprouts I-Effect
, O
as O
it O
shares O
Whole O
Foods O
' O
natural O
, O
health-oriented O
, O
and O
better-for-you O
positioning O
. O

Most B-Cause
Under I-Cause
Armour-owned I-Cause
stores I-Cause
and I-Cause
those I-Cause
of I-Cause
its I-Cause
wholesale I-Cause
partners I-Cause
were I-Cause
forced I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
or I-Cause
restrict I-Cause
access I-Cause
, O
leading O
to O
large B-Effect
losses I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2020 I-Effect
. O

Shorter B-Cause
hauls I-Cause
also O
offer O
drivers B-Effect
a I-Effect
higher I-Effect
quality I-Effect
of I-Effect
life I-Effect
( I-Effect
less I-Effect
time I-Effect
away I-Effect
from I-Effect
home I-Effect
) I-Effect
, O
thus O
enhancing B-Effect
retention I-Effect
-- O
a O
critical O
factor O
given O
the O
severely O
constrained O
driver O
pool O
. O

While O
the B-Effect
bank I-Effect
may I-Effect
not I-Effect
reach I-Effect
its I-Effect
55 I-Effect
% I-Effect
efficiency I-Effect
ratio I-Effect
goal I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
as O
the B-Cause
rate I-Cause
environment I-Cause
has I-Cause
pressured I-Cause
net I-Cause
interest I-Cause
income I-Cause
growth I-Cause
, O
the O
bank O
is O
decidedly O
headed O
in O
the O
right O
direction O
. O

As O
Regeneron O
's O
drug O
candidates O
do O
make O
it O
to O
market O
, O
they O
will O
go B-Cause
up I-Cause
against I-Cause
many I-Cause
tried-and-true I-Cause
products I-Cause
, O
and O
doctors O
are O
often O
slow B-Effect
to I-Effect
convert I-Effect
to I-Effect
new I-Effect
therapies I-Effect
. O

We O
see O
portfolio B-Effect
premiumization I-Effect
having I-Effect
mixed I-Effect
effects I-Effect
on I-Effect
the I-Effect
gross I-Effect
margin I-Effect
, O
as O
some B-Cause
SKUs I-Cause
with I-Cause
structurally I-Cause
higher I-Cause
cost I-Cause
structures I-Cause
( I-Cause
like I-Cause
small-batch I-Cause
specialty I-Cause
beers I-Cause
with I-Cause
unique I-Cause
ingredient I-Cause
compositions I-Cause
) I-Cause
should I-Cause
be I-Cause
dilutive I-Cause
, I-Cause
while I-Cause
others I-Cause
with I-Cause
similar I-Cause
brewing I-Cause
processes I-Cause
should I-Cause
be I-Cause
accretive I-Cause
. O

As O
a O
specific O
example O
, O
Walgreens B-Cause
' I-Cause
beneficial I-Cause
distribution I-Cause
arrangement I-Cause
with I-Cause
Amerisource I-Cause
that I-Cause
was I-Cause
extended I-Cause
through I-Cause
2029 I-Cause
, O
which O
enables O
the B-Effect
company I-Effect
to I-Effect
optimize I-Effect
working I-Effect
capital I-Effect
. O

It O
started B-Cause
by I-Cause
capitalizing I-Cause
on I-Cause
new I-Cause
extended I-Cause
shelf-life I-Cause
technology I-Cause
( O
which O
comes O
in O
the O
form O
of O
an O
enzyme O
provided O
by O
an O
ingredients O
partner O
) O
that O
increases B-Effect
shelf-life I-Effect
from I-Effect
25-30 I-Effect
days I-Effect
to I-Effect
60-65 I-Effect
days I-Effect
, I-Effect
enabling I-Effect
the I-Effect
firm I-Effect
to I-Effect
switch I-Effect
from I-Effect
the I-Effect
expensive I-Effect
direct-store-delivery I-Effect
model I-Effect
to I-Effect
the I-Effect
more I-Effect
cost-effective I-Effect
direct-to-warehouse I-Effect
model I-Effect
. O

Rockwell O
has O
long O
touted O
the O
process O
automation O
opportunity O
, O
but O
we O
agree O
with O
most O
market O
observers O
who O
argue O
that O
Rockwell B-Effect
lacks I-Effect
the I-Effect
reputation I-Effect
it I-Effect
has I-Effect
in I-Effect
its I-Effect
discrete I-Effect
manufacturing I-Effect
offering I-Effect
given O
slower B-Cause
growth I-Cause
in I-Cause
the I-Cause
process I-Cause
space I-Cause
( I-Cause
and I-Cause
from I-Cause
a I-Cause
smaller I-Cause
sales I-Cause
base I-Cause
, I-Cause
to I-Cause
boot I-Cause
) I-Cause
. O

We O
have O
seen O
Google B-Cause
partake I-Cause
in I-Cause
this I-Cause
on O
the O
back O
of O
its O
Android O
mobile O
operating O
system O
's O
growing O
market O
share O
, O
helping O
it O
drive O
revenue B-Effect
growth I-Effect
and I-Effect
maintain I-Effect
its I-Effect
leadership I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

As O
scrap O
prices O
can O
be O
volatile O
, O
this O
effort O
to O
vertically O
integrate O
has O
served B-Effect
the I-Effect
company I-Effect
well I-Effect
by O
ensuring B-Cause
that I-Cause
Nucor I-Cause
has I-Cause
access I-Cause
to I-Cause
a I-Cause
consistent I-Cause
, I-Cause
sufficient I-Cause
supply I-Cause
of I-Cause
ferrous I-Cause
scrap I-Cause
for I-Cause
its I-Cause
EAFs I-Cause
. O

In O
an O
attempt O
to O
alleviate B-Effect
competitiveness I-Effect
in I-Effect
the I-Effect
consumer I-Effect
market I-Effect
, O
the O
company O
offers B-Cause
Norton I-Cause
and I-Cause
LifeLock I-Cause
bundled I-Cause
together I-Cause
as I-Cause
a I-Cause
complete I-Cause
solution I-Cause
for I-Cause
cybersecurity I-Cause
and I-Cause
identity I-Cause
protection I-Cause
. O

Given O
the B-Cause
impact I-Cause
an I-Cause
uncertain I-Cause
macroeconomic I-Cause
environment I-Cause
could I-Cause
have I-Cause
on I-Cause
Trane I-Cause
's I-Cause
growth I-Cause
and I-Cause
profitability I-Cause
over I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
horizon I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
uncertainty I-Effect
is I-Effect
high I-Effect
. O

Given O
the B-Cause
ongoing I-Cause
commitment I-Cause
to I-Cause
research I-Cause
( I-Cause
particularly I-Cause
in I-Cause
life I-Cause
sciences I-Cause
) I-Cause
by I-Cause
emerging-markets I-Cause
governments I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
goal I-Effect
of I-Effect
expanding I-Effect
its I-Effect
emerging-markets I-Effect
business I-Effect
by I-Effect
8 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
annually I-Effect
appears I-Effect
achievable I-Effect
. O

Fee O
income O
should O
see B-Cause
support I-Cause
from I-Cause
higher I-Cause
assets I-Cause
under I-Cause
management I-Cause
, I-Cause
recovery I-Cause
in I-Cause
credit I-Cause
card I-Cause
fees I-Cause
as I-Cause
travel I-Cause
resumes I-Cause
and I-Cause
the I-Cause
deal I-Cause
pipeline I-Cause
for I-Cause
the I-Cause
investment I-Cause
bank I-Cause
also I-Cause
looks I-Cause
good I-Cause
, O
which O
supports B-Effect
higher I-Effect
fees I-Effect
. O

In O
so O
doing O
, O
it O
started O
to O
benefit B-Cause
from I-Cause
economies I-Cause
of I-Cause
scale I-Cause
that O
contributed O
to O
lower B-Effect
unit I-Effect
production I-Effect
costs I-Effect
and I-Effect
widened I-Effect
the I-Effect
company I-Effect
's I-Effect
margins I-Effect
. O

Given O
that O
Bristol B-Cause
now I-Cause
trails I-Cause
Merck I-Cause
in I-Cause
launching I-Cause
an I-Cause
immuno-oncology I-Cause
drug I-Cause
in I-Cause
the I-Cause
larger I-Cause
and I-Cause
more I-Cause
important I-Cause
indication I-Cause
of I-Cause
first-line I-Cause
non-small-cell I-Cause
lung I-Cause
cancer I-Cause
, O
catching B-Effect
up I-Effect
through I-Effect
combination I-Effect
treatment I-Effect
is I-Effect
more I-Effect
important I-Effect
. O

That O
said O
, O
there O
is O
a O
chance O
for O
additional B-Effect
downside I-Effect
risk I-Effect
if O
China B-Cause
pulls I-Cause
back I-Cause
fixed I-Cause
asset I-Cause
investment I-Cause
even I-Cause
more I-Cause
than I-Cause
our I-Cause
expectations I-Cause
. O

With O
constraints O
in B-Effect
dealer I-Effect
inventory I-Effect
levels I-Effect
stemming I-Effect
from O
robust B-Cause
COVID-19 I-Cause
takeaway I-Cause
, O
2021 B-Effect
could I-Effect
see I-Effect
some I-Effect
volatility I-Effect
in I-Effect
market I-Effect
share I-Effect
gains I-Effect
, O
given O
the B-Cause
limited I-Cause
availability I-Cause
of I-Cause
certain I-Cause
products I-Cause
at I-Cause
retail I-Cause
. O

Many B-Cause
construction I-Cause
projects I-Cause
run I-Cause
on I-Cause
a I-Cause
tight I-Cause
deadline I-Cause
, O
so O
OEM B-Effect
's I-Effect
track I-Effect
record I-Effect
of I-Effect
delivering I-Effect
on I-Effect
time I-Effect
is I-Effect
also I-Effect
a I-Effect
desired I-Effect
capability I-Effect
for I-Effect
construction I-Effect
developers I-Effect
. O

We O
model O
17 B-Effect
% I-Effect
average I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
international B-Cause
growth I-Cause
of I-Cause
Naglazyme I-Cause
, I-Cause
continuing I-Cause
market I-Cause
penetration I-Cause
for I-Cause
Vimizim I-Cause
and I-Cause
Brineura I-Cause
, I-Cause
the I-Cause
new I-Cause
launch I-Cause
of I-Cause
Palynziq I-Cause
, I-Cause
and I-Cause
potential I-Cause
launches I-Cause
of I-Cause
vosoritide I-Cause
and I-Cause
Roctavian I-Cause
. O

Additionally O
, O
Nasdaq B-Cause
has I-Cause
seen I-Cause
continued I-Cause
pushback I-Cause
from I-Cause
clients I-Cause
and I-Cause
regulators I-Cause
on I-Cause
the I-Cause
pricing I-Cause
of I-Cause
its I-Cause
market I-Cause
data I-Cause
products I-Cause
, I-Cause
which I-Cause
has I-Cause
limited I-Cause
the I-Cause
revenue I-Cause
growth I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
market I-Cause
data. O
These O
pressures O
add B-Effect
credence I-Effect
to I-Effect
Nasdaq I-Effect
's I-Effect
efforts I-Effect
to I-Effect
transition I-Effect
itself I-Effect
away I-Effect
from I-Effect
its I-Effect
exchanges I-Effect
business I-Effect
and I-Effect
become I-Effect
a I-Effect
diversified I-Effect
technology I-Effect
company I-Effect
. O

Under B-Cause
Jeff I-Cause
Immelt I-Cause
, I-Cause
GE I-Cause
failed I-Cause
to I-Cause
appreciate I-Cause
these I-Cause
risks I-Cause
, I-Cause
and I-Cause
we I-Cause
suspected I-Cause
its I-Cause
ill-time I-Cause
purchase I-Cause
of I-Cause
thermal I-Cause
energy B-Effect
provider I-Effect
and I-Effect
grid I-Effect
company I-Effect
Alstom I-Effect
will I-Effect
continue I-Effect
to I-Effect
weigh I-Effect
down I-Effect
the I-Effect
segment I-Effect
's I-Effect
ROIC I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
due I-Effect
to I-Effect
this I-Effect
overcapacity I-Effect
. O

Our O
forecast O
is O
based O
on O
the O
business O
as O
currently O
constituted O
, O
but O
we O
expect O
the B-Cause
firm I-Cause
will I-Cause
continue I-Cause
acquiring I-Cause
smaller I-Cause
companies I-Cause
to O
drive O
security B-Effect
growth I-Effect
. O

This B-Cause
gap I-Cause
in I-Cause
gross I-Cause
margin I-Cause
helps O
SiriusXM B-Effect
segment I-Effect
to I-Effect
generate I-Effect
operating I-Effect
margins I-Effect
in I-Effect
mid I-Effect
30s I-Effect
versus O
negative O
operating O
margins O
for O
Spotify O
and O
Pandora O
and O
generate O
ROICs O
well O
above O
its O
cost O
of O
capital O
. O

Over B-Cause
the I-Cause
five-year I-Cause
period I-Cause
since I-Cause
2014 I-Cause
, I-Cause
management I-Cause
has I-Cause
increasingly I-Cause
employed I-Cause
acquisitions I-Cause
as I-Cause
part I-Cause
of I-Cause
its I-Cause
capital I-Cause
allocation I-Cause
program I-Cause
, O
which O
makes B-Effect
it I-Effect
difficult I-Effect
to I-Effect
separate I-Effect
the I-Effect
horse I-Effect
from I-Effect
the I-Effect
jockey I-Effect
when I-Effect
analyzing I-Effect
ROIC I-Effect
data I-Effect
. O

Paylocity O
focuses O
on O
providing O
payroll O
solutions O
for O
companies O
with O
20-1,000 O
employees O
and O
hearty B-Cause
growth I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
customer I-Cause
base I-Cause
has O
allowed O
Paylocity B-Effect
to I-Effect
generate I-Effect
healthy I-Effect
revenue I-Effect
growth I-Effect
. O

We B-Cause
think I-Cause
the I-Cause
majority I-Cause
of I-Cause
this I-Cause
net I-Cause
new I-Cause
data I-Cause
to I-Cause
be I-Cause
stored I-Cause
is I-Cause
largely I-Cause
for I-Cause
hefty I-Cause
analysis I-Cause
, O
thus B-Effect
requiring I-Effect
a I-Effect
NoSQL I-Effect
database I-Effect
, I-Effect
like I-Effect
MongoDB I-Effect
, I-Effect
due I-Effect
to I-Effect
its I-Effect
ability I-Effect
to I-Effect
store I-Effect
unindexed I-Effect
or I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
unknown I-Effect
categories I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
of I-Effect
data I-Effect
. I-Effect

We O
believe O
Windows B-Effect
has I-Effect
very I-Effect
slowly I-Effect
been I-Effect
bleeding I-Effect
market I-Effect
share I-Effect
with I-Effect
the B-Cause
rise I-Cause
of I-Cause
Apple I-Cause
and I-Cause
the I-Cause
introduction I-Cause
of I-Cause
some I-Cause
alternative I-Cause
PC I-Cause
operating I-Cause
systems I-Cause
. O

As O
part O
of O
this O
, O
we B-Effect
raised I-Effect
our I-Effect
near-term I-Effect
revenue I-Effect
forecasts I-Effect
on I-Effect
continued I-Effect
freight-demand I-Effect
strength I-Effect
and O
reduced B-Effect
our I-Effect
model I-Effect
's I-Effect
implied I-Effect
Stage I-Effect
II I-Effect
investment I-Effect
rate I-Effect
given O
Hunt B-Cause
's I-Cause
for-hire I-Cause
truckload I-Cause
operations I-Cause
are I-Cause
becoming I-Cause
more I-Cause
asset-light I-Cause
. O

The O
robust B-Cause
app I-Cause
store I-Cause
helped O
foster O
iPhone B-Effect
adoption I-Effect
and I-Effect
grow I-Effect
Apple I-Effect
's I-Effect
user I-Effect
base I-Effect
, O
with O
applications O
ranging O
from O
productivity O
, O
social O
media O
, O
gaming O
, O
music O
, O
and O
so O
on O
. O

We O
believe O
manufacturers B-Effect
of I-Effect
more I-Effect
basic I-Effect
sports I-Effect
watches I-Effect
( I-Effect
in I-Effect
the I-Effect
$ I-Effect
200- I-Effect
$ I-Effect
300 I-Effect
range I-Effect
) I-Effect
, I-Effect
like I-Effect
Fossil I-Effect
, I-Effect
Samsung I-Effect
, I-Effect
and I-Effect
Fitbit I-Effect
, I-Effect
have I-Effect
not I-Effect
entered I-Effect
the I-Effect
ultrapremium I-Effect
sports I-Effect
watch I-Effect
space I-Effect
( I-Effect
$ I-Effect
600- I-Effect
$ I-Effect
1,500 I-Effect
range I-Effect
) I-Effect
due O
to O
the B-Cause
understanding I-Cause
of I-Cause
this I-Cause
strong I-Cause
perception I-Cause
and I-Cause
likely I-Cause
significant I-Cause
marketing I-Cause
spending I-Cause
needed I-Cause
to I-Cause
rock I-Cause
the I-Cause
boat I-Cause
. O

We O
believe O
in-store B-Cause
services I-Cause
and I-Cause
part I-Cause
availability I-Cause
are O
barriers O
to O
DIY B-Effect
disruption I-Effect
, O
but O
a B-Cause
large I-Cause
consumer I-Cause
shift I-Cause
to I-Cause
digital I-Cause
sellers I-Cause
( O
like O
Amazon O
) O
could O
inject B-Effect
low-cost I-Effect
competition I-Effect
. O

For O
Spinraza O
( O
nusinersen O
) O
, O
we B-Effect
assume I-Effect
sales I-Effect
begin I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
as O
new B-Cause
patients I-Cause
and I-Cause
treated I-Cause
Spinraza I-Cause
patients I-Cause
could I-Cause
opt I-Cause
for I-Cause
either I-Cause
competing I-Cause
gene I-Cause
therapy I-Cause
( O
Novartis O
' O
Zolgensma O
) O
or O
small-molecule O
therapy O
( O
Roche/PTC O
's O
Evrysdi O
) O
, O
and O
as O
fewer B-Cause
patients I-Cause
initiate I-Cause
therapy I-Cause
( O
the O
first O
year O
of O
therapy O
is O
twice O
as O
expensive O
) O
. O

FMC B-Cause
has I-Cause
10 I-Cause
new I-Cause
crop I-Cause
chemical I-Cause
molecules I-Cause
( I-Cause
the I-Cause
active I-Cause
ingredient I-Cause
) I-Cause
under I-Cause
development I-Cause
, I-Cause
including I-Cause
multiple I-Cause
new I-Cause
modes I-Cause
of I-Cause
action. O
These B-Effect
new I-Effect
products I-Effect
should I-Effect
be I-Effect
particularly I-Effect
effective I-Effect
against I-Effect
insects I-Effect
, I-Effect
weeds I-Effect
, I-Effect
and I-Effect
fungi I-Effect
that I-Effect
have I-Effect
grown I-Effect
resistant I-Effect
to I-Effect
traditional I-Effect
crop I-Effect
chemicals I-Effect
. O

Re-emergence O
by O
legacy O
competitors O
could O
make O
it O
very B-Effect
difficult I-Effect
for I-Effect
GTT I-Effect
to I-Effect
grow I-Effect
the I-Effect
top I-Effect
line I-Effect
, O
as O
GTT B-Cause
would I-Cause
likely I-Cause
have I-Cause
to I-Cause
compete I-Cause
harder I-Cause
on I-Cause
price I-Cause
and I-Cause
would I-Cause
find I-Cause
it I-Cause
more I-Cause
difficult I-Cause
to I-Cause
grow I-Cause
market I-Cause
share I-Cause
, O
which O
is O
critical O
in O
an O
industry O
where O
the O
overall O
pie O
is O
n't O
getting O
bigger O
. O

Our O
expectation O
of O
Check B-Cause
Point I-Cause
continuing I-Cause
its I-Cause
strong I-Cause
subscription-based I-Cause
growth I-Cause
drives B-Effect
our I-Effect
five-year I-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
3 I-Effect
% I-Effect
. O

This O
means O
that O
Infosys B-Effect
is I-Effect
better I-Effect
able I-Effect
to I-Effect
attract I-Effect
value I-Effect
from I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
as O
there B-Cause
is I-Cause
less I-Cause
turnover I-Cause
of I-Cause
such I-Cause
assets I-Cause
, O
as O
this B-Cause
is I-Cause
retained I-Cause
significantly I-Cause
in I-Cause
talent I-Cause
. O

However O
, O
we O
think O
it B-Effect
will I-Effect
be I-Effect
difficult I-Effect
for I-Effect
Hain I-Effect
to I-Effect
gain I-Effect
share I-Effect
, O
as O
large B-Cause
food I-Cause
conglomerates I-Cause
with I-Cause
well-known I-Cause
, I-Cause
powerful I-Cause
brands I-Cause
and I-Cause
significant I-Cause
resources I-Cause
are I-Cause
also I-Cause
aggressively I-Cause
targeting I-Cause
this I-Cause
market I-Cause
. O

In O
our O
view O
, O
this B-Effect
risk I-Effect
is I-Effect
more I-Effect
significant I-Effect
for I-Effect
Discover I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
since O
its B-Cause
business I-Cause
strategy I-Cause
focuses I-Cause
on I-Cause
building I-Cause
a I-Cause
portfolio I-Cause
of I-Cause
cardholders I-Cause
with I-Cause
high I-Cause
ongoing I-Cause
balances I-Cause
. O

We O
do O
not O
think O
that O
attrition O
is O
a O
major O
concern O
amid O
COVID-19 O
, O
as O
attrition B-Effect
has I-Effect
been I-Effect
declining I-Effect
since O
the B-Cause
start I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

Wesco O
operates O
in O
very O
fragmented O
markets O
, O
but O
its B-Cause
large I-Cause
scale I-Cause
, I-Cause
global I-Cause
footprint I-Cause
, I-Cause
expansive I-Cause
product I-Cause
portfolio I-Cause
and I-Cause
supplier I-Cause
base I-Cause
, I-Cause
and I-Cause
service I-Cause
offerings I-Cause
differentiate B-Effect
it I-Effect
from I-Effect
smaller I-Effect
local I-Effect
and I-Effect
regional I-Effect
competitors I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
Mettler-Toledo I-Effect
to I-Effect
$ I-Effect
640 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
580 I-Effect
after O
considering O
the B-Cause
firm I-Cause
's I-Cause
resilient I-Cause
performance I-Cause
through I-Cause
the I-Cause
ongoing I-Cause
COVID-19 I-Cause
pandemic I-Cause
, I-Cause
and I-Cause
the I-Cause
combined I-Cause
effects I-Cause
of I-Cause
a I-Cause
reduced I-Cause
share I-Cause
count I-Cause
and I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

If O
the B-Cause
firm I-Cause
is I-Cause
hit I-Cause
with I-Cause
an I-Cause
unexpected I-Cause
cyclical I-Cause
downturn I-Cause
that I-Cause
limits I-Cause
its I-Cause
cash I-Cause
generation I-Cause
, O
it B-Effect
could I-Effect
find I-Effect
itself I-Effect
in I-Effect
a I-Effect
liquidity I-Effect
crunch—though O
we O
note O
a O
$ O
2.25 O
billion O
revolving O
credit O
facility O
provides O
some O
insurance O
. O

Echo B-Cause
's I-Cause
mid-2015 I-Cause
acquisition I-Cause
of I-Cause
Command I-Cause
Transportation I-Cause
ran I-Cause
into I-Cause
integration I-Cause
complications I-Cause
, O
but O
it O
boosted B-Effect
Echo I-Effect
's I-Effect
network I-Effect
scale I-Effect
in I-Effect
full-truckload I-Effect
brokerage I-Effect
( I-Effect
Echo I-Effect
started I-Effect
with I-Effect
a I-Effect
heavier I-Effect
concentration I-Effect
in I-Effect
LTL I-Effect
) I-Effect
, I-Effect
boosting I-Effect
its I-Effect
capacity I-Effect
access I-Effect
, I-Effect
lane I-Effect
density I-Effect
, I-Effect
and I-Effect
buying I-Effect
scale I-Effect
. O

We B-Cause
remain I-Cause
concerned I-Cause
about I-Cause
surging I-Cause
coronavirus I-Cause
cases I-Cause
so O
if B-Effect
new I-Effect
stay-at-home I-Effect
orders I-Effect
occur I-Effect
, I-Effect
we I-Effect
'd I-Effect
expect I-Effect
the I-Effect
stock I-Effect
to I-Effect
fall I-Effect
on I-Effect
the I-Effect
news I-Effect
. O

Market O
share O
recovered O
1 O
percentage O
point O
to O
51 O
% O
in O
2016 O
but O
ceded B-Effect
gains I-Effect
in I-Effect
2017 I-Effect
and I-Effect
2018 I-Effect
as O
industry B-Cause
discounting I-Cause
remained I-Cause
pervasive I-Cause
and I-Cause
demand I-Cause
waned I-Cause
. O

We O
think O
this B-Effect
pricing I-Effect
power I-Effect
will I-Effect
decrease I-Effect
as O
Public B-Cause
Storage I-Cause
enters I-Cause
markets I-Cause
with I-Cause
less I-Cause
demand I-Cause
and O
the B-Cause
coronavirus I-Cause
crisis I-Cause
dampens I-Cause
the I-Cause
industry I-Cause
environment I-Cause
. O

Changes B-Cause
in I-Cause
reimbursement I-Cause
policies I-Cause
can O
have B-Effect
an I-Effect
outsize I-Effect
effect I-Effect
on I-Effect
Coloplast I-Effect
's I-Effect
business I-Effect
-- I-Effect
both I-Effect
the I-Effect
volume I-Effect
of I-Effect
product I-Effect
sold I-Effect
and I-Effect
the I-Effect
adoption I-Effect
of I-Effect
new I-Effect
products I-Effect
-- I-Effect
especially I-Effect
for I-Effect
products I-Effect
sold I-Effect
through I-Effect
home I-Effect
health I-Effect
channels I-Effect
. O

Some B-Cause
governments I-Cause
have I-Cause
shown I-Cause
a I-Cause
preference I-Cause
for I-Cause
local I-Cause
payment I-Cause
networks I-Cause
, O
which O
could O
freeze O
Visa B-Effect
out I-Effect
of I-Effect
certain I-Effect
markets I-Effect
and O
impede B-Effect
the I-Effect
value I-Effect
it I-Effect
drives I-Effect
from I-Effect
its I-Effect
global I-Effect
network I-Effect
. O

Suppliers B-Cause
get I-Cause
access I-Cause
to I-Cause
a I-Cause
broad I-Cause
range I-Cause
of I-Cause
customers I-Cause
by O
using O
Avnet O
without O
having O
to O
make O
significant O
investment B-Effect
in I-Effect
sales I-Effect
and I-Effect
engineering I-Effect
teams I-Effect
. O

Yet O
, O
a O
critical O
benefit O
of O
battery-electric B-Cause
powertrains I-Cause
is O
significantly O
reduced O
maintenance B-Effect
costs I-Effect
, O
as O
both B-Cause
major I-Cause
engine I-Cause
repairs I-Cause
and I-Cause
routine I-Cause
maintenance I-Cause
service I-Cause
are I-Cause
largely I-Cause
avoided I-Cause
. O

We O
expect O
sales B-Effect
of I-Effect
Herceptin I-Effect
, I-Effect
Rituxan I-Effect
, I-Effect
and I-Effect
Avastin I-Effect
to O
decline O
from O
roughly O
CHF O
20 O
billion O
in O
2019 O
to O
CHF O
8 O
billion O
in O
2024 O
due O
to O
biosimilar B-Cause
competition I-Cause
. O

We O
do O
not O
think O
Dick O
's O
has O
any B-Cause
ability I-Cause
to I-Cause
prevent I-Cause
its I-Cause
vendors I-Cause
from I-Cause
supplying I-Cause
competitors I-Cause
with I-Cause
similar I-Cause
merchandise I-Cause
, O
suggestive B-Effect
of I-Effect
a I-Effect
company I-Effect
with I-Effect
no I-Effect
competitive I-Effect
advantage I-Effect
. O

Our B-Effect
cost/income I-Effect
ratio I-Effect
, I-Effect
as I-Effect
we I-Effect
calculate I-Effect
it I-Effect
, I-Effect
including I-Effect
litigation I-Effect
and I-Effect
conduct I-Effect
costs I-Effect
, I-Effect
drops I-Effect
from I-Effect
65 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
53 I-Effect
% I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
below-the-line B-Cause
items I-Cause
reduce I-Cause
materially I-Cause
. O

Also O
, O
Glaxo B-Cause
's I-Cause
operating I-Cause
structure I-Cause
allows I-Cause
for I-Cause
cost-cutting I-Cause
following I-Cause
patent I-Cause
losses I-Cause
to B-Effect
reduce I-Effect
the I-Effect
margin I-Effect
pressure I-Effect
from I-Effect
lost I-Effect
high-margin I-Effect
drug I-Effect
sales I-Effect
. O

We O
believe O
it B-Effect
will I-Effect
take I-Effect
this I-Effect
long I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
capital I-Cause
expenditures I-Cause
will I-Cause
remain I-Cause
elevated I-Cause
-- O
averaging B-Effect
10 I-Effect
% I-Effect
of I-Effect
net I-Effect
revenue I-Effect
through I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
period I-Effect
and I-Effect
reaching I-Effect
7 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, O
as O
Aphria B-Cause
expands I-Cause
operations I-Cause
to I-Cause
meet I-Cause
our I-Cause
volume I-Cause
forecast I-Cause
. O

In O
addition O
, O
slower B-Cause
user I-Cause
growth I-Cause
could O
make B-Effect
higher I-Effect
monetization I-Effect
of I-Effect
users I-Effect
an I-Effect
increasingly I-Effect
difficult I-Effect
task I-Effect
as O
advertisers B-Cause
may I-Cause
allocate I-Cause
a I-Cause
bit I-Cause
more I-Cause
toward I-Cause
other I-Cause
platforms I-Cause
such O
as O
Snap O
, O
which O
has O
a O
faster-growing O
user O
base O
. O

We O
also O
expect O
the O
firm O
's O
network O
effects O
to O
help O
Match B-Cause
Group I-Cause
further I-Cause
consolidate I-Cause
the I-Cause
technological I-Cause
infrastructure I-Cause
for I-Cause
all I-Cause
its I-Cause
brands I-Cause
, O
make O
them B-Effect
more I-Effect
scalable I-Effect
, I-Effect
and I-Effect
streamline I-Effect
its I-Effect
operation I-Effect
more I-Effect
effectively I-Effect
, I-Effect
creating I-Effect
operating I-Effect
leverage I-Effect
. O

However O
, O
flash B-Cause
storage I-Cause
technology I-Cause
becomes I-Cause
commoditized I-Cause
quite I-Cause
quickly I-Cause
with O
well O
capitalized O
competitors O
, O
such O
as O
Samsung O
, O
pushing B-Effect
the I-Effect
technological I-Effect
boundaries I-Effect
, I-Effect
particularly I-Effect
on I-Effect
the I-Effect
component I-Effect
side I-Effect
for I-Effect
mobile I-Effect
devices I-Effect
. O

We O
think O
this O
differentiates B-Effect
the I-Effect
company I-Effect
from I-Effect
smaller I-Effect
competitors I-Effect
that I-Effect
only I-Effect
offer I-Effect
either I-Effect
equipment I-Effect
or I-Effect
consumables I-Effect
, O
as O
some O
customers B-Cause
value I-Cause
Lincoln I-Cause
Electric I-Cause
's I-Cause
one-stop-shop I-Cause
approach I-Cause
and I-Cause
comprehensive I-Cause
suite I-Cause
of I-Cause
welding I-Cause
solutions I-Cause
. O

Finally O
, O
Hyatt B-Cause
and I-Cause
other I-Cause
large I-Cause
hotel I-Cause
brands I-Cause
require I-Cause
high I-Cause
amounts I-Cause
of I-Cause
human I-Cause
capital I-Cause
, I-Cause
which I-Cause
helps I-Cause
drive I-Cause
traveler I-Cause
experience I-Cause
and O
therefore O
is B-Effect
tied I-Effect
to I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
advantages I-Effect
found I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

We B-Cause
believe I-Cause
coronavirus-related I-Cause
store I-Cause
closures I-Cause
and I-Cause
franchisee I-Cause
investments I-Cause
will B-Effect
result I-Effect
in I-Effect
a I-Effect
near I-Effect
20 I-Effect
% I-Effect
decline I-Effect
in I-Effect
adjusted I-Effect
operating I-Effect
income I-Effect
in I-Effect
2020 I-Effect
, O
implying O
39 O
% O
adjusted O
operating O
margins O
for O
the O
full O
year O
( O
versus O
44 O
% O
a O
year O
ago O
) O
. O

Qorvo O
has O
significant O
customer O
concentration O
with O
Apple O
( O
33 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
and O
it O
would O
be O
a B-Effect
damaging I-Effect
blow I-Effect
to I-Effect
the I-Effect
firm I-Effect
if O
it O
were O
to O
ever O
miss B-Cause
out I-Cause
on I-Cause
a I-Cause
future I-Cause
iPhone I-Cause
design I-Cause
cycle I-Cause
. O

We B-Effect
give I-Effect
LivaNova I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
reflects O
the B-Cause
firm I-Cause
's I-Cause
relatively I-Cause
limited I-Cause
product I-Cause
portfolio I-Cause
, O
relatively B-Cause
fewer I-Cause
resources I-Cause
to I-Cause
support I-Cause
the I-Cause
product I-Cause
pipeline I-Cause
, O
and O
our B-Cause
skeptical I-Cause
view I-Cause
of I-Cause
the I-Cause
efficacy I-Cause
of I-Cause
neuromodulation I-Cause
for I-Cause
refractory I-Cause
depression I-Cause
. O

Entities B-Cause
are I-Cause
increasingly I-Cause
moving I-Cause
workloads I-Cause
to I-Cause
public I-Cause
cloud I-Cause
environments I-Cause
and I-Cause
relying I-Cause
on I-Cause
SaaS I-Cause
applications I-Cause
, O
which O
could O
lower B-Effect
the I-Effect
demand I-Effect
for I-Effect
pure-play I-Effect
cybersecurity I-Effect
solutions I-Effect
if O
customers O
prefer O
options O
that O
are O
embedded O
into O
the O
resources O
used O
. O

At O
the O
same O
time O
, O
broadline B-Cause
distributors I-Cause
will I-Cause
likely I-Cause
continue I-Cause
to I-Cause
acquire I-Cause
their I-Cause
own I-Cause
value-added I-Cause
services I-Cause
, O
further B-Effect
encroaching I-Effect
on O
Avnet O
's O
territory O
. O

We O
think O
the B-Cause
lack I-Cause
of I-Cause
regulation I-Cause
and I-Cause
commodity I-Cause
price I-Cause
and I-Cause
volume I-Cause
sensitivity I-Cause
make O
long-term B-Effect
returns I-Effect
less I-Effect
certain I-Effect
than I-Effect
its I-Effect
legacy I-Effect
assets I-Effect
. O

Firms B-Effect
like I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
use I-Effect
fiber I-Effect
for I-Effect
their I-Effect
own I-Effect
fixed-line I-Effect
businesses I-Effect
, O
so O
they B-Cause
do I-Cause
n't I-Cause
need I-Cause
to I-Cause
justify I-Cause
spending I-Cause
with I-Cause
only I-Cause
the I-Cause
wireless I-Cause
business I-Cause
in I-Cause
mind I-Cause
. O

Still O
, O
we O
believe O
the B-Effect
cost I-Effect
structures I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
two I-Effect
core I-Effect
operations I-Effect
compare I-Effect
favorably I-Effect
with I-Effect
those I-Effect
of I-Effect
most I-Effect
peers I-Effect
, O
due O
to O
Pepsi B-Cause
's I-Cause
ability I-Cause
to I-Cause
better I-Cause
leverage I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
reduce I-Cause
variable I-Cause
costs I-Cause
through O
procurement O
advantages O
. O

After B-Effect
2021 I-Effect
, I-Effect
we I-Effect
model I-Effect
low-single-digit I-Effect
growth I-Effect
in I-Effect
mobile I-Effect
ARPU I-Effect
, O
as B-Cause
the I-Cause
firm I-Cause
's I-Cause
convergent I-Cause
strategy I-Cause
success I-Cause
will I-Cause
be I-Cause
partially I-Cause
offset I-Cause
by I-Cause
competition I-Cause
in I-Cause
the I-Cause
lower I-Cause
end I-Cause
of I-Cause
the I-Cause
mobile I-Cause
market I-Cause
and I-Cause
and I-Cause
weak I-Cause
mobile I-Cause
trend I-Cause
. O

Ultimately O
, O
there O
's O
a O
tough O
road O
ahead O
but O
we O
believe O
the B-Effect
company I-Effect
can I-Effect
sustain I-Effect
low-single-digit I-Effect
growth I-Effect
longer I-Effect
term I-Effect
, O
especially O
as O
the B-Cause
benefits I-Cause
of I-Cause
management I-Cause
's I-Cause
revitalization I-Cause
plan I-Cause
are I-Cause
less I-Cause
masked I-Cause
by I-Cause
pandemic-induced I-Cause
disruption I-Cause
. O

Overall O
, O
we O
believe O
Lennox B-Cause
's I-Cause
company-owned I-Cause
distribution I-Cause
model I-Cause
supports O
it B-Effect
brand I-Effect
reputation I-Effect
and O
drives O
improved B-Effect
product I-Effect
availability I-Effect
and I-Effect
service I-Effect
, O
which O
has O
helped O
the B-Effect
company I-Effect
gain I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
last I-Effect
few I-Effect
years I-Effect
. O

Even O
what O
might O
have O
been O
a B-Cause
smaller I-Cause
glitch I-Cause
could O
develop B-Effect
into I-Effect
a I-Effect
catastrophic I-Effect
system B-Effect
failure I-Effect
without O
proper B-Cause
maintenance I-Cause
and I-Cause
support I-Cause
. O

Increased B-Effect
attrition I-Effect
could I-Effect
cause I-Effect
wear I-Effect
on I-Effect
Infosys I-Effect
' I-Effect
intangible I-Effect
assets I-Effect
, O
as O
less B-Cause
technical I-Cause
and I-Cause
industry I-Cause
expertise I-Cause
would I-Cause
remain I-Cause
in I-Cause
the I-Cause
firm I-Cause
. O

We O
forecast O
IBM B-Effect
's I-Effect
revenue I-Effect
will I-Effect
rise I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
2 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
segments I-Cause
gradually I-Cause
change I-Cause
weights I-Cause
. O

We O
believe O
the B-Cause
ability I-Cause
to I-Cause
offer I-Cause
a I-Cause
full I-Cause
suite I-Cause
of I-Cause
services I-Cause
increases B-Effect
overall I-Effect
switching I-Effect
costs I-Effect
, I-Effect
especially I-Effect
for I-Effect
small I-Effect
banks I-Effect
and I-Effect
credit I-Effect
unions I-Effect
, I-Effect
which I-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
depend I-Effect
on I-Effect
a I-Effect
single I-Effect
bank I-Effect
technology I-Effect
provider I-Effect
. O

As O
a O
result O
of O
the B-Cause
team I-Cause
agreements I-Cause
, O
the B-Effect
firm I-Effect
passes I-Effect
through I-Effect
much I-Effect
of I-Effect
its I-Effect
revenue I-Effect
to I-Effect
the I-Effect
teams I-Effect
via I-Effect
the I-Effect
prize I-Effect
fund I-Effect
, I-Effect
Constructors I-Effect
' I-Effect
Championship I-Effect
, I-Effect
fixed I-Effect
payments I-Effect
to I-Effect
certain I-Effect
teams I-Effect
, I-Effect
and I-Effect
other I-Effect
payments I-Effect
. O

In O
our O
view O
, O
it B-Effect
lacks I-Effect
the I-Effect
types I-Effect
of I-Effect
sustainable I-Effect
competitive I-Effect
advantages I-Effect
we I-Effect
have I-Effect
seen I-Effect
in I-Effect
its I-Effect
competitors I-Effect
, O
because O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
its I-Cause
data I-Cause
centers I-Cause
being I-Cause
as I-Cause
differentiated I-Cause
. O

With O
the B-Cause
bank I-Cause
embarking I-Cause
on I-Cause
another I-Cause
round I-Cause
of I-Cause
restructuring I-Cause
, O
we O
assume O
operating B-Effect
costs I-Effect
to I-Effect
decline I-Effect
to I-Effect
USD I-Effect
30 I-Effect
billion I-Effect
by I-Effect
2022 I-Effect
, I-Effect
offset I-Effect
by I-Effect
higher I-Effect
investment I-Effect
in I-Effect
technology I-Effect
. O

However O
, O
the B-Cause
firm I-Cause
has I-Cause
had I-Cause
issues I-Cause
with I-Cause
its I-Cause
10-nanometer I-Cause
process I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
and I-Cause
has I-Cause
announced I-Cause
its I-Cause
7-nm I-Cause
process I-Cause
will I-Cause
be I-Cause
delayed I-Cause
until I-Cause
2023 I-Cause
, O
thus O
opening B-Effect
the I-Effect
door I-Effect
for I-Effect
competitors I-Effect
such I-Effect
as I-Effect
AMD I-Effect
to I-Effect
gain I-Effect
share I-Effect
. O

Diversification B-Cause
has I-Cause
come I-Cause
primarily I-Cause
via I-Cause
acquisitions I-Cause
and I-Cause
fiber I-Cause
network I-Cause
construction I-Cause
, O
which O
spawned B-Effect
the I-Effect
firm I-Effect
's I-Effect
fiber I-Effect
infrastructure I-Effect
segment I-Effect
, O
where O
Uniti O
leases O
dark O
and O
lit O
fiber O
and O
small O
cells O
to O
wireless O
carriers O
and O
other O
enterprises O
. O

While B-Cause
we I-Cause
continue I-Cause
to I-Cause
expect I-Cause
the I-Cause
firm I-Cause
's I-Cause
operating I-Cause
margins I-Cause
to I-Cause
be I-Cause
affected I-Cause
by I-Cause
lower I-Cause
revenue I-Cause
yields I-Cause
and I-Cause
higher I-Cause
operating I-Cause
costs I-Cause
, I-Cause
we I-Cause
see I-Cause
adjusted I-Cause
operating I-Cause
profitability I-Cause
hovering I-Cause
between I-Cause
32 I-Cause
% I-Cause
and I-Cause
35 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
during I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
period. O
As O
a O
result O
, O
the B-Effect
company I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
at I-Effect
least I-Effect
$ I-Effect
725 I-Effect
million I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
( I-Effect
defined I-Effect
as I-Effect
cash I-Effect
flow I-Effect
from I-Effect
operations I-Effect
less I-Effect
capital I-Effect
expenditures I-Effect
) I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2021-25 I-Effect
. O

While O
Macerich B-Effect
's I-Effect
revenue I-Effect
is O
somewhat O
protected O
by O
long-term B-Cause
leases I-Cause
, O
we O
see O
retailer B-Cause
bankruptcies I-Cause
causing O
a B-Effect
further I-Effect
drop I-Effect
in I-Effect
occupancy I-Effect
and I-Effect
Macerich I-Effect
being I-Effect
forced I-Effect
to I-Effect
offer I-Effect
rent I-Effect
concessions I-Effect
to I-Effect
keep I-Effect
others I-Effect
afloat I-Effect
. O

While O
the O
bank O
started O
in O
Michigan O
and O
remains O
dominant O
in O
this O
market O
, O
Comerica B-Cause
has I-Cause
gradually I-Cause
expanded I-Cause
into I-Cause
California I-Cause
and I-Cause
Texas I-Cause
, O
which O
offer B-Effect
more I-Effect
growth I-Effect
potential I-Effect
. O

American B-Cause
Express I-Cause
' I-Cause
billings I-Cause
outside I-Cause
of I-Cause
these I-Cause
industries I-Cause
is I-Cause
already I-Cause
above I-Cause
prepandemic I-Cause
levels I-Cause
, I-Cause
but I-Cause
a I-Cause
full I-Cause
recovery I-Cause
for I-Cause
the I-Cause
company I-Cause
will I-Cause
rely I-Cause
on I-Cause
a I-Cause
return I-Cause
to I-Cause
normalcy I-Cause
from I-Cause
pandemic I-Cause
conditions. O
Thus O
, O
American B-Effect
Express I-Effect
' I-Effect
immediate I-Effect
prospects I-Effect
are I-Effect
dependent I-Effect
on I-Effect
the I-Effect
timing I-Effect
and I-Effect
success I-Effect
of I-Effect
the I-Effect
vaccine I-Effect
rollout I-Effect
both I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
and I-Effect
abroad I-Effect
, I-Effect
making I-Effect
2021 I-Effect
a I-Effect
transition I-Effect
year I-Effect
. O

We B-Effect
model I-Effect
non-GAAP I-Effect
operating I-Effect
margins I-Effect
increasing I-Effect
from I-Effect
43 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
44 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
driven O
by O
improving B-Cause
scale I-Cause
in I-Cause
the I-Cause
Digital I-Cause
Experience I-Cause
segment I-Cause
and I-Cause
general I-Cause
operating I-Cause
leverage I-Cause
. O

Our B-Cause
high I-Cause
uncertainty I-Cause
rating I-Cause
reflects B-Effect
Posco I-Effect
's I-Effect
high I-Effect
leverage I-Effect
to I-Effect
consumer I-Effect
spending I-Effect
and I-Effect
economic I-Effect
activity I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
cyclicality I-Effect
of I-Effect
commodities I-Effect
prices I-Effect
. O

We O
think O
an B-Cause
erosion I-Cause
in I-Cause
the I-Cause
quality I-Cause
and I-Cause
size I-Cause
of I-Cause
this I-Cause
wholesale I-Cause
force I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
relevance I-Cause
of I-Cause
the I-Cause
IT I-Cause
platform I-Cause
would O
have B-Effect
a I-Effect
significantly I-Effect
detrimental I-Effect
effect I-Effect
on I-Effect
the I-Effect
position I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

Tenet B-Cause
's I-Cause
highly I-Cause
leveraged I-Cause
capital I-Cause
structure I-Cause
creates I-Cause
immense B-Effect
sensitivity I-Effect
when I-Cause
trying I-Cause
to I-Cause
pinpoint I-Cause
equity I-Cause
valuation I-Cause
, O
which O
is O
the B-Effect
primary I-Effect
reason I-Effect
we I-Effect
assign I-Effect
an I-Effect
extreme I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
the I-Effect
company I-Effect
. O

Assuming B-Cause
lockdowns I-Cause
do I-Cause
n't I-Cause
materially I-Cause
recur I-Cause
, O
we B-Effect
look I-Effect
for I-Effect
truck-brokerage I-Effect
market I-Effect
conditions I-Effect
to I-Effect
see I-Effect
additional I-Effect
improvement I-Effect
in I-Effect
2021 I-Effect
, I-Effect
especially I-Effect
in I-Effect
terms I-Effect
of I-Effect
a I-Effect
strong I-Effect
late I-Effect
2020/early I-Effect
2021 I-Effect
contract I-Effect
bidding I-Effect
season I-Effect
( I-Effect
rate I-Effect
recovery I-Effect
) I-Effect
. O

These O
homes O
might O
either B-Cause
lower I-Cause
housing I-Cause
prices I-Cause
and O
siphon B-Effect
off I-Effect
the I-Effect
best-capitalized I-Effect
renters I-Effect
to I-Effect
purchase I-Effect
a I-Effect
larger I-Effect
home I-Effect
or I-Effect
create I-Effect
more I-Effect
rental I-Effect
stock I-Effect
and I-Effect
create I-Effect
more I-Effect
competition I-Effect
in I-Effect
the I-Effect
rental I-Effect
market I-Effect
. O

With B-Cause
the I-Cause
institutionalization I-Cause
of I-Cause
processes I-Cause
that I-Cause
were I-Cause
inefficient I-Cause
( I-Cause
including I-Cause
labor I-Cause
management I-Cause
, I-Cause
reset I-Cause
efforts I-Cause
, I-Cause
and I-Cause
inventory I-Cause
controls I-Cause
) I-Cause
, O
profit B-Effect
improvement I-Effect
has I-Effect
already I-Effect
begun I-Effect
( I-Effect
with I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
to I-Effect
reach I-Effect
around I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

Coal B-Effect
demand I-Effect
has I-Effect
contracted I-Effect
as O
utilities B-Cause
substitute I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
and I-Cause
due I-Cause
to I-Cause
inexpensive I-Cause
natural I-Cause
gas I-Cause
, O
and O
we O
expect O
the O
secular O
diminution O
of O
coal O
to O
continue O
. O

That O
said O
, O
demand B-Effect
and I-Effect
pricing I-Effect
have I-Effect
mounted I-Effect
a I-Effect
robust I-Effect
sequential I-Effect
recovery I-Effect
off I-Effect
pandemic I-Effect
lows I-Effect
, I-Effect
while I-Effect
even I-Effect
exceeding I-Effect
levels I-Effect
seen I-Effect
a I-Effect
year I-Effect
ago I-Effect
during I-Effect
the I-Effect
third I-Effect
quarter I-Effect
, O
with O
help O
from O
recovering B-Cause
economic I-Cause
conditions I-Cause
, I-Cause
tightening I-Cause
trucking I-Cause
market I-Cause
capacity I-Cause
, I-Cause
heavy I-Cause
retailer I-Cause
restocking I-Cause
, I-Cause
and I-Cause
a I-Cause
spike I-Cause
in I-Cause
spot I-Cause
opportunities I-Cause
. O

However O
, O
on B-Cause
a I-Cause
consolidated I-Cause
basis I-Cause
, I-Cause
Santander I-Cause
's I-Cause
diverse I-Cause
lending I-Cause
book I-Cause
, I-Cause
with I-Cause
exposure I-Cause
to I-Cause
markets I-Cause
that I-Cause
are I-Cause
not I-Cause
necessarily I-Cause
correlated I-Cause
, I-Cause
provides I-Cause
it I-Cause
with I-Cause
downside I-Cause
protection I-Cause
during I-Cause
downturns I-Cause
in I-Cause
the I-Cause
credit I-Cause
cycle I-Cause
of I-Cause
a I-Cause
region I-Cause
or I-Cause
asset I-Cause
class. O
Consequently O
, O
Santander B-Effect
's I-Effect
earnings I-Effect
have I-Effect
showed I-Effect
the I-Effect
least I-Effect
volatility I-Effect
out I-Effect
of I-Effect
all I-Effect
the I-Effect
large I-Effect
European I-Effect
universal I-Effect
banks I-Effect
over I-Effect
the I-Effect
past I-Effect
two I-Effect
decades I-Effect
. O

Ulta B-Effect
's I-Effect
sales I-Effect
increased I-Effect
to I-Effect
$ I-Effect
7.4 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
from I-Effect
$ I-Effect
912 I-Effect
million I-Effect
in I-Effect
2007 I-Effect
as O
it B-Cause
opened I-Cause
about I-Cause
1,000 I-Cause
stores I-Cause
and I-Cause
its I-Cause
stores I-Cause
became I-Cause
more I-Cause
productive I-Cause
. O

However O
, O
we O
expect O
the B-Cause
combination I-Cause
of I-Cause
higher I-Cause
sales I-Cause
volume I-Cause
and I-Cause
SG I-Cause
& I-Cause
A I-Cause
cost I-Cause
containment I-Cause
will O
result O
in O
operating B-Cause
leverage I-Cause
that O
will O
more B-Effect
than I-Effect
offset I-Effect
gross I-Effect
margin I-Effect
compression I-Effect
. O

Given O
the B-Cause
limited I-Cause
land I-Cause
available I-Cause
to I-Cause
develop I-Cause
and I-Cause
the I-Cause
government I-Cause
's I-Cause
seeming I-Cause
preference I-Cause
to I-Cause
control I-Cause
growth I-Cause
of I-Cause
the I-Cause
region I-Cause
, O
we B-Effect
also I-Effect
think I-Effect
it I-Effect
is I-Effect
likely I-Effect
that I-Effect
there I-Effect
are I-Effect
not I-Effect
any I-Effect
meaningful I-Effect
new I-Effect
gaming I-Effect
concessions I-Effect
or I-Effect
table I-Effect
allocations I-Effect
presented I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
renewal I-Effect
. O

However O
, O
recent B-Cause
multiyear I-Cause
rate I-Cause
cases I-Cause
have I-Cause
allowed I-Cause
forward-looking I-Cause
estimates I-Cause
of I-Cause
capital I-Cause
expenditures I-Cause
and I-Cause
rate I-Cause
base I-Cause
, O
allowing O
Consolidated O
Edison O
Company O
of O
New O
York O
, O
Con O
Ed O
's O
largest O
subsidiary O
, O
to O
earn B-Effect
near I-Effect
or I-Effect
above I-Effect
its I-Effect
allowed I-Effect
return I-Effect
on I-Effect
equity I-Effect
. I-Effect

To O
maintain B-Effect
earned I-Effect
returns I-Effect
near I-Effect
allowed I-Effect
returns I-Effect
during I-Effect
this I-Effect
period I-Effect
of I-Effect
high I-Effect
investment I-Effect
, O
management B-Cause
has I-Cause
worked I-Cause
to I-Cause
reduced I-Cause
regulatory I-Cause
lag I-Cause
risk I-Cause
in I-Cause
Iowa I-Cause
, I-Cause
received I-Cause
above I-Cause
average I-Cause
allowed I-Cause
returns I-Cause
across I-Cause
its I-Cause
subsidiaries I-Cause
, I-Cause
and I-Cause
an I-Cause
objective I-Cause
to I-Cause
keep I-Cause
continue I-Cause
to I-Cause
reduce I-Cause
operating I-Cause
costs I-Cause
for I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

We O
understand O
that O
each O
visit O
generates O
positive O
gross O
margins O
, O
suggesting O
that O
the B-Effect
reported I-Effect
operating I-Effect
losses I-Effect
are O
largely O
attributable O
to O
scaling B-Cause
infrastructure I-Cause
and I-Cause
marketing I-Cause
investments I-Cause
to I-Cause
address I-Cause
incremental I-Cause
services I-Cause
and I-Cause
anticipated I-Cause
volume I-Cause
growth I-Cause
. O

If O
the B-Cause
firm I-Cause
is I-Cause
unable I-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
this O
could O
slow B-Effect
innovation I-Effect
and I-Effect
affect I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

For O
mining O
operations O
, O
material B-Cause
ESG I-Cause
risks I-Cause
include I-Cause
disagreements I-Cause
with I-Cause
local I-Cause
communities I-Cause
leading O
to O
mine B-Effect
disruptions I-Effect
, I-Effect
increased I-Effect
regulation I-Effect
of I-Effect
emissions I-Effect
from I-Effect
the I-Effect
mining I-Effect
process I-Effect
, I-Effect
and I-Effect
labor I-Effect
strikes I-Effect
. O

We O
expect O
VAS B-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
13 I-Effect
% I-Effect
, O
driven O
by O
new B-Cause
key I-Cause
game I-Cause
launches I-Cause
, I-Cause
improvement I-Cause
in I-Cause
monetization I-Cause
of I-Cause
existing I-Cause
popular I-Cause
mobile I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
international I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
game I-Cause
genres I-Cause
, I-Cause
and I-Cause
increased I-Cause
willingness I-Cause
to I-Cause
subscribe I-Cause
to I-Cause
content I-Cause
in I-Cause
China I-Cause
. O

They B-Cause
would I-Cause
also I-Cause
require I-Cause
assistance I-Cause
in I-Cause
threat I-Cause
hunting I-Cause
and I-Cause
remediation I-Cause
, O
which O
can O
cause O
CrowdStrike B-Effect
's I-Effect
solutions I-Effect
to I-Effect
become I-Effect
an I-Effect
essential I-Effect
part I-Effect
of I-Effect
security I-Effect
spending I-Effect
. O

Global B-Cause
plasma I-Cause
supply I-Cause
and I-Cause
fractionation I-Cause
capacity I-Cause
are I-Cause
limited I-Cause
, I-Cause
and I-Cause
Grifols I-Cause
' I-Cause
vertically I-Cause
integrated I-Cause
business I-Cause
gives B-Effect
it I-Effect
access I-Effect
to I-Effect
plasma I-Effect
collection I-Effect
centers I-Effect
and I-Effect
processing I-Effect
facilities I-Effect
. O

Core O
Lab O
faces O
obvious O
risk B-Cause
from I-Cause
sustainably I-Cause
lower I-Cause
oil I-Cause
prices I-Cause
, O
which O
would O
lead B-Effect
to I-Effect
lower I-Effect
overall I-Effect
oilfield I-Effect
expenditure I-Effect
levels I-Effect
and O
thus O
lower B-Effect
financial I-Effect
results I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

In O
our O
view O
, O
Zions O
has O
a O
desirable O
deposit O
base O
, O
but O
we O
believe O
any O
deposit B-Effect
cost I-Effect
advantage I-Effect
it O
has O
is O
more O
than O
offset O
by O
its B-Cause
weak I-Cause
fee I-Cause
income I-Cause
. O

We O
believe O
the B-Effect
returns I-Effect
from I-Effect
the I-Effect
pipeline I-Effect
network I-Effect
, O
supported O
by O
a B-Cause
powerful I-Cause
position I-Cause
in I-Cause
the I-Cause
Permian I-Cause
Basin I-Cause
, O
which O
is O
also O
the O
lowest-cost O
U.S O
. O

We O
expect O
the B-Effect
margin I-Effect
will I-Effect
remain I-Effect
flat I-Effect
in I-Effect
2021 I-Effect
as O
integration B-Cause
efforts I-Cause
fully I-Cause
ramp I-Cause
up I-Cause
and I-Cause
then I-Cause
begin I-Cause
expanding I-Cause
rapidly I-Cause
. O

We B-Effect
model I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
into I-Effect
the I-Effect
low I-Effect
20 I-Effect
% I-Effect
range I-Effect
as O
NetApp B-Cause
balances I-Cause
its I-Cause
sales I-Cause
and I-Cause
development I-Cause
efforts I-Cause
with I-Cause
overall I-Cause
growth I-Cause
. O

We O
project O
that O
the B-Effect
bank I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
will I-Effect
decrease I-Effect
in I-Effect
2020 I-Effect
because O
of O
rate B-Cause
cuts I-Cause
and I-Cause
an I-Cause
uncertain I-Cause
economic I-Cause
environment I-Cause
, O
although O
they O
are O
partially O
protected O
from O
the O
bank O
's O
robust O
hedging O
program O
. O

With O
approximately B-Cause
80 I-Cause
% I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
revenue I-Cause
related I-Cause
to I-Cause
asset-based I-Cause
fees I-Cause
, O
SEI B-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
are I-Effect
sensitive I-Effect
to I-Effect
equity I-Effect
markets I-Effect
, I-Effect
asset I-Effect
flows I-Effect
, I-Effect
and I-Effect
the I-Effect
fee I-Effect
rate I-Effect
it I-Effect
earns I-Effect
. O

We O
anticipate O
flat B-Effect
to I-Effect
slightly I-Effect
declining I-Effect
margins I-Effect
in I-Effect
the I-Effect
other I-Effect
segments I-Effect
, O
as O
we O
think O
Northrop B-Cause
's I-Cause
classified I-Cause
business I-Cause
is I-Cause
primarily I-Cause
lower-margin I-Cause
development I-Cause
programs I-Cause
. O

We O
believe O
baseline B-Effect
demand I-Effect
will I-Effect
steadily I-Effect
rise I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
core I-Effect
service I-Effect
-- O
providing B-Cause
temporary I-Cause
and I-Cause
permanent I-Cause
labor I-Cause
for I-Cause
healthcare I-Cause
providers I-Cause
-- O
over O
an O
extended O
period O
. O

We B-Effect
are I-Effect
less I-Effect
bullish I-Effect
about I-Effect
the I-Effect
earnings I-Effect
contribution I-Effect
from I-Effect
the I-Effect
power I-Effect
and I-Effect
industrial I-Effect
segment I-Effect
as O
reduced B-Cause
emissions I-Cause
fuel I-Cause
, I-Cause
or I-Cause
REF B-Effect
, I-Effect
earnings I-Effect
decline I-Effect
from I-Cause
the B-Cause
expiration I-Cause
of I-Cause
tax I-Cause
credits I-Cause
. O

Even O
in O
good O
times O
, O
fleet B-Effect
owners I-Effect
are I-Effect
sometimes I-Effect
forced I-Effect
to I-Effect
hold I-Effect
off I-Effect
on I-Effect
expanding I-Effect
their I-Effect
fleet I-Effect
to I-Effect
meet I-Effect
demand I-Effect
, O
due O
to O
driver B-Cause
shortages I-Cause
. O

Although O
bauxite O
is O
also O
a O
commodity O
, O
we B-Effect
expect I-Effect
bauxite I-Effect
margins I-Effect
to I-Effect
remain I-Effect
relatively I-Effect
stable I-Effect
, O
as O
China B-Cause
's I-Cause
bauxite I-Cause
imports I-Cause
are I-Cause
likely I-Cause
to I-Cause
increase I-Cause
materially I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

The O
firm O
's O
asset-light B-Cause
model I-Cause
provides O
the B-Effect
flexibility I-Effect
to I-Effect
match I-Effect
expenses I-Effect
with I-Effect
demand I-Effect
, O
but O
it O
also O
subjects O
Expeditors O
to O
variations O
in O
available O
carrier O
capacity O
. O

However O
, O
we O
believe O
that O
Swiss B-Effect
banks I-Effect
remain I-Effect
attractive I-Effect
to I-Effect
the I-Effect
world I-Effect
's I-Effect
elite I-Effect
for O
two O
main O
reasons O
: O
first B-Cause
, I-Cause
Swiss I-Cause
neutrality I-Cause
and I-Cause
second I-Cause
, I-Cause
the I-Cause
Swiss I-Cause
franc I-Cause
. O

The B-Cause
broad I-Cause
appeal I-Cause
of I-Cause
automating I-Cause
processes I-Cause
across I-Cause
the I-Cause
enterprise I-Cause
has I-Cause
opened I-Cause
up I-Cause
a I-Cause
larger I-Cause
array I-Cause
of I-Cause
use I-Cause
cases I-Cause
for I-Cause
the I-Cause
company I-Cause
's I-Cause
solutions. O
These O
factors O
have O
allowed O
ServiceNow B-Effect
to I-Effect
initially I-Effect
bore I-Effect
deeply I-Effect
into I-Effect
the I-Effect
IT I-Effect
function I-Effect
and I-Effect
then I-Effect
to I-Effect
expand I-Effect
to I-Effect
other I-Effect
non-IT I-Effect
functions I-Effect
. O

The B-Effect
recent I-Effect
approval I-Effect
of I-Effect
the I-Effect
ExoDx I-Effect
biopsy I-Effect
test I-Effect
was I-Effect
well-timed I-Effect
, O
given O
that O
the B-Cause
test I-Cause
can I-Cause
be I-Cause
sent I-Cause
directly I-Cause
to I-Cause
a I-Cause
patient I-Cause
's I-Cause
home I-Cause
for I-Cause
urine I-Cause
collection I-Cause
following I-Cause
approval I-Cause
from I-Cause
a I-Cause
telehealth I-Cause
doctor I-Cause
. O

Continued O
focuses O
on O
retail O
fundamentals O
( O
merchandising O
excellence O
, O
operational O
efficiency O
, O
supply O
chain O
improvements O
, O
and O
customer O
engagement O
) O
, O
Lowe B-Cause
's I-Cause
scale I-Cause
should O
help B-Effect
it I-Effect
leverage I-Effect
expenses I-Effect
and I-Effect
maintain I-Effect
its I-Effect
low-cost I-Effect
position I-Effect
. O

Still O
unless O
regulation B-Cause
goes I-Cause
so I-Cause
far I-Cause
as I-Cause
to I-Cause
require I-Cause
Telus I-Cause
to I-Cause
remove I-Cause
all I-Cause
existing I-Cause
Huawei I-Cause
equipment I-Cause
, O
which O
we O
think O
is O
unlikely O
, O
we O
do B-Effect
n't I-Effect
expect I-Effect
the I-Effect
cost I-Effect
of I-Effect
the I-Effect
potential I-Effect
ban I-Effect
to I-Effect
be I-Effect
too I-Effect
costly I-Effect
or I-Effect
impactful I-Effect
to I-Effect
Telus I-Effect
' I-Effect
network I-Effect
. O

Other O
product O
examples O
include O
Eaton O
's O
Engine O
Brake O
, O
which O
can O
reduce B-Effect
a I-Effect
truck I-Effect
driver I-Effect
's I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
by O
reducing B-Cause
the I-Cause
friction I-Cause
and I-Cause
heat I-Cause
wear I-Cause
and I-Cause
tear I-Cause
associated I-Cause
with I-Cause
breaking I-Cause
. O

In O
our O
base O
case O
, O
we B-Effect
assume I-Effect
ConvaTec I-Effect
can I-Effect
improve I-Effect
its I-Effect
gross I-Effect
margin I-Effect
by I-Effect
170 I-Effect
basis I-Effect
points I-Effect
to I-Effect
54 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
as O
more B-Cause
manufacturing I-Cause
is I-Cause
shifted I-Cause
over I-Cause
to I-Cause
the I-Cause
lower-cost I-Cause
geographies I-Cause
. O

The O
company O
is O
a O
merchant O
electric O
generator O
with O
stable B-Cause
, I-Cause
long-term I-Cause
power I-Cause
purchase I-Cause
agreements I-Cause
covering O
all O
of O
its O
geothermal O
output O
and O
virtually O
no O
variable O
fuel O
costs O
, O
and O
its O
contracts O
typically O
ensure O
a B-Effect
healthy I-Effect
return I-Effect
on I-Effect
capital I-Effect
for I-Effect
many I-Effect
years I-Effect
. O

Given B-Cause
the I-Cause
lucrative I-Cause
nature I-Cause
of I-Cause
selling I-Cause
high-margin I-Cause
tools I-Cause
to I-Cause
professionals I-Cause
, O
manufacturers B-Effect
have I-Effect
long I-Effect
sought I-Effect
to I-Effect
displace I-Effect
Snap-on I-Effect
with I-Effect
premium I-Effect
tools I-Effect
sold I-Effect
through I-Effect
commercial I-Effect
distributors I-Effect
. O

In O
addition O
, O
as O
the B-Cause
firm I-Cause
adds I-Cause
more I-Cause
users I-Cause
and I-Cause
compiles I-Cause
more I-Cause
user I-Cause
behavior I-Cause
data I-Cause
, O
limitations B-Effect
possibly I-Effect
imposed I-Effect
by I-Effect
regulatory I-Effect
agencies I-Effect
around I-Effect
the I-Effect
world I-Effect
on I-Effect
what I-Effect
user I-Effect
and I-Effect
usage I-Effect
data I-Effect
Snap I-Effect
can I-Effect
compile I-Effect
and I-Effect
how I-Effect
the I-Effect
data I-Effect
can I-Effect
be I-Effect
utilized I-Effect
, I-Effect
remain I-Effect
a I-Effect
risk I-Effect
. O

Although O
the O
pandemic O
's O
sales O
surge O
should O
ease O
in O
mid-2021 O
as O
vaccination B-Cause
rates I-Cause
rise I-Cause
and I-Cause
comparisons I-Cause
become I-Cause
challenging I-Cause
, O
O'Reilly B-Effect
's I-Effect
long-term I-Effect
strength I-Effect
remains I-Effect
rooted I-Effect
in I-Effect
its I-Effect
competitive I-Effect
advantages I-Effect
. O

We O
expect O
asset B-Effect
quality I-Effect
to I-Effect
remain I-Effect
stable I-Effect
for I-Effect
the I-Effect
remainder I-Effect
for I-Effect
2021 I-Effect
and I-Effect
any I-Effect
increase I-Effect
in I-Effect
credit I-Effect
cost I-Effect
limited I-Effect
to I-Effect
lower I-Effect
profitability I-Effect
, O
with O
the B-Cause
bank I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
remaining I-Cause
intact I-Cause
. O

In B-Cause
the I-Cause
U.S. I-Cause
, I-Cause
categories I-Cause
like I-Cause
soda I-Cause
and I-Cause
juice I-Cause
drinks I-Cause
are I-Cause
in I-Cause
secular I-Cause
volume I-Cause
decline I-Cause
, I-Cause
and I-Cause
even I-Cause
as I-Cause
industry I-Cause
titans I-Cause
continue I-Cause
to I-Cause
extract I-Cause
value I-Cause
from I-Cause
these I-Cause
markets I-Cause
, O
National B-Effect
Beverage I-Effect
's I-Effect
brands I-Effect
are I-Effect
on I-Effect
the I-Effect
periphery I-Effect
with I-Effect
very I-Effect
narrow I-Effect
audiences I-Effect
. O

Even O
after O
the O
benefits O
of O
the O
mandate O
are O
incurred O
, O
we O
think O
the B-Effect
aviation I-Effect
segment I-Effect
will I-Effect
maintain I-Effect
its I-Effect
foothold I-Effect
in I-Effect
defense I-Effect
and I-Effect
general I-Effect
aircraft I-Effect
as O
the B-Cause
avionics I-Cause
space I-Cause
is I-Cause
highly I-Cause
regulated I-Cause
and I-Cause
Garmin I-Cause
has I-Cause
proved I-Cause
its I-Cause
ability I-Cause
to I-Cause
obtain I-Cause
original-equipment I-Cause
manufacturer I-Cause
wins I-Cause
. O

Its B-Cause
innovative I-Cause
and I-Cause
effective I-Cause
cybersecurity I-Cause
products I-Cause
penetrated I-Cause
customer I-Cause
networks I-Cause
, O
and O
we O
believe O
replacing B-Effect
Palo I-Effect
Alto I-Effect
products I-Effect
and I-Effect
services I-Effect
would I-Effect
be I-Effect
considerably I-Effect
disruptive I-Effect
. O

Nestle B-Effect
has I-Effect
significant I-Effect
balance I-Effect
sheet I-Effect
optionality I-Effect
, O
and O
any B-Cause
transformative I-Cause
acquisitions I-Cause
or I-Cause
divestments I-Cause
could I-Cause
drive I-Cause
changes I-Cause
to I-Cause
our I-Cause
valuation I-Cause
, O
depending O
on O
the O
transaction O
value O
and O
the O
assets O
bought O
or O
divested O
. O

Hostess O
has O
responded O
to O
consumer O
concerns O
by O
launching B-Cause
some I-Cause
products I-Cause
without I-Cause
artificial I-Cause
flavors I-Cause
, I-Cause
colors I-Cause
, I-Cause
and I-Cause
HFCS I-Cause
, O
but O
if O
these O
changes O
alter B-Effect
the I-Effect
taste I-Effect
of I-Effect
the I-Effect
goods I-Effect
, O
consumers B-Effect
may I-Effect
balk I-Effect
. O

We O
expect O
HPE B-Effect
's I-Effect
intelligent I-Effect
edge I-Effect
to I-Effect
post I-Effect
growth I-Effect
as O
enterprises B-Cause
install I-Cause
more I-Cause
software-defined I-Cause
networking I-Cause
and I-Cause
use I-Cause
more I-Cause
wireless I-Cause
products I-Cause
closer I-Cause
to I-Cause
the I-Cause
end I-Cause
users I-Cause
. O

Our O
high B-Effect
uncertainty I-Effect
rating I-Effect
reflects O
Komatsu B-Cause
's I-Cause
high I-Cause
leverage I-Cause
to I-Cause
construction I-Cause
activity I-Cause
, I-Cause
infrastructure I-Cause
spending I-Cause
, I-Cause
economic I-Cause
activity I-Cause
, I-Cause
consumer I-Cause
spending I-Cause
, I-Cause
mining I-Cause
activity I-Cause
, I-Cause
and I-Cause
the I-Cause
cyclicality I-Cause
of I-Cause
commodity I-Cause
prices I-Cause
. O

All O
in O
all O
, O
this B-Effect
is I-Effect
slightly I-Effect
positive I-Effect
because O
the B-Cause
return I-Cause
cut I-Cause
in I-Cause
ED-2 I-Cause
might I-Cause
be I-Cause
less I-Cause
harsh I-Cause
than I-Cause
in I-Cause
RIIO-2 I-Cause
should I-Cause
Gilt I-Cause
yields I-Cause
increase I-Cause
and I-Cause
WPD I-Cause
assets I-Cause
have I-Cause
been I-Cause
well I-Cause
performing I-Cause
historically I-Cause
unlike I-Cause
NGGT I-Cause
. O

More O
importantly O
, O
Roper B-Effect
's I-Effect
businesses I-Effect
tend I-Effect
to I-Effect
be I-Effect
in I-Effect
more I-Effect
oligopolistic I-Effect
, I-Effect
niche I-Effect
markets I-Effect
that O
have O
little O
risk O
of O
disruption O
given O
the B-Cause
small I-Cause
size I-Cause
of I-Cause
their I-Cause
total I-Cause
addressable I-Cause
markets I-Cause
and I-Cause
the I-Cause
importance I-Cause
of I-Cause
customer I-Cause
intimacy I-Cause
. O

We O
believe O
that O
Tencent O
will O
generate B-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
via O
various B-Cause
monetization I-Cause
sources I-Cause
, I-Cause
such I-Cause
as I-Cause
online I-Cause
gaming I-Cause
, I-Cause
subscriptions I-Cause
, I-Cause
advertising I-Cause
, I-Cause
and I-Cause
payment I-Cause
. O

Scale B-Cause
and I-Cause
deepening I-Cause
relationships I-Cause
should O
help O
O'Reilly B-Cause
curry I-Cause
favor I-Cause
with I-Cause
vendors I-Cause
and I-Cause
efficiently I-Cause
manage I-Cause
inventory I-Cause
, O
leading O
its B-Effect
payables/inventory I-Effect
ratio I-Effect
to I-Effect
average I-Effect
111 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
approximating O
AutoZone O
's O
pre-pandemic O
marks O
. O

We B-Effect
anticipate I-Effect
2021 I-Effect
capacity I-Effect
will I-Effect
be I-Effect
about I-Effect
83 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
, I-Effect
2021 I-Effect
load I-Effect
factors I-Effect
will I-Effect
be I-Effect
at I-Effect
roughly I-Effect
74 I-Effect
% I-Effect
, O
and O
that O
yields B-Cause
will I-Cause
increase I-Cause
with I-Cause
demand I-Cause
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
has O
presented O
a O
challenge O
as O
most B-Effect
company-owned I-Effect
and I-Effect
third-party I-Effect
stores I-Effect
that I-Effect
carry I-Effect
its I-Effect
products I-Effect
have I-Effect
suffered I-Effect
temporary I-Effect
closures I-Effect
. O

In O
our O
opinion O
, O
Nvidia B-Cause
tends I-Cause
to I-Cause
provide I-Cause
more I-Cause
reliable I-Cause
drivers I-Cause
for I-Cause
most I-Cause
games I-Cause
that I-Cause
allows I-Cause
gamers I-Cause
to I-Cause
take I-Cause
full I-Cause
advantage I-Cause
of I-Cause
its I-Cause
GPUs I-Cause
, I-Cause
while I-Cause
AMD I-Cause
is I-Cause
unable I-Cause
to I-Cause
match I-Cause
Nvidia I-Cause
in I-Cause
breadth I-Cause
and I-Cause
consistency I-Cause
of I-Cause
driver I-Cause
updates. O
Consequently O
, O
consumers B-Effect
have I-Effect
favored I-Effect
Nvidia I-Effect
's I-Effect
GPUs I-Effect
for I-Effect
gaming I-Effect
, I-Effect
with I-Effect
the I-Effect
firm I-Effect
boasting I-Effect
over I-Effect
80 I-Effect
% I-Effect
share I-Effect
in I-Effect
the I-Effect
discrete I-Effect
GPU I-Effect
market I-Effect
, I-Effect
with I-Effect
little I-Effect
resistance I-Effect
from I-Effect
AMD I-Effect
at I-Effect
the I-Effect
leading-edge I-Effect
. O

Ball B-Effect
will I-Effect
face I-Effect
modest I-Effect
beverage I-Effect
can I-Effect
demand I-Effect
growth I-Effect
in I-Effect
its I-Effect
developed I-Effect
markets I-Effect
, O
North O
America O
and O
Europe O
, O
as O
a O
result O
of O
falling B-Cause
carbonated I-Cause
soft I-Cause
drink I-Cause
and I-Cause
mainstream I-Cause
beer I-Cause
volume I-Cause
, I-Cause
offset I-Cause
by I-Cause
a I-Cause
mix I-Cause
shift I-Cause
from I-Cause
bottles I-Cause
to I-Cause
cans I-Cause
among I-Cause
craft I-Cause
brewers I-Cause
. O

With O
the B-Cause
resurgence I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
in I-Cause
parts I-Cause
of I-Cause
the I-Cause
country I-Cause
, O
we B-Effect
slightly I-Effect
pull I-Effect
back I-Effect
our I-Effect
top I-Effect
and I-Effect
bottom I-Effect
line I-Effect
forecast I-Effect
for I-Effect
2021 I-Effect
but O
maintain O
a O
favorable O
longer-term O
view O
on O
the O
company O
. O

Additionally O
, O
some B-Cause
of I-Cause
Merck I-Cause
's I-Cause
biologics I-Cause
are I-Cause
sold I-Cause
in I-Cause
combination I-Cause
with I-Cause
an I-Cause
administrative I-Cause
device I-Cause
, O
which O
adds B-Effect
to I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
returns I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

However O
, O
recent B-Cause
rate I-Cause
cases I-Cause
have I-Cause
allowed I-Cause
forward-looking I-Cause
estimates I-Cause
of I-Cause
capital I-Cause
expenditures I-Cause
and I-Cause
projected I-Cause
rate I-Cause
base I-Cause
, O
allowing O
Consolidated O
Edison O
Company O
of O
New O
York O
, O
Con O
Ed O
's O
largest O
subsidiary O
, O
to O
earn B-Effect
above I-Effect
its I-Effect
allowed I-Effect
returns I-Effect
. O

This B-Cause
has O
helped B-Effect
the I-Effect
company I-Effect
maintain I-Effect
above I-Effect
average I-Effect
levels I-Effect
of I-Effect
annual I-Effect
organic I-Effect
growth I-Effect
despite O
the O
increased O
size O
and O
scale O
of O
its O
operations O
. O

The B-Cause
contractor I-Cause
bears I-Cause
the I-Cause
financial I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
for I-Cause
these I-Cause
programs I-Cause
, O
so O
a B-Effect
poorly I-Effect
executed I-Effect
development I-Effect
program I-Effect
would I-Effect
financially I-Effect
strain I-Effect
Lockheed I-Effect
. O

Although O
Perrigo O
's O
established O
relationship O
with O
mass O
retailers O
helps O
the O
company O
's O
competitive O
positioning O
, O
there B-Cause
are I-Cause
few I-Cause
consolidated I-Cause
retail I-Cause
chains I-Cause
pushing I-Cause
private I-Cause
labels I-Cause
in I-Cause
most I-Cause
other I-Cause
global I-Cause
OTC I-Cause
markets I-Cause
, O
limiting O
Perrigo B-Effect
's I-Effect
growth I-Effect
opportunities O
. O

CyrusOne B-Effect
believes I-Effect
it I-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
competitors I-Effect
that O
stems O
mostly O
from O
the B-Cause
type I-Cause
of I-Cause
personnel I-Cause
it I-Cause
employs I-Cause
and I-Cause
the I-Cause
company I-Cause
culture I-Cause
to O
continually B-Effect
find I-Effect
ways I-Effect
to I-Effect
be I-Effect
the I-Effect
low-cost I-Effect
builder I-Effect
in I-Effect
the I-Effect
industry I-Effect
and I-Effect
have I-Effect
more I-Effect
flexible I-Effect
and I-Effect
efficient I-Effect
data I-Effect
centers I-Effect
. O

The O
Verbund O
concept O
amplifies B-Effect
the I-Effect
benefits I-Effect
of O
economies O
of O
scale O
from O
massive O
production O
facilities O
by O
clustering B-Cause
these I-Cause
plants I-Cause
together I-Cause
and O
linking B-Cause
them I-Cause
through I-Cause
a I-Cause
system I-Cause
of I-Cause
pipelines I-Cause
. O

In O
the O
longer O
term O
, O
we O
expect O
pharma B-Effect
will I-Effect
drive I-Effect
firmwide I-Effect
growth I-Effect
as O
the B-Cause
other I-Cause
segments I-Cause
return I-Cause
to I-Cause
near-GDP-level I-Cause
growth I-Cause
, O
and O
we O
expect O
average O
growth O
in O
pharma O
of O
8 O
% O
through O
our O
explicit O
forecast O
period O
. O

Sempra B-Effect
management I-Effect
limits I-Effect
the I-Effect
risk I-Effect
with I-Effect
LNG I-Effect
development I-Effect
by O
entering B-Cause
into I-Cause
long-term I-Cause
contracts I-Cause
with I-Cause
creditworthy I-Cause
counterparties I-Cause
, O
many O
of O
which O
also O
become O
equity O
owners O
. O

This B-Effect
will I-Effect
make I-Effect
Ecolab I-Effect
's I-Effect
water I-Effect
management I-Effect
systems I-Effect
that I-Effect
reduce I-Effect
a I-Effect
customer I-Effect
's I-Effect
water I-Effect
usage I-Effect
more I-Effect
valuable I-Effect
, O
as O
the B-Cause
systems I-Cause
will I-Cause
reduce I-Cause
customer I-Cause
operating I-Cause
expenses I-Cause
. O

Canadian B-Cause
regulation I-Cause
also O
makes B-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
bad I-Effect
credit I-Effect
to I-Effect
be I-Effect
issued I-Effect
, O
including O
mandatory O
insurance O
and O
standards O
on O
riskier O
mortgage O
loans O
, O
not O
having O
a O
government-sponsored O
enterprise O
, O
like O
a O
government-subsidized O
mortgage O
securitization O
market O
, O
and O
forcing O
banks O
to O
hold O
more O
of O
the O
risk O
on O
their O
own O
balance O
sheets O
. O

We O
are O
broadly O
assuming O
GDP-like B-Effect
growth I-Effect
in I-Effect
the I-Effect
defense I-Effect
business I-Effect
as O
we B-Cause
do I-Cause
n't I-Cause
anticipate I-Cause
substantial I-Cause
growth I-Cause
in I-Cause
higher-margin I-Cause
international I-Cause
defense I-Cause
sales I-Cause
. O

We O
believe O
that O
leveraging B-Cause
advancements I-Cause
in I-Cause
technology I-Cause
helps O
to O
drive O
growth B-Effect
for I-Effect
the I-Effect
company I-Effect
and I-Effect
improve I-Effect
the I-Effect
competitiveness I-Effect
of I-Effect
its I-Effect
products I-Effect
. O

While O
Bayer O
's O
crop O
science O
business O
is O
well O
positioned O
, O
the O
challenges B-Cause
caused I-Cause
by I-Cause
COVID-19 I-Cause
are O
reducing B-Effect
demand I-Effect
for I-Effect
some I-Effect
crop I-Effect
science I-Effect
products I-Effect
. O

If O
interest B-Cause
rates I-Cause
rise I-Cause
without I-Cause
corresponding I-Cause
income I-Cause
growth I-Cause
, O
there O
is O
a B-Effect
risk I-Effect
that I-Effect
yield-searching I-Effect
capital I-Effect
will I-Effect
flow I-Effect
out I-Effect
of I-Effect
REITs I-Effect
, I-Effect
pressuring I-Effect
asset I-Effect
values I-Effect
and I-Effect
limiting I-Effect
capital I-Effect
alternatives I-Effect
for I-Effect
Aimco I-Effect
. O

In O
our O
view O
, O
IAC O
has O
invested O
in O
areas O
within O
ANGI O
Homeservices O
that O
have O
resulted O
in O
basically O
a B-Cause
feedback I-Cause
loop I-Cause
-- O
attracting O
more O
service O
professionals O
who O
have O
helped O
bring O
in O
more O
consumers O
who O
in O
turn O
have O
attracted O
more O
service O
professionals O
, O
and O
so O
on O
, O
thereby O
strengthening B-Effect
ANGI I-Effect
's I-Effect
network I-Effect
effect I-Effect
. O

After O
the B-Cause
2018 I-Cause
acquisition I-Cause
of I-Cause
Randgold I-Cause
, O
Barrick B-Effect
Gold I-Effect
holds I-Effect
a I-Effect
large I-Effect
portfolio I-Effect
of I-Effect
mines I-Effect
, O
with O
more O
than O
10 O
mines O
individually O
producing O
200,000 O
ounces O
or O
more O
. O

The B-Effect
firm I-Effect
should I-Effect
enjoy I-Effect
opportunities I-Effect
to I-Effect
build I-Effect
the I-Effect
brand I-Effect
globally I-Effect
while I-Effect
improving I-Effect
its I-Effect
cost I-Effect
structure I-Effect
, O
owing O
to O
an B-Cause
improving I-Cause
supply I-Cause
chain I-Cause
and I-Cause
distribution I-Cause
network I-Cause
as O
a O
result O
of O
direct B-Cause
sourcing I-Cause
and I-Cause
furniture I-Cause
delivery I-Cause
operations I-Cause
. O

We O
expect O
a B-Effect
portion I-Effect
of I-Effect
idled I-Effect
paper I-Effect
capacity I-Effect
will I-Effect
be I-Effect
converted I-Effect
to I-Effect
linerboard I-Effect
production I-Effect
, O
attracted O
by O
the B-Cause
corrugated I-Cause
industry I-Cause
's I-Cause
healthy I-Cause
economics I-Cause
. O

On O
globalization O
, O
third-party B-Effect
merchants I-Effect
are I-Effect
successfully I-Effect
reaching I-Effect
Lazada I-Effect
's I-Effect
users I-Effect
across I-Effect
Southeast I-Effect
Asia I-Effect
, I-Effect
something I-Effect
that I-Effect
should I-Effect
continue I-Effect
as O
the B-Cause
company I-Cause
rolls I-Cause
out I-Cause
incremental I-Cause
personalized I-Cause
mobile I-Cause
marketing I-Cause
and I-Cause
content I-Cause
opportunities I-Cause
. O

Tesla B-Effect
has I-Effect
upside I-Effect
margin I-Effect
potential I-Effect
if O
it B-Cause
can I-Cause
reduce I-Cause
its I-Cause
battery I-Cause
cost I-Cause
, I-Cause
significantly I-Cause
exceed I-Cause
our I-Cause
delivery I-Cause
estimates I-Cause
, I-Cause
and I-Cause
have I-Cause
a I-Cause
high-margin I-Cause
storage I-Cause
and I-Cause
autonomous I-Cause
ride-hailing I-Cause
business I-Cause
. O

Although O
the B-Cause
city I-Cause
has I-Cause
recovered I-Cause
from I-Cause
tragedy I-Cause
before I-Cause
, O
there O
is O
the B-Effect
risk I-Effect
that I-Effect
pandemic I-Effect
dents I-Effect
the I-Effect
city I-Effect
's I-Effect
reputation I-Effect
and I-Effect
causes I-Effect
it I-Effect
to I-Effect
lose I-Effect
its I-Effect
appeal I-Effect
as I-Effect
a I-Effect
desination I-Effect
for I-Effect
office I-Effect
real I-Effect
estate I-Effect
. O

The O
business O
jet O
market O
is O
only O
about O
700 O
deliveries O
annually O
( O
roughly O
200 O
of O
which O
are O
long-range O
large-cabin O
) O
and O
demand B-Effect
is I-Effect
generally I-Effect
driven I-Effect
by I-Effect
new B-Cause
, I-Cause
high-quality I-Cause
products I-Cause
, O
as O
previous B-Cause
customers I-Cause
must I-Cause
be I-Cause
convinced I-Cause
to I-Cause
upgrade I-Cause
. O

We B-Effect
rate I-Effect
Digital I-Effect
Realty I-Effect
as I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
stock I-Effect
primarily I-Effect
because O
the B-Cause
capital-heavy I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
minimizes I-Cause
its I-Cause
ability I-Cause
to I-Cause
be I-Cause
agile I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
a I-Cause
market I-Cause
downturn I-Cause
. O

In B-Cause
many I-Cause
cases I-Cause
, I-Cause
Viper I-Cause
acquires I-Cause
leases I-Cause
where I-Cause
most I-Cause
of I-Cause
the I-Cause
payments I-Cause
have I-Cause
already I-Cause
been I-Cause
committed I-Cause
to I-Cause
the I-Cause
extended I-Cause
family I-Cause
members I-Cause
of I-Cause
the I-Cause
original I-Cause
lease I-Cause
owner I-Cause
, O
reducing B-Effect
the I-Effect
net I-Effect
royalty I-Effect
to I-Effect
Viper I-Effect
. O

As O
apparel B-Cause
sales I-Cause
shift I-Cause
to I-Cause
digital I-Cause
channels I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
view I-Effect
a I-Effect
two I-Effect
thirds I-Effect
increase I-Effect
in I-Effect
Old I-Effect
Navy I-Effect
's I-Effect
store I-Effect
base I-Effect
in I-Effect
a I-Effect
decade I-Effect
as I-Effect
economically I-Effect
viable I-Effect
. O

We O
think O
this O
is O
reflective O
of O
the O
fact O
that O
agents B-Effect
are I-Effect
willing I-Effect
to I-Effect
dedicate I-Effect
a I-Effect
higher I-Effect
percentage I-Effect
of I-Effect
their I-Effect
advertising I-Effect
budget I-Effect
toward I-Effect
Zillow I-Effect
as O
it B-Cause
becomes I-Cause
the I-Cause
clear I-Cause
market I-Cause
share I-Cause
leader I-Cause
with I-Cause
access I-Cause
to I-Cause
the I-Cause
largest I-Cause
network I-Cause
of I-Cause
transaction I-Cause
ready I-Cause
homebuyers I-Cause
. O

The B-Cause
firm I-Cause
will I-Cause
use I-Cause
any I-Cause
excess I-Cause
capital I-Cause
generated I-Cause
from I-Cause
the I-Cause
S I-Cause
& I-Cause
L I-Cause
segment I-Cause
( I-Cause
like I-Cause
in I-Cause
2019 I-Cause
) I-Cause
to I-Cause
fund I-Cause
organic I-Cause
investments I-Cause
, I-Cause
reduce I-Cause
debt I-Cause
, I-Cause
and I-Cause
opportunistically I-Cause
purchase I-Cause
stock I-Cause
versus B-Effect
pursue I-Effect
unsustainable I-Effect
distribution I-Effect
increases I-Effect
. O

On O
the O
one O
hand O
, O
we O
generally O
believe O
that O
companies B-Cause
that I-Cause
trade I-Cause
at I-Cause
higher I-Cause
multiples I-Cause
face B-Effect
more I-Effect
severe I-Effect
consequences I-Effect
for I-Effect
risks I-Effect
that I-Effect
ultimately I-Effect
become I-Effect
reality I-Effect
. O

Strong B-Effect
demand I-Effect
is I-Effect
expected I-Effect
for I-Effect
the I-Effect
Asia/Pacific I-Effect
segment I-Effect
, I-Effect
where I-Effect
we I-Effect
are I-Effect
forecasting I-Effect
approximately I-Effect
4 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years. O
This O
is O
a O
result O
of O
having B-Cause
a I-Cause
low I-Cause
base I-Cause
of I-Cause
revenue I-Cause
combined I-Cause
with I-Cause
strong I-Cause
trends I-Cause
toward I-Cause
mechanization I-Cause
, I-Cause
farm I-Cause
consolidation I-Cause
, I-Cause
and I-Cause
protein I-Cause
consumption I-Cause
. O

Because O
Corning B-Cause
's I-Cause
sales I-Cause
double I-Cause
that I-Cause
of I-Cause
its I-Cause
closest I-Cause
competitor I-Cause
, O
AGC O
, O
it B-Cause
can I-Cause
spread I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
over I-Cause
a I-Cause
larger I-Cause
volume I-Cause
, O
resulting O
in O
an B-Effect
enduring I-Effect
lower I-Effect
average I-Effect
cost I-Effect
per I-Effect
glass I-Effect
substrate I-Effect
. O

In O
terms O
of O
ESG-related O
risks O
, O
because O
KCS B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
surrounding I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

The O
headline O
uncertainty O
at O
the O
moment O
is O
the O
extended O
grounding O
of O
the O
737 O
MAX O
aircraft O
, O
which O
has O
flooded B-Effect
Boeing I-Effect
's I-Effect
balance I-Effect
sheet I-Effect
with I-Effect
excess I-Effect
inventory I-Effect
as O
the B-Cause
aircraft I-Cause
continues I-Cause
to I-Cause
be I-Cause
produced I-Cause
but I-Cause
not I-Cause
sold I-Cause
. O

We O
believe O
that O
the B-Cause
uniqueness I-Cause
of I-Cause
Arista I-Cause
's I-Cause
EOS I-Cause
software I-Cause
and I-Cause
hardware I-Cause
, I-Cause
coupled I-Cause
with I-Cause
the I-Cause
high I-Cause
cost I-Cause
of I-Cause
changing I-Cause
vendors I-Cause
in I-Cause
a I-Cause
product I-Cause
refresh I-Cause
cycle I-Cause
every I-Cause
three I-Cause
to I-Cause
seven I-Cause
years I-Cause
, O
creates O
a B-Effect
reluctance I-Effect
to I-Effect
displace I-Effect
Arista I-Effect
's I-Effect
infrastructure I-Effect
. O

These B-Effect
labels I-Effect
may I-Effect
have I-Effect
the I-Effect
power I-Effect
to I-Effect
raise I-Effect
the I-Effect
royalties I-Effect
that I-Effect
Spotify I-Effect
owes I-Effect
on I-Effect
songs I-Effect
, O
especially O
if B-Cause
Spotify I-Cause
starts I-Cause
to I-Cause
become I-Cause
too I-Cause
powerful I-Cause
or I-Cause
popular I-Cause
. O

In O
the O
near O
term O
, O
we B-Cause
have I-Cause
client I-Cause
assets I-Cause
growing I-Cause
slowly I-Cause
after I-Cause
the I-Cause
recent I-Cause
strong I-Cause
run I-Cause
in I-Cause
the I-Cause
stock I-Cause
market I-Cause
and I-Cause
then I-Cause
normalized I-Cause
growth I-Cause
of I-Cause
around I-Cause
6 I-Cause
% I-Cause
thereafter. O
This O
drives B-Effect
about I-Effect
7 I-Effect
% I-Effect
growth I-Effect
in I-Effect
asset I-Effect
management I-Effect
revenue I-Effect
after I-Effect
accounting I-Effect
for I-Effect
client I-Effect
assets I-Effect
shifting I-Effect
to I-Effect
fee-based I-Effect
from I-Effect
commission-based I-Effect
charging I-Effect
arrangements I-Effect
and I-Effect
general I-Effect
fee I-Effect
compression I-Effect
. O

While O
Kroger O
will O
likely O
pursue O
partnerships O
and O
bolt-on O
acquisitions O
, O
we B-Effect
do I-Effect
not I-Effect
incorporate I-Effect
such I-Effect
deals I-Effect
into I-Effect
our I-Effect
valuation I-Effect
because O
of O
their B-Cause
uncertain I-Cause
nature I-Cause
and I-Cause
timing I-Cause
. O

Given O
that O
a B-Cause
farmer I-Cause
's I-Cause
field I-Cause
data I-Cause
is I-Cause
contained I-Cause
in I-Cause
the I-Cause
app I-Cause
, O
we O
think O
the B-Effect
digital I-Effect
retail I-Effect
business I-Effect
offers I-Effect
traces I-Effect
of I-Effect
switching I-Effect
costs I-Effect
as O
farmers O
are O
unlikely O
to O
switch O
as O
the B-Cause
app I-Cause
will I-Cause
become I-Cause
an I-Cause
integral I-Cause
part I-Cause
of I-Cause
their I-Cause
business I-Cause
. O

The B-Cause
steady I-Cause
, I-Cause
stable I-Cause
stream I-Cause
of I-Cause
revenue I-Cause
has O
allowed O
Realty B-Effect
Income I-Effect
to I-Effect
be I-Effect
one I-Effect
of I-Effect
only I-Effect
two I-Effect
REITs I-Effect
to I-Effect
be I-Effect
members I-Effect
of I-Effect
the I-Effect
S I-Effect
& I-Effect
P I-Effect
High-Yield I-Effect
Dividend I-Effect
Aristocrats I-Effect
Index I-Effect
and I-Effect
have I-Effect
a I-Effect
credit I-Effect
rating I-Effect
of I-Effect
A- I-Effect
or I-Effect
better I-Effect
. O

We O
believe O
that O
it B-Cause
is I-Cause
very I-Cause
difficult I-Cause
for I-Cause
profit-maximising I-Cause
banks I-Cause
to I-Cause
compete I-Cause
profitably I-Cause
in I-Cause
an I-Cause
environment I-Cause
where O
their B-Effect
competition I-Effect
is I-Effect
not I-Effect
pricing I-Effect
products I-Effect
to I-Effect
maximise I-Effect
profits I-Effect
for I-Effect
shareholders I-Effect
, O
but O
rather O
to O
provide O
the O
products O
at O
an O
affordable O
rate O
to O
their O
members O
. O

Additionally O
, O
customers B-Cause
overall I-Cause
are I-Cause
re-upping I-Cause
for I-Cause
more I-Cause
than I-Cause
one I-Cause
solution I-Cause
, O
as O
more B-Cause
than I-Cause
75 I-Cause
% I-Cause
of I-Cause
customers I-Cause
are I-Cause
multi-product I-Cause
purchasers I-Cause
, O
which O
is O
driving B-Effect
deal I-Effect
sizes I-Effect
higher I-Effect
. O

So O
while O
we O
think O
Illumina B-Cause
's I-Cause
advantages I-Cause
are O
likely O
to O
lead O
to O
economic B-Effect
profitability I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
we O
remain B-Effect
uncertain I-Effect
that I-Effect
those I-Effect
advantages I-Effect
will I-Effect
extend I-Effect
for I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
, O
given O
the B-Cause
ongoing I-Cause
disruptive I-Cause
technology I-Cause
risk I-Cause
in I-Cause
this I-Cause
field I-Cause
. O

We O
expect O
soaps B-Cause
and I-Cause
sanitizers I-Cause
to I-Cause
enjoy I-Cause
solid I-Cause
demand I-Cause
through I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
, O
supporting B-Effect
our I-Effect
bump I-Effect
in I-Effect
intrinsic I-Effect
value I-Effect
. O

The B-Cause
growth I-Cause
in I-Cause
the I-Cause
PC I-Cause
market I-Cause
allowed O
Intel B-Effect
to I-Effect
invest I-Effect
heavily I-Effect
in I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
to I-Effect
fuel I-Effect
continued I-Effect
progress I-Effect
in I-Effect
the I-Effect
x86 I-Effect
architecture I-Effect
and I-Effect
software I-Effect
developer I-Effect
network I-Effect
. O

We B-Cause
think I-Cause
Medtronic I-Cause
's I-Cause
diversified I-Cause
medical I-Cause
technology I-Cause
portfolio I-Cause
allows B-Effect
it I-Effect
to I-Effect
better I-Effect
weather I-Effect
occasional I-Effect
glitches I-Effect
in I-Effect
the I-Effect
development I-Effect
or I-Effect
approval I-Effect
process I-Effect
for I-Effect
any I-Effect
particular I-Effect
new I-Effect
device I-Effect
. O

This O
enables O
Advance B-Effect
to I-Effect
improve I-Effect
its I-Effect
inventory I-Effect
turnover I-Effect
despite I-Effect
high I-Effect
availability I-Effect
( O
subject O
to O
the O
constraints O
of O
a O
low-turn O
industry O
) O
by O
holding B-Cause
slow-moving I-Cause
items I-Cause
at I-Cause
distribution I-Cause
centers I-Cause
and I-Cause
hub I-Cause
stores I-Cause
serving I-Cause
many I-Cause
traditional I-Cause
locations I-Cause
in I-Cause
their I-Cause
vicinity I-Cause
. O

In O
terms O
of O
ESG-related O
risks O
, O
we O
note O
that O
because O
UP B-Cause
carries I-Cause
a I-Cause
meaningful I-Cause
amount I-Cause
of I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
associated I-Effect
with I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

We O
expect O
potash B-Effect
prices I-Effect
to I-Effect
increase I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
demand B-Cause
rebounds I-Cause
and I-Cause
grows I-Cause
in I-Cause
line I-Cause
with I-Cause
production I-Cause
from I-Cause
new I-Cause
greenfield I-Cause
mines I-Cause
. O

The O
relationships O
and O
customer O
experience O
feed O
on O
each O
other O
, O
with B-Cause
TJX I-Cause
's I-Cause
vendor I-Cause
relationships I-Cause
enabling O
a B-Effect
low-cost I-Effect
, I-Effect
high-value I-Effect
branded I-Effect
assortment I-Effect
that I-Effect
draws I-Effect
customers I-Effect
, I-Effect
traffic I-Effect
that I-Effect
adds I-Effect
to I-Effect
TJX I-Effect
's I-Effect
value I-Effect
to I-Effect
its I-Effect
suppliers I-Effect
. I-Effect

We O
project O
$ B-Effect
1 I-Effect
billion I-Effect
in I-Effect
dispositions I-Effect
per I-Effect
year I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
looks I-Cause
to I-Cause
sell I-Cause
near I-Cause
the I-Cause
top I-Cause
of I-Cause
the I-Cause
market I-Cause
while O
acquiring B-Effect
a I-Effect
similar I-Effect
amount I-Effect
each I-Effect
year I-Effect
as O
the B-Cause
company I-Cause
looks I-Cause
to I-Cause
recycle I-Cause
lower-quality I-Cause
assets I-Cause
to I-Cause
fund I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
higher-quality I-Cause
assets I-Cause
. O

As O
the B-Cause
government I-Cause
also I-Cause
controls I-Cause
its I-Cause
two I-Cause
competitors I-Cause
, I-Cause
China I-Cause
Unicom I-Cause
and I-Cause
China I-Cause
Telecom I-Cause
, O
it B-Effect
wants I-Effect
a I-Effect
more I-Effect
even I-Effect
distribution I-Effect
of I-Effect
customers I-Effect
. O

Activision O
is O
not O
as O
exposed O
to O
the O
mobile/tablet O
market O
as O
some O
of O
its O
competitors O
and O
may O
lose B-Effect
overall I-Effect
market I-Effect
and I-Effect
mind I-Effect
share I-Effect
to I-Effect
those I-Effect
firms I-Effect
as O
this O
market B-Cause
becomes I-Cause
more I-Cause
important I-Cause
. O

Still O
, O
such B-Cause
risks I-Cause
, O
in O
our O
view O
, O
would O
only O
gradually B-Effect
chip I-Effect
away I-Effect
at I-Effect
Intuit I-Effect
's I-Effect
accounting I-Effect
and I-Effect
tax I-Effect
dominance I-Effect
, O
given O
the B-Cause
force I-Cause
of I-Cause
its I-Cause
network I-Cause
effect I-Cause
and I-Cause
its I-Cause
financial I-Cause
health I-Cause
equipping I-Cause
Intuit B-Effect
with I-Effect
the I-Effect
ability I-Effect
to I-Effect
turn I-Effect
the I-Effect
tides I-Effect
. O

We O
still O
expect O
industry B-Effect
gaming I-Effect
revenue I-Effect
in I-Effect
Macau I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
, O
as O
we O
expect O
pent-up B-Cause
demand I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
. O

Aquatic B-Cause
systems I-Cause
, I-Cause
roughly I-Cause
33 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
revenue I-Cause
, I-Cause
is I-Cause
the I-Cause
crown I-Cause
jewel I-Cause
in I-Cause
Pentair I-Cause
's I-Cause
portfolio I-Cause
, O
as O
it B-Effect
is I-Effect
both I-Effect
the I-Effect
fastest-growing I-Effect
and I-Effect
most I-Effect
profitable I-Effect
segment I-Effect
. O

The O
addition O
of O
Cobalt O
, O
Pursuit O
, O
and O
Maverick O
within O
the O
last O
five O
years O
has O
provided O
robust O
sales O
growth O
for O
the O
firm O
( O
averaging O
26 O
% O
) O
, O
thanks O
to O
a B-Cause
strategy I-Cause
based I-Cause
on I-Cause
fit I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
raise I-Cause
shareholder I-Cause
value. O
As O
a O
result O
, O
our B-Effect
model I-Effect
expects I-Effect
tie-ups I-Effect
every I-Effect
other I-Effect
year I-Effect
in I-Effect
the I-Effect
$ I-Effect
100 I-Effect
million- I-Effect
$ I-Effect
150 I-Effect
million I-Effect
price I-Effect
range I-Effect
, I-Effect
providing I-Effect
a I-Effect
volume I-Effect
bump I-Effect
of I-Effect
around I-Effect
1,000 I-Effect
incremental I-Effect
units I-Effect
. O

Though O
we O
also O
see O
switching B-Effect
costs I-Effect
with I-Effect
these I-Effect
products I-Effect
as O
they O
benefit O
from O
similar B-Cause
dynamics I-Cause
as I-Cause
the I-Cause
prescription I-Cause
business I-Cause
, O
switching B-Effect
costs I-Effect
in I-Effect
this I-Effect
sub-segment I-Effect
are I-Effect
probably I-Effect
a I-Effect
bit I-Effect
weaker I-Effect
considering O
the O
lower B-Cause
barrier I-Cause
to I-Cause
regulatory I-Cause
approval I-Cause
for I-Cause
OTC I-Cause
products I-Cause
. O

That O
said O
, O
Canadian O
grain O
and O
potash O
shipments O
are O
providing O
a O
nice O
lift O
and O
volumes B-Effect
across I-Effect
most I-Effect
end I-Effect
markets I-Effect
are I-Effect
rebounding I-Effect
as O
lockdowns B-Cause
across I-Cause
Canada I-Cause
and I-Cause
the I-Cause
U.S I-Cause
. O

However O
, O
the B-Cause
threats I-Cause
posed I-Cause
by I-Cause
AMD I-Cause
in I-Cause
x86 I-Cause
CPUs I-Cause
, I-Cause
ARM-based I-Cause
CPUs I-Cause
developed I-Cause
by I-Cause
Intel I-Cause
's I-Cause
customers I-Cause
, I-Cause
Nvidia I-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
artificial I-Cause
intelligence I-Cause
computing I-Cause
, I-Cause
and I-Cause
Intel I-Cause
's I-Cause
recent I-Cause
manufacturing I-Cause
struggles I-Cause
with O
its O
10-nanometer O
process O
collectively O
lead O
to O
our B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Intel I-Effect
. O

We B-Effect
're I-Effect
anticipating I-Effect
that I-Effect
Huntington I-Effect
Ingalls I-Effect
' I-Effect
top I-Effect
line I-Effect
will I-Effect
slow I-Effect
materially I-Effect
in I-Effect
2021 I-Effect
as O
production B-Cause
reaches I-Cause
capacity I-Cause
and I-Cause
further I-Cause
growth I-Cause
becomes I-Cause
difficult I-Cause
, O
and O
we O
expect O
a O
2.3 O
% O
compound O
annual O
revenue O
growth O
rate O
over O
our O
forecast O
period O
. O

NextEra B-Cause
's I-Cause
Florida I-Cause
utility I-Cause
plans I-Cause
to I-Cause
invest I-Cause
aggressively I-Cause
to I-Cause
build I-Cause
out I-Cause
its I-Cause
solar I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
state. O
This O
would O
reduce O
the B-Effect
utility I-Effect
's I-Effect
reliance I-Effect
on I-Effect
natural I-Effect
gas I-Effect
and I-Effect
nuclear I-Effect
generation I-Effect
, I-Effect
although I-Effect
both I-Effect
forms I-Effect
of I-Effect
generation I-Effect
will I-Effect
play I-Effect
a I-Effect
key I-Effect
role I-Effect
in I-Effect
grid I-Effect
reliability I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

However O
, O
deals B-Effect
could I-Effect
prove I-Effect
less I-Effect
beneficial I-Effect
if O
the B-Cause
firm I-Cause
is I-Cause
forced I-Cause
to I-Cause
pay I-Cause
an I-Cause
excessive I-Cause
premium I-Cause
or I-Cause
stumbles I-Cause
in I-Cause
the I-Cause
integration I-Cause
, O
particularly O
if O
it B-Cause
opts I-Cause
to I-Cause
venture I-Cause
further I-Cause
beyond I-Cause
its I-Cause
core I-Cause
soup I-Cause
niche I-Cause
. O

For O
example O
, O
the B-Effect
industrial I-Effect
precision I-Effect
solutions I-Effect
segment I-Effect
manufactures I-Effect
products I-Effect
and I-Effect
systems I-Effect
that I-Effect
are I-Effect
components I-Effect
of I-Effect
a I-Effect
production I-Effect
line I-Effect
and O
thus O
tightly B-Cause
integrated I-Cause
into I-Cause
a I-Cause
customer I-Cause
's I-Cause
manufacturing I-Cause
process I-Cause
. O

After O
accounting B-Cause
for I-Cause
the I-Cause
Finnish I-Cause
acquisitions I-Cause
and I-Cause
operating I-Cause
expense I-Cause
improvements I-Cause
, O
our O
forecast O
2020 B-Effect
EBITDA I-Effect
margin I-Effect
reaches I-Effect
38.1 I-Effect
% I-Effect
from I-Effect
37.4 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Still O
, O
the B-Cause
spread I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
represented I-Cause
a I-Cause
material I-Cause
headwind I-Cause
to I-Cause
travel I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
, O
and O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
30 I-Effect
% I-Effect
this I-Effect
year I-Effect
. O

In B-Cause
addition I-Cause
, I-Cause
as I-Cause
viewership I-Cause
continues I-Cause
to I-Cause
fragment I-Cause
, I-Cause
the I-Cause
economics I-Cause
of I-Cause
large-scale I-Cause
franchises I-Cause
may I-Cause
not I-Cause
be I-Cause
as I-Cause
attractive I-Cause
as I-Cause
they I-Cause
've I-Cause
been I-Cause
in I-Cause
the I-Cause
past I-Cause
, I-Cause
limiting B-Effect
the I-Effect
value I-Effect
of I-Effect
Comcast I-Effect
's I-Effect
ability I-Effect
to I-Effect
monetize I-Effect
content I-Effect
through I-Effect
multiple I-Effect
channels I-Effect
. I-Effect

The B-Cause
$ I-Cause
2 I-Cause
billion I-Cause
in I-Cause
cumulative I-Cause
cost I-Cause
savings I-Cause
should O
help B-Effect
PMI I-Effect
reach I-Effect
the I-Effect
target I-Effect
of I-Effect
150 I-Effect
basis I-Effect
points I-Effect
in I-Effect
EBIT I-Effect
margin I-Effect
expansion I-Effect
per I-Effect
year I-Effect
for I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
, O
with O
$ O
450 O
million O
left O
over O
for O
investment O
behind O
growth O
. O

Vertex B-Effect
commands I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
because O
cystic B-Cause
fibrosis I-Cause
is I-Cause
a I-Cause
rare I-Cause
, I-Cause
chronic I-Cause
condition I-Cause
and I-Cause
there I-Cause
are I-Cause
no I-Cause
alternative I-Cause
disease-modifying I-Cause
treatment I-Cause
options I-Cause
currently I-Cause
on I-Cause
the I-Cause
market I-Cause
. O

BioMarin B-Cause
could I-Cause
struggle I-Cause
to I-Cause
bring I-Cause
new I-Cause
PKU I-Cause
patients I-Cause
onto I-Cause
Palynziq I-Cause
therapy I-Cause
, O
making O
the B-Effect
entrance I-Effect
of I-Effect
generic I-Effect
versions I-Effect
of I-Effect
older I-Effect
PKU I-Effect
drug I-Effect
Kuvan I-Effect
in I-Effect
2020 I-Effect
a I-Effect
bigger I-Effect
hit I-Effect
. O

We O
assign B-Effect
Novo I-Effect
Nordisk I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
the O
firm O
has O
a O
broad O
global O
insulin O
business O
, O
but O
price B-Cause
pressure I-Cause
and I-Cause
growing I-Cause
reliance I-Cause
on I-Cause
the I-Cause
high-growth I-Cause
GLP-1 I-Cause
class I-Cause
add I-Cause
some I-Cause
volatility I-Cause
to I-Cause
potential I-Cause
cash I-Cause
flows I-Cause
. O

Service B-Cause
bundling I-Cause
coupled I-Cause
with I-Cause
high-quality I-Cause
mobile I-Cause
and I-Cause
fixed I-Cause
networks I-Cause
allow O
for O
competitive B-Effect
differentiation I-Effect
in I-Effect
the I-Effect
higher-value B-Cause
market I-Cause
segments I-Cause
, O
where O
the B-Effect
customer I-Effect
base I-Effect
is I-Effect
more I-Effect
loyal I-Effect
and I-Effect
average I-Effect
revenue I-Effect
per I-Effect
offer I-Effect
, I-Effect
or I-Effect
ARPU I-Effect
, I-Effect
is I-Effect
more I-Effect
stable I-Effect
. O

Intangible B-Cause
assets I-Cause
are I-Cause
evident I-Cause
in I-Cause
Neptune I-Cause
's I-Cause
ability I-Cause
to I-Cause
solve I-Cause
a I-Cause
customer I-Cause
pain I-Cause
points I-Cause
by I-Cause
making I-Cause
all I-Cause
its I-Cause
network I-Cause
meters I-Cause
backwards I-Cause
compatible I-Cause
with I-Cause
non-network I-Cause
meters I-Cause
, O
which O
according O
to O
management O
, O
gives O
Roper B-Effect
some I-Effect
pricing I-Effect
power I-Effect
. O

The B-Cause
rent I-Cause
, I-Cause
occupancy I-Cause
, I-Cause
and I-Cause
margin I-Cause
assumptions I-Cause
for I-Cause
each I-Cause
sector I-Cause
drive O
total B-Effect
company I-Effect
annual I-Effect
same-store I-Effect
NOI I-Effect
growth I-Effect
averaging I-Effect
3.2 I-Effect
% I-Effect
across O
our O
10-year O
forecast O
. O

Excluding O
pandemic-related O
production O
disruption O
in O
2020 O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
about I-Effect
35 I-Effect
basis I-Effect
points I-Effect
annually I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
driven O
by O
improved B-Cause
product I-Cause
mix I-Cause
and I-Cause
supply I-Cause
chain I-Cause
cost I-Cause
savings I-Cause
. O

Until O
now O
, O
Viper O
had O
not O
hedged O
, O
but O
we O
anticipate O
Viper B-Effect
will I-Effect
increase I-Effect
its I-Effect
payout I-Effect
to I-Effect
closer I-Effect
to I-Effect
100 I-Effect
% I-Effect
of I-Effect
distributable I-Effect
earnings I-Effect
from I-Effect
the I-Effect
current I-Effect
50 I-Effect
% I-Effect
once O
the B-Cause
markets I-Cause
recover I-Cause
. O

The B-Cause
most I-Cause
significant I-Cause
ESG I-Cause
risk I-Cause
the I-Cause
firm I-Cause
faces I-Cause
is I-Cause
human I-Cause
capital I-Cause
risk I-Cause
-- I-Cause
that I-Cause
is I-Cause
, I-Cause
the I-Cause
risk I-Cause
that I-Cause
Grainger I-Cause
is I-Cause
unable I-Cause
to I-Cause
adequately I-Cause
recruit I-Cause
, I-Cause
train I-Cause
, I-Cause
and I-Cause
retain I-Cause
the I-Cause
talent I-Cause
needed I-Cause
to I-Cause
sell I-Cause
its I-Cause
products I-Cause
and I-Cause
services I-Cause
and I-Cause
manage I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, O
which O
could O
lead B-Effect
to I-Effect
lost I-Effect
market I-Effect
share I-Effect
. O

As B-Cause
a I-Cause
non-Australian I-Cause
based I-Cause
metallurgical I-Cause
coal I-Cause
producer I-Cause
, I-Cause
Teck I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
export I-Cause
a I-Cause
portion I-Cause
of I-Cause
its I-Cause
production I-Cause
to I-Cause
China I-Cause
and I-Cause
attract I-Cause
a I-Cause
substantial I-Cause
premium I-Cause
to I-Cause
the I-Cause
prevailing I-Cause
Australian I-Cause
benchmark I-Cause
, I-Cause
currently I-Cause
nearly I-Cause
double. O
This O
has O
provided B-Effect
a I-Effect
benefit I-Effect
to I-Effect
realised I-Effect
and I-Effect
expected I-Effect
metallurgical I-Effect
coal I-Effect
prices I-Effect
that I-Effect
we I-Effect
do I-Effect
not I-Effect
expect I-Effect
Australian I-Effect
producers I-Effect
to I-Effect
garner I-Effect
. O

In O
addition O
, O
growth B-Effect
in I-Effect
new I-Effect
users I-Effect
, I-Effect
user I-Effect
engagement I-Effect
, I-Effect
and I-Effect
time I-Effect
spent I-Effect
on I-Effect
Snap I-Effect
's I-Effect
Snapchat I-Effect
may I-Effect
be I-Effect
constrained I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
given O
the B-Cause
24-hour I-Cause
limit I-Cause
on I-Cause
time I-Cause
spent I-Cause
on I-Cause
various I-Cause
mobile I-Cause
device I-Cause
apps I-Cause
per I-Cause
day I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
that I-Effect
investments I-Effect
to I-Effect
protect I-Effect
the I-Effect
brands I-Effect
will I-Effect
hinder I-Effect
cash I-Effect
flow I-Effect
potential I-Effect
, O
as O
cash B-Cause
flow I-Cause
rises I-Cause
from I-Cause
catalysts I-Cause
including I-Cause
strong I-Cause
film I-Cause
launches I-Cause
, I-Cause
new I-Cause
licences I-Cause
, I-Cause
and I-Cause
expense I-Cause
leverage I-Cause
. O

We O
believe O
Wells B-Cause
' I-Cause
ability I-Cause
for I-Cause
higher I-Cause
investment I-Cause
in I-Cause
tech I-Cause
platforms I-Cause
that I-Cause
can I-Cause
scale I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
access I-Cause
to I-Cause
customer I-Cause
data I-Cause
on I-Cause
millions I-Cause
of I-Cause
households I-Cause
, O
should O
bolster B-Effect
the I-Effect
bank I-Effect
's I-Effect
advantages I-Effect
over I-Effect
the I-Effect
longer I-Effect
run I-Effect
. O

Whether B-Cause
it I-Cause
's I-Cause
an I-Cause
accelerometer I-Cause
in I-Cause
a I-Cause
car I-Cause
, I-Cause
a I-Cause
tire I-Cause
pressure I-Cause
sensor I-Cause
in I-Cause
a I-Cause
semi I-Cause
truck I-Cause
, I-Cause
pressure I-Cause
sensors I-Cause
in I-Cause
anesthetics I-Cause
, I-Cause
or I-Cause
force I-Cause
and I-Cause
position I-Cause
sensors I-Cause
in I-Cause
an I-Cause
airplane I-Cause
, I-Cause
failure I-Cause
to I-Cause
constantly I-Cause
transmit I-Cause
accurate I-Cause
data I-Cause
can O
have B-Effect
disastrous I-Effect
consequences I-Effect
. O

We O
expect O
ROIC B-Effect
of I-Effect
7 I-Effect
% I-Effect
in I-Effect
the I-Effect
current I-Effect
year I-Effect
as O
the B-Cause
company I-Cause
incurs I-Cause
many I-Cause
costs I-Cause
for I-Cause
restructuring I-Cause
and I-Cause
internal I-Cause
improvements I-Cause
. O

Although B-Cause
the I-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
provides I-Cause
new I-Cause
growth I-Cause
opportunities I-Cause
, I-Cause
diversifies I-Cause
revenues I-Cause
, I-Cause
and I-Cause
dampens I-Cause
cyclicality I-Cause
, O
it B-Effect
also I-Effect
exposes I-Effect
the I-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
operational I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
. I-Effect

The B-Effect
firm I-Effect
has I-Effect
considerable I-Effect
pricing I-Effect
power O
for O
its B-Cause
data I-Cause
services I-Cause
as I-Cause
the I-Cause
lack I-Cause
of I-Cause
competition I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
products I-Cause
means I-Cause
it I-Cause
is I-Cause
an I-Cause
exclusive I-Cause
source I-Cause
of I-Cause
data I-Cause
. I-Cause

Management O
acknowledges O
that O
the B-Effect
international I-Effect
businesses I-Effect
have I-Effect
opportunities I-Effect
for I-Effect
cost I-Effect
improvements I-Effect
, O
as O
the B-Cause
numerous I-Cause
acquisitions I-Cause
over I-Cause
the I-Cause
years I-Cause
have I-Cause
never I-Cause
been I-Cause
fully I-Cause
integrated I-Cause
but I-Cause
remain I-Cause
decentralized I-Cause
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
significantly I-Effect
over I-Effect
our I-Effect
10-year I-Effect
explicit I-Effect
forecast I-Effect
, O
due O
in O
part O
to O
near-term B-Cause
synergies I-Cause
attained I-Cause
from I-Cause
a I-Cause
positive I-Cause
Cylance I-Cause
integration I-Cause
. O

Average B-Effect
revenue I-Effect
per I-Effect
user I-Effect
( I-Effect
ARPU I-Effect
) I-Effect
has I-Effect
also I-Effect
grown I-Effect
as O
customers B-Cause
adopt I-Cause
new I-Cause
modules I-Cause
and I-Cause
the I-Cause
firm I-Cause
grows I-Cause
market I-Cause
share I-Cause
, O
up O
50 O
% O
since O
fiscal O
2015 O
. O

While O
Park O
has O
done O
a O
good O
job O
in O
2018 O
in O
containing O
costs O
, O
the B-Cause
lack I-Cause
of I-Cause
rate I-Cause
growth I-Cause
has O
led O
to O
lackluster B-Effect
margin I-Effect
growth I-Effect
and I-Effect
thus I-Effect
low I-Effect
NOI I-Effect
growth I-Effect
. O

The O
threat O
landscape O
is O
becoming O
more O
complex O
, O
with O
the B-Effect
vectors I-Effect
of I-Effect
potential I-Effect
attack I-Effect
increasing I-Effect
as O
data B-Cause
access I-Cause
and I-Cause
movement I-Cause
proliferates I-Cause
. O

Macy B-Effect
's I-Effect
does I-Effect
not I-Effect
need I-Effect
its I-Effect
vast I-Effect
selling I-Effect
space I-Effect
, O
as O
department B-Cause
stores I-Cause
have I-Cause
been I-Cause
losing I-Cause
market I-Cause
share I-Cause
to I-Cause
e-commerce I-Cause
and I-Cause
other I-Cause
retailers I-Cause
( I-Cause
outlets I-Cause
, I-Cause
branded I-Cause
stores I-Cause
, I-Cause
specialty I-Cause
stores I-Cause
, I-Cause
discounters I-Cause
) I-Cause
for I-Cause
years I-Cause
, O
and O
we B-Effect
think I-Effect
the I-Effect
virus I-Effect
may I-Effect
cause I-Effect
this I-Effect
trend I-Effect
to I-Effect
accelerate I-Effect
. O

We O
believe O
its B-Cause
small I-Cause
size I-Cause
and I-Cause
pressure I-Cause
on I-Cause
existing I-Cause
business I-Cause
will O
limit O
how B-Effect
much I-Effect
extra I-Effect
capital I-Effect
Rakuten I-Effect
could I-Effect
put I-Effect
into I-Effect
the I-Effect
telecom I-Effect
business I-Effect
to I-Effect
increase I-Effect
its I-Effect
impact I-Effect
on I-Effect
the I-Effect
market I-Effect
. O

This O
also O
serves O
a O
second O
function O
-- O
as O
Twilio B-Cause
rolls I-Cause
out I-Cause
more I-Cause
use-case-specific I-Cause
solutions I-Cause
and I-Cause
increases I-Cause
enterprise I-Cause
penetration I-Cause
, O
its O
proportion B-Effect
of I-Effect
revenue I-Effect
coming I-Effect
from I-Effect
these I-Effect
products I-Effect
will I-Effect
increase I-Effect
, O
reducing O
the O
firm O
's O
reliance O
on O
offerings O
such O
as O
messaging O
, O
which O
comes B-Cause
with I-Cause
the I-Cause
burden I-Cause
of I-Cause
significant I-Cause
network I-Cause
carrier I-Cause
costs I-Cause
that O
weigh B-Effect
on I-Effect
margins I-Effect
. O

As B-Cause
they I-Cause
typically I-Cause
represent I-Cause
a I-Cause
small I-Cause
fraction I-Cause
of I-Cause
total I-Cause
costs I-Cause
, I-Cause
customers I-Cause
are I-Cause
often I-Cause
willing I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
and I-Cause
enter I-Cause
into I-Cause
long-term I-Cause
contracts I-Cause
with I-Cause
reputable I-Cause
distributors I-Cause
to I-Cause
ensure I-Cause
uninterrupted I-Cause
supply. O
As O
such O
, O
public B-Effect
industrial I-Effect
gas I-Effect
companies I-Effect
have I-Effect
historically I-Effect
earned I-Effect
returns I-Effect
in I-Effect
excess I-Effect
of I-Effect
their I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
and I-Effect
we I-Effect
believe I-Effect
these I-Effect
lucrative I-Effect
profits I-Effect
will I-Effect
persist I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Our O
model O
also O
considers O
some B-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
compression I-Effect
expectations I-Effect
due O
to O
COVID-19 B-Cause
as I-Cause
well I-Cause
as I-Cause
increased I-Cause
technology I-Cause
, I-Cause
logistics I-Cause
, I-Cause
product I-Cause
development I-Cause
, I-Cause
local I-Cause
services I-Cause
, I-Cause
and I-Cause
marketing I-Cause
investments I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
. O

ServiceNow O
will O
continue O
to O
use O
its O
position O
to O
land O
new O
IT-driven O
customers O
and O
upsell O
ITOM O
features O
on O
the O
platform O
, O
but O
we B-Effect
believe I-Effect
the I-Effect
company I-Effect
will I-Effect
increasingly I-Effect
cross-sell I-Effect
emerging I-Effect
products I-Effect
in I-Effect
HR I-Effect
and I-Effect
customer I-Effect
service I-Effect
, O
along O
with O
the B-Cause
platform I-Cause
as I-Cause
a I-Cause
service I-Cause
( I-Cause
PaaS I-Cause
) I-Cause
offering I-Cause
. O

Governments B-Effect
and I-Effect
global I-Effect
defense I-Effect
departments I-Effect
are I-Effect
often I-Effect
the I-Effect
only I-Effect
buyer I-Effect
and I-Effect
, O
due O
to O
the B-Cause
highly I-Cause
confidential I-Cause
and I-Cause
sensitive I-Cause
nature I-Cause
of I-Cause
national I-Cause
security I-Cause
, O
requires O
a O
strict O
screening O
and O
approval O
process O
. O

Beyond O
this O
, O
the B-Cause
firm I-Cause
has I-Cause
over I-Cause
100 I-Cause
million I-Cause
loyalty I-Cause
members I-Cause
, O
providing B-Effect
an I-Effect
immediate I-Effect
demand I-Effect
channel I-Effect
for I-Effect
third-party I-Effect
hotel I-Effect
owners I-Effect
joining I-Effect
its I-Effect
brand I-Effect
. O

In O
our O
view O
, O
Dell B-Cause
Technologies I-Cause
has I-Cause
substantial I-Cause
cross-selling I-Cause
and I-Cause
upselling I-Cause
opportunities I-Cause
as I-Cause
well I-Cause
as I-Cause
collaborative I-Cause
development I-Cause
efforts I-Cause
that O
will O
lower B-Effect
operating I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Additionally O
, O
changing B-Cause
go-to-market I-Cause
dynamics I-Cause
, O
such O
as O
online O
commerce O
that O
encourages O
real-time O
price O
comparisons O
and O
obviates O
the O
extent O
of O
Pepsi O
's O
retail O
distribution O
advantage O
, O
allow O
for O
more B-Effect
nimble I-Effect
and I-Effect
aggressive I-Effect
competition I-Effect
. O

Telus B-Cause
has I-Cause
made I-Cause
a I-Cause
considerable I-Cause
investment I-Cause
over I-Cause
the I-Cause
last I-Cause
several I-Cause
years I-Cause
to O
improve B-Effect
its I-Effect
wireline I-Effect
network I-Effect
with I-Effect
its I-Effect
fiber-to-the-premises I-Effect
buildout I-Effect
. O

With B-Cause
2021-22 I-Cause
could I-Cause
be I-Cause
plagued I-Cause
by I-Cause
competitive I-Cause
pricing I-Cause
as O
Carnival B-Effect
and I-Effect
the I-Effect
other I-Effect
cruise I-Effect
operators I-Effect
try I-Effect
to I-Effect
entice I-Effect
cruisers I-Effect
to I-Effect
sail I-Effect
again I-Effect
, O
we O
do O
n't O
see O
Carnival O
reaching O
2019 O
pricing O
again O
until O
2024 O
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
resulted O
in O
the B-Cause
temporary I-Cause
closure I-Cause
of I-Cause
many I-Cause
VF-owned I-Cause
stores I-Cause
and I-Cause
those I-Cause
of I-Cause
retail I-Cause
partners I-Cause
, O
depressing O
sales B-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
and I-Effect
likely I-Effect
resulting I-Effect
in I-Effect
a I-Effect
double-digit I-Effect
sales I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

Hubbell B-Effect
's I-Effect
PCORE I-Effect
bushings I-Effect
can I-Effect
save I-Effect
electric I-Effect
utilities I-Effect
thousands I-Effect
of I-Effect
dollars I-Effect
in I-Effect
field I-Effect
service I-Effect
because O
their B-Cause
quick-link I-Cause
design I-Cause
allows I-Cause
the I-Cause
transformer I-Cause
to I-Cause
be I-Cause
shipped I-Cause
with I-Cause
the I-Cause
bushing I-Cause
connection I-Cause
in I-Cause
place I-Cause
. O

This B-Cause
large I-Cause
live I-Cause
entertainment I-Cause
footprint I-Cause
helped O
Live B-Effect
Nation I-Effect
become I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
advertising I-Effect
and I-Effect
sponsorship I-Effect
platforms I-Effect
targeted I-Effect
at I-Effect
music I-Effect
fans I-Effect
. O

Amphenol O
competes O
against O
myriad O
competitors O
in O
the O
fragmented O
electrical O
component O
industry O
, O
but O
its B-Cause
broad I-Cause
array I-Cause
of I-Cause
end I-Cause
markets I-Cause
allows O
it B-Effect
to I-Effect
grow I-Effect
the I-Effect
top I-Effect
line I-Effect
even I-Effect
during I-Effect
a I-Effect
market I-Effect
downturn I-Effect
. O

For O
example O
, O
we B-Effect
believe I-Effect
Halliburton I-Effect
's I-Effect
profitability I-Effect
in I-Effect
key I-Effect
North I-Effect
American I-Effect
business I-Effect
lines I-Effect
like I-Effect
pressure I-Effect
pumping I-Effect
will I-Effect
peak I-Effect
in I-Effect
2018 I-Effect
and I-Effect
decline I-Effect
thereafter I-Effect
owing O
to O
the B-Cause
steep I-Cause
competitive I-Cause
pressures I-Cause
in I-Cause
North I-Cause
American I-Cause
shale I-Cause
markets I-Cause
. O

We O
believe O
SG B-Effect
& I-Effect
A I-Effect
expenses I-Effect
will I-Effect
deleverage I-Effect
modestly I-Effect
from O
2020 O
levels O
( O
34.9 O
% O
) O
on O
store B-Cause
closures I-Cause
and I-Cause
a I-Cause
more I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
. O

Beyond B-Cause
those I-Cause
intangible I-Cause
assets I-Cause
, I-Cause
we I-Cause
think I-Cause
scale-related I-Cause
factors I-Cause
lead I-Cause
to I-Cause
cost I-Cause
advantages I-Cause
and I-Cause
negotiating I-Cause
power I-Cause
versus I-Cause
key I-Cause
payers I-Cause
that O
help B-Effect
Fresenius I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

We O
like O
this O
strategy O
and O
believe O
that O
Check B-Cause
Point I-Cause
makes I-Cause
itself I-Cause
stickier I-Cause
within I-Cause
enterprise I-Cause
networks I-Cause
, O
which O
elevates B-Effect
risks I-Effect
associated I-Effect
with I-Effect
deploying I-Effect
alternative I-Effect
vendors I-Effect
. O

Further O
, O
the B-Cause
company I-Cause
's I-Cause
broad-based I-Cause
approach I-Cause
to I-Cause
competing I-Cause
with I-Cause
resourceful I-Cause
peers I-Cause
has O
resulted O
in O
lackluster B-Cause
growth I-Cause
, O
which O
has O
led O
to O
margin B-Effect
erosion I-Effect
. O

Therefore O
, O
as B-Cause
supply I-Cause
levels I-Cause
begin I-Cause
to I-Cause
improve I-Cause
and I-Cause
demand I-Cause
moderates I-Cause
( I-Cause
as I-Cause
consumers I-Cause
eventually I-Cause
navigate I-Cause
beyond I-Cause
their I-Cause
homes I-Cause
as I-Cause
vaccines I-Cause
are I-Cause
more I-Cause
broadly I-Cause
distributed I-Cause
) I-Cause
, O
this B-Effect
should I-Effect
n't I-Effect
serve I-Effect
as I-Effect
a I-Effect
lasting I-Effect
overhang I-Effect
on I-Effect
growth I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Management B-Cause
's I-Cause
efforts I-Cause
to I-Cause
control I-Cause
costs I-Cause
and I-Cause
discipline I-Cause
around I-Cause
marketing I-Cause
efforts I-Cause
have O
allowed B-Effect
Vivo I-Effect
to I-Effect
post I-Effect
margin I-Effect
gains I-Effect
recently I-Effect
despite O
minimal O
revenue O
growth O
. O

In O
several O
of O
the O
categories O
in O
which O
it O
plays O
, O
Clorox B-Cause
's I-Cause
primary I-Cause
competition I-Cause
is I-Cause
private-label I-Cause
fare I-Cause
, O
so O
product B-Effect
innovation I-Effect
and I-Effect
subsequent I-Effect
marketing I-Effect
support I-Effect
is I-Effect
essential I-Effect
to I-Effect
ensure I-Effect
differentiation I-Effect
from I-Effect
these I-Effect
lower-priced I-Effect
offerings I-Effect
. O

Here O
, O
Paychex B-Cause
is I-Cause
well I-Cause
positioned I-Cause
to I-Cause
offer I-Cause
services I-Cause
to I-Cause
handle I-Cause
the I-Cause
administrative I-Cause
requirements I-Cause
, O
providing O
some B-Effect
offset I-Effect
to I-Effect
declining I-Effect
revenue I-Effect
elsewhere I-Effect
. O

Given O
its B-Cause
German I-Cause
roots I-Cause
, O
around B-Effect
half I-Effect
of I-Effect
sales I-Effect
are I-Effect
generated I-Effect
in I-Effect
Europe I-Effect
, O
but O
investment O
is O
largely O
focused O
on O
higher-growth O
emerging O
markets O
, O
particularly O
China O
. O

However O
, O
virtualization B-Cause
, I-Cause
Moore I-Cause
's I-Cause
law I-Cause
, I-Cause
and I-Cause
other I-Cause
advancements I-Cause
that I-Cause
allow I-Cause
servers I-Cause
greater I-Cause
efficiency I-Cause
could O
result O
in O
an B-Effect
environment I-Effect
where I-Effect
those I-Effect
increasing I-Effect
needs I-Effect
come I-Effect
to I-Effect
fruition I-Effect
but O
data O
centers O
are O
not O
the O
beneficiaries O
. O

While O
organic B-Effect
growth I-Effect
has I-Effect
been I-Effect
somewhat I-Effect
elusive I-Effect
in O
recent O
years O
due O
to O
sluggish B-Cause
industrial I-Cause
production I-Cause
, O
we O
think O
Xylem O
is O
poised O
to O
benefit O
from O
long-term O
trends O
, O
including O
global O
population O
growth O
, O
water O
scarcity O
in O
developing O
countries O
, O
and O
the O
need O
to O
replace O
aging O
water O
infrastructure O
in O
developed O
countries O
. O

Additionally O
, O
there O
's O
some O
risk O
that O
a B-Cause
rising I-Cause
incidence I-Cause
of I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
nuclear I-Cause
verdicts I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
( I-Cause
for I-Cause
fatal I-Cause
crashes I-Cause
) I-Cause
against I-Cause
truckers I-Cause
pushes O
claims B-Effect
related I-Effect
outflows I-Effect
materially I-Effect
higher I-Effect
and I-Effect
drives I-Effect
persistent I-Effect
insurance-cost I-Effect
inflation I-Effect
. O

As O
data B-Cause
use I-Cause
grows I-Cause
and I-Cause
networks I-Cause
get I-Cause
more I-Cause
stretched I-Cause
, O
locating B-Effect
equipment I-Effect
on I-Effect
more I-Effect
towers I-Effect
and I-Effect
upgrading I-Effect
equipment I-Effect
are I-Effect
primary I-Effect
solutions I-Effect
for I-Effect
carriers I-Effect
. O

We O
expect O
the B-Effect
Americas I-Effect
business I-Effect
to I-Effect
post I-Effect
mid-to-high I-Effect
single-digit I-Effect
growth I-Effect
after O
the O
coronavirus-fueled O
downturn O
in O
2020 O
as O
the B-Cause
segment I-Cause
capitalizes I-Cause
on I-Cause
increased I-Cause
retrofit I-Cause
and I-Cause
upgrade I-Cause
spending I-Cause
across I-Cause
commercial I-Cause
and I-Cause
residential I-Cause
end I-Cause
markets I-Cause
that I-Cause
is I-Cause
drive I-Cause
by I-Cause
the I-Cause
convergence I-Cause
of I-Cause
electronics I-Cause
and I-Cause
mechanical I-Cause
security I-Cause
solutions I-Cause
, O
improving B-Effect
U.S. I-Effect
" I-Effect
, I-Effect
positiv I-Effect

Regulation B-Cause
could I-Cause
place I-Cause
requirements I-Cause
( I-Cause
such I-Cause
as I-Cause
sharing I-Cause
personal I-Cause
information I-Cause
with I-Cause
local I-Cause
governments I-Cause
) I-Cause
and I-Cause
restrictions I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
number I-Cause
days I-Cause
a I-Cause
listing I-Cause
can I-Cause
be I-Cause
rented I-Cause
out I-Cause
) I-Cause
on I-Cause
hosts I-Cause
and I-Cause
guests I-Cause
that O
reduces B-Effect
demand I-Effect
and I-Effect
elevates I-Effect
cost I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
74 I-Effect
from I-Effect
$ I-Effect
69 I-Effect
to I-Effect
reflect I-Effect
our I-Effect
stronger I-Effect
near-term I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
expectations. O
This O
estimate O
is O
principally O
based O
on O
our B-Cause
assumptions I-Cause
of I-Cause
operating I-Cause
margin I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
which I-Cause
we I-Cause
now I-Cause
expect I-Cause
to I-Cause
increase I-Cause
to I-Cause
over I-Cause
7 I-Cause
% I-Cause
in I-Cause
2024 I-Cause
from I-Cause
about I-Cause
6 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
. O

In B-Cause
light I-Cause
of I-Cause
persistent I-Cause
competition I-Cause
leading I-Cause
to I-Cause
higher I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
, O
we B-Effect
think I-Effect
it I-Effect
is I-Effect
unlikely I-Effect
that I-Effect
Unilever I-Effect
's I-Effect
margin I-Effect
will I-Effect
go I-Effect
much I-Effect
higher I-Effect
, O
however O
, O
and O
20 O
% O
is O
also O
our O
steady O
state O
assumption O
. O

From O
a O
demand O
perspective O
, O
there B-Cause
are I-Cause
a I-Cause
host I-Cause
of I-Cause
opportunities I-Cause
for I-Cause
memory I-Cause
( I-Cause
DRAM I-Cause
) I-Cause
and I-Cause
storage I-Cause
( I-Cause
NAND I-Cause
) I-Cause
that I-Cause
go I-Cause
beyond I-Cause
core I-Cause
PC I-Cause
and I-Cause
mobile I-Cause
markets I-Cause
, O
including O
automotive O
, O
the O
data O
center O
( O
cloud O
) O
, O
artificial O
intelligence O
applications O
, O
and O
embedded O
( O
Internet O
of O
Things O
) O
, O
which O
may O
reduce B-Effect
the I-Effect
cyclicality I-Effect
faced I-Effect
by I-Effect
Micron I-Effect
and I-Effect
its I-Effect
peers I-Effect
. O

Toll B-Effect
Brothers I-Effect
went I-Effect
from I-Effect
earning I-Effect
$ I-Effect
4.78 I-Effect
per I-Effect
diluted I-Effect
share I-Effect
in I-Effect
fiscal I-Effect
2005 I-Effect
to I-Effect
losing I-Effect
$ I-Effect
4.68 I-Effect
per I-Effect
diluted I-Effect
share I-Effect
in I-Effect
fiscal I-Effect
2009 I-Effect
, O
as O
the B-Cause
collapsing I-Cause
housing I-Cause
market I-Cause
resulted O
in O
drastic B-Cause
margin I-Cause
compression I-Cause
and I-Cause
large I-Cause
impairment I-Cause
charges I-Cause
. O

We O
expect O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
reach I-Effect
30 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
from I-Effect
a I-Effect
mix I-Effect
shift I-Effect
as O
the B-Cause
company I-Cause
sells I-Cause
a I-Cause
greater I-Cause
proportion I-Cause
of I-Cause
its I-Cause
higher-margin I-Cause
products I-Cause
. O

The B-Cause
company I-Cause
also I-Cause
has I-Cause
a I-Cause
strong I-Cause
global I-Cause
salesforce I-Cause
that I-Cause
can I-Cause
attract I-Cause
smaller I-Cause
drug I-Cause
firms I-Cause
to I-Cause
partner I-Cause
with I-Cause
Bayer I-Cause
for I-Cause
commercialization I-Cause
efforts I-Cause
, O
which O
augment B-Effect
Bayer I-Effect
's I-Effect
internal I-Effect
drug-development I-Effect
efforts I-Effect
. O

The B-Cause
company I-Cause
invests I-Cause
in I-Cause
metropolitan I-Cause
markets I-Cause
with I-Cause
solid I-Cause
demographic I-Cause
trends I-Cause
that O
allow O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
high I-Effect
occupancies I-Effect
and I-Effect
pass I-Effect
along I-Effect
consistent I-Effect
rent I-Effect
increases I-Effect
. O

With O
deal B-Cause
sizes I-Cause
growing I-Cause
larger I-Cause
, O
Thermo O
Fisher O
is O
increasingly O
facing O
a O
scenario O
where O
it B-Effect
deploys I-Effect
capital I-Effect
in I-Effect
a I-Effect
value-dilutive I-Effect
manner I-Effect
, O
particularly O
if O
interest O
rates O
increase O
. O

Hanesbrands O
has O
reported O
uneven B-Effect
results I-Effect
over I-Effect
the I-Effect
past I-Effect
four I-Effect
years I-Effect
due O
to O
store B-Cause
closures I-Cause
, I-Cause
lower I-Cause
retail I-Cause
inventories I-Cause
, I-Cause
weakness I-Cause
in I-Cause
intimate I-Cause
apparel I-Cause
, I-Cause
and I-Cause
, I-Cause
in I-Cause
2020 I-Cause
, I-Cause
COVID-19 I-Cause
. O

Existing B-Effect
customers I-Effect
benefit I-Effect
from I-Effect
new I-Effect
customers I-Effect
as O
Coupa B-Cause
's I-Cause
AI I-Cause
has I-Cause
more I-Cause
data I-Cause
to I-Cause
iterate I-Cause
on I-Cause
and I-Cause
identify I-Cause
more I-Cause
spend I-Cause
optimization I-Cause
opportunities I-Cause
, O
and O
new B-Effect
customers I-Effect
benefit I-Effect
from I-Effect
existing I-Effect
customers I-Effect
as O
their B-Cause
data I-Cause
has I-Cause
improved I-Cause
Coupa I-Cause
's I-Cause
prescriptive I-Cause
capabilities I-Cause
. O

Cummins B-Effect
has I-Effect
exposure I-Effect
to I-Effect
emissions I-Effect
regulation I-Effect
, I-Effect
but I-Effect
we I-Effect
think I-Effect
the I-Effect
company I-Effect
is I-Effect
investing I-Effect
to I-Effect
position I-Effect
itself I-Effect
to I-Effect
win I-Effect
in I-Effect
a I-Effect
zero-emission I-Effect
world. O
These O
hedges O
include O
the B-Cause
development I-Cause
of I-Cause
next I-Cause
generation I-Cause
products I-Cause
that I-Cause
reduce I-Cause
the I-Cause
emissions I-Cause
of I-Cause
its I-Cause
diesel I-Cause
products I-Cause
to I-Cause
electric I-Cause
motors I-Cause
and I-Cause
powertrains I-Cause
. O

Much O
as O
the O
firm O
did O
with O
its O
Aladdin O
enterprise O
investment O
system O
, O
BlackRock B-Cause
identified I-Cause
an I-Cause
opportunity I-Cause
to I-Cause
use I-Cause
technology I-Cause
to I-Cause
enhance I-Cause
the I-Cause
investor I-Cause
experience I-Cause
and O
lead O
to O
a B-Effect
greater I-Effect
use I-Effect
of I-Effect
its I-Effect
exchange-traded I-Effect
funds I-Effect
and I-Effect
other I-Effect
product I-Effect
offerings I-Effect
. O

We O
believe O
that O
production B-Effect
increases I-Effect
are I-Effect
reasonable I-Effect
to I-Effect
expect I-Effect
because O
we O
anticipate O
fleet O
growth B-Cause
will I-Cause
be I-Cause
necessary I-Cause
to I-Cause
satisfy I-Cause
the I-Cause
emerging I-Cause
market I-Cause
's I-Cause
growing I-Cause
demand I-Cause
for I-Cause
air I-Cause
travel I-Cause
and O
because O
we O
expect O
developed O
market O
carriers O
will O
replace O
their O
aging O
fleet O
of O
737 O
NG O
aircraft O
. O

Finally B-Cause
, I-Cause
like I-Cause
other I-Cause
automation I-Cause
counterparts I-Cause
, I-Cause
the I-Cause
Logix I-Cause
platform I-Cause
offers I-Cause
customers I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
run I-Cause
analytics I-Cause
on I-Cause
the I-Cause
cloud I-Cause
, O
allowing B-Effect
for I-Effect
improved I-Effect
asset I-Effect
utilization I-Effect
as I-Effect
well I-Effect
as I-Effect
lower I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
. O

Strong O
digital O
engagement O
trends O
and O
advancement O
will O
continue O
to O
remain O
a O
key O
focus O
of O
the O
brand O
, O
especially O
with O
the B-Cause
closure I-Cause
of I-Cause
a I-Cause
plethora I-Cause
of I-Cause
brick-and-mortar I-Cause
studios I-Cause
, O
allowing B-Effect
WW I-Effect
to I-Effect
attract I-Effect
a I-Effect
wider I-Effect
total I-Effect
addressable I-Effect
market I-Effect
. O

The B-Cause
modular I-Cause
construction I-Cause
of I-Cause
the I-Cause
boats I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
increase I-Effect
offerings I-Effect
without I-Effect
adding I-Effect
substantial I-Effect
cost I-Effect
to I-Effect
production I-Effect
, O
while O
the B-Cause
patents I-Cause
on I-Cause
the I-Cause
high-tech I-Cause
, I-Cause
high-margin I-Cause
innovations I-Cause
prevent O
imitation B-Effect
( I-Effect
and I-Effect
the I-Effect
firm I-Effect
has I-Effect
fervently I-Effect
protected I-Effect
its I-Effect
intellectual I-Effect
property I-Effect
in I-Effect
the I-Effect
past I-Effect
) I-Effect
. O

In O
our O
view O
, O
the B-Cause
firm I-Cause
's I-Cause
leading I-Cause
volumes I-Cause
allow O
it B-Effect
to I-Effect
reduce I-Effect
fixed I-Effect
costs I-Effect
per I-Effect
unit I-Effect
through I-Effect
operating I-Effect
leverage I-Effect
, I-Effect
and I-Effect
variable I-Effect
costs I-Effect
per I-Effect
unit I-Effect
through I-Effect
more I-Effect
favorable I-Effect
raw I-Effect
material I-Effect
procurement I-Effect
terms I-Effect
. O

While O
Under O
Armour O
's O
innovative O
apparel O
and O
technology O
initially O
drove O
significant O
growth O
, O
we O
believe O
a O
lack B-Cause
of I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and I-Cause
insufficient I-Cause
brand I-Cause
spend I-Cause
impaired I-Cause
its I-Cause
competitive I-Cause
position I-Cause
, I-Cause
and O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
these I-Effect
pressures I-Effect
will I-Effect
subside I-Effect
. O

All O
other O
methods O
of O
data O
gathering O
, O
such O
as O
Oil O
& O
Gas O
Equipment O
& O
Servicesseismic O
or O
the O
various O
wireline O
logging O
tools O
, O
only O
measure B-Cause
proxy I-Cause
variables I-Cause
and O
thus O
must B-Effect
be I-Effect
calibrated I-Effect
using I-Effect
Core I-Effect
Lab I-Effect
's I-Effect
analysis I-Effect
of I-Effect
cores I-Effect
. O

With B-Cause
ample I-Cause
resources I-Cause
to I-Cause
fuel I-Cause
expansion I-Cause
, O
we B-Effect
expect I-Effect
Costco I-Effect
will I-Effect
continue I-Effect
to I-Effect
return I-Effect
a I-Effect
meaningful I-Effect
amount I-Effect
of I-Effect
cash I-Effect
to I-Effect
shareholders I-Effect
using I-Effect
stock I-Effect
buybacks I-Effect
and I-Effect
a I-Effect
mix I-Effect
of I-Effect
regular I-Effect
and I-Effect
special I-Effect
dividends I-Effect
. I-Effect

Equity O
Residential O
has O
repositioned O
its O
portfolio O
over O
the O
past O
decade O
to O
focus O
on O
owning O
and O
operating O
high-quality O
multifamily O
buildings O
in O
urban O
, O
coastal B-Cause
markets I-Cause
with O
demographics O
that O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
maintain I-Effect
high I-Effect
occupancies I-Effect
and I-Effect
drive I-Effect
strong I-Effect
rent I-Effect
growth I-Effect
. O

CSPs B-Effect
typically I-Effect
multisource I-Effect
their I-Effect
hardware I-Effect
and I-Effect
exert I-Effect
pricing I-Effect
power I-Effect
over I-Effect
network I-Effect
equipment I-Effect
providers I-Effect
since O
a O
small B-Cause
quantity I-Cause
of I-Cause
suppliers I-Cause
vie I-Cause
for I-Cause
a I-Cause
limited I-Cause
number I-Cause
of I-Cause
contracts I-Cause
. O

There O
are O
large B-Effect
up-front I-Effect
costs I-Effect
to O
develop B-Cause
software I-Cause
systems I-Cause
and I-Cause
processes I-Cause
to I-Cause
service I-Cause
such I-Cause
a I-Cause
large I-Cause
amount I-Cause
of I-Cause
assets I-Cause
. O

Thinning B-Cause
margins I-Cause
in I-Cause
corrugated I-Cause
packaging I-Cause
, O
which O
accounts O
for O
nearly O
80 O
% O
of O
PCA O
's O
sales O
, O
are O
likely O
to O
weigh B-Effect
on I-Effect
consolidated I-Effect
profit I-Effect
growth I-Effect
. O

Still B-Effect
, I-Effect
we I-Effect
do I-Effect
n't I-Effect
think I-Effect
Corning I-Effect
's I-Effect
end I-Effect
markets I-Effect
are I-Effect
at I-Effect
great I-Effect
risk I-Effect
of I-Effect
disruptive I-Effect
new I-Effect
entrants I-Effect
, O
given B-Cause
the I-Cause
massive I-Cause
capital I-Cause
intensity I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
required I-Cause
. O

Following O
fourth-quarter O
results O
, O
we B-Cause
are I-Cause
raising I-Cause
our I-Cause
margin I-Cause
forecasts I-Cause
to O
give B-Effect
Norfolk I-Effect
Southern I-Effect
more I-Effect
credit I-Effect
for I-Effect
solid I-Effect
PSR-related I-Effect
execution I-Effect
given I-Effect
better-than-expected I-Effect
network I-Effect
efficiency I-Effect
advancements I-Effect
in I-Effect
2020 I-Effect
. I-Effect

However O
, O
we O
expect O
the B-Cause
firm I-Cause
to I-Cause
spend I-Cause
more I-Cause
aggressively I-Cause
in I-Cause
wireless I-Cause
infrastructure I-Cause
after I-Cause
a I-Cause
period I-Cause
of I-Cause
underinvestment I-Cause
, O
so O
we O
think O
much B-Effect
of I-Effect
the I-Effect
cable I-Effect
savings I-Effect
will I-Effect
be I-Effect
directed I-Effect
toward I-Effect
wireless I-Effect
capital I-Effect
spending I-Effect
. O

With B-Cause
management I-Cause
fees I-Cause
being I-Cause
expected I-Cause
to I-Cause
continue I-Cause
to I-Cause
be I-Cause
pressured I-Cause
by I-Cause
the I-Cause
growth I-Cause
of I-Cause
low-cost I-Cause
passive I-Cause
products I-Cause
, O
our O
near- O
to O
medium-term O
forecast O
for O
a B-Effect
stand-alone I-Effect
Waddell I-Effect
& I-Effect
Reed I-Effect
has I-Effect
revenue I-Effect
being I-Effect
flat I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2021-25 I-Effect
. O

Overall O
, O
chip B-Cause
design I-Cause
would I-Cause
be I-Cause
virtually I-Cause
impossible I-Cause
without I-Cause
EDA I-Cause
tools I-Cause
-- O
this O
makes O
tools B-Effect
that I-Effect
companies I-Effect
like I-Effect
Cadence I-Effect
provide I-Effect
critical I-Effect
to I-Effect
customers I-Effect
. O

We O
expect O
net B-Effect
interest I-Effect
income I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
7 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
due O
to O
the B-Cause
buildup I-Cause
of I-Cause
the I-Cause
Marcus I-Cause
platform I-Cause
and I-Cause
an I-Cause
eventual I-Cause
recovery I-Cause
in I-Cause
interest I-Cause
rates I-Cause
. O

Operating O
margin O
improved O
to O
7.6 O
% O
in O
2017 O
, O
9.3 O
% O
in O
2018 O
, O
and O
9.7 O
% O
in O
2019 O
, O
and O
we O
project O
that O
the B-Effect
margin I-Effect
will I-Effect
rebound I-Effect
to I-Effect
the I-Effect
2015 I-Effect
level I-Effect
by I-Effect
2024 I-Effect
and I-Effect
exceed I-Effect
it I-Effect
in I-Effect
2025 I-Effect
as O
the B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
higher I-Cause
margin I-Cause
streaming I-Cause
revenue I-Cause
and I-Cause
improved I-Cause
profitability I-Cause
at I-Cause
Canal+ I-Cause
. O

Cash B-Effect
flows I-Effect
could I-Effect
also I-Effect
be I-Effect
heavily I-Effect
affected I-Effect
by O
geopolitical B-Cause
instability I-Cause
, O
particularly O
given O
Ingredion O
's O
market O
leadership O
in O
Pakistan O
, O
as O
well O
as O
its O
exposure O
to O
Korea O
and O
various O
South O
American O
economies O
. O

While B-Effect
we I-Effect
do I-Effect
not I-Effect
believe I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
will I-Effect
materially I-Effect
alter I-Effect
Costco I-Effect
's I-Effect
long-term I-Effect
trajectory I-Effect
, I-Effect
it I-Effect
increases I-Effect
near-term I-Effect
uncertainty I-Effect
as B-Cause
customers I-Cause
flock I-Cause
to I-Cause
warehouses I-Cause
to I-Cause
stock I-Cause
up I-Cause
on I-Cause
essentials I-Cause
. O

Therefore O
, O
continued B-Cause
deceleration I-Cause
in I-Cause
the I-Cause
Sales I-Cause
Cloud I-Cause
, I-Cause
or I-Cause
growth I-Cause
that I-Cause
does I-Cause
not I-Cause
materialize I-Cause
as I-Cause
expected I-Cause
in I-Cause
Service I-Cause
, I-Cause
Marketing I-Cause
, I-Cause
and I-Cause
Commerce I-Cause
Clouds I-Cause
, I-Cause
or I-Cause
the I-Cause
Salesforce I-Cause
Platform I-Cause
would O
likely O
have B-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
the I-Effect
stock I-Effect
in O
our O
view O
. O

Even O
if O
Scotts O
increases O
its O
online O
sales O
presence O
, O
it B-Effect
may I-Effect
lose I-Effect
some I-Effect
pricing I-Effect
power I-Effect
as O
many B-Cause
products I-Cause
in I-Cause
the I-Cause
gardening I-Cause
industry I-Cause
shift I-Cause
away I-Cause
from I-Cause
brick-and-mortar I-Cause
retailers I-Cause
to I-Cause
online I-Cause
platforms I-Cause
, O
where O
Scotts B-Cause
will I-Cause
likely I-Cause
face I-Cause
more I-Cause
lower-priced I-Cause
competition I-Cause
. O

This B-Effect
resiliency I-Effect
played I-Effect
out I-Effect
during I-Effect
the I-Effect
last I-Effect
economic I-Effect
recession I-Effect
( I-Effect
calendar I-Effect
2008-09 I-Effect
) I-Effect
, O
as O
sales B-Cause
edged I-Cause
up I-Cause
at I-Cause
a I-Cause
low- I-Cause
to I-Cause
mid-single-digit I-Cause
average I-Cause
rate I-Cause
. O

As O
such O
, O
its B-Cause
scale I-Cause
reinforces I-Cause
a I-Cause
solid I-Cause
value I-Cause
proposition I-Cause
for I-Cause
both I-Cause
shippers I-Cause
and I-Cause
asset-based I-Cause
transportation I-Cause
providers I-Cause
, O
and O
duplication B-Effect
by I-Effect
small I-Effect
competitors I-Effect
with I-Effect
fewer I-Effect
resources I-Effect
would I-Effect
be I-Effect
difficult I-Effect
. O

Its B-Cause
acreage I-Cause
is I-Cause
concentrated I-Cause
in I-Cause
liquid I-Cause
rich I-Cause
acres I-Cause
in I-Cause
the I-Cause
Midland I-Cause
( I-Cause
55 I-Cause
% I-Cause
) I-Cause
and I-Cause
Delaware I-Cause
( I-Cause
45 I-Cause
% I-Cause
) I-Cause
subregions. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
's I-Effect
production I-Effect
mix I-Effect
is I-Effect
more I-Effect
skewed I-Effect
to I-Effect
oil I-Effect
and I-Effect
natural I-Effect
gas I-Effect
liquids I-Effect
than I-Effect
we I-Effect
typically I-Effect
expect I-Effect
from I-Effect
upstream I-Effect
companies I-Effect
( I-Effect
liquids I-Effect
were I-Effect
83 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
production I-Effect
) I-Effect
. O

To O
fuel B-Effect
additional I-Effect
brand I-Effect
spending I-Effect
, O
with O
the B-Cause
objective I-Cause
of I-Cause
revitalizing I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
, O
Hormel B-Effect
is I-Effect
extracting I-Effect
excess I-Effect
costs I-Effect
from I-Effect
its I-Effect
supply I-Effect
chain I-Effect
, O
which O
we O
view O
as O
prudent O
. O

Food B-Cause
consumption I-Cause
is I-Cause
outpacing I-Cause
population I-Cause
growth I-Cause
as I-Cause
wealthier I-Cause
, I-Cause
more I-Cause
educated I-Cause
societies I-Cause
become I-Cause
more I-Cause
urbanized. O
This O
shift O
has O
the O
twofold O
effect O
of O
reducing B-Effect
the I-Effect
available I-Effect
stock I-Effect
of I-Effect
farm I-Effect
labor I-Effect
, I-Effect
which I-Effect
drives I-Effect
mechanization I-Effect
, I-Effect
and I-Effect
producing I-Effect
a I-Effect
more I-Effect
affluent I-Effect
society I-Effect
that I-Effect
consumes I-Effect
more I-Effect
food I-Effect
with I-Effect
higher I-Effect
protein I-Effect
content I-Effect
. O

Despite O
this O
, O
we O
recognize O
consumer O
trends O
are O
constantly O
evolving O
, O
and O
Campbell B-Cause
will I-Cause
need I-Cause
to I-Cause
prove I-Cause
agile I-Cause
in I-Cause
its I-Cause
product I-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
over O
a O
longer O
horizon O
to O
sustain B-Effect
its I-Effect
edge I-Effect
. O

However O
, O
Tapestry O
's O
first O
quarter O
of O
fiscal O
2021 O
was O
better O
than O
expected O
as O
strong O
sales O
of O
Coach O
in O
mainland O
China O
led O
to O
nearly B-Cause
40 I-Cause
% I-Cause
growth I-Cause
in I-Cause
the I-Cause
region I-Cause
and I-Cause
e-commerce I-Cause
partially I-Cause
offset B-Effect
store I-Effect
closures I-Effect
. O

The O
federal O
government O
also O
controls O
domestic O
competition O
, O
as O
Canada B-Cause
's I-Cause
banking I-Cause
system I-Cause
historically I-Cause
developed I-Cause
to O
favor O
a B-Effect
few I-Effect
large I-Effect
banks I-Effect
controlling I-Effect
the I-Effect
majority I-Effect
of I-Effect
the I-Effect
domestic I-Effect
market I-Effect
, O
and O
this O
is O
actively O
enforced O
through O
the O
handling O
of O
chartering O
by O
the O
federal O
government O
exclusively O
. O

We O
expect O
there B-Cause
to I-Cause
be I-Cause
an I-Cause
unwinding I-Cause
of I-Cause
clearance I-Cause
activity I-Cause
and I-Cause
a I-Cause
release I-Cause
of I-Cause
duplicated I-Cause
IT I-Cause
costs I-Cause
, O
which O
have B-Effect
been I-Effect
part I-Effect
of I-Effect
the I-Effect
business I-Effect
disruption I-Effect
that I-Effect
affected I-Effect
the I-Effect
execution I-Effect
of I-Effect
the I-Effect
One I-Effect
Kingfisher I-Effect
strategy I-Effect
. O

Zions B-Effect
has I-Effect
historically I-Effect
had I-Effect
one I-Effect
of I-Effect
the I-Effect
worst I-Effect
efficiency I-Effect
ratios I-Effect
in I-Effect
our I-Effect
bank I-Effect
coverage. O
This O
has O
partially O
been O
due O
to O
a B-Cause
bloated I-Cause
expense I-Cause
base I-Cause
, I-Cause
but I-Cause
declining I-Cause
interest I-Cause
income I-Cause
in I-Cause
a I-Cause
low-interest-rate I-Cause
environment I-Cause
has I-Cause
n't I-Cause
help I-Cause
. O

We O
expect O
Choice B-Effect
's I-Effect
intangible I-Effect
brand I-Effect
asset I-Effect
and I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
to I-Effect
remain I-Effect
intact I-Effect
, O
driven B-Cause
by I-Cause
new I-Cause
hotel I-Cause
brands I-Cause
, I-Cause
renovation I-Cause
of I-Cause
existing I-Cause
properties I-Cause
, I-Cause
and I-Cause
a I-Cause
sizable I-Cause
loyalty I-Cause
program I-Cause
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
that I-Effect
this I-Effect
superior I-Effect
profitability I-Effect
comes I-Effect
with I-Effect
higher I-Effect
risks I-Effect
, O
as O
BBVA B-Cause
's I-Cause
geographical I-Cause
diversification I-Cause
and I-Cause
its I-Cause
retail I-Cause
and I-Cause
commercial I-Cause
focus I-Cause
mitigate I-Cause
against I-Cause
risk I-Cause
. O

We O
think O
Heineken B-Effect
can I-Effect
grow I-Effect
revenue I-Effect
at I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
steady I-Effect
state I-Effect
, I-Effect
slightly I-Effect
above I-Effect
our I-Effect
estimate I-Effect
for I-Effect
the I-Effect
industry I-Effect
average I-Effect
, O
because O
of O
its B-Cause
gearing I-Cause
to I-Cause
the I-Cause
premium I-Cause
segments I-Cause
. O

Newmont B-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
improve I-Cause
performance I-Cause
at I-Cause
mines I-Cause
where I-Cause
Goldcorp I-Cause
has I-Cause
struggled I-Cause
from I-Cause
an I-Cause
execution I-Cause
perspective I-Cause
, O
helping O
drive B-Effect
production I-Effect
costs I-Effect
lower I-Effect
. O

We B-Effect
then I-Effect
expect I-Effect
the I-Effect
company I-Effect
to I-Effect
deleverage I-Effect
its I-Effect
marketing I-Effect
expense I-Effect
in I-Effect
2021 I-Effect
, O
as O
Booking B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
integrating I-Cause
experiences I-Cause
, I-Cause
alternative I-Cause
accommodations I-Cause
, I-Cause
flights I-Cause
, I-Cause
and I-Cause
emerging-market I-Cause
supply I-Cause
in I-Cause
Booking.com I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

The B-Cause
improved I-Cause
economics I-Cause
of I-Cause
deep-water I-Cause
projects I-Cause
-- I-Cause
combined I-Cause
with I-Cause
projects I-Cause
nearing I-Cause
completion I-Cause
, I-Cause
high-return I-Cause
conventional I-Cause
reinvestment I-Cause
opportunities I-Cause
, I-Cause
and I-Cause
a I-Cause
large I-Cause
liquefied I-Cause
natural I-Cause
gas I-Cause
portfolio I-Cause
( I-Cause
which I-Cause
does I-Cause
not I-Cause
decline I-Cause
) I-Cause
-- O
mean O
it O
can O
deliver B-Effect
modest I-Effect
production I-Effect
growth I-Effect
at I-Effect
a I-Effect
reduced I-Effect
level I-Effect
of I-Effect
spending I-Effect
. O

Risks B-Cause
surrounding I-Cause
additonal I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
globally I-Cause
available I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

At O
this O
time O
, O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
a I-Cause
way I-Cause
for I-Cause
airlines I-Cause
to I-Cause
escape I-Cause
cyclicality I-Cause
so O
our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
is I-Effect
extreme I-Effect
until I-Effect
COVID-19 I-Effect
headwinds I-Effect
lessen I-Effect
. O

We O
expect O
limited B-Effect
upside I-Effect
in I-Effect
pricing I-Effect
in I-Effect
the I-Effect
industrial I-Effect
gas I-Effect
sector I-Effect
due O
to O
competition B-Cause
for I-Cause
new I-Cause
contracts I-Cause
, O
especially O
in O
emerging O
markets O
, O
and O
on-site O
customers O
' O
option O
to O
choose O
in-house O
production O
. O

In O
the O
short O
term O
, O
we O
expect O
all B-Effect
regions I-Effect
to I-Effect
experience I-Effect
declining I-Effect
occupancy I-Effect
and I-Effect
contraction I-Effect
in I-Effect
rental I-Effect
rates I-Effect
due O
to O
a B-Cause
coronavirus-induced I-Cause
slowdown I-Cause
in I-Cause
the I-Cause
office I-Cause
sector I-Cause
. O

We O
think O
this B-Effect
elevated I-Effect
level I-Effect
of I-Effect
capital I-Effect
expenditure I-Effect
is I-Effect
reasonable I-Effect
relative O
to O
historicals O
as O
Delta B-Cause
has I-Cause
orders I-Cause
to I-Cause
replace I-Cause
much I-Cause
of I-Cause
its I-Cause
fleet I-Cause
and I-Cause
deferred I-Cause
capital I-Cause
expenditures I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

While O
these B-Cause
structural I-Cause
attributes I-Cause
have O
been O
big B-Effect
pluses I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
we O
believe O
BlackRock B-Cause
's I-Cause
( I-Cause
and I-Cause
, I-Cause
hence I-Cause
, I-Cause
CEO I-Cause
Larry I-Cause
Fink I-Cause
's I-Cause
) I-Cause
insistence I-Cause
on I-Cause
one I-Cause
common I-Cause
culture I-Cause
, I-Cause
focused I-Cause
on I-Cause
one I-Cause
common I-Cause
vision I-Cause
, I-Cause
operating I-Cause
on I-Cause
one I-Cause
common I-Cause
platform I-Cause
has O
also O
provided O
the B-Effect
firm I-Effect
with I-Effect
a I-Effect
leg I-Effect
up I-Effect
over I-Effect
its I-Effect
peers I-Effect
. O

Still O
, O
we O
believe O
the B-Effect
chains I-Effect
are I-Effect
complementary I-Effect
, O
as O
they B-Cause
make I-Cause
Ross I-Cause
a I-Cause
more I-Cause
valued I-Cause
partner I-Cause
to I-Cause
vendors I-Cause
with I-Cause
broad I-Cause
portfolios I-Cause
that I-Cause
target I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
customers I-Cause
, O
even O
though O
the O
merchant O
teams O
for O
the O
two O
chains O
differ O
. O

Operating O
costs O
typically O
track O
movements O
in O
commodity O
prices O
, O
so O
based B-Cause
on I-Cause
our I-Cause
expectations I-Cause
for I-Cause
lower I-Cause
oil I-Cause
prices I-Cause
over I-Cause
the I-Cause
cycle I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
introduction I-Cause
of I-Cause
new I-Cause
technological I-Cause
innovations I-Cause
, O
we O
'd O
expect O
ConocoPhillips B-Effect
to I-Effect
hold I-Effect
on I-Effect
to I-Effect
the I-Effect
cost I-Effect
improvements I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

The O
company O
's O
armored O
vehicle O
segment O
is O
not O
competing O
for O
the B-Cause
Bradley I-Cause
Fighting I-Cause
Vehicle I-Cause
replacement I-Cause
contract I-Cause
, O
which O
limits O
our B-Effect
revenue I-Effect
visibility I-Effect
for I-Effect
the I-Effect
subsegment I-Effect
to I-Effect
sustainment I-Effect
and I-Effect
modifications I-Effect
for I-Effect
the I-Effect
M1117 I-Effect
Armored I-Effect
Security I-Effect
Vehicle I-Effect
, O
which O
has O
been O
in O
service O
since O
1999 O
. O

Although O
there O
is O
not O
a O
major O
maturation O
of O
debt O
until O
2024 O
when O
$ O
4.4 O
billion O
is O
due O
, O
a B-Cause
prolonged I-Cause
economic I-Cause
downturn I-Cause
from I-Cause
COVID-19 I-Cause
or I-Cause
sustained I-Cause
drop I-Cause
in I-Cause
Caesars I-Cause
' I-Cause
competitive I-Cause
positioning I-Cause
could O
present O
challenges B-Effect
to I-Effect
meeting I-Effect
its I-Effect
debt I-Effect
obligations I-Effect
. O

While O
Telefonica B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
E-Plus I-Cause
made B-Effect
it I-Effect
the I-Effect
largest I-Effect
German I-Effect
wireless I-Effect
operator I-Effect
by I-Effect
subscribers I-Effect
, O
Vodafone O
has O
a O
higher-quality O
wireless O
network O
. O

We O
expect O
NBCU B-Effect
revenue I-Effect
will I-Effect
rebound I-Effect
22 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
after I-Effect
a I-Effect
17 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, O
thanks O
to O
the O
Summer B-Cause
Olympics I-Cause
, I-Cause
a I-Cause
rebound I-Cause
in I-Cause
theme I-Cause
park I-Cause
attendance I-Cause
, I-Cause
recovery I-Cause
in I-Cause
movie I-Cause
studio I-Cause
revenue I-Cause
, I-Cause
and I-Cause
growth I-Cause
at I-Cause
Peacock I-Cause
. O

We O
expect O
EBITDA B-Effect
margins I-Effect
in I-Effect
the I-Effect
engineered I-Effect
materials I-Effect
segment I-Effect
to I-Effect
fall I-Effect
to I-Effect
the I-Effect
high-20 I-Effect
% I-Effect
range I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19-related I-Cause
economic I-Cause
slowdown I-Cause
. O

Worldwide O
, O
there B-Cause
are I-Cause
hundreds I-Cause
of I-Cause
lodging I-Cause
management I-Cause
companies I-Cause
but I-Cause
only I-Cause
a I-Cause
few I-Cause
of I-Cause
those I-Cause
currently I-Cause
manage I-Cause
more I-Cause
than I-Cause
100 I-Cause
properties I-Cause
with I-Cause
Hyatt I-Cause
one I-Cause
of I-Cause
them I-Cause
, O
making O
it B-Effect
a I-Effect
prime I-Effect
partner I-Effect
for I-Effect
third-party I-Effect
owners I-Effect
looking I-Effect
to I-Effect
outsource I-Effect
management I-Effect
responsibilities I-Effect
. O

Due O
to O
these B-Cause
massive I-Cause
switching I-Cause
costs I-Cause
, O
a B-Effect
potential I-Effect
competitor I-Effect
would I-Effect
have I-Effect
difficulty I-Effect
garnering I-Effect
customers I-Effect
even O
if O
they O
brought O
a O
competitive O
product O
to O
market O
. O

While O
some B-Cause
portfolio I-Cause
decisions I-Cause
like O
the O
sale O
of O
biopharma O
were O
painful O
, O
they O
were O
well-priced O
and O
provide B-Effect
the I-Effect
firm I-Effect
with I-Effect
critical I-Effect
flexibility I-Effect
to I-Effect
shift I-Effect
from I-Effect
a I-Effect
persistent I-Effect
defensive I-Effect
to I-Effect
offensive I-Effect
posture I-Effect
. O

Finally O
, O
due O
to B-Cause
de-facto I-Cause
government I-Cause
control I-Cause
of I-Cause
Eni I-Cause
, O
concerns O
remain O
that O
political B-Effect
and I-Effect
national I-Effect
interests I-Effect
hinder I-Effect
an I-Effect
efficient I-Effect
allocation I-Effect
of I-Effect
resources I-Effect
and I-Effect
termination I-Effect
of I-Effect
unprofitable I-Effect
projects I-Effect
, I-Effect
specifically I-Effect
in I-Effect
Italy I-Effect
. O

We O
expect O
Sensata B-Effect
's I-Effect
margins I-Effect
to I-Effect
gradually I-Effect
improve I-Effect
as O
the B-Cause
company I-Cause
completes I-Cause
Schrader I-Cause
and I-Cause
CST I-Cause
's I-Cause
integration I-Cause
, O
though O
we O
foresee O
more B-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
bite-size I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
acquisitions I-Cause
to O
curb O
potential B-Effect
margin I-Effect
expansion I-Effect
. O

In O
these O
markets O
, O
routes O
are O
likely O
denser O
where O
it O
operates O
its O
own O
fleet O
, O
and O
even O
where O
it O
utilizes O
third-party O
logistics O
providers O
, O
it O
is O
fair O
to O
deduce O
that O
the B-Cause
aggregation I-Cause
of I-Cause
volumes I-Cause
from I-Cause
multiple I-Cause
vendors I-Cause
( I-Cause
and I-Cause
the I-Cause
concomitant I-Cause
negotiating I-Cause
power I-Cause
) I-Cause
allow O
it O
to O
extract B-Effect
better I-Effect
economic I-Effect
terms I-Effect
from I-Effect
these I-Effect
providers I-Effect
. O

Existing B-Effect
catalyst I-Effect
providers I-Effect
hold I-Effect
the I-Effect
advantage I-Effect
of I-Effect
being I-Effect
able I-Effect
to I-Effect
tweak I-Effect
their I-Effect
catalyst I-Effect
over I-Effect
time I-Effect
and I-Effect
maintain I-Effect
customer I-Effect
relationships I-Effect
, O
as O
catalyst B-Cause
suppliers I-Cause
continually I-Cause
improve I-Cause
refiner I-Cause
economics I-Cause
. O

Cognizant B-Effect
announced I-Effect
its I-Effect
departure I-Effect
from I-Effect
the I-Effect
content I-Effect
moderation I-Effect
business I-Effect
after O
news B-Cause
outlets I-Cause
recounted I-Cause
the I-Cause
conditions I-Cause
Cognizant I-Cause
employees I-Cause
endured I-Cause
as I-Cause
they I-Cause
sifted I-Cause
through I-Cause
extremely I-Cause
unsettling I-Cause
content I-Cause
from I-Cause
Facebook I-Cause
. O

We O
expect O
growth B-Cause
to I-Cause
be I-Cause
fueled I-Cause
by I-Cause
the I-Cause
significant I-Cause
increase I-Cause
in I-Cause
members I-Cause
, O
increasing B-Effect
visit I-Effect
fees I-Effect
and I-Effect
cross-selling I-Effect
of I-Effect
multiple I-Effect
services I-Effect
, O
which O
should O
increase B-Effect
the I-Effect
stickiness I-Effect
of I-Effect
its I-Effect
offering I-Effect
. O

While O
competitors O
may O
have O
stronger O
positions O
in O
certain O
niches O
( O
for O
example O
, O
Harris O
in O
federal O
markets O
) O
, O
we B-Effect
believe I-Effect
switching I-Effect
costs I-Effect
will I-Effect
help I-Effect
keep I-Effect
Motorola I-Effect
in I-Effect
the I-Effect
incumbent I-Effect
position I-Effect
for O
a B-Cause
number I-Cause
of I-Cause
reasons I-Cause
. O

This O
investment O
has O
the O
benefit O
of O
creating B-Effect
a I-Effect
cardholder I-Effect
base I-Effect
with I-Effect
relatively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
, O
as O
consumers B-Cause
with I-Cause
large I-Cause
existing I-Cause
balances I-Cause
will I-Cause
face I-Cause
difficulties I-Cause
in I-Cause
getting I-Cause
approved I-Cause
at I-Cause
another I-Cause
firm I-Cause
. O

First B-Effect
Data I-Effect
has I-Effect
been I-Effect
a I-Effect
laggard I-Effect
compared I-Effect
with I-Effect
peers I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
, O
as O
it B-Effect
was I-Effect
overwhelmed I-Effect
by I-Effect
an I-Effect
excessive I-Effect
debt I-Effect
load I-Effect
due O
to O
a B-Cause
leveraged I-Cause
buyout I-Cause
just I-Cause
before I-Cause
the I-Cause
financial I-Cause
crisis I-Cause
and I-Cause
the I-Cause
defection I-Cause
of I-Cause
a I-Cause
major I-Cause
bank I-Cause
partner I-Cause
. O

With O
the O
likely O
exit O
of O
a B-Cause
number I-Cause
of I-Cause
inferior I-Cause
businesses I-Cause
, O
we O
anticipate O
Hannover B-Effect
is I-Effect
likely I-Effect
to I-Effect
experience I-Effect
a I-Effect
close I-Effect
to I-Effect
25 I-Effect
% I-Effect
rise I-Effect
in I-Effect
premium I-Effect
income I-Effect
. O

Volatile O
input O
costs O
can O
also O
weigh O
on O
profits O
, O
and O
if O
Campbell O
chooses O
to O
raise B-Cause
prices I-Cause
to I-Cause
offset I-Cause
these I-Cause
pressures I-Cause
, O
volume B-Effect
could O
be O
constrained O
, O
especially O
during O
economic O
periods O
where O
consumers O
are O
highly O
selective O
in O
their O
purchase O
decisions O
. O

Internet O
Content O
& O
InformationWe O
believe O
that O
by O
creating B-Cause
and I-Cause
acquiring I-Cause
various I-Cause
online I-Cause
dating I-Cause
products I-Cause
that I-Cause
each I-Cause
serve I-Cause
different I-Cause
people I-Cause
in I-Cause
terms I-Cause
of I-Cause
demographics I-Cause
, I-Cause
location I-Cause
, I-Cause
and I-Cause
culture I-Cause
, O
Match O
Group O
has O
successfully O
created B-Effect
a I-Effect
network I-Effect
effect I-Effect
for I-Effect
its I-Effect
entire I-Effect
portfolio I-Effect
of I-Effect
services I-Effect
that I-Effect
is I-Effect
becoming I-Effect
more I-Effect
mainstream I-Effect
. O

Marsh B-Effect
& I-Effect
McLennan I-Effect
's I-Effect
largest I-Effect
cost I-Effect
component I-Effect
is I-Effect
employee I-Effect
compensation I-Effect
, I-Effect
which I-Effect
could I-Effect
lead I-Effect
to I-Effect
pressure I-Effect
on I-Effect
margins I-Effect
if B-Cause
labor I-Cause
conditions I-Cause
grew I-Cause
tight I-Cause
and I-Cause
any I-Cause
large-scale I-Cause
employee I-Cause
defections I-Cause
could I-Cause
damage I-Cause
the I-Cause
business I-Cause
. I-Cause

Crop O
chemical O
companies O
, O
including O
FMC O
, O
take O
additional O
steps O
to O
extend B-Effect
a I-Effect
successful I-Effect
product I-Effect
's I-Effect
patent I-Effect
life I-Effect
by I-Effect
up I-Effect
to I-Effect
five I-Effect
years I-Effect
by O
patenting B-Cause
the I-Cause
product I-Cause
formula I-Cause
and I-Cause
the I-Cause
manufacturing I-Cause
process I-Cause
. O

We O
see O
substantial B-Effect
switching I-Effect
costs I-Effect
to I-Effect
the I-Effect
customer I-Effect
, O
as O
missile B-Cause
defense I-Cause
systems I-Cause
are I-Cause
arguably I-Cause
the I-Cause
most I-Cause
mission-critical I-Cause
part I-Cause
of I-Cause
a I-Cause
nation I-Cause
's I-Cause
defense I-Cause
infrastructure I-Cause
, O
and O
improperly O
functioning O
missile O
defense O
systems O
have O
the O
potential O
to O
directly O
cause O
civilian O
casualties O
. O

Earlier B-Effect
in I-Effect
2020 I-Effect
, I-Effect
we I-Effect
lowered I-Effect
automotive I-Effect
equity I-Effect
income I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
by I-Effect
over I-Effect
40 I-Effect
% I-Effect
compared I-Effect
with I-Effect
our I-Effect
2019 I-Effect
model I-Effect
due O
to O
management B-Cause
comments I-Cause
that I-Cause
a I-Cause
Chinese I-Cause
turnaround I-Cause
will I-Cause
take I-Cause
a I-Cause
few I-Cause
years I-Cause
. O

ROICs B-Cause
are I-Cause
also I-Cause
supported I-Cause
by I-Cause
strong I-Cause
capital I-Cause
allocation I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
elimination I-Cause
of I-Cause
its I-Cause
incentive I-Cause
distribution I-Cause
rights I-Cause
in I-Cause
2010 I-Cause
, O
which O
lowered B-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

However O
, O
Hormel B-Effect
is I-Effect
the I-Effect
only I-Effect
protein I-Effect
producer I-Effect
that O
sells O
primarily O
through O
its O
own O
dedicated O
salesforce O
, O
as O
Tyson B-Cause
and I-Cause
Smithfield I-Cause
rely I-Cause
heavily I-Cause
on I-Cause
brokers I-Cause
. O

We B-Effect
've I-Effect
held I-Effect
firm I-Effect
our I-Effect
forecast I-Effect
for I-Effect
the I-Effect
February-ending I-Effect
final I-Effect
quarter I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
with O
sales B-Cause
falling I-Cause
at I-Cause
a I-Cause
high-teens I-Cause
clip I-Cause
, I-Cause
in I-Cause
line I-Cause
with I-Cause
company I-Cause
guidance I-Cause
for I-Cause
a I-Cause
double-digit I-Cause
contraction I-Cause
, I-Cause
and I-Cause
higher I-Cause
costs I-Cause
due I-Cause
to I-Cause
shipping I-Cause
constraints I-Cause
and I-Cause
higher I-Cause
freight I-Cause
costs I-Cause
. O

There O
are O
several B-Cause
factors I-Cause
that I-Cause
distort I-Cause
this I-Cause
metric I-Cause
that O
weaken B-Effect
the I-Effect
comparability I-Effect
of I-Effect
the I-Effect
data I-Effect
, O
including O
the O
complex O
network O
of O
licensing O
and O
contract O
brewing O
arrangements O
in O
global O
brewing O
, O
product O
mix O
and O
the O
variation O
in O
the O
raw O
materials O
and O
brewing O
processes O
across O
products O
, O
and O
foreign O
exchange O
. O

We B-Effect
use I-Effect
an I-Effect
above I-Effect
average I-Effect
cost I-Effect
of I-Effect
equity I-Effect
to I-Effect
discount I-Effect
our I-Effect
cash I-Effect
flow I-Effect
projections I-Effect
due O
to O
the B-Cause
highly I-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

The O
risk O
to O
the O
strategy O
is O
that O
cost-cutting O
can O
go O
too O
far O
, O
and O
it O
is O
vital O
that O
the B-Effect
brands I-Effect
are I-Effect
supported I-Effect
with I-Effect
sufficient I-Effect
marketing I-Effect
spend I-Effect
to O
meet O
the B-Cause
increasing I-Cause
customer I-Cause
acquisition I-Cause
cost I-Cause
. O

Because O
of O
the B-Cause
unique I-Cause
nature I-Cause
of I-Cause
the I-Cause
risks I-Cause
covered I-Cause
, I-Cause
specialty I-Cause
insurance I-Cause
can I-Cause
not I-Cause
be I-Cause
handled I-Cause
in I-Cause
the I-Cause
standard I-Cause
insurance I-Cause
market I-Cause
, O
which O
helps O
prevent O
sporadic B-Effect
competition I-Effect
from I-Effect
less I-Effect
experienced I-Effect
peers I-Effect
who I-Effect
may I-Effect
have I-Effect
more I-Effect
financial I-Effect
capacity I-Effect
, I-Effect
and I-Effect
underwriters I-Effect
with I-Effect
a I-Effect
large I-Effect
amount I-Effect
of I-Effect
knowledge I-Effect
have I-Effect
an I-Effect
information I-Effect
edge I-Effect
. O

This O
helped O
soften B-Cause
the I-Cause
blow I-Cause
of I-Cause
a I-Cause
weaker I-Cause
memory I-Cause
environment I-Cause
( O
Lam O
's O
total O
DRAM O
and O
NAND O
sales O
fell O
35 O
% O
) O
, O
leading O
to O
a B-Effect
roughly I-Effect
even I-Effect
split I-Effect
between I-Effect
memory I-Effect
and I-Effect
logic/foundry I-Effect
sales I-Effect
for I-Effect
Lam I-Effect
in I-Effect
calendar I-Effect
2019 I-Effect
. O

However O
, O
it O
is O
plausible O
, O
based O
on O
various O
economic O
convergence O
theories O
, O
that O
as O
per B-Cause
capita I-Cause
incomes I-Cause
rise I-Cause
globally I-Cause
, O
current B-Effect
value I-Effect
segments I-Effect
of I-Effect
the I-Effect
beer I-Effect
category I-Effect
are I-Effect
entirely I-Effect
replaced I-Effect
by I-Effect
a I-Effect
portion I-Effect
of I-Effect
what I-Effect
is I-Effect
now I-Effect
considered I-Effect
premium I-Effect
fare I-Effect
. O

As O
the O
global O
leader O
in O
animal O
genomics O
, O
we O
think O
Neogen O
can O
leverage O
existing B-Cause
relationships I-Cause
in I-Cause
the I-Cause
farming I-Cause
industry I-Cause
to O
successfully O
bring B-Effect
new I-Effect
genomic I-Effect
tests I-Effect
to I-Effect
market I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
like O
the O
land-and-expand O
strategy O
used O
with O
its O
Ingenity O
suite O
of O
cattle O
genomics O
. O

Given O
Burger O
King O
's O
global O
presence O
, O
Tim O
Hortons O
' O
leadership O
in O
Canada O
, O
and O
Popeyes O
' O
intriguing O
global O
growth O
prospects O
, O
we O
believe O
RBI B-Cause
has I-Cause
considerable I-Cause
influence I-Cause
over I-Cause
its I-Cause
suppliers I-Cause
, O
which O
helps O
to O
provide B-Effect
access I-Effect
to I-Effect
food I-Effect
and I-Effect
other I-Effect
raw I-Effect
materials I-Effect
to I-Effect
its I-Effect
franchisees I-Effect
at I-Effect
competitive I-Effect
prices I-Effect
. O

We O
expect O
that O
United B-Effect
Airlines I-Effect
will I-Effect
participate I-Effect
in I-Effect
the I-Effect
recovery I-Effect
of I-Effect
business I-Effect
and I-Effect
international I-Effect
leisure I-Effect
travel I-Effect
after O
a O
vaccine B-Cause
for I-Cause
COVID-19 I-Cause
is I-Cause
well I-Cause
distributed I-Cause
. O

The B-Cause
assets I-Cause
are I-Cause
extremely I-Cause
well I-Cause
located I-Cause
in I-Cause
the I-Cause
Appalachian I-Cause
region I-Cause
( O
66 O
% O
processing O
market O
share O
) O
, O
where O
we O
expect O
substantial B-Effect
production I-Effect
growth I-Effect
over I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

The B-Cause
regional I-Cause
sports I-Cause
networks I-Cause
have I-Cause
commanded I-Cause
high I-Cause
affiliate I-Cause
fees I-Cause
, I-Cause
but I-Cause
distributors I-Cause
could I-Cause
refuse I-Cause
to I-Cause
pay I-Cause
these I-Cause
increasing I-Cause
costs I-Cause
or I-Cause
place I-Cause
the I-Cause
RSNs I-Cause
in I-Cause
a I-Cause
higher-price I-Cause
programming I-Cause
tier I-Cause
, O
which O
would O
diminish B-Effect
customer I-Effect
counts I-Effect
and O
thus O
hurt B-Effect
RSN I-Effect
revenue I-Effect
. O

To O
the O
extent O
that O
incrementally B-Cause
sufficient I-Cause
acreage I-Cause
is I-Cause
n't I-Cause
allocated I-Cause
to I-Cause
these I-Cause
rarer I-Cause
hop I-Cause
varieties I-Cause
, I-Cause
input I-Cause
cost I-Cause
inflation I-Cause
could O
constrain O
margin B-Effect
performance I-Effect
. O

A B-Cause
new I-Cause
client I-Cause
, I-Cause
for I-Cause
example I-Cause
, I-Cause
may I-Cause
go I-Cause
to I-Cause
IBM I-Cause
's I-Cause
GBS I-Cause
in I-Cause
search I-Cause
of I-Cause
an I-Cause
IT I-Cause
plan I-Cause
of I-Cause
attack I-Cause
which O
could O
lead O
to O
sales B-Effect
in I-Effect
all I-Effect
other I-Effect
parts I-Effect
of I-Effect
IBM I-Effect
's I-Effect
business I-Effect
: I-Effect
from I-Effect
using I-Effect
IBM I-Effect
IaaS I-Effect
, I-Effect
purchasing I-Effect
a I-Effect
new I-Effect
mainframe I-Effect
using I-Effect
IBM I-Effect
's I-Effect
financing I-Effect
capabilities I-Effect
, I-Effect
and I-Effect
even I-Effect
to I-Effect
using I-Effect
business I-Effect
intelligence I-Effect
software I-Effect
. O

In B-Effect
industrial I-Effect
equipment I-Effect
, I-Effect
electrical I-Effect
failure I-Effect
could I-Effect
shut I-Effect
down I-Effect
a I-Effect
factory I-Effect
floor I-Effect
or I-Effect
pose I-Effect
a I-Effect
risk I-Effect
to I-Effect
human I-Effect
safety I-Effect
in B-Cause
the I-Cause
event I-Cause
of I-Cause
fire I-Cause
or I-Cause
an I-Cause
explosion I-Cause
. O

Millicom O
's O
cable O
networks O
reach O
about O
a O
third O
of O
the O
population O
across O
its O
wireless O
footprint O
, O
but O
it O
plans B-Effect
to I-Effect
build I-Effect
to I-Effect
around I-Effect
1 I-Effect
million I-Effect
new I-Effect
homes I-Effect
each I-Effect
year I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
, O
tapping B-Cause
into I-Cause
pent-up I-Cause
demand I-Cause
for I-Cause
high-quality I-Cause
connectivity I-Cause
. O

Sales B-Effect
volumes I-Effect
for I-Effect
narrow-bodies I-Effect
have I-Effect
increased I-Effect
over I-Effect
the I-Effect
past I-Effect
20 I-Effect
years I-Effect
the B-Cause
worldwide I-Cause
rise I-Cause
of I-Cause
low-cost I-Cause
carriers I-Cause
and I-Cause
an I-Cause
emerging-market I-Cause
middle I-Cause
class I-Cause
. O

Prices O
are O
typically O
reset O
every O
two O
weeks O
, O
and O
depending O
on O
the O
magnitude O
of O
the O
inflation O
, O
it O
can O
take B-Cause
several I-Cause
weeks I-Cause
to I-Cause
fully I-Cause
pass I-Cause
the I-Cause
inflation I-Cause
through I-Cause
, O
which O
can O
lead O
to O
prolonged B-Effect
periods I-Effect
of I-Effect
margin I-Effect
compression I-Effect
. O

BorgWarner B-Cause
's I-Cause
ability I-Cause
to I-Cause
consistently I-Cause
innovate I-Cause
provides B-Effect
long-term I-Effect
pricing I-Effect
opportunities I-Effect
that O
, O
in O
conjunction B-Effect
with I-Effect
cost I-Effect
advantages I-Effect
derived O
from O
low-cost B-Cause
country I-Cause
locations I-Cause
, O
should O
support O
above-industry-average O
adjusted O
EBIT O
margins O
. O

We O
believe O
the B-Cause
strong I-Cause
brand I-Cause
equities I-Cause
of I-Cause
General I-Cause
Mills I-Cause
' I-Cause
and I-Cause
Kellogg I-Cause
's I-Cause
portfolios I-Cause
allow O
these B-Effect
brands I-Effect
to I-Effect
sell I-Effect
at I-Effect
a I-Effect
price I-Effect
premium I-Effect
, O
relative O
to O
the O
lower-tier O
offerings O
in O
the O
category O
including O
Post O
. O

Additionally O
, O
the B-Cause
coronavirus I-Cause
crisis I-Cause
and I-Cause
the I-Cause
resulting I-Cause
mass I-Cause
work-from-home I-Cause
expirement I-Cause
has O
raised B-Effect
questions I-Effect
about I-Effect
the I-Effect
viability I-Effect
of I-Effect
the I-Effect
office I-Effect
real I-Effect
estate I-Effect
industry I-Effect
. O

We O
expect O
operating B-Effect
margins I-Effect
in I-Effect
Eastman I-Effect
's I-Effect
chemical I-Effect
intermediates I-Effect
business I-Effect
to I-Effect
average I-Effect
around I-Effect
10 I-Effect
% I-Effect
as O
demand B-Cause
returns I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
partially I-Cause
offset I-Cause
by I-Cause
a I-Cause
lower I-Cause
spread I-Cause
between I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
. O

Should O
the O
Western B-Cause
Digital I-Cause
be I-Cause
unable I-Cause
to I-Cause
successfully I-Cause
execute I-Cause
on I-Cause
its I-Cause
flash I-Cause
and I-Cause
SSD I-Cause
portfolio I-Cause
, I-Cause
or I-Cause
if I-Cause
it I-Cause
is I-Cause
unable I-Cause
to I-Cause
eke I-Cause
out I-Cause
improvements I-Cause
in I-Cause
HDD I-Cause
technology I-Cause
, O
it O
will O
be O
unlikely O
to O
generate B-Effect
profitable I-Effect
growth I-Effect
. O

Yet O
, O
increased B-Cause
electric I-Cause
vehicle I-Cause
penetration I-Cause
driven I-Cause
by I-Cause
government I-Cause
mandates I-Cause
and I-Cause
technical I-Cause
innovation I-Cause
will O
likely O
lead O
a B-Effect
decline I-Effect
in I-Effect
ethanol I-Effect
used I-Effect
for I-Effect
motor I-Effect
fuels I-Effect
over I-Effect
the I-Effect
next I-Effect
30 I-Effect
years I-Effect
. O

In O
our O
view O
, O
Grainger B-Cause
's I-Cause
established I-Cause
reputation I-Cause
and I-Cause
inventory I-Cause
management I-Cause
capabilities I-Cause
should O
prevent O
a B-Effect
race I-Effect
to I-Effect
the I-Effect
bottom I-Effect
in I-Effect
terms I-Effect
of I-Effect
pricing I-Effect
; O
however O
, O
if O
Grainger B-Cause
's I-Cause
gross I-Cause
margins I-Cause
converged I-Cause
with I-Cause
Amazon I-Cause
's I-Cause
, O
we O
estimate O
that O
the B-Effect
firm I-Effect
would I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
. O

Supply B-Cause
has I-Cause
been I-Cause
muted I-Cause
in I-Cause
high-barrier I-Cause
cities I-Cause
, I-Cause
such I-Cause
as I-Cause
Los I-Cause
Angeles I-Cause
and I-Cause
San I-Cause
Francisco I-Cause
, O
which O
has O
allowed O
management B-Effect
to I-Effect
drive I-Effect
double-digit I-Effect
rent I-Effect
increases I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

We O
posit O
that O
Mondelez B-Effect
's I-Effect
competitive I-Effect
edge I-Effect
results O
from O
more O
than O
just O
its B-Cause
brand I-Cause
intangible I-Cause
assets I-Cause
, O
though O
, O
as O
we O
also O
believe O
it O
enjoys O
a B-Cause
cost I-Cause
advantage I-Cause
stemming I-Cause
from I-Cause
economies I-Cause
of I-Cause
scale I-Cause
. O

However O
, O
underwhelming B-Cause
mine I-Cause
plans I-Cause
, I-Cause
downgraded I-Cause
planned I-Cause
mill I-Cause
sizes I-Cause
, I-Cause
and I-Cause
construction I-Cause
decision I-Cause
deferrals I-Cause
led O
to O
the B-Effect
write-down I-Effect
of I-Effect
nearly I-Effect
the I-Effect
entire I-Effect
purchase I-Effect
price I-Effect
over I-Effect
the I-Effect
three I-Effect
years I-Effect
after I-Effect
the I-Effect
acquisition I-Effect
. O

Exxon O
has O
bolstered O
its O
portfolio O
over O
the O
last O
few O
years O
through O
discovery O
( O
Guyana O
) O
and O
acquisition O
( O
Permian O
, O
Mozambique O
) O
, O
and O
these B-Cause
new I-Cause
resources I-Cause
will B-Effect
contribute I-Effect
the I-Effect
bulk I-Effect
of I-Effect
any I-Effect
new I-Effect
volume I-Effect
growth I-Effect
. O

Maximizing B-Effect
inventory I-Effect
turnover I-Effect
across I-Effect
a I-Effect
broad I-Effect
customer I-Effect
base I-Effect
also I-Effect
provides I-Effect
a I-Effect
balance I-Effect
sheet I-Effect
benefit I-Effect
, O
with O
large O
retailers O
able O
to O
secure O
attractive O
vendor O
financing O
to O
mitigate B-Cause
the I-Cause
impact I-Cause
of I-Cause
high I-Cause
inventory I-Cause
levels I-Cause
. O

However O
, O
overall O
, O
we B-Effect
view I-Effect
Merck I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
, O
given O
the B-Cause
wide I-Cause
diversity I-Cause
of I-Cause
largely I-Cause
inelastic I-Cause
drugs I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
portfolio I-Cause
. O

As O
such O
, O
we O
view O
Marathon O
's O
greatest O
competitive O
advantage O
, O
the B-Effect
ability I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
a I-Effect
variety I-Effect
of I-Effect
discount I-Effect
crude I-Effect
streams I-Effect
, O
as O
weakened O
after O
the B-Cause
Andeavor I-Cause
acquisition I-Cause
. O

As O
a O
result O
, O
Sinopec B-Cause
's I-Cause
earnings I-Cause
are I-Cause
generally I-Cause
less I-Cause
sensitive I-Cause
to I-Cause
oil I-Cause
prices I-Cause
swings I-Cause
than I-Cause
peer I-Cause
PetroChina I-Cause
's I-Cause
, O
and O
so O
it B-Effect
benefits I-Effect
less I-Effect
in I-Effect
a I-Effect
rising I-Effect
oil I-Effect
price I-Effect
environment I-Effect
but I-Effect
is I-Effect
also I-Effect
more I-Effect
stable I-Effect
when I-Effect
prices I-Effect
fall I-Effect
. O

We B-Cause
also I-Cause
think I-Cause
heavy I-Cause
vehicle I-Cause
electrification I-Cause
and I-Cause
renewable I-Cause
energy I-Cause
proliferation I-Cause
will O
lead O
to O
double-digit B-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
sales I-Effect
into I-Effect
the I-Effect
industrial I-Effect
end I-Effect
market I-Effect
. O

However O
, O
the B-Effect
productivity I-Effect
of I-Effect
company-owned I-Effect
stores I-Effect
has I-Effect
been I-Effect
declining I-Effect
, O
as O
Kors B-Cause
has I-Cause
not I-Cause
reported I-Cause
positive I-Cause
same-store I-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
past I-Cause
six I-Cause
years I-Cause
and I-Cause
Capri I-Cause
is I-Cause
in I-Cause
the I-Cause
process I-Cause
of I-Cause
closing I-Cause
as I-Cause
many I-Cause
as I-Cause
170 I-Cause
locations I-Cause
. O

In O
2015 O
and O
2016 O
, O
Barrick B-Cause
executed I-Cause
noncore I-Cause
asset I-Cause
sales I-Cause
, I-Cause
royalty I-Cause
streams I-Cause
, I-Cause
and I-Cause
other I-Cause
transactions I-Cause
to O
help O
drive B-Effect
leverage I-Effect
down I-Effect
to I-Effect
a I-Effect
more I-Effect
manageable I-Effect
level I-Effect
, I-Effect
raising I-Effect
more I-Effect
than I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
for I-Effect
debt I-Effect
reduction I-Effect
. O

Additionally O
, O
clients B-Effect
enter I-Effect
into I-Effect
nonexclusive I-Effect
contracts I-Effect
with I-Effect
Manpower I-Effect
and I-Effect
its I-Effect
competitors I-Effect
, I-Effect
limiting I-Effect
its I-Effect
ability I-Effect
to I-Effect
become I-Effect
the I-Effect
preferred I-Effect
supplier I-Effect
of I-Effect
job I-Effect
candidates I-Effect
, O
though O
Robert B-Cause
Half I-Cause
's I-Cause
small- I-Cause
and I-Cause
midsize I-Cause
business I-Cause
exposure I-Cause
allows I-Cause
for I-Cause
more I-Cause
exclusive I-Cause
contracts I-Cause
. O

That O
said O
, O
Jira B-Cause
can I-Cause
be I-Cause
integrated I-Cause
pretty I-Cause
smoothly I-Cause
with I-Cause
Azure I-Cause
DevOps I-Cause
, O
so O
a B-Effect
firm I-Effect
could I-Effect
use I-Effect
Jira I-Effect
at I-Effect
the I-Effect
developer I-Effect
level I-Effect
for I-Effect
its I-Effect
tools I-Effect
, O
and O
Azure O
DevOps O
for O
overall O
project O
management O
. O

UPS B-Effect
enjoys I-Effect
considerably I-Effect
lower I-Effect
unit I-Effect
and I-Effect
marginal I-Effect
costs I-Effect
than I-Effect
a I-Effect
potential I-Effect
new I-Effect
entrant I-Effect
because O
it B-Cause
processes I-Cause
millions I-Cause
of I-Cause
packages I-Cause
over I-Cause
a I-Cause
massive I-Cause
far-reaching I-Cause
delivery I-Cause
network I-Cause
that O
's O
marked O
by O
high O
fixed O
costs O
. O

However O
, O
in B-Cause
the I-Cause
specialty I-Cause
products I-Cause
division I-Cause
, I-Cause
we I-Cause
believe I-Cause
that I-Cause
Church I-Cause
& I-Cause
amp I-Cause
; I-Cause
Dwight I-Cause
benefits I-Cause
from I-Cause
a I-Cause
small I-Cause
cost I-Cause
advantage I-Cause
stemming I-Cause
from I-Cause
its I-Cause
vertically I-Cause
integrated I-Cause
supply I-Cause
chain I-Cause
that O
allows B-Effect
the I-Effect
company I-Effect
a I-Effect
sourcing I-Effect
advantage I-Effect
for I-Effect
raw I-Effect
materials I-Effect
. O

Although O
American O
Tower O
owns O
very O
little O
international O
land O
, O
those B-Effect
geographies I-Effect
pose I-Effect
less I-Effect
concern I-Effect
, O
because O
land B-Cause
is I-Cause
generally I-Cause
cheaper I-Cause
, I-Cause
and I-Cause
rents I-Cause
are I-Cause
directly I-Cause
passed I-Cause
on I-Cause
to I-Cause
carriers I-Cause
. O

We B-Effect
forecast I-Effect
total I-Effect
rooms I-Effect
averaging I-Effect
annual I-Effect
growth I-Effect
of I-Effect
5.7 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
our B-Cause
managed I-Cause
and I-Cause
franchised I-Cause
10-year I-Cause
annual I-Cause
forecast I-Cause
of I-Cause
6.1 I-Cause
% I-Cause
growth I-Cause
. O

Mainly O
, O
this O
stems O
from O
the O
fact O
that O
customers B-Cause
prefer I-Cause
to I-Cause
enter I-Cause
into I-Cause
supply I-Cause
relationships I-Cause
with I-Cause
a I-Cause
number I-Cause
of I-Cause
different I-Cause
companies I-Cause
and O
, O
therefore O
, O
require B-Effect
that I-Effect
the I-Effect
production I-Effect
of I-Effect
mission-critical I-Effect
materials I-Effect
not I-Effect
be I-Effect
patent-protected I-Effect
. O

We O
forecast O
oil B-Effect
and I-Effect
gas I-Effect
output I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
2.4 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
during O
our O
explicit O
forecast O
period O
, O
with O
rising B-Cause
gas I-Cause
production I-Cause
mitigating I-Cause
flat I-Cause
oil I-Cause
output I-Cause
. O

Coal B-Effect
production I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
for I-Effect
approximately I-Effect
five I-Effect
months I-Effect
in I-Effect
2020 I-Effect
, O
with O
a B-Cause
consequent I-Cause
impact I-Cause
on I-Cause
unit I-Cause
costs I-Cause
and I-Cause
margins I-Cause
. O

Since O
2008 O
, O
Bradesco O
has O
routinely O
increased O
fee O
income O
by O
10 O
% O
-15 O
% O
, O
though O
we O
believe O
these B-Effect
days I-Effect
are I-Effect
winding I-Effect
down I-Effect
with O
increasingly B-Cause
stringent I-Cause
regulation I-Cause
and I-Cause
competition I-Cause
from I-Cause
non-bank I-Cause
financial I-Cause
institutions I-Cause
( I-Cause
NBFIs I-Cause
) I-Cause
. O

Intangible O
AssetsIn O
its O
markets O
in O
which O
it O
holds O
a O
commanding O
volume O
share O
, O
Ambev B-Cause
has I-Cause
relationships I-Cause
with I-Cause
its I-Cause
customers I-Cause
in I-Cause
both I-Cause
the I-Cause
on I-Cause
trade I-Cause
and I-Cause
off I-Cause
trade I-Cause
that O
allow O
it O
to O
react B-Effect
quickly I-Effect
to I-Effect
negative I-Effect
competitive I-Effect
events I-Effect
. O

On O
the O
wide-body O
side O
of O
the O
market O
, O
we O
anticipate O
much O
slower O
growth O
, O
as O
we O
expect O
improving B-Cause
technology I-Cause
will O
allow B-Effect
airlines I-Effect
to I-Effect
substitute I-Effect
narrow I-Effect
bodies I-Effect
for I-Effect
wide I-Effect
bodies I-Effect
for I-Effect
an I-Effect
increasing I-Effect
number I-Effect
of I-Effect
routes I-Effect
. O

The O
Ionis O
portfolio O
is O
a O
mix O
of O
partnerships O
and O
wholly-owned O
projects O
, O
and O
outsourcing B-Cause
the I-Cause
higher-cost I-Cause
clinical I-Cause
trials I-Cause
to I-Cause
partners I-Cause
helps O
the B-Effect
firm I-Effect
avoid I-Effect
major I-Effect
value I-Effect
destruction I-Effect
, O
even O
if O
several O
programs O
fail O
to O
reach O
the O
market O
. O

Hormel B-Cause
holds I-Cause
the I-Cause
number-two I-Cause
spot I-Cause
in I-Cause
many I-Cause
other I-Cause
important I-Cause
categories I-Cause
, O
such O
as O
bacon O
, O
peanut O
butter O
, O
and O
chilled O
ready O
meals O
, O
which O
beefs B-Effect
up I-Effect
the I-Effect
consumer I-Effect
insights I-Effect
it I-Effect
is I-Effect
able I-Effect
to I-Effect
amass I-Effect
and I-Effect
share I-Effect
with I-Effect
its I-Effect
retail I-Effect
partners I-Effect
. O

To B-Cause
meet I-Cause
demand I-Cause
, O
higher-cost B-Cause
supply I-Cause
will I-Cause
need I-Cause
to I-Cause
come I-Cause
on I-Cause
line I-Cause
from I-Cause
lower I-Cause
quality I-Cause
resources I-Cause
that O
will O
require O
higher B-Effect
processing I-Effect
costs I-Effect
. O

While O
we O
think O
the B-Effect
increasing I-Effect
popularity I-Effect
of I-Effect
yoga I-Effect
benefits I-Effect
Lululemon I-Effect
's I-Effect
brand I-Effect
given O
its B-Cause
close I-Cause
association I-Cause
with I-Cause
the I-Cause
practice I-Cause
, O
we O
acknowledge O
that O
it B-Effect
must I-Effect
invest B-Cause
to I-Effect
maintain B-Effect
this I-Effect
relationship I-Effect
due I-Effect
to I-Effect
intense I-Effect
competition I-Effect
. O

Ansys B-Cause
' I-Cause
head I-Cause
start I-Cause
, I-Cause
and I-Cause
thus I-Cause
greater I-Cause
financial I-Cause
sources I-Cause
, O
has O
allowed B-Cause
the I-Cause
company I-Cause
to I-Cause
gain I-Cause
a I-Cause
number I-Cause
of I-Cause
certifications I-Cause
on I-Cause
its I-Cause
simulations I-Cause
that O
speed B-Effect
up I-Effect
its I-Effect
clients I-Effect
' I-Effect
regulatory I-Effect
approval I-Effect
process I-Effect
in I-Effect
the I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
stages I-Effect
. O

The B-Effect
project I-Effect
has I-Effect
cleared I-Effect
many I-Effect
hurdles I-Effect
, O
unlike O
other O
pipelines O
, O
due O
to O
the B-Cause
need I-Cause
to I-Cause
replace I-Cause
the I-Cause
existing I-Cause
pipeline I-Cause
, O
but O
a B-Cause
turn I-Cause
in I-Cause
the I-Cause
pipeline I-Cause
's I-Cause
fate O
would O
still O
lead O
to O
increased B-Effect
profitability I-Effect
to I-Effect
the I-Effect
firm I-Effect
through I-Effect
increased I-Effect
tolls I-Effect
on I-Effect
the I-Effect
existing I-Effect
Mainline I-Effect
routes I-Effect
. O

If O
these B-Cause
players I-Cause
pursue I-Cause
aggressive I-Cause
marketing I-Cause
and I-Cause
pricing I-Cause
strategies I-Cause
to I-Cause
retain I-Cause
and I-Cause
expand I-Cause
their I-Cause
market I-Cause
share I-Cause
, O
it O
could O
hurt B-Effect
KPN I-Effect
's I-Effect
margins I-Effect
. O

At O
the O
same O
time O
, O
the B-Effect
company I-Effect
can I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
aftermarket I-Effect
sales I-Effect
, O
as O
Ingersoll-Rand B-Cause
said I-Cause
that I-Cause
iConn I-Cause
has I-Cause
increased I-Cause
the I-Cause
aftermarket I-Cause
opportunity I-Cause
for I-Cause
connected I-Cause
compressors I-Cause
by I-Cause
as I-Cause
much I-Cause
as I-Cause
25 I-Cause
% I-Cause
. O

That O
said O
, O
improvements B-Cause
to I-Cause
the I-Cause
Goderich I-Cause
mine I-Cause
should O
reduce B-Cause
unit I-Cause
costs I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
which O
should O
drive B-Effect
meaningful I-Effect
salt I-Effect
segment I-Effect
operating I-Effect
earnings I-Effect
growth I-Effect
. O

Larger B-Cause
clients I-Cause
' I-Cause
cost-reduction I-Cause
steps I-Cause
have O
also O
forced O
WPP B-Effect
and I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
Big I-Effect
Five I-Effect
to I-Effect
further I-Effect
consolidate I-Effect
to I-Effect
create I-Effect
cost I-Effect
efficiencies I-Effect
over I-Effect
smaller I-Effect
ad I-Effect
agencies I-Effect
and I-Effect
minimize I-Effect
the I-Effect
impact I-Effect
of I-Effect
possibly I-Effect
lower I-Effect
prices I-Effect
offered I-Effect
by I-Effect
the I-Effect
clients I-Effect
. O

GitHub O
was O
expensive O
but O
strategic O
and O
seems O
to O
be O
shaping O
up O
as O
a O
success O
, O
while O
the B-Cause
ZeniMax I-Cause
deal I-Cause
should O
boost B-Effect
the I-Effect
company I-Effect
's I-Effect
first I-Effect
party I-Effect
video I-Effect
game I-Effect
publishing I-Effect
efforts I-Effect
. O

We O
assume O
a B-Effect
10 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
that I-Effect
includes I-Effect
a I-Effect
1 I-Effect
% I-Effect
country I-Effect
risk I-Effect
premium I-Effect
due O
to O
the B-Cause
significant I-Cause
portion I-Cause
of I-Cause
AES I-Cause
' I-Cause
earnings I-Cause
from I-Cause
emerging I-Cause
markets I-Cause
. O

Lilly B-Cause
's I-Cause
diversified I-Cause
product I-Cause
portfolio I-Cause
means I-Cause
the I-Cause
company I-Cause
's I-Cause
top I-Cause
drugs I-Cause
represent I-Cause
only I-Cause
a I-Cause
moderate I-Cause
amount I-Cause
of I-Cause
total I-Cause
sales I-Cause
, I-Cause
with I-Cause
the I-Cause
largest I-Cause
drug I-Cause
, I-Cause
Trulicity I-Cause
, I-Cause
representing I-Cause
almost I-Cause
20 I-Cause
% I-Cause
of I-Cause
total I-Cause
sales I-Cause
, O
which O
sets B-Effect
up I-Effect
manageable I-Effect
cash I-Effect
flow I-Effect
declines I-Effect
as I-Effect
new I-Effect
products I-Effect
mitigate I-Effect
the I-Effect
generic I-Effect
competition I-Effect
. O

As O
a O
result O
, O
Autoliv B-Cause
has I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
. O

Transco B-Cause
's I-Cause
link I-Cause
between I-Cause
low-cost I-Cause
Gulf I-Cause
Coast I-Cause
gas I-Cause
supply I-Cause
and I-Cause
high-priced I-Cause
Northeast I-Cause
gas I-Cause
demand I-Cause
allows O
it B-Effect
to I-Effect
charge I-Effect
high I-Effect
fees I-Effect
for I-Effect
customers I-Effect
to I-Effect
use I-Effect
its I-Effect
pipelines I-Effect
. O

The B-Effect
international I-Effect
unit I-Effect
( I-Effect
just I-Effect
over I-Effect
20 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
should I-Effect
see I-Effect
sales I-Effect
and I-Effect
profitability I-Effect
rise I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
eases I-Effect
as O
Valvoline B-Cause
builds I-Cause
its I-Cause
presence I-Cause
in I-Cause
new I-Cause
markets I-Cause
. O

Ionis B-Cause
therapies I-Cause
alter I-Cause
production I-Cause
of I-Cause
a I-Cause
given I-Cause
protein I-Cause
in I-Cause
the I-Cause
body I-Cause
, O
typically O
reducing B-Effect
production I-Effect
of I-Effect
a I-Effect
toxic I-Effect
, I-Effect
mutant I-Effect
version I-Effect
. O

With O
a B-Cause
client I-Cause
roster I-Cause
including I-Cause
Apple I-Cause
, I-Cause
Qualcomm I-Cause
, I-Cause
SpaceX I-Cause
, I-Cause
Rolls I-Cause
Royce I-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
Boeing I-Cause
, O
design B-Effect
failures I-Effect
are I-Effect
simply I-Effect
not I-Effect
an I-Effect
option I-Effect
. O

With O
very O
well-recognized O
creative O
agencies O
and O
subholding O
companies O
such O
as O
BBDO O
and O
DDB O
, O
we O
expect O
Omnicom B-Effect
to I-Effect
maintain I-Effect
its I-Effect
market I-Effect
position I-Effect
as O
it B-Cause
generates I-Cause
competitive I-Cause
organic I-Cause
growth I-Cause
, I-Cause
continues I-Cause
to I-Cause
make I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
increases I-Cause
focus I-Cause
on I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
the I-Cause
overall I-Cause
digital I-Cause
ad I-Cause
markets I-Cause
. O

We O
forecast O
total B-Cause
operating I-Cause
expense I-Cause
to I-Cause
average I-Cause
7.9 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years. O
As O
a O
result O
of O
our O
revenue O
and O
operating O
forecast O
, O
we O
project O
operating B-Effect
margins I-Effect
to I-Effect
reach I-Effect
27.9 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
22.6 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
. O

Over O
the O
next O
five O
years O
, O
our B-Effect
model I-Effect
assumes I-Effect
consolidated I-Effect
restaurant I-Effect
margins I-Effect
rebound I-Effect
and I-Effect
remain I-Effect
between I-Effect
17 I-Effect
% I-Effect
and I-Effect
19 I-Effect
% I-Effect
because O
of O
increased B-Cause
operating I-Cause
leverage I-Cause
, O
with O
adjusted B-Effect
operating I-Effect
margins I-Effect
moving I-Effect
to I-Effect
the I-Effect
mid I-Effect
40s I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
sales I-Cause
leverage I-Cause
and I-Cause
SG I-Cause
& I-Cause
A I-Cause
optimization I-Cause
. O

Similarly O
, O
Eastman B-Cause
faces I-Cause
risk I-Cause
of I-Cause
future I-Cause
environmental I-Cause
liabilities I-Cause
should I-Cause
new I-Cause
regulations I-Cause
result O
in O
the B-Effect
need I-Effect
for I-Effect
cleanup I-Effect
. O

However O
, O
given O
the B-Cause
reduction I-Cause
in I-Cause
capital I-Cause
, O
primarily O
in O
the O
Permian O
, O
growth B-Effect
will I-Effect
be I-Effect
tepid I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
with O
flat O
volumes O
likely O
through O
2021 O
. O

CP B-Effect
has I-Effect
posted I-Effect
excellent I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
especially O
in O
2020 O
, O
as O
it B-Cause
rightsized I-Cause
headcount I-Cause
and I-Cause
assets I-Cause
to I-Cause
demand I-Cause
levels I-Cause
. O

We O
model O
a B-Effect
return I-Effect
to I-Effect
growth I-Effect
as O
Brazil B-Cause
recovers I-Cause
from I-Cause
the I-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
with O
loan O
growth O
averaging O
in O
the O
midsingle O
digits O
over O
the O
next O
five O
years O
. O

Over O
the O
long O
run O
, O
we O
expect B-Effect
the I-Effect
rail I-Effect
to I-Effect
invest I-Effect
approximately I-Effect
19 I-Effect
% I-Effect
of I-Effect
sales I-Effect
on I-Effect
average I-Effect
in I-Effect
capex I-Effect
to I-Effect
maintain I-Effect
and O
improve O
network O
operations O
-- O
below O
the O
historical O
average O
thanks O
in O
part O
to O
previous B-Cause
asset I-Cause
utilization I-Cause
gains I-Cause
. O

The B-Cause
AcceleRide I-Cause
omnichannel I-Cause
platform I-Cause
should O
keep B-Effect
the I-Effect
firm I-Effect
competitive I-Effect
with I-Effect
new I-Effect
entrants I-Effect
to I-Effect
the I-Effect
online I-Effect
used-vehicle I-Effect
market I-Effect
such O
as O
Carvana O
but O
is O
also O
for O
new O
vehicles O
, O
service O
, O
and O
will O
buy O
vehicles O
from O
consumers O
. O

Recent B-Cause
acquisitions I-Cause
of I-Cause
GIGAVAC I-Cause
and I-Cause
Xirgo I-Cause
will O
allow B-Effect
Sensata I-Effect
to I-Effect
compete I-Effect
in I-Effect
the I-Effect
electric I-Effect
vehicle I-Effect
charging I-Effect
infrastructure I-Effect
and I-Effect
telematics I-Effect
markets I-Effect
, O
respectively O
, O
which O
we O
expect O
to O
begin O
to O
bolster O
the O
top O
line O
and O
margins O
near O
the O
end O
of O
our O
explicit O
forecast O
and O
beyond O
. O

AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
appears I-Effect
to I-Effect
have I-Effect
little I-Effect
appetite I-Effect
to I-Effect
expand I-Effect
its I-Effect
fiber I-Effect
footprint I-Effect
meaningfully I-Effect
going I-Effect
forward I-Effect
as O
its B-Cause
focus I-Cause
has I-Cause
turned I-Cause
to I-Cause
wireless I-Cause
and I-Cause
the I-Cause
media I-Cause
business I-Cause
. O

While O
sales B-Effect
declined I-Effect
16 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
, O
we O
think O
Adidas O
is O
poised O
to O
meet O
many O
of O
the O
goals O
of O
its O
five-year O
Own O
the O
Game O
plan O
. O

While O
explaining O
why O
the O
firm O
's O
gross O
margins O
are O
about O
10 O
points O
below O
that O
of O
peers O
, O
former O
CEO O
Pierre O
Laubies O
stated O
that O
operational B-Cause
complexity I-Cause
has I-Cause
led I-Cause
to I-Cause
resources I-Cause
being I-Cause
spread I-Cause
too I-Cause
thin I-Cause
, O
which O
had O
led O
to O
a B-Effect
lack I-Effect
of I-Effect
pricing I-Effect
power I-Effect
. O

Nevertheless O
, O
the O
firm O
has O
meaningful B-Cause
scale I-Cause
advantages I-Cause
over I-Cause
the I-Cause
thousands I-Cause
of I-Cause
small I-Cause
craft I-Cause
breweries I-Cause
operating I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
facilitating B-Effect
superior I-Effect
unit I-Effect
economics I-Effect
and I-Effect
stellar I-Effect
profitability I-Effect
that I-Effect
allows I-Effect
it I-Effect
to I-Effect
pivot I-Effect
its I-Effect
portfolio I-Effect
and I-Effect
go-to-market I-Effect
approach I-Effect
as I-Effect
necessary I-Effect
. O

Given O
that O
the B-Cause
life I-Cause
insurance I-Cause
business I-Cause
contains I-Cause
few I-Cause
fixed I-Cause
costs I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
think I-Effect
scale I-Effect
constitutes I-Effect
a I-Effect
meaningful I-Effect
source I-Effect
of I-Effect
advantage I-Effect
. O

Additionally O
, O
given O
the B-Cause
uniquely I-Cause
risk-averse I-Cause
nature I-Cause
of I-Cause
local I-Cause
government I-Cause
and I-Cause
public I-Cause
institutions I-Cause
, O
deals B-Effect
require I-Effect
a I-Effect
variety I-Effect
of I-Effect
reference I-Effect
accounts I-Effect
-- O
and O
Tyler O
company O
has O
spent O
more O
than O
two O
decades O
building O
a O
roster O
of O
clients O
, O
beginning O
with O
small O
local O
institutions O
, O
building O
over O
time O
to O
major O
cities O
and O
even O
statewide O
deals O
. O

Over O
time O
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
take I-Effect
on I-Effect
more I-Effect
life I-Effect
insurance I-Effect
customers I-Effect
as O
well O
since O
many B-Cause
of I-Cause
Guidewire I-Cause
's I-Cause
customers I-Cause
are I-Cause
multiline I-Cause
underwriters I-Cause
and I-Cause
offer I-Cause
commercial I-Cause
, I-Cause
personal I-Cause
, I-Cause
and I-Cause
life I-Cause
insurance I-Cause
policies I-Cause
. O

The B-Cause
firm I-Cause
pays I-Cause
BCOs I-Cause
a I-Cause
fixed I-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
, O
which O
reduces O
its B-Effect
gross-margin I-Effect
percentage I-Effect
( I-Effect
net I-Effect
revenue/gross I-Effect
revenue I-Effect
) I-Effect
variability I-Effect
relative I-Effect
to I-Effect
peers I-Effect
like I-Effect
C.H I-Effect
. I-Effect

We B-Effect
use I-Effect
a I-Effect
lower I-Effect
cost I-Effect
of I-Effect
equity I-Effect
relative I-Effect
to I-Effect
peer I-Effect
legacies I-Effect
due O
to O
a B-Cause
smaller I-Cause
proportion I-Cause
of I-Cause
debt I-Cause
in I-Cause
the I-Cause
capital I-Cause
structure I-Cause
. O

In O
such O
a O
scenario O
, O
the B-Effect
company I-Effect
could I-Effect
also I-Effect
offer I-Effect
consumers I-Effect
a I-Effect
lower I-Effect
price I-Effect
because O
of O
their B-Cause
implied I-Cause
value I-Cause
proposition I-Cause
of I-Cause
greater I-Cause
liquidity I-Cause
. O

Like O
other O
LNG O
projects O
in O
Australia O
that O
were O
developed O
over O
the O
past O
decade O
, O
ConocoPhillips B-Cause
' I-Cause
APLNG I-Cause
facility I-Cause
struggled I-Cause
with I-Cause
cost I-Cause
inflation I-Cause
that O
ultimately O
resulted B-Effect
in I-Effect
impairment I-Effect
charges I-Effect
when I-Effect
oil I-Effect
prices I-Effect
fell I-Effect
. O

Broader B-Cause
trucking I-Cause
industry I-Cause
issues I-Cause
such O
as O
limited O
driver O
availability O
, O
rising O
government O
regulation O
, O
and O
increasingly O
stringent O
truck O
emission O
standards O
are O
driving B-Effect
operating I-Effect
costs I-Effect
up I-Effect
for I-Effect
all I-Effect
carriers I-Effect
. O

We O
expect O
a B-Effect
strong I-Effect
rebound I-Effect
in I-Effect
2022 I-Effect
and I-Effect
2023 I-Effect
as O
data B-Cause
center I-Cause
buildouts I-Cause
fuel I-Cause
strong I-Cause
nearline I-Cause
demand I-Cause
, O
and O
also O
think O
Western B-Effect
will I-Effect
claw I-Effect
back I-Effect
some I-Effect
of I-Effect
its I-Effect
market I-Effect
share I-Effect
losses I-Effect
as O
it B-Cause
matches I-Cause
Seagate I-Cause
's I-Cause
timeline I-Cause
for I-Cause
18 I-Cause
TB I-Cause
and I-Cause
20 I-Cause
TB I-Cause
shipments I-Cause
. O

Credit B-Effect
costs I-Effect
will I-Effect
likely I-Effect
increase I-Effect
as O
fiscal B-Cause
stimulus I-Cause
fades I-Cause
, O
but O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
this I-Effect
to I-Effect
materially I-Effect
threaten I-Effect
the I-Effect
company I-Effect
's I-Effect
balance I-Effect
sheet I-Effect
, I-Effect
which I-Effect
has I-Effect
only I-Effect
strengthened I-Effect
as O
the B-Cause
pandemic I-Cause
has I-Cause
dragged I-Cause
on I-Cause
. O

We O
do O
not O
anticipate O
digital B-Effect
rivals I-Effect
will I-Effect
upend I-Effect
the I-Effect
treasure-hunt I-Effect
experience I-Effect
, O
with B-Cause
memories I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
eventually I-Cause
fading I-Cause
and I-Cause
vendors I-Cause
still I-Cause
looking I-Cause
to I-Cause
avoid I-Cause
the I-Cause
stigma I-Cause
of I-Cause
a I-Cause
visible I-Cause
discount I-Cause
presence I-Cause
to I-Cause
protect I-Cause
their I-Cause
full-price I-Cause
channel I-Cause
standing I-Cause
. O

In O
Bell O
military O
, O
we B-Cause
're I-Cause
broadly I-Cause
expecting I-Cause
sales I-Cause
declines I-Cause
after I-Cause
sales I-Cause
declines I-Cause
after I-Cause
2022 I-Cause
due O
to O
a B-Effect
production I-Effect
rampdown I-Effect
of I-Effect
the I-Effect
V-22 I-Effect
. O

As O
the B-Cause
cloud I-Cause
theme I-Cause
has I-Cause
evolved I-Cause
it O
has O
become O
increasingly O
apparent O
that O
companies B-Effect
' I-Effect
IT I-Effect
environments I-Effect
will I-Effect
be I-Effect
hybrid-based I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

Although O
we O
do O
not O
think O
CooperSurgical B-Effect
and I-Effect
CooperVision I-Effect
benefit I-Effect
from I-Effect
any I-Effect
cost I-Effect
synergies I-Effect
, O
given O
the B-Cause
businesses I-Cause
' I-Cause
disparate I-Cause
natures I-Cause
, O
we O
contend O
that O
CooperSurgical B-Effect
can I-Effect
leverage I-Effect
its I-Effect
already I-Effect
existing I-Effect
relationships I-Effect
with O
obstetricians B-Cause
and I-Cause
other I-Cause
women I-Cause
's I-Cause
health I-Cause
professionals I-Cause
to I-Cause
market I-Cause
Paragard I-Cause
. O

Once O
a B-Cause
customer I-Cause
selects I-Cause
a I-Cause
specific I-Cause
taste I-Cause
, I-Cause
texture I-Cause
, I-Cause
or I-Cause
aroma I-Cause
solution I-Cause
, O
it B-Effect
is I-Effect
generally I-Effect
unwilling I-Effect
to I-Effect
switch I-Effect
suppliers I-Effect
on I-Effect
the I-Effect
basis I-Effect
of I-Effect
cost I-Effect
alone I-Effect
. O

We O
expect O
sales B-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
pace I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
( I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
, I-Effect
after I-Effect
our I-Effect
2 I-Effect
% I-Effect
forecast I-Effect
increase I-Effect
for I-Effect
2021 I-Effect
) I-Effect
, O
supported O
by O
consistent B-Cause
single-digit I-Cause
same-store I-Cause
sales I-Cause
( I-Cause
3 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
between I-Cause
2022-29 I-Cause
) I-Cause
and I-Cause
moderate I-Cause
location I-Cause
growth I-Cause
( I-Cause
netting I-Cause
10 I-Cause
boxes I-Cause
per I-Cause
year I-Cause
after I-Cause
2020 I-Cause
) I-Cause
, O
as O
household O
formations O
rise O
. O

Our O
understanding O
is O
that O
while O
there O
are O
identifiable O
differences O
between O
the O
two O
brands O
, O
selecting O
a O
brand O
is O
akin O
to O
choosing O
between O
a O
Ford O
and O
a O
Chevy O
where O
brand B-Cause
loyalty I-Cause
influences O
purchase B-Effect
decisions I-Effect
. O

ICU B-Cause
's I-Cause
historical I-Cause
focus I-Cause
and I-Cause
status I-Cause
as I-Cause
the I-Cause
only I-Cause
large I-Cause
pure I-Cause
player I-Cause
has O
allowed B-Effect
it I-Effect
to I-Effect
focus I-Effect
on I-Effect
building I-Effect
out I-Effect
its I-Effect
consumables I-Effect
portfolio I-Effect
to I-Effect
include I-Effect
virtually I-Effect
all I-Effect
consumables I-Effect
and I-Effect
configurations I-Effect
. I-Effect

We O
remain B-Effect
favorable I-Effect
about I-Effect
Stryker I-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
as O
procedure B-Cause
volume I-Cause
and I-Cause
healthcare I-Cause
utilization I-Cause
have I-Cause
demonstrated I-Cause
solid I-Cause
growth I-Cause
, I-Cause
and I-Cause
should I-Cause
continue I-Cause
to I-Cause
do I-Cause
so I-Cause
, I-Cause
this I-Cause
near-term I-Cause
pandemic I-Cause
situation I-Cause
notwithstanding I-Cause
. O

If O
changes B-Cause
to I-Cause
the I-Cause
ACA I-Cause
cause O
healthcare B-Cause
subsectors I-Cause
that I-Cause
Healthpeak I-Cause
invests I-Cause
in I-Cause
to I-Cause
fall I-Cause
out I-Cause
of I-Cause
favor I-Cause
, O
then O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Healthpeak I-Effect
's I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
. O

Indeed O
, O
if O
companies B-Cause
like I-Cause
Coca-Cola I-Cause
, I-Cause
PepsiCo I-Cause
, I-Cause
and I-Cause
Keurig I-Cause
Dr I-Cause
Pepper I-Cause
were I-Cause
to I-Cause
reduce I-Cause
their I-Cause
relative I-Cause
ad I-Cause
spending I-Cause
to I-Cause
National I-Cause
Beverage I-Cause
's I-Cause
historical I-Cause
averages I-Cause
, I-Cause
the I-Cause
absolute I-Cause
dollar I-Cause
amount I-Cause
would O
still B-Effect
dwarf I-Effect
anything I-Effect
the I-Effect
latter I-Effect
could I-Effect
feasibly I-Effect
deploy I-Effect
. O

Memory B-Cause
suppliers I-Cause
must I-Cause
focus I-Cause
on I-Cause
new I-Cause
process I-Cause
technologies I-Cause
and I-Cause
structures I-Cause
such O
as O
3D O
NAND O
to O
lower B-Effect
costs I-Effect
and O
thus O
maintain B-Effect
margins I-Effect
. O

Natural B-Cause
and I-Cause
organic I-Cause
product I-Cause
sales I-Cause
are I-Cause
growing I-Cause
around I-Cause
mid- I-Cause
to I-Cause
high I-Cause
single I-Cause
digits I-Cause
annually I-Cause
, I-Cause
while I-Cause
the I-Cause
overall I-Cause
food I-Cause
and I-Cause
beverage I-Cause
market I-Cause
grows I-Cause
about I-Cause
2 I-Cause
% I-Cause
. O
Therefore O
, O
we O
think O
the B-Effect
category I-Effect
can I-Effect
approximate I-Effect
a I-Effect
mid- I-Effect
to I-Effect
high-teens I-Effect
level I-Effect
of I-Effect
domestic I-Effect
food I-Effect
and I-Effect
beverage I-Effect
sales I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
the I-Effect
next I-Effect
two I-Effect
decades I-Effect
. O

This O
is O
bolstered O
by O
Community O
Intelligence O
, O
which O
powers O
AI-driven O
insights O
into O
spending O
habits- O
as O
business B-Cause
spend I-Cause
within I-Cause
Coupa I-Cause
's I-Cause
platform I-Cause
grows I-Cause
, O
the B-Effect
value I-Effect
derived I-Effect
by I-Effect
businesses I-Effect
from I-Effect
Coupa I-Effect
's I-Effect
AI I-Effect
grows I-Effect
as I-Effect
well I-Effect
. O

During O
the O
next O
five O
years O
, O
we O
expect O
organic B-Cause
revenue I-Cause
growth I-Cause
of I-Cause
5 I-Cause
% I-Cause
compounded I-Cause
annually I-Cause
and I-Cause
margin I-Cause
improvement I-Cause
to O
help B-Effect
Centene I-Effect
increase I-Effect
earnings I-Effect
per I-Effect
share I-Effect
at I-Effect
11 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
. O

During B-Cause
difficult I-Cause
economic I-Cause
periods I-Cause
, I-Cause
corporations I-Cause
and I-Cause
governments I-Cause
may I-Cause
choose I-Cause
to I-Cause
cut I-Cause
back I-Cause
or I-Cause
eliminate I-Cause
food-service I-Cause
programs I-Cause
altogether I-Cause
in O
order O
to O
preserve B-Effect
head I-Effect
count I-Effect
or I-Effect
other I-Effect
more I-Effect
necessary I-Effect
employee I-Effect
benefits I-Effect
. O

However O
, O
technological B-Cause
advancement I-Cause
could O
result O
in O
an O
environment O
where O
those B-Effect
increasing I-Effect
needs I-Effect
come I-Effect
to I-Effect
fruition I-Effect
but I-Effect
data I-Effect
centers I-Effect
are I-Effect
not I-Effect
the I-Effect
beneficiaries I-Effect
. O

That O
said O
, O
the B-Effect
company I-Effect
is I-Effect
at I-Effect
a I-Effect
lower I-Effect
risk I-Effect
of I-Effect
experiencing I-Effect
material I-Effect
financial I-Effect
impacts I-Effect
from I-Effect
ESG I-Effect
factors I-Effect
, O
due O
to O
its B-Cause
medium I-Cause
exposure I-Cause
to I-Cause
risks I-Cause
that I-Cause
are I-Cause
inherent I-Cause
to I-Cause
the I-Cause
industry I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
own I-Cause
operations I-Cause
, O
offset O
by O
the O
firm O
's O
strong O
management O
of O
its O
material O
ESG O
issues O
. O

Because O
Fastenal B-Cause
's I-Cause
sales I-Cause
mix I-Cause
is I-Cause
increasingly I-Cause
skewing I-Cause
more I-Cause
toward I-Cause
large I-Cause
national I-Cause
accounts I-Cause
, O
on-site B-Effect
programs I-Effect
, I-Effect
and I-Effect
more I-Effect
price-competitive I-Effect
MRO I-Effect
products I-Effect
, I-Effect
the I-Effect
company I-Effect
's I-Effect
gross I-Effect
margins I-Effect
are I-Effect
likely I-Effect
to I-Effect
come I-Effect
under I-Effect
pressure I-Effect
. O

Further O
, O
new B-Cause
low-cost I-Cause
mines I-Cause
coming I-Cause
on I-Cause
line I-Cause
in I-Cause
Saskatchewan I-Cause
( I-Cause
K+S I-Cause
) I-Cause
and I-Cause
Russia I-Cause
( I-Cause
EuroChem I-Cause
) I-Cause
will O
cause B-Effect
Mosaic I-Effect
's I-Effect
middling I-Effect
position I-Effect
on I-Effect
the I-Effect
cost I-Effect
curve I-Effect
to I-Effect
persist I-Effect
despite O
management O
's O
efforts O
to O
reduce O
costs O
. O

In O
a B-Cause
dry I-Cause
year I-Cause
, O
AES B-Effect
was I-Effect
forced I-Effect
to I-Effect
buy I-Effect
power I-Effect
in I-Effect
the I-Effect
open I-Effect
market I-Effect
to I-Effect
fulfill I-Effect
its I-Effect
power I-Effect
supply I-Effect
contracts I-Effect
. O

Nevertheless O
, O
we B-Effect
view I-Effect
leadership I-Effect
's I-Effect
approach I-Effect
as I-Effect
prudent I-Effect
as O
it B-Cause
leaves I-Cause
them I-Cause
less I-Cause
leveraged I-Cause
to I-Cause
the I-Cause
inevitable I-Cause
seltzer I-Cause
deceleration I-Cause
, O
and O
expect O
gross B-Effect
margins I-Effect
to I-Effect
rebound I-Effect
to I-Effect
51 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
as O
company-owned B-Cause
capacity I-Cause
recalibrates I-Cause
with I-Cause
normalized I-Cause
category I-Cause
growth I-Cause
. O

That O
said O
, O
freight O
demand O
has O
been O
rebounding O
nicely O
thus O
far O
in O
the O
second O
half O
and O
although O
macro O
risk O
lingers O
, O
we B-Effect
look I-Effect
for I-Effect
continued I-Effect
recovery I-Effect
in I-Effect
the I-Effect
quarters I-Effect
ahead I-Effect
as O
truckload B-Cause
capacity I-Cause
has I-Cause
tightnened I-Cause
materially I-Cause
, I-Cause
driving I-Cause
freight I-Cause
back I-Cause
to I-Cause
the I-Cause
rails I-Cause
while I-Cause
bolstering I-Cause
overall I-Cause
pricing I-Cause
. O

While O
we O
believe O
Lennox B-Cause
's I-Cause
distribution I-Cause
model I-Cause
has O
aided O
in O
the B-Effect
firm I-Effect
's I-Effect
growth I-Effect
and I-Effect
improved I-Effect
profitability I-Effect
, O
it O
is O
difficult O
to O
quantify O
the O
direct O
financial O
impact O
. O

Notably B-Cause
, I-Cause
with I-Cause
the I-Cause
recent I-Cause
volatility I-Cause
in I-Cause
shipping I-Cause
prices I-Cause
and I-Cause
lower I-Cause
demand I-Cause
from I-Cause
China I-Cause
due I-Cause
to I-Cause
trade I-Cause
tensions I-Cause
, O
Cheniere B-Effect
remains I-Effect
well I-Effect
positioned I-Effect
, I-Effect
as I-Effect
European I-Effect
demand I-Effect
has I-Effect
increased I-Effect
. O

We O
forecast O
operation B-Effect
and I-Effect
support I-Effect
costs I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
to I-Effect
reach I-Effect
9 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
versus I-Effect
17 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
, O
as O
near-term B-Cause
trust I-Cause
and I-Cause
safety I-Cause
investments I-Cause
wane I-Cause
and I-Cause
automated I-Cause
customer I-Cause
service I-Cause
drives I-Cause
savings I-Cause
long I-Cause
term I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
pressure I-Cause
pumping O
offers O
opportunity B-Effect
for I-Effect
diversification I-Effect
, O
however O
, O
we O
expect O
extremely B-Cause
low I-Cause
margins I-Cause
will O
hamper O
Patterson B-Effect
's I-Effect
potential I-Effect
to I-Effect
generate I-Effect
superior I-Effect
returns I-Effect
relative I-Effect
to I-Effect
competitors I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

Also O
, O
healthcare B-Cause
policy I-Cause
risks I-Cause
may I-Cause
plague I-Cause
health I-Cause
insurers I-Cause
like I-Cause
Cigna I-Cause
until I-Cause
affordable I-Cause
, O
universal B-Effect
coverage I-Effect
is I-Effect
achieved I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
which I-Effect
is I-Effect
the I-Effect
key I-Effect
ESG I-Effect
risk I-Effect
facing I-Effect
this I-Effect
industry I-Effect
. I-Effect

The O
platform O
also O
provides B-Cause
predictive I-Cause
analytics I-Cause
and I-Cause
AI I-Cause
offerings I-Cause
that O
reduce B-Effect
issue I-Effect
resolution I-Effect
time I-Effect
, I-Effect
increase I-Effect
personalized I-Effect
services I-Effect
, I-Effect
and I-Effect
improve I-Effect
customer I-Effect
loyalty I-Effect
. I-Effect

Although O
the B-Cause
pandemic I-Cause
negatively B-Effect
affected I-Effect
its I-Effect
sales I-Effect
, I-Effect
profit I-Effect
, I-Effect
and I-Effect
ROIC I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
past I-Effect
two I-Effect
years I-Effect
, O
we B-Effect
forecast I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCits I-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
to I-Effect
average I-Effect
19 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
well I-Effect
above I-Effect
our I-Effect
estimated I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
company I-Effect
of I-Effect
10 I-Effect
% I-Effect
. O

The B-Cause
FDA I-Cause
approval I-Cause
process I-Cause
for I-Cause
a I-Cause
topical I-Cause
generic I-Cause
takes I-Cause
more I-Cause
time I-Cause
and I-Cause
can I-Cause
cost I-Cause
more I-Cause
than I-Cause
4 I-Cause
times I-Cause
the I-Cause
amount I-Cause
of I-Cause
the I-Cause
conventional I-Cause
generic I-Cause
process I-Cause
, O
making B-Effect
this I-Effect
market I-Effect
less I-Effect
appealing I-Effect
for I-Effect
competition I-Effect
. O

At B-Cause
a I-Cause
high I-Cause
level I-Cause
, I-Cause
we I-Cause
believe I-Cause
there I-Cause
are I-Cause
characteristics I-Cause
endemic I-Cause
to I-Cause
the I-Cause
nonalcoholic I-Cause
beverage I-Cause
industry I-Cause
more I-Cause
generally I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
Coca-Cola I-Cause
's I-Cause
specific I-Cause
positioning I-Cause
in I-Cause
this I-Cause
industry I-Cause
, O
that O
result O
in O
a B-Effect
competitively I-Effect
advantaged I-Effect
business I-Effect
. O

We O
forecast O
operation B-Effect
and I-Effect
support I-Effect
costs I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
to I-Effect
reach I-Effect
9 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
versus I-Effect
17 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
as O
near-term B-Cause
trust I-Cause
and I-Cause
safety I-Cause
investments I-Cause
wane I-Cause
and I-Cause
automated I-Cause
customer I-Cause
service I-Cause
drives I-Cause
savings I-Cause
long I-Cause
term I-Cause
. O

Millicom O
has O
shown O
improvement O
in O
the O
country O
recently O
, O
gaining O
wireless O
share O
, O
but O
Colombia O
is O
set O
to O
become B-Effect
more I-Effect
competitive I-Effect
in I-Effect
2021 I-Effect
with O
the B-Cause
entrance I-Cause
of I-Cause
Wom I-Cause
, I-Cause
an I-Cause
aggressive I-Cause
wireless I-Cause
competitor I-Cause
that I-Cause
has I-Cause
disrupted I-Cause
other I-Cause
markets I-Cause
around I-Cause
the I-Cause
world I-Cause
, I-Cause
including I-Cause
Chile I-Cause
. O

Longer O
term O
, O
headwinds B-Effect
from I-Effect
conservation I-Effect
will I-Effect
remain I-Effect
strong I-Effect
, O
owing O
to O
volatile B-Cause
propane I-Cause
prices I-Cause
and I-Cause
encroachment I-Cause
by I-Cause
electricity I-Cause
and I-Cause
natural I-Cause
gas I-Cause
. O

The B-Cause
increased I-Cause
penetration I-Cause
of I-Cause
outsourcing I-Cause
since I-Cause
the I-Cause
economic I-Cause
downturn I-Cause
of O
2008-09 O
gives O
us O
confidence O
that O
the B-Effect
biopharma I-Effect
industry I-Effect
is I-Effect
more I-Effect
dependent I-Effect
on I-Effect
CROs I-Effect
now I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

Low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
increased I-Cause
Environmental I-Cause
Protection I-Cause
Agency I-Cause
regulations I-Cause
have O
put O
a B-Effect
material I-Effect
portion I-Effect
of I-Effect
the I-Effect
domestic I-Effect
utility I-Effect
coal I-Effect
franchise I-Effect
at O
risk O
of O
disappearing O
, O
and O
export B-Effect
coal I-Effect
demand I-Effect
is O
likely O
to O
see O
near O
term O
declines O
on O
sluggish B-Cause
demand B-Effect
for I-Effect
met I-Effect
coal I-Effect
linked O
to O
soft B-Cause
steel I-Cause
demand I-Cause
overseas I-Cause
. O

Given O
the B-Cause
critical I-Cause
functions I-Cause
these I-Cause
machines I-Cause
perform I-Cause
, I-Cause
their I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
, I-Cause
and I-Cause
a I-Cause
doctor I-Cause
's I-Cause
familiarity I-Cause
of I-Cause
use I-Cause
, O
hospitals O
loathe O
switching B-Effect
providers I-Effect
for I-Effect
a I-Effect
less I-Effect
expensive I-Effect
alternative I-Effect
. O

Our B-Effect
outlook I-Effect
is O
predicated O
on O
a B-Cause
period I-Cause
of I-Cause
relatively I-Cause
tight I-Cause
supply I-Cause
conditions I-Cause
for I-Cause
OSB I-Cause
suppliers I-Cause
, O
with O
North B-Effect
American I-Effect
capacity I-Effect
utilization I-Effect
averaging I-Effect
85 I-Effect
% I-Effect
-90 I-Effect
% I-Effect
over I-Effect
the I-Effect
coming I-Effect
five I-Effect
years I-Effect
due O
to O
a B-Cause
rebound I-Cause
in I-Cause
housing I-Cause
starts I-Cause
. O

By O
operating B-Cause
as I-Cause
a I-Cause
closed I-Cause
loop I-Cause
network I-Cause
, O
American B-Effect
Express I-Effect
can I-Effect
capture I-Effect
the I-Effect
full I-Effect
economic I-Effect
profit I-Effect
from I-Effect
a I-Effect
single I-Effect
credit I-Effect
card I-Effect
payment I-Effect
. O

On O
the O
expense O
side O
, O
we O
anticipate O
that O
ICE B-Effect
will I-Effect
enjoy I-Effect
expanding I-Effect
margins I-Effect
as O
revenue B-Cause
increases I-Cause
and I-Cause
costs I-Cause
remain I-Cause
mostly I-Cause
fixed I-Cause
. O

We O
believe O
it B-Effect
will I-Effect
take I-Effect
this I-Effect
long I-Effect
as I-Effect
the I-Effect
company I-Effect
's I-Effect
capital I-Effect
expenditures I-Effect
will I-Effect
remain I-Effect
elevated I-Effect
-- I-Effect
averaging I-Effect
5 I-Effect
% I-Effect
of I-Effect
net I-Effect
revenue I-Effect
through I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
period I-Effect
and I-Effect
reaching I-Effect
3 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, O
as O
Aphria B-Cause
expands I-Cause
operations I-Cause
to I-Cause
meet I-Cause
our I-Cause
volume I-Cause
forecast I-Cause
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
injects I-Effect
near-term I-Effect
volatility I-Effect
as O
American B-Cause
shoppers I-Cause
turn I-Cause
homeward I-Cause
, O
with O
Kroger B-Effect
hiring I-Effect
and I-Effect
raising I-Effect
wages I-Effect
as O
sales B-Cause
surge I-Cause
. O

We O
expect O
Paycom O
to O
report O
an O
average O
GAAP O
gross O
margin O
of O
69 O
% O
over O
the O
next O
five O
years O
, O
and O
this O
figure O
should O
grow B-Effect
to I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-70s I-Effect
both I-Effect
on I-Effect
a I-Effect
GAAP I-Effect
and I-Effect
non-GAAP I-Effect
basis I-Effect
as O
the O
business B-Cause
scales I-Cause
up I-Cause
. I-Cause

As O
the O
firm O
's O
user O
base O
strengthens O
, O
we O
expect O
fewer B-Cause
discount I-Cause
offerings I-Cause
, I-Cause
particularly I-Cause
to I-Cause
potential I-Cause
premium I-Cause
subscribers. O
For O
this O
reason O
, O
we O
expect O
premium B-Effect
ARPU I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
2 I-Effect
% I-Effect
10-year I-Effect
CAGR I-Effect
to I-Effect
EUR I-Effect
5.25 I-Effect
by I-Effect
2030 I-Effect
, I-Effect
from I-Effect
EUR I-Effect
4.26 I-Effect
in I-Effect
2020 I-Effect
. O

Lam B-Cause
has I-Cause
capitalized I-Cause
on I-Cause
an I-Cause
expanded I-Cause
serviceable I-Cause
market I-Cause
attributed O
to O
recent B-Effect
technology I-Effect
inflections I-Effect
related I-Effect
to I-Effect
vertical I-Effect
scaling I-Effect
( I-Effect
3D I-Effect
NAND I-Effect
and I-Effect
fin I-Effect
field-effect I-Effect
transistors I-Effect
) I-Effect
that I-Effect
rely I-Effect
heavily I-Effect
on I-Effect
advanced I-Effect
etch I-Effect
and I-Effect
deposition I-Effect
tools I-Effect
. O

All O
the O
while O
, O
prices B-Cause
of I-Cause
IGBTs I-Cause
and I-Cause
MOSFETs I-Cause
can I-Cause
be I-Cause
as I-Cause
low I-Cause
as I-Cause
a I-Cause
few I-Cause
cents I-Cause
, O
so O
any B-Effect
upstart I-Effect
or I-Effect
challenger I-Effect
would I-Effect
struggle I-Effect
to I-Effect
undercut I-Effect
Infineon I-Effect
on I-Effect
price I-Effect
while I-Effect
still I-Effect
generating I-Effect
an I-Effect
adequate I-Effect
return I-Effect
on I-Effect
investment I-Effect
. O

Our O
uncertainty B-Effect
rating I-Effect
also O
considers O
the O
increasing B-Cause
complexity I-Cause
of I-Cause
enterprise I-Cause
IT I-Cause
and I-Cause
the I-Cause
risks I-Cause
of I-Cause
falling I-Cause
behind I-Cause
in I-Cause
such I-Cause
capabilities I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
perception I-Cause
risk I-Cause
that I-Cause
could I-Cause
cause I-Cause
distrust I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
offerings I-Cause
, O
brought O
upon O
by O
a O
security O
compromising O
event O
, O
which O
is O
not O
uncommon O
in O
the O
industry O
. O

Internet O
Content O
& O
InformationIn O
our O
view O
, O
IAC B-Cause
has I-Cause
invested I-Cause
in I-Cause
areas I-Cause
within I-Cause
ANGI I-Cause
Homeservices I-Cause
that O
have O
resulted O
in O
basically O
a O
feedback O
loop O
-- O
attracting B-Effect
more I-Effect
service I-Effect
professionals I-Effect
who O
have O
helped O
bring O
in O
more O
consumers O
who O
in O
turn O
have O
attracted O
more O
service O
professionals O
, O
and O
so O
on O
, O
thereby O
strengthening O
ANGI O
's O
network O
effect O
. O

Steep B-Effect
switching I-Effect
costs I-Effect
result O
from O
incremental B-Cause
engineering I-Cause
costs I-Cause
, I-Cause
preproduction I-Cause
validation I-Cause
, I-Cause
and I-Cause
purchasing I-Cause
or I-Cause
physically I-Cause
moving I-Cause
literally I-Cause
tons I-Cause
of I-Cause
operational I-Cause
equipment I-Cause
. O

We B-Effect
expect I-Effect
this I-Effect
to I-Effect
provide I-Effect
management I-Effect
with I-Effect
the I-Effect
leverage I-Effect
to I-Effect
increase I-Effect
affiliate I-Effect
fees I-Effect
as O
the B-Cause
current I-Cause
carriage I-Cause
agreements I-Cause
continue I-Cause
to I-Cause
expire I-Cause
. O

In O
these O
industries O
, O
Qorvo O
appears O
to O
be O
profiting B-Effect
from O
longer B-Cause
product I-Cause
life I-Cause
cycles I-Cause
and I-Cause
steadier I-Cause
pricing I-Cause
due O
to O
fewer B-Cause
volume I-Cause
discounts I-Cause
. O

Also O
, O
once O
a B-Cause
drug I-Cause
's I-Cause
key I-Cause
patents I-Cause
expire I-Cause
, O
generic B-Effect
manufacturers I-Effect
often I-Effect
try I-Effect
to I-Effect
mimic I-Effect
the I-Effect
same I-Effect
production I-Effect
methods I-Effect
as I-Effect
the I-Effect
branded I-Effect
manufacturer I-Effect
to I-Effect
reduce I-Effect
product I-Effect
variability I-Effect
, O
and O
that O
adoption B-Cause
by I-Cause
generic I-Cause
manufacturers I-Cause
can O
create O
an B-Effect
even I-Effect
longer I-Effect
benefit I-Effect
period I-Effect
for I-Effect
Waters I-Effect
on I-Effect
a I-Effect
specific I-Effect
molecule I-Effect
. O

In O
addition O
, O
Verizon B-Cause
's I-Cause
relatively I-Cause
straightforward I-Cause
corporate I-Cause
history I-Cause
and I-Cause
consistently I-Cause
strong I-Cause
financial I-Cause
position I-Cause
have I-Cause
enabled I-Cause
it I-Cause
to I-Cause
deploy I-Cause
its I-Cause
network I-Cause
in I-Cause
a I-Cause
highly I-Cause
coordinated I-Cause
manner I-Cause
over I-Cause
the I-Cause
past I-Cause
15 I-Cause
years I-Cause
, O
making B-Effect
it I-Effect
more I-Effect
efficient I-Effect
on I-Effect
average I-Effect
than I-Effect
its I-Effect
rivals I-Effect
. O

As O
the O
company O
offers B-Cause
a I-Cause
wider I-Cause
set I-Cause
of I-Cause
related I-Cause
and I-Cause
best-in-class I-Cause
solutions I-Cause
, O
we O
believe O
it O
becomes B-Effect
more I-Effect
deeply I-Effect
entrenched I-Effect
in O
its O
customers O
as O
they O
adopt O
multiple O
clouds O
. O

According O
to O
the O
company O
, O
some B-Effect
retail I-Effect
partners I-Effect
also I-Effect
experience I-Effect
positive I-Effect
spillover I-Effect
effect I-Effect
on I-Effect
their I-Effect
retail I-Effect
store I-Effect
performance I-Effect
, O
as O
they B-Cause
can I-Cause
be I-Cause
less I-Cause
risk-averse I-Cause
with I-Cause
stock I-Cause
purchases I-Cause
. O

We B-Effect
're I-Effect
modeling I-Effect
2021 I-Effect
adjusted I-Effect
net I-Effect
operating I-Effect
margin I-Effect
( I-Effect
EBIT/net I-Effect
revenue I-Effect
, I-Effect
including I-Effect
stock I-Effect
comp I-Effect
and I-Effect
amortization I-Effect
) I-Effect
improvement I-Effect
to I-Effect
11.6 I-Effect
% I-Effect
from I-Effect
a I-Effect
depressed I-Effect
7.5 I-Effect
% I-Effect
thanks O
to O
strong B-Cause
net I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
ongoing I-Cause
productivity I-Cause
gains I-Cause
from I-Cause
rising I-Cause
back-office I-Cause
automation I-Cause
. O

Hyperscale B-Cause
customers I-Cause
create O
margin B-Effect
drag I-Effect
with I-Effect
their I-Effect
scale I-Effect
, O
but O
we O
expect O
growth O
in O
enterprise O
and O
service O
provider O
markets O
to O
keep O
margins O
in O
line O
. O

We B-Effect
assign I-Effect
Pinterest I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
given O
fierce B-Cause
competition I-Cause
in I-Cause
the I-Cause
rapidly I-Cause
changing I-Cause
e-commerce I-Cause
and I-Cause
social I-Cause
media I-Cause
landscape I-Cause
. O

We O
saw O
EDU B-Effect
's I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
fiscal I-Effect
first-quarter I-Effect
2021 I-Effect
, O
given O
that O
we B-Cause
expect I-Cause
no I-Cause
more I-Cause
discounts I-Cause
will I-Cause
be I-Cause
provided I-Cause
to I-Cause
the I-Cause
students I-Cause
as O
China B-Cause
restore I-Cause
their I-Cause
normal I-Cause
business I-Cause
practice I-Cause
post-COVID-19 I-Cause
. O

For O
Hain O
to O
gain B-Effect
a I-Effect
competitive I-Effect
edge I-Effect
through I-Effect
established I-Effect
retail I-Effect
relationships I-Effect
, O
we O
believe O
it O
would O
have O
to O
have B-Cause
market-leading I-Cause
positions I-Cause
in I-Cause
categories I-Cause
that O
represent O
a O
material O
portion O
of O
retailer O
revenue O
or O
in O
categories O
that O
represent B-Cause
high I-Cause
growth I-Cause
or I-Cause
high I-Cause
margins I-Cause
for I-Cause
the I-Cause
retailers I-Cause
. I-Cause

This O
is O
a B-Effect
network I-Effect
effect I-Effect
throughout I-Effect
Match I-Effect
Group I-Effect
's I-Effect
entire I-Effect
portfolio I-Effect
and I-Effect
not I-Effect
just I-Effect
one I-Effect
product I-Effect
, O
driven O
by O
timely B-Cause
marketing I-Cause
and I-Cause
upselling I-Cause
to I-Cause
users I-Cause
of I-Cause
Match I-Cause
Group I-Cause
's I-Cause
different I-Cause
offerings I-Cause
. O

We O
do B-Effect
not I-Effect
include I-Effect
unannounced I-Effect
acquisitions I-Effect
or I-Effect
divestitures I-Effect
in I-Effect
our I-Effect
forecast I-Effect
given O
their B-Cause
uncertain I-Cause
timing I-Cause
and I-Cause
nature I-Cause
. O

BlackRock B-Cause
closed I-Cause
out I-Cause
the I-Cause
September I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
with I-Cause
a I-Cause
record I-Cause
$ I-Cause
7.808 I-Cause
trillion I-Cause
in I-Cause
managed I-Cause
assets I-Cause
, I-Cause
up I-Cause
6.7 I-Cause
% I-Cause
( I-Cause
12.1 I-Cause
% I-Cause
) I-Cause
sequentially I-Cause
( I-Cause
year I-Cause
over I-Cause
year I-Cause
) I-Cause
, O
with O
organic O
growth O
, O
market B-Effect
gains I-Effect
and I-Effect
favorable I-Effect
currency I-Effect
exchange I-Effect
all I-Effect
adding I-Effect
to I-Effect
the I-Effect
improvement I-Effect
in I-Effect
assets I-Effect
under I-Effect
management I-Effect
. O

Overall O
, O
we B-Effect
expect I-Effect
to I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
on I-Effect
average I-Effect
about I-Effect
5 I-Effect
% I-Effect
annually I-Effect
for O
the B-Cause
next I-Cause
five I-Cause
years I-Cause
as I-Cause
Vivendi I-Cause
benefits I-Cause
from I-Cause
increased I-Cause
streaming I-Cause
music I-Cause
usage I-Cause
and I-Cause
international I-Cause
penetration I-Cause
at I-Cause
Canal+ I-Cause
. O

Due O
to O
the B-Cause
nature I-Cause
of I-Cause
CGI I-Cause
's I-Cause
contracts I-Cause
( O
many O
of O
which O
are O
long-term O
) O
, O
revenue B-Effect
recognition I-Effect
is I-Effect
delayed I-Effect
as I-Effect
the I-Effect
company I-Effect
uses I-Effect
the I-Effect
percentage-of-completion I-Effect
method I-Effect
, O
which O
is O
measured O
by O
labor O
costs/hours O
to O
measure O
progress O
to O
completion O
. O

Emerging B-Effect
opportunities I-Effect
involving I-Effect
artificial I-Effect
intelligence I-Effect
, I-Effect
5G I-Effect
, I-Effect
semi- I-Effect
and I-Effect
fully I-Effect
autonomous I-Effect
vehicles I-Effect
, I-Effect
and I-Effect
the I-Effect
broader I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
collectively I-Effect
give I-Effect
us I-Effect
confidence I-Effect
in I-Effect
sustained I-Effect
semiconductor I-Effect
demand I-Effect
, O
especially O
as O
these B-Cause
broader I-Cause
end I-Cause
markets I-Cause
have I-Cause
more I-Cause
varied I-Cause
performance I-Cause
, I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
connectivity I-Cause
requirements I-Cause
. O

Brand B-Cause
Intangible I-Cause
Assets I-Cause
: O
Potentially B-Effect
offsetting I-Effect
the I-Effect
challenge I-Effect
of I-Effect
generating I-Effect
economic I-Effect
profit I-Effect
from I-Effect
regulation I-Effect
intangibles I-Effect
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help B-Cause
cannabis I-Cause
companies I-Cause
pass I-Cause
the I-Cause
increased I-Cause
cost I-Cause
to I-Cause
consumers I-Cause
, O
thus O
protecting B-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

During O
periods O
of O
rapid O
fuel O
price O
increases O
, O
truckers B-Effect
often I-Effect
see I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
, O
given O
the B-Cause
time I-Cause
lag I-Cause
in I-Cause
adjusting I-Cause
fuel I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

The B-Cause
pandemic I-Cause
accelerated I-Cause
Moderna I-Cause
's I-Cause
evolution I-Cause
into I-Cause
a I-Cause
commercial-stage I-Cause
biotech I-Cause
, O
and O
we B-Effect
expect I-Effect
that I-Effect
the I-Effect
firm I-Effect
's I-Effect
ramp-up I-Effect
in I-Effect
manufacturing I-Effect
and I-Effect
clinical I-Effect
know-how I-Effect
will I-Effect
pave I-Effect
the I-Effect
way I-Effect
for I-Effect
faster I-Effect
timelines I-Effect
for I-Effect
additional I-Effect
programs I-Effect
. O

With O
its B-Cause
hand I-Cause
in I-Cause
so I-Cause
many I-Cause
different I-Cause
businesses I-Cause
, I-Cause
many I-Cause
of I-Cause
which I-Cause
are I-Cause
unrelated I-Cause
to I-Cause
its I-Cause
core I-Cause
business I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
unable I-Effect
to I-Effect
focus I-Effect
its I-Effect
resources I-Effect
on I-Effect
its I-Effect
most I-Effect
profitable I-Effect
segments I-Effect
. O

Lam B-Cause
competes I-Cause
with I-Cause
the I-Cause
likes I-Cause
of I-Cause
Applied I-Cause
Materials I-Cause
and I-Cause
Tokyo I-Cause
Electron I-Cause
, I-Cause
both I-Cause
of I-Cause
which I-Cause
have I-Cause
invested I-Cause
heavily I-Cause
to I-Cause
improve I-Cause
their I-Cause
products I-Cause
in I-Cause
etch I-Cause
to I-Cause
lessen I-Cause
Lam I-Cause
's I-Cause
technological I-Cause
lead. O
Thus O
, O
the B-Effect
firm I-Effect
must I-Effect
maintain I-Effect
a I-Effect
large I-Effect
R I-Effect
& I-Effect
D I-Effect
budget I-Effect
throughout I-Effect
business I-Effect
cycles I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
the I-Effect
latest I-Effect
trends I-Effect
in I-Effect
chip I-Effect
manufacturing I-Effect
, I-Effect
which I-Effect
could I-Effect
be I-Effect
challenging I-Effect
during I-Effect
cyclical I-Effect
downturns I-Effect
. O

Developing B-Cause
underground I-Cause
channels I-Cause
for I-Cause
cables I-Cause
is I-Cause
costly I-Cause
and I-Cause
complicated I-Cause
, O
as O
new B-Cause
lines I-Cause
may I-Cause
affect I-Cause
entire I-Cause
neighborhoods I-Cause
, I-Cause
traffic I-Cause
flows I-Cause
, I-Cause
or I-Cause
coincide I-Cause
with I-Cause
other I-Cause
underground I-Cause
infrastructure I-Cause
, O
so O
the B-Effect
rationale I-Effect
for I-Effect
duplicating I-Effect
capacities I-Effect
is I-Effect
low I-Effect
. O

Also O
, O
foreign B-Effect
exchange I-Effect
exposure I-Effect
could I-Effect
prove I-Effect
unpredictable I-Effect
as O
the B-Cause
firm I-Cause
grows I-Cause
internationally I-Cause
, I-Cause
making I-Cause
sales I-Cause
uncertain I-Cause
, O
although O
some O
of O
this O
should O
have O
subsided O
with O
the O
exit O
of O
the O
Mexico O
business O
. O

Kroger B-Cause
's I-Cause
grocery I-Cause
stores I-Cause
are I-Cause
often I-Cause
paired I-Cause
with I-Cause
fuel I-Cause
stations I-Cause
and I-Cause
a I-Cause
pharmacy I-Cause
, O
both B-Effect
of I-Effect
which I-Effect
we I-Effect
believe I-Effect
add I-Effect
recurring I-Effect
customer I-Effect
traffic I-Effect
and I-Effect
further I-Effect
embed I-Effect
the I-Effect
company I-Effect
's I-Effect
stores I-Effect
into I-Effect
shoppers I-Effect
' I-Effect
daily I-Effect
routines I-Effect
. O

Additionally O
, O
Teva B-Cause
's I-Cause
first-to-file I-Cause
pipeline I-Cause
and I-Cause
manufacturing I-Cause
capabilities I-Cause
for I-Cause
more I-Cause
complex I-Cause
products I-Cause
help B-Effect
the I-Effect
company I-Effect
differentiate I-Effect
from I-Effect
the I-Effect
more I-Effect
heavily I-Effect
commoditized I-Effect
aspects I-Effect
of I-Effect
the I-Effect
industry I-Effect
. O

We O
expect O
prudent B-Cause
cost-control I-Cause
measures I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
pace I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
, O
to O
expand B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
beyond O
break-even O
in O
2023 O
versus O
the O
14 O
% O
loss O
in O
2020 O
( O
non-GAAP O
operating O
margin O
increasing O
beyond O
20 O
% O
versus O
8 O
% O
in O
2020 O
) O
. O

Nonetheless O
, O
losses B-Effect
from I-Effect
imported I-Effect
gas I-Effect
will I-Effect
remain I-Effect
in O
the B-Cause
absence I-Cause
of I-Cause
full I-Cause
market-driven I-Cause
gas I-Cause
pricing I-Cause
reform I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

We O
believe O
that O
over O
the O
medium O
term O
, O
COVID-19 O
has B-Effect
pulled I-Effect
forward I-Effect
some I-Effect
demand I-Effect
by I-Effect
changing I-Effect
consumer I-Effect
behavior I-Effect
and I-Effect
better I-Effect
penetrating I-Effect
some I-Effect
retail I-Effect
categories I-Effect
, I-Effect
such I-Effect
as I-Effect
groceries I-Effect
, I-Effect
pharmacy I-Effect
, I-Effect
and I-Effect
luxury I-Effect
goods I-Effect
, O
that O
previously B-Cause
had I-Cause
not I-Cause
gained I-Cause
as I-Cause
much I-Cause
traction I-Cause
online I-Cause
. O

As O
demand B-Cause
growth I-Cause
outpaces I-Cause
new I-Cause
supply I-Cause
and I-Cause
sops I-Cause
up I-Cause
excess I-Cause
supply I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
we O
see O
prices B-Effect
rising I-Effect
throughout I-Effect
2021 I-Effect
and I-Effect
into I-Effect
2022 I-Effect
. O

These B-Effect
shortfalls I-Effect
should I-Effect
begin I-Effect
to I-Effect
affect I-Effect
price I-Effect
negotiations I-Effect
in I-Effect
the I-Effect
next I-Effect
couple I-Effect
years I-Effect
, O
since B-Cause
utilities I-Cause
tend I-Cause
to I-Cause
secure I-Cause
supplies I-Cause
a I-Cause
few I-Cause
years I-Cause
before I-Cause
actual I-Cause
use I-Cause
. O

Graco B-Cause
's I-Cause
relentless I-Cause
cost I-Cause
control I-Cause
and I-Cause
commitment I-Cause
to I-Cause
lean I-Cause
manufacturing I-Cause
allow O
it O
to O
leverage B-Effect
shared I-Effect
components I-Effect
across I-Effect
different I-Effect
product I-Effect
lines I-Effect
to I-Effect
operate I-Effect
its I-Effect
plants I-Effect
efficiently I-Effect
and I-Effect
lower I-Effect
the I-Effect
overall I-Effect
cost I-Effect
of I-Effect
its I-Effect
products I-Effect
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
forced O
the B-Effect
temporary I-Effect
closure I-Effect
of I-Effect
Tapestry I-Effect
's I-Effect
stores I-Effect
and O
continues O
to O
affect B-Effect
consumer I-Effect
spending I-Effect
on I-Effect
accessories I-Effect
and I-Effect
apparel I-Effect
. O

Robust B-Cause
ROICs I-Cause
should I-Cause
be I-Cause
supported I-Cause
not I-Cause
only I-Cause
by I-Cause
a I-Cause
stockpile I-Cause
of I-Cause
ideas I-Cause
for I-Cause
movie I-Cause
tie-ins I-Cause
that I-Cause
will I-Cause
provide I-Cause
free I-Cause
product I-Cause
advertising I-Cause
for I-Cause
Hasbro I-Cause
's I-Cause
goods I-Cause
but I-Cause
also I-Cause
by I-Cause
brand I-Cause
enthusiasts I-Cause
, O
leading O
to O
average B-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
of I-Effect
14 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
. O

Reddy B-Effect
extended I-Effect
its I-Effect
reach I-Effect
into I-Effect
Europe I-Effect
through O
the B-Cause
2006 I-Cause
acquisition I-Cause
of I-Cause
Betapharm I-Cause
, O
a O
German O
generic O
manufacturer O
, O
for O
about O
$ O
570 O
million O
. O

We O
see O
operating B-Effect
margins I-Effect
approaching I-Effect
50 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, O
as O
several B-Cause
of I-Cause
the I-Cause
most I-Cause
advanced I-Cause
programs I-Cause
at I-Cause
Ionis I-Cause
are I-Cause
partnered I-Cause
and I-Cause
are I-Cause
likely I-Cause
to I-Cause
translate I-Cause
into I-Cause
higher-margin I-Cause
cash I-Cause
flows I-Cause
from I-Cause
milestones I-Cause
and I-Cause
royalty-based I-Cause
payments I-Cause
. O

However O
, O
given O
a B-Cause
high I-Cause
tax I-Cause
burden I-Cause
in I-Cause
Norway I-Cause
, O
Equinor B-Effect
has I-Effect
historically I-Effect
failed I-Effect
to I-Effect
match I-Effect
the I-Effect
upstream I-Effect
earnings I-Effect
margins I-Effect
or I-Effect
returns I-Effect
on I-Effect
capital I-Effect
of I-Effect
its I-Effect
higher-quality I-Effect
peers I-Effect
. O

Reliability B-Effect
can I-Effect
be I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
vendors I-Effect
with O
a O
record O
of O
timely O
delivery O
and O
consistent O
quality O
( O
such O
as O
Danone O
) O
, O
as O
this O
reduces B-Cause
retailers I-Cause
' I-Cause
supply I-Cause
chain I-Cause
risk I-Cause
. O

As O
a O
result O
of O
the B-Cause
acquisition I-Cause
of I-Cause
the I-Cause
legacy I-Cause
Caesars I-Cause
business I-Cause
by I-Cause
Eldorado I-Cause
( O
closed O
July O
2020 O
) O
, O
we O
estimate O
Caesars B-Effect
holds I-Effect
more I-Effect
than I-Effect
a I-Effect
10 I-Effect
% I-Effect
revenue I-Effect
share I-Effect
of I-Effect
the I-Effect
domestic I-Effect
casino I-Effect
gaming I-Effect
market I-Effect
; O
this O
represents O
around O
100 O
% O
of O
the O
company O
's O
total O
EBITDA O
. O

Although O
it O
's O
disproportionately O
exposed O
to O
the O
beleaguered O
soda O
category O
, O
we O
believe O
innovation O
will O
continue O
to O
resonate O
, O
owing O
to O
a B-Cause
core I-Cause
consumer I-Cause
gleaning I-Cause
a I-Cause
higher I-Cause
marginal I-Cause
benefit I-Cause
from I-Cause
consumption I-Cause
, O
affording B-Effect
continued I-Effect
pricing I-Effect
tailwinds I-Effect
. O

If O
the B-Cause
acreage I-Cause
is I-Cause
never I-Cause
developed I-Cause
or I-Cause
produces I-Cause
relatively I-Cause
little I-Cause
, I-Cause
Williams I-Cause
' I-Cause
fees I-Cause
and I-Cause
returns I-Cause
are I-Cause
correspondingly I-Cause
lower I-Cause
, O
and O
these B-Effect
contracts I-Effect
form I-Effect
the I-Effect
lion I-Effect
's I-Effect
share I-Effect
of I-Effect
the I-Effect
impairments I-Effect
the I-Effect
entities I-Effect
have I-Effect
taken I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
. O

Single B-Cause
filters I-Cause
typically I-Cause
cost I-Cause
less I-Cause
than I-Cause
$ I-Cause
0.50 I-Cause
, O
which O
we O
believe O
makes O
it O
less O
likely O
that O
Apple O
and O
its O
competitors O
will O
prioritize B-Effect
cost I-Effect
over I-Effect
performance I-Effect
when I-Effect
selecting I-Effect
filters I-Effect
. O

STMicro O
had O
some O
struggles O
in O
years O
past O
, O
regularly O
failing B-Effect
to I-Effect
earn I-Effect
robust I-Effect
profitability I-Effect
due O
to O
investments B-Cause
in I-Cause
money-losing I-Cause
digital I-Cause
chip I-Cause
businesses I-Cause
and I-Cause
share I-Cause
loss I-Cause
in I-Cause
other I-Cause
chip I-Cause
products I-Cause
, O
among O
other O
stumbling O
blocks O
. O

We B-Effect
expect I-Effect
the I-Effect
impact I-Effect
from I-Effect
TI I-Effect
and I-Effect
lingering I-Effect
COVID-19 I-Effect
effects I-Effect
to I-Effect
weigh I-Effect
on I-Effect
fiscal I-Effect
2021 I-Effect
revenue I-Effect
as O
we B-Cause
model I-Cause
another I-Cause
sales I-Cause
decline I-Cause
of I-Cause
7 I-Cause
% I-Cause
. O

With O
more B-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
thanks O
to O
its O
stronger B-Cause
product I-Cause
pipeline I-Cause
in O
recent O
years O
, O
we O
think O
medium B-Effect
uncertainty I-Effect
is I-Effect
appropriate I-Effect
for I-Effect
Boston I-Effect
. O

With B-Cause
a I-Cause
heavily I-Cause
franchised I-Cause
system I-Cause
, I-Cause
Yum I-Cause
's I-Cause
revenue I-Cause
is I-Cause
closely I-Cause
tied I-Cause
to I-Cause
systemwide I-Cause
sales I-Cause
growth I-Cause
, O
which O
we B-Effect
model I-Effect
increasing I-Effect
at I-Effect
a I-Effect
7.5 I-Effect
% I-Effect
annual I-Effect
clip I-Effect
through I-Effect
2025 I-Effect
( I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
management I-Effect
's I-Effect
long-term I-Effect
guidance I-Effect
of I-Effect
7 I-Effect
% I-Effect
as I-Effect
we I-Effect
layer I-Effect
in I-Effect
a I-Effect
sharp I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
) I-Effect
. O

Delta B-Effect
has I-Effect
historically I-Effect
captured I-Effect
a I-Effect
premium I-Effect
yield I-Effect
relative I-Effect
to I-Effect
peers I-Effect
, O
due O
to O
its B-Cause
focus I-Cause
on I-Cause
business I-Cause
travel I-Cause
and I-Cause
premium I-Cause
products I-Cause
and I-Cause
has I-Cause
received I-Cause
the I-Cause
highest I-Cause
yield I-Cause
among I-Cause
legacy I-Cause
airlines I-Cause
for I-Cause
the I-Cause
past I-Cause
nine I-Cause
years I-Cause
. O

With O
the B-Cause
company I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Ellie I-Cause
Mae I-Cause
in I-Cause
2020 I-Cause
, O
Intercontinental B-Effect
Exchange I-Effect
is I-Effect
now I-Effect
a I-Effect
major I-Effect
provider I-Effect
of I-Effect
mortgage I-Effect
technology I-Effect
. O

Our O
fair B-Effect
value I-Effect
adjustment I-Effect
is I-Effect
largely I-Effect
driven I-Effect
by I-Effect
slightly I-Effect
more I-Effect
optimistic I-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
assumptions I-Effect
, O
as O
we O
believe O
that O
Fluor B-Cause
's I-Cause
lower I-Cause
fixed-price I-Cause
exposure I-Cause
will I-Cause
lead I-Cause
to I-Cause
more B-Effect
stable I-Effect
margins I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We O
anticipate O
consolidated B-Effect
operating I-Effect
margins I-Effect
will I-Effect
expand I-Effect
to I-Effect
13.5 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
due O
largely B-Cause
to I-Cause
slightly I-Cause
higher I-Cause
prices I-Cause
and I-Cause
lower I-Cause
expenses I-Cause
. O

Although O
COVID-19 O
and O
the O
discontinuation O
of O
the O
C9 O
label O
at O
Target O
has O
hurt O
Champion O
's O
sales O
in O
2020 O
, O
we O
believe O
it B-Effect
will I-Effect
continue I-Effect
its I-Effect
growth I-Effect
path I-Effect
in I-Effect
2021 I-Effect
as O
it B-Cause
and I-Cause
other I-Cause
activewear I-Cause
apparel I-Cause
have I-Cause
become I-Cause
more I-Cause
than I-Cause
just I-Cause
athletic I-Cause
apparel I-Cause
and I-Cause
are I-Cause
increasingly I-Cause
worn I-Cause
as I-Cause
lifestyle/fashion I-Cause
brands I-Cause
. O

Management B-Cause
was I-Cause
slowly I-Cause
approaching I-Cause
its I-Cause
4.0 I-Cause
debt/EBITDA I-Cause
leverage I-Cause
target I-Cause
, I-Cause
with I-Cause
improvement I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
, I-Cause
but B-Effect
pandemic I-Effect
headwinds I-Effect
in I-Effect
2020 I-Effect
slowed I-Effect
progress I-Effect
. I-Effect

In O
a O
similar O
manner O
to O
the O
company O
's O
hardware O
products O
, O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
these I-Cause
solutions I-Cause
, I-Cause
the I-Cause
impacts I-Cause
of I-Cause
needed I-Cause
down-time I-Cause
to I-Cause
implement I-Cause
a I-Cause
competing I-Cause
solution I-Cause
, I-Cause
along I-Cause
with I-Cause
training I-Cause
costs I-Cause
for I-Cause
personnel I-Cause
, O
would O
make O
it O
difficult B-Effect
for I-Effect
a I-Effect
customer I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
competing I-Effect
offering I-Effect
. O

Twitter B-Cause
and I-Cause
its I-Cause
advertising I-Cause
clients I-Cause
utilize I-Cause
the I-Cause
interest I-Cause
graph I-Cause
to I-Cause
insert I-Cause
targeted I-Cause
and I-Cause
more I-Cause
relevant I-Cause
display I-Cause
and I-Cause
video I-Cause
native I-Cause
ads I-Cause
in I-Cause
each I-Cause
user I-Cause
's I-Cause
Twitter I-Cause
timeline I-Cause
, O
possibly O
generating B-Effect
higher I-Effect
returns I-Effect
on I-Effect
investment I-Effect
for I-Effect
advertisers I-Effect
. O

As O
such O
, O
any B-Cause
product I-Cause
failures I-Cause
could O
lead O
to O
costly B-Effect
business I-Effect
disruptions I-Effect
, I-Effect
environmental I-Effect
hazards I-Effect
, I-Effect
safety I-Effect
risks I-Effect
, I-Effect
or I-Effect
even I-Effect
loss I-Effect
of I-Effect
life I-Effect
. O

We O
expect O
the B-Cause
decline I-Cause
of I-Cause
the I-Cause
television I-Cause
business I-Cause
will I-Cause
continue I-Cause
at I-Cause
a I-Cause
steady I-Cause
pace I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
weighing O
on O
revenue B-Effect
growth I-Effect
. O

The B-Cause
Charter I-Cause
acquisition I-Cause
led I-Cause
to I-Cause
depressed I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
including I-Cause
goodwill I-Cause
, O
which B-Effect
declined I-Effect
Specialty I-Effect
Industrial I-Effect
Machineryto I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

Although O
these O
segments O
have O
n't O
seen O
growth O
as O
consistent O
as O
that O
of O
the O
pet O
business O
, O
they B-Effect
generally I-Effect
offer I-Effect
fatter I-Effect
margins I-Effect
and I-Effect
we I-Effect
anticipate I-Effect
many I-Effect
years I-Effect
of I-Effect
growth I-Effect
ahead I-Effect
as O
rising B-Cause
incomes I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
feed I-Cause
an I-Cause
appetite I-Cause
for I-Cause
animal I-Cause
protein I-Cause
. O

Similarly O
, O
as O
a O
firm O
that O
supplies B-Cause
products I-Cause
to I-Cause
ensure I-Cause
the I-Cause
smooth I-Cause
and I-Cause
efficient I-Cause
operation I-Cause
of I-Cause
global I-Cause
supply I-Cause
chains I-Cause
, O
trade B-Effect
and I-Effect
tariff I-Effect
talks I-Effect
represent I-Effect
a I-Effect
continual I-Effect
threat I-Effect
( O
as O
well O
as O
an O
opportunity O
) O
. O

With B-Cause
the I-Cause
rise I-Cause
of I-Cause
the I-Cause
importance I-Cause
of I-Cause
more I-Cause
focused I-Cause
marketing I-Cause
and I-Cause
return I-Cause
on I-Cause
investment I-Cause
( I-Cause
ROI I-Cause
) I-Cause
for I-Cause
advertisers I-Cause
, O
Weibo B-Effect
has I-Effect
started I-Effect
to I-Effect
catch I-Effect
up I-Effect
. O

Researchers B-Cause
tend I-Cause
to I-Cause
focus I-Cause
on I-Cause
the I-Cause
same I-Cause
disease I-Cause
or I-Cause
even I-Cause
the I-Cause
same I-Cause
gene I-Cause
for I-Cause
their I-Cause
entire I-Cause
careers I-Cause
, O
which O
makes O
it B-Effect
less I-Effect
likely I-Effect
that I-Effect
clients I-Effect
would I-Effect
have I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
shift I-Effect
model I-Effect
suppliers I-Effect
simply I-Effect
due I-Effect
to I-Effect
a I-Effect
new I-Effect
project I-Effect
. O

However O
, O
in O
areas O
like O
Germany O
, O
France O
, O
and O
the O
United O
Kingdom O
, O
new-car B-Effect
demand I-Effect
is I-Effect
somewhat I-Effect
buoyed I-Effect
by O
many B-Cause
employers I-Cause
' I-Cause
commonplace I-Cause
practice I-Cause
of I-Cause
providing I-Cause
employees I-Cause
with I-Cause
a I-Cause
company I-Cause
car I-Cause
. O

The B-Cause
technical I-Cause
requirements I-Cause
and I-Cause
complexity I-Cause
to I-Cause
satisfy I-Cause
defense I-Cause
contracts I-Cause
create B-Cause
a I-Cause
high I-Cause
barrier I-Cause
to I-Cause
entry I-Cause
, O
making B-Effect
it I-Effect
difficult I-Effect
for I-Effect
new I-Effect
entrants I-Effect
to I-Effect
enter I-Effect
the I-Effect
segment I-Effect
. O

As O
Workday B-Effect
's I-Effect
core I-Effect
addressable I-Effect
market I-Effect
continues I-Effect
to I-Effect
expand I-Effect
and O
Workday O
finds O
adoption B-Cause
of I-Cause
its I-Cause
new I-Cause
products I-Cause
to I-Cause
be I-Cause
strong I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
poised I-Effect
for I-Effect
continued I-Effect
robust I-Effect
top-line I-Effect
growth I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
and I-Effect
strengthening I-Effect
switching I-Effect
costs I-Effect
. O

Morgan B-Cause
Stanley I-Cause
and I-Cause
UBS I-Cause
have I-Cause
left I-Cause
the I-Cause
protocol I-Cause
for I-Cause
broker I-Cause
recruiting I-Cause
, O
and O
this O
could O
stymie O
firms B-Effect
like I-Effect
Raymond I-Effect
James I-Effect
from I-Effect
recruiting I-Effect
their I-Effect
advisors I-Effect
. O

Beyond O
the O
pandemic O
, O
we O
assume O
steady B-Effect
but I-Effect
slowing I-Effect
low-single-digit I-Effect
growth I-Effect
in I-Effect
global I-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
, O
largely O
driven O
by O
GDP B-Cause
growth I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

Given O
a B-Cause
high I-Cause
share I-Cause
of I-Cause
generation I-Cause
from I-Cause
hydroelectric I-Cause
power I-Cause
plants I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
also I-Effect
dependent I-Effect
on I-Effect
river I-Effect
flow I-Effect
levels I-Effect
. O

The O
law O
of O
large O
numbers O
is O
unfavorable O
for O
the O
large O
consumer O
companies O
, O
and O
moving B-Effect
the I-Effect
needle I-Effect
on I-Effect
Unilever I-Effect
's I-Effect
EUR I-Effect
50 I-Effect
billion I-Effect
top I-Effect
line I-Effect
in I-Effect
a I-Effect
low-growth I-Effect
environment I-Effect
is I-Effect
challenging I-Effect
, O
especially O
as O
growth B-Cause
is I-Cause
largely I-Cause
being I-Cause
driven I-Cause
by I-Cause
niche I-Cause
, I-Cause
local I-Cause
, I-Cause
and I-Cause
artisanal I-Cause
brands I-Cause
. O

Despite O
current B-Effect
operational I-Effect
issues I-Effect
stemming O
from O
Trent B-Cause
1000 I-Cause
service I-Cause
engine I-Cause
issues I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
air I-Cause
travel I-Cause
demand I-Cause
, O
we O
believe O
the O
group O
can O
return O
to O
and O
sustain O
economic O
profits O
over O
the O
following O
10-year O
period O
, O
and O
potentially O
beyond O
. O

With O
baby B-Cause
boomers I-Cause
hitting I-Cause
Medicare I-Cause
age I-Cause
, O
there O
could O
be O
future B-Cause
cuts I-Cause
to I-Cause
Medicare I-Cause
reimbursement I-Cause
for I-Cause
device-related I-Cause
procedures I-Cause
, O
which O
would O
translate B-Effect
into I-Effect
financial I-Effect
pressure I-Effect
for I-Effect
its I-Effect
hospital I-Effect
customers I-Effect
. O

Many B-Cause
of I-Cause
Boeing I-Cause
's I-Cause
advantages I-Cause
in I-Cause
this I-Cause
segment I-Cause
, I-Cause
such I-Cause
as I-Cause
an I-Cause
extensive I-Cause
backlog I-Cause
that I-Cause
reduces I-Cause
revenue I-Cause
cyclicality I-Cause
, I-Cause
a I-Cause
large I-Cause
installed I-Cause
product I-Cause
base I-Cause
that I-Cause
generates I-Cause
sustainable I-Cause
aftermarket I-Cause
sales I-Cause
, I-Cause
can I-Cause
be I-Cause
attributed I-Cause
to I-Cause
intangible I-Cause
assets I-Cause
surrounding I-Cause
the I-Cause
regulatory I-Cause
and I-Cause
manufacturing I-Cause
environment I-Cause
for I-Cause
airframes I-Cause
, I-Cause
which I-Cause
constitutes I-Cause
a I-Cause
steep I-Cause
barrier I-Cause
to I-Cause
entry. O
These O
barriers O
to O
entry O
have O
prevented O
all B-Effect
but I-Effect
two I-Effect
global I-Effect
firms I-Effect
, I-Effect
Airbus I-Effect
and I-Effect
Boeing I-Effect
, I-Effect
from I-Effect
entering I-Effect
the I-Effect
aircraft I-Effect
manufacturing I-Effect
market I-Effect
. O

Scale B-Effect
matters I-Effect
in I-Effect
route-based I-Effect
businesses I-Effect
( O
in O
this O
case O
, O
collection O
through O
disposal O
) O
because O
it B-Cause
provides I-Cause
greater I-Cause
utilization I-Cause
and I-Cause
leverage I-Cause
over I-Cause
a I-Cause
vast I-Cause
cost I-Cause
base I-Cause
( I-Cause
costs I-Cause
linked I-Cause
to I-Cause
landfill I-Cause
ownership I-Cause
, I-Cause
collection I-Cause
equipment I-Cause
, I-Cause
transfer I-Cause
facilities I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
) I-Cause
. O

The B-Cause
contactor I-Cause
bears I-Cause
the I-Cause
financial I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
for I-Cause
these I-Cause
programs I-Cause
, O
so O
a B-Effect
poorly I-Effect
executed I-Effect
development I-Effect
would I-Effect
financially I-Effect
strain I-Effect
Northrop I-Effect
. O

Uniformity B-Cause
in I-Cause
the I-Cause
process I-Cause
and I-Cause
machinery I-Cause
to I-Cause
convert I-Cause
pulp I-Cause
into I-Cause
containerboard I-Cause
components I-Cause
results O
in O
a B-Cause
flat I-Cause
cost I-Cause
curve I-Cause
regionally I-Cause
, O
making O
it O
hard O
for O
anybody B-Effect
to I-Effect
sustain I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

All B-Effect
of I-Effect
the I-Effect
California I-Effect
utilities I-Effect
face I-Effect
significant I-Effect
public I-Effect
policy I-Effect
and I-Effect
regulatory I-Effect
pressure I-Effect
to I-Effect
upgrade I-Effect
the I-Effect
state I-Effect
's I-Effect
energy I-Effect
infrastructure I-Effect
to B-Cause
accommodate I-Cause
more I-Cause
distributed I-Cause
generation I-Cause
, I-Cause
renewable I-Cause
energy I-Cause
, I-Cause
and I-Cause
electric I-Cause
vehicles I-Cause
. O

S B-Effect
& I-Effect
L I-Effect
performance I-Effect
is I-Effect
expected I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
as O
the B-Cause
temporary I-Cause
boost I-Cause
from I-Cause
2020 I-Cause
storage I-Cause
differentials I-Cause
will I-Cause
disappear I-Cause
. O

While B-Cause
higher I-Cause
pricing I-Cause
is I-Cause
necessary I-Cause
to I-Cause
some I-Cause
extent I-Cause
to I-Cause
offset I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
rise I-Cause
in I-Cause
social I-Cause
inflation I-Cause
, I-Cause
pricing I-Cause
increases I-Cause
appear I-Cause
to I-Cause
be I-Cause
more I-Cause
than I-Cause
offsetting I-Cause
these I-Cause
factors. O
As O
a O
result O
, O
Chubb B-Effect
and I-Effect
peers I-Effect
are I-Effect
experiencing I-Effect
a I-Effect
positive I-Effect
trend I-Effect
in I-Effect
underlying I-Effect
underwriting I-Effect
profitability I-Effect
, I-Effect
and I-Effect
we I-Effect
see I-Effect
potential I-Effect
for I-Effect
a I-Effect
truly I-Effect
hard I-Effect
pricing I-Effect
market I-Effect
, I-Effect
similar I-Effect
to I-Effect
the I-Effect
period I-Effect
that I-Effect
followed I-Effect
9/11 I-Effect
. O

We O
think O
this B-Cause
is I-Cause
important I-Cause
because I-Cause
as I-Cause
technology I-Cause
plays I-Cause
an I-Cause
increasing I-Cause
role I-Cause
in I-Cause
the I-Cause
industrial I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
race I-Cause
, I-Cause
having I-Cause
workers I-Cause
trained I-Cause
and I-Cause
comfortable I-Cause
with I-Cause
that I-Cause
technology I-Cause
becomes I-Cause
increasingly I-Cause
critical. O
Consequently O
, O
this B-Effect
allows I-Effect
for I-Effect
reduction I-Effect
in I-Effect
both I-Effect
training I-Effect
and I-Effect
maintenance I-Effect
expenses I-Effect
, I-Effect
and I-Effect
makes I-Effect
it I-Effect
easier I-Effect
to I-Effect
communicate I-Effect
across I-Effect
the I-Effect
different I-Effect
cells I-Effect
of I-Effect
a I-Effect
manufacturing I-Effect
facility I-Effect
. O

As O
Beyond B-Cause
Meat I-Cause
is I-Cause
still I-Cause
in I-Cause
the I-Cause
early I-Cause
investment I-Cause
stage I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
the B-Effect
firm I-Effect
did I-Effect
not I-Effect
report I-Effect
an I-Effect
adjusted I-Effect
profit I-Effect
or I-Effect
a I-Effect
positive I-Effect
ROIC I-Effect
until I-Effect
2019 I-Effect
. O

We O
think O
Praluent O
can O
achieve O
sales O
of O
more O
than O
$ O
500 O
million O
, O
and O
sales B-Effect
acceleration I-Effect
should O
follow O
recent B-Cause
price I-Cause
negotiations I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
cardiovascular I-Cause
outcomes I-Cause
data I-Cause
to I-Cause
the I-Cause
label I-Cause
in I-Cause
2019 I-Cause
. O

Valvoline O
should O
be O
able O
to O
leverage O
its B-Cause
innovation I-Cause
and I-Cause
brand-building I-Cause
investments I-Cause
outside I-Cause
the I-Cause
North I-Cause
American I-Cause
market I-Cause
, I-Cause
with I-Cause
its I-Cause
growing I-Cause
international I-Cause
unit I-Cause
( O
about O
20 O
% O
of O
fiscal O
2020 O
sales O
) O
adding B-Effect
to I-Effect
its I-Effect
standing I-Effect
. O

While O
valuation O
is O
high O
relative O
to O
peers O
, O
we O
would O
argue O
deservedly O
so O
given O
the B-Cause
company I-Cause
's I-Cause
strong I-Cause
market I-Cause
position I-Cause
and I-Cause
superior I-Cause
growth I-Cause
prospects O
, O
we B-Effect
acknowledge I-Effect
that I-Effect
any I-Effect
execution I-Effect
misstep I-Effect
or I-Effect
issue I-Effect
that I-Effect
arises I-Effect
during I-Effect
quarterly I-Effect
earnings I-Effect
updates I-Effect
is I-Effect
likely I-Effect
to I-Effect
have I-Effect
a I-Effect
magnified I-Effect
impact I-Effect
on I-Effect
the I-Effect
shares I-Effect
. O

As B-Cause
a I-Cause
result I-Cause
of I-Cause
this I-Cause
high I-Cause
dependence I-Cause
on I-Cause
top I-Cause
customers I-Cause
, O
Synopsys B-Effect
can I-Effect
not I-Effect
exercise I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
pricing I-Effect
power I-Effect
and I-Effect
risk I-Effect
losing I-Effect
business I-Effect
to I-Effect
competitors I-Effect
. O

However O
, O
Qorvo B-Effect
's I-Effect
RF I-Effect
prospects I-Effect
might I-Effect
not I-Effect
be I-Effect
rosy I-Effect
forever I-Effect
, O
given B-Cause
intense I-Cause
competition I-Cause
in I-Cause
RF I-Cause
chips I-Cause
and I-Cause
a I-Cause
customer I-Cause
base I-Cause
of I-Cause
only I-Cause
a I-Cause
handful I-Cause
of I-Cause
tech I-Cause
titans I-Cause
that O
could O
put O
pricing O
pressure O
on O
Qorvo O
and O
other O
RF O
chipmakers O
. O

While O
we O
expect O
the O
consumer O
cybersecurity O
market O
to O
remain O
highly O
competitive O
, O
NortonLifeLock B-Cause
is I-Cause
combining I-Cause
antivirus I-Cause
and I-Cause
identity I-Cause
protection I-Cause
into I-Cause
a I-Cause
holistic I-Cause
offering O
to O
provide B-Effect
a I-Effect
unique I-Effect
competitive I-Effect
advantage I-Effect
within I-Effect
consumer I-Effect
safety I-Effect
. O

The B-Cause
long-term I-Cause
goal I-Cause
is I-Cause
for I-Cause
vehicles I-Cause
that I-Cause
share I-Cause
a I-Cause
platform I-Cause
to I-Cause
have I-Cause
70 I-Cause
% I-Cause
-80 I-Cause
% I-Cause
common I-Cause
parts. O
This O
efficiency O
will O
increase B-Effect
the I-Effect
risk I-Effect
of I-Effect
a I-Effect
major I-Effect
recall I-Effect
, I-Effect
but I-Effect
we I-Effect
think I-Effect
it I-Effect
's I-Effect
necessary I-Effect
to I-Effect
keep I-Effect
pace I-Effect
with I-Effect
competitors I-Effect
. O

In O
the O
United O
States O
, O
we O
believe O
Walmart O
benefits O
from O
a O
well-established O
brand O
that O
has B-Effect
become I-Effect
virtually I-Effect
synonymous I-Effect
with I-Effect
low-cost I-Effect
items I-Effect
, O
a B-Cause
product I-Cause
of I-Cause
its I-Cause
unparalleled I-Cause
purchasing I-Cause
leverage I-Cause
and I-Cause
deep I-Cause
vendor I-Cause
relationships I-Cause
. O

The O
company O
also O
benefits O
from O
switching O
costs O
in O
its O
catalyst O
business O
, O
where O
refiners B-Cause
and I-Cause
petrochemical I-Cause
producers I-Cause
tend I-Cause
to I-Cause
stick I-Cause
with I-Cause
existing I-Cause
catalysts I-Cause
tailored I-Cause
to I-Cause
their I-Cause
facilities I-Cause
in O
order O
to O
maximize B-Effect
product I-Effect
yields I-Effect
. O

Although O
we B-Cause
expect I-Cause
employment I-Cause
growth I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
to I-Cause
be I-Cause
challenged I-Cause
, O
we B-Effect
expect I-Effect
job I-Effect
growth I-Effect
to I-Effect
start I-Effect
picking I-Effect
up I-Effect
in I-Effect
2021 I-Effect
. O

We O
note O
that O
from B-Effect
2014 I-Effect
to I-Effect
2016 I-Effect
, I-Effect
ROIC I-Effect
including I-Effect
goodwill I-Effect
fell I-Effect
nearly I-Effect
4 I-Effect
points I-Effect
as O
the B-Cause
price I-Cause
of I-Cause
oil I-Cause
fell I-Cause
precipitously I-Cause
in I-Cause
those I-Cause
intervening I-Cause
years I-Cause
. O

We O
anticipate O
mix B-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
products I-Cause
such I-Cause
as I-Cause
UroLift I-Cause
and I-Cause
Manta I-Cause
will O
drive B-Effect
higher I-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

With O
more B-Cause
paid I-Cause
and I-Cause
unpaid I-Cause
users I-Cause
, O
we O
believe O
Match B-Effect
Group I-Effect
could I-Effect
attract I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
, O
given O
the B-Cause
growing I-Cause
number I-Cause
of I-Cause
young I-Cause
and I-Cause
millennial I-Cause
users I-Cause
. O

The B-Cause
vaccine I-Cause
's I-Cause
excellent I-Cause
efficacy I-Cause
, I-Cause
strong I-Cause
supply I-Cause
, I-Cause
and I-Cause
early I-Cause
leadership I-Cause
on I-Cause
the I-Cause
market I-Cause
all O
support O
nearly B-Effect
$ I-Effect
14 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
Comirnaty I-Effect
sales I-Effect
and I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
2022 I-Effect
sales I-Effect
( I-Effect
and I-Effect
roughly I-Effect
50 I-Effect
% I-Effect
of I-Effect
gross I-Effect
profits I-Effect
flowing I-Effect
to I-Effect
BioNTech I-Effect
) I-Effect
. O

In O
our O
view O
, O
better O
operating O
performance O
can O
be O
realized O
through O
HPE O
expanding O
its O
gross O
margins O
, O
and O
we O
expect O
HPE B-Cause
's I-Cause
restructuring I-Cause
, I-Cause
consolidation I-Cause
, I-Cause
and I-Cause
cost-saving I-Cause
efforts I-Cause
to O
enable O
lower B-Effect
product I-Effect
costs I-Effect
while I-Effect
gaining I-Effect
some I-Effect
SG I-Effect
& I-Effect
A I-Effect
and I-Effect
R I-Effect
& I-Effect
D I-Effect
efficiencies I-Effect
. O

We B-Cause
think I-Cause
the I-Cause
increased I-Cause
importance I-Cause
of I-Cause
direct I-Cause
to I-Cause
consumer I-Cause
sales I-Cause
allowed B-Effect
Ralph I-Effect
Lauren I-Effect
better I-Effect
control I-Effect
of I-Effect
pricing I-Effect
and I-Effect
its I-Effect
brand I-Effect
. O

We O
believe O
that O
exposure B-Effect
to I-Effect
a I-Effect
wider I-Effect
audience I-Effect
offsets I-Effect
the I-Effect
negative I-Effect
impact I-Effect
of I-Effect
increased I-Effect
competition I-Effect
, O
as O
more B-Cause
stores/brands I-Cause
join I-Cause
the I-Cause
network I-Cause
. O

Despite B-Cause
the I-Cause
free I-Cause
filing I-Cause
option I-Cause
, I-Cause
only I-Cause
about I-Cause
3 I-Cause
% I-Cause
of I-Cause
taxpayers I-Cause
use I-Cause
Intuit I-Cause
's I-Cause
or I-Cause
H I-Cause
& I-Cause
R I-Cause
Block I-Cause
's I-Cause
free I-Cause
filing I-Cause
options I-Cause
-- O
signaling O
that O
there B-Effect
's I-Effect
room I-Effect
to I-Effect
grow I-Effect
with I-Effect
pressure I-Effect
to I-Effect
add I-Effect
on I-Effect
features I-Effect
to I-Effect
the I-Effect
free I-Effect
filing I-Effect
offerings I-Effect
. O

New B-Cause
reimbursement I-Cause
models I-Cause
inspired I-Cause
by I-Cause
healthcare I-Cause
reform I-Cause
should O
lead O
more B-Effect
doctors I-Effect
and I-Effect
hospitals I-Effect
to I-Effect
send I-Effect
tests I-Effect
to I-Effect
lower-cost I-Effect
producers I-Effect
like I-Effect
LabCorp I-Effect
. O

And O
our O
2020-29 O
IT O
solutions O
( O
IT O
for O
airlines O
) O
sales O
forecast O
is O
derived O
from O
increasing B-Effect
airline I-Effect
revenue I-Effect
per I-Effect
passenger I-Effect
boarded I-Effect
( O
to O
$ O
1.28 O
in O
2029 O
from O
$ O
1.13 O
in O
2019 O
) O
as O
customers B-Cause
adopt I-Cause
new I-Cause
and I-Cause
existing I-Cause
products I-Cause
and I-Cause
by I-Cause
passenger I-Cause
boarding I-Cause
growth I-Cause
over I-Cause
the I-Cause
IT I-Cause
platform I-Cause
. O

No O
matter O
the O
application O
, O
sensor B-Cause
failure I-Cause
can O
often O
lead O
to O
system B-Cause
failure I-Cause
, O
which O
would O
cause O
both B-Effect
financial I-Effect
cost I-Effect
and I-Effect
reputational I-Effect
damage I-Effect
for I-Effect
the I-Effect
OEM I-Effect
or I-Effect
Tier I-Effect
1 I-Effect
supplier I-Effect
in I-Effect
question I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
fiber I-Cause
network I-Cause
penetrates I-Cause
deeply I-Cause
into I-Cause
residential I-Cause
areas I-Cause
, O
providing O
an O
opportunity O
to O
either B-Effect
build I-Effect
a I-Effect
wireless I-Effect
network I-Effect
or I-Effect
partner I-Effect
closely I-Effect
with I-Effect
an I-Effect
existing I-Effect
carrier I-Effect
. O

It B-Cause
has I-Cause
been I-Cause
improving I-Cause
its I-Cause
technology I-Cause
such I-Cause
as I-Cause
an I-Cause
AI-assisted I-Cause
chat I-Cause
box I-Cause
function I-Cause
to O
reduce B-Effect
staff I-Effect
costs I-Effect
and I-Effect
boost I-Effect
efficiency I-Effect
, O
which O
will O
help B-Effect
boost I-Effect
margin I-Effect
. O

The O
main O
business O
areas O
affected O
by O
the B-Cause
coronavirus I-Cause
restrictions I-Cause
have O
been O
roaming B-Effect
, I-Effect
the I-Effect
business-to-business I-Effect
segment I-Effect
in I-Effect
the I-Effect
Nordic I-Effect
markets I-Effect
and I-Effect
prepaid I-Effect
Asian I-Effect
markets I-Effect
. O

This O
spurred O
CMS B-Cause
' I-Cause
plan I-Cause
for I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
of I-Cause
investment I-Cause
in I-Cause
2014-18 I-Cause
and I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
plan I-Cause
for I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
all O
accretive B-Effect
to I-Effect
earnings I-Effect
and I-Effect
shareholder I-Effect
value I-Effect
. O

A B-Cause
wide I-Cause
variety I-Cause
of I-Cause
wireless I-Cause
spectrum I-Cause
frequencies I-Cause
( I-Cause
roughly I-Cause
50 I-Cause
bands I-Cause
) I-Cause
and I-Cause
RF I-Cause
filters I-Cause
are I-Cause
required I-Cause
for O
each O
of O
these O
bands O
to O
precisely B-Effect
process I-Effect
wireless I-Effect
signals I-Effect
in O
LTE O
networks O
. O

The O
increase O
is O
from O
lowering B-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
by O
30 O
basis O
points O
to O
10.0 O
% O
due O
to O
lowering B-Cause
our I-Cause
cost I-Cause
of I-Cause
debt I-Cause
to O
match O
our O
model O
's O
suggested O
credit O
risk O
rating O
. O

In O
our O
view O
, O
FireEye B-Effect
's I-Effect
services I-Effect
will I-Effect
remain I-Effect
in I-Effect
demand I-Effect
due O
to O
its B-Cause
security I-Cause
experts I-Cause
' I-Cause
in-depth I-Cause
research I-Cause
on I-Cause
threats I-Cause
, I-Cause
ability I-Cause
to I-Cause
augment I-Cause
customers I-Cause
' I-Cause
security I-Cause
teams I-Cause
with I-Cause
trained I-Cause
professionals I-Cause
, I-Cause
and I-Cause
the I-Cause
proficiency I-Cause
to I-Cause
fix I-Cause
exposed I-Cause
weaknesses I-Cause
found I-Cause
through I-Cause
network I-Cause
attack I-Cause
simulations I-Cause
. O

Our O
opinion O
is O
that O
HP B-Effect
will I-Effect
gain I-Effect
some I-Effect
printing I-Effect
growth I-Effect
through O
3D B-Cause
printing I-Cause
, O
but O
HP O
is O
playing O
catch-up O
against O
competitors O
with O
multi-year O
head O
starts O
. O

We B-Effect
think I-Effect
SBA I-Effect
will I-Effect
have I-Effect
more I-Effect
opportunity I-Effect
to I-Effect
build I-Effect
and I-Effect
buy I-Effect
towers I-Effect
in I-Effect
international I-Effect
markets I-Effect
, O
as O
carriers B-Cause
more I-Cause
fully I-Cause
develop I-Cause
their I-Cause
geographic I-Cause
coverage I-Cause
areas I-Cause
and I-Cause
move I-Cause
to I-Cause
4G I-Cause
. O

We O
expect O
that O
the B-Cause
737 I-Cause
MAX I-Cause
will I-Cause
receive I-Cause
an I-Cause
airworthiness I-Cause
directive I-Cause
by I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
, O
which O
would O
provide O
Spirit B-Effect
with I-Effect
a I-Effect
large I-Effect
revenue I-Effect
runway I-Effect
from I-Effect
Boeing I-Effect
's I-Effect
sizable I-Effect
backlog I-Effect
. O

In O
our O
view O
, O
these O
various B-Cause
customer I-Cause
verticals I-Cause
, O
with O
assorted B-Cause
collaborative I-Cause
efforts I-Cause
, O
could O
make B-Effect
Juniper I-Effect
's I-Effect
product I-Effect
strategy I-Effect
and I-Effect
selling I-Effect
efforts I-Effect
misaligned I-Effect
with I-Effect
customer I-Effect
requirements I-Effect
. O

Furthermore O
, O
we O
think O
additional B-Cause
emissions I-Cause
regulation I-Cause
by I-Cause
government I-Cause
authorities I-Cause
will I-Cause
likely I-Cause
be I-Cause
introduced I-Cause
gradually I-Cause
over I-Cause
the I-Cause
next I-Cause
decade. O
This O
will O
give B-Effect
Cummins I-Effect
time I-Effect
to I-Effect
continue I-Effect
evolving I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
its I-Effect
products I-Effect
and I-Effect
reducing I-Effect
its I-Effect
impact I-Effect
on I-Effect
the I-Effect
environment I-Effect
. O

There O
are O
few B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
( I-Cause
vendors I-Cause
simply I-Cause
need I-Cause
to I-Cause
prove I-Cause
their I-Cause
control I-Cause
tests I-Cause
are I-Cause
effective I-Cause
) I-Cause
, O
and O
test B-Effect
differentiation I-Effect
can I-Effect
be I-Effect
limited I-Effect
. O

However O
, O
the B-Cause
company I-Cause
's I-Cause
investor I-Cause
day I-Cause
in I-Cause
October I-Cause
2020 I-Cause
established I-Cause
a I-Cause
new I-Cause
roadmap I-Cause
to O
alleviate B-Effect
customer I-Effect
pain I-Effect
points I-Effect
and I-Effect
revamp I-Effect
profitability I-Effect
. O

However O
, O
now O
ROE B-Effect
's I-Effect
are I-Effect
under I-Effect
pressure I-Effect
again I-Effect
, O
as O
the B-Cause
macro I-Cause
environment I-Cause
generally I-Cause
is I-Cause
n't I-Cause
as I-Cause
favorable I-Cause
and I-Cause
the I-Cause
bank I-Cause
struggles I-Cause
to I-Cause
find I-Cause
profitable I-Cause
growth I-Cause
opportunities I-Cause
. O

In O
looking O
at O
the O
entire O
company O
, O
we B-Effect
project I-Effect
over I-Effect
10 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
excluding I-Effect
acquisitions I-Effect
) I-Effect
as O
new B-Cause
products I-Cause
should I-Cause
offset I-Cause
patent I-Cause
losses I-Cause
. O

Because O
M B-Cause
& I-Cause
A I-Cause
is I-Cause
an I-Cause
important I-Cause
part I-Cause
of I-Cause
Graco I-Cause
's I-Cause
growth I-Cause
strategy I-Cause
, O
another B-Effect
key I-Effect
risk I-Effect
is I-Effect
the I-Effect
potential I-Effect
to I-Effect
overpay I-Effect
for I-Effect
acquisitions I-Effect
. O

Given O
the B-Cause
recent I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
space I-Cause
, O
we B-Effect
expect I-Effect
smaller I-Effect
competitors I-Effect
will I-Effect
struggle I-Effect
to I-Effect
disrupt I-Effect
Cushman I-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
's I-Effect
market-leading I-Effect
position I-Effect
, I-Effect
which I-Effect
it I-Effect
shares I-Effect
with I-Effect
rivals I-Effect
CBRE I-Effect
and I-Effect
Jones I-Effect
Lang I-Effect
LaSalle I-Effect
, I-Effect
or I-Effect
JLL I-Effect
. O

The B-Cause
government I-Cause
's I-Cause
tariff-reduction I-Cause
measures I-Cause
have O
negatively B-Effect
affected I-Effect
profit I-Effect
growth I-Effect
over I-Effect
2017 I-Effect
, I-Effect
2018 I-Effect
and I-Effect
2019 I-Effect
, I-Effect
and I-Effect
following I-Effect
this O
, O
the O
company O
will O
be O
in O
the O
investment O
phase O
of O
5G O
network O
and O
service O
rollout O
. O

We O
expect O
revenue O
growth O
pressure O
in O
2020 O
due O
to O
the O
COVID-19 O
pandemic O
, O
followed O
by O
a O
return B-Effect
to I-Effect
double-digit I-Effect
revenue I-Effect
growth I-Effect
in O
2021-24 O
, O
helped O
by O
greater B-Cause
revenue I-Cause
contribution I-Cause
from I-Cause
YouTube I-Cause
and I-Cause
cloud I-Cause
. O

This O
unlocks O
Polaris B-Cause
ability I-Cause
to I-Cause
continue I-Cause
to I-Cause
serially I-Cause
acquire I-Cause
strategic I-Cause
businesses I-Cause
( O
with O
opportunities O
likely O
in O
the O
boat O
segment O
and O
parts O
and O
accessories O
segment O
) O
, O
which O
could O
help O
stimulate B-Effect
incremental I-Effect
demand I-Effect
. O

While O
this O
number O
suggests O
an O
overall O
60 O
% O
global O
retention O
rate O
, O
we O
believe O
this O
number O
is O
impacted O
by O
China O
, O
where O
retention B-Effect
rates I-Effect
for I-Effect
service I-Effect
are I-Effect
lower I-Effect
. O

We O
think O
capital O
expenditures O
will O
be O
roughly O
$ O
3 O
billion O
at O
midcycle O
, O
about B-Effect
a I-Effect
billion I-Effect
less I-Effect
than I-Effect
the I-Effect
trailing I-Effect
five-year I-Effect
average I-Effect
, O
due O
to O
the B-Cause
airline I-Cause
having I-Cause
completed I-Cause
its I-Cause
fleet I-Cause
renewal I-Cause
. O

We O
believe O
Invesco O
should O
be O
able O
to O
keep O
operating O
margins O
at O
a O
slightly O
higher O
level O
than O
it O
has O
historically O
( O
in O
a O
25 O
% O
-28 O
% O
range O
longer O
term O
) O
but O
that O
the B-Cause
pressure I-Cause
of I-Cause
fee I-Cause
compression I-Cause
and I-Cause
industry I-Cause
competition I-Cause
will O
weigh B-Effect
on I-Effect
results I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

The O
dealer O
knows O
the B-Effect
vehicle I-Effect
, I-Effect
and I-Effect
comparison-shopping I-Effect
for I-Effect
repair I-Effect
work I-Effect
is I-Effect
very I-Effect
time-consuming I-Effect
because O
the B-Cause
customer I-Cause
has I-Cause
to I-Cause
bring I-Cause
the I-Cause
vehicle I-Cause
to I-Cause
each I-Cause
shop I-Cause
to I-Cause
get I-Cause
a I-Cause
quote I-Cause
. O

Large B-Cause
global I-Cause
CROs I-Cause
, O
such O
as O
Syneos O
, O
have O
developed O
regulatory O
expertise O
and O
proprietary O
data O
that O
help O
them O
produce B-Effect
the I-Effect
best I-Effect
trial I-Effect
designs I-Effect
and I-Effect
enroll I-Effect
patients I-Effect
into I-Effect
trials I-Effect
quickly I-Effect
and I-Effect
efficiently I-Effect
, I-Effect
which I-Effect
allows I-Effect
drugs I-Effect
to I-Effect
reach I-Effect
the I-Effect
market I-Effect
faster I-Effect
. O

In O
academic O
and O
professional O
learning O
( O
36 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
we O
see O
continued B-Cause
but I-Cause
moderating I-Cause
declines I-Cause
in I-Cause
publishing I-Cause
( O
temporarily O
exacerbated O
by O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
forcing I-Cause
some I-Cause
classes I-Cause
online I-Cause
) O
offsetting B-Effect
growth I-Effect
in I-Effect
courseware I-Effect
, I-Effect
corporate I-Effect
learning I-Effect
, I-Effect
test I-Effect
preparation I-Effect
, I-Effect
and I-Effect
other I-Effect
more I-Effect
advantaged I-Effect
businesses I-Effect
. O

We O
expect O
the B-Effect
automotive I-Effect
segment I-Effect
carries I-Effect
less I-Effect
risk I-Effect
, O
as O
hard-pressed B-Cause
motorists I-Cause
delay I-Cause
new I-Cause
vehicle I-Cause
purchases I-Cause
and I-Cause
instead I-Cause
look I-Cause
to I-Cause
keep I-Cause
their I-Cause
current I-Cause
cars I-Cause
and I-Cause
trucks I-Cause
running I-Cause
. O

While O
the O
firm O
's O
research O
and O
development O
investment O
has O
averaged O
0.5 O
% O
of O
sales O
, O
below O
the O
1 O
% O
average O
for O
packaged O
food O
peers O
, O
this B-Effect
difference I-Effect
can O
be O
explained O
by O
Simply B-Cause
Good I-Cause
Foods I-Cause
sharing I-Cause
R I-Cause
& I-Cause
D I-Cause
costs I-Cause
with I-Cause
their I-Cause
co-manufacturing I-Cause
partners I-Cause
, O
as O
opposed O
to O
suggesting O
insufficient O
investment O
levels O
. O
