If O
one B-Cause
or I-Cause
more I-Cause
of I-Cause
Ecolab I-Cause
's I-Cause
customers I-Cause
were I-Cause
to I-Cause
experience I-Cause
a I-Cause
disastrous I-Cause
outcome I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
reputation I-Effect
could I-Effect
suffer I-Effect
and I-Effect
it I-Effect
could I-Effect
lose I-Effect
multiple I-Effect
customers I-Effect
as O
a O
result O
. O

As O
grocery O
customers O
regularly O
visit O
the O
store O
, O
they O
are B-Cause
continually I-Cause
exposed I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
higher I-Cause
margin I-Cause
offerings I-Cause
, O
spurring B-Effect
lucrative I-Effect
general I-Effect
merchandise I-Effect
sales I-Effect
. O

Nevertheless O
, O
with O
voices B-Cause
amplified I-Cause
through I-Cause
structural I-Cause
shifts I-Cause
like O
the O
rise O
of O
digital O
media O
, O
consumers B-Effect
have I-Effect
more I-Effect
agency I-Effect
than O
ever O
: O
if O
they O
want O
LaCroix O
( O
or O
any O
other O
National O
Beverage O
brand O
) O
, O
retailers O
eventually O
have O
to O
oblige O
. O

Despite O
these O
low O
margins O
, O
the B-Effect
company I-Effect
has I-Effect
historically I-Effect
generated I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
of I-Effect
20 I-Effect
% I-Effect
largely I-Effect
due O
to O
scale B-Cause
and I-Cause
growth I-Cause
driven I-Cause
by I-Cause
strong I-Cause
drug I-Cause
price I-Cause
inflation I-Cause
and I-Cause
increases I-Cause
in I-Cause
therapies I-Cause
. O

Steadily B-Effect
rising I-Effect
Internet I-Effect
access I-Effect
pricing I-Effect
is O
a O
key O
element O
of O
our O
belief O
that O
Altice B-Effect
USA I-Effect
can I-Effect
maintain I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
and I-Effect
cash I-Effect
flow I-Effect
as O
fewer B-Cause
customers I-Cause
take I-Cause
television I-Cause
and I-Cause
telephone I-Cause
services I-Cause
. O

In B-Effect
our I-Effect
view I-Effect
, I-Effect
Akamai I-Effect
's I-Effect
biggest I-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
is I-Effect
that I-Effect
of I-Effect
a I-Effect
data I-Effect
or I-Effect
security I-Effect
breach I-Effect
, O
given O
the B-Cause
firm I-Cause
is I-Cause
entrusted I-Cause
with I-Cause
and I-Cause
handles I-Cause
such I-Cause
high I-Cause
volumes I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
. O

With O
summer B-Cause
2021 I-Cause
deployment I-Cause
expected I-Cause
abroad I-Cause
, O
we B-Effect
now I-Effect
think I-Effect
the I-Effect
firm I-Effect
could I-Effect
generate I-Effect
around I-Effect
$ I-Effect
2 I-Effect
in I-Effect
EPS I-Effect
in I-Effect
2022 I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
1.69 I-Effect
prior I-Effect
( I-Effect
still I-Effect
well I-Effect
below I-Effect
the I-Effect
$ I-Effect
9.54 I-Effect
in I-Effect
EPS I-Effect
Royal I-Effect
generated I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

In O
the O
other O
European O
countries O
, O
we O
expect O
the B-Cause
firm I-Cause
to I-Cause
drive I-Cause
fixed I-Cause
and I-Cause
mobile I-Cause
convergence I-Cause
, O
with O
a B-Effect
positive I-Effect
effect I-Effect
on I-Effect
growth I-Effect
and I-Effect
churn I-Effect
rates I-Effect
, O
and O
achieve B-Effect
slow I-Effect
margin I-Effect
improvement I-Effect
thanks O
to O
efficiency B-Cause
gains I-Cause
via I-Cause
digitalization I-Cause
and I-Cause
scale I-Cause
. O

Kroger B-Effect
's I-Effect
efforts I-Effect
to I-Effect
monetize I-Effect
its I-Effect
consumer I-Effect
data I-Effect
introduces I-Effect
risk I-Effect
as O
it B-Cause
grows I-Cause
in I-Cause
segments I-Cause
outside I-Cause
its I-Cause
core I-Cause
competency I-Cause
( I-Cause
such I-Cause
as I-Cause
media I-Cause
and I-Cause
market I-Cause
analysis I-Cause
for I-Cause
outside I-Cause
clients I-Cause
) I-Cause
. O

History O
suggests O
this B-Effect
could I-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Specialty I-Effect
& I-Effect
Genericbe I-Effect
possible I-Effect
, O
as O
Illinois B-Cause
's I-Cause
early I-Cause
plans I-Cause
for I-Cause
recreational I-Cause
legalization I-Cause
would I-Cause
hand I-Cause
an I-Cause
advantage I-Cause
to I-Cause
companies I-Cause
with I-Cause
medical I-Cause
cultivation I-Cause
and I-Cause
dispensary I-Cause
licenses I-Cause
. O

Of O
all O
Eaton O
's O
businesses O
, O
we B-Effect
're I-Effect
most I-Effect
bullish I-Effect
on I-Effect
its I-Effect
electrical I-Effect
sector I-Effect
and I-Effect
its I-Effect
aerospace I-Effect
business I-Effect
given O
data B-Cause
center I-Cause
growth I-Cause
, I-Cause
necessary I-Cause
upgrades I-Cause
to I-Cause
aging I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
commercial I-Cause
aerospace I-Cause
recovery I-Cause
. O

Despite O
this O
position O
, O
Vivo B-Effect
has I-Effect
steadily I-Effect
lost I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
broadband I-Effect
Internet I-Effect
access I-Effect
market I-Effect
, O
both O
as O
it B-Cause
has I-Cause
lost I-Cause
customers I-Cause
and I-Cause
other I-Cause
carriers I-Cause
have I-Cause
gained I-Cause
. O

Hanes B-Effect
' I-Effect
capital I-Effect
expenditure I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
has I-Effect
been I-Effect
2 I-Effect
% I-Effect
or I-Effect
less I-Effect
in I-Effect
every I-Effect
year I-Effect
since I-Effect
2011 I-Effect
as O
it B-Cause
has I-Cause
focused I-Cause
on I-Cause
product I-Cause
development I-Cause
. I-Cause

Liberty B-Cause
Latin I-Cause
America I-Cause
struck I-Cause
an I-Cause
agreement I-Cause
to I-Cause
buy I-Cause
the I-Cause
Costa I-Cause
Rican I-Cause
business I-Cause
, O
expanding B-Effect
its I-Effect
relatively I-Effect
modest I-Effect
presence I-Effect
in I-Effect
Central I-Effect
America I-Effect
. I-Effect

Another O
example O
is O
Qualitrol O
, O
which O
offers O
condition-based B-Cause
monitoring I-Cause
solutions I-Cause
that O
allow O
utilities B-Effect
to I-Effect
reduce I-Effect
unnecessary I-Effect
maintenance I-Effect
and I-Effect
lower I-Effect
the I-Effect
risk I-Effect
of I-Effect
unplanned I-Effect
outages I-Effect
. O

Despite B-Cause
Telus I-Cause
' I-Cause
best I-Cause
in I-Cause
class I-Cause
network I-Cause
, I-Cause
we I-Cause
think I-Cause
it I-Cause
will I-Cause
have I-Cause
to I-Cause
adapt I-Cause
to I-Cause
Shaw I-Cause
, O
which O
will O
likely O
mean O
reduced B-Effect
pricing I-Effect
power I-Effect
and I-Effect
margins I-Effect
. O

Given O
the B-Cause
glacial I-Cause
pace I-Cause
of I-Cause
change I-Cause
, O
we O
believe O
this O
adds B-Effect
a I-Effect
layer I-Effect
of I-Effect
risk I-Effect
to I-Effect
the I-Effect
disrupter I-Effect
and I-Effect
gives I-Effect
incumbents I-Effect
and I-Effect
legacy I-Effect
providers I-Effect
more I-Effect
opportunities I-Effect
to I-Effect
sustain I-Effect
organizational I-Effect
inertia I-Effect
. O

We B-Effect
used I-Effect
2019 I-Effect
as I-Effect
a I-Effect
reference I-Effect
point I-Effect
, I-Effect
as B-Cause
Carnival I-Cause
only I-Cause
operated I-Cause
sailings I-Cause
through I-Cause
March I-Cause
2020 I-Cause
, I-Cause
rendering I-Cause
the I-Cause
2020 I-Cause
metric I-Cause
unusable I-Cause
. I-Cause

Foreign B-Effect
exchange I-Effect
exposure I-Effect
could I-Effect
prove I-Effect
unpredictable I-Effect
as O
the O
firm O
grows O
internationally O
, O
if O
the B-Cause
dollar I-Cause
and I-Cause
euro I-Cause
trend I-Cause
widely I-Cause
versus I-Cause
the I-Cause
Canadian I-Cause
dollar I-Cause
( I-Cause
BRP I-Cause
's I-Cause
home I-Cause
currency I-Cause
) I-Cause
. O

Tesla B-Cause
's I-Cause
CEO I-Cause
owns I-Cause
about I-Cause
21 I-Cause
% I-Cause
of I-Cause
Tesla I-Cause
's I-Cause
stock I-Cause
and I-Cause
uses I-Cause
it I-Cause
as I-Cause
collateral I-Cause
for I-Cause
personal I-Cause
loans I-Cause
, O
which O
raises O
the O
risk B-Effect
of I-Effect
a I-Effect
large I-Effect
sale I-Effect
to I-Effect
repay I-Effect
debt I-Effect
. O

AutoNation B-Effect
operates I-Effect
in I-Effect
a I-Effect
very I-Effect
cyclical I-Effect
industry I-Effect
and I-Effect
is I-Effect
more I-Effect
prone I-Effect
to I-Effect
revenue I-Effect
volatility I-Effect
than I-Effect
other I-Effect
dealer I-Effect
firms I-Effect
because O
it B-Cause
has I-Cause
so I-Cause
much I-Cause
cash I-Cause
coming I-Cause
in I-Cause
from I-Cause
California I-Cause
, I-Cause
Florida I-Cause
, I-Cause
and I-Cause
Texas I-Cause
. O

We O
think O
Lululemon B-Effect
protects I-Effect
the I-Effect
integrity I-Effect
of I-Effect
its I-Effect
brand I-Effect
by O
selling B-Cause
only I-Cause
high-quality I-Cause
apparel I-Cause
and O
it B-Effect
has I-Effect
continued I-Effect
to I-Effect
grow I-Effect
and I-Effect
improve I-Effect
margins I-Effect
despite O
the B-Cause
introduction I-Cause
of I-Cause
competing I-Cause
products I-Cause
by I-Cause
others I-Cause
. O

CarMax O
operates O
in O
the O
cyclical O
auto O
industry O
and O
the B-Cause
unprecedented I-Cause
shutdowns I-Cause
forced I-Cause
by I-Cause
the I-Cause
coronavirus I-Cause
bring O
massive B-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

In B-Effect
times I-Effect
of I-Effect
crises I-Effect
a I-Effect
AAA I-Effect
or I-Effect
AA I-Effect
rating I-Effect
is I-Effect
imperative I-Effect
within I-Effect
reinsurance I-Effect
as O
a B-Cause
flight I-Cause
to I-Cause
quality I-Cause
for I-Cause
renewals I-Cause
takes I-Cause
hold I-Cause
. O

Coca-Cola O
Femsa O
typifies O
this O
dynamic O
through O
its O
leading B-Cause
volumes I-Cause
, O
which O
allow O
it O
to O
more B-Effect
effectively I-Effect
leverage I-Effect
fixed I-Effect
costs I-Effect
and O
reduce B-Effect
variable I-Effect
costs I-Effect
per I-Effect
unit I-Effect
through O
purchasing B-Cause
scale I-Cause
. O

With B-Cause
the I-Cause
well-timed I-Cause
influx I-Cause
of I-Cause
$ I-Cause
4.4 I-Cause
billion I-Cause
in I-Cause
additional I-Cause
cash I-Cause
from I-Cause
the I-Cause
sale I-Cause
of I-Cause
Epsilon I-Cause
, I-Cause
$ I-Cause
2.4 I-Cause
billion I-Cause
of I-Cause
which I-Cause
was I-Cause
used I-Cause
for I-Cause
debt I-Cause
reduction I-Cause
, O
we O
do B-Effect
not I-Effect
foresee I-Effect
any I-Effect
immediate I-Effect
credit I-Effect
issues I-Effect
. O

Brand O
Intangible O
Assets O
: O
The B-Cause
creation I-Cause
of I-Cause
brand-driven I-Cause
intangible I-Cause
assets I-Cause
could O
help O
cannabis B-Effect
companies I-Effect
establish I-Effect
pricing I-Effect
power I-Effect
and I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

The O
firm O
has O
made O
improvements O
in O
terms O
of O
shifting O
the O
earnings B-Cause
base I-Cause
toward I-Cause
fees I-Cause
, O
as O
now O
when O
including O
hedging O
, O
fee-based B-Effect
income I-Effect
makes I-Effect
up I-Effect
nearly I-Effect
80 I-Effect
% I-Effect
of I-Effect
earnings I-Effect
from I-Effect
around I-Effect
40 I-Effect
% I-Effect
in I-Effect
2010 I-Effect
. O

Although O
industry O
global O
travel O
gradually O
improved O
from O
mid-April O
into O
the O
fall O
, O
the B-Cause
recent I-Cause
resurgence I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
could O
create O
a B-Effect
near-term I-Effect
pause I-Effect
in I-Effect
travel I-Effect
demand I-Effect
. O

A O
key O
factor O
in O
the O
historical O
margin B-Effect
improvement I-Effect
was O
the B-Cause
divestiture I-Cause
of I-Cause
animal I-Cause
health I-Cause
( I-Cause
to I-Cause
Eli I-Cause
Lilly I-Cause
) I-Cause
and I-Cause
vaccine I-Cause
( I-Cause
to I-Cause
Glaxo I-Cause
) I-Cause
units I-Cause
, O
which O
were O
carrying O
very O
low O
margins O
and O
not O
driving O
much O
cash O
flow O
for O
the O
company O
. O

However O
, O
increased B-Cause
competition I-Cause
has O
lowered O
cap B-Effect
rates I-Effect
, O
and O
the B-Cause
potential I-Cause
for I-Cause
rising I-Cause
interest I-Cause
rates I-Cause
could O
squeeze B-Effect
the I-Effect
company I-Effect
's I-Effect
spread I-Effect
and I-Effect
its I-Effect
ability I-Effect
to I-Effect
create I-Effect
value I-Effect
. O

Although B-Effect
this I-Effect
compares I-Effect
unfavorably I-Effect
with I-Effect
margins I-Effect
commanded I-Effect
by I-Effect
its I-Effect
closest I-Effect
competitors I-Effect
, I-Effect
CMC I-Effect
's I-Effect
profitability I-Effect
is I-Effect
much I-Effect
less I-Effect
susceptible I-Effect
to I-Effect
volatile I-Effect
swings. O
This O
is O
largely O
because O
the B-Cause
company I-Cause
also I-Cause
operates I-Cause
metal I-Cause
recycling I-Cause
and I-Cause
steel I-Cause
fabrication I-Cause
operations I-Cause
that I-Cause
fairly I-Cause
consistently I-Cause
exhibit I-Cause
low-single-digit I-Cause
operating I-Cause
margins I-Cause
through I-Cause
the I-Cause
business I-Cause
cycle I-Cause
. O

AutoNation O
may O
further B-Effect
its I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
dealers I-Effect
with O
its B-Cause
AutoNation I-Cause
Express I-Cause
initiative I-Cause
, O
which O
it O
started O
in O
December O
2014 O
. O

Compounding O
these B-Effect
pressures I-Effect
is O
the B-Cause
recessionary I-Cause
backdrop I-Cause
that O
could O
weaken B-Effect
to I-Effect
the I-Effect
extent I-Effect
unemployment I-Effect
rates I-Effect
surge I-Effect
and I-Effect
additional I-Effect
stimulus I-Effect
fails I-Effect
to I-Effect
materialize I-Effect
, O
with O
the O
prime O
point O
of O
uncertainty O
being O
how O
long O
this O
situation O
persists O
. O

International O
organic O
revenue O
growth O
has O
has O
averaged O
about O
10 O
% O
annually O
over O
the O
last O
five O
years O
, O
and O
we O
project O
more O
than O
9 O
% O
growth O
on O
existing O
towers O
each O
of O
the O
next O
five O
years O
as O
well O
, O
as O
data B-Cause
demand I-Cause
in I-Cause
these I-Cause
markets I-Cause
narrows B-Effect
the I-Effect
gap I-Effect
with I-Effect
more I-Effect
developed I-Effect
markets I-Effect
. 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
substantially 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
offsets I-Cause
some I-Cause
of I-Cause
the I-Cause
risk I-Cause
that I-Cause
comes I-Cause
with I-Cause
BBVA I-Cause
's I-Cause
geographical I-Cause
tilt I-Cause
toward I-Cause
more I-Cause
volatile I-Cause
emerging I-Cause
markets I-Cause
. O

Despite O
a O
strong O
market O
position O
, O
Alcon B-Effect
is I-Effect
in I-Effect
turnaround I-Effect
mode I-Effect
following O
years O
of O
underinvestment B-Cause
as O
a O
Novartis O
subsidiary O
, O
though O
the O
firm O
is O
slowly O
finding O
its O
footing O
as O
a O
standalone O
company O
. O

Its B-Cause
products I-Cause
employ I-Cause
better I-Cause
efficiency I-Cause
and I-Cause
output I-Cause
for I-Cause
farmers I-Cause
compared O
to O
competitors O
, O
allowing O
them O
to B-Effect
spread I-Effect
costs I-Effect
over I-Effect
the I-Effect
lifetime I-Effect
of I-Effect
equipment I-Effect
( O
operating O
leverage O
as O
crop O
yields O
increase O
) O
. O

This O
strategy O
should O
persist O
for O
the O
next O
several O
years O
, O
after O
which O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
be I-Effect
a I-Effect
net I-Effect
acquirer I-Effect
of I-Effect
real I-Effect
estate I-Effect
as O
it O
finds B-Cause
attractive I-Cause
opportunities I-Cause
in I-Cause
its I-Cause
target I-Cause
markets I-Cause
. O

The B-Cause
strong I-Cause
intangible I-Cause
brand I-Cause
asset I-Cause
led O
to O
worldwide B-Effect
Barbie I-Effect
sales I-Effect
rising I-Effect
29 I-Effect
% I-Effect
, I-Effect
Hot I-Effect
Wheels I-Effect
increasing I-Effect
7 I-Effect
% I-Effect
, I-Effect
and I-Effect
American I-Effect
Girl I-Effect
falling I-Effect
just I-Effect
1 I-Effect
% I-Effect
. O

We O
expect O
fairly O
consistent O
results O
in O
soybean O
processing O
over O
the O
long O
run O
despite O
quarterly B-Effect
fluctuations I-Effect
caused O
by O
changes B-Cause
in I-Cause
crush I-Cause
margin I-Cause
and I-Cause
capacity I-Cause
utilization I-Cause
. O

On O
the O
bottom O
line O
, O
we O
expect O
adjusted B-Effect
earnings I-Effect
per I-Effect
share I-Effect
will I-Effect
rise I-Effect
roughly I-Effect
14 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
or I-Effect
well I-Effect
above I-Effect
sales I-Effect
growth I-Effect
primarily O
on O
margin B-Cause
expansion I-Cause
and I-Cause
share I-Cause
repurchase I-Cause
activities I-Cause
. O

On B-Cause
the I-Cause
international I-Cause
side I-Cause
, I-Cause
the I-Cause
Chinese I-Cause
parks I-Cause
will I-Cause
likely I-Cause
remain I-Cause
capacity I-Cause
constrained I-Cause
into I-Cause
2021 I-Cause
, I-Cause
resulting B-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
revenue I-Effect
33 I-Effect
% I-Effect
below I-Effect
fiscal I-Effect
2019 I-Effect
. I-Effect

This O
suggests O
that O
the O
worst O
has O
passed O
, O
unless O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
takes O
a O
dramatic O
negative O
turn O
, O
and O
the O
pandemic O
could O
ultimately O
accelerate O
the B-Effect
ongoing I-Effect
shift I-Effect
toward I-Effect
electronic I-Effect
payments I-Effect
. O

Our B-Cause
new I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
implies I-Cause
a I-Cause
slightly I-Cause
higher I-Cause
multiple I-Cause
of I-Cause
20.5 I-Cause
times I-Cause
our I-Cause
upwardly I-Cause
revised I-Cause
2021 I-Cause
EPS I-Cause
assumptions I-Cause
of I-Cause
$ I-Cause
9.70 I-Cause
, O
which O
places B-Effect
us I-Effect
at I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
management I-Effect
's I-Effect
guidance I-Effect
. O

We B-Effect
anticipate I-Effect
AMD I-Effect
will I-Effect
sustain I-Effect
its I-Effect
recent I-Effect
momentum I-Effect
of I-Effect
excess I-Effect
returns I-Effect
due O
to O
its B-Cause
intangible I-Cause
assets I-Cause
related I-Cause
to I-Cause
chip I-Cause
designs I-Cause
and I-Cause
x86 I-Cause
license I-Cause
. O

In O
terms O
of O
credit O
costs O
, O
we O
anticipate O
elevated B-Effect
levels I-Effect
of I-Effect
charge-offs I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
extended I-Cause
lockdowns I-Cause
, I-Cause
elevated I-Cause
unemployment I-Cause
, I-Cause
and I-Cause
reduced I-Cause
spending I-Cause
on I-Cause
services I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

In B-Cause
our I-Cause
view I-Cause
, I-Cause
this I-Cause
fundamental I-Cause
reality I-Cause
translates I-Cause
into I-Cause
a I-Cause
formidable I-Cause
set I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
, O
which O
in B-Effect
turn I-Effect
lead I-Effect
to I-Effect
solid I-Effect
margins I-Effect
and I-Effect
stellar I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
( I-Effect
ROICs I-Effect
) I-Effect
in I-Effect
the I-Effect
30 I-Effect
% I-Effect
-40 I-Effect
% I-Effect
range I-Effect
. O

We O
expect O
investments B-Cause
into I-Cause
identified I-Cause
growth I-Cause
areas I-Cause
, I-Cause
such I-Cause
as I-Cause
the I-Cause
midmarket I-Cause
tool-cutting I-Cause
market I-Cause
, I-Cause
to I-Cause
be I-Cause
met I-Cause
with I-Cause
greater I-Cause
competition I-Cause
and O
thus O
lower B-Effect
margins I-Effect
than I-Effect
some I-Effect
of I-Effect
Sandvik I-Effect
's I-Effect
high-margin-generating I-Effect
core I-Effect
businesses I-Effect
. 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 B-Effect
2021 I-Effect
EBITDA I-Effect
( I-Effect
after I-Effect
leases I-Effect
) I-Effect
margin I-Effect
reaches I-Effect
40 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
. O

We O
also O
believe O
the B-Cause
launch I-Cause
of I-Cause
Direct I-Cause
360 I-Cause
( O
a O
premium O
coaching O
offering O
with O
live O
and O
on-demand O
content O
) O
will O
help O
attract B-Effect
a I-Effect
younger I-Effect
audience I-Effect
to I-Effect
the I-Effect
WW I-Effect
ecosystem I-Effect
and I-Effect
drive I-Effect
higher I-Effect
lifetime I-Effect
customer I-Effect
values I-Effect
. O

A B-Cause
period I-Cause
of I-Cause
low I-Cause
economic I-Cause
growth I-Cause
could O
coincide O
with O
fewer B-Cause
organic I-Cause
growth I-Cause
opportunities I-Cause
for I-Cause
companies I-Cause
, O
leading B-Cause
them I-Cause
to I-Cause
try I-Cause
growing I-Cause
via I-Cause
acquisition I-Cause
, O
but O
this O
type O
of O
M O
& O
A O
activity O
probably O
wo O
n't O
be O
enough O
to O
prevent O
lackluster B-Effect
earnings I-Effect
. O

Down B-Cause
time I-Cause
alone I-Cause
can I-Cause
be I-Cause
harmful I-Cause
and I-Cause
expensive I-Cause
, O
and O
firms B-Effect
often I-Effect
have I-Effect
to I-Effect
engage I-Effect
in I-Effect
mirroring I-Effect
to I-Effect
mitigate I-Effect
it I-Effect
, O
which O
is O
itself O
costly O
. O

Sonoco B-Cause
's I-Cause
expertise I-Cause
in O
using O
polystyrene O
in O
structural O
and O
protective O
applications O
should O
expand B-Effect
market I-Effect
share I-Effect
among O
original-equipment O
manufacturers O
looking O
to O
cut O
weight O
in O
order O
to O
meet O
efficiency O
standards O
. O

While O
they O
quickly O
rebounded O
back O
to O
$ O
100/bbl O
by O
2010 O
, O
they B-Effect
subsequently I-Effect
crashed I-Effect
again I-Effect
in I-Effect
2014 I-Effect
due O
to O
the B-Cause
oversupply I-Cause
from I-Cause
the I-Cause
emergence I-Cause
of I-Cause
light-tight I-Cause
oil I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Tillage B-Cause
equipment I-Cause
used I-Cause
in I-Cause
field I-Cause
preparation I-Cause
can O
utilize B-Effect
guidance I-Effect
systems I-Effect
to I-Effect
reduce I-Effect
overlap I-Effect
in I-Effect
each I-Effect
machine I-Effect
pass I-Effect
, I-Effect
collect I-Effect
data I-Effect
on I-Effect
field I-Effect
conditions I-Effect
( I-Effect
satellite I-Effect
mapping I-Effect
) I-Effect
, I-Effect
and I-Effect
be I-Effect
flexible I-Effect
enough I-Effect
to I-Effect
adjust I-Effect
depth I-Effect
and I-Effect
down I-Effect
pressure I-Effect
maneuvers I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
believe I-Effect
that I-Effect
the I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
commercial I-Effect
HVAC I-Effect
extends I-Effect
to I-Effect
the I-Effect
residential I-Effect
HVAC I-Effect
market I-Effect
because O
residential B-Cause
replacement I-Cause
costs I-Cause
are I-Cause
low I-Cause
compared I-Cause
with I-Cause
commercial I-Cause
systems I-Cause
. O

With O
the B-Effect
company I-Effect
already I-Effect
in I-Effect
turnaround I-Effect
mode I-Effect
, O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
will I-Effect
prolong I-Effect
the I-Effect
process I-Effect
, O
detouring B-Effect
any I-Effect
improvement I-Effect
in I-Effect
execution I-Effect
through O
the B-Cause
rough I-Cause
roads I-Cause
of I-Cause
margin I-Cause
contraction I-Cause
on I-Cause
negative I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
lower I-Cause
volume I-Cause
. O

Snap B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will O
be O
driven O
primarily O
by O
growth B-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
daily I-Cause
active I-Cause
users I-Cause
, I-Cause
or I-Cause
DAUs I-Cause
, I-Cause
user I-Cause
engagement I-Cause
, I-Cause
overall I-Cause
online I-Cause
advertising I-Cause
spending I-Cause
, I-Cause
and I-Cause
an I-Cause
increasing I-Cause
allocation I-Cause
of I-Cause
online I-Cause
ad I-Cause
dollars I-Cause
toward I-Cause
mobile I-Cause
and I-Cause
social I-Cause
network I-Cause
ads I-Cause
. O

However O
, O
over B-Cause
70 I-Cause
% I-Cause
of I-Cause
global I-Cause
phosphate I-Cause
production I-Cause
comes I-Cause
from I-Cause
players I-Cause
that I-Cause
control I-Cause
their I-Cause
own I-Cause
phosphate I-Cause
rock I-Cause
mines I-Cause
, O
so B-Effect
Mosaic I-Effect
's I-Effect
vertical I-Effect
integration I-Effect
is I-Effect
neither I-Effect
unique I-Effect
nor I-Effect
cost-advantaged I-Effect
. O

Additionally O
, O
lengthy B-Cause
FDA I-Cause
approval I-Cause
processes I-Cause
and I-Cause
the I-Cause
sophistication I-Cause
of I-Cause
the I-Cause
technology I-Cause
are O
tall O
barriers O
Medical B-Effect
Instruments I-Effect
& I-Effect
Suppliesthat I-Effect
deter I-Effect
new I-Effect
market I-Effect
entrants I-Effect
, O
though O
both O
General O
Electric O
and O
Siemens O
have O
received O
FDA O
approval O
for O
3D O
systems O
. O

The B-Cause
company I-Cause
's I-Cause
scale I-Cause
has O
been O
instrumental B-Effect
in I-Effect
steadily I-Effect
growing I-Effect
quarterly I-Effect
market I-Effect
share I-Effect
( I-Effect
19 I-Effect
% I-Effect
in I-Effect
November I-Effect
2014 I-Effect
to I-Effect
22.3 I-Effect
% I-Effect
in I-Effect
February I-Effect
2019 I-Effect
and I-Effect
supporting I-Effect
double-digit I-Effect
returns I-Effect
. O

We O
anticipate O
the B-Effect
number I-Effect
of I-Effect
Gap I-Effect
Global I-Effect
stores I-Effect
worldwide I-Effect
will I-Effect
fall I-Effect
to I-Effect
696 I-Effect
in I-Effect
2030 I-Effect
from I-Effect
1,013 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
as O
sales B-Cause
decline I-Cause
to I-Cause
$ I-Cause
3.2 I-Cause
billion I-Cause
from I-Cause
$ I-Cause
3.4 I-Cause
billion I-Cause
. O

Since O
then O
, O
Pegasystems B-Cause
' I-Cause
platform I-Cause
has I-Cause
evolved I-Cause
to I-Cause
be I-Cause
a I-Cause
comprehensive I-Cause
no-code I-Cause
application I-Cause
development I-Cause
platform I-Cause
, O
which O
has O
allowed O
American B-Effect
Express I-Effect
to I-Effect
expand I-Effect
its I-Effect
use I-Effect
of I-Effect
the I-Effect
software I-Effect
for I-Effect
other I-Effect
situations I-Effect
. O

Adjusted B-Effect
operating I-Effect
margins I-Effect
rose I-Effect
from I-Effect
34 I-Effect
% I-Effect
in I-Effect
2013 I-Effect
to I-Effect
50 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and O
we O
'd O
attribute O
the O
gain O
to O
streamlining B-Cause
operations I-Cause
and I-Cause
revenue I-Cause
growth I-Cause
. O

With O
the O
consolidation O
of O
local O
station O
ownership O
, O
firms B-Effect
like I-Effect
Sinclair I-Effect
began I-Effect
to I-Effect
sell I-Effect
national I-Effect
advertising I-Effect
as O
station B-Cause
coverage I-Cause
could I-Cause
allow I-Cause
advertisers I-Cause
to I-Cause
reach I-Cause
a I-Cause
larger I-Cause
daytime I-Cause
audience I-Cause
. O

Fee B-Cause
revenue I-Cause
is I-Cause
sensitive I-Cause
to I-Cause
equity I-Cause
market I-Cause
valuations I-Cause
, O
and O
as O
such O
the B-Effect
equity I-Effect
market I-Effect
rebound I-Effect
is I-Effect
a I-Effect
positive I-Effect
for I-Effect
State I-Effect
Street I-Effect
. O

In O
fiscal O
2021 O
, O
the B-Cause
firm I-Cause
gained I-Cause
or I-Cause
maintained I-Cause
share I-Cause
in I-Cause
all I-Cause
five I-Cause
of I-Cause
its I-Cause
global I-Cause
platforms I-Cause
and O
its B-Effect
brands I-Effect
continue I-Effect
to I-Effect
command I-Effect
price I-Effect
premiums I-Effect
. O

We B-Effect
are I-Effect
confident I-Effect
in I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
as O
we O
expect O
Workday B-Cause
's I-Cause
top I-Cause
line I-Cause
to I-Cause
rely I-Cause
less I-Cause
and I-Cause
less I-Cause
on I-Cause
its I-Cause
low-margin I-Cause
services I-Cause
business I-Cause
-- O
which O
posted O
gross O
margin O
in O
fiscal O
2020 O
of O
negative O
9 O
% O
compared O
with O
subscriptions O
' O
drastically O
better O
16 O
% O
. O

The B-Effect
North I-Effect
American I-Effect
industrial I-Effect
distribution I-Effect
market I-Effect
is I-Effect
highly I-Effect
fragmented I-Effect
, O
with O
the B-Cause
largest I-Cause
players I-Cause
benefiting I-Cause
primarily I-Cause
from I-Cause
scale-driven I-Cause
cost I-Cause
advantages I-Cause
over I-Cause
smaller I-Cause
competitors I-Cause
. O

Norwegian B-Effect
can I-Effect
also I-Effect
improve I-Effect
profitability I-Effect
by I-Effect
stringently I-Effect
managing I-Effect
its I-Effect
expenses I-Effect
when I-Effect
sailing I-Effect
resumes I-Effect
, O
thanks O
to O
a B-Cause
young I-Cause
fleet I-Cause
and I-Cause
more I-Cause
cost-efficient I-Cause
ships I-Cause
. O

For O
example O
, O
the B-Cause
company I-Cause
's I-Cause
Fine I-Cause
Hotels I-Cause
+ I-Cause
Resort I-Cause
program I-Cause
offers I-Cause
a I-Cause
hotel I-Cause
booking I-Cause
service I-Cause
on I-Cause
American I-Cause
Express I-Cause
' I-Cause
website I-Cause
and I-Cause
mobile I-Cause
app I-Cause
that I-Cause
gives I-Cause
the I-Cause
company I-Cause
's I-Cause
premium I-Cause
cardholders I-Cause
discounts I-Cause
on I-Cause
hotel I-Cause
rooms I-Cause
and I-Cause
other I-Cause
special I-Cause
benefits I-Cause
, I-Cause
but I-Cause
the I-Cause
service I-Cause
only I-Cause
lists I-Cause
hotels I-Cause
that I-Cause
have I-Cause
agreed I-Cause
to I-Cause
be I-Cause
part I-Cause
of I-Cause
American I-Cause
Express I-Cause
' I-Cause
platform. O
This O
creates B-Effect
a I-Effect
network I-Effect
effect I-Effect
as I-Effect
the I-Effect
value I-Effect
for I-Effect
a I-Effect
hotel I-Effect
chain I-Effect
to I-Effect
join I-Effect
the I-Effect
platform I-Effect
is I-Effect
tied I-Effect
to I-Effect
the I-Effect
number I-Effect
of I-Effect
users I-Effect
, I-Effect
while I-Effect
the I-Effect
value I-Effect
provided I-Effect
to I-Effect
the I-Effect
users I-Effect
is I-Effect
tied I-Effect
to I-Effect
the I-Effect
number I-Effect
of I-Effect
hotels I-Effect
on I-Effect
the I-Effect
platform I-Effect
. O

By O
the O
end O
of O
our O
10-year O
forecast O
, O
we O
expect O
EBITDA B-Effect
margins I-Effect
will I-Effect
normalize I-Effect
around I-Effect
18 I-Effect
% I-Effect
as O
competitors B-Cause
introduce I-Cause
similar I-Cause
products I-Cause
into I-Cause
the I-Cause
siding I-Cause
market I-Cause
. O

This B-Cause
means I-Cause
that I-Cause
clinical I-Cause
trials I-Cause
consume I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
what I-Cause
could I-Cause
otherwise I-Cause
be I-Cause
patent-protected I-Cause
profits I-Cause
before I-Cause
generic I-Cause
drugs I-Cause
come I-Cause
to I-Cause
market. O
As O
a O
result O
, O
biopharma B-Effect
companies I-Effect
seek I-Effect
to I-Effect
shorten I-Effect
the I-Effect
drug I-Effect
development I-Effect
period I-Effect
as I-Effect
much I-Effect
as I-Effect
possible I-Effect
while I-Effect
maintaining I-Effect
the I-Effect
precision I-Effect
and I-Effect
accuracy I-Effect
necessary I-Effect
for I-Effect
a I-Effect
drug I-Effect
's I-Effect
approval I-Effect
. O

We O
would O
also O
note B-Effect
that I-Effect
Merck I-Effect
views I-Effect
its I-Effect
research I-Effect
solutions I-Effect
division I-Effect
as I-Effect
a I-Effect
feeder I-Effect
for I-Effect
its I-Effect
more I-Effect
sticky I-Effect
process I-Effect
solutions I-Effect
division I-Effect
, I-Effect
as B-Cause
scientists I-Cause
that I-Cause
train I-Cause
on I-Cause
Merck I-Cause
's I-Cause
products I-Cause
early I-Cause
in I-Cause
their I-Cause
career I-Cause
may I-Cause
be I-Cause
more I-Cause
apt I-Cause
to I-Cause
continue I-Cause
using I-Cause
those I-Cause
tools I-Cause
as I-Cause
their I-Cause
careers I-Cause
progress I-Cause
. I-Cause

There B-Cause
are I-Cause
high I-Cause
upfront I-Cause
costs I-Cause
in I-Cause
large-scale I-Cause
device I-Cause
sterilization I-Cause
because I-Cause
the I-Cause
process I-Cause
requires I-Cause
building I-Cause
large I-Cause
, I-Cause
complex I-Cause
sterilization I-Cause
plants. O
This O
makes O
it O
difficult O
for O
competitors B-Effect
to I-Effect
ramp I-Effect
production I-Effect
and I-Effect
gives I-Effect
an I-Effect
advantage I-Effect
to I-Effect
established I-Effect
players I-Effect
that I-Effect
can I-Effect
invest I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
growing I-Effect
demand I-Effect
. O

We O
expect O
wireline B-Effect
revenue I-Effect
growth I-Effect
to I-Effect
steadily I-Effect
accelerate I-Effect
throughout I-Effect
our I-Effect
forecast I-Effect
, I-Effect
to I-Effect
almost I-Effect
3 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
as O
continuing B-Cause
declines I-Cause
in I-Cause
voice I-Cause
revenue I-Cause
become I-Cause
less I-Cause
impactful I-Cause
and I-Cause
BCE I-Cause
's I-Cause
fiber-to-the-home I-Cause
, I-Cause
or I-Cause
FTTH I-Cause
, I-Cause
buildout I-Cause
and I-Cause
higher I-Cause
network I-Cause
quality I-Cause
dominate I-Cause
the I-Cause
segment I-Cause
and I-Cause
propel I-Cause
the I-Cause
firm I-Cause
to I-Cause
further I-Cause
share I-Cause
gains I-Cause
. O

Productivity B-Effect
can I-Effect
be I-Effect
additionally I-Effect
enhanced I-Effect
by O
using B-Cause
Tier I-Cause
1 I-Cause
rigs I-Cause
, O
but O
the O
ingredients O
that O
make O
a O
rig O
Tier O
1 O
lie O
in O
higher-quality O
equipment O
, O
which O
is O
widely O
available O
to O
most O
land O
drillers O
. O

The B-Effect
firm I-Effect
's I-Effect
ongoing I-Effect
shift I-Effect
to I-Effect
eco-friendly I-Effect
packaging I-Effect
is I-Effect
worth I-Effect
monitoring I-Effect
-- O
as O
the B-Cause
transition I-Cause
from I-Cause
plastic I-Cause
to I-Cause
eco-friendly I-Cause
materials I-Cause
will I-Cause
result I-Cause
in I-Cause
modestly B-Effect
higher I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
. O

We O
estimate O
a B-Cause
significant I-Cause
proportion I-Cause
of I-Cause
Medtronic I-Cause
's I-Cause
products I-Cause
, I-Cause
including I-Cause
the I-Cause
life-saving I-Cause
Class I-Cause
III I-Cause
products I-Cause
, I-Cause
go I-Cause
through I-Cause
the I-Cause
premarket I-Cause
approval I-Cause
pathway. O
This O
also O
acts O
to O
largely O
limit O
the B-Effect
size I-Effect
of I-Effect
the I-Effect
settlements I-Effect
to I-Effect
the I-Effect
costs I-Effect
of I-Effect
ensuing I-Effect
medical I-Effect
care I-Effect
for I-Effect
affected I-Effect
patients I-Effect
. O

In O
the O
event O
of O
a B-Cause
revolutionary I-Cause
leap I-Cause
in I-Cause
battery I-Cause
technology I-Cause
, O
adoption B-Effect
of I-Effect
electric I-Effect
powertrains I-Effect
for I-Effect
heavy I-Effect
vehicles I-Effect
could I-Effect
accelerate I-Effect
rapidly I-Effect
. O

We O
see O
switching B-Cause
costs I-Cause
in I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
being I-Cause
driven I-Cause
by I-Cause
a I-Cause
tightly I-Cause
regulated I-Cause
oligopolistic I-Cause
market I-Cause
structure I-Cause
, O
which O
limits O
excess O
competition O
, O
therefore O
stabilizing B-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

Furthermore O
, O
for O
products B-Cause
such I-Cause
as I-Cause
these I-Cause
with I-Cause
minimal I-Cause
differentiation I-Cause
across I-Cause
brands I-Cause
, O
consumers B-Effect
base I-Effect
their I-Effect
purchasing I-Effect
decision I-Effect
to I-Effect
a I-Effect
greater I-Effect
extent I-Effect
on I-Effect
price I-Effect
, I-Effect
rather I-Effect
than I-Effect
brand I-Effect
. I-Effect

Given O
that O
Core B-Cause
Lab I-Cause
has I-Cause
no I-Cause
interest I-Cause
in I-Cause
collecting I-Cause
cores I-Cause
, O
only B-Effect
in I-Effect
analyzing I-Effect
them I-Effect
, O
a O
product O
like O
CoreVault O
could O
only O
be O
positive O
for O
Core O
Lab O
. O

New B-Cause
use I-Cause
cases I-Cause
allow O
Amphenol B-Cause
to I-Cause
sell I-Cause
new I-Cause
, I-Cause
higher-priced I-Cause
items I-Cause
into I-Cause
an I-Cause
end I-Cause
product I-Cause
alongside I-Cause
its I-Cause
incumbent I-Cause
positions I-Cause
, O
growing B-Effect
the I-Effect
firm I-Effect
's I-Effect
overall I-Effect
dollar I-Effect
content I-Effect
. O

The O
biggest O
risk O
, O
in O
our O
view O
, O
is O
that O
numerous B-Cause
companies I-Cause
can I-Cause
provide I-Cause
a I-Cause
similar I-Cause
service I-Cause
, O
which O
could O
lead O
to O
significant B-Effect
competition I-Effect
. O

Thus O
, O
Echo B-Cause
can I-Cause
usually I-Cause
procure I-Cause
capacity I-Cause
at I-Cause
lower I-Cause
rates I-Cause
than I-Cause
small I-Cause
and I-Cause
midsize I-Cause
shippers I-Cause
could I-Cause
obtain I-Cause
directly I-Cause
with I-Cause
carriers I-Cause
, O
thereby O
providing B-Effect
customers I-Effect
with I-Effect
material I-Effect
cost I-Effect
savings I-Effect
. O

Even O
if O
regulation B-Cause
never I-Cause
rises I-Cause
to I-Cause
the I-Cause
level I-Cause
of I-Cause
explicit I-Cause
price I-Cause
caps I-Cause
, O
the B-Effect
threat I-Effect
of I-Effect
this I-Effect
regulation I-Effect
limits I-Effect
pricing I-Effect
power I-Effect
, O
in O
our O
view O
. O

We O
continue O
to O
model O
strong O
growth O
for O
the O
experiences O
and O
dining O
segment O
, O
where O
we B-Effect
forecast I-Effect
2021-30 I-Effect
revenue I-Effect
to I-Effect
average I-Effect
22 I-Effect
% I-Effect
, O
as O
its B-Cause
benefits I-Cause
from I-Cause
leading I-Cause
content I-Cause
and I-Cause
awareness I-Cause
. O

And O
, O
Bio-Rad B-Effect
's I-Effect
academic I-Effect
research I-Effect
end I-Effect
market I-Effect
could I-Effect
face I-Effect
headwinds I-Effect
from I-Effect
cuts I-Effect
to I-Effect
academic I-Effect
research I-Effect
budgets I-Effect
due I-Effect
to I-Effect
the I-Effect
ongoing I-Effect
pandemic I-Effect
, O
as O
many B-Cause
academic I-Cause
research I-Cause
institutions I-Cause
are I-Cause
facing I-Cause
the I-Cause
prospect I-Cause
of I-Cause
both I-Cause
state I-Cause
budget I-Cause
cuts I-Cause
and I-Cause
revenue I-Cause
shortfalls I-Cause
at I-Cause
academic I-Cause
institutions I-Cause
. O

Global B-Cause
expansion I-Cause
allows O
access B-Effect
to I-Effect
a I-Effect
wider I-Effect
profile I-Effect
of I-Effect
consumers I-Effect
and I-Effect
their I-Effect
preferences I-Effect
, O
leading O
to O
better B-Cause
local I-Cause
merchandising I-Cause
and I-Cause
marketing I-Cause
, O
which O
could O
facilitate B-Effect
higher I-Effect
unit I-Effect
sales I-Effect
via I-Effect
supply I-Effect
that I-Effect
matches I-Effect
demand I-Effect
. O

Similarly O
, O
with O
the B-Cause
value I-Cause
of I-Cause
IHS I-Cause
Markit I-Cause
's I-Cause
shares I-Cause
linked I-Cause
to I-Cause
S I-Cause
& I-Cause
P I-Cause
Global I-Cause
, O
the B-Effect
valuation I-Effect
risks I-Effect
that I-Effect
the I-Effect
latter I-Effect
firm I-Effect
faces I-Effect
( I-Effect
outlined I-Effect
in I-Effect
our I-Effect
company I-Effect
report I-Effect
) I-Effect
now I-Effect
also I-Effect
apply I-Effect
to I-Effect
IHS I-Effect
Markit I-Effect
. O

Due O
to O
the B-Cause
critical I-Cause
nature I-Cause
of I-Cause
Sensata I-Cause
's I-Cause
products I-Cause
, O
such O
as O
tire O
pressure O
in O
cars O
or O
flap O
positioning O
in O
commercial O
aircraft O
, O
reliability B-Effect
and I-Effect
lasting I-Effect
safety I-Effect
are I-Effect
paramount I-Effect
. O

While B-Cause
demand I-Cause
for I-Cause
outdoor I-Cause
recreational I-Cause
products I-Cause
has I-Cause
been I-Cause
elevated I-Cause
with I-Cause
social I-Cause
distancing I-Cause
measures I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
we I-Cause
expect I-Cause
sustained I-Cause
sales I-Cause
growth I-Cause
stemming I-Cause
from I-Cause
market I-Cause
share I-Cause
gains I-Cause
and I-Cause
expansion I-Cause
into I-Cause
whitespace I-Cause
categories. O
As O
a O
result O
of O
its O
success O
, O
Malibu B-Effect
should I-Effect
generate I-Effect
competitive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
that I-Effect
average I-Effect
26 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
anticipate O
that O
marketing-related B-Cause
expenses I-Cause
will I-Cause
gradually I-Cause
increase I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
revenues I-Cause
in I-Cause
the I-Cause
latter I-Cause
years I-Cause
of O
our O
forecast O
, O
leading O
to O
Amex B-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
remaining I-Effect
largely I-Effect
stuck I-Effect
over I-Effect
time I-Effect
. O

We B-Effect
rate I-Effect
France I-Effect
's I-Effect
macroeconomic I-Effect
environment I-Effect
as I-Effect
fair I-Effect
, O
which O
balances B-Cause
France I-Cause
's I-Cause
history I-Cause
of I-Cause
stability I-Cause
and I-Cause
reasonable I-Cause
debt/GDP I-Cause
ratio I-Cause
with I-Cause
the I-Cause
lack I-Cause
of I-Cause
control I-Cause
over I-Cause
its I-Cause
currency I-Cause
and I-Cause
one I-Cause
of I-Cause
the I-Cause
most I-Cause
inflexible I-Cause
labor I-Cause
markets I-Cause
in I-Cause
Europe I-Cause
. O

We O
can O
envision O
Revox O
eventually O
contributing O
several O
hundred O
million O
dollars O
to O
the O
top O
line O
by O
taking O
share O
from O
established O
players O
, O
but O
we O
also O
see O
a O
potential O
scenario O
where O
the B-Effect
business I-Effect
does I-Effect
n't I-Effect
grow I-Effect
as I-Effect
expected I-Effect
because O
of O
logistical B-Cause
challenges I-Cause
involved I-Cause
with I-Cause
scaling I-Cause
up I-Cause
a I-Cause
sterilization I-Cause
network I-Cause
. O

We O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
to I-Effect
average I-Effect
near I-Effect
fiscal I-Effect
2019 I-Effect
's I-Effect
prepandemic I-Effect
13 I-Effect
% I-Effect
mark I-Effect
, O
with O
expense B-Cause
leverage I-Cause
borne I-Cause
of I-Cause
scale I-Cause
offsetting I-Cause
the I-Cause
ongoing I-Cause
cost I-Cause
pressures I-Cause
. O

We O
think O
that O
QuickBooks B-Effect
exhibits I-Effect
high I-Effect
switching I-Effect
costs I-Effect
given O
the B-Cause
regularity I-Cause
in I-Cause
bookkeeping I-Cause
and O
the B-Cause
pain I-Cause
of I-Cause
transferring I-Cause
a I-Cause
business I-Cause
' I-Cause
accounting I-Cause
record I-Cause
as O
well O
as O
learning B-Cause
a I-Cause
new I-Cause
software I-Cause
to O
record O
entries O
. O

In O
fact O
, O
Coke B-Cause
typically I-Cause
pays I-Cause
for I-Cause
and I-Cause
implements I-Cause
the I-Cause
back-end I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
communication I-Cause
, I-Cause
and I-Cause
business I-Cause
process I-Cause
systems I-Cause
many I-Cause
of I-Cause
its I-Cause
bottlers I-Cause
use. O
Consequently O
, O
data B-Effect
related I-Effect
to I-Effect
inventory I-Effect
, I-Effect
promotion I-Effect
responsiveness I-Effect
, I-Effect
merchandising I-Effect
and I-Effect
displays I-Effect
, I-Effect
and I-Effect
the I-Effect
like I-Effect
are I-Effect
flowing I-Effect
through I-Effect
servers I-Effect
and I-Effect
systems I-Effect
owned I-Effect
by I-Effect
Coca-Cola I-Effect
. O

These B-Cause
advantages I-Cause
manifest I-Cause
themselves I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
lower I-Cause
operating I-Cause
costs I-Cause
, I-Cause
lower I-Cause
credit I-Cause
costs I-Cause
, I-Cause
lower I-Cause
regulatory I-Cause
costs I-Cause
, I-Cause
and I-Cause
lower I-Cause
absolute I-Cause
levels I-Cause
of I-Cause
and I-Cause
better I-Cause
diversification I-Cause
of I-Cause
risks I-Cause
, O
all O
of O
which O
allow O
the B-Effect
banks I-Effect
to I-Effect
achieve I-Effect
greater I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

This B-Cause
inflated I-Cause
capital I-Cause
base I-Cause
combined I-Cause
with I-Cause
our I-Cause
forecasts I-Cause
of I-Cause
sustainably I-Cause
lower I-Cause
oil I-Cause
and I-Cause
gas I-Cause
expenditures I-Cause
compared I-Cause
with I-Cause
the I-Cause
2010 I-Cause
to I-Cause
2014 I-Cause
boom I-Cause
means O
that O
National B-Effect
Oilwell I-Effect
as I-Effect
a I-Effect
whole I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
substantial I-Effect
economic I-Effect
profits I-Effect
moving I-Effect
forward I-Effect
. O

Additionally O
, O
the B-Cause
scale I-Cause
and I-Cause
breadth I-Cause
of I-Cause
its I-Cause
operations I-Cause
allows B-Effect
the I-Effect
company I-Effect
to I-Effect
build B-Cause
out I-Cause
a I-Cause
wider I-Cause
set I-Cause
of I-Cause
data I-Cause
and I-Cause
experience I-Cause
, O
which O
we O
believe O
improves B-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
services I-Effect
even I-Effect
at I-Effect
the I-Effect
middle-market I-Effect
level I-Effect
. O

In O
2019 O
, O
pricing O
momentum O
picked O
up O
, O
and O
this B-Effect
positive I-Effect
trend I-Effect
accelerated I-Effect
in I-Effect
2020 I-Effect
as O
the O
coronavirus B-Cause
appears I-Cause
to I-Cause
have I-Cause
acted I-Cause
as I-Cause
an I-Cause
additional I-Cause
spur I-Cause
to I-Cause
pricing I-Cause
. O

By O
our O
assessment O
, O
MPS B-Effect
' I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have O
n't O
dipped B-Effect
below I-Effect
20 I-Effect
% I-Effect
-- O
even O
when O
its B-Cause
business I-Cause
was I-Cause
barely I-Cause
breaking I-Cause
$ I-Cause
100 I-Cause
million I-Cause
in I-Cause
revenue I-Cause
-- I-Cause
and I-Cause
have I-Cause
steadily I-Cause
grown I-Cause
with I-Cause
its I-Cause
top I-Cause
line I-Cause
and I-Cause
margin I-Cause
expansion I-Cause
. O

Given O
the B-Cause
fragmented I-Cause
nature I-Cause
of I-Cause
the I-Cause
scrap I-Cause
processing I-Cause
industry I-Cause
and I-Cause
the I-Cause
relatively I-Cause
thin I-Cause
margins I-Cause
that I-Cause
Schnitzer I-Cause
and I-Cause
its I-Cause
peers I-Cause
command I-Cause
, O
it B-Effect
would I-Effect
be I-Effect
very I-Effect
difficult I-Effect
for I-Effect
any I-Effect
scrap I-Effect
company I-Effect
to I-Effect
distinguish I-Effect
itself I-Effect
as I-Effect
a I-Effect
definitive I-Effect
low-cost I-Effect
producer I-Effect
. O

The B-Cause
cash I-Cause
distributions I-Cause
from I-Cause
Enable I-Cause
averaged I-Cause
about I-Cause
$ I-Cause
140 I-Cause
million I-Cause
per I-Cause
year I-Cause
the I-Cause
first I-Cause
six I-Cause
years I-Cause
after I-Cause
Enable I-Cause
was I-Cause
formed I-Cause
and O
contributed O
to O
OGE O
's O
ability O
to O
increase B-Effect
its I-Effect
common I-Effect
dividend I-Effect
from I-Effect
6 I-Effect
% I-Effect
to I-Effect
11 I-Effect
% I-Effect
between I-Effect
2014 I-Effect
and I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
. O

As O
these B-Cause
platforms I-Cause
begin I-Cause
to I-Cause
capture I-Cause
a I-Cause
larger I-Cause
percentage I-Cause
of I-Cause
marketplace I-Cause
activity I-Cause
, O
a B-Effect
positive I-Effect
feedback I-Effect
loop I-Effect
will I-Effect
allow I-Effect
CoStar I-Effect
to I-Effect
more I-Effect
effectively I-Effect
monetize I-Effect
them I-Effect
. O

Possibly B-Effect
the I-Effect
pieces I-Effect
of I-Effect
data I-Effect
are I-Effect
not I-Effect
stitched I-Effect
together I-Effect
properly I-Effect
to I-Effect
enable I-Effect
a I-Effect
holistic I-Effect
view I-Effect
as O
organizations B-Cause
typically I-Cause
deploy I-Cause
siloed I-Cause
approaches I-Cause
among I-Cause
divisions I-Cause
, I-Cause
or I-Cause
various I-Cause
data I-Cause
formats I-Cause
and I-Cause
security I-Cause
protocols I-Cause
preclude I-Cause
a I-Cause
unified I-Cause
data I-Cause
platform I-Cause
. O

We O
expect O
demand B-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, O
with O
revenue B-Cause
rising I-Cause
11 I-Cause
% I-Cause
-12 I-Cause
% I-Cause
on I-Cause
easier I-Cause
comparisons I-Cause
, I-Cause
industrial I-Cause
end I-Cause
market I-Cause
improvement I-Cause
, I-Cause
and I-Cause
healthy I-Cause
cross-border I-Cause
refined I-Cause
product I-Cause
shipments I-Cause
. O

To B-Cause
the I-Cause
extent I-Cause
that I-Cause
more I-Cause
cumbersome I-Cause
laws I-Cause
and I-Cause
proposals I-Cause
come I-Cause
to I-Cause
fruition I-Cause
, O
there O
could O
be O
a B-Effect
nontrivial I-Effect
impact I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
business I-Effect
model I-Effect
. O

Because O
we O
believe O
that B-Cause
price I-Cause
is I-Cause
a I-Cause
key I-Cause
consideration I-Cause
for I-Cause
undifferentiated I-Cause
films I-Cause
used I-Cause
for I-Cause
labels I-Cause
, I-Cause
tapes I-Cause
, I-Cause
or I-Cause
graphics I-Cause
, O
Avery B-Effect
can I-Effect
not I-Effect
persistently I-Effect
out-earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
on I-Effect
these I-Effect
products I-Effect
. O

Compared O
with O
the O
blast O
furnaces O
responsible O
for O
approximately O
70 O
% O
of O
global O
steel O
production O
, O
EAFs B-Cause
are I-Cause
less I-Cause
labor- I-Cause
and I-Cause
energy-intensive I-Cause
, O
thereby O
allowing B-Effect
Nucor I-Effect
to I-Effect
recognize I-Effect
low I-Effect
total I-Effect
costs I-Effect
per I-Effect
unit I-Effect
of I-Effect
steel I-Effect
produced I-Effect
. O

Although O
we O
project O
Gran O
Tierra O
to O
generate O
economic O
profit O
in O
the O
near O
term O
, O
the O
combination B-Cause
of I-Cause
intensive I-Cause
capital I-Cause
requirements I-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
associated I-Cause
with I-Cause
future I-Cause
resource O
potential B-Effect
hampers I-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

On O
the O
competition O
front O
, O
China O
Mobile O
now O
has B-Cause
a I-Cause
4G I-Cause
licence I-Cause
that O
is O
more O
conventional O
than O
its O
3G O
licence O
, O
which O
should O
allow B-Effect
it I-Effect
to I-Effect
compete I-Effect
more I-Effect
effectively I-Effect
. O

Aerospace O
, O
furthermore O
, O
also O
has O
a B-Cause
large I-Cause
quantity I-Cause
of I-Cause
patents I-Cause
and I-Cause
intellectual I-Cause
property I-Cause
that O
allows O
the B-Effect
firm I-Effect
to I-Effect
build I-Effect
its I-Effect
installed I-Effect
base I-Effect
and O
is O
an O
important O
intangible O
asset O
. O

Further B-Effect
consolidation I-Effect
in I-Effect
the I-Effect
industries I-Effect
in I-Effect
which I-Effect
the I-Effect
company I-Effect
operates I-Effect
, I-Effect
such I-Effect
as I-Effect
healthcare I-Effect
, I-Effect
could I-Effect
give I-Effect
Cognizant I-Effect
less I-Effect
leverage I-Effect
in I-Effect
its I-Effect
margins I-Effect
and I-Effect
make I-Effect
the I-Effect
company I-Effect
more I-Effect
vulnerable I-Effect
if O
a B-Cause
competitor I-Cause
were I-Cause
to I-Cause
suddenly I-Cause
take I-Cause
major I-Cause
share I-Cause
of I-Cause
a I-Cause
vertical I-Cause
. O

Owing B-Cause
primarily I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
high I-Cause
reinvestment I-Cause
needs I-Cause
, O
this B-Effect
multiple I-Effect
is I-Effect
lower I-Effect
than I-Effect
the I-Effect
average I-Effect
exit I-Effect
multiple I-Effect
applied I-Effect
across I-Effect
our I-Effect
steel I-Effect
coverage I-Effect
. I-Effect

In O
the O
U.S. O
, O
metal B-Effect
recycling I-Effect
firms I-Effect
tend I-Effect
to I-Effect
compete I-Effect
regionally I-Effect
because O
scrap B-Cause
metal I-Cause
has I-Cause
a I-Cause
very I-Cause
low I-Cause
value/weight I-Cause
ratio I-Cause
and I-Cause
is I-Cause
not I-Cause
readily I-Cause
transported I-Cause
by I-Cause
land I-Cause
over I-Cause
long I-Cause
distances I-Cause
in I-Cause
a I-Cause
cost-effective I-Cause
manner I-Cause
. O

In O
the O
more O
sedate O
demand O
environment O
, O
incremental B-Effect
capacity I-Effect
can I-Effect
be I-Effect
added I-Effect
for I-Effect
very I-Effect
low I-Effect
capital I-Effect
costs I-Effect
through O
incremental B-Cause
expansions I-Cause
and I-Cause
efficiencies I-Cause
, O
including B-Effect
innovative I-Effect
technology I-Effect
such I-Effect
as I-Effect
automated I-Effect
haulage I-Effect
. O

Realty B-Effect
Income I-Effect
has I-Effect
increased I-Effect
the I-Effect
average I-Effect
quality I-Effect
of I-Effect
its I-Effect
portfolio I-Effect
by O
leasing B-Cause
to I-Cause
more I-Cause
investment-grade I-Cause
tenants I-Cause
, I-Cause
increasing I-Cause
the I-Cause
EBITDAR/rent I-Cause
coverage I-Cause
ratio I-Cause
, I-Cause
and I-Cause
diversifying I-Cause
across I-Cause
more I-Cause
defensive I-Cause
industries I-Cause
. O

However O
, O
there O
have O
been O
some O
benefits O
as O
low B-Cause
interest I-Cause
rates I-Cause
have O
boosted B-Effect
mortgage I-Effect
volume I-Effect
and O
unemployment B-Cause
claims I-Cause
have O
boosted B-Effect
workforce I-Effect
solutions 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
DaVita I-Effect
's I-Effect
ongoing I-Effect
cash I-Effect
flows I-Effect
given O
the B-Cause
essential I-Cause
nature I-Cause
of I-Cause
its I-Cause
services I-Cause
and I-Cause
its I-Cause
strong I-Cause
competitive I-Cause
position I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

At O
the O
end O
of O
2020 O
, O
Schwab B-Cause
supported I-Cause
over I-Cause
$ I-Cause
6.5 I-Cause
trillion I-Cause
of I-Cause
client I-Cause
assets I-Cause
, O
making O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
U.S.-based I-Effect
companies I-Effect
focused I-Effect
on I-Effect
securities I-Effect
trading I-Effect
and I-Effect
wealth I-Effect
management I-Effect
. O

The B-Effect
domino I-Effect
effect I-Effect
that I-Effect
took I-Effect
hold I-Effect
of I-Effect
this I-Effect
economy I-Effect
stretched I-Effect
into I-Effect
'' I-Effect
collateralized I-Effect
'' I-Effect
mortgage I-Effect
instruments I-Effect
and O
as O
subprime B-Cause
mortgage I-Cause
owners I-Cause
were I-Cause
unable I-Cause
to I-Cause
make I-Cause
their I-Cause
payments I-Cause
. O

Aptar B-Effect
is I-Effect
also I-Effect
investing I-Effect
to I-Effect
meet I-Effect
potential I-Effect
future I-Effect
need I-Effect
for I-Effect
dispensing I-Effect
technologies I-Effect
related I-Effect
to I-Effect
novel I-Effect
mRNA I-Effect
drug I-Effect
products I-Effect
, O
a B-Effect
trend I-Effect
accelerated I-Effect
by O
the O
COVID-19 B-Cause
pandemic I-Cause
. O

Additionally O
, O
RH B-Cause
's I-Cause
demand I-Cause
is I-Cause
largely I-Cause
tied I-Cause
to I-Cause
the I-Cause
performance I-Cause
of I-Cause
the I-Cause
domestic I-Cause
home I-Cause
improvement I-Cause
market I-Cause
and I-Cause
consumer I-Cause
confidence I-Cause
, O
which O
tend O
to O
fluctuate B-Effect
over I-Effect
an I-Effect
economic I-Effect
cycle I-Effect
, I-Effect
driving I-Effect
significant I-Effect
volatility I-Effect
in I-Effect
sales I-Effect
. O

We O
feel O
this O
is O
appropriate O
given O
the B-Cause
strong I-Cause
premiumization I-Cause
trends I-Cause
in I-Cause
beer I-Cause
, O
which O
should O
add B-Effect
a I-Effect
percentage I-Effect
point I-Effect
to I-Effect
the I-Effect
industry I-Effect
's I-Effect
secular I-Effect
growth I-Effect
rate I-Effect
. O

We O
see O
strong B-Effect
subscription I-Effect
growth I-Effect
partially O
offset O
by O
declining B-Cause
revenue I-Cause
in I-Cause
the I-Cause
product I-Cause
and I-Cause
license I-Cause
and I-Cause
support I-Cause
and I-Cause
services I-Cause
segments I-Cause
. O

With O
more B-Cause
usage I-Cause
, I-Cause
more I-Cause
data I-Cause
about I-Cause
users I-Cause
' I-Cause
behavioral I-Cause
interests I-Cause
is I-Cause
gathered I-Cause
, I-Cause
analyzed I-Cause
, I-Cause
and I-Cause
applied I-Cause
to O
rank B-Effect
ads I-Effect
more I-Effect
accurately I-Effect
based I-Effect
on I-Effect
their I-Effect
relevance I-Effect
and I-Effect
click-through-rate I-Effect
probability I-Effect
. 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 O
think O
the B-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

This O
is O
due O
to O
the B-Cause
decline I-Cause
in I-Cause
raw I-Cause
material I-Cause
prices I-Cause
, O
coupled O
with O
the B-Cause
overcapacity I-Cause
issues I-Cause
in I-Cause
the I-Cause
steel I-Cause
industry I-Cause
, O
resulting O
in O
a B-Effect
lack I-Effect
of I-Effect
pricing I-Effect
power I-Effect
for I-Effect
steel I-Effect
producers I-Effect
. O

We B-Effect
assign I-Effect
the I-Effect
bank I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
we B-Cause
believe I-Cause
captures I-Cause
the I-Cause
spread I-Cause
between I-Cause
our I-Cause
bull I-Cause
and I-Cause
bear I-Cause
cases I-Cause
. O

New B-Cause
York I-Cause
City I-Cause
has I-Cause
averaged I-Cause
5 I-Cause
% I-Cause
supply I-Cause
growth I-Cause
since I-Cause
2013 I-Cause
, I-Cause
and I-Cause
that I-Cause
trend I-Cause
should I-Cause
continue I-Cause
for I-Cause
at I-Cause
least I-Cause
two I-Cause
more I-Cause
years I-Cause
as I-Cause
the I-Cause
city I-Cause
continues I-Cause
to I-Cause
approve I-Cause
midblock I-Cause
upscale I-Cause
and I-Cause
midscale I-Cause
hotels I-Cause
in I-Cause
the I-Cause
most I-Cause
desired I-Cause
submarkets. O
This O
has O
kept B-Effect
New I-Effect
York I-Effect
City I-Effect
's I-Effect
revPAR I-Effect
growth I-Effect
below I-Effect
the I-Effect
national I-Effect
average I-Effect
over I-Effect
this I-Effect
time I-Effect
frame I-Effect
, I-Effect
and I-Effect
Host I-Effect
's I-Effect
Manhattan I-Effect
portfolio I-Effect
saw I-Effect
negative I-Effect
revPAR I-Effect
growth I-Effect
in I-Effect
2015 I-Effect
, I-Effect
2016 I-Effect
, I-Effect
and I-Effect
2017 I-Effect
as I-Effect
a I-Effect
result I-Effect
of I-Effect
high I-Effect
supply I-Effect
. O

Since O
the O
crisis O
, O
much O
has O
changed O
, O
and O
management B-Cause
has I-Cause
made I-Cause
improvements I-Cause
to I-Cause
the I-Cause
underwriting I-Cause
process I-Cause
, O
and O
generally B-Effect
improved I-Effect
the I-Effect
bank I-Effect
's I-Effect
risk I-Effect
management I-Effect
. O

Patterson O
's O
operations O
in O
this O
space O
are O
subject O
to O
a O
number O
of O
federal O
and O
state O
regulatory O
actions O
aiming O
to O
curb B-Cause
the I-Cause
potentially I-Cause
negative I-Cause
outcomes I-Cause
typically I-Cause
associated I-Cause
with I-Cause
the I-Cause
practice I-Cause
, O
which O
increase B-Effect
the I-Effect
cost I-Effect
of I-Effect
providing I-Effect
services I-Effect
. O

Bell O
is O
competing O
against O
a O
joint O
venture O
between O
Lockheed O
Martin O
and O
Boeing O
for O
this O
contract O
, O
and O
we O
do O
n't O
anticipate O
Bell B-Effect
winning I-Effect
this I-Effect
contract I-Effect
due O
to O
subscale B-Cause
production I-Cause
capabilities I-Cause
relative I-Cause
to I-Cause
Lockheed I-Cause
and I-Cause
Boeing I-Cause
. O

The B-Effect
bankruptcy I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
largest I-Effect
franchisee I-Effect
, O
NPC O
International O
, O
also O
points O
to O
deteriorating O
unit O
economics O
, O
as O
Pizza B-Cause
Hut I-Cause
represented I-Cause
75 I-Cause
% I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
restaurant I-Cause
portfolio I-Cause
. O

Total O
holds B-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
based O
on O
the B-Cause
outcome I-Cause
of I-Cause
our I-Cause
scenario I-Cause
analysis I-Cause
and I-Cause
evaluation I-Cause
of I-Cause
its I-Cause
ESG I-Cause
risks I-Cause
. O

The B-Cause
commodity I-Cause
products I-Cause
that I-Cause
Bunge 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
, O
and O
the B-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
razor-thin B-Effect
margins I-Effect
. O

Over O
the O
nearly O
two O
years O
since O
the O
expiration O
, O
peers O
have O
started O
to O
realize O
traction B-Cause
for I-Cause
competing I-Cause
products I-Cause
and I-Cause
competition I-Cause
continues I-Cause
to I-Cause
intensify I-Cause
, O
further O
deteriorating O
the O
company B-Effect
's I-Effect
market I-Effect
leadership I-Effect
. O

Airlines B-Effect
have I-Effect
a I-Effect
long I-Effect
history I-Effect
of I-Effect
irrational I-Effect
competition I-Effect
, O
due O
to O
low B-Cause
entry I-Cause
barriers I-Cause
, O
high B-Cause
exit I-Cause
barriers I-Cause
, O
and O
a B-Cause
price-sensitive I-Cause
customer I-Cause
. O

Approximately B-Cause
three I-Cause
drillers I-Cause
currently I-Cause
operate I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
of I-Cause
Mexico I-Cause
, O
so O
natural B-Effect
buyers I-Effect
in I-Effect
the I-Effect
space I-Effect
are I-Effect
difficult I-Effect
to I-Effect
pinpoint I-Effect
. O

On O
the O
back O
of O
online B-Cause
dating I-Cause
becoming I-Cause
mainstream I-Cause
, I-Cause
the I-Cause
number I-Cause
of I-Cause
Internet I-Cause
and I-Cause
mobile I-Cause
device I-Cause
users I-Cause
increasing I-Cause
globally I-Cause
, I-Cause
and I-Cause
the I-Cause
growth I-Cause
of I-Cause
the I-Cause
singles I-Cause
population I-Cause
worldwide I-Cause
, O
Match B-Effect
Group I-Effect
with I-Effect
its I-Effect
portfolio I-Effect
of I-Effect
online I-Effect
dating I-Effect
brands I-Effect
has I-Effect
become I-Effect
the I-Effect
leader I-Effect
in I-Effect
this I-Effect
space I-Effect
. O

Zebra B-Cause
has I-Cause
an I-Cause
end-to-end I-Cause
portfolio I-Cause
of I-Cause
specialized I-Cause
AIDC I-Cause
solutions I-Cause
that O
enables O
it B-Effect
to I-Effect
achieve I-Effect
a I-Effect
wide I-Effect
footprint I-Effect
within I-Effect
its I-Effect
customers I-Effect
. O

But O
as O
these B-Cause
risks I-Cause
are I-Cause
well I-Cause
managed I-Cause
by I-Cause
the I-Cause
firm I-Cause
, I-Cause
with I-Cause
no I-Cause
material I-Cause
outstanding I-Cause
controversies I-Cause
, O
we O
do O
not B-Effect
expect I-Effect
any I-Effect
meaningful I-Effect
impacts I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
valuation I-Effect
. O

However B-Cause
, I-Cause
we I-Cause
believe I-Cause
the I-Cause
use I-Cause
of I-Cause
research I-Cause
models I-Cause
will I-Cause
remain I-Cause
an I-Cause
integral I-Cause
part I-Cause
of I-Cause
the I-Cause
drug I-Cause
development I-Cause
process I-Cause
, O
as B-Effect
alternatives I-Effect
such I-Effect
as I-Effect
in I-Effect
vitro I-Effect
( I-Effect
test I-Effect
tubes I-Effect
) I-Effect
and I-Effect
in I-Effect
silico I-Effect
( I-Effect
computer I-Effect
simulation I-Effect
) I-Effect
testing I-Effect
do I-Effect
not I-Effect
fully I-Effect
replicate I-Effect
the I-Effect
in I-Effect
vivo I-Effect
dynamics I-Effect
. O

We O
also O
expect O
previous B-Cause
and I-Cause
ongoing I-Cause
PSR I-Cause
initiatives I-Cause
to O
drive O
the B-Effect
rail I-Effect
's I-Effect
OR I-Effect
down I-Effect
to I-Effect
61 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
( I-Effect
slightly I-Effect
better I-Effect
than I-Effect
guidance I-Effect
) I-Effect
, I-Effect
with I-Effect
further I-Effect
gains I-Effect
to I-Effect
59 I-Effect
% I-Effect
-59.5 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
. O

Biosimilar O
competition O
is O
a O
looming O
threat O
, O
but O
we O
think O
the B-Cause
significant I-Cause
manufacturing I-Cause
and I-Cause
development I-Cause
costs I-Cause
that I-Cause
biosimilar I-Cause
makers I-Cause
are I-Cause
expected I-Cause
to I-Cause
incur I-Cause
would O
slow B-Effect
any I-Effect
erosion I-Effect
of I-Effect
sales I-Effect
of I-Effect
these I-Effect
products I-Effect
, O
limiting O
the B-Effect
number I-Effect
of I-Effect
contenders I-Effect
and I-Effect
their I-Effect
ability I-Effect
to I-Effect
compete I-Effect
on I-Effect
price I-Effect
. O

Existing B-Cause
products I-Cause
face I-Cause
annual I-Cause
price I-Cause
deflation I-Cause
of I-Cause
2 I-Cause
% I-Cause
to I-Cause
3 I-Cause
% I-Cause
which O
has O
been O
one O
of O
the O
factors O
giving B-Effect
rise I-Effect
to I-Effect
the I-Effect
declining I-Effect
trend I-Effect
in I-Effect
ResMed I-Effect
's I-Effect
ROIC I-Effect
; O
however O
, O
ROIC O
remains O
well O
above O
WACC O
. O

However O
, O
relative B-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
size I-Cause
, I-Cause
J I-Cause
& I-Cause
J I-Cause
needs I-Cause
to I-Cause
increase I-Cause
the I-Cause
number I-Cause
of I-Cause
meaningful I-Cause
drugs I-Cause
in I-Cause
late-stage I-Cause
development I-Cause
to B-Effect
support I-Effect
long-term I-Effect
growth I-Effect
. O

Solid B-Cause
investment I-Cause
performance I-Cause
and I-Cause
a I-Cause
reputation I-Cause
as I-Cause
a I-Cause
specialist I-Cause
in I-Cause
real I-Cause
estate I-Cause
investment I-Cause
trusts I-Cause
have B-Effect
made I-Effect
Cohen I-Effect
& I-Effect
Steers I-Effect
a I-Effect
go-to I-Effect
firm I-Effect
for I-Effect
investors I-Effect
looking I-Effect
for I-Effect
real I-Effect
estate I-Effect
exposure I-Effect
. O

Even O
under O
the O
same O
roof O
, O
mass B-Effect
production I-Effect
possibilities I-Effect
are I-Effect
limited I-Effect
, O
as O
many B-Cause
craft I-Cause
offerings I-Cause
boast I-Cause
some I-Cause
unique I-Cause
element I-Cause
to I-Cause
their I-Cause
brewing I-Cause
or I-Cause
fermentation I-Cause
processes I-Cause
that I-Cause
is I-Cause
not I-Cause
transferrable I-Cause
across I-Cause
products I-Cause
. O

In O
a B-Cause
rising I-Cause
interest I-Cause
rates I-Cause
environment I-Cause
, O
consumers O
could O
be O
less O
willing O
to O
finance O
their O
vehicle O
purchases O
, O
resulting O
in O
shrinking O
demand B-Effect
for I-Effect
ATVs I-Effect
. O

For O
one O
, O
McCormick B-Cause
has I-Cause
focused I-Cause
its I-Cause
constrained I-Cause
manufacturing I-Cause
assets I-Cause
on I-Cause
its I-Cause
fastest-turning I-Cause
items I-Cause
to B-Effect
meet I-Effect
heightened I-Effect
demand I-Effect
, O
which O
we O
think O
is O
a O
prudent O
way O
to O
support O
its O
retail O
relationships O
. O

Further O
, O
the B-Cause
company I-Cause
's I-Cause
enormous I-Cause
cash I-Cause
flows I-Cause
support I-Cause
a I-Cause
powerful I-Cause
salesforce I-Cause
that O
not B-Effect
only I-Effect
sells I-Effect
currently I-Effect
marketed I-Effect
drugs I-Effect
, I-Effect
but I-Effect
also I-Effect
serves I-Effect
as I-Effect
a I-Effect
deterrent I-Effect
for I-Effect
developing I-Effect
drug I-Effect
companies I-Effect
seeking I-Effect
to I-Effect
launch I-Effect
competing I-Effect
products I-Effect
. O

We O
project O
annual B-Effect
sales I-Effect
increases I-Effect
of I-Effect
12 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
a O
result O
of O
new B-Cause
drug I-Cause
launches I-Cause
offsetting O
patent O
losses O
. O

The B-Cause
company I-Cause
's I-Cause
new I-Cause
online I-Cause
advisory I-Cause
platform I-Cause
will I-Cause
also I-Cause
benefit I-Cause
from I-Cause
its I-Cause
low I-Cause
cost I-Cause
and I-Cause
client I-Cause
reach I-Cause
, O
which O
will O
enable O
Schwab B-Effect
to I-Effect
be I-Effect
more I-Effect
profitable I-Effect
than I-Effect
existing I-Effect
players I-Effect
and I-Effect
leapfrog I-Effect
them I-Effect
in I-Effect
assets I-Effect
. O

Due O
to O
the B-Cause
sale I-Cause
of I-Cause
most I-Cause
of I-Cause
its I-Cause
brake I-Cause
control I-Cause
business I-Cause
as O
well O
as O
coronavirus-induced B-Cause
industrywide I-Cause
factory I-Cause
closures I-Cause
, O
2020 B-Effect
revenue I-Effect
declined I-Effect
28 I-Effect
% I-Effect
, O
but O
we O
forecast O
a B-Effect
30 I-Effect
% I-Effect
rebound I-Effect
in I-Effect
2021 I-Effect
as O
backlog B-Effect
starts I-Effect
to I-Effect
ramp-up I-Effect
, I-Cause
with I-Cause
a B-Cause
return I-Cause
to I-Cause
normalized I-Cause
light I-Cause
vehicle I-Cause
demand I-Cause
in I-Cause
2023 I-Cause
. O

It O
appears O
to O
us O
that O
in O
recent O
years O
, O
Bradesco O
has O
been O
able O
to O
increase B-Effect
fees I-Effect
on I-Effect
credit I-Effect
cards I-Effect
, I-Effect
checking I-Effect
accounts I-Effect
, I-Effect
and I-Effect
insurance I-Effect
without O
any O
real O
obstacles O
as O
a O
result O
of O
a B-Cause
strong I-Cause
economy I-Cause
, I-Cause
amiable I-Cause
regulators I-Cause
, I-Cause
and I-Cause
its I-Cause
sticky I-Cause
deposit I-Cause
base I-Cause
. I-Cause

We O
do O
not O
forecast O
its B-Effect
gross I-Effect
margins I-Effect
will I-Effect
return I-Effect
to I-Effect
peak I-Effect
levels I-Effect
of I-Effect
more I-Effect
than I-Effect
49 I-Effect
% I-Effect
until I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
decade I-Effect
as O
we O
think O
its B-Cause
competitive I-Cause
position I-Cause
has I-Cause
weakened I-Cause
. O

With B-Cause
most I-Cause
of I-Cause
its I-Cause
assets I-Cause
located I-Cause
in I-Cause
midtown I-Cause
Manhattan I-Cause
, O
SL B-Effect
Green I-Effect
benefits I-Effect
disproportionately I-Effect
from I-Effect
the I-Effect
ever-increasing I-Effect
demand I-Effect
for I-Effect
centrally I-Effect
located I-Effect
real I-Effect
estate I-Effect
from I-Effect
companies I-Effect
that I-Effect
employ I-Effect
global I-Effect
tech I-Effect
and I-Effect
financial I-Effect
talent I-Effect
. O

That O
said O
, O
as O
a O
result O
of O
its O
thought B-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 O
the O
low O
to O
mid-90 O
% O
area O
, O
which O
we O
do O
not O
expect O
to O
change O
. O

It B-Cause
's I-Cause
unlikely I-Cause
that I-Cause
interest I-Cause
rates I-Cause
return I-Cause
to I-Cause
pre-financial-crisis I-Cause
levels I-Cause
and O
thus O
we B-Effect
expect I-Effect
Prudential I-Effect
to I-Effect
continue I-Effect
to I-Effect
face I-Effect
this I-Effect
headwind I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. I-Effect

The B-Effect
company I-Effect
is I-Effect
in I-Effect
the I-Effect
midst I-Effect
of I-Effect
an I-Effect
expansion I-Effect
initiative I-Effect
on I-Effect
the I-Effect
retail I-Effect
and I-Effect
commercial I-Effect
side I-Effect
, O
aiming O
to O
expand B-Cause
its I-Cause
geographic I-Cause
footprint I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
digital I-Cause
presence I-Cause
in I-Cause
key I-Cause
locations I-Cause
all I-Cause
over I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

All B-Effect
else I-Effect
equal I-Effect
, I-Effect
we I-Effect
are I-Effect
less I-Effect
confident I-Effect
in I-Effect
outsize I-Effect
economic I-Effect
profits I-Effect
from I-Effect
chipmakers I-Effect
that I-Effect
serve I-Effect
the I-Effect
handset I-Effect
and I-Effect
PC I-Effect
industries I-Effect
, O
given O
the B-Cause
shorter I-Cause
product I-Cause
life I-Cause
cycles I-Cause
, I-Cause
intense I-Cause
competition I-Cause
, I-Cause
and I-Cause
customer I-Cause
concentration I-Cause
as I-Cause
a I-Cause
handful I-Cause
of I-Cause
tech I-Cause
titans I-Cause
exert I-Cause
tremendous I-Cause
buying I-Cause
power I-Cause
. O

Since O
even B-Cause
slightly I-Cause
differentiated I-Cause
technical I-Cause
features I-Cause
can I-Cause
cause I-Cause
an I-Cause
end I-Cause
user I-Cause
to I-Cause
prefer I-Cause
one I-Cause
tool I-Cause
over I-Cause
another I-Cause
similar I-Cause
tool I-Cause
for I-Cause
specific I-Cause
applications I-Cause
in I-Cause
Danaher I-Cause
's I-Cause
precise I-Cause
scientific I-Cause
end I-Cause
markets I-Cause
, O
we O
see O
intangible B-Effect
assets I-Effect
around I-Effect
its I-Effect
differentiated I-Effect
technology I-Effect
. O

These B-Effect
tests I-Effect
receive I-Effect
regulatory I-Effect
approval I-Effect
during I-Effect
the I-Effect
system I-Effect
approval I-Effect
process I-Effect
, I-Effect
and I-Effect
switching I-Effect
costs I-Effect
can I-Effect
be I-Effect
high I-Effect
, O
because O
customers B-Cause
are I-Cause
unlikely I-Cause
to I-Cause
reopen I-Cause
a I-Cause
regulatory I-Cause
file I-Cause
simply I-Cause
to I-Cause
get I-Cause
a I-Cause
different I-Cause
control I-Cause
approved I-Cause
. O

Recurring B-Cause
revenue I-Cause
now I-Cause
makes I-Cause
up I-Cause
roughly I-Cause
50 I-Cause
% I-Cause
of I-Cause
Nasdaq I-Cause
total I-Cause
revenue I-Cause
and I-Cause
will I-Cause
likely I-Cause
continue I-Cause
to I-Cause
increase I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Verafin I-Cause
and I-Cause
its I-Cause
sale I-Cause
of I-Cause
its I-Cause
fixed-income I-Cause
trading I-Cause
business I-Cause
to I-Cause
Tradeweb I-Cause
continues I-Cause
to I-Cause
push I-Cause
the I-Cause
firm I-Cause
toward I-Cause
its I-Cause
end I-Cause
goal I-Cause
of I-Cause
being I-Cause
a I-Cause
diversified I-Cause
technology I-Cause
company. O
This O
should O
increase B-Effect
the I-Effect
stability I-Effect
of I-Effect
Nasdaq I-Effect
's I-Effect
earnings I-Effect
and I-Effect
lead I-Effect
the I-Effect
company I-Effect
to I-Effect
having I-Effect
a I-Effect
lower I-Effect
risk I-Effect
profile I-Effect
than I-Effect
it I-Effect
once I-Effect
did I-Effect
. O

Givlaari B-Effect
for I-Effect
acute I-Effect
hepatic I-Effect
porphyria I-Effect
also I-Effect
looks I-Effect
promising I-Effect
given O
that O
AHP B-Cause
is I-Cause
a I-Cause
rare I-Cause
indication I-Cause
with I-Cause
high I-Cause
unmet I-Cause
need I-Cause
. O

However O
, O
some B-Cause
states I-Cause
and I-Cause
municipalities I-Cause
, I-Cause
including I-Cause
New I-Cause
York I-Cause
, I-Cause
have I-Cause
sought I-Cause
to I-Cause
limit I-Cause
retail I-Cause
natural I-Cause
gas I-Cause
use I-Cause
to O
reduce B-Effect
reliance I-Effect
on I-Effect
fossil I-Effect
fuels I-Effect
. O

Investment B-Effect
in I-Effect
the I-Effect
treasure I-Effect
hunt I-Effect
should I-Effect
keep I-Effect
post-pandemic I-Effect
traffic I-Effect
strong I-Effect
, I-Effect
and I-Effect
we I-Effect
are I-Effect
not I-Effect
concerned I-Effect
about I-Effect
cannibalization I-Effect
as I-Effect
rivals I-Effect
Ross I-Effect
and I-Effect
TJX I-Effect
grow I-Effect
, O
considering B-Cause
customers I-Cause
' I-Cause
willingness I-Cause
to I-Cause
shop I-Cause
multiple I-Cause
off-price I-Cause
stores I-Cause
. O

Valuations B-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
target I-Cause
markets I-Cause
currently I-Cause
appear I-Cause
somewhat I-Cause
rich I-Cause
to O
us O
, O
too O
, O
which O
could O
constrain B-Effect
its I-Effect
returns I-Effect
going I-Effect
forward I-Effect
if I-Effect
its I-Effect
M I-Effect
& I-Effect
amp I-Effect
; O
A O
activities O
continue O
unabated O
. O

We O
expect O
a O
rebalancing B-Cause
of I-Cause
China I-Cause
's I-Cause
economy I-Cause
from I-Cause
investment I-Cause
to I-Cause
household I-Cause
consumption I-Cause
will O
mean O
weaker B-Effect
demand I-Effect
growth I-Effect
for I-Effect
investment-oriented I-Effect
commodities I-Effect
and I-Effect
lower I-Effect
prices I-Effect
than I-Effect
Teck I-Effect
has I-Effect
enjoyed I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

The B-Effect
exhaust I-Effect
system I-Effect
must I-Effect
be I-Effect
engineered I-Effect
in I-Effect
such I-Effect
a I-Effect
way I-Effect
that O
back B-Cause
pressure I-Cause
and I-Cause
airflow I-Cause
are I-Cause
maximized I-Cause
for I-Cause
optimum I-Cause
fuel I-Cause
efficiency I-Cause
and I-Cause
engine I-Cause
performance I-Cause
. O

That O
said O
, O
Post O
's O
cereal O
business O
reports O
attractive O
margins O
, O
and O
we O
applaud O
the B-Cause
firm I-Cause
's I-Cause
efforts I-Cause
to I-Cause
further I-Cause
maximize I-Cause
profitability I-Cause
by O
right-sizing B-Effect
the I-Effect
business I-Effect
for I-Effect
the I-Effect
more I-Effect
modest I-Effect
opportunity I-Effect
. O

Hubbell O
's O
large O
suite O
of O
products O
allows O
it O
to O
generate B-Cause
ample I-Cause
volumes I-Cause
that O
lead O
to O
cost B-Effect
efficiencies I-Effect
in I-Effect
key I-Effect
portions I-Effect
of I-Effect
its I-Effect
supply I-Effect
chain I-Effect
. O

The B-Cause
best I-Cause
models I-Cause
will I-Cause
have I-Cause
consistent I-Cause
and I-Cause
uniform I-Cause
genetic I-Cause
makeup I-Cause
, I-Cause
which I-Cause
requires I-Cause
generations I-Cause
of I-Cause
systematic I-Cause
inbreeding I-Cause
as I-Cause
well I-Cause
as I-Cause
regular I-Cause
backcrossing I-Cause
with I-Cause
the I-Cause
original I-Cause
genetic I-Cause
source I-Cause
to B-Effect
prevent I-Effect
genetic I-Effect
shifts I-Effect
over I-Effect
time I-Effect
. O

Gaming O
should O
continue O
to O
be O
a O
major O
source O
of O
revenue O
, O
though O
we O
think O
recent B-Effect
growth I-Effect
rates I-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
due O
to O
saturation B-Cause
and I-Cause
lengthening I-Cause
replacement I-Cause
cycles I-Cause
of I-Cause
gaming I-Cause
GPUs I-Cause
, I-Cause
greater I-Cause
competition I-Cause
, I-Cause
and I-Cause
softer I-Cause
cryptocurrency I-Cause
mining-related I-Cause
GPU I-Cause
sales I-Cause
. O

However O
, O
we O
think O
economic B-Effect
shocks I-Effect
or I-Effect
housing I-Effect
slowdowns I-Effect
will I-Effect
induce I-Effect
a I-Effect
higher I-Effect
degree I-Effect
of I-Effect
price I-Effect
competition I-Effect
as O
coatings B-Cause
companies I-Cause
fight I-Cause
for I-Cause
volume I-Cause
, O
leading O
to O
narrower B-Cause
margins I-Cause
over I-Cause
a I-Cause
full I-Cause
cycle I-Cause
. O

We O
believe O
the O
greatest O
risk O
is O
that O
the B-Cause
industry I-Cause
evolves I-Cause
into I-Cause
a I-Cause
fragmented I-Cause
series I-Cause
of I-Cause
sub-categories I-Cause
, O
limiting B-Effect
the I-Effect
previous I-Effect
benefits I-Effect
of I-Effect
scale I-Effect
and I-Effect
making I-Effect
it I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
margins I-Effect
of I-Effect
the I-Effect
lucrative I-Effect
cigarette I-Effect
business I-Effect
. O

As O
RedCard B-Cause
credit I-Cause
and I-Cause
debit I-Cause
sales I-Cause
account I-Cause
for I-Cause
less I-Cause
than I-Cause
one I-Cause
fourth I-Cause
of I-Cause
Target I-Cause
's I-Cause
total I-Cause
and I-Cause
Target I-Cause
Circle I-Cause
only I-Cause
launched I-Cause
in I-Cause
2019 I-Cause
, O
we O
believe O
it B-Effect
does I-Effect
not I-Effect
enjoy I-Effect
the I-Effect
same I-Effect
level I-Effect
of I-Effect
advantage I-Effect
as I-Effect
other I-Effect
sellers I-Effect
with I-Effect
greater I-Effect
insight I-Effect
. O

With O
its B-Cause
attractive I-Cause
acreage I-Cause
in I-Cause
the I-Cause
Permian I-Cause
Basin I-Cause
, O
Pioneer B-Effect
Natural I-Effect
Resources I-Effect
holds I-Effect
an I-Effect
enviable I-Effect
cost I-Effect
position I-Effect
in I-Effect
the I-Effect
upstream I-Effect
oil I-Effect
and I-Effect
gas I-Effect
universe I-Effect
. O

Qorvo B-Effect
generated I-Effect
5 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
thanks O
to O
the B-Cause
start I-Cause
of I-Cause
5G I-Cause
RF I-Cause
adoption I-Cause
, O
offset B-Effect
by I-Effect
headwinds I-Effect
due O
to O
lost B-Cause
business I-Cause
within I-Cause
Huawei I-Cause
's I-Cause
base I-Cause
station I-Cause
business I-Cause
due I-Cause
to I-Cause
the I-Cause
U.S I-Cause
. O

Rio O
Tinto O
has O
an O
outsize O
exposure O
to O
iron O
ore O
mining O
, O
and O
the B-Cause
flattening I-Cause
of I-Cause
the I-Cause
industry I-Cause
cost I-Cause
curve I-Cause
drives O
higher B-Effect
operating I-Effect
leverage I-Effect
. O

While O
we O
're O
optimistic O
about O
Alibaba O
's O
ability O
to O
become O
a O
preferred O
partner O
for O
international O
retailers O
and O
consumer O
brands O
looking O
to O
sell O
in O
China O
, O
the O
firm B-Cause
does I-Cause
not I-Cause
enjoy I-Cause
the I-Cause
same I-Cause
network I-Cause
effect I-Cause
and I-Cause
brand I-Cause
recognition I-Cause
in I-Cause
other I-Cause
countries I-Cause
, O
and O
it B-Effect
may I-Effect
face I-Effect
challenges I-Effect
directly I-Effect
expanding I-Effect
in I-Effect
these I-Effect
markets I-Effect
. O

While O
we O
forecast O
low-single-digit O
revenue O
growth O
in O
this O
segment O
, O
we O
think O
operating B-Effect
margins I-Effect
will I-Effect
contract I-Effect
as O
favorable B-Cause
linerboard I-Cause
economics I-Cause
have I-Cause
attracted I-Cause
increased I-Cause
competition I-Cause
and I-Cause
additional I-Cause
supply I-Cause
. O

Considering O
the O
relatively O
discretionary O
nature O
of O
insulin O
pumps O
, O
Insulet B-Effect
remains I-Effect
vulnerable I-Effect
to I-Effect
economic I-Effect
downturns I-Effect
when O
consumers B-Cause
tighten I-Cause
their I-Cause
financial I-Cause
belts I-Cause
and I-Cause
stick I-Cause
with I-Cause
multiple I-Cause
daily I-Cause
injections I-Cause
. O

We O
expect O
a B-Effect
sharp I-Effect
drop I-Effect
in I-Effect
EBITDA I-Effect
in I-Effect
2021 I-Effect
primarily I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
winter I-Cause
storm I-Cause
in I-Cause
February 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
the I-Effect
30 I-Effect
% I-Effect
range 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

While O
this O
change O
has O
not O
hurt O
RELX O
thus O
far O
, O
it O
is O
an O
example O
of O
how O
easily O
business O
models O
can O
change O
, O
and O
when O
you B-Cause
operate I-Cause
a I-Cause
division I-Cause
that I-Cause
generates I-Cause
operating I-Cause
margins I-Cause
of I-Cause
around I-Cause
37 I-Cause
% I-Cause
, O
there O
is O
always O
a O
danger O
that O
the B-Effect
next I-Effect
change I-Effect
of I-Effect
model I-Effect
may I-Effect
come I-Effect
at I-Effect
your I-Effect
expense I-Effect
. O

Operating B-Cause
in I-Cause
offshore I-Cause
environments I-Cause
exposes O
Total 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

Capital B-Effect
expenditures I-Effect
will I-Effect
be I-Effect
less I-Effect
of I-Effect
a I-Effect
barrier I-Effect
to I-Effect
positive I-Effect
cash I-Effect
flow I-Effect
, O
as O
Tilray B-Cause
plans I-Cause
to I-Cause
purchase I-Cause
cannabis I-Cause
from I-Cause
third-party I-Cause
cultivators I-Cause
rather I-Cause
than I-Cause
expand I-Cause
its I-Cause
facilities I-Cause
in I-Cause
the I-Cause
long I-Cause
run I-Cause
. O

M B-Effect
& I-Effect
T I-Effect
derives I-Effect
about I-Effect
two I-Effect
thirds I-Effect
of I-Effect
its I-Effect
income I-Effect
from I-Effect
net I-Effect
interest I-Effect
income I-Effect
, O
and O
with B-Cause
the I-Cause
bank I-Cause
's I-Cause
cheaper I-Cause
deposit I-Cause
base I-Cause
, I-Cause
it I-Cause
is I-Cause
more I-Cause
sensitive I-Cause
to I-Cause
movements I-Cause
in I-Cause
interest I-Cause
rates I-Cause
. O

Ultimately O
, O
we O
believe O
the O
value O
offered O
by O
its B-Cause
solutions I-Cause
and I-Cause
partnerships I-Cause
with O
the O
likes O
of O
Sensia O
and O
PTC O
, O
combined O
with O
inorganic O
opportunities O
, O
should O
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
remain I-Effect
a I-Effect
top I-Effect
player I-Effect
in I-Effect
the I-Effect
growing I-Effect
automation I-Effect
industry I-Effect
. O

We O
view O
Tenneco B-Cause
's I-Cause
diverse I-Cause
, I-Cause
well-established I-Cause
, I-Cause
long-term I-Cause
, I-Cause
highly I-Cause
integrated I-Cause
customer I-Cause
relations I-Cause
supplying I-Cause
hundreds I-Cause
of I-Cause
vehicle I-Cause
programs I-Cause
as I-Cause
providing I-Cause
an I-Cause
invaluable I-Cause
barrier I-Cause
to I-Cause
entry I-Cause
, O
substantially B-Effect
hindering I-Effect
competitors I-Effect
' I-Effect
encroachment I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
top I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

The B-Cause
position I-Cause
it I-Cause
forged I-Cause
as I-Cause
a I-Cause
trusted I-Cause
supplier I-Cause
through I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
governments I-Cause
allow I-Cause
it I-Cause
, I-Cause
and I-Cause
other I-Cause
large I-Cause
incumbents I-Cause
, I-Cause
to I-Cause
identify I-Cause
emerging I-Cause
trends I-Cause
and I-Cause
opportunities I-Cause
in I-Cause
the I-Cause
defense I-Cause
market. O
This O
insight O
affords B-Effect
the I-Effect
firm I-Effect
the I-Effect
ability I-Effect
to I-Effect
fund I-Effect
early I-Effect
stage I-Effect
research I-Effect
into I-Effect
next-generation I-Effect
technologies I-Effect
that I-Effect
is I-Effect
further I-Effect
developed I-Effect
with I-Effect
customer I-Effect
funding I-Effect
. O

We O
contend O
that O
the B-Cause
chain I-Cause
's I-Cause
rapidly I-Cause
changing I-Cause
product I-Cause
assortment I-Cause
encourages B-Effect
repeat I-Effect
customer I-Effect
visits I-Effect
while I-Effect
reducing B-Effect
the I-Effect
risk I-Effect
of I-Effect
potential I-Effect
fashion I-Effect
trend- I-Effect
or I-Effect
weather-related I-Effect
missteps I-Effect
( O
as O
the B-Cause
assortment I-Cause
quickly I-Cause
turns I-Cause
over I-Cause
and I-Cause
Burlington I-Cause
buys I-Cause
inventory I-Cause
year-round I-Cause
) O
. O

The B-Cause
commitment I-Cause
to I-Cause
better I-Cause
merchandising I-Cause
and I-Cause
an I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
has O
led O
the O
firm O
to O
achieve B-Effect
operating I-Effect
margins I-Effect
and I-Effect
adjusted I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
excluding I-Effect
goodwill I-Effect
, I-Effect
of I-Effect
14.4 I-Effect
% I-Effect
and I-Effect
34 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
in I-Effect
2019 I-Effect
. O

With O
appeal B-Cause
to I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
consumers I-Cause
, O
we O
anticipate O
the B-Effect
concept I-Effect
should I-Effect
translate I-Effect
well I-Effect
to I-Effect
new I-Effect
markets I-Effect
as O
the B-Cause
chain I-Cause
grows I-Cause
toward I-Cause
its I-Cause
2,500-unit I-Cause
target I-Cause
( O
from O
900 O
at O
the O
end O
of O
fiscal O
2019 O
) O
. O

InterContinental B-Cause
's I-Cause
unit I-Cause
growth I-Cause
is I-Cause
lowered I-Cause
by I-Cause
the I-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
brand I-Cause
quality I-Cause
, O
which O
leads O
to O
annual B-Effect
closures I-Effect
of I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
of I-Effect
its I-Effect
existing I-Effect
rooms I-Effect
. O

Intermodal O
was O
already O
grappling O
with O
heavy O
competition O
from O
the O
trucking O
sector O
over O
the O
past O
year O
, O
and O
that O
has B-Effect
worsened I-Effect
on B-Cause
the I-Cause
back I-Cause
of I-Cause
persistently I-Cause
low I-Cause
truckload I-Cause
rates I-Cause
thus I-Cause
far I-Cause
in I-Cause
2020 I-Cause
. O

Even B-Cause
after I-Cause
the I-Cause
improvement I-Cause
in I-Cause
operations I-Cause
since I-Cause
emerging I-Cause
from I-Cause
bankruptcy I-Cause
in I-Cause
2009 I-Cause
, I-Cause
high I-Cause
feed I-Cause
costs I-Cause
led I-Cause
to I-Cause
an I-Cause
operating I-Cause
loss I-Cause
in I-Cause
2011 I-Cause
, I-Cause
with I-Cause
the I-Cause
company I-Cause
reporting I-Cause
an I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
of I-Cause
negative I-Cause
4.6 I-Cause
% I-Cause
. O
As O
such O
, O
while B-Effect
we I-Effect
forecast I-Effect
an I-Effect
average I-Effect
of I-Effect
12 I-Effect
% I-Effect
ROICs I-Effect
on I-Effect
average I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
the I-Effect
actual I-Effect
results I-Effect
reported I-Effect
will I-Effect
probably I-Effect
be I-Effect
more I-Effect
volatile I-Effect
. O

As O
with O
most O
exploration O
and O
production 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 B-Effect
Hess I-Effect
' 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

Rituxan O
remains O
the O
standard O
of O
care O
in O
several O
forms O
of O
hematological O
cancer O
, O
but O
Gazyva O
's O
superior B-Cause
data I-Cause
in I-Cause
leukemia I-Cause
and O
certain B-Cause
forms I-Cause
of I-Cause
lymphoma I-Cause
, O
as O
well O
as O
potential B-Cause
in I-Cause
lupus I-Cause
, O
should O
help B-Effect
counter I-Effect
this I-Effect
threat I-Effect
to I-Effect
the I-Effect
profit I-Effect
share I-Effect
. O

Lowe O
's O
profitability O
has O
already O
begun O
to O
benefit O
from O
institutionalized B-Cause
processes I-Cause
that I-Cause
were I-Cause
previously I-Cause
inefficient I-Cause
, O
including O
labor O
management O
, O
reset O
efforts O
, O
and O
inventory O
controls O
, O
helping O
squeeze B-Effect
additional I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
out I-Effect
of I-Effect
the I-Effect
business I-Effect
ahead I-Effect
. I-Effect

The B-Cause
more I-Cause
Aptiv I-Cause
adds I-Cause
business I-Cause
based I-Cause
on I-Cause
algorithmic I-Cause
technology I-Cause
, I-Cause
the I-Cause
less I-Cause
capital-intense I-Cause
the I-Cause
company I-Cause
can I-Cause
become. O
Consequently O
, O
we O
expect O
Aptiv B-Effect
's I-Effect
operating I-Effect
leverage I-Effect
to I-Effect
slowly I-Effect
but I-Effect
steadily I-Effect
become I-Effect
less I-Effect
dependent I-Effect
on I-Effect
volume I-Effect
and I-Effect
operating I-Effect
leverage I-Effect
, I-Effect
relative I-Effect
to I-Effect
other I-Effect
auto I-Effect
parts I-Effect
suppliers I-Effect
whose I-Effect
products I-Effect
do I-Effect
not I-Effect
depend I-Effect
on I-Effect
software I-Effect
development I-Effect
. O

Fourth O
, O
Mattel B-Effect
remains I-Effect
exposed I-Effect
to I-Effect
input I-Effect
costs I-Effect
like I-Effect
resins I-Effect
, O
which O
are O
difficult B-Cause
to I-Cause
predict I-Cause
and I-Cause
hard I-Cause
to I-Cause
hedge I-Cause
and I-Cause
can I-Cause
affect I-Cause
gross I-Cause
margin I-Cause
. O

The O
firm O
could O
also O
see O
lower B-Effect
costs I-Effect
from O
an B-Cause
improved I-Cause
supply I-Cause
chain I-Cause
and I-Cause
distribution I-Cause
network I-Cause
( I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
direct I-Cause
sourcing I-Cause
and I-Cause
furniture I-Cause
delivery I-Cause
operations I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
higher I-Cause
productivity I-Cause
of I-Cause
its I-Cause
store I-Cause
fleet I-Cause
( I-Cause
as I-Cause
underperforming I-Cause
locations I-Cause
close I-Cause
) I-Cause
. O

Flash B-Cause
technology I-Cause
, I-Cause
specifically I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
solid-state I-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
, I-Cause
have I-Cause
performance I-Cause
improvements I-Cause
over I-Cause
HDDs I-Cause
that O
have O
resulted O
in O
an B-Effect
ongoing I-Effect
shift I-Effect
toward I-Effect
SSDs I-Effect
for I-Effect
mass I-Effect
storage I-Effect
needs I-Effect
in I-Effect
PCs I-Effect
and I-Effect
servers I-Effect
. O

From O
a O
fundamental O
standpoint O
, O
near-term B-Effect
profitability I-Effect
remains I-Effect
strong I-Effect
, O
as O
pandemic-induced B-Cause
distortions I-Cause
have I-Cause
facilitated B-Effect
reductions I-Effect
in I-Effect
advertising I-Effect
and I-Effect
other I-Effect
corporate I-Effect
expenses I-Effect
. O

With O
Splunk B-Cause
pursuing I-Cause
a I-Cause
shift I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
it B-Effect
will I-Effect
be I-Effect
easier I-Effect
to I-Effect
leverage I-Effect
this I-Effect
cross-selling I-Effect
opportunity I-Effect
and I-Effect
expand I-Effect
Splunk I-Effect
's I-Effect
footprint I-Effect
within I-Effect
different I-Effect
businesses I-Effect
. O

Emission O
solutions O
continue O
to O
reduce O
diesel O
emissions O
, O
battery O
electric O
is O
a O
viable O
solution O
for O
regional-haul O
operations O
, O
and O
fuel B-Effect
cells I-Effect
have I-Effect
the I-Effect
potential I-Effect
to I-Effect
power I-Effect
long-haul I-Effect
operations I-Effect
; O
which O
may O
limit B-Cause
the I-Cause
adoption I-Cause
of I-Cause
LNG I-Cause
trucks I-Cause
, O
particularly O
outside O
of O
Europe O
. O

When O
fuel B-Cause
prices I-Cause
increase I-Cause
, O
surcharges B-Effect
increase I-Effect
, I-Effect
albeit I-Effect
with I-Effect
a I-Effect
few I-Effect
weeks I-Effect
' I-Effect
delay I-Effect
between I-Effect
the I-Effect
rise I-Effect
in I-Effect
prices I-Effect
and I-Effect
surcharge I-Effect
implementation I-Effect
. O

Current O
and O
planned O
capacity O
is O
primarily O
in O
solar O
, O
but O
Total B-Cause
is I-Cause
pushing I-Cause
further I-Cause
into I-Cause
floating I-Cause
offshore I-Cause
wind I-Cause
, O
which O
should O
drive B-Effect
growth I-Effect
beyond I-Effect
2025 I-Effect
and I-Effect
where I-Effect
it I-Effect
can I-Effect
leverage I-Effect
offshore I-Effect
capabilities I-Effect
from I-Effect
its I-Effect
oil I-Effect
and I-Effect
gas I-Effect
operations I-Effect
. O

We O
're O
anticipating O
a B-Effect
minor I-Effect
step I-Effect
up I-Effect
in I-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
, O
as O
the B-Cause
company I-Cause
increases I-Cause
missile I-Cause
production I-Cause
capacity I-Cause
. O

We O
now O
forecast O
RH B-Cause
's I-Cause
terminal I-Cause
operating I-Cause
margin I-Cause
at I-Cause
22.2 I-Cause
% I-Cause
( I-Cause
21.6 I-Cause
% I-Cause
prior I-Cause
) I-Cause
, O
reflecting O
the B-Effect
increasing I-Effect
possibility I-Effect
that I-Effect
the I-Effect
company I-Effect
's I-Effect
evolution I-Effect
to I-Effect
an I-Effect
integrated I-Effect
luxury I-Effect
brand I-Effect
could I-Effect
offer I-Effect
the I-Effect
ability I-Effect
to I-Effect
tap I-Effect
into I-Effect
a I-Effect
larger I-Effect
total I-Effect
addressable I-Effect
market I-Effect
, I-Effect
rather I-Effect
than I-Effect
solely I-Effect
a I-Effect
furniture-seeking I-Effect
cohort I-Effect
. O

Additionally O
, O
a B-Cause
meaningful I-Cause
reduction I-Cause
in I-Cause
the I-Cause
world I-Cause
's I-Cause
oil I-Cause
consumption I-Cause
will I-Cause
likely I-Cause
take I-Cause
decades I-Cause
to I-Cause
achieve I-Cause
, O
giving O
CME B-Effect
plenty I-Effect
of I-Effect
time I-Effect
to I-Effect
adapt I-Effect
and I-Effect
grow I-Effect
its I-Effect
other I-Effect
product I-Effect
lines I-Effect
. O

The B-Cause
company I-Cause
finds I-Cause
a I-Cause
receptive I-Cause
audience I-Cause
with I-Cause
large I-Cause
pharma I-Cause
clients I-Cause
, I-Cause
which I-Cause
see I-Cause
sizable I-Cause
benefits I-Cause
in I-Cause
the I-Cause
simplified I-Cause
procurement I-Cause
process I-Cause
Thermo I-Cause
Fisher I-Cause
offers. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
's I-Effect
penetration I-Effect
and I-Effect
entrenchment I-Effect
within I-Effect
the I-Effect
pharma I-Effect
end I-Effect
market I-Effect
( I-Effect
switching I-Effect
costs I-Effect
) I-Effect
are I-Effect
expanding I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
to I-Effect
continue I-Effect
. O

International B-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
on I-Effect
existing I-Effect
towers I-Effect
averaged I-Effect
about I-Effect
10 I-Effect
% I-Effect
annually I-Effect
over O
the O
five O
years O
preceding O
2020 O
, O
when O
it O
dipped O
to O
7.3 O
% O
due O
in O
part O
to O
COVID-19-induced B-Cause
carrier I-Cause
spending I-Cause
slowdowns I-Cause
. O

Effectively O
, O
franchisees B-Effect
get I-Effect
young I-Effect
technicians I-Effect
hooked I-Effect
on I-Effect
Snap-on I-Effect
by O
making O
them O
reliant B-Cause
on I-Cause
credit I-Cause
while O
providing B-Cause
exceptional I-Cause
service I-Cause
that I-Cause
includes I-Cause
same-day I-Cause
warranty I-Cause
replacements I-Cause
. O

In O
the O
2023 O
to O
2025 O
time O
period O
, O
we O
think O
the B-Cause
company I-Cause
can I-Cause
eke I-Cause
out I-Cause
incremental I-Cause
improvement I-Cause
as O
it O
further O
rationalizes B-Effect
its I-Effect
manufacturing I-Effect
assets I-Effect
. O

Perpetual B-Cause
deals I-Cause
can I-Cause
get I-Cause
pushed I-Cause
out I-Cause
or I-Cause
pulled I-Cause
in I-Cause
within I-Cause
a I-Cause
year I-Cause
and O
can O
have B-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
quarterly I-Effect
results I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
direct-to-consumer I-Cause
plans I-Cause
around I-Cause
HBO I-Cause
Max I-Cause
are I-Cause
gaining I-Cause
momentum I-Cause
, O
which O
should O
nicely B-Effect
augment I-Effect
and I-Effect
eventually I-Effect
supplant I-Effect
traditional I-Effect
distribution I-Effect
mechanisms I-Effect
. O

For O
reference O
, O
we B-Effect
utilize I-Effect
2019 I-Effect
metrics I-Effect
given O
the B-Cause
lack I-Cause
of I-Cause
comparability I-Cause
the I-Cause
2020 I-Cause
fiscal I-Cause
year I-Cause
offers I-Cause
due I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
. O

Finally O
, O
we O
anticipate O
a B-Cause
steadier I-Cause
long-term I-Cause
macroeconomic I-Cause
environment I-Cause
supporting O
demand B-Effect
for I-Effect
fuses I-Effect
, I-Effect
relays I-Effect
, I-Effect
and I-Effect
custom I-Effect
products I-Effect
in I-Effect
the I-Effect
industrial I-Effect
segment I-Effect
. O

Our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
includes I-Effect
a I-Effect
$ I-Effect
7.25 I-Effect
per I-Effect
share I-Effect
deduction I-Effect
to O
account B-Cause
for I-Cause
our I-Cause
estimate I-Cause
of I-Cause
future I-Cause
claims I-Cause
that I-Cause
Edison I-Cause
will I-Cause
have I-Cause
to I-Cause
pay I-Cause
out I-Cause
to I-Cause
victims I-Cause
of I-Cause
the I-Cause
2017-18 I-Cause
wildfires I-Cause
and I-Cause
mudslides I-Cause
, I-Cause
net I-Cause
of I-Cause
tax I-Cause
and I-Cause
insurance I-Cause
recoveries I-Cause
. O

A B-Cause
decade I-Cause
of I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
corrugated I-Cause
packaging I-Cause
industry I-Cause
has O
allowed O
WestRock B-Cause
and I-Cause
its I-Cause
peers I-Cause
to I-Cause
push I-Cause
more I-Cause
aggressively I-Cause
on I-Cause
prices I-Cause
, O
resulting O
in O
a B-Effect
period I-Effect
of I-Effect
higher I-Effect
margins I-Effect
. O

Altogether O
, O
this B-Cause
gives I-Cause
Zions I-Cause
a I-Cause
cheaper I-Cause
deposit I-Cause
base I-Cause
to I-Cause
fund I-Cause
earning I-Cause
assets I-Cause
and O
has O
led B-Effect
to I-Effect
above-average I-Effect
net I-Effect
interest I-Effect
margin I-Effect
expansion I-Effect
. O

With O
COVID-19 B-Cause
exacerbating I-Cause
social I-Cause
and I-Cause
economic I-Cause
tensions I-Cause
, O
it B-Effect
is I-Effect
not I-Effect
implausible I-Effect
that I-Effect
disruption I-Effect
could I-Effect
break I-Effect
out I-Effect
in I-Effect
some I-Effect
of I-Effect
its I-Effect
operating I-Effect
countries I-Effect
in I-Effect
the I-Effect
months I-Effect
ahead I-Effect
. O

In O
the O
second O
half O
of O
2016 O
, O
ON B-Cause
Semiconductor I-Cause
purchased I-Cause
Fairchild I-Cause
Semiconductors I-Cause
, O
which O
significantly O
increased B-Effect
the I-Effect
firm I-Effect
's I-Effect
discrete I-Effect
semiconductor I-Effect
sales I-Effect
, O
boosting O
its O
position O
in O
voltage O
regulators O
and O
IGBT O
power O
transistors O
, O
for O
example O
, O
and O
making B-Effect
it I-Effect
the I-Effect
number-two I-Effect
player I-Effect
in I-Effect
the I-Effect
discrete I-Effect
market I-Effect
behind I-Effect
Infineon I-Effect
. O

As O
artificial B-Cause
intelligence I-Cause
progresses I-Cause
, O
we O
expect O
Lam B-Cause
and I-Cause
its I-Cause
peers I-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
optimize I-Cause
chamber I-Cause
, I-Cause
tool I-Cause
, I-Cause
and I-Cause
fleet I-Cause
performance I-Cause
leading O
to O
less B-Effect
variability I-Effect
, I-Effect
higher I-Effect
yields I-Effect
, I-Effect
and I-Effect
thus I-Effect
more I-Effect
value I-Effect
for I-Effect
the I-Effect
customer I-Effect
. O

We O
also O
expect O
comp B-Effect
growth I-Effect
to I-Effect
come I-Effect
through O
new B-Cause
menu I-Cause
items I-Cause
and I-Cause
daypart I-Cause
expansion I-Cause
, I-Cause
delivery I-Cause
( I-Cause
aided I-Cause
by I-Cause
a I-Cause
second I-Cause
make-line I-Cause
for I-Cause
digital I-Cause
ordering I-Cause
at I-Cause
many I-Cause
locations 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
" I-Cause
Chipotlane 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
pickup I-Cause
window I-Cause
locations I-Cause
and I-Cause
other I-Cause
alternative I-Cause
restaurant I-Cause
formats I-Cause
( I-Cause
which I-Cause
should I-Cause
allow I-Cause
for I-Cause
unit I-Cause
growth I-Cause
acceleration I-Cause
in I-Cause
later I-Cause
years I-Cause
) I-Cause
, I-Cause
and I-Cause
employee I-Cause
investments I-Cause
. O

As O
a B-Cause
diversified I-Cause
industrial I-Cause
company I-Cause
, O
Crane B-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
overall I-Effect
health I-Effect
of I-Effect
the I-Effect
global I-Effect
economy I-Effect
, O
including O
a O
potential O
slowdown O
in O
industrial O
production O
and O
GDP O
growth O
as O
well O
as O
cyclicality O
in O
its O
end O
markets O
. O

Further O
, O
directors B-Cause
, I-Cause
executives I-Cause
, I-Cause
and I-Cause
5 I-Cause
% I-Cause
-plus I-Cause
stockholders I-Cause
combined I-Cause
have I-Cause
58.8 I-Cause
% I-Cause
voting I-Cause
control I-Cause
, I-Cause
as I-Cause
of I-Cause
December I-Cause
2020 I-Cause
, O
which O
could O
hinder O
the B-Effect
ability I-Effect
of I-Effect
individual I-Effect
shareholders I-Effect
to I-Effect
effect I-Effect
operational I-Effect
change I-Effect
. O

Switching O
would O
require O
substantial O
effort O
in O
redesigning O
the O
aircraft O
to O
accommodate O
the O
new O
product O
, O
production O
delays O
for O
recertification O
, O
updated O
maintenance O
procedures O
, O
and O
since O
many B-Cause
non-engine I-Cause
components I-Cause
of I-Cause
aircraft I-Cause
are I-Cause
not I-Cause
material I-Cause
relative I-Cause
to I-Cause
the I-Cause
multi-million I-Cause
dollar I-Cause
aircraft I-Cause
, O
would O
not O
render B-Effect
material I-Effect
cost I-Effect
savings I-Effect
relative I-Effect
to I-Effect
the I-Effect
aircraft I-Effect
. O

Successful B-Effect
commercialization I-Effect
of I-Effect
diabetes I-Effect
products I-Effect
also O
requires O
a B-Cause
strong I-Cause
sales I-Cause
presence I-Cause
, O
such O
as O
Novo O
's O
15,000-plus O
sales O
employees O
scattered O
across O
the O
globe O
. O

Nevertheless O
, O
the B-Cause
current I-Cause
entity I-Cause
combines I-Cause
the I-Cause
heft I-Cause
of I-Cause
Cott I-Cause
's I-Cause
former I-Cause
water I-Cause
subsidiaries I-Cause
with I-Cause
the I-Cause
legacy I-Cause
Primo I-Cause
business I-Cause
, O
and O
as O
a B-Cause
pure-play I-Cause
water I-Cause
provider I-Cause
, O
we O
expect O
a B-Effect
more I-Effect
robust I-Effect
top-line I-Effect
trajectory I-Effect
and I-Effect
a I-Effect
structurally I-Effect
improved I-Effect
margin I-Effect
profile I-Effect
. O

We O
expect O
pressure B-Effect
on I-Effect
premiums I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
the B-Cause
decline I-Cause
in I-Cause
commercial I-Cause
activity I-Cause
but I-Cause
expect I-Cause
pricing I-Cause
increases I-Cause
and I-Cause
a I-Cause
firmer I-Cause
market I-Cause
to I-Cause
result I-Cause
in I-Cause
solid I-Cause
growth I-Cause
over I-Cause
time I-Cause
. O

Brand B-Cause
recognition I-Cause
in I-Cause
this I-Cause
population I-Cause
along I-Cause
with I-Cause
a I-Cause
low-priced I-Cause
offering I-Cause
has O
helped B-Effect
Centene I-Effect
build I-Effect
the I-Effect
leading I-Effect
market I-Effect
share I-Effect
on I-Effect
the I-Effect
individual I-Effect
exchanges I-Effect
. O

As O
the B-Cause
ECR I-Cause
segment I-Cause
had I-Cause
high I-Cause
exposure I-Cause
to I-Cause
volatile I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
, O
and O
its O
operating O
margins O
have O
long O
lagged O
those O
of O
the O
remaining O
two O
segments O
, O
we O
think O
the B-Effect
divestment I-Effect
will I-Effect
lower I-Effect
the I-Effect
risk I-Effect
and I-Effect
boost I-Effect
the I-Effect
margins I-Effect
of I-Effect
Jacobs I-Effect
' I-Effect
portfolio I-Effect
. O

We O
view O
Lockheed B-Effect
Martin I-Effect
as I-Effect
the I-Effect
highest-quality I-Effect
defense I-Effect
prime I-Effect
contractor I-Effect
, O
due O
to O
its B-Cause
exposure I-Cause
as I-Cause
the I-Cause
prime I-Cause
contractor I-Cause
on I-Cause
the I-Cause
F-35 I-Cause
program I-Cause
and I-Cause
its I-Cause
missile I-Cause
business I-Cause
. O

Customers B-Effect
are I-Effect
generally I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
FPGA I-Effect
vendors I-Effect
, O
which O
would O
require B-Cause
their I-Cause
engineers I-Cause
to I-Cause
learn I-Cause
new I-Cause
software I-Cause
and I-Cause
design I-Cause
tools I-Cause
. O

With B-Cause
more I-Cause
ads I-Cause
, I-Cause
Criteo I-Cause
gathered I-Cause
more I-Cause
data I-Cause
which O
the O
firm O
utilized O
to O
make O
its O
display O
ads O
more O
effective O
, O
creating B-Effect
value I-Effect
for I-Effect
clients I-Effect
and I-Effect
helping I-Effect
to I-Effect
bring I-Effect
in I-Effect
more I-Effect
clients I-Effect
and I-Effect
campaigns I-Effect
. O

However O
, O
Range B-Cause
is I-Cause
still I-Cause
not I-Cause
generating I-Cause
free I-Cause
cash I-Cause
flow I-Cause
by O
our O
estimates O
, O
which O
means O
the B-Effect
firm I-Effect
needs I-Effect
higher I-Effect
prices I-Effect
to I-Effect
generate I-Effect
free I-Effect
cash I-Effect
flows I-Effect
and I-Effect
earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

The O
most O
pressing O
risk O
US O
Foods O
faces O
is O
the O
pandemic B-Cause
, O
which O
had O
a O
significant B-Effect
impact I-Effect
on I-Effect
2020 I-Effect
results I-Effect
, O
including O
an O
21 O
% O
drop O
in O
organic O
sales O
, O
and O
a O
230-basis-point O
contraction O
in O
adjusted O
operating O
margins O
to O
0.9 O
% O
. O

We O
think O
PFG B-Cause
's I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
( I-Cause
most I-Cause
likely I-Cause
after I-Cause
the I-Cause
dissemination I-Cause
of I-Cause
vaccines I-Cause
in I-Cause
2021 I-Cause
) I-Cause
, O
should O
return B-Effect
PFG I-Effect
' I-Effect
organic I-Effect
revenue I-Effect
to I-Effect
prepandemic I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
. O

In O
our O
base O
case O
, O
we O
assume O
short-term B-Cause
rent I-Cause
growth I-Cause
and I-Cause
re-leasing I-Cause
spreads I-Cause
decline I-Cause
due I-Cause
to I-Cause
challenges I-Cause
arising I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
significant I-Cause
Class I-Cause
A I-Cause
supply I-Cause
additions I-Cause
in I-Cause
Manhattan I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years. O
This O
is O
reflected O
in O
weak B-Effect
rental I-Effect
growth I-Effect
, I-Effect
before I-Effect
the I-Effect
market I-Effect
ultimately I-Effect
recovers I-Effect
and I-Effect
eventually I-Effect
settles I-Effect
at I-Effect
contractual I-Effect
growth I-Effect
of I-Effect
just I-Effect
under I-Effect
2 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
. O

We O
continue O
to O
expect O
uneven B-Effect
near-term I-Effect
industry I-Effect
guest I-Effect
traffic I-Effect
volatility I-Effect
as O
consumers B-Cause
adjust I-Cause
to I-Cause
restaurant I-Cause
operating I-Cause
changes I-Cause
, I-Cause
a I-Cause
reduction I-Cause
in I-Cause
government I-Cause
assistance I-Cause
, I-Cause
and I-Cause
the I-Cause
return I-Cause
of I-Cause
COVID-19-containment I-Cause
restrictions I-Cause
. O

We O
believe O
that O
cybersecurity B-Effect
threats I-Effect
should I-Effect
perpetually I-Effect
increase I-Effect
while I-Effect
becoming I-Effect
further I-Effect
sophisticated I-Effect
, O
as O
more B-Cause
data I-Cause
is I-Cause
created I-Cause
and I-Cause
dispersed I-Cause
away I-Cause
from I-Cause
centralized I-Cause
data I-Cause
centers I-Cause
. O

The B-Effect
proposed I-Effect
Labor I-Effect
Party I-Effect
changes I-Effect
to I-Effect
the I-Effect
favourable I-Effect
taxation I-Effect
of I-Effect
property I-Effect
, I-Effect
which I-Effect
would I-Effect
likely I-Effect
have I-Effect
impacted I-Effect
demand I-Effect
for I-Effect
property I-Effect
investment I-Effect
and I-Effect
property I-Effect
prices I-Effect
, I-Effect
were I-Effect
shelved I-Effect
when O
Labor B-Cause
surprisingly I-Cause
lost I-Cause
the I-Cause
May I-Cause
2019 I-Cause
Federal I-Cause
election I-Cause
. O

In O
addition O
, O
with O
the B-Cause
FTTP I-Cause
buildout I-Cause
now I-Cause
nearing I-Cause
completion I-Cause
( O
it O
wo O
n't O
be O
economical O
to O
build O
fiber O
over O
100 O
% O
of O
its O
footprint O
) O
, O
Telus O
will O
be O
able O
to O
significantly B-Effect
reduce I-Effect
its I-Effect
wireline I-Effect
capital I-Effect
spending I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

Even O
for O
categories O
not O
facing O
these O
headwinds O
( O
such O
as O
yogurt O
) O
, O
General B-Effect
Mills I-Effect
' I-Effect
Yoplait I-Effect
brand I-Effect
has I-Effect
lost I-Effect
significant I-Effect
share I-Effect
as O
it B-Cause
was I-Cause
late I-Cause
to I-Cause
respond I-Cause
to I-Cause
the I-Cause
shift I-Cause
to I-Cause
Greek I-Cause
yogurt I-Cause
, O
although O
now O
this O
trend O
is O
reversing O
and O
General O
Mills O
' O
share O
in O
yogurt O
has O
stabilized O
. O

It B-Cause
also I-Cause
gives I-Cause
its I-Cause
customers I-Cause
suggestions I-Cause
and I-Cause
solutions I-Cause
on I-Cause
the I-Cause
best I-Cause
way I-Cause
to I-Cause
operate I-Cause
the I-Cause
machinery I-Cause
efficiently. O
As O
a O
result O
, O
Komatsu B-Effect
was I-Effect
named I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
Lowest I-Effect
Cost I-Effect
of I-Effect
Ownership I-Effect
Award I-Effect
2018 I-Effect
winners I-Effect
by I-Effect
EquipmentWatch I-Effect
along I-Effect
with I-Effect
Caterpillar I-Effect
and I-Effect
Deere I-Effect
, I-Effect
based I-Effect
on I-Effect
its I-Effect
calculations I-Effect
on I-Effect
the I-Effect
five-year I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
of I-Effect
different I-Effect
models I-Effect
across I-Effect
the I-Effect
different I-Effect
heavy I-Effect
construction I-Effect
equipment I-Effect
types I-Effect
. O

Brand B-Effect
loyalty I-Effect
in I-Effect
some I-Effect
cases I-Effect
stretches I-Effect
back I-Effect
for I-Effect
multiple I-Effect
generations I-Effect
as O
farmers B-Cause
often I-Cause
call I-Cause
themselves I-Cause
'green I-Cause
' I-Cause
or I-Cause
'red I-Cause
' I-Cause
farm I-Cause
equipment I-Cause
owners I-Cause
. O

Whether O
for O
reasons O
real O
or O
perceived O
, O
consumption B-Effect
has I-Effect
been I-Effect
shifting I-Effect
to I-Effect
the I-Effect
higher-end I-Effect
of I-Effect
the I-Effect
beer I-Effect
category I-Effect
( O
with O
the O
low O
end O
declining O
at O
a O
low O
single O
digit O
rate O
) O
, O
particularly O
as O
per B-Cause
capita I-Cause
incomes I-Cause
have I-Cause
risen I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
vast I-Cause
financial I-Cause
flexibility I-Cause
, O
and O
balance B-Cause
sheet I-Cause
strength I-Cause
may O
lead O
to O
value-destructive B-Effect
acquisitions I-Effect
, I-Effect
such I-Effect
as I-Effect
pricey I-Effect
transactions I-Effect
executed I-Effect
in I-Effect
an I-Effect
already I-Effect
pricey I-Effect
market I-Effect
environment I-Effect
. O

Additionally O
, O
the B-Cause
incorporation I-Cause
of I-Cause
a I-Cause
variety I-Cause
of I-Cause
other I-Cause
ITOM I-Cause
features I-Cause
, I-Cause
such I-Cause
as I-Cause
IT I-Cause
Asset I-Cause
Management I-Cause
, I-Cause
in I-Cause
IT I-Cause
Business I-Cause
Management I-Cause
has O
made O
the B-Effect
company I-Effect
's I-Effect
solution I-Effect
broader I-Effect
and I-Effect
focused I-Effect
on I-Effect
solving I-Effect
business I-Effect
problems I-Effect
rather I-Effect
than I-Effect
just I-Effect
selling I-Effect
applications I-Effect
. O

We O
also O
see O
governance B-Effect
risk I-Effect
from I-Effect
the I-Effect
large I-Effect
investment I-Effect
and I-Effect
cash I-Effect
outlay I-Effect
for I-Effect
the I-Effect
Lunar I-Effect
projects I-Effect
given O
the B-Cause
uncertainty I-Cause
on I-Cause
whether I-Cause
these I-Cause
investments I-Cause
will I-Cause
create I-Cause
long-term I-Cause
value I-Cause
for I-Cause
shareholders I-Cause
. O

Consistent B-Cause
product I-Cause
and I-Cause
process I-Cause
technological I-Cause
advancement I-Cause
enables I-Cause
more I-Cause
favorable I-Cause
pricing I-Cause
relative B-Effect
to I-Effect
many I-Effect
automotive I-Effect
industry I-Effect
suppliers I-Effect
that I-Effect
lack I-Effect
the I-Effect
capability I-Effect
or I-Effect
the I-Effect
desire I-Effect
to I-Effect
innovate I-Effect
. O

We O
suspect O
that O
a B-Cause
cooling I-Cause
housing I-Cause
market I-Cause
will O
dampen B-Effect
growth I-Effect
in I-Effect
mortgages I-Effect
, O
and O
we O
anticipate O
higher B-Effect
credit I-Effect
costs I-Effect
as O
cyclical B-Cause
lows I-Cause
from I-Cause
2019 I-Cause
begin I-Cause
to I-Cause
normalize I-Cause
. O

Additionally O
, O
the B-Cause
transition I-Cause
to I-Cause
the I-Cause
cloud I-Cause
is O
prompting B-Effect
enterprises I-Effect
to I-Effect
change I-Effect
software I-Effect
vendors I-Effect
away I-Effect
from I-Effect
all-in-one I-Effect
ERP I-Effect
systems I-Effect
to I-Effect
application I-Effect
specific I-Effect
that O
are O
best O
of O
breed O
. O

We O
expect O
annual B-Effect
earnings I-Effect
growth I-Effect
at I-Effect
Georgia I-Effect
Power I-Effect
to I-Effect
accelerate I-Effect
to I-Effect
high-single I-Effect
digits I-Effect
after O
Vogtle B-Cause
is I-Cause
completed I-Cause
and I-Cause
penalty I-Cause
returns I-Cause
on I-Cause
equity I-Cause
fade I-Cause
. O

Healthpeak B-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
a I-Effect
desirable I-Effect
partner I-Effect
with I-Effect
some I-Effect
of I-Effect
the I-Effect
top I-Effect
hospitals I-Effect
, O
as O
94 B-Cause
% I-Cause
of I-Cause
its I-Cause
medical I-Cause
office I-Cause
building I-Cause
assets I-Cause
are I-Cause
affiliated I-Cause
with I-Cause
a I-Cause
health I-Cause
system I-Cause
. O

Given O
the B-Cause
substantial I-Cause
costs I-Cause
at I-Cause
failure I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
the I-Effect
military I-Effect
will I-Effect
switch I-Effect
its I-Effect
provider I-Effect
for I-Effect
missile I-Effect
defense I-Effect
systems I-Effect
any I-Effect
day I-Effect
soon I-Effect
. O

Following O
Wesco O
's O
third-quarter O
results O
, O
we O
increased O
our O
fair O
value O
estimate O
10 O
% O
to O
$ O
100 O
per O
share O
primarily O
due O
to O
our O
upwardly B-Cause
revised I-Cause
cost I-Cause
synergy I-Cause
assumptions O
but O
also O
lower B-Effect
share I-Effect
count I-Effect
. O

Department B-Cause
of I-Cause
Justice I-Cause
wrapped I-Cause
up I-Cause
its I-Cause
investigation I-Cause
into I-Cause
off-label I-Cause
use I-Cause
of I-Cause
the I-Cause
Infuse I-Cause
product I-Cause
without I-Cause
issuing I-Cause
any I-Cause
charges I-Cause
, O
the B-Effect
controversy I-Effect
around I-Effect
the I-Effect
investigation I-Effect
added I-Effect
uncertainty I-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
during I-Effect
that I-Effect
period I-Effect
. O

During B-Effect
periods I-Effect
of I-Effect
rapid I-Effect
fuel I-Effect
price I-Effect
increases I-Effect
, I-Effect
truckload I-Effect
carriers I-Effect
often I-Effect
see I-Effect
modest I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
because O
of O
the B-Cause
time I-Cause
lag I-Cause
associated I-Cause
with I-Cause
adjusting I-Cause
fuel I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
grant I-Cause
PSE I-Cause
& I-Cause
amp I-Cause
; I-Cause
G I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow O
it O
to O
earn B-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
distribution I-Effect
networks I-Effect
. O

However O
, O
the B-Effect
cyclical I-Effect
supply I-Effect
and I-Effect
demand I-Effect
nature I-Effect
of I-Effect
commodities I-Effect
and I-Effect
related I-Effect
pricing I-Effect
can I-Effect
have I-Effect
an I-Effect
indirect I-Effect
impact I-Effect
on I-Effect
the I-Effect
business I-Effect
as O
shippers B-Cause
may I-Cause
choose I-Cause
to I-Cause
accelerate I-Cause
or I-Cause
delay I-Cause
certain I-Cause
projects I-Cause
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
typically I-Cause
grant I-Cause
regulated I-Cause
utilities I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow O
the B-Effect
utilities I-Effect
to I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
of I-Effect
the I-Effect
capital I-Effect
they I-Effect
invest I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
their I-Effect
distribution I-Effect
networks I-Effect
. I-Effect

The B-Effect
business I-Effect
is I-Effect
technology I-Effect
intensive I-Effect
as O
payment B-Cause
acceptance I-Cause
products I-Cause
have I-Cause
to I-Cause
immediately I-Cause
analyze I-Cause
a I-Cause
variety I-Cause
of I-Cause
different I-Cause
coins I-Cause
and I-Cause
bills I-Cause
( I-Cause
including I-Cause
different I-Cause
currencies I-Cause
, I-Cause
denominations I-Cause
, I-Cause
and I-Cause
designs I-Cause
) I-Cause
and I-Cause
maintain I-Cause
a I-Cause
high I-Cause
fraud I-Cause
detection I-Cause
rate I-Cause
. O

We O
also O
see O
this B-Cause
industry I-Cause
as I-Cause
being I-Cause
exposed I-Cause
to I-Cause
shifts I-Cause
in I-Cause
government I-Cause
policy I-Cause
that O
could O
either B-Effect
hurt I-Effect
or I-Effect
help I-Effect
the I-Effect
company I-Effect
. O

Firms B-Cause
such I-Cause
as I-Cause
Jones I-Cause
Lang I-Cause
LaSalle I-Cause
increasingly I-Cause
bundle I-Cause
services I-Cause
to I-Cause
provide I-Cause
a I-Cause
consolidated I-Cause
suite I-Cause
of I-Cause
offerings. O
This O
benefits O
JLL O
in O
that O
it O
can O
leverage B-Effect
certain I-Effect
parts I-Effect
of I-Effect
its I-Effect
business I-Effect
such I-Effect
as I-Effect
research I-Effect
and I-Effect
consulting I-Effect
, I-Effect
and I-Effect
it I-Effect
benefits I-Effect
clients I-Effect
that I-Effect
receive I-Effect
a I-Effect
more I-Effect
customized I-Effect
and I-Effect
tailored I-Effect
experience I-Effect
. O

Infineon B-Cause
also I-Cause
has I-Cause
hefty I-Cause
manufacturing I-Cause
capacity I-Cause
for I-Cause
its I-Cause
products I-Cause
, O
which O
may O
lead O
to O
a B-Effect
higher I-Effect
fixed-cost I-Effect
structure I-Effect
and O
may O
cause O
significant B-Effect
margin I-Effect
compression I-Effect
when I-Effect
supply I-Effect
far I-Effect
exceeds I-Effect
demand I-Effect
. O

Fee B-Cause
rates I-Cause
for I-Cause
the I-Cause
contracts I-Cause
are I-Cause
typically I-Cause
set I-Cause
based I-Cause
on I-Cause
independent I-Cause
analysis I-Cause
of I-Cause
similar I-Cause
assets I-Cause
at I-Cause
other I-Cause
refineries I-Cause
in I-Cause
the I-Cause
region. O
As O
a O
result O
, O
we B-Effect
see I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
averaging I-Effect
around I-Effect
10 I-Effect
% I-Effect
-11 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
including I-Effect
the I-Effect
acquisition I-Effect
of I-Effect
Andeavor I-Effect
Logistics I-Effect
) I-Effect
, I-Effect
in I-Effect
excess I-Effect
of I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Pursuit B-Effect
has I-Effect
50 I-Effect
dealers I-Effect
, O
a O
result O
of O
the B-Cause
smaller I-Cause
market I-Cause
it O
serves O
, O
and O
also O
sees B-Effect
healthy I-Effect
brand I-Effect
loyalty I-Effect
, I-Effect
with I-Effect
relationships I-Effect
averaging I-Effect
about I-Effect
12 I-Effect
years I-Effect
. O

Only B-Cause
Samsung I-Cause
, I-Cause
which I-Cause
holds I-Cause
the I-Cause
leading I-Cause
share I-Cause
of I-Cause
both I-Cause
the I-Cause
NAND I-Cause
and I-Cause
DRAM I-Cause
memory I-Cause
markets I-Cause
, O
has O
been O
able O
to O
squeak B-Effect
out I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
with I-Effect
its I-Effect
unparalleled I-Effect
scale I-Effect
. O

A O
less O
effective B-Cause
Criteo I-Cause
Engine I-Cause
will O
more O
than O
likely O
lower B-Effect
the I-Effect
firm I-Effect
's I-Effect
client I-Effect
retention I-Effect
rate I-Effect
and I-Effect
make I-Effect
it I-Effect
harder I-Effect
for I-Effect
Criteo I-Effect
to I-Effect
attract I-Effect
new I-Effect
clients I-Effect
. O

China B-Cause
Unicom I-Cause
has I-Cause
also I-Cause
made I-Cause
a I-Cause
strong I-Cause
push I-Cause
in I-Cause
mobiles I-Cause
in I-Cause
2017 I-Cause
and I-Cause
2018 I-Cause
and O
has O
helped O
lift B-Effect
competitive I-Effect
intensity I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

With O
discretionary B-Cause
services I-Cause
set I-Cause
to I-Cause
bounce I-Cause
back I-Cause
as O
the B-Cause
pandemic I-Cause
recedes I-Cause
, O
Willis B-Effect
Towers I-Effect
Watson I-Effect
could I-Effect
see I-Effect
unusually I-Effect
strong I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Compared O
with O
its O
peers O
, O
however O
, O
Omnicom B-Cause
was I-Cause
relatively I-Cause
quiet I-Cause
on I-Cause
the I-Cause
acquisition I-Cause
front I-Cause
in I-Cause
2016 I-Cause
, I-Cause
two I-Cause
years I-Cause
after I-Cause
it I-Cause
ended I-Cause
merger I-Cause
talks I-Cause
with I-Cause
Publicis I-Cause
, O
which O
would O
have O
made B-Effect
the I-Effect
combined I-Effect
company I-Effect
larger I-Effect
than I-Effect
the I-Effect
U.K. I-Effect
's I-Effect
WPP I-Effect
. O

As O
they O
are O
putting O
together O
the O
ingredients O
and O
seasoning O
the O
dish O
, O
they O
have O
to O
constantly B-Cause
taste I-Cause
the I-Cause
stew I-Cause
and I-Cause
adjust I-Cause
the I-Cause
seasoning I-Cause
and I-Cause
ingredients I-Cause
to O
create B-Effect
the I-Effect
perfect I-Effect
recipe I-Effect
. O

As O
a O
follow-on O
to O
the O
initial O
introduction O
of O
CRM O
, O
management B-Cause
introduced I-Cause
the I-Cause
Veeva I-Cause
Vault I-Cause
platform I-Cause
to O
broaden B-Effect
the I-Effect
portfolio I-Effect
that O
addresses O
the O
largely O
unmet O
needs O
of O
the O
life O
sciences O
industry O
outside O
of O
CRM O
. O

Because O
investors B-Cause
require I-Cause
this I-Cause
information I-Cause
and I-Cause
there I-Cause
are I-Cause
no I-Cause
substitutes I-Cause
, I-Cause
Nasdaq I-Cause
enjoys I-Cause
high I-Cause
switching I-Cause
costs I-Cause
, O
which O
makes B-Effect
it I-Effect
easy I-Effect
for I-Effect
it I-Effect
to I-Effect
achieve I-Effect
price I-Effect
increases I-Effect
. O

It O
has O
a B-Effect
bright I-Effect
outlook I-Effect
via I-Effect
organic I-Effect
drilling I-Effect
growth I-Effect
at I-Effect
Diamondback I-Effect
, O
which O
will O
be O
the B-Cause
operator I-Cause
on I-Cause
over I-Cause
50 I-Cause
% I-Cause
of I-Cause
Viper I-Cause
's I-Cause
acreage I-Cause
, I-Cause
and I-Cause
further I-Cause
acquisitions I-Cause
of I-Cause
acreage I-Cause
from I-Cause
private I-Cause
owners I-Cause
. O

Tax B-Cause
documents I-Cause
from I-Cause
financial I-Cause
institutions I-Cause
customers I-Cause
have I-Cause
linked I-Cause
their I-Cause
Mint I-Cause
accounts I-Cause
to I-Cause
will I-Cause
automatically I-Cause
feed I-Cause
into I-Cause
TurboTax I-Cause
if I-Cause
cleared I-Cause
by I-Cause
the I-Cause
customer I-Cause
, O
making B-Effect
TurboTax I-Effect
renewals I-Effect
more I-Effect
likely I-Effect
, O
in O
our O
view O
. O

Overall O
, O
we B-Cause
see I-Cause
significant I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
around I-Cause
these I-Cause
businesses I-Cause
, O
which O
keeps B-Effect
most I-Effect
of I-Effect
the I-Effect
injectable I-Effect
markets I-Effect
that I-Effect
Baxter I-Effect
participates I-Effect
in I-Effect
quite I-Effect
concentrated I-Effect
from I-Effect
a I-Effect
competitive I-Effect
perspective I-Effect
. O

We O
believe O
the B-Effect
combination I-Effect
of I-Effect
Azure I-Effect
, I-Effect
DBMS I-Effect
, I-Effect
Dynamics I-Effect
365 I-Effect
, I-Effect
and I-Effect
Office I-Effect
365 I-Effect
will I-Effect
drive I-Effect
above-market I-Effect
growth I-Effect
as O
CIOs B-Cause
continue I-Cause
to I-Cause
consolidate I-Cause
vendors I-Cause
. O

Here O
, O
because O
the B-Cause
city I-Cause
is I-Cause
home I-Cause
to I-Cause
China I-Cause
's I-Cause
wealthy I-Cause
and I-Cause
political I-Cause
elite I-Cause
, O
CITIC B-Effect
Prudential I-Effect
Life I-Effect
focuses I-Effect
on I-Effect
selling I-Effect
wealth I-Effect
management I-Effect
products I-Effect
as I-Effect
well I-Effect
as I-Effect
advice I-Effect
on I-Effect
legacy I-Effect
planning I-Effect
and I-Effect
intergenerational I-Effect
insurance I-Effect
solutions I-Effect
. O

After B-Cause
the I-Cause
2005 I-Cause
merger I-Cause
of I-Cause
TD I-Cause
Waterhouse I-Cause
and I-Cause
Ameritrade I-Cause
, I-Cause
Broadridge I-Cause
lost I-Cause
TD I-Cause
Waterhouse I-Cause
as I-Cause
a I-Cause
client I-Cause
because O
Ameritrade B-Effect
completed I-Effect
its I-Effect
securities I-Effect
processing I-Effect
in-house I-Effect
. I-Effect

Although O
its O
sales O
soared O
during O
the O
pandemic O
, O
we O
believe O
the B-Effect
impact I-Effect
is I-Effect
temporary I-Effect
, O
as O
growth B-Cause
in I-Cause
sporting I-Cause
goods I-Cause
retail I-Cause
has I-Cause
generally I-Cause
been I-Cause
minimal I-Cause
due I-Cause
to I-Cause
external I-Cause
competition I-Cause
. O

And O
once O
hosts O
and O
guests O
become O
aware O
of O
Airbnb O
's O
network O
they B-Effect
tend I-Effect
to I-Effect
increasingly I-Effect
stay I-Effect
on I-Effect
the I-Effect
platform I-Effect
, O
highlighting O
the B-Cause
quality I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
offering I-Cause
. O

Capri B-Effect
has I-Effect
big I-Effect
plans I-Effect
for I-Effect
Versace I-Effect
and I-Effect
Jimmy I-Effect
Choo I-Effect
, O
primarily O
based O
on O
store B-Cause
growth I-Cause
and I-Cause
expansions I-Cause
of I-Cause
their I-Cause
accessory I-Cause
businesses I-Cause
. O

Sales O
of O
materials O
processing O
equipment O
, O
at O
first O
glance O
, O
would O
appear B-Effect
to I-Effect
be I-Effect
sensitive I-Effect
to I-Effect
the I-Effect
availability I-Effect
of I-Effect
aftermarket I-Effect
service I-Effect
due O
to O
the B-Cause
significant I-Cause
maintenance I-Cause
requirements I-Cause
that I-Cause
the I-Cause
machines I-Cause
require 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 I-Effect
decline I-Effect
from I-Effect
roughly I-Effect
CHF I-Effect
20 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
to I-Effect
CHF I-Effect
4 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
due O
to O
biosimilar B-Cause
competition I-Cause
. O

The B-Effect
sector I-Effect
has I-Effect
held I-Effect
up I-Effect
well I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
( I-Effect
consistent I-Effect
with I-Effect
past I-Effect
economic I-Effect
downturns I-Effect
) I-Effect
, I-Effect
with I-Effect
a I-Effect
surge I-Effect
in I-Effect
DIY I-Effect
sales I-Effect
as O
customers B-Cause
look I-Cause
to I-Cause
save I-Cause
on I-Cause
repair I-Cause
costs I-Cause
and I-Cause
as I-Cause
many I-Cause
motorists I-Cause
remaining I-Cause
on I-Cause
the I-Cause
job I-Cause
through I-Cause
lockdowns I-Cause
are I-Cause
lower-income I-Cause
individuals I-Cause
, I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
DIY I-Cause
segment I-Cause
. O

PTC B-Effect
has I-Effect
recently I-Effect
expanded I-Effect
from I-Effect
its I-Effect
core I-Effect
CAD I-Effect
and I-Effect
PLM I-Effect
solutions I-Effect
into I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
and I-Effect
Augmented I-Effect
Reality I-Effect
( I-Effect
AR I-Effect
) I-Effect
offerings I-Effect
-- O
largely O
via O
acquisition B-Cause
. O

The B-Cause
industry I-Cause
's I-Cause
pricing I-Cause
transparency I-Cause
and I-Cause
significantly I-Cause
lower I-Cause
regulatory I-Cause
oversight I-Cause
have O
allowed O
the B-Effect
rise I-Effect
of I-Effect
competition I-Effect
from I-Effect
Internet I-Effect
retailers I-Effect
and I-Effect
equipment I-Effect
manufacturers I-Effect
, O
eroding B-Effect
most I-Effect
of I-Effect
these I-Effect
firms I-Effect
' I-Effect
switching I-Effect
costs I-Effect
and I-Effect
shifting I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

Though O
our O
outlook O
on O
Exact O
Sciences O
is O
uncertain O
, O
with O
significant O
competition O
expected O
to O
enter O
the O
early-screening O
market O
over O
the O
next O
decade O
, O
we O
think O
Exact B-Cause
's I-Cause
early I-Cause
entrant I-Cause
status I-Cause
in I-Cause
pan-cancer I-Cause
and I-Cause
Cologuard I-Cause
's I-Cause
existing I-Cause
share I-Cause
could O
help O
sustain B-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

But O
given O
that O
the B-Cause
gathering I-Cause
and I-Cause
processing I-Cause
business I-Cause
is I-Cause
asset-intensive I-Cause
and I-Cause
receives I-Cause
the I-Cause
bulk I-Cause
of I-Cause
investments I-Cause
and I-Cause
acquisitions I-Cause
, O
firm-level B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have I-Effect
averaged I-Effect
about I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, I-Effect
and I-Effect
we I-Effect
do I-Effect
n't I-Effect
expect I-Effect
returns I-Effect
to I-Effect
materially I-Effect
improve I-Effect
. O

Longtime B-Cause
seating I-Cause
firms I-Cause
such I-Cause
as I-Cause
Adient I-Cause
have I-Cause
decades I-Cause
of I-Cause
knowledge I-Cause
of I-Cause
what I-Cause
automakers I-Cause
and I-Cause
consumers I-Cause
want I-Cause
in I-Cause
a I-Cause
seat I-Cause
or I-Cause
interior I-Cause
, O
a B-Effect
helpful I-Effect
intangible I-Effect
asset I-Effect
in I-Effect
keeping I-Effect
new I-Effect
entrants I-Effect
out I-Effect
. O

While O
the O
combined O
company O
has O
an O
advantage O
over O
HDD O
competitor O
Seagate O
, O
we O
believe O
Western B-Effect
Digital I-Effect
will I-Effect
struggle I-Effect
to I-Effect
maximize I-Effect
its I-Effect
opportunities I-Effect
within I-Effect
NAND I-Effect
due O
to O
considerable B-Cause
competition I-Cause
in I-Cause
the I-Cause
space I-Cause
. O

Owing O
to O
the B-Cause
diesel I-Cause
scandal I-Cause
, O
Volkswagen B-Effect
global I-Effect
sales I-Effect
declined I-Effect
2 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
but I-Effect
have I-Effect
rebounded I-Effect
since I-Effect
, I-Effect
finishing I-Effect
2019 I-Effect
at I-Effect
nearly I-Effect
11 I-Effect
million I-Effect
. O

Overall O
, O
we O
think O
these O
dynamics B-Effect
create I-Effect
barriers I-Effect
to O
entry O
for O
new O
competitors O
in O
local O
markets O
because O
it O
is O
hard B-Cause
to I-Cause
compile I-Cause
an I-Cause
attractively I-Cause
priced I-Cause
provider I-Cause
network I-Cause
without I-Cause
a I-Cause
significant I-Cause
membership I-Cause
share I-Cause
of I-Cause
that I-Cause
caregivers I-Cause
' I-Cause
patient I-Cause
population I-Cause
. O

We O
believe O
Dunkin B-Effect
' I-Effect
can I-Effect
extend I-Effect
its I-Effect
brand I-Effect
reach I-Effect
beyond I-Effect
core I-Effect
markets I-Effect
, O
supported O
by O
solid B-Cause
franchise I-Cause
unit I-Cause
economics I-Cause
, I-Cause
national I-Cause
advertising I-Cause
efforts I-Cause
, I-Cause
and I-Cause
more I-Cause
technological-leveraged I-Cause
and I-Cause
drive-thru-focused I-Cause
restaurant I-Cause
formats I-Cause
. O

The B-Cause
participating I-Cause
companies I-Cause
relinquish I-Cause
the I-Cause
rights I-Cause
to I-Cause
their I-Cause
data I-Cause
to I-Cause
Core I-Cause
in B-Effect
exchange I-Effect
for I-Effect
the I-Effect
knowledge I-Effect
gleaned I-Effect
from I-Effect
the I-Effect
project I-Effect
. O

We O
assume O
relatively O
few B-Cause
towers I-Cause
will I-Cause
be I-Cause
built I-Cause
and I-Cause
acquired I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
contributing O
to O
a B-Effect
300-basis-point I-Effect
rise I-Effect
in I-Effect
segment I-Effect
gross I-Effect
margin I-Effect
. O

Following B-Cause
significant I-Cause
core I-Cause
sales I-Cause
declines I-Cause
across I-Cause
all I-Cause
three I-Cause
segments I-Cause
in I-Cause
2020 I-Cause
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
forecast O
an B-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
for I-Effect
the I-Effect
firm I-Effect
of I-Effect
approximately I-Effect
6.5 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
. O

If O
drugs B-Cause
or I-Cause
methods I-Cause
that I-Cause
are I-Cause
more I-Cause
effective I-Cause
for I-Cause
weight I-Cause
management I-Cause
than I-Cause
traditional I-Cause
nutrition I-Cause
and I-Cause
exercise I-Cause
are I-Cause
created I-Cause
, O
we O
think O
the B-Effect
company I-Effect
would I-Effect
lose I-Effect
significant I-Effect
business I-Effect
. O

But O
for O
Bath O
& O
amp O
; O
Body O
Works O
, O
the O
segment O
posted O
5 O
% O
same-store O
sales O
over O
the O
past O
five O
years O
, O
and O
we O
expect O
comps B-Effect
that I-Effect
rise I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
brand B-Cause
relevance I-Cause
remains I-Cause
at I-Cause
the I-Cause
segment I-Cause
. O

The B-Effect
facility I-Effect
is I-Effect
particularly I-Effect
important I-Effect
because O
of O
the B-Cause
growing I-Cause
demand I-Cause
for I-Cause
exports I-Cause
of I-Cause
refined I-Cause
products I-Cause
and I-Cause
NGLs I-Cause
, O
and O
access B-Effect
to I-Effect
five I-Effect
docks I-Effect
is I-Effect
an I-Effect
important I-Effect
competitive I-Effect
advantage I-Effect
given O
geographic B-Cause
constraints I-Cause
. O

In O
addition O
, O
without B-Effect
Weixin/Weixin I-Effect
ID I-Effect
and I-Effect
QQ I-Effect
ID I-Effect
, I-Effect
users I-Effect
may I-Effect
need I-Effect
to I-Effect
spend I-Effect
more I-Effect
time I-Effect
registering I-Effect
on I-Effect
a I-Effect
new I-Effect
Internet I-Effect
service I-Effect
or I-Effect
a I-Effect
new I-Effect
mobile I-Effect
app I-Effect
, O
as O
many B-Cause
sites I-Cause
and I-Cause
apps I-Cause
allow I-Cause
fast I-Cause
login I-Cause
through I-Cause
Weixin I-Cause
ID I-Cause
and I-Cause
QQ I-Cause
ID I-Cause
. O

Overall B-Effect
revenue I-Effect
is I-Effect
anticipated I-Effect
to I-Effect
grow I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
driven O
by O
net B-Cause
single-digit I-Cause
growth I-Cause
in I-Cause
generic I-Cause
drugs I-Cause
and I-Cause
continued I-Cause
rapid I-Cause
adoption I-Cause
of I-Cause
Austedo I-Cause
and I-Cause
Ajovy I-Cause
. O

After B-Effect
several I-Effect
years I-Effect
of I-Effect
mixed I-Effect
results I-Effect
, I-Effect
Merck I-Effect
's I-Effect
R I-Effect
& I-Effect
D I-Effect
productivity I-Effect
is I-Effect
improving I-Effect
as O
the B-Cause
company I-Cause
shifts I-Cause
more I-Cause
toward I-Cause
areas I-Cause
of I-Cause
unmet I-Cause
medical I-Cause
need I-Cause
. O

For O
instance O
, O
in O
February O
, O
Pinterest B-Cause
banned I-Cause
all I-Cause
searches I-Cause
related I-Cause
to I-Cause
antivaccination I-Cause
pins I-Cause
in O
order O
to O
avoid O
appearing B-Effect
to I-Effect
promote I-Effect
the I-Effect
lifestyle I-Effect
choice I-Effect
. O

However O
, O
we O
expect O
that O
the O
Japanese B-Effect
solar I-Effect
panel I-Effect
market I-Effect
will I-Effect
shrink I-Effect
, O
as O
the B-Cause
purchase I-Cause
price I-Cause
of I-Cause
feed I-Cause
in I-Cause
the I-Cause
tariff I-Cause
program I-Cause
is I-Cause
set I-Cause
to I-Cause
be I-Cause
cut I-Cause
annually I-Cause
, I-Cause
and I-Cause
Kyocera I-Cause
's I-Cause
revenue I-Cause
will I-Cause
decrease I-Cause
as I-Cause
a I-Cause
result O
. O

We O
expect O
electricity O
demand O
to O
rebound O
to O
prepandemic O
levels O
on O
a O
nationwide O
basis O
, O
but O
sustained B-Cause
low I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
could O
be O
a O
drag O
on O
electricity B-Effect
demand I-Effect
in I-Effect
Texas I-Effect
, O
where O
NRG O
has O
the O
bulk O
of O
its O
business O
. O

This O
could O
include O
using B-Cause
an I-Cause
augmented I-Cause
reality I-Cause
app I-Cause
to I-Cause
check I-Cause
off I-Cause
a I-Cause
grocery I-Cause
list I-Cause
at I-Cause
Whole I-Cause
Foods I-Cause
or I-Cause
a I-Cause
cruise I-Cause
line I-Cause
integrating I-Cause
a I-Cause
passenger I-Cause
badge/sensor I-Cause
system I-Cause
for O
a B-Effect
more I-Effect
effortless I-Effect
cruise I-Effect
experience I-Effect
. O

We O
forecast O
that O
growing B-Cause
subscription I-Cause
revenue I-Cause
and O
the B-Cause
product I-Cause
mix I-Cause
shift I-Cause
will O
lead O
to O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
into I-Effect
the I-Effect
high-20s I-Effect
. O

While O
Constellation O
's O
trademarks O
have O
broad O
appeal O
, O
it O
is O
not O
immune O
to O
the O
fact O
that O
anything B-Cause
inconsistent I-Cause
with I-Cause
the I-Cause
prevailing I-Cause
ethos I-Cause
gives O
rise O
to O
the O
possibility O
of O
severe B-Effect
commercial I-Effect
disruption I-Effect
. O

Additionally O
, O
with O
a B-Cause
fourth I-Cause
mobile I-Cause
network I-Cause
already I-Cause
established I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
we O
think O
the B-Effect
French I-Effect
government I-Effect
is I-Effect
very I-Effect
unlikely I-Effect
to I-Effect
facilitate I-Effect
the I-Effect
entrance I-Effect
of I-Effect
a I-Effect
new I-Effect
player I-Effect
or I-Effect
approve I-Effect
any I-Effect
market I-Effect
consolidation I-Effect
by I-Effect
Orange I-Effect
's I-Effect
smaller I-Effect
competitors I-Effect
. O

We O
think O
the B-Effect
company I-Effect
is I-Effect
risking I-Effect
a I-Effect
significant I-Effect
part I-Effect
of I-Effect
its I-Effect
core I-Effect
business I-Effect
by O
risking B-Cause
upsetting I-Cause
customers I-Cause
with I-Cause
less I-Cause
database I-Cause
flexibility I-Cause
and I-Cause
prompting I-Cause
customers I-Cause
to I-Cause
rethink I-Cause
their I-Cause
cloud I-Cause
ERP I-Cause
needs I-Cause
. O

Additionally O
, O
given O
Sinopec B-Cause
's I-Cause
size I-Cause
, O
it B-Effect
needs I-Effect
projects I-Effect
of I-Effect
a I-Effect
certain I-Effect
size I-Effect
and I-Effect
quality I-Effect
in I-Effect
order I-Effect
to I-Effect
increase I-Effect
reserves I-Effect
and I-Effect
production I-Effect
cost-effectively I-Effect
, O
but O
that O
will O
be O
difficult O
, O
in O
our O
view O
. O

We O
also O
expect O
strong B-Effect
growth I-Effect
for I-Effect
QNX I-Effect
as I-Effect
content I-Effect
gains I-Effect
with I-Effect
AVs I-Effect
of O
all B-Cause
levels I-Cause
offset I-Cause
market I-Cause
share I-Cause
losses I-Cause
to I-Cause
Android I-Cause
Automotive I-Cause
. O

Based B-Cause
on I-Cause
the I-Cause
bond I-Cause
financings I-Cause
and I-Cause
the I-Cause
ratings I-Cause
upgrades I-Cause
we B-Effect
lowered I-Effect
the I-Effect
long-term I-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
assumption I-Effect
in I-Effect
our I-Effect
valuation I-Effect
analysis I-Effect
to I-Effect
low I-Effect
( I-Effect
5.8 I-Effect
% I-Effect
) I-Effect
from I-Effect
moderate I-Effect
( I-Effect
6.5 I-Effect
% I-Effect
) I-Effect
. O

And O
we O
think O
competitive B-Cause
pressures I-Cause
will I-Cause
ultimately I-Cause
resurface I-Cause
in I-Cause
its I-Cause
retail I-Cause
categories I-Cause
, O
making O
it B-Cause
imperative I-Cause
that I-Cause
Kimberly I-Cause
keeps I-Cause
pressing I-Cause
ahead I-Cause
to O
ensure O
its B-Effect
innovation I-Effect
wins I-Effect
with I-Effect
its I-Effect
customer I-Effect
groups I-Effect
. O

The B-Effect
boots I-Effect
category I-Effect
is I-Effect
especially I-Effect
important I-Effect
for I-Effect
the I-Effect
Timberland I-Effect
brand I-Effect
, O
as O
we O
estimate O
that O
80 B-Cause
% I-Cause
of I-Cause
its I-Cause
sales I-Cause
come I-Cause
from I-Cause
footwear I-Cause
. O

We O
expect O
loan O
growth O
to O
average O
3 O
% O
for O
most O
years O
over O
the O
same O
period O
, O
although O
growth B-Effect
will I-Effect
be I-Effect
pressured I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
PPP B-Cause
loans I-Cause
roll I-Cause
off I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
. O

Scale B-Effect
should I-Effect
come I-Effect
with I-Effect
cost I-Effect
leverage I-Effect
as O
growth B-Cause
investments I-Cause
bear I-Cause
fruit I-Cause
, O
with O
the O
unit O
clearing O
management O
's O
15 O
% O
segment O
adjusted O
EBITDA O
margin O
target O
in O
fiscal O
2021 O
( O
we O
assume O
growth O
to O
nearly O
20 O
% O
by O
fiscal O
2030 O
) O
. O

Emerson B-Cause
, I-Cause
furthermore I-Cause
, I-Cause
has I-Cause
continued I-Cause
its I-Cause
product I-Cause
innovation I-Cause
by I-Cause
eliminating I-Cause
complex I-Cause
installations I-Cause
with I-Cause
an I-Cause
all-welded I-Cause
spool I-Cause
design I-Cause
that I-Cause
does I-Cause
n't I-Cause
require I-Cause
an I-Cause
orifice I-Cause
plate. O
This O
design O
supports B-Effect
up I-Effect
to I-Effect
four I-Effect
individual I-Effect
flow I-Effect
transmitters I-Effect
, I-Effect
and I-Effect
further I-Effect
tolerates I-Effect
extreme I-Effect
temperature I-Effect
conditions I-Effect
, I-Effect
whereas I-Effect
previous I-Effect
iterations I-Effect
would I-Effect
have I-Effect
broken I-Effect
down I-Effect
the I-Effect
instrumentation I-Effect
. O

Robust B-Effect
advertising I-Effect
initiatives I-Effect
are I-Effect
especially I-Effect
important I-Effect
as O
its B-Cause
target I-Cause
customer I-Cause
is I-Cause
constantly I-Cause
aging I-Cause
, I-Cause
necessitating I-Cause
continuous I-Cause
engagement I-Cause
with I-Cause
new I-Cause
shoppers I-Cause
and I-Cause
households I-Cause
that O
limits O
sheer B-Effect
brand-building I-Effect
expenditures I-Effect
' I-Effect
ability I-Effect
to I-Effect
create I-Effect
durable I-Effect
customer I-Effect
loyalty I-Effect
. O

We O
think O
Boeing O
's O
737 O
MAX O
is O
a O
solid O
narrow-bodied O
aircraft O
, O
but O
we O
recognize O
that O
its O
recently B-Cause
rescinded I-Cause
grounding I-Cause
has O
dented B-Effect
Boeing I-Effect
's I-Effect
reputation I-Effect
and I-Effect
its I-Effect
order I-Effect
book I-Effect
. O

We O
predict O
a B-Cause
period I-Cause
of I-Cause
HDD I-Cause
oversupply I-Cause
hitting I-Cause
sometime I-Cause
around I-Cause
2024 I-Cause
to O
shrink B-Effect
the I-Effect
top I-Effect
line I-Effect
, O
but O
for O
Seagate O
's O
HDD O
sales O
to O
return O
to O
a O
midcycle O
growth O
rate O
of O
2 O
% O
thereafter O
. O

Even O
though O
the B-Effect
number I-Effect
of I-Effect
firms I-Effect
with I-Effect
an I-Effect
NRSRO I-Effect
designation I-Effect
has I-Effect
increased I-Effect
( I-Effect
to I-Effect
about I-Effect
10 I-Effect
) I-Effect
since O
the B-Cause
introduction I-Cause
of I-Cause
the I-Cause
Credit I-Cause
Rating I-Cause
Agency I-Cause
Reform I-Cause
Act I-Cause
of I-Cause
2006 I-Cause
, O
we O
believe O
the O
network O
effects O
have O
been O
strong O
enough O
to O
only O
result O
in O
limited O
traction O
of O
other O
rating O
agencies O
. O

We B-Cause
therefore I-Cause
expect I-Cause
additional I-Cause
divestitures I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, O
which O
should O
help B-Effect
reduce I-Effect
debt I-Effect
, I-Effect
allow I-Effect
for I-Effect
future I-Effect
acquisitions I-Effect
, I-Effect
and I-Effect
reallocate I-Effect
resources I-Effect
to I-Effect
Conagra I-Effect
's I-Effect
brands I-Effect
with I-Effect
high I-Effect
potential I-Effect
, I-Effect
such I-Effect
as I-Effect
its I-Effect
portfolio I-Effect
of I-Effect
healthy I-Effect
frozen I-Effect
foods I-Effect
, I-Effect
unprocessed I-Effect
snacks I-Effect
, I-Effect
alternative I-Effect
protein I-Effect
products I-Effect
, I-Effect
and I-Effect
organic I-Effect
, I-Effect
gluten-free I-Effect
, I-Effect
and I-Effect
vegan I-Effect
offerings I-Effect
. O

As O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
subsides I-Cause
, O
we O
expect O
the O
firm B-Effect
to I-Effect
generate I-Effect
mid-single-digit I-Effect
top-line I-Effect
growth I-Effect
annually I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
our I-Effect
projection I-Effect
period I-Effect
. O

While O
we O
think O
Lennar O
's O
scale O
and O
industry O
reputation O
has O
helped O
build O
strong O
relationships O
with O
subcontractors O
and O
land O
developers O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
the I-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
negotiate I-Effect
meaningful I-Effect
long-term I-Effect
price I-Effect
concessions I-Effect
, O
especially O
given O
the B-Cause
tightness I-Cause
of I-Cause
the I-Cause
current I-Cause
construction I-Cause
labor I-Cause
market I-Cause
and I-Cause
land I-Cause
supply I-Cause
. O

Whether B-Cause
its I-Cause
big-box I-Cause
retailers I-Cause
or I-Cause
small-format I-Cause
outlets I-Cause
like I-Cause
convenience I-Cause
stores I-Cause
, I-Cause
the I-Cause
thin I-Cause
margins I-Cause
and I-Cause
technological I-Cause
disruption I-Cause
that I-Cause
have I-Cause
defined I-Cause
this I-Cause
industry I-Cause
will I-Cause
continue I-Cause
to I-Cause
drive I-Cause
an I-Cause
appetite I-Cause
for I-Cause
increased I-Cause
scale I-Cause
and I-Cause
resources. O
This O
reality O
could O
cause O
the B-Effect
axes I-Effect
of I-Effect
negotiation I-Effect
( I-Effect
regarding I-Effect
price I-Effect
increases I-Effect
, I-Effect
shelf I-Effect
sets I-Effect
, I-Effect
and I-Effect
the I-Effect
like I-Effect
) I-Effect
to I-Effect
tilt I-Effect
more I-Effect
toward I-Effect
National I-Effect
Beverage I-Effect
's I-Effect
retail I-Effect
partners I-Effect
. O

Contrary O
to O
other O
publications O
, O
digital B-Effect
journal I-Effect
products I-Effect
are I-Effect
often I-Effect
priced I-Effect
at I-Effect
a I-Effect
premium I-Effect
to I-Effect
their I-Effect
print I-Effect
counterparts I-Effect
, O
as O
searchability B-Cause
is I-Cause
an I-Cause
especially I-Cause
valued I-Cause
, I-Cause
critical I-Cause
upgrade I-Cause
from I-Cause
a I-Cause
physical I-Cause
copy I-Cause
. O

We B-Effect
do I-Effect
not I-Effect
see I-Effect
this I-Effect
as I-Effect
an I-Effect
immediate I-Effect
threat I-Effect
to I-Effect
the I-Effect
business I-Effect
but I-Effect
are I-Effect
mindful I-Effect
of I-Effect
longer-term I-Effect
lower I-Effect
refined I-Effect
product I-Effect
demand I-Effect
as O
we B-Cause
expect I-Cause
gasoline I-Cause
demand I-Cause
to I-Cause
decline I-Cause
in I-Cause
the I-Cause
years I-Cause
ahead I-Cause
. O

The B-Effect
contractor I-Effect
bears I-Effect
the I-Effect
financial I-Effect
risk I-Effect
of I-Effect
cost I-Effect
overruns I-Effect
for O
these B-Cause
programs I-Cause
, I-Cause
so I-Cause
a I-Cause
poorly I-Cause
executed I-Cause
development I-Cause
would I-Cause
financially I-Cause
strain I-Cause
L3Harris I-Cause
. O

Wesco O
is O
an O
important O
channel O
partner O
for O
thousands O
of O
suppliers O
, O
and O
we O
think O
its B-Cause
large I-Cause
and I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
and I-Cause
ability I-Cause
to I-Cause
outgrow I-Cause
its I-Cause
end I-Cause
markets I-Cause
strengthens B-Effect
its I-Effect
standing I-Effect
with I-Effect
its I-Effect
suppliers I-Effect
. I-Effect

As O
such O
, O
we B-Effect
model I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
4.5 I-Effect
% I-Effect
for I-Effect
the I-Effect
remainder I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
, I-Effect
rising I-Effect
from I-Effect
4.3 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
to I-Effect
4.7 I-Effect
% I-Effect
by I-Effect
2024. O
This O
is O
predicated O
on O
continuing B-Cause
strong I-Cause
growth I-Cause
in I-Cause
areas I-Cause
such I-Cause
as I-Cause
risk I-Cause
and I-Cause
business I-Cause
analytics I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
improved I-Cause
growth I-Cause
in I-Cause
the I-Cause
STEM I-Cause
division I-Cause
as I-Cause
the I-Cause
mix I-Cause
effect I-Cause
improves I-Cause
the I-Cause
growth I-Cause
profile I-Cause
from I-Cause
the I-Cause
2 I-Cause
% I-Cause
level I-Cause
we I-Cause
have I-Cause
witnessed I-Cause
for I-Cause
almost I-Cause
a I-Cause
decade I-Cause
now I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
unique I-Cause
ability I-Cause
to I-Cause
control I-Cause
costs I-Cause
gives B-Effect
it I-Effect
the I-Effect
highest I-Effect
operating I-Effect
margins I-Effect
of I-Effect
its I-Effect
peer I-Effect
group I-Effect
and I-Effect
allows I-Effect
it I-Effect
to I-Effect
quickly I-Effect
bring I-Effect
its I-Effect
numerous I-Effect
acquisitions I-Effect
up I-Effect
to I-Effect
firmwide I-Effect
profitability I-Effect
. O

We O
believe O
Nice B-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 B-Effect
customers I-Effect
more I-Effect
likely I-Effect
to I-Effect
stay I-Effect
with I-Effect
the I-Effect
company I-Effect
. O

Low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
intensifying I-Cause
EPA I-Cause
regulations I-Cause
have O
put B-Effect
a I-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 I-Effect
risk I-Effect
of I-Effect
disappearing I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

While O
a B-Cause
cursory I-Cause
analysis I-Cause
of I-Cause
West I-Cause
's I-Cause
design I-Cause
service I-Cause
may O
lead O
one O
to O
conclude B-Effect
customers I-Effect
could I-Effect
feasibly I-Effect
in-source I-Effect
design I-Effect
and I-Effect
cut I-Effect
out I-Effect
the I-Effect
middleman I-Effect
, O
West B-Effect
often I-Effect
provides I-Effect
services I-Effect
that I-Effect
smaller I-Effect
customers I-Effect
are I-Effect
unable I-Effect
to I-Effect
do I-Effect
themselves I-Effect
, O
for O
cost B-Cause
reasons I-Cause
and/or I-Cause
lack I-Cause
of I-Cause
expertise I-Cause
. O

In O
our O
view O
, O
Teleflex B-Effect
's I-Effect
Hem-O-Lock I-Effect
system I-Effect
has I-Effect
some I-Effect
trace I-Effect
switching I-Effect
costs I-Effect
because O
of O
the B-Cause
exclusivity I-Cause
agreement I-Cause
with I-Cause
the I-Cause
da I-Cause
Vinci I-Cause
surgical I-Cause
system I-Cause
, O
a O
robotic O
system O
made O
by O
Intuitive O
Surgical O
that O
is O
used O
for O
a O
wide O
range O
of O
surgical O
procedures O
, O
including O
prostatectomies O
, O
cardiac O
repair O
, O
and O
gynecologic O
procedures O
. O

NXP O
, O
in O
turn O
, O
benefits O
from O
the B-Cause
reliable I-Cause
sales I-Cause
from I-Cause
this I-Cause
sticky I-Cause
customer I-Cause
base I-Cause
, O
which O
further B-Effect
enable I-Effect
ongoing I-Effect
research I-Effect
investment I-Effect
in I-Effect
future I-Effect
areas I-Effect
of I-Effect
significant I-Effect
content I-Effect
growth I-Effect
and I-Effect
add I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
intangible I-Effect
assets I-Effect
. O

Following O
several O
recent O
cost-savings B-Cause
plans I-Cause
, O
we O
believe O
the B-Effect
low-hanging I-Effect
fruit I-Effect
has I-Effect
been I-Effect
picked I-Effect
, O
but O
Altria O
does O
have O
some O
plants O
it O
could O
close O
( O
it O
has O
separate O
smokeless O
manufacturing O
facilities O
, O
for O
example O
) O
for O
future O
rounds O
of O
manufacturing O
consolidation O
. O

We O
believe O
this O
underinvestment B-Cause
has O
limited B-Effect
consumers I-Effect
' I-Effect
awareness I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
brands I-Effect
and I-Effect
manifests I-Effect
itself I-Effect
in I-Effect
lackluster I-Effect
brand I-Effect
equity I-Effect
and I-Effect
pricing I-Effect
power I-Effect
. O

This O
gives O
the O
bank O
scale O
and O
exposure O
to O
this O
higher-margin O
, O
fee-based O
business O
, O
which O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
will I-Effect
change I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
the B-Cause
banks I-Cause
still I-Cause
have I-Cause
the I-Cause
most I-Cause
dominant I-Cause
branch I-Cause
and I-Cause
distribution I-Cause
networks I-Cause
. O

Keurig B-Cause
has I-Cause
the I-Cause
broadest I-Cause
assortment I-Cause
of I-Cause
flavor I-Cause
, I-Cause
style I-Cause
, I-Cause
and I-Cause
product I-Cause
offerings I-Cause
( I-Cause
it I-Cause
even I-Cause
includes I-Cause
tea I-Cause
and I-Cause
cocoa I-Cause
) I-Cause
, I-Cause
due I-Cause
to I-Cause
its I-Cause
partner I-Cause
ecosystem I-Cause
, I-Cause
and I-Cause
this I-Cause
is I-Cause
often I-Cause
cited I-Cause
by I-Cause
consumers I-Cause
as I-Cause
their I-Cause
primary I-Cause
reason I-Cause
for I-Cause
purchasing I-Cause
Keurig I-Cause
brewers I-Cause
or I-Cause
other I-Cause
systems I-Cause
that I-Cause
are I-Cause
K-cup I-Cause
compatible. O
This O
gives O
rise O
to O
a B-Effect
kind I-Effect
of I-Effect
network I-Effect
advantage I-Effect
that I-Effect
makes I-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
fledgling I-Effect
systems I-Effect
to I-Effect
gain I-Effect
penetration I-Effect
. O

However O
, O
the B-Effect
comparison I-Effect
is I-Effect
not I-Effect
entirely I-Effect
apples-to-apples I-Effect
, O
as B-Cause
the I-Cause
competitors I-Cause
primarily I-Cause
participate I-Cause
in I-Cause
the I-Cause
natural I-Cause
, I-Cause
organics I-Cause
, I-Cause
and I-Cause
prescription I-Cause
pet I-Cause
food I-Cause
channel I-Cause
. O

The B-Effect
addition I-Effect
of I-Effect
Cobalt I-Effect
, I-Effect
Pursuit I-Effect
, I-Effect
and I-Effect
Maverick I-Effect
within I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
has I-Effect
provided I-Effect
robust I-Effect
sales I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
( I-Effect
averaging I-Effect
26 I-Effect
% I-Effect
) I-Effect
, 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 I-Cause
. O

In O
addition O
, O
of O
HD O
Supply O
's O
businesses O
, O
C B-Cause
& I-Cause
amp I-Cause
; I-Cause
I I-Cause
has I-Cause
the I-Cause
least I-Cause
amount I-Cause
of I-Cause
capital I-Cause
deployed I-Cause
( I-Cause
due I-Cause
to I-Cause
limited I-Cause
goodwill I-Cause
) I-Cause
which O
supports O
better B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Nordson B-Effect
generates I-Effect
a I-Effect
healthy I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
tied I-Effect
to I-Effect
its I-Effect
large I-Effect
installed I-Effect
base I-Effect
, O
as O
nearly B-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
( I-Cause
47 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2018 I-Cause
) I-Cause
are I-Cause
generated I-Cause
from I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
consumables I-Cause
. O

EDU B-Effect
expects I-Effect
year-over-year I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
fourth-quarter I-Effect
fiscal I-Effect
2021 I-Effect
amid O
scattered O
COVID-19 B-Cause
incidents I-Cause
in I-Cause
China I-Cause
, O
given O
that O
EDU B-Cause
expect I-Cause
smaller I-Cause
players I-Cause
may I-Cause
exit I-Cause
the I-Cause
market I-Cause
post-OVID-19 I-Cause
, O
which O
gives O
EDU B-Effect
more I-Effect
opportunities I-Effect
to I-Effect
increase I-Effect
its I-Effect
market I-Effect
share I-Effect
. O

Additionally O
, O
we O
think O
air B-Cause
cargo I-Cause
growth I-Cause
will O
be O
the O
biggest O
driver O
for O
JBT B-Effect
's I-Effect
airport I-Effect
equipment I-Effect
, O
along O
with O
general O
infrastructure O
spending O
. O

Worsening B-Effect
credit I-Effect
behavior I-Effect
and I-Effect
anemic I-Effect
growth I-Effect
, O
a O
natural O
consequence O
of O
worsening B-Cause
sentiment I-Cause
, O
could O
see O
the O
bank O
earn O
returns O
below O
its O
cost O
of O
capital O
in O
the O
near O
term O
, O
as O
they O
did O
in O
the O
third O
quarter O
of O
2020 O
. O

With O
the B-Cause
more I-Cause
recent I-Cause
acquisitions I-Cause
of I-Cause
workflow I-Cause
solutions I-Cause
provider I-Cause
MModal I-Cause
and I-Cause
negative I-Cause
wound I-Cause
care I-Cause
solutions I-Cause
provider I-Cause
Acelity I-Cause
, I-Cause
we O
believe O
the B-Effect
firm I-Effect
can I-Effect
capitalize I-Effect
on I-Effect
the I-Effect
stable I-Effect
and I-Effect
ever-growing I-Effect
healthcare I-Effect
market I-Effect
. O

The O
company O
sells O
products O
through O
digital O
channels O
in O
more O
than O
50 O
countries O
and O
, O
aided O
by O
the B-Cause
pandemic I-Cause
, O
its B-Effect
e-commerce I-Effect
increased I-Effect
53 I-Effect
% I-Effect
to I-Effect
about I-Effect
EUR I-Effect
4.2 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
from I-Effect
just I-Effect
EUR I-Effect
200 I-Effect
million I-Effect
in I-Effect
2012 I-Effect
. O

DuPont B-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
the I-Effect
electrification I-Effect
of I-Effect
vehicles I-Effect
as O
the B-Cause
company I-Cause
generates I-Cause
over I-Cause
50 I-Cause
% I-Cause
more I-Cause
revenue I-Cause
per I-Cause
vehicle I-Cause
for I-Cause
an I-Cause
electric I-Cause
vehicle I-Cause
versus I-Cause
an I-Cause
internal I-Cause
combustion I-Cause
engine I-Cause
vehicle I-Cause
. O

Owing O
to O
the B-Cause
pressures I-Cause
affecting I-Cause
the I-Cause
asset I-Cause
management I-Cause
industry I-Cause
, O
the O
unknown O
length O
of O
this O
mergers O
and O
acquisitions O
cycle O
, O
currency O
fluctuations O
, O
and O
potential O
change O
in O
over-a-cycle O
managing O
director O
productivity O
, O
we O
assign B-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Lazard I-Effect
. O

We O
think O
Telus B-Cause
' I-Cause
fiber I-Cause
to I-Cause
the I-Cause
premises I-Cause
, I-Cause
or I-Cause
FTTP I-Cause
, I-Cause
network I-Cause
upgrade I-Cause
over I-Cause
most I-Cause
of I-Cause
its I-Cause
footprint I-Cause
will O
lead O
to O
higher B-Effect
pricing I-Effect
and I-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

Moreover O
, O
Stryker B-Effect
management I-Effect
has I-Effect
demonstrated I-Effect
an I-Effect
acute I-Effect
understanding I-Effect
of I-Effect
new I-Effect
opportunities I-Effect
for I-Effect
medtech I-Effect
competitors I-Effect
that I-Effect
have I-Effect
arisen I-Effect
thanks O
to O
the B-Cause
shift I-Cause
toward I-Cause
value-based I-Cause
reimbursement I-Cause
that I-Cause
has I-Cause
put I-Cause
pressure I-Cause
on I-Cause
providers I-Cause
. O

We O
think O
that O
Accenture O
derives O
excess O
returns O
from O
reputation O
as O
an O
intangible O
asset O
, O
as O
unlike O
traditional O
advertising O
projects O
, O
digital B-Cause
work I-Cause
means I-Cause
more I-Cause
uncertainty I-Cause
for I-Cause
customers I-Cause
, O
so O
they B-Effect
might I-Effect
again I-Effect
turn I-Effect
to I-Effect
best-in-breed I-Effect
providers I-Effect
like I-Effect
Accenture I-Effect
. O

Furthermore O
, O
a B-Cause
lack I-Cause
of I-Cause
financial I-Cause
flexibility I-Cause
limited O
the B-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
respond I-Effect
to I-Effect
consumers I-Effect
' I-Effect
changing I-Effect
desires I-Effect
, O
resulting O
in O
declining B-Effect
sales I-Effect
as I-Effect
low-carb I-Effect
diets I-Effect
and I-Effect
clean I-Effect
eating I-Effect
movements I-Effect
swept I-Effect
the I-Effect
nation I-Effect
. O

Xylem B-Effect
's I-Effect
risk I-Effect
is I-Effect
somewhat I-Effect
mitigated I-Effect
by O
its B-Cause
large I-Cause
installed I-Cause
base I-Cause
, O
as O
almost B-Cause
half I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
is I-Cause
recurring I-Cause
, O
driven O
by O
aftermarket B-Cause
service I-Cause
and I-Cause
part I-Cause
replacement I-Cause
in I-Cause
the I-Cause
water I-Cause
infrastructure I-Cause
and I-Cause
applied I-Cause
water I-Cause
segments I-Cause
as I-Cause
well I-Cause
as I-Cause
long-term I-Cause
customer I-Cause
contracts I-Cause
in I-Cause
the I-Cause
measurement I-Cause
and I-Cause
control I-Cause
solutions I-Cause
segment I-Cause
. O

Therefore O
, O
it O
could O
be O
argued O
that O
PNC B-Effect
has I-Effect
developed I-Effect
some I-Effect
amount I-Effect
of I-Effect
cost I-Effect
advantage I-Effect
due O
to O
its B-Cause
underwriting I-Cause
prowess I-Cause
, O
but O
we O
believe O
the O
bank O
's O
lack O
of O
advantage O
for O
deposits O
and O
operational O
efficiency O
outweigh O
this O
. O

Over O
time O
, O
gross B-Effect
margins I-Effect
could I-Effect
reach I-Effect
38 I-Effect
% I-Effect
as O
volume B-Cause
increases I-Cause
and I-Cause
negotiating I-Cause
leverage I-Cause
improve I-Cause
occupancy I-Cause
costs I-Cause
, I-Cause
while I-Cause
ongoing I-Cause
industry I-Cause
competitiveness I-Cause
constrains I-Cause
pricing I-Cause
power I-Cause
. O

Additionally O
, O
the B-Cause
addition I-Cause
of I-Cause
professional I-Cause
sports I-Cause
to I-Cause
the I-Cause
region I-Cause
stands I-Cause
to I-Cause
drive I-Cause
incremental I-Cause
demand I-Cause
, O
which O
makes B-Effect
the I-Effect
allure I-Effect
of I-Effect
Wynn I-Effect
's I-Effect
various I-Effect
Vegas I-Effect
projects I-Effect
currently I-Effect
under I-Effect
development I-Effect
( I-Effect
convention I-Effect
center I-Effect
and I-Effect
future I-Effect
construction I-Effect
on I-Effect
38 I-Effect
acres I-Effect
across I-Effect
from I-Effect
Wynn I-Effect
Las I-Effect
Vegas I-Effect
that I-Effect
was I-Effect
purchased I-Effect
in I-Effect
December I-Effect
2017 I-Effect
) I-Effect
that I-Effect
much I-Effect
more I-Effect
attractive I-Effect
. O

Competitive O
risks O
relate O
to O
the O
large O
numbers O
of O
players O
planning O
to O
enter O
the O
liquid O
biopsy O
space O
, O
with O
the B-Effect
number I-Effect
of I-Effect
peers I-Effect
likely I-Effect
to I-Effect
grow I-Effect
over I-Effect
time I-Effect
as O
liquid B-Cause
biopsy I-Cause
cancer I-Cause
screening I-Cause
becomes I-Cause
the I-Cause
norm I-Cause
. I-Cause

We B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Monster I-Effect
to I-Effect
$ I-Effect
73 I-Effect
from I-Effect
$ I-Effect
67 I-Effect
, O
largely O
due O
to O
time B-Cause
value I-Cause
after I-Cause
rolling I-Cause
our I-Cause
model I-Cause
to I-Cause
2021 I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
near-term B-Effect
sales I-Effect
momentum I-Effect
as O
the B-Cause
top I-Cause
line I-Cause
continues I-Cause
to I-Cause
belie I-Cause
any I-Cause
disruption I-Cause
from I-Cause
COVID-19 I-Cause
. O

Cost B-Cause
leverage I-Cause
from I-Cause
modest I-Cause
growth I-Cause
at I-Cause
the I-Cause
Dollar I-Cause
Tree I-Cause
banner I-Cause
and I-Cause
the I-Cause
benefit I-Cause
of I-Cause
store I-Cause
construction I-Cause
and I-Cause
remodelings I-Cause
should O
lead B-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
a I-Effect
level I-Effect
near I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
7.4 I-Effect
% I-Effect
mark I-Effect
despite I-Effect
rising I-Effect
competition I-Effect
. O

Though O
scale O
and O
regulatory O
expertise O
create O
barriers O
to O
entry O
, O
new B-Effect
or I-Effect
existing I-Effect
competitors I-Effect
could I-Effect
take I-Effect
share I-Effect
as O
the B-Cause
banking I-Cause
industry I-Cause
digitizes I-Cause
and I-Cause
becomes I-Cause
more I-Cause
and I-Cause
more I-Cause
a I-Cause
technology I-Cause
focused I-Cause
industry I-Cause
. O

Compared O
with O
competitors O
like O
Zillow O
, O
Redfin B-Effect
has I-Effect
a I-Effect
potential I-Effect
advantage I-Effect
in I-Effect
iBuying I-Effect
because O
it B-Effect
has I-Effect
its I-Effect
own I-Effect
sellers I-Effect
' I-Effect
agents I-Effect
and I-Effect
buyers I-Effect
' I-Effect
agents I-Effect
given O
its B-Cause
status I-Cause
as I-Cause
a I-Cause
brokerage I-Cause
. O

As O
contracts O
for B-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
, O
we B-Effect
also I-Effect
see I-Effect
some I-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 O
is O
partially O
mitigated O
by O
the O
government O
's O
right O
to O
license O
patents O
to O
third O
parties O
. O

Cogent B-Cause
's I-Cause
IRUs I-Cause
have I-Cause
an I-Cause
average I-Cause
remaining I-Cause
life I-Cause
of I-Cause
around I-Cause
20 I-Cause
years I-Cause
and I-Cause
come I-Cause
from I-Cause
over I-Cause
200 I-Cause
different I-Cause
network I-Cause
suppliers. O
As O
a O
result O
, O
Cogent B-Effect
's I-Effect
capital I-Effect
spending I-Effect
now I-Effect
consists I-Effect
primarily I-Effect
of I-Effect
maintenance I-Effect
costs I-Effect
and I-Effect
equipment I-Effect
upgrades I-Effect
, I-Effect
and I-Effect
its I-Effect
capital I-Effect
intensity I-Effect
is I-Effect
materially I-Effect
lower I-Effect
than I-Effect
competitors I-Effect
. O

An B-Cause
increase I-Cause
in I-Cause
downloads I-Cause
of I-Cause
ad-blocking I-Cause
software I-Cause
and I-Cause
applications I-Cause
poses O
a B-Effect
real I-Effect
threat I-Effect
to I-Effect
ad I-Effect
revenue I-Effect
generated I-Effect
by I-Effect
Criteo I-Effect
. O

The O
company O
has O
exposure O
to O
emission O
regulation O
, O
but O
we O
think O
the B-Cause
company I-Cause
is I-Cause
investing I-Cause
to O
position B-Effect
itself I-Effect
to I-Effect
win I-Effect
in I-Effect
a I-Effect
zero-emission I-Effect
world I-Effect
. O

Cisco B-Effect
's I-Effect
DevNet I-Effect
does I-Effect
have I-Effect
over I-Effect
500,000 I-Effect
registered I-Effect
members I-Effect
now I-Effect
; O
this O
may O
cause O
minimal B-Cause
network I-Cause
effects I-Cause
as I-Cause
solutions I-Cause
are I-Cause
being I-Cause
created I-Cause
and I-Cause
shared I-Cause
by I-Cause
external I-Cause
developers I-Cause
, O
but O
we O
have O
not O
seen O
widespread O
product O
adoption O
due O
to O
network O
effects O
at O
this O
point O
. O

This B-Effect
segment I-Effect
's I-Effect
growth I-Effect
is O
closely O
tied O
to O
the B-Cause
legalization I-Cause
of I-Cause
cannabis I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
as O
its O
products O
are O
frequently O
used O
by O
licensed O
growers O
. O

Rapid O
part O
availability O
, O
location O
convenience O
, O
and O
in-store O
services O
( O
in O
the O
DIY O
segment O
) O
carry O
significant O
weight O
with O
purchasers O
, O
but O
as O
such B-Effect
benefits I-Effect
are I-Effect
costly I-Effect
to I-Effect
deliver I-Effect
, I-Effect
scaled I-Effect
retailers I-Effect
are I-Effect
at I-Effect
an I-Effect
advantage I-Effect
as O
they B-Cause
can I-Cause
spread I-Cause
service I-Cause
costs I-Cause
( I-Cause
as I-Cause
well I-Cause
as I-Cause
inventory I-Cause
holding I-Cause
expenses I-Cause
) I-Cause
over I-Cause
a I-Cause
large I-Cause
sales I-Cause
base I-Cause
. O

There O
have O
been O
times O
when O
poor B-Cause
governance I-Cause
did O
lead O
to O
material B-Effect
value I-Effect
destruction I-Effect
, O
but O
we O
see O
the O
risks O
of O
a O
repeat O
of O
something O
like O
the O
financial O
crisis O
as O
minimal O
today O
. O

In O
this O
scenario O
, O
we O
assume O
Natwest B-Effect
's I-Effect
banking I-Effect
net I-Effect
interest I-Effect
margin I-Effect
declines I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
as O
pricing B-Cause
pressures I-Cause
in I-Cause
mortgages I-Cause
persist I-Cause
and I-Cause
interest I-Cause
rates I-Cause
remain I-Cause
close I-Cause
to I-Cause
zero I-Cause
. O

Furthermore O
, O
customers B-Effect
loathe I-Effect
changing I-Effect
identity I-Effect
cybersecurity I-Effect
vendors I-Effect
due O
to O
criticality B-Cause
of I-Cause
ensuring I-Cause
internal I-Cause
and I-Cause
external I-Cause
users I-Cause
can I-Cause
readily I-Cause
access I-Cause
only I-Cause
what I-Cause
they I-Cause
need I-Cause
. O

The B-Cause
decision I-Cause
to I-Cause
merge I-Cause
with I-Cause
O2 I-Cause
will I-Cause
create I-Cause
the I-Cause
second I-Cause
integrated I-Cause
wireless I-Cause
and I-Cause
fixed-line I-Cause
player I-Cause
in I-Cause
the I-Cause
U.K. O
, O
which O
should O
benefit B-Effect
Virgin I-Effect
's I-Effect
strategic I-Effect
position I-Effect
. O

NetApp O
aims O
to O
alleviate B-Effect
challenges I-Effect
associated I-Effect
with I-Effect
shifting I-Effect
data I-Effect
to I-Effect
public I-Effect
clouds I-Effect
via O
its B-Cause
hyperscale I-Cause
cloud I-Cause
provider I-Cause
and I-Cause
colocation I-Cause
data I-Cause
center I-Cause
partnerships I-Cause
. O

IUD B-Effect
market I-Effect
and I-Effect
discourage I-Effect
potential I-Effect
entrants I-Effect
because O
, O
once B-Cause
the I-Cause
costs I-Cause
of I-Cause
manufacturing I-Cause
, I-Cause
clinical I-Cause
trials I-Cause
, I-Cause
and I-Cause
marketing I-Cause
are I-Cause
tallied I-Cause
, I-Cause
they I-Cause
will I-Cause
be I-Cause
prohibitive I-Cause
to I-Cause
another I-Cause
market I-Cause
entrant I-Cause
in I-Cause
this I-Cause
niche I-Cause
space I-Cause
. O

Third O
, O
we O
do O
n't O
believe O
the B-Effect
firm I-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
have I-Effect
amassed I-Effect
negotiating I-Effect
leverage I-Effect
with I-Effect
suppliers I-Effect
and I-Effect
vendors I-Effect
, O
whether O
purchasing B-Cause
goods I-Cause
( I-Cause
raw I-Cause
materials I-Cause
, I-Cause
packaging I-Cause
) I-Cause
or I-Cause
services I-Cause
( I-Cause
distribution I-Cause
, I-Cause
advertising I-Cause
) I-Cause
. O

Additionally O
, O
we O
also O
expect O
industrial B-Cause
markets I-Cause
to I-Cause
recover I-Cause
, O
which O
we O
think O
will O
boost B-Effect
freight I-Effect
demand I-Effect
for I-Effect
fleet I-Effect
owners I-Effect
, I-Effect
leading I-Effect
to I-Effect
higher I-Effect
revenue I-Effect
for I-Effect
CNH I-Effect
Industrial I-Effect
. O

Even O
so O
, O
we O
think O
Sysco B-Cause
's I-Cause
solid I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
significant I-Cause
new I-Cause
business I-Cause
wins I-Cause
, I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
customers I-Cause
' I-Cause
widespread I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
( I-Cause
most I-Cause
likely I-Cause
after I-Cause
a I-Cause
2021 I-Cause
vaccine I-Cause
) I-Cause
, O
will O
return B-Effect
Sysco I-Effect
's I-Effect
revenue I-Effect
to I-Effect
the I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
fiscal I-Effect
2023 I-Effect
. O

Our O
outlook O
for O
Tegsedi/TTR-LRx B-Effect
in I-Effect
ATTR I-Effect
amyloidosis I-Effect
is I-Effect
relatively I-Effect
bearish I-Effect
, O
given O
the B-Cause
cleaner I-Cause
safety I-Cause
profile I-Cause
for I-Cause
Alnylam I-Cause
's I-Cause
drug I-Cause
Onpattro I-Cause
( I-Cause
patisiran I-Cause
) I-Cause
and I-Cause
next-generation I-Cause
competition I-Cause
also I-Cause
in I-Cause
development I-Cause
at I-Cause
Alnylam I-Cause
. O

Small B-Effect
private I-Effect
jets I-Effect
drove I-Effect
much I-Effect
of I-Effect
the I-Effect
volume I-Effect
in I-Effect
2020 I-Effect
, O
which O
we O
think O
is O
a B-Cause
function I-Cause
of I-Cause
pandemic-induced I-Cause
demand I-Cause
while O
consumers O
avoided O
airlines O
, O
and O
we O
do O
not O
think O
demand O
for O
small O
aircraft O
has O
structurally O
increased O
. O

Its O
operating B-Effect
income I-Effect
( I-Effect
excluding I-Effect
charges I-Effect
) I-Effect
dropped I-Effect
more I-Effect
than I-Effect
$ I-Effect
1.5 I-Effect
billion I-Effect
between O
2014 O
and O
2019 O
( O
to O
$ O
1.2 O
billion O
from O
$ O
2.8 O
billion O
) O
on B-Cause
store I-Cause
closures I-Cause
, I-Cause
declining I-Cause
sales I-Cause
, I-Cause
and I-Cause
increased I-Cause
expenses I-Cause
. O

We O
also O
consider O
the B-Effect
fee I-Effect
structure I-Effect
to I-Effect
be I-Effect
poor I-Effect
, O
since O
we O
expect O
a B-Cause
majority I-Cause
of I-Cause
Targa I-Cause
's I-Cause
contracts I-Cause
are I-Cause
percentage I-Cause
of I-Cause
proceeds I-Cause
, O
or O
POP O
, O
exposing B-Cause
Targa I-Cause
to I-Cause
commodity I-Cause
price I-Cause
risk I-Cause
. O

About B-Effect
half I-Effect
of I-Effect
these I-Effect
savings I-Effect
are I-Effect
expected I-Effect
to I-Effect
ensue I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
loss-making I-Effect
international I-Effect
operations I-Effect
, O
partly O
as O
it B-Cause
works I-Cause
to I-Cause
improve I-Cause
capital I-Cause
utilization I-Cause
outside I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
which I-Cause
has I-Cause
stood I-Cause
at I-Cause
a I-Cause
mere I-Cause
40 I-Cause
% I-Cause
-- I-Cause
far I-Cause
below I-Cause
the I-Cause
65 I-Cause
% I-Cause
of I-Cause
its I-Cause
U.S I-Cause
. O

We O
model O
advertising O
costs B-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
to I-Effect
average I-Effect
46.2 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
versus I-Effect
the I-Effect
43.1 I-Effect
% I-Effect
and I-Effect
48.6 I-Effect
% I-Effect
levels I-Effect
reported I-Effect
in I-Effect
2019 I-Effect
and I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
, I-Effect
respectively. O
As O
a O
result O
of O
our O
revenue O
and O
expense O
forecasts O
, O
we O
see O
operating B-Cause
margins I-Cause
expanding I-Cause
to I-Cause
23 I-Cause
% I-Cause
in I-Cause
10 I-Cause
years I-Cause
from I-Cause
12.0 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
. O

The B-Cause
truck I-Cause
is I-Cause
a I-Cause
symbol I-Cause
of I-Cause
the I-Cause
freedom I-Cause
and I-Cause
independence I-Cause
of I-Cause
the I-Cause
job I-Cause
, O
which O
leads B-Effect
drivers I-Effect
to I-Effect
take I-Effect
significant I-Effect
pride I-Effect
in I-Effect
their I-Effect
rigs I-Effect
. O

Other B-Cause
product I-Cause
innovations I-Cause
include I-Cause
a I-Cause
patented I-Cause
underground I-Cause
fueling I-Cause
system I-Cause
made I-Cause
from I-Cause
prefabricated I-Cause
, I-Cause
factory-assembled I-Cause
components I-Cause
, O
which O
results O
in O
reduced B-Effect
labor I-Effect
costs I-Effect
and I-Effect
increased I-Effect
leak I-Effect
prevention I-Effect
. O

For O
the O
core O
teleheatlh O
services O
, O
we O
believe O
the O
company O
is O
likely O
to O
retain B-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
( I-Cause
incremental I-Cause
75 I-Cause
million I-Cause
) I-Cause
in I-Cause
addition I-Cause
to I-Cause
adding I-Cause
members I-Cause
of I-Cause
new I-Cause
clients I-Cause
under I-Cause
new I-Cause
logos I-Cause
( I-Cause
roughly I-Cause
190 I-Cause
million I-Cause
) I-Cause
. O

Though O
we O
do O
not O
expect O
specific O
ESG O
risks O
to O
materially O
affect O
Alcon O
, O
product B-Cause
governance I-Cause
failures I-Cause
leading I-Cause
to I-Cause
poor I-Cause
health I-Cause
outcomes I-Cause
could O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
Alcon I-Effect
's I-Effect
financial I-Effect
results I-Effect
. O

We O
believe O
the O
benefit B-Effect
Posco I-Effect
enjoys I-Effect
from I-Effect
its I-Effect
investments I-Effect
in I-Effect
upstream I-Effect
assets I-Effect
relative I-Effect
to I-Effect
pure-play I-Effect
steel I-Effect
mills I-Effect
will I-Effect
be I-Effect
eroded I-Effect
in O
the O
longer O
term O
, O
owing O
to O
our O
expectations O
of O
lower O
midcycle O
iron O
ore O
and O
coking O
coal O
prices O
as O
China B-Cause
's I-Cause
demand I-Cause
growth I-Cause
for I-Cause
steel I-Cause
matures I-Cause
. O

Economic B-Effect
profitability I-Effect
may I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
oil B-Cause
, I-Cause
steel I-Cause
, I-Cause
and I-Cause
copper I-Cause
prices I-Cause
return I-Cause
to I-Cause
highs I-Cause
experienced I-Cause
during I-Cause
periods I-Cause
of I-Cause
relatively I-Cause
high I-Cause
global I-Cause
economic I-Cause
expansion I-Cause
. O

Horton B-Effect
's I-Effect
home I-Effect
sales I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
will I-Effect
trend I-Effect
down I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
price B-Cause
appreciation I-Cause
moderates I-Cause
with I-Cause
little I-Cause
relief I-Cause
in I-Cause
labor I-Cause
and I-Cause
land I-Cause
costs I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
creating I-Cause
connected I-Cause
devices I-Cause
, I-Cause
which I-Cause
remotely I-Cause
monitors I-Cause
the I-Cause
patient I-Cause
's I-Cause
usage I-Cause
and I-Cause
breathing I-Cause
performance I-Cause
, O
entrenches B-Effect
ResMed I-Effect
as I-Effect
a I-Effect
preferred I-Effect
device I-Effect
provider O
with O
all O
three O
users O
of O
the O
data O
: O
patients O
, O
the O
medical O
practitioner O
and O
the O
payer O
. O

Based B-Cause
on I-Cause
the I-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
a I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
in I-Cause
relatively I-Cause
less I-Cause
discretionary I-Cause
therapeutic I-Cause
markets O
, O
we B-Effect
rate I-Effect
Medtronic I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

We O
estimate O
reported O
revenue B-Effect
growth I-Effect
in I-Effect
2021 I-Effect
at I-Effect
around I-Effect
negative I-Effect
3.5 I-Effect
% I-Effect
, O
as O
a O
result O
of O
a B-Cause
large I-Cause
decline I-Cause
in I-Cause
Myanmar I-Cause
revenue I-Cause
due I-Cause
to I-Cause
the I-Cause
military I-Cause
coup I-Cause
and I-Cause
network I-Cause
restrictions I-Cause
implemented I-Cause
in I-Cause
the I-Cause
country I-Cause
. O

Therefore O
, O
continued B-Cause
deceleration I-Cause
in I-Cause
subscriptions 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
PaaS I-Cause
or I-Cause
emerging I-Cause
products I-Cause
would O
likely O
have O
an B-Effect
adverse I-Effect
impact I-Effect
on I-Effect
the I-Effect
stock I-Effect
in O
our O
view O
. O

Predatory B-Cause
or I-Cause
discriminatory I-Cause
lending I-Cause
practices I-Cause
are I-Cause
examples I-Cause
of I-Cause
poor I-Cause
product I-Cause
governance I-Cause
, O
and O
this O
can O
affect B-Effect
certain I-Effect
banks I-Effect
at I-Effect
times I-Effect
. O

In O
addition O
to O
brand O
recognition O
and O
distribution O
, O
companies O
in O
this O
industry O
also O
benefit O
from O
scarcity B-Effect
value I-Effect
, O
which O
manifests O
as O
a O
result O
of O
the B-Cause
consumer I-Cause
perception I-Cause
surrounding I-Cause
the I-Cause
aging I-Cause
of I-Cause
this I-Cause
type I-Cause
of I-Cause
alcohol I-Cause
, I-Cause
and I-Cause
the I-Cause
pricing I-Cause
power I-Cause
that I-Cause
this I-Cause
begets I-Cause
. O

The B-Cause
benefits I-Cause
of I-Cause
fixed-cost I-Cause
leverage I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
of I-Cause
providing I-Cause
a I-Cause
differentiated I-Cause
wireless I-Cause
offering I-Cause
create O
an O
efficient B-Effect
scale I-Effect
advantage I-Effect
in I-Effect
the I-Effect
wireless I-Effect
industry I-Effect
. O

We O
project O
that O
TV B-Effect
ad I-Effect
revenue I-Effect
will I-Effect
continue I-Effect
to I-Effect
decline I-Effect
on I-Effect
a I-Effect
secular I-Effect
basis I-Effect
due O
to O
the B-Cause
ongoing I-Cause
shift I-Cause
to I-Cause
digital I-Cause
ads I-Cause
, O
but O
the B-Cause
network I-Cause
will I-Cause
benefit I-Cause
from I-Cause
the I-Cause
2020 I-Cause
and I-Cause
2024 I-Cause
presidential I-Cause
elections I-Cause
along I-Cause
with I-Cause
the I-Cause
2022 I-Cause
midterm I-Cause
elections I-Cause
, O
leading O
to O
flat B-Effect
advertising I-Effect
revenue I-Effect
over I-Effect
fiscal I-Effect
2020-25 I-Effect
. O

We O
expect O
truck B-Effect
brokerage I-Effect
growth I-Effect
to I-Effect
ease I-Effect
in O
2022 O
as O
the B-Cause
TL I-Cause
capacity I-Cause
cruch I-Cause
eases I-Cause
and I-Cause
pricing I-Cause
normalizes I-Cause
, O
but O
we O
are O
nonetheless O
lifting B-Effect
our I-Effect
revenue I-Effect
run I-Effect
rate I-Effect
forecast I-Effect
given O
solid B-Cause
market I-Cause
share I-Cause
gains I-Cause
this O
year O
. O

With O
top-line B-Effect
growth I-Effect
expected I-Effect
to I-Effect
be I-Effect
mixed I-Effect
during I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
as O
the B-Cause
company I-Cause
deals I-Cause
with I-Cause
the I-Cause
effects I-Cause
of I-Cause
industry-driven I-Cause
fee I-Cause
compression I-Cause
, O
the B-Effect
net I-Effect
result I-Effect
is I-Effect
a I-Effect
4.2 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2021-25 I-Effect
( I-Effect
up I-Effect
from I-Effect
1.3 I-Effect
% I-Effect
previously I-Effect
) I-Effect
. O

Additionally O
, O
the B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
very I-Cause
low I-Cause
in I-Cause
most I-Cause
markets I-Cause
, I-Cause
and I-Cause
economic I-Cause
profits I-Cause
will O
attract O
more B-Effect
developers I-Effect
to I-Effect
build I-Effect
competing I-Effect
properties I-Effect
. O

Caesars O
' O
casino O
property O
portfolio O
has O
grown O
to O
around O
50 O
properties O
from O
just O
4 O
in O
2014 O
, O
as O
the O
company B-Cause
has I-Cause
excelled I-Cause
at I-Cause
identifying I-Cause
and I-Cause
integrating I-Cause
acquisitions I-Cause
that O
generate B-Effect
both I-Effect
strategic I-Effect
and I-Effect
economic I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
. O

Similar O
to O
several O
other O
large O
incumbents O
, O
Hub B-Effect
's I-Effect
network I-Effect
of I-Effect
over-the-road I-Effect
carriers I-Effect
is I-Effect
highly I-Effect
valuable I-Effect
to I-Effect
shippers I-Effect
throughout I-Effect
the I-Effect
cycle I-Effect
, O
partly O
because O
the B-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
base I-Cause
comprises I-Cause
very I-Cause
small I-Cause
carriers I-Cause
and I-Cause
also I-Cause
due I-Cause
to I-Cause
structural I-Cause
constraints I-Cause
on I-Cause
driver I-Cause
availability I-Cause
. O

Third O
, O
we O
'd O
characterize O
the B-Effect
incremental I-Effect
fee I-Effect
opportunities I-Effect
from I-Effect
refined I-Effect
product I-Effect
storage I-Effect
terminals I-Effect
and I-Effect
butane I-Effect
blending I-Effect
as I-Effect
low I-Effect
risk I-Effect
and I-Effect
attractive O
, O
given O
the B-Cause
lack I-Cause
of I-Cause
volatility I-Cause
in I-Cause
Magellan I-Cause
's I-Cause
end I-Cause
markets I-Cause
. O

We B-Effect
expect I-Effect
JPMorgan I-Effect
to I-Effect
achieve I-Effect
a I-Effect
sub-55 I-Effect
% I-Effect
efficiency I-Effect
ratio I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
forecast I-Effect
as B-Cause
the I-Cause
company I-Cause
benefits I-Cause
from I-Cause
a I-Cause
higher I-Cause
rate I-Cause
environment I-Cause
, I-Cause
additional I-Cause
fee I-Cause
revenue I-Cause
falling I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
continued I-Cause
expense I-Cause
management I-Cause
efforts I-Cause
. O

With B-Cause
its I-Cause
dominant I-Cause
share I-Cause
at I-Cause
home I-Cause
, I-Cause
leading I-Cause
brands I-Cause
, I-Cause
and I-Cause
sufficient I-Cause
resources I-Cause
, I-Cause
we I-Cause
believe I-Cause
Hershey I-Cause
is I-Cause
a I-Cause
critical I-Cause
partner I-Cause
for I-Cause
retailers I-Cause
that I-Cause
are I-Cause
reluctant I-Cause
to I-Cause
risk I-Cause
out-of-stocks I-Cause
with I-Cause
unproven I-Cause
suppliers I-Cause
, I-Cause
supporting I-Cause
the I-Cause
intangible I-Cause
asset I-Cause
source I-Cause
of I-Cause
its I-Cause
wide I-Cause
moat. O
As O
such O
, O
we O
expect O
the B-Effect
firm I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
remain I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
even I-Effect
under I-Effect
a I-Effect
more I-Effect
bearish I-Effect
outlook I-Effect
, I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

Today O
, O
farmers B-Effect
are I-Effect
more I-Effect
confident I-Effect
in I-Effect
the I-Effect
demand I-Effect
outlook I-Effect
, O
as O
trade B-Cause
tensions I-Cause
have I-Cause
eased I-Cause
, I-Cause
and I-Cause
weather I-Cause
has I-Cause
generally I-Cause
not I-Cause
been I-Cause
an I-Cause
issue I-Cause
. O

We O
believe O
that O
the B-Cause
benefit I-Cause
of I-Cause
high-margin I-Cause
retransmission I-Cause
revenue I-Cause
will I-Cause
be I-Cause
offset I-Cause
by I-Cause
increased I-Cause
reverse I-Cause
compensation I-Cause
demands I-Cause
from I-Cause
the I-Cause
national I-Cause
broadcasters. O
As O
a O
result O
, O
we O
project O
that O
the B-Effect
average I-Effect
operating I-Effect
margin I-Effect
will I-Effect
fall I-Effect
to I-Effect
18 I-Effect
% I-Effect
, I-Effect
below I-Effect
the I-Effect
current I-Effect
three-year I-Effect
historical I-Effect
average I-Effect
of I-Effect
22 I-Effect
% I-Effect
. O

We B-Cause
expect I-Cause
a I-Cause
rebound I-Cause
in I-Cause
2021 I-Cause
on I-Cause
the I-Cause
refined I-Cause
product I-Cause
demand I-Cause
side I-Cause
, O
boosting B-Effect
distributable I-Effect
cash I-Effect
flow I-Effect
to I-Effect
about I-Effect
$ I-Effect
1.12 I-Effect
billion I-Effect
. O

Finally O
, O
China B-Effect
's I-Effect
consumers I-Effect
typically I-Effect
have I-Effect
greater I-Effect
brand I-Effect
recognition I-Effect
than I-Effect
many I-Effect
of I-Effect
their I-Effect
peers I-Effect
in I-Effect
developed I-Effect
nations I-Effect
, I-Effect
and I-Effect
we I-Effect
believe I-Effect
this I-Effect
bodes I-Effect
well I-Effect
for I-Effect
Yum I-Effect
China I-Effect
, O
given O
that O
these B-Cause
consumers I-Cause
grew I-Cause
up I-Cause
during I-Cause
KFC I-Cause
's I-Cause
and I-Cause
Pizza I-Cause
Hut I-Cause
's I-Cause
expansion I-Cause
phases I-Cause
in I-Cause
the I-Cause
region I-Cause
. O

Meanwhile O
, O
recently O
announced O
capital B-Cause
spending I-Cause
and I-Cause
operating I-Cause
cost I-Cause
reductions I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
company I-Cause
's I-Cause
low I-Cause
debt I-Cause
and I-Cause
cash I-Cause
balance I-Cause
, O
should O
keep B-Effect
the I-Effect
dividend I-Effect
safe I-Effect
. O

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

We O
attribute O
the B-Effect
irrational I-Effect
pricing I-Effect
of I-Effect
loans I-Effect
in I-Effect
Italy I-Effect
to O
the B-Cause
competitive I-Cause
environment I-Cause
, I-Cause
the I-Cause
ownership I-Cause
structure I-Cause
of I-Cause
Italian I-Cause
banks I-Cause
, I-Cause
and I-Cause
political I-Cause
influence I-Cause
. O

But O
the B-Cause
ongoing I-Cause
fluidity I-Cause
of I-Cause
coronavirus I-Cause
has O
made O
deployment B-Effect
efforts I-Effect
difficult I-Effect
, O
as O
most B-Cause
ships I-Cause
remain I-Cause
in I-Cause
layup I-Cause
and I-Cause
others I-Cause
that I-Cause
redeploy I-Cause
could I-Cause
be I-Cause
forced I-Cause
to I-Cause
book I-Cause
within I-Cause
an I-Cause
extremely I-Cause
short I-Cause
booking I-Cause
window I-Cause
, I-Cause
hindering I-Cause
pricing I-Cause
power I-Cause
. O

Online B-Cause
sales I-Cause
have I-Cause
skyrocketed I-Cause
, O
validating B-Effect
Target I-Effect
's I-Effect
digital I-Effect
strategy I-Effect
( O
using O
stores O
as O
omnichannel O
fulfillment O
hubs O
) O
but O
complicating B-Cause
execution I-Cause
and O
adding B-Cause
cost I-Cause
pressure I-Cause
that O
could O
linger B-Effect
after I-Effect
cost I-Effect
leverage I-Effect
abates I-Effect
once O
sales B-Cause
normalize I-Cause
. O

Also O
, O
although O
Knight O
's O
cost O
execution O
is O
quite O
strong O
, O
limited B-Cause
driver I-Cause
availability I-Cause
is O
placing B-Effect
upward I-Effect
pressure I-Effect
on I-Effect
driver I-Effect
wages I-Effect
and I-Effect
recruiting I-Effect
costs I-Effect
. O

We O
expect O
core O
usage O
to O
decline O
1.5 O
% O
annually O
, O
with O
recovery O
in O
volumes O
in O
2021 O
after O
a B-Effect
decline I-Effect
in I-Effect
volumes I-Effect
in I-Effect
2020 I-Effect
due O
mostly O
to O
pandemic B-Cause
headwinds I-Cause
. O

Management O
's O
objective O
is O
to O
increase O
revenue O
to O
just O
under O
EUR O
5.0 O
billion O
in O
2021 O
, O
but O
this B-Effect
target I-Effect
will I-Effect
likely I-Effect
be I-Effect
lowered I-Effect
owing O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
. O

The B-Cause
strong I-Cause
intangible I-Cause
brand I-Cause
asset I-Cause
led O
to O
worldwide B-Effect
Barbie I-Effect
sales I-Effect
rising I-Effect
19 I-Effect
% I-Effect
, I-Effect
Hot I-Effect
Wheels I-Effect
increasing I-Effect
13 I-Effect
% I-Effect
, I-Effect
and I-Effect
American I-Effect
Girl I-Effect
higher I-Effect
by I-Effect
12 I-Effect
% I-Effect
. O

That O
said O
, O
we O
're O
not O
prepared B-Effect
to I-Effect
assume I-Effect
that I-Effect
Moderna I-Effect
will I-Effect
see I-Effect
pricing I-Effect
at I-Effect
the I-Effect
level I-Effect
of I-Effect
current I-Effect
innovative I-Effect
vaccines I-Effect
, O
given O
the O
evolving B-Cause
competitive I-Cause
landscape I-Cause
. O

Carrier B-Cause
's I-Cause
failure I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
global I-Cause
green I-Cause
building I-Cause
standards I-Cause
and I-Cause
product I-Cause
demand I-Cause
trends I-Cause
could O
result O
in O
reputational B-Effect
risk I-Effect
and I-Effect
lost I-Effect
market I-Effect
share I-Effect
, O
but O
we O
see O
a O
low O
probability O
of O
this O
risk O
materializing O
. O

From O
a O
profit O
perspective O
, O
we B-Effect
view I-Effect
the I-Effect
firm I-Effect
's I-Effect
aims I-Effect
to I-Effect
extract I-Effect
$ I-Effect
850 I-Effect
million I-Effect
in I-Effect
costs I-Effect
as I-Effect
prudent I-Effect
, O
but O
think B-Cause
increased I-Cause
spending I-Cause
on I-Cause
sanitation I-Cause
and I-Cause
safety I-Cause
at I-Cause
its I-Cause
manufacturing I-Cause
facilities I-Cause
will I-Cause
act I-Cause
as I-Cause
a I-Cause
near-term I-Cause
offset I-Cause
. O

That O
declined B-Effect
to I-Effect
less I-Effect
than I-Effect
$ I-Effect
0.40 I-Effect
per I-Effect
gigabyte I-Effect
in I-Effect
2018 I-Effect
amid O
considerable B-Cause
investments I-Cause
from I-Cause
NAND I-Cause
players I-Cause
and O
we O
currently O
estimate O
it O
will O
continue O
to O
decrease O
to O
between O
$ O
0.10- O
$ O
0.15 O
by O
2022 O
. O

Over O
the O
next O
five O
years O
, O
we O
expect O
Trane B-Effect
's I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
about I-Effect
a I-Effect
7.5 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
( I-Effect
6.5 I-Effect
% I-Effect
organic I-Effect
) I-Effect
as O
demand B-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
commercial I-Cause
HVAC I-Cause
and I-Cause
transportation I-Cause
refrigeration I-Cause
products I-Cause
rebounds I-Cause
after I-Cause
2020 I-Cause
. O

Though O
the O
cost O
advantage O
of O
HDDs O
over O
SSDs O
is O
progressively O
narrowing O
, O
the B-Cause
need I-Cause
for I-Cause
cheap I-Cause
high-capacity I-Cause
storage I-Cause
in I-Cause
data I-Cause
centers I-Cause
will I-Cause
continue I-Cause
to I-Cause
support I-Cause
the I-Cause
demand I-Cause
for I-Cause
enterprise I-Cause
HDDs I-Cause
, O
which O
carry O
higher B-Effect
average I-Effect
selling I-Effect
prices I-Effect
and I-Effect
margins I-Effect
than I-Effect
PC I-Effect
HDDs I-Effect
. O

With O
Exact B-Cause
's I-Cause
pan-cancer I-Cause
technology I-Cause
untested I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
, O
we O
think O
there B-Effect
are I-Effect
material I-Effect
upside I-Effect
opportunities I-Effect
and I-Effect
downside I-Effect
risks I-Effect
to I-Effect
our I-Effect
reasonable I-Effect
base-case I-Effect
assumptions I-Effect
. O

As O
such O
, O
despite O
regular B-Cause
mergers I-Cause
and I-Cause
acquisitions I-Cause
, I-Cause
which I-Cause
add I-Cause
goodwill I-Cause
and I-Cause
assets I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
capital I-Cause
base I-Cause
, O
Idex B-Effect
has I-Effect
consistently I-Effect
generated I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
the I-Effect
upper-mid-teens I-Effect
. O

As O
a O
reward O
for O
accessing O
Centene O
's O
Medicaid O
plans O
that O
can O
reduce O
costs O
and O
risks O
for O
the O
states O
, O
we O
think O
states B-Effect
will I-Effect
continue I-Effect
giving I-Effect
Centene I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
generate I-Effect
adequate I-Effect
returns I-Effect
over I-Effect
capital I-Effect
costs I-Effect
for I-Effect
a I-Effect
relatively I-Effect
long I-Effect
period I-Effect
by O
determining B-Cause
appropriate I-Cause
rates I-Cause
per I-Cause
Medicaid I-Cause
enrollee I-Cause
. O

This B-Cause
creates I-Cause
potential I-Cause
greenhouse I-Cause
gas I-Cause
emissions I-Cause
, I-Cause
effluents I-Cause
, I-Cause
pipeline I-Cause
spills I-Cause
, I-Cause
and I-Cause
opposition I-Cause
and I-Cause
protests I-Cause
that O
in O
the O
long O
run O
could O
push B-Cause
consumers I-Cause
away I-Cause
from I-Cause
fossil I-Cause
fuels I-Cause
in I-Cause
greater I-Cause
numbers I-Cause
, O
resulting B-Effect
in I-Effect
long-term I-Effect
demand I-Effect
erosion I-Effect
. O

We O
model O
non-GAAP O
operating B-Effect
margins I-Effect
increasing I-Effect
from O
43 O
% O
in O
fiscal O
2020 O
( O
actual O
) O
to O
45 O
% O
in O
fiscal O
2025 O
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

We O
believe O
this O
strong O
deposit O
share O
, O
along O
with O
the B-Cause
relationships I-Cause
and I-Cause
reputation I-Cause
Huntington I-Cause
has I-Cause
formed I-Cause
, O
has O
resulted O
in O
an B-Effect
ability I-Effect
to I-Effect
earn I-Effect
higher I-Effect
returns I-Effect
, O
in O
large O
part O
due O
to O
higher B-Cause
fee-income I-Cause
levels I-Cause
, O
leading O
to O
cost B-Effect
advantages I-Effect
as I-Effect
well I-Effect
as I-Effect
switching I-Effect
costs I-Effect
. O

We O
expect O
higher B-Cause
interest I-Cause
rates I-Cause
to O
lead O
to O
modest B-Effect
deterioration I-Effect
in I-Effect
P I-Effect
& I-Effect
C I-Effect
underwriting I-Effect
results I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
our I-Effect
projection I-Effect
period I-Effect
. O

This B-Cause
allows I-Cause
for I-Cause
the I-Cause
application I-Cause
of I-Cause
incremental I-Cause
iron I-Cause
units I-Cause
to I-Cause
the I-Cause
melt I-Cause
without I-Cause
the I-Cause
burden I-Cause
of I-Cause
freight I-Cause
costs. O
This B-Effect
facilitates I-Effect
the I-Effect
production I-Effect
of I-Effect
high-strength I-Effect
, I-Effect
flat-rolled I-Effect
steel I-Effect
using I-Effect
only I-Effect
a I-Effect
fraction I-Effect
of I-Effect
the I-Effect
metallurgical I-Effect
coal I-Effect
required I-Effect
by I-Effect
its I-Effect
peers I-Effect
that I-Effect
operate I-Effect
blast I-Effect
furnaces I-Effect
. O

Such B-Cause
growth I-Cause
in I-Cause
paid I-Cause
member I-Cause
count I-Cause
, I-Cause
coupled I-Cause
with I-Cause
4 I-Cause
% I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
paying I-Cause
user I-Cause
, O
we O
think O
will O
result O
in O
a B-Effect
18 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in I-Effect
dating I-Effect
revenue I-Effect
growth I-Effect
. O

But O
this B-Cause
should I-Cause
not I-Cause
affect I-Cause
InterContinental I-Cause
's I-Cause
uncertainty I-Cause
rating I-Cause
unless O
travel O
demand O
returns O
to O
near O
zero O
for O
an O
extended O
period O
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value-destructive O
levels O
. O

NICE B-Cause
is I-Cause
also I-Cause
making I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
investments I-Cause
into I-Cause
its I-Cause
platform I-Cause
to O
offer O
extra B-Effect
modules I-Effect
and I-Effect
build I-Effect
out I-Effect
a I-Effect
best-in-class I-Effect
contact I-Effect
center I-Effect
offering I-Effect
. O

In O
complex O
industries O
, O
a B-Effect
good I-Effect
record I-Effect
in I-Effect
offering I-Effect
customers I-Effect
durable I-Effect
, I-Effect
well-engineered I-Effect
, I-Effect
and I-Effect
reliable I-Effect
equipment I-Effect
can O
not O
be O
achieved O
without B-Cause
technological I-Cause
know-how I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
increased I-Cause
presence I-Cause
in I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
may O
partially B-Effect
offset I-Effect
the I-Effect
impact I-Effect
of I-Effect
economic I-Effect
downturns I-Effect
within I-Effect
developed I-Effect
regions I-Effect
. O

Despite O
good O
SG O
& O
A O
efficiency O
, O
the B-Effect
company I-Effect
has I-Effect
room I-Effect
to I-Effect
improve I-Effect
its I-Effect
SG I-Effect
& I-Effect
A I-Effect
expense I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
gross I-Effect
profit I-Effect
, O
as O
many B-Cause
of I-Cause
Lithia I-Cause
's I-Cause
markets I-Cause
have I-Cause
not I-Cause
returned I-Cause
to I-Cause
prerecession I-Cause
levels I-Cause
and I-Cause
large I-Cause
deals I-Cause
could I-Cause
bring I-Cause
more I-Cause
scale I-Cause
from O
more O
used O
sales O
and O
more O
leasing O
business O
. O

Crown O
is O
transitioning O
to O
become B-Effect
less I-Effect
reliant I-Effect
on O
its B-Cause
tower I-Cause
business I-Cause
by I-Cause
acquiring I-Cause
fiber I-Cause
( I-Cause
it I-Cause
now I-Cause
owns I-Cause
80,000 I-Cause
route I-Cause
miles I-Cause
) I-Cause
and I-Cause
setting I-Cause
up I-Cause
small I-Cause
cells I-Cause
on I-Cause
it I-Cause
. O

Philip B-Cause
Morris I-Cause
International I-Cause
's I-Cause
Unsmoke I-Cause
campaign I-Cause
, I-Cause
if I-Cause
successful I-Cause
, O
will B-Effect
transform I-Effect
its I-Effect
product I-Effect
portfolio I-Effect
from I-Effect
cigarettes I-Effect
to I-Effect
a I-Effect
broader I-Effect
suite I-Effect
of I-Effect
next-generation I-Effect
nicotine I-Effect
products I-Effect
comprising I-Effect
combustibles I-Effect
, I-Effect
heated I-Effect
tobacco I-Effect
and I-Effect
vaping I-Effect
. O

We B-Cause
anticipate I-Cause
torrid I-Cause
growth I-Cause
for I-Cause
mass I-Cause
capacity I-Cause
exabyte I-Cause
shipments I-Cause
to I-Cause
more I-Cause
than I-Cause
offset I-Cause
pricing I-Cause
declines I-Cause
over I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
, O
resulting O
in O
9 B-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
through I-Effect
2025 I-Effect
. O

Still O
, O
we B-Cause
do I-Cause
n't I-Cause
think I-Cause
the I-Cause
stock I-Cause
is I-Cause
worth I-Cause
nearly I-Cause
as I-Cause
much I-Cause
independently I-Cause
as I-Cause
the I-Cause
deal I-Cause
price I-Cause
, O
so O
in B-Effect
our I-Effect
view I-Effect
there I-Effect
is I-Effect
significant I-Effect
downside I-Effect
if I-Effect
the I-Effect
merger I-Effect
does I-Effect
n't I-Effect
go I-Effect
through I-Effect
but I-Effect
only I-Effect
limited I-Effect
upside I-Effect
if I-Effect
it I-Effect
does I-Effect
. O

On O
the O
consulting O
side O
, O
revenue B-Effect
can I-Effect
be I-Effect
lumpy I-Effect
, I-Effect
and I-Effect
Marsh I-Effect
& I-Effect
McLennan I-Effect
's I-Effect
exposure I-Effect
is O
primarily O
to O
the B-Cause
health I-Cause
of I-Cause
the I-Cause
employment I-Cause
market I-Cause
and I-Cause
general I-Cause
macroeconomic I-Cause
conditions I-Cause
, O
as O
any B-Cause
headwinds I-Cause
in I-Cause
these I-Cause
areas I-Cause
could O
limit O
clients B-Effect
willingness I-Effect
to I-Effect
pay I-Effect
for I-Effect
the I-Effect
company I-Effect
's I-Effect
services I-Effect
. O

The B-Cause
breadth I-Cause
of I-Cause
its I-Cause
distribution I-Cause
network I-Cause
( I-Cause
which I-Cause
we I-Cause
believe I-Cause
is I-Cause
tied I-Cause
to I-Cause
the I-Cause
broad I-Cause
appeal I-Cause
of I-Cause
its I-Cause
brands I-Cause
) I-Cause
makes O
Pepsi O
a B-Effect
choice I-Effect
partner I-Effect
of I-Effect
smaller I-Effect
beverage I-Effect
and I-Effect
snack I-Effect
companies I-Effect
. O

For O
2020 O
, O
we O
expect O
25 B-Effect
% I-Effect
comp I-Effect
growth I-Effect
and I-Effect
around I-Effect
170 I-Effect
basis I-Effect
points I-Effect
of I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
( I-Effect
to I-Effect
10.8 I-Effect
% I-Effect
) I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
better I-Cause
leverage I-Cause
costs I-Cause
on I-Cause
higher I-Cause
COVID-19-related I-Cause
sales I-Cause
. O

Instead O
of O
sending B-Cause
data I-Cause
back I-Cause
to I-Cause
a I-Cause
centralized I-Cause
data I-Cause
center I-Cause
, I-Cause
which I-Cause
becomes I-Cause
cumbersome I-Cause
for I-Cause
high-bandwidth I-Cause
items I-Cause
and I-Cause
real-time I-Cause
data I-Cause
analysis I-Cause
requirements I-Cause
, O
HCI B-Effect
allows I-Effect
for I-Effect
rapid I-Effect
processing I-Effect
within I-Effect
a I-Effect
localized I-Effect
site I-Effect
, I-Effect
while I-Effect
still I-Effect
being I-Effect
part I-Effect
of I-Effect
the I-Effect
larger I-Effect
network I-Effect
. O

The B-Effect
industry I-Effect
is I-Effect
consolidating I-Effect
because O
smaller B-Cause
players I-Cause
can I-Cause
not I-Cause
compete I-Cause
with I-Cause
the I-Cause
scale I-Cause
and I-Cause
cost I-Cause
savings I-Cause
achieved I-Cause
through I-Cause
roll-up I-Cause
acquisitions I-Cause
pursued I-Cause
by I-Cause
the I-Cause
six I-Cause
publicly I-Cause
traded I-Cause
franchise I-Cause
dealerships I-Cause
. O

We O
estimate O
Nordstrom B-Cause
's I-Cause
WACC I-Cause
at I-Cause
9 I-Cause
% I-Cause
and O
, O
therefore O
, O
expect O
it O
to O
generate B-Effect
economic I-Effect
profits I-Effect
for I-Effect
most I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Although O
management O
may O
have O
mistimed O
the O
product O
refresh O
cycle O
a O
bit O
, O
Waters O
' O
recently O
launched O
LC-MS B-Cause
tool I-Cause
, I-Cause
BioAccord I-Cause
, O
will O
cater B-Effect
specifically I-Effect
to I-Effect
the I-Effect
needs I-Effect
of I-Effect
biologic-focused I-Effect
customers I-Effect
and I-Effect
should I-Effect
help I-Effect
the I-Effect
company I-Effect
regain I-Effect
its I-Effect
footing I-Effect
. O

Rio B-Cause
and I-Cause
Vale I-Cause
overinvested I-Cause
to I-Cause
a I-Cause
greater I-Cause
degree I-Cause
than I-Cause
BHP I-Cause
in I-Cause
the I-Cause
boom I-Cause
, O
more B-Effect
greatly I-Effect
diluting I-Effect
long-term I-Effect
returns I-Effect
. O

Delta B-Effect
does I-Effect
not I-Effect
hedge I-Effect
fuel I-Effect
costs I-Effect
and I-Effect
would I-Effect
likely I-Effect
face I-Effect
substantial I-Effect
margin I-Effect
pressures I-Effect
in O
the O
event O
of O
an B-Cause
oil I-Cause
price I-Cause
spike I-Cause
. O

Robinson O
enjoys O
a B-Cause
variable-cost I-Cause
business I-Cause
model I-Cause
, O
but O
its O
adjusted O
EBIT O
margin O
( O
calculated O
off O
net O
revenue O
) O
fell O
in O
2020 O
on O
lower O
net B-Effect
revenue I-Effect
and I-Effect
Prime I-Effect
integration I-Effect
costs I-Effect
. O

As O
a O
result O
, O
AMD B-Cause
has I-Cause
n't I-Cause
enjoyed I-Cause
the I-Cause
scale I-Cause
, I-Cause
research I-Cause
, I-Cause
and I-Cause
development I-Cause
advantages I-Cause
that I-Cause
Intel I-Cause
holds I-Cause
and I-Cause
proliferates I-Cause
in I-Cause
successive I-Cause
processor I-Cause
generations I-Cause
, O
which O
ultimately O
led O
to O
further B-Effect
share I-Effect
gains I-Effect
for I-Effect
the I-Effect
latter I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
the I-Effect
former I-Effect
. O

Its B-Cause
portfolio I-Cause
of I-Cause
widely 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 I-Effect
delivering I-Effect
content I-Effect
via I-Effect
sequels I-Effect
, I-Effect
expansion I-Effect
packs I-Effect
, I-Effect
downloadable I-Effect
content I-Effect
, I-Effect
or I-Effect
DLC I-Effect
, I-Effect
and I-Effect
toys I-Effect
, O
exemplified O
by O
the O
decade-old O
World O
of O
Warcraft O
franchise O
and O
the O
annual O
versions O
of O
Call O
of O
Duty O
. O

As B-Cause
more I-Cause
buyers I-Cause
and I-Cause
sellers I-Cause
trade I-Cause
a I-Cause
proprietary I-Cause
product I-Cause
, I-Cause
it I-Cause
becomes I-Cause
increasingly I-Cause
liquid I-Cause
and I-Cause
therefore I-Cause
cheaper I-Cause
for I-Cause
investors I-Cause
to I-Cause
transact I-Cause
business I-Cause
on I-Cause
a I-Cause
single I-Cause
exchange. O
These O
are O
significantly O
high O
barriers O
to O
entry B-Effect
and I-Effect
mostly I-Effect
ensure I-Effect
that I-Effect
newcomers I-Effect
will I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
steal I-Effect
trading I-Effect
volume I-Effect
by I-Effect
launching I-Effect
a I-Effect
competing I-Effect
future I-Effect
or I-Effect
derivative I-Effect
. O

In O
addition O
, O
because O
the O
process O
relies O
on O
third O
parties O
for O
key O
inputs O
cement O
and O
to O
a O
lesser O
extent O
, O
aggregates O
, O
a B-Cause
healthy I-Cause
uptick I-Cause
in I-Cause
construction I-Cause
activity I-Cause
results O
in O
rising B-Effect
material I-Effect
costs I-Effect
. O

We O
expect O
the O
crisis O
subsides O
by O
midyear O
, O
with O
a B-Effect
low-single-digit I-Effect
fiscal I-Effect
2021 I-Effect
comparable I-Effect
sales I-Effect
dip I-Effect
as O
Target B-Cause
laps I-Cause
exceptional I-Cause
pandemic-era I-Cause
growth I-Cause
. O

Buying B-Cause
$ I-Cause
3 I-Cause
billion- I-Cause
$ I-Cause
5 I-Cause
billion I-Cause
of I-Cause
revenue I-Cause
every I-Cause
year I-Cause
brings B-Effect
risk I-Effect
of I-Effect
Lithia I-Effect
buying I-Effect
some I-Effect
lower-quality I-Effect
stores I-Effect
or I-Effect
overpaying I-Effect
for I-Effect
high-performing I-Effect
stores I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
been I-Cause
a I-Cause
leader I-Cause
in I-Cause
deploying I-Cause
the I-Cause
latest I-Cause
network I-Cause
technologies I-Cause
, O
which O
we O
think O
will O
insulate O
it O
from O
unexpected B-Effect
changes I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

In O
the O
worst-case O
scenario O
of O
a O
failed O
implementation O
, O
companies B-Cause
could I-Cause
experience I-Cause
dropped I-Cause
calls I-Cause
, I-Cause
messages I-Cause
that I-Cause
do I-Cause
not I-Cause
go I-Cause
through I-Cause
, I-Cause
or I-Cause
total I-Cause
system I-Cause
failure I-Cause
, O
which O
would O
limit B-Effect
internal I-Effect
productivity I-Effect
and I-Effect
cause I-Effect
significant I-Effect
frustration I-Effect
for I-Effect
employees I-Effect
in I-Effect
customer-facing I-Effect
roles I-Effect
. O

However O
, O
Malibu O
has O
n't O
rested O
only O
on O
innovation O
to O
grow O
profits O
, O
also O
curating B-Effect
savings I-Effect
through O
streamlined B-Cause
production I-Cause
and I-Cause
rising I-Cause
efficiencies I-Cause
( O
through O
vertical O
integration O
) O
. 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 O
assigning B-Effect
the I-Effect
bank I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

We O
expect O
EA B-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from O
the O
upcoming B-Cause
new I-Cause
generation I-Cause
of I-Cause
consoles I-Cause
, I-Cause
the I-Cause
ongoing I-Cause
revitalization I-Cause
of I-Cause
PC I-Cause
gaming I-Cause
, I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
mobile I-Cause
gaming I-Cause
space I-Cause
. O

The B-Cause
transition I-Cause
to I-Cause
10- I-Cause
, I-Cause
7- I-Cause
, I-Cause
and I-Cause
5-nanometer I-Cause
processes I-Cause
at I-Cause
logic I-Cause
and I-Cause
foundry I-Cause
customers I-Cause
has I-Cause
significantly I-Cause
increased I-Cause
the I-Cause
number I-Cause
of I-Cause
multiple I-Cause
patterning-related I-Cause
process I-Cause
steps I-Cause
, O
which O
subsequently B-Effect
expanded I-Effect
Lam I-Effect
's I-Effect
served I-Effect
addressable I-Effect
market I-Effect
. O

Avago B-Cause
's I-Cause
expertise I-Cause
in I-Cause
radio I-Cause
frequency I-Cause
filters I-Cause
for I-Cause
smartphones I-Cause
and I-Cause
legacy I-Cause
Broadcom I-Cause
's I-Cause
dominance I-Cause
in I-Cause
networking I-Cause
, I-Cause
broadband I-Cause
, I-Cause
and I-Cause
wireless I-Cause
connectivity I-Cause
created B-Effect
a I-Effect
broad I-Effect
and I-Effect
profitable I-Effect
semiconductor I-Effect
behemoth I-Effect
. O

A B-Cause
slowdown I-Cause
in I-Cause
investment I-Cause
given O
macroeconomic O
uncertainty O
could O
impede O
profitability B-Effect
, O
and O
long-term B-Effect
credit I-Effect
costs I-Effect
as O
a O
result O
of O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
and I-Cause
subsequent I-Cause
lockdowns I-Cause
are O
nebulous O
at O
best O
, O
often O
highly O
dependent O
on O
variables O
outside O
the O
firm O
's O
control O
. O

We O
see O
Willis B-Effect
Tower I-Effect
Watson I-Effect
as I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
business I-Effect
that O
benefits O
from O
minimal B-Cause
capital I-Cause
requirements I-Cause
and I-Cause
enduring I-Cause
relationships I-Cause
. O

Furthermore O
, O
the B-Cause
transition I-Cause
from I-Cause
on-premises I-Cause
communication I-Cause
services I-Cause
to I-Cause
cloud-based I-Cause
solutions I-Cause
is I-Cause
in I-Cause
the I-Cause
early I-Cause
stages I-Cause
and O
should B-Effect
provide I-Effect
best-in-class I-Effect
UCaaS I-Effect
providers I-Effect
like I-Effect
RingCentral I-Effect
a I-Effect
long I-Effect
runway I-Effect
for I-Effect
growth I-Effect
. O

Contracts B-Cause
purchased I-Cause
at I-Cause
ICE I-Cause
's I-Cause
exchanges I-Cause
can I-Cause
not I-Cause
be I-Cause
closed I-Cause
at I-Cause
another I-Cause
exchange I-Cause
and I-Cause
vice I-Cause
versa I-Cause
, O
which O
keeps B-Effect
ICE I-Effect
's I-Effect
liquidity I-Effect
pools I-Effect
captive I-Effect
to I-Effect
its I-Effect
exchanges I-Effect
and I-Effect
creates I-Effect
additional I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
potential I-Effect
competitors I-Effect
. O

But B-Cause
within I-Cause
the I-Cause
Permian I-Cause
, I-Cause
well I-Cause
performance I-Cause
does I-Cause
vary. O
As O
a O
result O
, O
some B-Effect
of I-Effect
APA I-Effect
's I-Effect
competitors I-Effect
in I-Effect
the I-Effect
region I-Effect
enjoy I-Effect
lower I-Effect
average I-Effect
unit I-Effect
costs I-Effect
and I-Effect
higher I-Effect
internal I-Effect
rates I-Effect
of I-Effect
return I-Effect
. O

We O
think O
PTC B-Effect
's I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
and I-Effect
AR I-Effect
solutions I-Effect
pose I-Effect
significant I-Effect
switching I-Effect
costs I-Effect
given O
the B-Cause
intense I-Cause
implementation I-Cause
required I-Cause
to I-Cause
reconnect I-Cause
devices I-Cause
and I-Cause
specifications I-Cause
when I-Cause
changing I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
or I-Cause
AR I-Cause
vendors I-Cause
. O

Moreover O
, O
due O
to O
reduced O
distribution B-Cause
and I-Cause
the I-Cause
pandemic I-Cause
, O
we O
do O
not O
expect O
PVH B-Effect
to I-Effect
eclipse I-Effect
its I-Effect
2019 I-Effect
total I-Effect
sales I-Effect
until I-Effect
2024 I-Effect
. O

Inflation B-Effect
is I-Effect
a I-Effect
major I-Effect
risk I-Effect
for I-Effect
Brazilian I-Effect
banks I-Effect
, O
especially O
in B-Cause
a I-Cause
macroeconomic I-Cause
environment I-Cause
of I-Cause
extended I-Cause
lockdowns I-Cause
, I-Cause
elevated I-Cause
unemployment I-Cause
and I-Cause
burgeoning I-Cause
debt/GDP I-Cause
. O

By O
these O
measures O
, O
we O
believe O
Federated O
has O
about O
an O
average O
switching O
cost O
profile O
( O
at O
best O
) O
when O
compared O
with O
the O
industry O
and O
our O
peer O
coverage O
group O
, O
as O
it B-Effect
has I-Effect
to I-Effect
work I-Effect
harder I-Effect
to I-Effect
generate I-Effect
positive I-Effect
flows I-Effect
given O
the B-Cause
above I-Cause
( I-Cause
below I-Cause
) I-Cause
average I-Cause
redemption I-Cause
( I-Cause
retention I-Cause
) I-Cause
rate I-Cause
for I-Cause
its I-Cause
long-term I-Cause
funds I-Cause
. O

We O
believe O
it O
could O
leverage B-Cause
its I-Cause
component I-Cause
knowledge I-Cause
and I-Cause
unique I-Cause
understanding I-Cause
of I-Cause
businesses I-Cause
' I-Cause
IT I-Cause
demands I-Cause
to O
further B-Effect
solidify I-Effect
itself I-Effect
as I-Effect
a I-Effect
value-added I-Effect
distributor I-Effect
. O

As O
such O
, O
we O
believe O
the B-Effect
firm I-Effect
's I-Effect
portfolio I-Effect
mix I-Effect
shift I-Effect
toward I-Effect
more I-Effect
on-trend I-Effect
categories I-Effect
, O
like O
healthy O
snacks O
and O
organics O
following O
the O
acquisitions O
of O
Amplify O
and O
Pirate O
Brands O
, O
has O
been O
prudent O
, O
given O
these B-Cause
offerings I-Cause
align I-Cause
with I-Cause
consumer I-Cause
preferences I-Cause
for I-Cause
healthy I-Cause
and I-Cause
convenient I-Cause
fare I-Cause
. O

We B-Effect
generally I-Effect
view I-Effect
CBD I-Effect
as I-Effect
a I-Effect
less I-Effect
attractive I-Effect
opportunity I-Effect
given O
the B-Cause
massive I-Cause
amount I-Cause
of I-Cause
competition I-Cause
and I-Cause
low I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
. O

We O
share O
Juniper O
's O
view O
that O
its O
customer B-Effect
verticals I-Effect
are I-Effect
becoming I-Effect
further I-Effect
entwined I-Effect
as O
we O
believe O
software-based B-Cause
solutions I-Cause
are I-Cause
blurring I-Cause
the I-Cause
requirements I-Cause
for I-Cause
siloed I-Cause
solutions I-Cause
. 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
above I-Effect
average 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
United B-Cause
's I-Cause
' I-Cause
highly I-Cause
cyclical I-Cause
business I-Cause
model I-Cause
and I-Cause
leveraged I-Cause
balance I-Cause
sheet I-Cause
. O

Looking O
beyond O
our O
five-year O
explicit O
forecast O
period O
, O
we O
think O
genomics B-Cause
could O
allow O
Neogen B-Effect
to I-Effect
finally I-Effect
exceed I-Effect
its I-Effect
long-stated I-Effect
20 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
target I-Effect
. O

This O
new O
pricing O
should O
thus O
support O
switching O
costs O
, O
as O
higher B-Cause
data I-Cause
ingestion I-Cause
leads I-Cause
to I-Cause
more I-Cause
use I-Cause
cases I-Cause
, O
making O
Splunk B-Effect
an I-Effect
increasingly I-Effect
integral I-Effect
part I-Effect
of I-Effect
business I-Effect
operations I-Effect
. O

Overall O
, O
we O
forecast O
a B-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
23 I-Effect
% I-Effect
, O
considerably O
lower O
than O
the O
historical O
norm O
, O
reflecting O
both O
Dexcom B-Effect
's I-Effect
significantly I-Effect
larger I-Effect
revenue I-Effect
base I-Effect
and I-Effect
lineup I-Effect
of I-Effect
new I-Effect
products I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
will I-Effect
be I-Effect
partially I-Effect
offset I-Effect
by O
more B-Cause
intense I-Cause
competition I-Cause
from I-Cause
Abbott I-Cause
and I-Cause
Medtronic I-Cause
over I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

Allstate B-Effect
and I-Effect
other I-Effect
auto I-Effect
insurers I-Effect
enjoyed I-Effect
abnormal I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
pandemic I-Cause
led I-Cause
to I-Cause
a I-Cause
stark I-Cause
decrease I-Cause
in I-Cause
miles I-Cause
driven I-Cause
. O

Despite O
the O
improvement O
in O
both O
businesses O
, O
we O
expect O
company-wide B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
remain I-Effect
relatively I-Effect
flat I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
the B-Cause
less I-Cause
profitable I-Cause
wireless I-Cause
business I-Cause
makes I-Cause
up I-Cause
a I-Cause
much I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
total I-Cause
business I-Cause
. O

While O
many O
of O
these O
have O
been O
margin O
dilutive O
upon O
acquisition O
-- O
for O
example O
, O
FCI O
which O
had O
roughly O
15 O
% O
operating O
margins O
before O
acquisition O
-- O
Amphenol B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
put I-Cause
cost I-Cause
control I-Cause
measures I-Cause
in I-Cause
place I-Cause
to O
relatively B-Effect
quickly I-Effect
improve I-Effect
operating I-Effect
margins I-Effect
. O

Furthermore O
, O
its B-Cause
digital I-Cause
applications I-Cause
help I-Cause
customers I-Cause
interact I-Cause
with I-Cause
dealers I-Cause
, I-Cause
manage I-Cause
their I-Cause
fleet I-Cause
, I-Cause
and I-Cause
track I-Cause
machine I-Cause
performance I-Cause
to O
determine B-Effect
when I-Effect
maintenance I-Effect
is I-Effect
needed I-Effect
. O

We O
expect B-Effect
Mosaic I-Effect
to I-Effect
produce I-Effect
around I-Effect
8 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
in I-Effect
2020 I-Effect
, O
amid O
lower O
potash O
prices O
, O
in B-Cause
line I-Cause
with I-Cause
the I-Cause
7.8 I-Cause
million I-Cause
metric I-Cause
tons I-Cause
produced I-Cause
in I-Cause
2019 I-Cause
, I-Cause
and I-Cause
well I-Cause
below I-Cause
the I-Cause
8.8 I-Cause
million I-Cause
metric I-Cause
tons I-Cause
sold I-Cause
in I-Cause
2018 I-Cause
amid I-Cause
higher I-Cause
prices I-Cause
. O

Nevertheless B-Effect
, I-Effect
we I-Effect
think I-Effect
CBRE I-Effect
is I-Effect
poised I-Effect
to I-Effect
experience I-Effect
long-term I-Effect
growth I-Effect
as B-Cause
it I-Cause
benefits I-Cause
from I-Cause
a I-Cause
healthy 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

While O
approximately O
39 O
% O
of O
Splunk O
's O
revenue O
currently O
comes O
from O
cloud O
services O
, O
we O
expect O
this O
number O
to O
grow O
in O
later O
years O
as O
Splunk B-Cause
completes I-Cause
its I-Cause
pivot I-Cause
into I-Cause
becoming I-Cause
a I-Cause
cloud-first I-Cause
company I-Cause
; O
we O
expect O
cloud O
services B-Effect
to I-Effect
constitute I-Effect
91 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

Total B-Effect
's I-Effect
profits I-Effect
and I-Effect
cash I-Effect
flow I-Effect
are I-Effect
largely I-Effect
tied I-Effect
to I-Effect
oil I-Effect
and I-Effect
gas I-Effect
production I-Effect
and I-Effect
suffer I-Effect
markedly I-Effect
during O
periods O
of O
weak B-Cause
commodity I-Cause
prices I-Cause
. O

Additionally O
, O
we O
think O
Telecom B-Effect
Italia I-Effect
is I-Effect
more I-Effect
resilient I-Effect
than I-Effect
Vodafone I-Effect
and I-Effect
Wind I-Effect
Tre I-Effect
due O
to O
its B-Cause
position I-Cause
in I-Cause
the I-Cause
premium I-Cause
market I-Cause
segment I-Cause
. O

We B-Effect
have I-Effect
reduced I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Telefonica I-Effect
Brasil I-Effect
to I-Effect
$ I-Effect
11 I-Effect
from I-Effect
$ I-Effect
12 I-Effect
per I-Effect
ADR I-Effect
due O
to O
weakness B-Cause
in I-Cause
the I-Cause
Brazilian I-Cause
real I-Cause
, O
offset O
in O
part O
by O
expectations O
that O
the O
weak O
real O
will O
push O
telecom O
services O
pricing O
higher O
over O
the O
next O
five O
years O
. O

With O
an B-Cause
expanding I-Cause
operating I-Cause
margin I-Cause
ahead I-Cause
thanks O
to O
further B-Cause
supply I-Cause
chain I-Cause
and I-Cause
merchandising I-Cause
amendments I-Cause
underway I-Cause
, O
we O
view O
Lowe O
's O
13 O
% O
operating O
margin O
forecast O
as O
achievable O
; O
additionally O
, O
we O
forecast O
a B-Effect
38 I-Effect
% I-Effect
ROIC I-Effect
in I-Effect
our I-Effect
terminal I-Effect
year I-Effect
. O

Given O
that O
the B-Cause
buildings I-Cause
are I-Cause
generally I-Cause
around I-Cause
12,000 I-Cause
square I-Cause
feet I-Cause
and I-Cause
development I-Cause
costs I-Cause
are I-Cause
frequently I-Cause
under I-Cause
$ I-Cause
5 I-Cause
million I-Cause
, I-Cause
the I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
very I-Cause
low I-Cause
, O
so O
development B-Effect
can I-Effect
easily I-Effect
match I-Effect
new I-Effect
demand I-Effect
. O

RevPAR B-Effect
grew I-Effect
around I-Effect
5 I-Effect
% I-Effect
between I-Effect
2011 I-Effect
and I-Effect
2015 I-Effect
through O
a B-Cause
combination I-Cause
of I-Cause
occupancy I-Cause
and I-Cause
rate I-Cause
growth I-Cause
, O
but O
as O
occupancy B-Cause
leveled I-Cause
off I-Cause
in I-Cause
2016 I-Cause
we O
have O
seen O
the B-Effect
pace I-Effect
of I-Effect
average I-Effect
rate I-Effect
growth I-Effect
slow I-Effect
for I-Effect
the I-Effect
U.S I-Effect
. I-Effect

However O
, O
we B-Effect
do I-Effect
n't I-Effect
surmise I-Effect
that I-Effect
the I-Effect
current I-Effect
trajectory I-Effect
is I-Effect
poised I-Effect
to I-Effect
prove I-Effect
sustainable I-Effect
( O
as O
coronavirus B-Cause
concerns I-Cause
fade I-Cause
when I-Cause
a I-Cause
vaccine I-Cause
is I-Cause
brought I-Cause
to I-Cause
market I-Cause
, I-Cause
which I-Cause
we I-Cause
expect I-Cause
by I-Cause
mid-2021 I-Cause
) O
. O

Because O
of O
the B-Cause
size I-Cause
of I-Cause
NYSE I-Cause
's I-Cause
market I-Cause
share I-Cause
, O
this O
data B-Effect
is I-Effect
necessary I-Effect
for I-Effect
traders I-Effect
to I-Effect
have I-Effect
a I-Effect
complete I-Effect
view I-Effect
of I-Effect
the I-Effect
market I-Effect
, O
giving O
ICE O
pricing O
power O
. O

Alibaba B-Effect
's I-Effect
desktop I-Effect
and I-Effect
mobile I-Effect
monetization I-Effect
rates I-Effect
( I-Effect
revenue I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
GMV I-Effect
) I-Effect
have I-Effect
generally I-Effect
been I-Effect
on I-Effect
upward I-Effect
trends I-Effect
the I-Effect
past I-Effect
few I-Effect
quarters I-Effect
, O
which O
indicates O
that O
sellers B-Cause
are I-Cause
becoming I-Cause
increasingly I-Cause
dependent I-Cause
on I-Cause
Alibaba I-Cause
's I-Cause
marketplaces I-Cause
to I-Cause
reach I-Cause
Chinese I-Cause
consumers I-Cause
. O

Additionally O
, O
the B-Effect
success I-Effect
of I-Effect
the I-Effect
financial I-Effect
services I-Effect
segment I-Effect
depends O
on O
access B-Effect
to I-Effect
capital I-Effect
, O
which O
can O
be O
limited O
during O
times B-Cause
of I-Cause
financial I-Cause
distress I-Cause
. O

A B-Cause
prolonged I-Cause
decline I-Cause
in I-Cause
copper I-Cause
prices I-Cause
could O
result O
in O
elevated B-Effect
unemployment I-Effect
, O
a O
depreciation B-Effect
of I-Effect
the I-Effect
peso I-Effect
as O
the B-Cause
balance I-Cause
of I-Cause
payments I-Cause
deteriorated I-Cause
, I-Cause
and I-Cause
more I-Cause
difficulty I-Cause
meeting I-Cause
foreign I-Cause
denominated I-Cause
debt I-Cause
obligations I-Cause
and I-Cause
expenses I-Cause
. O

While O
the B-Cause
competitive I-Cause
intensity I-Cause
of I-Cause
the I-Cause
new I-Cause
businesses I-Cause
is I-Cause
higher I-Cause
than I-Cause
the I-Cause
core I-Cause
refined I-Cause
product I-Cause
pipelines I-Cause
, I-Cause
we I-Cause
've I-Cause
been I-Cause
impressed I-Cause
by I-Cause
Magellan I-Cause
's I-Cause
capital I-Cause
discipline I-Cause
, O
as O
the B-Effect
projects I-Effect
have I-Effect
yielded I-Effect
high I-Effect
returns I-Effect
and I-Effect
supported I-Effect
continued I-Effect
distribution I-Effect
growth I-Effect
. O

The B-Cause
downturn I-Cause
in I-Cause
oil I-Cause
and I-Cause
gas I-Cause
activity I-Cause
beginning I-Cause
in I-Cause
late I-Cause
2014 I-Cause
has O
continued O
to O
depress O
financial B-Effect
results I-Effect
for I-Effect
most I-Effect
oilfield-services I-Effect
companies I-Effect
, O
and O
Core O
Lab O
has O
n't O
fully O
escaped O
the O
effects O
. O

However O
, O
disruptions B-Cause
to I-Cause
the I-Cause
aerospace I-Cause
supply I-Cause
chain I-Cause
, I-Cause
like I-Cause
the I-Cause
737 I-Cause
MAX I-Cause
grounding I-Cause
or I-Cause
travel I-Cause
restrictions I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
outbreak I-Cause
, O
can O
have O
a O
material O
impact O
on O
the B-Effect
company I-Effect
's I-Effect
earning I-Effect
potential I-Effect
. O

We O
think O
the O
fact O
that O
Heico B-Cause
's I-Cause
products I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
withstand I-Cause
harsh I-Cause
environments I-Cause
, I-Cause
such I-Cause
as I-Cause
space I-Cause
and I-Cause
high I-Cause
heat I-Cause
, O
adds O
to O
product B-Effect
complexity I-Effect
, O
but O
we O
do O
not O
think O
this O
is O
an O
insurmountable O
barrier O
. O

Management B-Cause
sharply I-Cause
increased I-Cause
the I-Cause
scale I-Cause
of I-Cause
the I-Cause
HNH I-Cause
operations I-Cause
via I-Cause
the I-Cause
$ I-Cause
567 I-Cause
million I-Cause
acquisition I-Cause
of I-Cause
SensoryEffects I-Cause
in I-Cause
May I-Cause
2014 I-Cause
, O
which O
increased B-Effect
HNH I-Effect
revenue I-Effect
more I-Effect
than I-Effect
fivefold I-Effect
. O

Unlike O
many O
of O
its O
peers O
, O
MetLife B-Effect
does I-Effect
not I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
third-party I-Effect
asset I-Effect
management I-Effect
business I-Effect
as O
historically B-Cause
MetLife I-Cause
has I-Cause
decided I-Cause
to I-Cause
focus I-Cause
on I-Cause
its I-Cause
core I-Cause
life I-Cause
insurance I-Cause
operations I-Cause
. O

Trip.com B-Cause
now I-Cause
focuses I-Cause
on I-Cause
domestic I-Cause
travel I-Cause
such I-Cause
as I-Cause
high-frequency I-Cause
travel I-Cause
like I-Cause
staycation I-Cause
, O
which O
will O
help O
its B-Effect
topline I-Effect
recover I-Effect
faster I-Effect
amid I-Effect
international I-Effect
border I-Effect
closures I-Effect
, O
but O
has O
lower O
margin O
. O

As O
a O
result O
, O
we O
expect O
IBM B-Cause
technology I-Cause
services I-Cause
to I-Cause
see I-Cause
a I-Cause
compound I-Cause
annual I-Cause
decline I-Cause
rate I-Cause
of I-Cause
1 I-Cause
% I-Cause
from I-Cause
2021 I-Cause
to I-Cause
2025 I-Cause
as I-Cause
more I-Cause
sticky I-Cause
IBM I-Cause
software I-Cause
is I-Cause
applicable I-Cause
in I-Cause
other I-Cause
clouds. O
Consequently O
, O
we O
expect O
IBM B-Effect
to I-Effect
benefit I-Effect
from I-Effect
growth I-Effect
in I-Effect
its I-Effect
cloud I-Effect
& I-Effect
cognitive I-Effect
software I-Effect
as I-Effect
its I-Effect
customers I-Effect
transition I-Effect
to I-Effect
hybrid I-Effect
infrastructures I-Effect
, I-Effect
even I-Effect
if I-Effect
it I-Effect
's I-Effect
not I-Effect
to I-Effect
the I-Effect
IBM I-Effect
cloud I-Effect
, I-Effect
as I-Effect
our I-Effect
outlook I-Effect
suggests I-Effect
. O

We O
also O
expect O
improved B-Cause
pricing I-Cause
will O
allow B-Effect
margins I-Effect
in I-Effect
Mexico I-Effect
to I-Effect
hold I-Effect
steady I-Effect
at I-Effect
2020 I-Effect
levels I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

While O
BMO O
's O
focus O
on O
the O
ETF O
business O
gives O
it O
lower O
overall O
spreads O
, O
the B-Cause
scale I-Cause
advantage I-Cause
should I-Cause
endure I-Cause
and I-Cause
lead I-Cause
to I-Cause
excess I-Cause
returns B-Effect
on I-Effect
capital I-Effect
for I-Effect
a I-Effect
business I-Effect
that I-Effect
is I-Effect
not I-Effect
capitally I-Effect
intense I-Effect
. I-Effect

In O
recent O
years O
, O
customers B-Cause
have I-Cause
been I-Cause
consolidating I-Cause
their I-Cause
maintenance I-Cause
, I-Cause
repair I-Cause
, I-Cause
and I-Cause
operations I-Cause
, I-Cause
or I-Cause
MRO I-Cause
, I-Cause
spending I-Cause
with I-Cause
large I-Cause
distributors I-Cause
to O
leverage O
their O
purchasing O
power O
and O
increase B-Effect
operational I-Effect
efficiency I-Effect
. O

Constellation B-Cause
's I-Cause
more I-Cause
productive I-Cause
per-dollar I-Cause
promotional I-Cause
spending I-Cause
, O
in O
addition O
to O
its O
superior O
mix O
of O
products O
, O
helps O
support B-Effect
the I-Effect
beer I-Effect
segment I-Effect
's I-Effect
operating I-Effect
margins I-Effect
( O
roughly O
40 O
% O
) O
, O
which O
are O
best-of-breed O
among O
our O
brewing O
coverage O
. O

With O
the B-Cause
global I-Cause
auto I-Cause
industry I-Cause
becoming I-Cause
increasingly I-Cause
competitive I-Cause
, O
we O
see O
margin B-Effect
expansion I-Effect
challenges I-Effect
ahead I-Effect
for I-Effect
Honda I-Effect
. O

Net B-Effect
interest I-Effect
income I-Effect
we I-Effect
have I-Effect
growing I-Effect
at I-Effect
an I-Effect
6.5 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
due O
to O
the B-Cause
build I-Cause
in I-Cause
the I-Cause
Marcus I-Cause
platform I-Cause
and I-Cause
eventual I-Cause
recovery I-Cause
in I-Cause
interest I-Cause
rates I-Cause
. O

On B-Effect
the I-Effect
bottom I-Effect
line I-Effect
, I-Effect
over I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
we I-Effect
expect I-Effect
improving I-Effect
margins I-Effect
, O
largely O
driven O
by O
the B-Cause
higher I-Cause
contribution I-Cause
to I-Cause
total I-Cause
sales I-Cause
by I-Cause
specialty I-Cause
drugs I-Cause
, I-Cause
which I-Cause
carry I-Cause
very I-Cause
high I-Cause
margins I-Cause
. O

Though O
consumers O
have O
benefited O
from O
voluntary O
pension O
withdrawals O
, O
extended B-Cause
periods I-Cause
of I-Cause
elevated I-Cause
unemployment I-Cause
will O
likely O
result O
in O
increased B-Effect
delinquencies I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
declines I-Effect
in I-Effect
consumer I-Effect
sentiment I-Effect
. O

We B-Effect
forecast I-Effect
flat I-Effect
operating I-Effect
earnings I-Effect
for I-Effect
the I-Effect
power I-Effect
and I-Effect
industrial I-Effect
projects I-Effect
segment I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
it B-Cause
adds I-Cause
cogeneration I-Cause
and I-Cause
renewable I-Cause
gas I-Cause
projects I-Cause
to I-Cause
offset I-Cause
the I-Cause
roll-off I-Cause
of I-Cause
earnings I-Cause
from I-Cause
reduced I-Cause
emissions I-Cause
fuel I-Cause
projects I-Cause
. O

Toronto-Dominion B-Cause
does I-Cause
have I-Cause
a I-Cause
relatively I-Cause
lower I-Cause
exposure I-Cause
to I-Cause
the I-Cause
uninsured I-Cause
domestic I-Cause
real I-Cause
estate I-Cause
market I-Cause
in I-Cause
Canada I-Cause
, O
putting O
it B-Effect
in I-Effect
a I-Effect
less I-Effect
risky I-Effect
position I-Effect
in I-Effect
a I-Effect
downturn I-Effect
. O

We O
project O
the B-Effect
firm I-Effect
can I-Effect
improve I-Effect
operating I-Effect
margin I-Effect
by I-Effect
another I-Effect
200 I-Effect
basis I-Effect
points I-Effect
in I-Effect
2022 I-Effect
once O
Wright B-Cause
Medical I-Cause
is I-Cause
fully I-Cause
integrated I-Cause
. 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
Coty I-Effect
to I-Effect
$ I-Effect
5.50 I-Effect
from I-Effect
$ I-Effect
4.54 I-Effect
after B-Cause
incorporating I-Cause
first-quarter I-Cause
earnings I-Cause
that I-Cause
showed I-Cause
encouraging I-Cause
signs I-Cause
that O
the O
business O
is O
stabilizing O
under O
the O
leadership O
of O
new O
CEO O
Sue O
Nabi O
. O

We O
expect O
roughly O
flat O
long-term O
revenue O
, O
but O
premiumization B-Cause
should O
lift B-Effect
gross I-Effect
profit I-Effect
per I-Effect
gallon I-Effect
by I-Effect
a I-Effect
low-single-digit I-Effect
annual I-Effect
percentage I-Effect
, I-Effect
exceeding I-Effect
$ I-Effect
4.60 I-Effect
by I-Effect
fiscal I-Effect
2030 I-Effect
. O

Vistra B-Cause
's I-Cause
clean I-Cause
postbankruptcy I-Cause
balance I-Cause
sheet I-Cause
allowed O
it B-Effect
to I-Effect
acquire I-Effect
Dynegy I-Effect
in I-Effect
2018 I-Effect
for I-Effect
$ I-Effect
2.27 I-Effect
billion I-Effect
, O
more B-Effect
than I-Effect
tripling I-Effect
the I-Effect
size I-Effect
of I-Effect
its I-Effect
generation I-Effect
fleet I-Effect
and O
introducing B-Effect
Vistra I-Effect
to I-Effect
power I-Effect
markets I-Effect
outside I-Effect
Texas I-Effect
, I-Effect
notably I-Effect
the I-Effect
Midwest I-Effect
and I-Effect
Northeast I-Effect
. O

There O
's O
ample O
historical O
precedent O
, O
such O
as O
Venezuela O
, O
where O
rampant B-Cause
inflation I-Cause
combined I-Cause
with I-Cause
an I-Cause
unstable I-Cause
government I-Cause
and I-Cause
currency I-Cause
controls I-Cause
led O
to O
irreparable B-Effect
degradation I-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

While O
this O
strategy O
is O
likely O
to O
create O
some O
challenges O
, O
like O
the O
potential O
legal O
violations O
that O
arose O
in O
early O
2013 O
in O
China O
, O
we O
believe O
the O
fast-growing B-Cause
emerging I-Cause
markets I-Cause
will O
help B-Effect
support I-Effect
long-term I-Effect
growth I-Effect
and I-Effect
diversify I-Effect
cash I-Effect
flows I-Effect
beyond I-Effect
developed I-Effect
markets I-Effect
. O

Should O
this B-Cause
pace I-Cause
continue I-Cause
, O
additional O
competition B-Cause
may I-Cause
outweigh I-Cause
the I-Cause
benefits I-Cause
of I-Cause
additional I-Cause
customer I-Cause
eyeballs I-Cause
for I-Cause
the I-Cause
existing I-Cause
retailers I-Cause
, O
damaging B-Effect
the I-Effect
network I-Effect
effect I-Effect
. O

Activision B-Cause
's I-Cause
size I-Cause
and I-Cause
the I-Cause
depth I-Cause
of I-Cause
its I-Cause
franchise I-Cause
slate I-Cause
allow I-Cause
the I-Cause
firm I-Cause
to I-Cause
place I-Cause
larger I-Cause
bets I-Cause
on I-Cause
new I-Cause
IP I-Cause
than I-Cause
many I-Cause
smaller I-Cause
midsize I-Cause
competitors. O
This O
ability O
to O
make B-Effect
larger I-Effect
investments I-Effect
marks I-Effect
the I-Effect
publisher I-Effect
as I-Effect
one I-Effect
of I-Effect
a I-Effect
few I-Effect
destinations I-Effect
for I-Effect
studios I-Effect
looking I-Effect
to I-Effect
develop I-Effect
new I-Effect
large-budget I-Effect
AAA I-Effect
games I-Effect
. O

Activewear B-Effect
was I-Effect
weak I-Effect
even I-Effect
before I-Effect
the I-Effect
virus I-Effect
, O
as O
it B-Cause
suffered I-Cause
a I-Cause
3 I-Cause
% I-Cause
sales I-Cause
decline I-Cause
in I-Cause
2019 I-Cause
on I-Cause
poor I-Cause
consumer I-Cause
demand I-Cause
and I-Cause
distributor I-Cause
de-stocking I-Cause
in I-Cause
imprintables I-Cause
. O

It O
will O
take B-Effect
quite I-Effect
some I-Effect
time I-Effect
for I-Effect
Frank I-Effect
's I-Effect
to I-Effect
return I-Effect
to I-Effect
our I-Effect
projected I-Effect
long-term I-Effect
ROIC I-Effect
of I-Effect
in I-Effect
the I-Effect
low-20s I-Effect
, O
as O
the B-Cause
deepwater I-Cause
capital I-Cause
expenditure I-Cause
recovery I-Cause
is I-Cause
still I-Cause
in I-Cause
the I-Cause
early I-Cause
days I-Cause
. O

For O
Monolithic O
Power O
, O
its B-Cause
ability I-Cause
to I-Cause
integrate I-Cause
multiple I-Cause
technologies I-Cause
into I-Cause
a I-Cause
single I-Cause
chip I-Cause
allows O
it O
to O
bring B-Effect
innovative I-Effect
new I-Effect
products I-Effect
to I-Effect
market I-Effect
, I-Effect
like I-Effect
its I-Effect
marquee I-Effect
QSMod I-Effect
controller I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
forecast I-Effect
its I-Effect
gross I-Effect
margins I-Effect
will I-Effect
return I-Effect
to I-Effect
peak I-Effect
levels I-Effect
of I-Effect
about I-Effect
50 I-Effect
% I-Effect
until I-Effect
the I-Effect
latter I-Effect
part I-Effect
of I-Effect
this I-Effect
decade I-Effect
as O
we B-Cause
think I-Cause
its I-Cause
competitive I-Cause
position I-Cause
has I-Cause
weakened I-Cause
. O

While O
Brineura O
( O
approved O
in O
2017 O
for O
CLN2 O
disease O
) O
in O
2017 O
is O
a O
smaller O
opportunity O
, O
we O
expect O
sales B-Effect
to I-Effect
gradually I-Effect
ramp I-Effect
north I-Effect
of I-Effect
$ I-Effect
300 I-Effect
million I-Effect
as O
treatment B-Cause
expands I-Cause
the I-Cause
prevalent I-Cause
population I-Cause
for I-Cause
this I-Cause
severe I-Cause
neurodegenerative I-Cause
disease I-Cause
. O

We O
believe O
that O
Check B-Effect
Point I-Effect
can I-Effect
increase I-Effect
its I-Effect
gross I-Effect
margins I-Effect
toward I-Effect
90 I-Effect
% I-Effect
in I-Effect
the I-Effect
2020s I-Effect
as O
we B-Cause
project I-Cause
high I-Cause
margin I-Cause
subscription-based I-Cause
revenue I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
faster I-Cause
clip I-Cause
than I-Cause
other I-Cause
offerings I-Cause
. O

We B-Effect
like I-Effect
this I-Effect
strategy I-Effect
; I-Effect
CarMax I-Effect
's I-Effect
scale I-Effect
allows I-Effect
it I-Effect
to I-Effect
price I-Effect
below I-Effect
smaller I-Effect
dealerships I-Effect
, I-Effect
and I-Effect
lowering I-Effect
prices I-Effect
should I-Effect
increase I-Effect
comparable-store I-Effect
sales I-Effect
while I-Effect
keeping I-Effect
competitors I-Effect
away I-Effect
, O
though B-Cause
some I-Cause
large I-Cause
dealers I-Cause
are I-Cause
copying I-Cause
CarMax I-Cause
's I-Cause
shopping I-Cause
experience I-Cause
. O

Although O
the O
company O
faces O
an O
intense O
competitive O
landscape O
, O
it B-Effect
should I-Effect
succeed I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
the B-Cause
handset I-Cause
industry I-Cause
focuses I-Cause
on I-Cause
5G I-Cause
devices I-Cause
, I-Cause
which I-Cause
we I-Cause
expect I-Cause
to I-Cause
require I-Cause
higher I-Cause
radio I-Cause
frequency I-Cause
dollar I-Cause
content I-Cause
per I-Cause
phone I-Cause
. O

Accelerated O
by O
the B-Cause
pandemic I-Cause
, O
the B-Effect
critical I-Effect
supplier I-Effect
status I-Effect
has I-Effect
been I-Effect
extended I-Effect
to I-Effect
the I-Effect
firm I-Effect
by I-Effect
a I-Effect
much I-Effect
wider I-Effect
audience I-Effect
, I-Effect
including I-Effect
governments I-Effect
. O

Ultimately O
, O
internal O
controls O
had O
broken O
down O
, O
synergies O
between O
business O
lines O
were O
questionable O
, O
and O
the B-Effect
situation I-Effect
spiraled I-Effect
out I-Effect
of I-Effect
control I-Effect
as O
the B-Cause
bank I-Cause
had I-Cause
large I-Cause
exposures I-Cause
to I-Cause
virtually I-Cause
every I-Cause
area I-Cause
of I-Cause
toxic I-Cause
risk I-Cause
during I-Cause
the I-Cause
crisis I-Cause
, I-Cause
including I-Cause
collateralized I-Cause
debt I-Cause
obligations I-Cause
and I-Cause
mortgage-backed I-Cause
securities I-Cause
consisting I-Cause
of I-Cause
subprime I-Cause
assets I-Cause
. O

Paycom B-Cause
does I-Cause
n't I-Cause
have I-Cause
a I-Cause
clear I-Cause
leadership I-Cause
position I-Cause
, O
given O
the B-Cause
fragmented I-Cause
market I-Cause
, O
so O
it B-Effect
must I-Effect
consistently I-Effect
invest I-Effect
in I-Effect
its I-Effect
platform I-Effect
to I-Effect
capture I-Effect
and I-Effect
retain I-Effect
customers I-Effect
. O

Regulation B-Cause
changes I-Cause
stipulating I-Cause
that I-Cause
all I-Cause
protein I-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
( I-Cause
as I-Cause
measured I-Cause
by I-Cause
consistency I-Cause
and I-Cause
bioactivity I-Cause
) I-Cause
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

Merck B-Cause
KGaA I-Cause
has I-Cause
made I-Cause
a I-Cause
series I-Cause
of I-Cause
acquisitions I-Cause
and I-Cause
divestitures I-Cause
in I-Cause
the I-Cause
past I-Cause
decade I-Cause
or O
so O
to O
position B-Effect
the I-Effect
group I-Effect
for I-Effect
solid I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
three I-Effect
key I-Effect
segments I-Effect
: I-Effect
life I-Effect
sciences I-Effect
, I-Effect
performance I-Effect
materials I-Effect
, I-Effect
and I-Effect
healthcare I-Effect
. O

Finally O
, O
due O
to O
the O
short-design B-Cause
cycles I-Cause
, O
a B-Effect
company I-Effect
's I-Effect
premier I-Effect
solutions I-Effect
may I-Effect
not I-Effect
find I-Effect
the I-Effect
market I-Effect
they I-Effect
are I-Effect
targeting I-Effect
, O
as O
has O
been O
the O
case O
with O
Synaptics O
' O
in-display O
fingerprint O
sensor O
. O

Instead O
, O
we B-Cause
're I-Cause
seeing I-Cause
favorable I-Cause
trends I-Cause
where I-Cause
firms I-Cause
are I-Cause
consolidating I-Cause
their I-Cause
IT I-Cause
services I-Cause
work I-Cause
to I-Cause
reduce I-Cause
potential I-Cause
breaches I-Cause
by I-Cause
limiting I-Cause
possible I-Cause
points I-Cause
of I-Cause
entry I-Cause
for I-Cause
malicious I-Cause
actors. O
This B-Effect
trend I-Effect
bodes I-Effect
well I-Effect
for I-Effect
more I-Effect
prominent I-Effect
players I-Effect
such I-Effect
as I-Effect
CGI I-Effect
that I-Effect
would I-Effect
benefit I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
smaller I-Effect
, I-Effect
more I-Effect
niche I-Effect
players I-Effect
in I-Effect
the I-Effect
IT I-Effect
services I-Effect
industry I-Effect
. O

We O
forecast B-Effect
Canadian I-Effect
medical I-Effect
volume I-Effect
to I-Effect
decline I-Effect
about I-Effect
2 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
as O
consumers B-Cause
shift I-Cause
to I-Cause
the I-Cause
recreational I-Cause
market I-Cause
. O

Ralph B-Effect
Lauren I-Effect
's I-Effect
strong I-Effect
gross I-Effect
margins I-Effect
have O
been O
aided O
by O
a B-Cause
significant I-Cause
restructuring I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
that I-Cause
has I-Cause
included I-Cause
cost-cutting I-Cause
, I-Cause
a I-Cause
greater I-Cause
than I-Cause
30 I-Cause
% I-Cause
reduction I-Cause
in I-Cause
stock-keeping I-Cause
units I-Cause
, I-Cause
store I-Cause
closures I-Cause
, I-Cause
and I-Cause
limitations I-Cause
on I-Cause
wholesale I-Cause
distribution I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
fixed I-Cause
costs I-Cause
create I-Cause
unfavorable I-Cause
operating I-Cause
leverage I-Cause
that O
can O
cause O
profits B-Effect
to I-Effect
swing I-Effect
widely I-Effect
in I-Effect
response I-Effect
to I-Effect
relatively I-Effect
small I-Effect
changes I-Effect
in I-Effect
demand I-Effect
, O
such O
as O
the O
currently O
harsh O
operating O
environment O
brought O
on O
by O
the O
coronavirus O
pandemic O
. O

Revenue B-Cause
from I-Cause
higher-speed I-Cause
offerings I-Cause
has I-Cause
been I-Cause
growing I-Cause
, O
and O
as O
those O
packages B-Cause
make I-Cause
up I-Cause
a I-Cause
bigger I-Cause
portion I-Cause
of I-Cause
the I-Cause
base I-Cause
, O
we O
think O
consumer O
broadband B-Effect
revenue I-Effect
can I-Effect
modestly O
increase O
. O

Although B-Effect
the I-Effect
company I-Effect
faces I-Effect
an I-Effect
intense I-Effect
competitive I-Effect
landscape I-Effect
, I-Effect
it I-Effect
should I-Effect
succeed I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
the B-Cause
handset I-Cause
industry I-Cause
focuses I-Cause
on I-Cause
5G I-Cause
devices I-Cause
, I-Cause
which I-Cause
usually I-Cause
require I-Cause
higher I-Cause
radio I-Cause
frequency I-Cause
, I-Cause
or I-Cause
RF I-Cause
, I-Cause
dollar I-Cause
content I-Cause
per I-Cause
phone I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
direct-to-consumer I-Cause
efforts I-Cause
, I-Cause
Disney+ I-Cause
, I-Cause
Hotstar I-Cause
, I-Cause
Hulu I-Cause
, I-Cause
and I-Cause
ESPN+ I-Cause
are I-Cause
taking I-Cause
over I-Cause
as I-Cause
the I-Cause
drivers I-Cause
of I-Cause
long-term I-Cause
growth I-Cause
as B-Effect
the I-Effect
firm I-Effect
transitions I-Effect
to I-Effect
a I-Effect
streaming I-Effect
future I-Effect
. O

While O
commercial O
aircraft O
customers O
are O
highly O
cyclical O
, O
they B-Effect
are I-Effect
also I-Effect
reluctant I-Effect
to I-Effect
renege I-Effect
on I-Effect
orders I-Effect
because O
of O
down B-Cause
payments I-Cause
of I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
of I-Cause
contract I-Cause
value I-Cause
on I-Cause
signature I-Cause
and I-Cause
another I-Cause
20 I-Cause
% I-Cause
-25 I-Cause
% I-Cause
in I-Cause
the I-Cause
24 I-Cause
months I-Cause
preceding I-Cause
delivery I-Cause
. O

We O
anticipate O
a B-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 O
Latin O
America O
over O
the O
next O
five O
years O
, O
which O
will O
significantly O
broaden B-Effect
MercadoLibre I-Effect
's I-Effect
active I-Effect
base O
of O
74 O
million O
unique O
active O
users O
. O

Since O
Fortive O
was O
spun O
off O
from O
Danaher O
in O
2016 O
, O
Vontier B-Cause
's I-Cause
parent I-Cause
company I-Cause
prioritized I-Cause
growth I-Cause
in I-Cause
its I-Cause
professional I-Cause
instrumentation I-Cause
business I-Cause
, O
which O
left B-Effect
the I-Effect
industrial I-Effect
technology I-Effect
business I-Effect
( I-Effect
now I-Effect
Vontier I-Effect
) I-Effect
with I-Effect
less I-Effect
than I-Effect
5 I-Effect
% I-Effect
of I-Effect
Fortive I-Effect
's I-Effect
M I-Effect
& I-Effect
A I-Effect
capital I-Effect
. O

We O
also O
expect O
lower B-Effect
relative I-Effect
selling I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
as O
scale B-Cause
grows I-Cause
and I-Cause
route I-Cause
structures I-Cause
are I-Cause
optimized I-Cause
( I-Cause
through I-Cause
planning I-Cause
and I-Cause
sequencing I-Cause
) I-Cause
and I-Cause
densified I-Cause
. O

But O
we O
think O
the B-Cause
firm I-Cause
has I-Cause
the I-Cause
wherewithal I-Cause
to I-Cause
withstand I-Cause
the I-Cause
pandemic I-Cause
, O
which O
could O
result B-Effect
in I-Effect
the I-Effect
permanent I-Effect
closure I-Effect
of I-Effect
up I-Effect
to I-Effect
15 I-Effect
% I-Effect
of I-Effect
restaurants I-Effect
, O
an O
industry O
that O
accounts O
for O
55 O
% O
of O
US O
Foods O
' O
sales O
. O

Two B-Effect
potential I-Effect
ESG I-Effect
issues I-Effect
that O
SBA B-Cause
's I-Cause
business I-Cause
lends I-Cause
itself I-Cause
to I-Cause
are I-Cause
the I-Cause
risk I-Cause
of I-Cause
natural I-Cause
disasters I-Cause
, I-Cause
which I-Cause
seem I-Cause
to I-Cause
have I-Cause
become I-Cause
worse I-Cause
with I-Cause
climate I-Cause
change I-Cause
, I-Cause
and I-Cause
the I-Cause
high I-Cause
level I-Cause
of I-Cause
business I-Cause
the I-Cause
firm I-Cause
does I-Cause
in I-Cause
more I-Cause
developing I-Cause
countries I-Cause
where I-Cause
the I-Cause
rule I-Cause
of I-Cause
law I-Cause
is I-Cause
not I-Cause
as I-Cause
strong I-Cause
. O

Narrower B-Cause
discounts I-Cause
for I-Cause
inland I-Cause
crude I-Cause
have I-Cause
reduced I-Cause
opportunities I-Cause
on I-Cause
the I-Cause
East I-Cause
and I-Cause
West I-Cause
Coast I-Cause
to I-Cause
rail I-Cause
and I-Cause
barge I-Cause
discount I-Cause
light I-Cause
crude I-Cause
to O
its B-Effect
refineries I-Effect
to I-Effect
back I-Effect
out I-Effect
more I-Effect
expensive I-Effect
foreign I-Effect
imports I-Effect
. O

This B-Cause
tailwind I-Cause
intensified I-Cause
in I-Cause
2019 I-Cause
in I-Cause
primary I-Cause
lines I-Cause
, I-Cause
and I-Cause
commentary I-Cause
from I-Cause
carriers I-Cause
suggest I-Cause
that I-Cause
pricing I-Cause
momentum I-Cause
has I-Cause
accelerated I-Cause
in I-Cause
2020. O
This O
should O
boost B-Effect
Aon I-Effect
's I-Effect
growth I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
and I-Effect
could I-Effect
help I-Effect
offset I-Effect
any I-Effect
negative I-Effect
impacts I-Effect
the I-Effect
coronavirus I-Effect
has I-Effect
on I-Effect
the I-Effect
discretionary I-Effect
areas I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

In O
addition O
, O
Omnicom B-Cause
's I-Cause
reputation I-Cause
and I-Cause
brand I-Cause
allow O
it B-Effect
to I-Effect
compete I-Effect
mainly I-Effect
with I-Effect
the I-Effect
other I-Effect
Big I-Effect
Five I-Effect
for I-Effect
the I-Effect
larger I-Effect
accounts I-Effect
. O

Lam B-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
peers I-Cause
, I-Cause
has I-Cause
benefited I-Cause
from I-Cause
an I-Cause
increase I-Cause
in I-Cause
service I-Cause
revenue I-Cause
in O
recent O
years O
, O
which O
we O
believe O
will O
mitigate B-Effect
the I-Effect
volatility I-Effect
of I-Effect
equipment I-Effect
orders I-Effect
. I-Effect

However O
, O
the B-Cause
potential I-Cause
for I-Cause
international I-Cause
growth I-Cause
is I-Cause
unproven I-Cause
, O
as O
neither B-Effect
Free I-Effect
People I-Effect
nor I-Effect
Anthropologie I-Effect
has I-Effect
any I-Effect
real I-Effect
presence I-Effect
outside I-Effect
North I-Effect
America I-Effect
. O

The B-Effect
prices I-Effect
and I-Effect
supply I-Effect
of I-Effect
the I-Effect
agricultural I-Effect
products I-Effect
Bunge I-Effect
buys I-Effect
and I-Effect
sells I-Effect
are I-Effect
volatile I-Effect
and O
depend B-Cause
on I-Cause
factors I-Cause
outside I-Cause
the I-Cause
company I-Cause
's I-Cause
control I-Cause
, I-Cause
such I-Cause
as I-Cause
weather I-Cause
, I-Cause
planting I-Cause
, I-Cause
disease I-Cause
, I-Cause
and I-Cause
government I-Cause
programs I-Cause
. O

Thanks O
to O
external B-Cause
( I-Cause
COVID-19-related I-Cause
demand I-Cause
, I-Cause
smartphone I-Cause
ubiquity I-Cause
, I-Cause
wealth I-Cause
creation I-Cause
, I-Cause
underdevelopment I-Cause
payment I-Cause
industry I-Cause
infrastructure I-Cause
) I-Cause
and O
company-specific B-Cause
factors I-Cause
( I-Cause
product I-Cause
mix I-Cause
diversification I-Cause
, I-Cause
on- I-Cause
and I-Cause
off-platform I-Cause
payment I-Cause
technologies I-Cause
and I-Cause
shipping I-Cause
solutions I-Cause
) I-Cause
, O
we O
believe O
MercadoLibre B-Effect
can I-Effect
capitalize B-Effect
on I-Effect
accelerating B-Cause
digital I-Cause
commerce I-Cause
trends I-Cause
in I-Effect
Latin I-Effect
America I-Effect
, O
despite O
lingering B-Cause
macro I-Cause
constraints O
volatility B-Effect
. O

While O
larger B-Effect
pharma I-Effect
customers I-Effect
may I-Effect
have I-Effect
the I-Effect
capital I-Effect
in-source I-Effect
design I-Effect
, O
they O
are O
unlikely O
to O
do O
so O
because O
it B-Cause
is I-Cause
often I-Cause
more I-Cause
cost-effective I-Cause
to I-Cause
outsource I-Cause
the I-Cause
work I-Cause
to I-Cause
West I-Cause
. O

If O
they O
switch B-Cause
to I-Cause
another I-Cause
local I-Cause
operator I-Cause
, O
they O
will O
need O
to O
discontinue B-Cause
the I-Cause
operation I-Cause
of I-Cause
the I-Cause
games I-Cause
temporarily I-Cause
while I-Cause
the I-Cause
servers I-Cause
are I-Cause
being I-Cause
replaced I-Cause
, O
which O
will O
affect B-Effect
players I-Effect
' I-Effect
experiences I-Effect
. O

However O
, O
given O
Autodesk B-Cause
's I-Cause
strength I-Cause
in I-Cause
building I-Cause
and I-Cause
construction I-Cause
versus I-Cause
SolidWorks I-Cause
' I-Cause
specialty I-Cause
in I-Cause
product I-Cause
design I-Cause
, O
we O
think O
it O
's O
fair B-Effect
to I-Effect
assume I-Effect
that I-Effect
SolidWorks I-Effect
dominates I-Effect
design I-Effect
in I-Effect
product I-Effect
engineering I-Effect
over I-Effect
Autodesk I-Effect
. O

Secular B-Cause
shifts I-Cause
in I-Cause
channel I-Cause
economics I-Cause
, I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
the I-Cause
emphasis I-Cause
on I-Cause
pricing I-Cause
rationality I-Cause
in I-Cause
this I-Cause
space I-Cause
, O
make O
it O
increasingly B-Effect
difficult I-Effect
to I-Effect
discern I-Effect
end-consumer I-Effect
pricing I-Effect
dynamics I-Effect
and I-Effect
its I-Effect
impact I-Effect
on I-Effect
competitive I-Effect
positioning I-Effect
. O

TSMC O
and O
Samsung O
are O
expected O
to O
deploy O
GAA O
in O
future O
processes O
( O
3-nm O
and O
below O
) O
, O
and O
we O
believe O
Intel B-Effect
has I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
regain I-Effect
manufacturing I-Effect
leadership I-Effect
if O
it B-Cause
can I-Cause
better I-Cause
deploy I-Cause
GAA I-Cause
. O

We O
expect O
Macerich B-Cause
to I-Cause
continue I-Cause
improving I-Cause
its I-Cause
portfolio I-Cause
through I-Cause
redevelopment I-Cause
, I-Cause
opportunistic I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
asset I-Cause
sales I-Cause
, O
which O
should O
deliver B-Effect
strong I-Effect
earnings I-Effect
growth I-Effect
for I-Effect
Macerich I-Effect
over I-Effect
time I-Effect
. O

This B-Effect
is I-Effect
followed I-Effect
by I-Effect
a I-Effect
steep I-Effect
13 I-Effect
% I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2022 I-Effect
as O
the B-Cause
availability I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
diminishes I-Cause
demand I-Cause
for I-Cause
the I-Cause
diagnostic I-Cause
tests I-Cause
. O

Institutional B-Effect
private I-Effect
equity I-Effect
players I-Effect
such I-Effect
as I-Effect
Blackstone I-Effect
and I-Effect
Bay I-Effect
Grove I-Effect
Capital I-Effect
have I-Effect
shown I-Effect
an I-Effect
increased I-Effect
appetite I-Effect
to I-Effect
invest I-Effect
in I-Effect
the I-Effect
market I-Effect
because O
of O
favorable B-Cause
growth I-Cause
prospects I-Cause
. O

With O
competition B-Cause
rising I-Cause
, O
we O
anticipate O
margins B-Effect
will I-Effect
be I-Effect
pressured I-Effect
long I-Effect
term I-Effect
, O
though O
improved B-Cause
pricing I-Cause
practices I-Cause
as I-Cause
well I-Cause
as I-Cause
supply I-Cause
chain I-Cause
, O
marketing B-Effect
, I-Effect
and I-Effect
distribution I-Effect
capabilities I-Effect
should I-Effect
help I-Effect
offset I-Effect
the I-Effect
strain I-Effect
, O
as O
should O
a B-Cause
growing I-Cause
private-label I-Cause
portfolio I-Cause
and I-Cause
procurement I-Cause
leverage I-Cause
. O

Caterpillar B-Effect
has I-Effect
since I-Effect
changed I-Effect
its I-Effect
approach I-Effect
in I-Effect
recent I-Effect
years I-Effect
to O
develop B-Cause
products I-Cause
that I-Cause
address I-Cause
customer-specific I-Cause
performance I-Cause
needs I-Cause
in I-Cause
this I-Cause
customer I-Cause
segment I-Cause
. O

The B-Cause
partnership I-Cause
agreements I-Cause
that I-Cause
Synchrony I-Cause
signs I-Cause
in I-Cause
these I-Cause
segments I-Cause
are I-Cause
often I-Cause
not I-Cause
exclusive I-Cause
, I-Cause
which I-Cause
means I-Cause
that I-Cause
a I-Cause
retailer I-Cause
could I-Cause
be I-Cause
offering I-Cause
multiple I-Cause
financing I-Cause
options I-Cause
alongside I-Cause
Synchrony I-Cause
's I-Cause
credit I-Cause
cards. O
As O
a O
result O
, O
Synchrony B-Effect
competes I-Effect
with I-Effect
all I-Effect
forms I-Effect
of I-Effect
consumer I-Effect
financing I-Effect
in I-Effect
these I-Effect
segments I-Effect
, I-Effect
and I-Effect
its I-Effect
partners I-Effect
are I-Effect
mostly I-Effect
interested I-Effect
in I-Effect
Synchrony I-Effect
's I-Effect
ability I-Effect
to I-Effect
issue I-Effect
additional I-Effect
loans I-Effect
with I-Effect
large I-Effect
promotional I-Effect
discounts I-Effect
to I-Effect
facilitate I-Effect
their I-Effect
sales I-Effect
. O

However O
, O
even O
if O
a O
tenant O
wanted O
to O
move O
, O
we O
think O
the B-Cause
costs I-Cause
associated I-Cause
with I-Cause
switching I-Cause
would O
make B-Effect
it I-Effect
uneconomical I-Effect
from I-Effect
a I-Effect
monetary I-Effect
point I-Effect
of I-Effect
view I-Effect
and I-Effect
would I-Effect
introduce I-Effect
material I-Effect
risk I-Effect
. O

These B-Cause
efforts I-Cause
should I-Cause
help I-Cause
elevate I-Cause
sales I-Cause
and I-Cause
ultimately I-Cause
stem I-Cause
the I-Cause
pronounced I-Cause
declines I-Cause
of I-Cause
its I-Cause
local I-Cause
brands I-Cause
on I-Cause
an I-Cause
aggregate I-Cause
basis I-Cause
( I-Cause
erosion I-Cause
that I-Cause
management I-Cause
has I-Cause
attributed I-Cause
to I-Cause
underspending I-Cause
in I-Cause
both I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and I-Cause
marketing I-Cause
in I-Cause
the I-Cause
past I-Cause
) I-Cause
. O
As O
such O
, O
management B-Effect
is I-Effect
targeting I-Effect
mid-single-digit I-Effect
long-term I-Effect
sales I-Effect
gains I-Effect
in I-Effect
its I-Effect
emerging-market I-Effect
regions I-Effect
( I-Effect
which I-Effect
account I-Effect
for I-Effect
more I-Effect
than I-Effect
one I-Effect
third I-Effect
of I-Effect
its I-Effect
sales I-Effect
) I-Effect
, I-Effect
in I-Effect
excess I-Effect
of I-Effect
the I-Effect
low-single-digit I-Effect
growth I-Effect
it I-Effect
aims I-Effect
to I-Effect
chalk I-Effect
up I-Effect
in I-Effect
developed I-Effect
regions I-Effect
, I-Effect
both I-Effect
of I-Effect
which I-Effect
align I-Effect
with I-Effect
our I-Effect
forecast I-Effect
. O

In O
2013 O
, O
Kinross B-Effect
canceled I-Effect
the I-Effect
project I-Effect
and I-Effect
wrote I-Effect
off I-Effect
all I-Effect
of I-Effect
its I-Effect
carrying I-Effect
value I-Effect
because O
it B-Cause
was I-Cause
unable I-Cause
to I-Cause
reach I-Cause
an I-Cause
agreement I-Cause
with I-Cause
the I-Cause
Ecuadoran I-Cause
government I-Cause
on I-Cause
economic I-Cause
and I-Cause
legal I-Cause
terms I-Cause
. O

To O
further O
its O
control O
over O
the O
NGL O
value O
chain O
, O
Enterprise B-Cause
has I-Cause
built I-Cause
out I-Cause
a I-Cause
number I-Cause
of I-Cause
petrochemical I-Cause
assets I-Cause
, I-Cause
including I-Cause
propylene I-Cause
pipelines I-Cause
, I-Cause
propane I-Cause
dehydrogenation I-Cause
( I-Cause
PDH I-Cause
) I-Cause
, I-Cause
and I-Cause
isobutane I-Cause
dehydrogenation I-Cause
( I-Cause
iBDH I-Cause
) I-Cause
facilities I-Cause
, O
which O
allow B-Effect
the I-Effect
partnership I-Effect
to I-Effect
extract I-Effect
higher I-Effect
value I-Effect
olefins I-Effect
from I-Effect
feedstock I-Effect
. O

Additionally O
, O
this B-Cause
consolidation I-Cause
of I-Cause
purchasing I-Cause
power I-Cause
helps I-Cause
Cigna B-Effect
extract I-Effect
discounts I-Effect
from I-Effect
drug I-Effect
manufacturers I-Effect
on I-Effect
one I-Effect
end I-Effect
of I-Effect
the I-Effect
transaction I-Effect
and I-Effect
pharmacies I-Effect
on I-Effect
the I-Effect
other I-Effect
end I-Effect
of I-Effect
the I-Effect
transaction I-Effect
, O
which O
should O
create B-Effect
significant I-Effect
value I-Effect
for I-Effect
its I-Effect
clients I-Effect
such I-Effect
as I-Effect
insurance I-Effect
plans I-Effect
and I-Effect
employers I-Effect
. O

Management B-Cause
initially I-Cause
wanted I-Cause
to I-Cause
remove I-Cause
as I-Cause
much I-Cause
friction I-Cause
from I-Cause
the I-Cause
sales I-Cause
process I-Cause
as I-Cause
possible I-Cause
, O
so O
it B-Effect
eschewed I-Effect
the I-Effect
direct I-Effect
salesforce I-Effect
model I-Effect
, I-Effect
offered I-Effect
its I-Effect
products I-Effect
at I-Effect
generally I-Effect
lower I-Effect
prices I-Effect
than I-Effect
competitors I-Effect
, I-Effect
and I-Effect
allowed I-Effect
users I-Effect
to I-Effect
be I-Effect
up I-Effect
and I-Effect
running I-Effect
within I-Effect
a I-Effect
matter I-Effect
of I-Effect
hours I-Effect
rather I-Effect
than I-Effect
months I-Effect
. O

By B-Cause
working I-Cause
with I-Cause
advertisers I-Cause
, O
Facebook B-Effect
is I-Effect
also I-Effect
adding I-Effect
a I-Effect
similar I-Effect
click-and-buy I-Effect
feature I-Effect
to I-Effect
photo I-Effect
and I-Effect
video I-Effect
ads I-Effect
, I-Effect
especially I-Effect
on I-Effect
Instagram I-Effect
, O
where O
viewers O
can O
click O
on O
a O
product O
they O
like O
within O
the O
video O
and O
get O
more O
information O
about O
it O
or O
purchase O
it O
. O

Even O
so O
, O
they B-Cause
are I-Cause
subject I-Cause
to I-Cause
only I-Cause
modest I-Cause
operating I-Cause
leverage I-Cause
and O
therefore O
offer B-Effect
limited I-Effect
potential I-Effect
to I-Effect
augment I-Effect
the I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
earned I-Effect
by I-Effect
the I-Effect
steelmaking I-Effect
businesses I-Effect
as O
volume B-Cause
increases I-Cause
over I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
period I-Cause
. O

Standard B-Cause
qPCR I-Cause
also I-Cause
faces I-Cause
competitive I-Cause
risk I-Cause
from O
sequencing O
technologies O
, O
which O
could O
begin O
to O
infringe B-Effect
on I-Effect
PCR I-Effect
as I-Effect
the I-Effect
industry I-Effect
standard I-Effect
. 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
Canadian I-Cause
Imperial I-Cause
Bank I-Cause
of I-Cause
Commerce I-Cause
, O
created O
a B-Effect
precedent I-Effect
where I-Effect
no I-Effect
further I-Effect
consolidation I-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

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
57 I-Effect
% I-Effect
as O
management B-Cause
completes I-Cause
the I-Cause
latest I-Cause
cost-improvement I-Cause
initiatives I-Cause
. O

Additionally O
, O
Kayak B-Effect
and I-Effect
Trivago I-Effect
metasearch I-Effect
competition I-Effect
could I-Effect
intensify I-Effect
, O
driven O
by O
the B-Cause
deep I-Cause
marketing I-Cause
pockets I-Cause
of I-Cause
Booking I-Cause
( I-Cause
owns I-Cause
Kayak I-Cause
) I-Cause
and I-Cause
Expedia I-Cause
( I-Cause
owns I-Cause
Trivago I-Cause
) I-Cause
. O

We O
're O
also O
modeling O
140 B-Effect
basis I-Effect
points I-Effect
of 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
29.3 I-Effect
% I-Effect
on I-Effect
leverage I-Effect
from O
net B-Cause
revenue I-Cause
growth I-Cause
, I-Cause
rising I-Cause
transaction I-Cause
automation I-Cause
, I-Cause
and I-Cause
incremental I-Cause
cost I-Cause
savings I-Cause
efforts I-Cause
despite O
an B-Effect
uptick I-Effect
in I-Effect
travel I-Effect
and I-Effect
entertainment I-Effect
outlays I-Effect
as O
the B-Cause
economy I-Cause
reopens I-Cause
. O

Additionally O
, O
we O
think O
MongoDB B-Effect
's I-Effect
database-as-a-service I-Effect
offering I-Effect
, I-Effect
Atlas I-Effect
, I-Effect
and I-Effect
data I-Effect
lake I-Effect
will I-Effect
bring I-Effect
significant I-Effect
new I-Effect
revenue I-Effect
streams I-Effect
to I-Effect
the I-Effect
company I-Effect
– O
as O
Atlas B-Cause
revenues I-Cause
eclipsed I-Cause
on-premises I-Cause
sales I-Cause
in I-Cause
early I-Cause
fiscal I-Cause
2022 I-Cause
. O

With B-Cause
no I-Cause
imminent I-Cause
debt I-Cause
maturities I-Cause
and I-Cause
ample I-Cause
liquidity I-Cause
, O
we O
expect O
Burlington B-Effect
to I-Effect
successfully I-Effect
negotiate I-Effect
uneven I-Effect
near-term I-Effect
inventory I-Effect
flows I-Effect
and I-Effect
localized I-Effect
store I-Effect
traffic I-Effect
restrictions I-Effect
. O

This B-Cause
trend I-Cause
of I-Cause
Amphenol I-Cause
's I-Cause
products I-Cause
underpinning I-Cause
advancements I-Cause
in I-Cause
technology I-Cause
that I-Cause
keep I-Cause
its I-Cause
prices I-Cause
elevated I-Cause
can O
be B-Effect
seen I-Effect
across I-Effect
its I-Effect
many I-Effect
industry I-Effect
verticals I-Effect
. O

Similarly O
, O
a B-Effect
negative I-Effect
outcome I-Effect
in I-Effect
the I-Effect
pending I-Effect
litigation I-Effect
with I-Effect
IQVIA I-Effect
could I-Effect
have I-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
Veeva I-Effect
's I-Effect
data I-Effect
offering I-Effect
, O
as O
IQVIA B-Cause
is I-Cause
the I-Cause
leading I-Cause
provider I-Cause
of I-Cause
pharmaceutical I-Cause
data I-Cause
pricing I-Cause
. O

Boosted O
by O
government B-Cause
stimulus I-Cause
, I-Cause
pent-up I-Cause
demand I-Cause
, I-Cause
and I-Cause
low I-Cause
markdown I-Cause
rates I-Cause
, O
the B-Effect
firm I-Effect
achieved I-Effect
58 I-Effect
% I-Effect
year-over-year I-Effect
sales I-Effect
growth I-Effect
and I-Effect
a I-Effect
7.9 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
's I-Effect
first I-Effect
quarter I-Effect
. O

Electric B-Effect
vehicle I-Effect
demand I-Effect
could I-Effect
undershoot I-Effect
expectations I-Effect
if O
fuel B-Cause
cell I-Cause
technology I-Cause
were I-Cause
to I-Cause
overtake I-Cause
lithium I-Cause
as I-Cause
the I-Cause
dominant I-Cause
power I-Cause
source I-Cause
for I-Cause
next-generation I-Cause
vehicles I-Cause
. O

A B-Cause
recovery I-Cause
more I-Cause
mild I-Cause
than I-Cause
we I-Cause
have I-Cause
anticipated I-Cause
would O
provide O
a B-Cause
near-term I-Cause
softness I-Cause
in I-Cause
Hardie I-Cause
's I-Cause
sales I-Cause
growth I-Cause
relative I-Cause
to I-Cause
expectations I-Cause
, O
and O
thus O
a B-Effect
challenge I-Effect
to I-Effect
valuation I-Effect
. O

While O
we O
think O
this O
service O
can O
be O
an O
attractive O
differentiator O
for O
US O
Foods O
, O
there B-Effect
is I-Effect
no I-Effect
evidence I-Effect
that I-Effect
it I-Effect
has I-Effect
resulted I-Effect
in I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
, I-Effect
as O
it B-Cause
has I-Cause
not I-Cause
resulted I-Cause
in I-Cause
organic I-Cause
market I-Cause
share I-Cause
gains I-Cause
, I-Cause
or I-Cause
even I-Cause
economic I-Cause
profits I-Cause
. I-Cause

The B-Cause
central I-Cause
government I-Cause
's I-Cause
sustained I-Cause
crackdown I-Cause
on I-Cause
graft I-Cause
is O
also O
hurting O
gambling B-Effect
demand I-Effect
in I-Effect
Macao I-Effect
as O
VIPs B-Effect
maintain I-Effect
a I-Effect
low I-Effect
profile I-Effect
. O

That O
said O
, O
we O
believe O
that O
as O
it B-Cause
relates I-Cause
to I-Cause
the I-Cause
more I-Cause
immediate I-Cause
retail I-Cause
dynamics I-Cause
of I-Cause
store I-Cause
positioning I-Cause
and I-Cause
slotting I-Cause
fees I-Cause
, O
Monster B-Effect
's I-Effect
products I-Effect
benefit I-Effect
from I-Effect
similar I-Effect
positioning I-Effect
as I-Effect
proprietary I-Effect
Coke I-Effect
brands I-Effect
. O

The O
bank O
has O
historically O
seen O
a O
cost O
of O
funding O
10-20 O
basis O
points O
lower O
than O
its O
closest O
rival O
, O
and O
success B-Cause
of I-Cause
digital I-Cause
banking I-Cause
initiatives I-Cause
could O
drive B-Effect
new I-Effect
account I-Effect
growth I-Effect
higher I-Effect
and I-Effect
the I-Effect
proportion I-Effect
of I-Effect
time I-Effect
deposits I-Effect
in I-Effect
the I-Effect
mix I-Effect
lower I-Effect
. O

Furthermore O
, O
in O
order O
to O
stay B-Effect
on I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
industry I-Effect
developments I-Effect
and I-Effect
scale I-Effect
up I-Effect
the I-Effect
production I-Effect
of I-Effect
emergent I-Effect
metallurgical I-Effect
solutions I-Effect
, O
the B-Cause
company I-Cause
will I-Cause
have I-Cause
to I-Cause
navigate I-Cause
sizable I-Cause
reinvestment I-Cause
cycles I-Cause
. O

COVID-19 B-Cause
has O
disrupted O
the B-Effect
ERP I-Effect
implementation I-Effect
and I-Effect
business I-Effect
transformation I-Effect
efforts I-Effect
but O
we O
anticipate O
the O
lion O
's O
share O
of O
the O
domestic O
ERP O
implementation O
will O
be O
completed O
in O
2021 O
. O

Multinationals O
typically O
have O
substantial O
bargaining O
power O
-- O
especially O
with O
numerous B-Cause
global I-Cause
network I-Cause
alternatives I-Cause
-- I-Cause
and I-Cause
resources I-Cause
to I-Cause
employ I-Cause
sophisticated I-Cause
personnel I-Cause
, O
allowing O
them O
to O
play O
a O
part O
in O
managing B-Effect
their I-Effect
own I-Effect
networks I-Effect
and I-Effect
leading I-Effect
to I-Effect
lower-margin I-Effect
revenue I-Effect
. O

We B-Effect
believe I-Effect
Ulta I-Effect
performed I-Effect
well I-Effect
in I-Effect
this I-Effect
marketplace I-Effect
because O
it B-Cause
has I-Cause
a I-Cause
strong I-Cause
selection I-Cause
of I-Cause
merchandise I-Cause
and I-Cause
services I-Cause
and I-Cause
women I-Cause
enjoy I-Cause
shopping I-Cause
in I-Cause
its I-Cause
stores I-Cause
. O

We O
also O
see O
a B-Cause
favorable I-Cause
demand I-Cause
backdrop I-Cause
for I-Cause
the I-Cause
commercial I-Cause
HVAC I-Cause
business I-Cause
, O
which O
we O
think O
can O
support B-Effect
at I-Effect
least I-Effect
mid-single-digit I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We B-Effect
have I-Effect
raised I-Effect
our I-Effect
long-term I-Effect
tax I-Effect
rate I-Effect
estimate I-Effect
to I-Effect
29 I-Effect
% I-Effect
from I-Effect
24 I-Effect
% I-Effect
in O
anticipation O
of O
a B-Cause
corporate I-Cause
tax I-Cause
increase I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

A O
potential O
competitor O
would O
need O
to O
attract O
a O
critical O
mass O
of O
trading O
volume O
before O
it O
could O
offer O
its O
customers O
comparable O
execution O
to O
CME O
, O
a B-Effect
difficult I-Effect
prospect I-Effect
as O
its B-Cause
initial I-Cause
user I-Cause
base I-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
willing I-Cause
to I-Cause
accept I-Cause
higher I-Cause
trading I-Cause
costs I-Cause
during I-Cause
the I-Cause
startup I-Cause
process I-Cause
. O

The B-Cause
growth I-Cause
of I-Cause
streaming I-Cause
platforms I-Cause
like O
Spotify O
benefits O
the B-Effect
major I-Effect
labels I-Effect
like I-Effect
Warner I-Effect
Music I-Effect
for I-Effect
both I-Effect
its I-Effect
recorded I-Effect
music I-Effect
and I-Effect
publishing I-Effect
segments I-Effect
. O

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

Our O
assumptions O
include O
a B-Effect
challenging I-Effect
period I-Effect
in O
2020-21 O
due O
to O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
that O
is O
creating O
risks O
associated O
with O
policy O
pricing O
and O
the O
employment O
environment O
, O
which O
threatens O
commercial O
insurance O
rolls O
. O

Anything B-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
zeitgeist I-Cause
can O
give B-Effect
rise I-Effect
to I-Effect
the I-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. O

Further O
, O
with O
around B-Cause
40 I-Cause
% I-Cause
of I-Cause
sales I-Cause
generated I-Cause
outside I-Cause
the I-Cause
U.S. I-Cause
, O
Kellogg B-Cause
is I-Cause
exposed I-Cause
to I-Cause
foreign I-Cause
exchange I-Cause
fluctuations I-Cause
from I-Cause
time I-Cause
to I-Cause
time I-Cause
, O
which O
may O
eat B-Effect
into I-Effect
sales I-Effect
and I-Effect
profits I-Effect
. O

Still O
, O
we O
forecast O
direct-to-consumer B-Cause
revenue I-Cause
to I-Cause
rise I-Cause
to I-Cause
44 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
this I-Cause
decade. O
This O
should O
allow O
Under B-Effect
Armour I-Effect
to I-Effect
have I-Effect
better I-Effect
control I-Effect
over I-Effect
its I-Effect
brand I-Effect
, I-Effect
but I-Effect
we I-Effect
do I-Effect
not I-Effect
see I-Effect
evidence I-Effect
that I-Effect
it I-Effect
allows I-Effect
for I-Effect
premium I-Effect
pricing I-Effect
and I-Effect
see I-Effect
it I-Effect
as I-Effect
a I-Effect
defensive I-Effect
move I-Effect
. O

We B-Effect
are I-Effect
decreasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Hannover I-Effect
Re I-Effect
to I-Effect
EUR I-Effect
150.0 I-Effect
from I-Effect
EUR I-Effect
156.00 I-Effect
per I-Effect
share I-Effect
based O
on O
slightly B-Cause
lower I-Cause
revenue I-Cause
numbers I-Cause
. O

Even O
when O
throughput O
has O
lagged O
, O
Energy B-Effect
Transfer I-Effect
has I-Effect
such I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
it I-Effect
raises I-Effect
reservation I-Effect
fees I-Effect
, O
keeping B-Cause
margins I-Cause
steady I-Cause
and I-Cause
growing I-Cause
through I-Cause
commodity I-Cause
cycles O
. O

While O
we O
believe O
Samsung O
is O
another O
major O
customer O
( O
above O
the O
10 O
% O
threshold O
) O
, O
we O
think O
Broadcom B-Cause
's I-Cause
remaining I-Cause
segments I-Cause
are I-Cause
relatively I-Cause
better I-Cause
diversified I-Cause
and O
should O
mitigate B-Effect
some I-Effect
of I-Effect
the I-Effect
sharp I-Effect
swings I-Effect
to I-Effect
which I-Effect
other I-Effect
smartphone I-Effect
component I-Effect
suppliers I-Effect
are I-Effect
susceptible I-Effect
. O

Still O
, O
in O
May O
2020 O
, O
President O
Akio O
Toyoda O
said O
3 B-Effect
million I-Effect
units I-Effect
and I-Effect
Japan I-Effect
employment I-Effect
will I-Effect
be I-Effect
maintained I-Effect
no O
matter O
how O
bad O
the O
economic O
situation O
is O
because O
people B-Cause
make I-Cause
things I-Cause
society I-Cause
needs I-Cause
. O

However O
, O
Tapestry B-Effect
's I-Effect
third I-Effect
quarter I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
was I-Effect
better I-Effect
than I-Effect
expected I-Effect
as O
e-commerce B-Cause
and I-Cause
strong I-Cause
sales I-Cause
in I-Cause
mainland I-Cause
China I-Cause
( I-Cause
up I-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
as I-Cause
compared I-Cause
with I-Cause
two I-Cause
years I-Cause
earlier I-Cause
) I-Cause
partially I-Cause
offset I-Cause
store I-Cause
disruptions I-Cause
. O

Years O
of O
government O
efforts O
have O
done O
little O
to O
stem O
illegal O
cannabis O
, O
but O
a B-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
black I-Cause
market I-Cause
supplies I-Cause
could O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
pricing I-Effect
power I-Effect
, O
and O
thus O
the B-Effect
profitability I-Effect
of I-Effect
legal I-Effect
cannabis I-Effect
companies I-Effect
. O

We B-Effect
look I-Effect
for I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
, O
as O
net B-Cause
revenue I-Cause
is I-Cause
likely I-Cause
to I-Cause
grow I-Cause
faster I-Cause
than I-Cause
portions I-Cause
of I-Cause
Lyft I-Cause
's I-Cause
cost I-Cause
of I-Cause
revenue I-Cause
, O
including O
hosting O
and O
payment O
processing O
costs O
. O

Nucor B-Effect
enjoys I-Effect
a I-Effect
low-cost I-Effect
position I-Effect
on I-Effect
the I-Effect
steelmaking I-Effect
cost I-Effect
curve I-Effect
because O
of O
its B-Cause
favorable I-Cause
iron I-Cause
unit I-Cause
costs I-Cause
for I-Cause
the I-Cause
production I-Cause
of I-Cause
sheet I-Cause
, I-Cause
plate I-Cause
, I-Cause
and I-Cause
special I-Cause
bar I-Cause
quality I-Cause
steel I-Cause
. O

We B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Advance I-Effect
to I-Effect
$ I-Effect
207 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
198 I-Effect
, O
after O
it B-Cause
announced I-Cause
strong I-Cause
first-quarter I-Cause
results I-Cause
( I-Cause
25 I-Cause
% I-Cause
comparable I-Cause
growth I-Cause
, I-Cause
slightly I-Cause
more I-Cause
than I-Cause
management I-Cause
's I-Cause
22 I-Cause
% I-Cause
-24 I-Cause
% I-Cause
estimate I-Cause
announced I-Cause
at I-Cause
the I-Cause
firm I-Cause
's I-Cause
investor I-Cause
day I-Cause
on I-Cause
April I-Cause
20 I-Cause
) I-Cause
. O

In O
addition O
, O
we O
expect O
coronavirus-related B-Cause
restaurant I-Cause
disruptions I-Cause
and I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
( O
including O
reduced O
morning O
commuters O
) O
will O
have O
a B-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
, I-Effect
potentially I-Effect
changing I-Effect
how I-Effect
operators I-Effect
design I-Effect
and I-Effect
build I-Effect
locations I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Given O
that O
GitHub B-Cause
is I-Cause
a I-Cause
repository I-Cause
for I-Cause
source I-Cause
code I-Cause
and I-Cause
an I-Cause
online I-Cause
collaboration I-Cause
community I-Cause
for I-Cause
software I-Cause
developers I-Cause
, O
it B-Effect
enjoys I-Effect
some I-Effect
level I-Effect
of I-Effect
network I-Effect
effect I-Effect
as I-Effect
the I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
Facebook I-Effect
for I-Effect
programmers I-Effect
, I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
and I-Effect
makes I-Effect
Visual I-Effect
Studio I-Effect
a I-Effect
stickier I-Effect
product I-Effect
. O

To O
widen B-Effect
its I-Effect
product I-Effect
spectrum I-Effect
and I-Effect
potentially I-Effect
cope I-Effect
with I-Effect
the I-Effect
trend I-Effect
of I-Effect
social I-Effect
e-commerce I-Effect
, O
Weibo B-Cause
launched I-Cause
an I-Cause
interest-based I-Cause
social I-Cause
product I-Cause
, O
Oasis O
, O
in O
the O
fourth O
quarter O
of O
2019 O
. O

As O
technology O
solutions B-Cause
become I-Cause
a I-Cause
larger I-Cause
element I-Cause
of I-Cause
farming I-Cause
and I-Cause
a I-Cause
bigger I-Cause
fraction I-Cause
of I-Cause
equipment I-Cause
costs I-Cause
, O
switching O
costs B-Effect
are I-Effect
further I-Effect
enhanced I-Effect
. O

However O
, O
we O
are O
n't O
blind O
to O
the O
fact O
that O
strict B-Effect
lockdowns I-Effect
enacted I-Effect
in I-Effect
these I-Effect
markets I-Effect
early I-Effect
in I-Effect
the I-Effect
pandemic I-Effect
could I-Effect
once I-Effect
again I-Effect
plague I-Effect
its I-Effect
operations I-Effect
if O
a B-Cause
subsequent I-Cause
wave I-Cause
of I-Cause
COVID-19 I-Cause
persists I-Cause
. O

Increasing B-Cause
environmental I-Cause
and I-Cause
government I-Cause
regulations I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
political I-Cause
opposition I-Cause
, O
have O
made O
new B-Effect
pipeline I-Effect
projects I-Effect
increasingly I-Effect
difficult I-Effect
to I-Effect
sanction I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

In O
our O
view O
, O
this O
indicates O
a B-Cause
weaker I-Cause
network I-Cause
effect I-Cause
than I-Cause
our I-Cause
previous I-Cause
rating I-Cause
, O
which O
could O
keep B-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
peaking I-Effect
in I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-30s I-Effect
, O
consistent O
with O
historical O
levels O
. O

Retailers B-Effect
will I-Effect
want I-Effect
to I-Effect
keep I-Effect
their I-Effect
stores I-Effect
in I-Effect
the I-Effect
top I-Effect
retail I-Effect
locations I-Effect
as O
the B-Cause
strong I-Cause
demographic I-Cause
trends I-Cause
produce I-Cause
high I-Cause
foot I-Cause
traffic I-Cause
and I-Cause
strong I-Cause
sales I-Cause
growth I-Cause
, I-Cause
but I-Cause
even I-Cause
these I-Cause
assets I-Cause
will I-Cause
slow I-Cause
in I-Cause
the I-Cause
future I-Cause
. O

For O
example O
, O
Bristol O
's O
Eliquis O
( O
cardiovascular O
) O
, O
Revlimid O
( O
cancer O
) O
, O
and O
Opdivo O
( O
cancer O
) O
generate O
well O
over O
50 O
% O
of O
the O
firm O
's O
total O
sales O
and O
the O
drugs O
have O
significant O
exposure O
to O
the O
Medicare O
channel O
, O
but O
the B-Cause
upcoming I-Cause
patent I-Cause
loss I-Cause
for I-Cause
Revlimid I-Cause
should O
lessen O
this B-Effect
dependence I-Effect
. O

This O
concern O
, O
combined B-Cause
with I-Cause
the I-Cause
fact I-Cause
that I-Cause
IFF I-Cause
's I-Cause
solutions I-Cause
account I-Cause
for I-Cause
a I-Cause
very I-Cause
small I-Cause
portion I-Cause
of I-Cause
their I-Cause
customers I-Cause
' I-Cause
unit I-Cause
costs I-Cause
of I-Cause
production I-Cause
( I-Cause
less I-Cause
than I-Cause
2 I-Cause
% I-Cause
) I-Cause
, O
typically O
leads O
to O
sticky B-Effect
business I-Effect
relationships I-Effect
. O

Additionally O
, O
the B-Effect
company I-Effect
's I-Effect
automotive I-Effect
glass I-Effect
interlayers I-Effect
, I-Effect
which I-Effect
are I-Effect
among I-Effect
the I-Effect
best I-Effect
in I-Effect
the I-Effect
industry I-Effect
, I-Effect
should I-Effect
benefit I-Effect
from I-Effect
greater I-Effect
demand I-Effect
as O
increased B-Cause
electric I-Cause
vehicle I-Cause
sales I-Cause
will I-Cause
require I-Cause
energy-efficient B-Cause
windows I-Cause
to I-Cause
extend B-Effect
battery I-Effect
range I-Effect
. O

Finally O
, O
in O
safety O
and O
productivity O
solutions O
, O
the B-Cause
biggest I-Cause
concern I-Cause
we I-Cause
have I-Cause
includes I-Cause
rapid I-Cause
changes I-Cause
in I-Cause
technology I-Cause
, O
which O
can O
obviate B-Effect
the I-Effect
impact I-Effect
of I-Effect
some I-Effect
of I-Effect
Honeywell I-Effect
's I-Effect
software I-Effect
investments I-Effect
and I-Effect
translate I-Effect
into I-Effect
diminished I-Effect
returns I-Effect
on I-Effect
capital I-Effect
projects I-Effect
relative I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
expectations I-Effect
. O

With O
no B-Cause
imminent I-Cause
debt I-Cause
maturities I-Cause
and I-Cause
ample I-Cause
liquidity I-Cause
, O
we O
expect O
Burlington B-Effect
to I-Effect
successfully I-Effect
negotiate I-Effect
uneven I-Effect
near-term I-Effect
inventory I-Effect
flows I-Effect
and I-Effect
potential I-Effect
localized I-Effect
store I-Effect
shutdowns I-Effect
and I-Effect
traffic I-Effect
restrictions I-Effect
. O

We O
recently O
lowered B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
the I-Effect
shares I-Effect
of I-Effect
Veoneer I-Effect
to I-Effect
$ I-Effect
24 I-Effect
from I-Effect
$ I-Effect
26 I-Effect
after O
rolling B-Cause
our I-Cause
model I-Cause
to I-Cause
the I-Cause
new I-Cause
fiscal I-Cause
year I-Cause
and I-Cause
incorporating I-Cause
the I-Cause
currently I-Cause
harsh I-Cause
macro-operating I-Cause
environment I-Cause
from I-Cause
COVID-19 I-Cause
. O

In O
other O
words O
, O
it B-Cause
is I-Cause
already I-Cause
pitching I-Cause
a I-Cause
variety I-Cause
of I-Cause
solutions I-Cause
to I-Cause
enterprises I-Cause
worth I-Cause
millions I-Cause
of I-Cause
dollars I-Cause
and O
therefore O
can O
easily B-Effect
pitch I-Effect
Accenture I-Effect
Interactive I-Effect
services I-Effect
. O

Mode B-Effect
was I-Effect
never I-Effect
fully I-Effect
integrated I-Effect
into I-Effect
Hub I-Effect
's I-Effect
core I-Effect
operations I-Effect
, O
in O
part O
because O
of O
its B-Cause
different I-Cause
salesforce I-Cause
model I-Cause
( I-Cause
agent-based I-Cause
) I-Cause
, O
and O
we O
believe O
management O
was O
looking O
to O
free O
up O
cash O
for O
acquisitions O
. O

Credit B-Cause
card I-Cause
portfolios I-Cause
from I-Cause
shuttered I-Cause
retailers I-Cause
also I-Cause
typically I-Cause
see I-Cause
elevated I-Cause
charge-off I-Cause
rates I-Cause
as I-Cause
the I-Cause
accounts I-Cause
run I-Cause
off I-Cause
, O
making O
bankruptcy B-Effect
a I-Effect
credit I-Effect
risk I-Effect
for I-Effect
ADS I-Effect
, O
as O
well O
. O

We O
expect O
the B-Cause
firm I-Cause
to I-Cause
achieve I-Cause
cost I-Cause
efficiencies I-Cause
through I-Cause
digitalization I-Cause
, I-Cause
lower I-Cause
marketing I-Cause
spending I-Cause
, I-Cause
and I-Cause
regulatory I-Cause
costs I-Cause
in I-Cause
Thailand I-Cause
( I-Cause
concession I-Cause
to I-Cause
license I-Cause
regime I-Cause
change I-Cause
) I-Cause
, O
will O
lead O
to O
a B-Effect
steady I-Effect
EBITDA I-Effect
margin I-Effect
improvement I-Effect
and O
propel O
the B-Effect
margin I-Effect
above I-Effect
43 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
. O

Third O
, O
Splunk B-Effect
is I-Effect
not I-Effect
yet I-Effect
profitable I-Effect
on I-Effect
a I-Effect
GAAP I-Effect
basis I-Effect
, O
as O
the B-Cause
firm I-Cause
maintains I-Cause
high I-Cause
level I-Cause
of I-Cause
investments I-Cause
in I-Cause
product I-Cause
development I-Cause
and I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
. O

In O
addition O
, O
we O
believe O
S B-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
benefits I-Effect
from I-Effect
the I-Effect
network I-Effect
effect I-Effect
as O
it B-Cause
maintains I-Cause
a I-Cause
network I-Cause
of I-Cause
issuers I-Cause
and I-Cause
investors I-Cause
. O

For O
many O
years O
, O
Rogers B-Effect
has I-Effect
been I-Effect
one I-Effect
of I-Effect
three I-Effect
Canadian I-Effect
wireless I-Effect
service I-Effect
providers I-Effect
whose O
collective B-Cause
market I-Cause
dominance I-Cause
has I-Cause
made I-Cause
it I-Cause
very I-Cause
difficult I-Cause
for I-Cause
others I-Cause
to I-Cause
legitimately I-Cause
compete I-Cause
. O

Over O
the O
long O
run O
, O
Discover B-Cause
Financial I-Cause
Services I-Cause
' I-Cause
unique I-Cause
role I-Cause
as I-Cause
a I-Cause
credit I-Cause
card I-Cause
lender I-Cause
focused I-Cause
on I-Cause
Middle I-Cause
America I-Cause
, I-Cause
and I-Cause
operating I-Cause
a I-Cause
proprietary I-Cause
payment I-Cause
network I-Cause
, O
puts O
the B-Effect
company I-Effect
in I-Effect
an I-Effect
interesting I-Effect
strategic I-Effect
position I-Effect
. O

Within O
personal O
lines O
, O
we O
expect O
Travelers B-Effect
to I-Effect
maintain I-Effect
good I-Effect
underwriting I-Effect
results I-Effect
due O
to O
the B-Cause
pandemic I-Cause
and I-Cause
the I-Cause
resulting I-Cause
reduction I-Cause
in I-Cause
miles I-Cause
driven I-Cause
, O
but O
for O
the B-Effect
combined I-Effect
ratio I-Effect
to I-Effect
deteriorate I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
line I-Cause
mean I-Cause
reverts I-Cause
to I-Cause
more I-Cause
normalized I-Cause
results I-Cause
. O

Specifically O
, O
key O
peer O
ICU O
Medical O
has O
estimated O
that O
it O
would O
take B-Cause
about I-Cause
$ I-Cause
300 I-Cause
million I-Cause
and I-Cause
three I-Cause
years I-Cause
to I-Cause
build I-Cause
a I-Cause
manufacturing I-Cause
facility I-Cause
that O
would O
allow O
a O
new O
entrant O
to O
gain O
enough O
scale O
to O
compete B-Effect
effectively I-Effect
in I-Effect
the I-Effect
IV I-Effect
solutions I-Effect
business I-Effect
. O

Less B-Cause
fragmented I-Cause
and I-Cause
well-integrated I-Cause
banking I-Cause
systems I-Cause
like I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
have I-Cause
tended I-Cause
to I-Cause
be I-Cause
more I-Cause
stable I-Cause
over I-Cause
time I-Cause
, O
reducing B-Effect
risk I-Effect
. O

Like O
other O
component O
companies O
, O
Amphenol B-Effect
's I-Effect
near-term I-Effect
growth I-Effect
is O
a O
function O
of O
increased B-Cause
content I-Cause
in I-Cause
the I-Cause
global I-Cause
automotive I-Cause
market I-Cause
, O
in O
our O
view O
. O

For O
2021 O
, O
we O
have O
marginally B-Cause
lifted I-Cause
our I-Cause
sales I-Cause
estimate I-Cause
( O
to O
$ O
18.4 O
billion O
from O
$ O
18.3 O
billion O
) O
but O
have O
significantly B-Cause
raised I-Cause
our I-Cause
operating I-Cause
margin I-Cause
forecast I-Cause
to I-Cause
4.8 I-Cause
% I-Cause
from I-Cause
3.9 I-Cause
% I-Cause
, I-Cause
leading O
to O
an O
adjusted B-Effect
EPS I-Effect
forecast I-Effect
that I-Effect
improves I-Effect
to I-Effect
$ I-Effect
2.85 I-Effect
from I-Effect
our I-Effect
prior I-Effect
$ I-Effect
2.29 I-Effect
estimate I-Effect
. I-Effect

As O
Franklin B-Cause
has I-Cause
historically I-Cause
generated I-Cause
a I-Cause
majority I-Cause
of I-Cause
its I-Cause
sales I-Cause
in I-Cause
any I-Cause
given I-Cause
period I-Cause
from I-Cause
a I-Cause
handful I-Cause
of I-Cause
funds I-Cause
, O
it B-Effect
faces I-Effect
the I-Effect
risk I-Effect
that I-Effect
underperformance I-Effect
has I-Effect
a I-Effect
heavier I-Effect
impact I-Effect
on I-Effect
flows I-Effect
. O

While O
we O
recognize O
that O
these O
multiples O
are O
elevated O
from O
normal O
levels O
, O
we B-Effect
think I-Effect
multiple I-Effect
expansion I-Effect
is I-Effect
justified I-Effect
because O
we B-Cause
expect I-Cause
a I-Cause
substantial I-Cause
ramp I-Cause
up I-Cause
in I-Cause
production I-Cause
post-pandemic I-Cause
to I-Cause
serve I-Cause
the I-Cause
firm I-Cause
's I-Cause
backlog I-Cause
of I-Cause
roughly I-Cause
7,200 I-Cause
aircraft I-Cause
. O

With O
2021 O
set O
to O
be O
plagued O
by O
inconsistent B-Effect
pricing I-Effect
strategies I-Effect
as O
Norwegian B-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
try I-Cause
to I-Cause
entice I-Cause
cruisers I-Cause
to I-Cause
sail I-Cause
again I-Cause
, O
we O
do O
n't O
see O
Norwegian B-Effect
reaching I-Effect
near I-Effect
2019 I-Effect
pricing I-Effect
again I-Effect
until I-Effect
2023 I-Effect
. O

The O
large B-Effect
distributors I-Effect
continue I-Effect
to I-Effect
fare I-Effect
better I-Effect
than O
many O
in O
healthcare O
, O
as O
providers B-Cause
have I-Cause
been I-Cause
pressed I-Cause
to I-Cause
rely I-Cause
on I-Cause
their I-Cause
supply I-Cause
chain I-Cause
partners I-Cause
to I-Cause
navigate I-Cause
the I-Cause
operating I-Cause
challenges I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

Mode B-Effect
was I-Effect
never I-Effect
fully I-Effect
integrated I-Effect
into I-Effect
Hub I-Effect
's I-Effect
core I-Effect
operations I-Effect
because O
of O
its B-Cause
different I-Cause
salesforce I-Cause
model I-Cause
( I-Cause
agent-based I-Cause
) I-Cause
, O
and O
we O
believe O
management O
was O
looking O
to O
free O
up O
cash O
for O
tuck-in O
acquisitions O
like O
CaseStack O
in O
late O
2018 O
. O

While O
budgeting B-Cause
tools I-Cause
, I-Cause
pro-active I-Cause
alerts I-Cause
, I-Cause
or I-Cause
Siri I-Cause
shortcuts I-Cause
, O
may O
not O
be O
crucial O
for O
all O
customers O
, O
this O
investment O
will O
help O
prevent O
switching B-Effect
of I-Effect
customers I-Effect
based I-Effect
on I-Effect
the I-Effect
digital I-Effect
offering I-Effect
alone I-Effect
. O

We O
believe O
the B-Effect
laboratory I-Effect
services I-Effect
segment I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
double-digit I-Effect
rate I-Effect
for I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
with O
volume B-Cause
increases I-Cause
driven I-Cause
by I-Cause
expansion I-Cause
in I-Cause
the I-Cause
clinical I-Cause
trial I-Cause
business I-Cause
. O

The B-Cause
coronavirus I-Cause
situationresulted O
in O
a B-Effect
sharp I-Effect
increase I-Effect
in I-Effect
credit I-Effect
cost I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
but O
this O
is O
expected O
to O
normalise O
in O
2021 O
. O

A B-Cause
material I-Cause
portion I-Cause
of I-Cause
Amex I-Cause
's I-Cause
billings I-Cause
( I-Cause
roughly I-Cause
30 I-Cause
% I-Cause
) I-Cause
are I-Cause
related I-Cause
to I-Cause
the I-Cause
travel I-Cause
and I-Cause
entertainment I-Cause
industry I-Cause
, I-Cause
further I-Cause
exposing I-Cause
the I-Cause
company I-Cause
to I-Cause
some I-Cause
of I-Cause
the I-Cause
most I-Cause
affected I-Cause
industries. O
These O
trends O
will O
eventually O
reverse B-Effect
as I-Effect
the I-Effect
economy I-Effect
recovers I-Effect
, I-Effect
but I-Effect
Amex I-Effect
will I-Effect
indeed I-Effect
be I-Effect
dependent I-Effect
on I-Effect
that I-Effect
recovery I-Effect
to I-Effect
return I-Effect
to I-Effect
pre-COVID-19 I-Effect
profitability I-Effect
levels I-Effect
. O

However O
, O
we O
believe O
Royal B-Effect
could I-Effect
generate I-Effect
average I-Effect
ROICs I-Effect
of I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
below I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
hindered O
by O
the B-Cause
secular I-Cause
fallout I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

Finally O
, O
we O
expect O
Caesars B-Cause
' I-Cause
to I-Cause
generate I-Cause
synergies I-Cause
from I-Cause
its I-Cause
merger I-Cause
with I-Cause
Eldorado I-Cause
above I-Cause
our I-Cause
prior I-Cause
expectation I-Cause
, I-Cause
with I-Cause
margins I-Cause
benefiting I-Cause
from I-Cause
a I-Cause
stronger I-Cause
demand I-Cause
recovery. O
As O
a O
result O
, O
we B-Effect
have I-Effect
lifted I-Effect
our I-Effect
2021 I-Effect
EBITDA I-Effect
margin I-Effect
estimate I-Effect
to I-Effect
the I-Effect
mid-30s I-Effect
from I-Effect
30 I-Effect
% I-Effect
prior I-Effect
, I-Effect
while I-Effect
our I-Effect
long-term I-Effect
margins I-Effect
surpass I-Effect
40 I-Effect
% I-Effect
versus I-Effect
high I-Effect
30s I-Effect
previously I-Effect
. O

Also O
, O
Google B-Effect
would I-Effect
likely I-Effect
have I-Effect
trouble I-Effect
convincing I-Effect
online I-Effect
travel I-Effect
companies I-Effect
to I-Effect
use I-Effect
its I-Effect
platform I-Effect
to I-Effect
source I-Effect
air I-Effect
content I-Effect
versus I-Effect
Sabre I-Effect
, O
given O
the B-Cause
search I-Cause
giant I-Cause
poses I-Cause
a I-Cause
larger I-Cause
competitive I-Cause
threat I-Cause
than I-Cause
Sabre I-Cause
to I-Cause
these I-Cause
operators I-Cause
. O

Plus O
, O
while O
Spotify B-Cause
may I-Cause
be I-Cause
able I-Cause
to I-Cause
reach I-Cause
distribution I-Cause
agreements I-Cause
directly I-Cause
with I-Cause
artists I-Cause
, O
doing O
so O
may O
put B-Effect
the I-Effect
firm I-Effect
at I-Effect
a I-Effect
further I-Effect
disadvantage I-Effect
when I-Effect
negotiating I-Effect
with I-Effect
record I-Effect
labels I-Effect
. O

The O
firm O
lost O
market O
share O
in O
its O
important O
firewall O
business O
, O
and O
we O
believe O
it B-Effect
is I-Effect
at I-Effect
a I-Effect
critical I-Effect
time I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
presence I-Effect
as O
enterprises B-Cause
use I-Cause
more I-Cause
cloud-based I-Cause
applications I-Cause
. O

Demand B-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
barcode I-Effect
printers I-Effect
and I-Effect
relevant I-Effect
supplies I-Effect
and I-Effect
services I-Effect
should O
remain O
high O
as O
healthcare B-Cause
needs I-Cause
rise I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

We O
forecast O
a O
high O
probability O
of O
increased O
emissions O
regulations O
but O
think O
costs B-Cause
are I-Cause
likely I-Cause
to I-Cause
be I-Cause
passed I-Cause
on I-Cause
to I-Cause
customers I-Cause
, O
limiting B-Effect
the I-Effect
economic I-Effect
impact I-Effect
. O

Traditional O
channel O
growth O
should O
be O
hard O
to O
come O
by O
, O
but O
we B-Cause
suspect I-Cause
Walmart I-Cause
's I-Cause
robust I-Cause
grocery I-Cause
offering I-Cause
will B-Effect
promote I-Effect
traffic I-Effect
, I-Effect
feeding I-Effect
its I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
costs I-Effect
and I-Effect
investments I-Effect
in I-Effect
automation I-Effect
and I-Effect
infrastructure I-Effect
. O

Albemarle B-Cause
's I-Cause
Chilean I-Cause
expansions I-Cause
and I-Cause
its I-Cause
Talison I-Cause
joint I-Cause
venture I-Cause
will I-Cause
ramp I-Cause
up I-Cause
production I-Cause
to O
help O
meet B-Effect
strong I-Effect
market I-Effect
demand I-Effect
growth I-Effect
. O

Given O
that O
Ferguson O
's O
core B-Cause
customers I-Cause
are I-Cause
contractors I-Cause
that I-Cause
value I-Cause
its I-Cause
branch I-Cause
offerings I-Cause
, O
we B-Effect
see I-Effect
little I-Effect
threat I-Effect
from I-Effect
online I-Effect
retailers I-Effect
aiming I-Effect
to I-Effect
disrupt I-Effect
Ferguson I-Effect
's I-Effect
branch I-Effect
model I-Effect
. O

Being B-Cause
a I-Cause
Latin I-Cause
America I-Cause
pure I-Cause
play I-Cause
subjects I-Cause
the I-Cause
firm I-Cause
to I-Cause
geopolitical I-Cause
issues I-Cause
that O
can O
have O
a O
pernicious O
effect O
on O
its B-Effect
competitive I-Effect
positioning I-Effect
and I-Effect
execution I-Effect
. O

Similarly O
, O
engineers B-Effect
loathe I-Effect
to I-Effect
swap I-Effect
out I-Effect
an I-Effect
analog I-Effect
from I-Effect
an I-Effect
existing I-Effect
design I-Effect
( I-Effect
again I-Effect
, I-Effect
only I-Effect
to I-Effect
save I-Effect
a I-Effect
few I-Effect
pennies I-Effect
on I-Effect
cost I-Effect
) I-Effect
because O
of O
the B-Cause
onerous I-Cause
re-design I-Cause
and I-Cause
re-testing I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
switch I-Cause
. O

However O
, O
these B-Cause
high I-Cause
affiliate I-Cause
fees I-Cause
when I-Cause
coupled I-Cause
with I-Cause
relatively I-Cause
low I-Cause
viewership I-Cause
of I-Cause
RSNs I-Cause
in I-Cause
comparison I-Cause
with I-Cause
more I-Cause
general I-Cause
entertainment I-Cause
channels I-Cause
have O
led O
some B-Effect
pay-TV I-Effect
distributors I-Effect
to I-Effect
question I-Effect
the I-Effect
price I-Effect
and I-Effect
the I-Effect
placement I-Effect
of I-Effect
RSNs I-Effect
. O

Pub B-Cause
ownership I-Cause
and I-Cause
operation I-Cause
is I-Cause
a I-Cause
low I-Cause
returns I-Cause
business I-Cause
and I-Cause
requires I-Cause
large I-Cause
amounts I-Cause
of I-Cause
capital I-Cause
and I-Cause
perpetual I-Cause
capital I-Cause
expenditure I-Cause
, O
but O
it B-Effect
gives I-Effect
Heineken I-Effect
an I-Effect
insight I-Effect
into I-Effect
consumer I-Effect
tastes I-Effect
and I-Effect
preferences I-Effect
in I-Effect
the I-Effect
on-trade I-Effect
, I-Effect
and I-Effect
allows I-Effect
them I-Effect
to I-Effect
trial I-Effect
new I-Effect
products I-Effect
with I-Effect
a I-Effect
direct I-Effect
feedback I-Effect
loop I-Effect
from I-Effect
the I-Effect
consumer I-Effect
. O

The B-Cause
bank I-Cause
is I-Cause
also I-Cause
more I-Cause
heavily I-Cause
concentrated I-Cause
in I-Cause
states I-Cause
that I-Cause
have I-Cause
historically I-Cause
had I-Cause
a I-Cause
more I-Cause
difficult I-Cause
time I-Cause
during I-Cause
and I-Cause
after I-Cause
recessions I-Cause
, I-Cause
including I-Cause
Ohio I-Cause
and I-Cause
Michigan. O
These B-Effect
loan I-Effect
categories I-Effect
, I-Effect
combined I-Effect
with I-Effect
the I-Effect
geographic I-Effect
exposure I-Effect
, I-Effect
could I-Effect
lead I-Effect
to I-Effect
elevated I-Effect
losses I-Effect
, I-Effect
particularly I-Effect
if I-Effect
states I-Effect
like I-Effect
Ohio I-Effect
and I-Effect
Michigan I-Effect
struggle I-Effect
economically I-Effect
. O

Welltower O
's O
management O
is O
forward-thinking B-Cause
in I-Cause
terms I-Cause
of I-Cause
portfolio I-Cause
construction I-Cause
and I-Cause
relationship I-Cause
building I-Cause
, O
allowing O
it O
to O
invest B-Effect
in I-Effect
growing I-Effect
properties I-Effect
and I-Effect
partners I-Effect
and I-Effect
divest I-Effect
struggling I-Effect
properties I-Effect
and I-Effect
partners I-Effect
. O

Assuming O
continued B-Cause
macroeconomic I-Cause
recovery I-Cause
in I-Cause
Europe I-Cause
and I-Cause
the I-Cause
U.S. I-Cause
, O
we O
expect O
5 B-Effect
% I-Effect
top-line B-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
on I-Effect
persistent I-Effect
B2C I-Effect
demand I-Effect
growth I-Effect
, O
partly O
offset O
by O
tough B-Cause
comparisons I-Cause
. O

Cost B-Cause
leverage I-Cause
should O
drive O
the B-Effect
quarter I-Effect
's I-Effect
operating I-Effect
margin I-Effect
higher I-Effect
by I-Effect
nearly I-Effect
100 I-Effect
basis I-Effect
points I-Effect
( I-Effect
to I-Effect
10 I-Effect
% I-Effect
) I-Effect
versus I-Effect
the I-Effect
same I-Effect
period I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
. O

Intel B-Cause
's I-Cause
manufacturing I-Cause
struggles I-Cause
have O
also O
led O
to O
major B-Effect
customers I-Effect
such I-Effect
as I-Effect
Apple I-Effect
, I-Effect
Amazon I-Effect
, I-Effect
and I-Effect
Microsoft I-Effect
developing I-Effect
their I-Effect
own I-Effect
ARM-based I-Effect
CPUs I-Effect
for I-Effect
PCs I-Effect
and I-Effect
servers I-Effect
, O
which O
is O
likely O
to O
curb O
overall B-Effect
growth I-Effect
for I-Effect
Intel I-Effect
's I-Effect
core I-Effect
CPU I-Effect
business I-Effect
as O
these B-Cause
chips I-Cause
are I-Cause
likely I-Cause
made I-Cause
at I-Cause
TSMC I-Cause
. O

In O
addition O
, O
a B-Cause
renewed I-Cause
focus I-Cause
on I-Cause
execution I-Cause
will O
result O
in O
a B-Effect
separate I-Effect
, I-Effect
dedicated I-Effect
salesforce I-Effect
for I-Effect
pet I-Effect
food I-Effect
and I-Effect
the I-Effect
rollout I-Effect
of I-Effect
a I-Effect
proprietary I-Effect
artificial I-Effect
intelligence I-Effect
tool I-Effect
in I-Effect
retail I-Effect
stores I-Effect
. O

We O
believe O
TCCC O
is O
keenly O
aware O
of O
this O
reality O
, O
and O
the O
support B-Cause
it I-Cause
provides I-Cause
for O
bottlers O
like O
Coca-Cola O
Femsa O
should O
allow B-Effect
the I-Effect
latter I-Effect
to I-Effect
maintain I-Effect
its I-Effect
operating I-Effect
profile I-Effect
in I-Effect
the I-Effect
midst I-Effect
of I-Effect
economic I-Effect
uncertainty I-Effect
and I-Effect
competitive I-Effect
intensity I-Effect
. O

The B-Cause
viral I-Cause
adoption I-Cause
tactic I-Cause
has B-Effect
allowed I-Effect
Dropbox I-Effect
to I-Effect
keep I-Effect
their I-Effect
sales I-Effect
and I-Effect
marketing I-Effect
spending I-Effect
much I-Effect
lower I-Effect
than I-Effect
peer I-Effect
software I-Effect
companies I-Effect
and I-Effect
has I-Effect
helped I-Effect
Dropbox I-Effect
generate I-Effect
90 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
through I-Effect
a I-Effect
self-service I-Effect
channel I-Effect
. O

We O
think O
that O
Pandora B-Effect
will I-Effect
likely I-Effect
see I-Effect
growth I-Effect
in I-Effect
paid I-Effect
subscribers I-Effect
and I-Effect
a I-Effect
slower I-Effect
decline I-Effect
in I-Effect
ad-supported I-Effect
listening I-Effect
hours I-Effect
due O
to O
COVID-19 B-Cause
but O
that O
lower O
ad O
rates O
will O
more O
than O
offset O
these O
benefits O
. O

We O
assume O
average B-Effect
compound I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
, O
fueled O
by O
nearly B-Cause
7 I-Cause
% I-Cause
growth I-Cause
in I-Cause
the I-Cause
consumer I-Cause
solutions I-Cause
segment I-Cause
, O
where O
we O
think O
Pentair B-Effect
can I-Effect
continue I-Effect
to I-Effect
capture I-Effect
incremental I-Effect
market I-Effect
share I-Effect
gains I-Effect
thanks O
to O
its B-Cause
continuous I-Cause
innovation I-Cause
. O

Parker B-Effect
should I-Effect
also I-Effect
benefit I-Effect
from O
large B-Cause
customers I-Cause
' I-Cause
preference I-Cause
of I-Cause
buying I-Cause
from I-Cause
a I-Cause
list I-Cause
of I-Cause
preferred I-Cause
component I-Cause
suppliers I-Cause
, O
underpinning B-Effect
what I-Effect
we I-Effect
see I-Effect
as I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
robust I-Effect
amount I-Effect
of I-Effect
intellectual I-Effect
property I-Effect
protecting I-Effect
this I-Effect
revenue I-Effect
stream I-Effect
. O

We O
believe O
Marvell B-Effect
will I-Effect
achieve I-Effect
a I-Effect
11 I-Effect
% I-Effect
top-line I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
HDD B-Cause
declines I-Cause
and I-Cause
SSD I-Cause
controller I-Cause
growth I-Cause
offset I-Cause
each I-Cause
other I-Cause
to I-Cause
low-single-digit I-Cause
growth I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
networking I-Cause
segment I-Cause
grows I-Cause
in I-Cause
the I-Cause
low I-Cause
teens I-Cause
. I-Cause

In O
other O
words O
, O
Accenture B-Cause
is I-Cause
already I-Cause
pitching I-Cause
a I-Cause
variety I-Cause
of I-Cause
solutions I-Cause
to I-Cause
enterprises I-Cause
worth I-Cause
millions I-Cause
of I-Cause
dollars I-Cause
and O
therefore O
can O
easily B-Effect
pitch I-Effect
Accenture I-Effect
Interactive I-Effect
services I-Effect
. O

However B-Effect
, I-Effect
the I-Effect
reduction I-Effect
in I-Effect
our I-Effect
estimate I-Effect
was I-Effect
not I-Effect
due I-Effect
to I-Effect
Ohio I-Effect
as B-Cause
our I-Cause
regulated I-Cause
distribution I-Cause
segment I-Cause
EPS I-Cause
estimate I-Cause
of I-Cause
$ I-Cause
2.19 I-Cause
was I-Cause
less I-Cause
than I-Cause
the I-Cause
$ I-Cause
2.20 I-Cause
guidance I-Cause
range I-Cause
midpoint I-Cause
for I-Cause
the I-Cause
segment I-Cause
. O

Regeneron B-Cause
has I-Cause
little I-Cause
exposure I-Cause
to I-Cause
expensive I-Cause
therapies I-Cause
covered I-Cause
by I-Cause
Medicare I-Cause
Part I-Cause
D I-Cause
, O
and B-Effect
we I-Effect
therefore I-Effect
do I-Effect
not I-Effect
expect I-Effect
Part I-Effect
D I-Effect
redesign I-Effect
to I-Effect
have I-Effect
an I-Effect
impact I-Effect
on I-Effect
Regeneron I-Effect
's I-Effect
intrinsic I-Effect
value I-Effect
( I-Effect
we I-Effect
assume I-Effect
a I-Effect
50 I-Effect
% I-Effect
probability I-Effect
that I-Effect
such I-Effect
legislation I-Effect
passes I-Effect
) I-Effect
. O

CBRE O
has O
been O
pursuing O
growth B-Cause
in I-Cause
corporate I-Cause
outsourcing I-Cause
, O
which O
is O
more B-Effect
recurring I-Effect
and I-Effect
thus I-Effect
less I-Effect
cyclical I-Effect
but I-Effect
also I-Effect
entails I-Effect
lower I-Effect
operating I-Effect
margins I-Effect
than I-Effect
the I-Effect
company I-Effect
's I-Effect
core I-Effect
brokerage I-Effect
business I-Effect
. O

Additionally O
, O
CVS B-Cause
took I-Cause
on I-Cause
substantial I-Cause
debt I-Cause
to I-Cause
merge I-Cause
with I-Cause
Aetna I-Cause
, O
which O
creates B-Effect
another I-Effect
set I-Effect
of I-Effect
financial I-Effect
risks I-Effect
on I-Effect
top I-Effect
of I-Effect
its I-Effect
operational I-Effect
risks I-Effect
. O

Since B-Cause
hotel I-Cause
lease I-Cause
terms I-Cause
are I-Cause
for I-Cause
a I-Cause
single I-Cause
night I-Cause
, O
occupancy B-Effect
and I-Effect
rates I-Effect
get I-Effect
reset I-Effect
each I-Effect
day I-Effect
and I-Effect
quickly I-Effect
reflect I-Effect
changes I-Effect
in I-Effect
the I-Effect
economy I-Effect
. O

We O
believe O
analog B-Effect
engineering I-Effect
talent I-Effect
is I-Effect
difficult I-Effect
to I-Effect
come I-Effect
by I-Effect
, O
as O
greater B-Cause
emphasis I-Cause
is I-Cause
placed I-Cause
on I-Cause
digital I-Cause
chip I-Cause
improvements I-Cause
, I-Cause
and I-Cause
it I-Cause
often I-Cause
takes I-Cause
years I-Cause
to I-Cause
train I-Cause
up-and-coming I-Cause
analog I-Cause
engineers I-Cause
in I-Cause
the I-Cause
intricacies I-Cause
of I-Cause
chip I-Cause
designs I-Cause
. O

It O
should O
be O
noted O
, O
however O
, O
that O
Carlsberg O
's O
footprint O
in O
China O
is O
limited O
to O
western O
provinces O
, O
and O
that O
on O
a O
value O
basis O
, O
Carlsberg B-Effect
's I-Effect
market I-Effect
shares I-Effect
are I-Effect
higher I-Effect
in I-Effect
these I-Effect
markets I-Effect
because O
of O
its B-Cause
skew I-Cause
to I-Cause
premium I-Cause
brands I-Cause
. O

Additionally O
, O
its B-Effect
market I-Effect
share I-Effect
has I-Effect
declined I-Effect
in I-Effect
many I-Effect
key I-Effect
product I-Effect
lines I-Effect
, O
especially O
starting O
in O
the O
mid-2000s O
with B-Cause
the I-Cause
growth I-Cause
of I-Cause
the I-Cause
U.S I-Cause
. O

Both O
of O
the O
firm O
's O
2017 O
acquisitions O
( O
Marvell O
's O
multimedia O
solutions O
business O
and O
Conexant O
Systems O
) O
were O
margin-accretive O
, O
bolstering O
gross O
margins O
, O
but O
also O
opened B-Effect
the I-Effect
firm I-Effect
up I-Effect
to I-Effect
further I-Effect
high I-Effect
margin I-Effect
opportunities I-Effect
and I-Effect
markets I-Effect
in O
the O
future O
as O
the B-Cause
Internet I-Cause
of I-Cause
Things I-Cause
trend I-Cause
develops I-Cause
. O

Each B-Effect
piece I-Effect
of I-Effect
data I-Effect
is I-Effect
tracked I-Effect
and I-Effect
breadcrumbs I-Effect
are I-Effect
recorded I-Effect
, I-Effect
a I-Effect
centralized I-Effect
access I-Effect
control I-Effect
works I-Effect
with I-Effect
existing I-Effect
identity I-Effect
security I-Effect
providers I-Effect
or I-Effect
acts I-Effect
as O
the B-Cause
primary I-Cause
security I-Cause
solution I-Cause
for I-Cause
authorization I-Cause
that I-Cause
can I-Cause
restrict I-Cause
certain I-Cause
data I-Cause
to I-Cause
various I-Cause
departments I-Cause
, I-Cause
and I-Cause
an I-Cause
audit I-Cause
trail I-Cause
is I-Cause
recorded I-Cause
. O

Western B-Cause
and I-Cause
Seagate I-Cause
are I-Cause
constantly I-Cause
improving I-Cause
areal I-Cause
storage I-Cause
density I-Cause
and I-Cause
implementing I-Cause
new I-Cause
technologies I-Cause
like I-Cause
heat-assisted I-Cause
magnetic I-Cause
recording I-Cause
, I-Cause
or I-Cause
HAMR I-Cause
, O
to O
drive B-Effect
cost I-Effect
per I-Effect
HDD I-Effect
gigabyte I-Effect
down I-Effect
further I-Effect
at I-Effect
large I-Effect
capacity I-Effect
points I-Effect
. O

The B-Cause
firm I-Cause
is I-Cause
also I-Cause
introducing I-Cause
much I-Cause
lower I-Cause
priced I-Cause
mobile I-Cause
only I-Cause
plans I-Cause
in I-Cause
markets I-Cause
like I-Cause
India I-Cause
and I-Cause
Malaysia I-Cause
that O
will O
drive O
subscriber B-Effect
growth I-Effect
at O
the B-Cause
expense I-Cause
of I-Cause
average I-Cause
revenue I-Cause
. O

Oil O
accounts O
for O
a O
smaller O
proportion O
of O
global O
energy O
production O
each O
year O
, O
and O
a B-Cause
structural I-Cause
shift I-Cause
toward I-Cause
cleaner I-Cause
energy I-Cause
may O
lead O
to O
long-term B-Effect
demand I-Effect
erosion I-Effect
, O
and O
thus O
value B-Effect
destruction I-Effect
for I-Effect
Patterson I-Effect
. O

Further O
, O
given O
the B-Cause
relatively I-Cause
asset-light I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
are I-Effect
very I-Effect
high I-Effect
, I-Effect
averaging I-Effect
almost I-Effect
200 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
. O

We O
expect O
solid B-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
( I-Effect
to I-Effect
40 I-Effect
% I-Effect
from I-Effect
36 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
for I-Effect
the I-Effect
full I-Effect
year I-Effect
despite I-Effect
first-quarter I-Effect
supply I-Effect
and I-Effect
demand I-Effect
disruption I-Effect
( I-Effect
which I-Effect
led I-Effect
to I-Effect
more I-Effect
than I-Effect
1,200 I-Effect
basis I-Effect
points I-Effect
of I-Effect
deleverage I-Effect
for I-Effect
the I-Effect
period I-Effect
) I-Effect
, O
as O
volume B-Cause
leverage I-Cause
more I-Cause
than I-Cause
offset I-Cause
this I-Cause
pressure I-Cause
over I-Cause
the I-Cause
remainder I-Cause
of I-Cause
the I-Cause
year 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
it B-Effect
could I-Effect
stymie I-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Twilio I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

Additionally O
, O
thanks O
to O
the O
MRO O
business O
( O
Interline O
Brands O
and O
HD O
Supply O
) O
, O
pro B-Effect
revenue I-Effect
could I-Effect
be I-Effect
less I-Effect
cyclical I-Effect
, O
as O
the B-Cause
maintenance I-Cause
side I-Cause
of I-Cause
the I-Cause
business I-Cause
can I-Cause
prove I-Cause
more I-Cause
consistent I-Cause
. O

Furthermore O
, O
we B-Effect
believe I-Effect
pricing I-Effect
gains I-Effect
will I-Effect
be I-Effect
bound I-Effect
by I-Effect
the I-Effect
lack I-Effect
of I-Effect
new I-Effect
cruisers I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
those B-Cause
potential I-Cause
customers I-Cause
opt I-Cause
for I-Cause
more I-Cause
safely I-Cause
perceived I-Cause
land-based I-Cause
vacations I-Cause
given I-Cause
the I-Cause
recent I-Cause
media I-Cause
hype I-Cause
. O

Gross O
margins O
for O
Amphenol O
are O
slightly O
below O
competitors O
TE O
Connectivity O
( O
32 O
% O
versus O
33 O
% O
) O
and O
Sensata O
( O
34 O
% O
) O
. O
This O
is O
partially O
due O
to O
the B-Effect
different I-Effect
end I-Effect
markets I-Effect
that I-Effect
each I-Effect
company I-Effect
is I-Effect
exposed I-Effect
to I-Effect
and I-Effect
partially I-Effect
due I-Effect
to I-Effect
the I-Effect
particular I-Effect
products I-Effect
supplied I-Effect
to I-Effect
those I-Effect
end I-Effect
markets I-Effect
. O

Ecolab B-Cause
's I-Cause
installed I-Cause
base I-Cause
and I-Cause
consumables I-Cause
model I-Cause
, O
commonly O
known O
as O
the O
razor O
and O
blade O
model O
, O
is O
the O
most O
important O
driver O
of O
high B-Effect
switching I-Effect
costs I-Effect
. O

Additionally O
, O
we O
expect O
a B-Effect
small I-Effect
decrease I-Effect
in I-Effect
adjusted I-Effect
income I-Effect
from I-Effect
operations I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
( I-Effect
17.2 I-Effect
% I-Effect
) I-Effect
as O
we O
expect O
incremental B-Cause
coronavirus-related I-Cause
expenses I-Cause
to O
continue O
to O
offset B-Effect
operating I-Effect
expense I-Effect
leverage I-Effect
. O

American B-Cause
Water I-Cause
was I-Cause
unable I-Cause
to I-Cause
treat I-Cause
and I-Cause
remove I-Cause
all I-Cause
of I-Cause
the I-Cause
chemical I-Cause
mixture I-Cause
in I-Cause
its I-Cause
water I-Cause
treatment I-Cause
process I-Cause
and O
as O
a O
result O
contaminated B-Effect
the I-Effect
drinking I-Effect
water I-Effect
system I-Effect
. O

In O
this O
segment O
, O
Redfin B-Cause
buys I-Cause
homes I-Cause
directly I-Cause
from I-Cause
consumers I-Cause
, O
allowing B-Effect
them I-Effect
to I-Effect
exchange I-Effect
the I-Effect
convenience I-Effect
of I-Effect
an I-Effect
expedited I-Effect
home I-Effect
sale I-Effect
for I-Effect
slightly I-Effect
less I-Effect
money I-Effect
than I-Effect
they I-Effect
would I-Effect
receive I-Effect
on I-Effect
the I-Effect
open I-Effect
market I-Effect
. O

We O
expect O
solid B-Effect
wireless I-Effect
results I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
thanks O
to O
the B-Cause
industry I-Cause
's I-Cause
stable I-Cause
structure I-Cause
, O
but O
growth O
will O
likely O
remain O
only O
modest O
over O
the O
long O
term O
. O

We O
think O
nearline B-Cause
drives I-Cause
will I-Cause
sustain I-Cause
healthy I-Cause
demand I-Cause
as I-Cause
rising I-Cause
bandwidth I-Cause
demand I-Cause
leads O
to O
data B-Effect
center I-Effect
buildouts—more I-Effect
than I-Effect
offsetting I-Effect
the I-Effect
ongoing I-Effect
decline I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
legacy I-Effect
HDD I-Effect
sales I-Effect
. O

MongoDB B-Effect
is I-Effect
in I-Effect
its I-Effect
infancy I-Effect
but I-Effect
has I-Effect
a I-Effect
massive I-Effect
market I-Effect
opportunity I-Effect
and I-Effect
a I-Effect
large I-Effect
runway I-Effect
for I-Effect
growth I-Effect
ahead I-Effect
of I-Effect
itself. O
This O
substantial O
growth O
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
, I-Cause
prompting I-Cause
the I-Cause
database I-Cause
market I-Cause
to I-Cause
grow I-Cause
robustly I-Cause
, I-Cause
especially I-Cause
NoSQL I-Cause
databases I-Cause
like I-Cause
document-based I-Cause
databases I-Cause
, I-Cause
as I-Cause
companies I-Cause
realize I-Cause
how I-Cause
much I-Cause
easier I-Cause
it I-Cause
is I-Cause
to I-Cause
scale I-Cause
data I-Cause
storage I-Cause
in I-Cause
the I-Cause
clouds I-Cause
. O

Over O
the O
coming O
years O
, O
we O
expect O
margins B-Effect
to I-Effect
expand I-Effect
as O
Crown B-Cause
pivots I-Cause
increasingly I-Cause
toward I-Cause
Southeast I-Cause
Asia I-Cause
and I-Cause
increases I-Cause
its I-Cause
regional I-Cause
operating I-Cause
rates I-Cause
. O

Adoption B-Cause
of I-Cause
products I-Cause
like I-Cause
RPA I-Cause
can O
have O
to O
two B-Effect
to I-Effect
three I-Effect
times I-Effect
revenue I-Effect
uplift I-Effect
potential I-Effect
in I-Effect
the I-Effect
cloud I-Effect
compared I-Effect
with I-Effect
on-premises I-Effect
and O
can O
be B-Cause
deployed I-Cause
at I-Cause
very I-Cause
low I-Cause
incremental I-Cause
cost I-Cause
, O
helping O
expand B-Effect
gross I-Effect
margins I-Effect
. O

The O
deal O
must O
still O
be O
approved O
by O
regulators O
, O
but O
once O
the B-Cause
deal I-Cause
closes I-Cause
, O
Thomson B-Cause
Reuters I-Cause
will I-Cause
own I-Cause
approximately I-Cause
15 I-Cause
% I-Cause
of I-Cause
the I-Cause
London I-Cause
Stock I-Cause
Exchange I-Cause
, O
enabling B-Effect
the I-Effect
company I-Effect
to I-Effect
be I-Effect
increasingly I-Effect
focused I-Effect
on I-Effect
enterprise I-Effect
software I-Effect
and I-Effect
legal I-Effect
data I-Effect
. O

If O
interest B-Cause
rates I-Cause
increase I-Cause
, O
Williams B-Effect
shares I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases B-Effect
the I-Effect
value I-Effect
of I-Effect
competing I-Effect
income I-Effect
alternatives I-Effect
. O

We B-Effect
expect I-Effect
General I-Effect
Mills I-Effect
to I-Effect
continue I-Effect
to I-Effect
adjust I-Effect
its I-Effect
portfolio I-Effect
to I-Effect
better I-Effect
align I-Effect
with I-Effect
secular I-Effect
trends I-Effect
, I-Effect
but I-Effect
this I-Effect
strategy I-Effect
has I-Effect
limitations I-Effect
, O
as O
it B-Cause
can I-Cause
also I-Cause
impair I-Cause
economic I-Cause
profits I-Cause
. O

We O
also O
expect O
some B-Effect
continued I-Effect
growth I-Effect
from I-Effect
the I-Effect
fixed-line I-Effect
side I-Effect
as O
its B-Cause
broadband I-Cause
and I-Cause
other I-Cause
services I-Cause
such I-Cause
as I-Cause
data I-Cause
centers I-Cause
and I-Cause
IT I-Cause
services I-Cause
offset B-Effect
voice I-Effect
declines I-Effect
. O

This O
year O
, O
Expeditors B-Effect
is I-Effect
seeing I-Effect
air I-Effect
and I-Effect
ocean I-Effect
volume I-Effect
pressure I-Effect
from O
pandemic B-Cause
lockdowns I-Cause
, O
though O
airfreight O
rates O
( O
to O
shippers O
) O
are O
spiking O
on O
tight O
capacity O
, O
providing O
a O
strong O
offset O
, O
and O
demand O
is O
rebounding O
sequentially O
in O
the O
second O
half O
. O

Acquisitions B-Cause
that I-Cause
are I-Cause
not I-Cause
integrated I-Cause
effectively I-Cause
can O
be O
disruptive O
to O
business O
, O
straining B-Effect
the I-Effect
firm I-Effect
's I-Effect
relationships I-Effect
with I-Effect
customers I-Effect
and I-Effect
distracting I-Effect
management I-Effect
from I-Effect
strategic I-Effect
priorities O
. O

This O
results O
in O
a B-Effect
total I-Effect
company I-Effect
EBITDA I-Effect
margin I-Effect
of I-Effect
about I-Effect
19 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, I-Effect
improving I-Effect
from I-Effect
about I-Effect
17 I-Effect
% I-Effect
in I-Effect
2019. O
This O
is O
largely O
driven O
by O
the B-Cause
higher-margin I-Cause
clinical I-Cause
trials I-Cause
business I-Cause
( I-Cause
2025 I-Cause
EBITDA I-Cause
margin I-Cause
of I-Cause
over I-Cause
20 I-Cause
% I-Cause
) I-Cause
and I-Cause
diluted I-Cause
by I-Cause
the I-Cause
lab I-Cause
segment I-Cause
( I-Cause
5 I-Cause
% I-Cause
margin I-Cause
) I-Cause
and I-Cause
reimbursed I-Cause
expenses I-Cause
. O

The O
bank O
was O
previously O
quite O
exposed O
to O
commercial O
real O
estate O
as O
well O
as O
oil O
and O
gas O
, O
but O
has O
since O
hired O
a O
new O
chief O
risk O
officer O
and O
reduced B-Effect
the I-Effect
risk I-Effect
in I-Effect
its I-Effect
loan I-Effect
portfolio I-Effect
by O
diversifying B-Cause
away I-Cause
from I-Cause
these I-Cause
types I-Cause
of I-Cause
loans I-Cause
. O

Further O
, O
we O
think O
Kate B-Effect
Spade I-Effect
's I-Effect
previous I-Effect
management I-Effect
damaged I-Effect
the I-Effect
brand I-Effect
through O
frequent B-Cause
online I-Cause
flash I-Cause
sales I-Cause
, I-Cause
heavy I-Cause
discounting I-Cause
, I-Cause
and I-Cause
expansions I-Cause
of I-Cause
relatively I-Cause
low-priced I-Cause
products I-Cause
. O

Steelmakers O
' O
profitability O
is O
highly O
linked O
to O
raw O
material O
prices O
( O
the O
iron O
ore O
price O
in O
particular O
) O
, O
while O
weak B-Cause
steel I-Cause
demand I-Cause
would O
result O
in O
a B-Effect
reduction I-Effect
in I-Effect
pricing I-Effect
power I-Effect
for I-Effect
Posco I-Effect
. O

Segment-wise B-Effect
, I-Effect
we I-Effect
model I-Effect
outsize I-Effect
growth I-Effect
( I-Effect
in I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
) I-Effect
for I-Effect
global I-Effect
ventures I-Effect
, O
as B-Cause
Costa I-Cause
store I-Cause
traffic I-Cause
recovers I-Cause
and I-Cause
the I-Cause
brand I-Cause
expands I-Cause
to I-Cause
new I-Cause
markets I-Cause
and I-Cause
formats I-Cause
such I-Cause
as I-Cause
ready-to-drink I-Cause
. O

Much B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
success I-Effect
hinges O
on O
the B-Cause
relationships I-Cause
it I-Cause
has I-Cause
built I-Cause
through I-Cause
years I-Cause
of I-Cause
low I-Cause
prices I-Cause
and I-Cause
excellent I-Cause
customer I-Cause
service I-Cause
at I-Cause
its I-Cause
Southeastern I-Cause
electric I-Cause
utilities I-Cause
. O

We O
now O
see O
2021 O
revPAR O
recovering O
to O
the O
mid-80s O
of O
2019 O
's O
level O
versus O
79 O
% O
prior O
, O
as O
increased B-Cause
vaccination I-Cause
rates I-Cause
push B-Effect
travel I-Effect
demand I-Effect
higher I-Effect
. O

While B-Cause
we I-Cause
see I-Cause
incremental I-Cause
investments I-Cause
deleveraging I-Cause
against I-Cause
weaker I-Cause
travel I-Cause
demand I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, I-Cause
our I-Cause
2024 I-Cause
operating I-Cause
margin I-Cause
( I-Cause
after I-Cause
investments I-Cause
wane I-Cause
and I-Cause
travel I-Cause
demand I-Cause
returns I-Cause
) I-Cause
is I-Cause
15.7 I-Cause
% I-Cause
. O
As O
a O
result O
of O
our O
top-line O
and O
cost O
forecasts O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
to I-Effect
17.9 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
9.1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
heavy I-Effect
investment I-Effect
year I-Effect
period I-Effect
) I-Effect
. O

AMD B-Cause
's I-Cause
recent I-Cause
share I-Cause
gains I-Cause
at I-Cause
Intel I-Cause
's I-Cause
( I-Cause
and I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
, I-Cause
Nvidia I-Cause
) I-Cause
expense I-Cause
have O
allowed O
the B-Effect
firm I-Effect
to I-Effect
stabilize I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
while I-Effect
increasing I-Effect
AMD I-Effect
's I-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
future I-Effect
products I-Effect
. O

Further O
, O
the B-Cause
key I-Cause
components I-Cause
of I-Cause
the I-Cause
products I-Cause
( I-Cause
such I-Cause
as I-Cause
servo I-Cause
motors I-Cause
) I-Cause
are I-Cause
manufactured I-Cause
in-house I-Cause
through I-Cause
the I-Cause
robotic I-Cause
factories. O
These O
factors O
allow O
savings B-Effect
in I-Effect
transportation I-Effect
costs I-Effect
related I-Effect
to I-Effect
parts I-Effect
procurement I-Effect
as I-Effect
well I-Effect
as I-Effect
savings I-Effect
achieved I-Effect
through I-Effect
economies I-Effect
of I-Effect
scale I-Effect
. O

We B-Effect
expect I-Effect
Allegheny I-Effect
's I-Effect
earnings I-Effect
to I-Effect
grow I-Effect
significantly I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
demand B-Cause
from I-Cause
its I-Cause
key I-Cause
end I-Cause
markets I-Cause
improves I-Cause
, I-Cause
shipment I-Cause
volumes I-Cause
increase I-Cause
, I-Cause
and I-Cause
margins I-Cause
expand I-Cause
. O

If B-Cause
a I-Cause
contaminant I-Cause
enters I-Cause
a I-Cause
product I-Cause
and I-Cause
is I-Cause
not I-Cause
caught I-Cause
through I-Cause
inspection I-Cause
, I-Cause
product I-Cause
recalls I-Cause
can I-Cause
occur I-Cause
, I-Cause
which I-Cause
can I-Cause
be I-Cause
highly I-Cause
damaging I-Cause
to I-Cause
customers I-Cause
' I-Cause
financial I-Cause
performance I-Cause
in I-Cause
the I-Cause
short I-Cause
term I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
brand I-Cause
and I-Cause
reputation I-Cause
with I-Cause
retail I-Cause
consumers. O
As O
such O
, O
food B-Effect
and I-Effect
beverage I-Effect
companies I-Effect
are I-Effect
likely I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
for I-Effect
effective I-Effect
inspection I-Effect
equipment I-Effect
and I-Effect
tend I-Effect
to I-Effect
not I-Effect
resist I-Effect
reasonable I-Effect
price I-Effect
increases I-Effect
. O

We O
anticipate O
capacity B-Effect
will I-Effect
be I-Effect
about I-Effect
75 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
, O
as O
American B-Cause
generally I-Cause
has I-Cause
a I-Cause
domestic I-Cause
network I-Cause
, O
load O
factors O
will O
be O
roughly O
70 O
% O
, O
and O
that O
yields O
will O
increase O
somewhat O
with O
demand O
. O

This O
is O
evident O
in O
Paccar O
's O
ability O
to O
continually O
improve B-Cause
the I-Cause
fuel I-Cause
efficiency I-Cause
of I-Cause
its I-Cause
trucks I-Cause
, O
resulting O
in O
lower B-Effect
costs I-Effect
for I-Effect
customers I-Effect
. O

Some B-Cause
patients I-Cause
in I-Cause
Tegsedi I-Cause
's I-Cause
trial I-Cause
for I-Cause
hereditary I-Cause
ATTR I-Cause
amyloidosis I-Cause
and I-Cause
in I-Cause
the I-Cause
Waylivra I-Cause
trial I-Cause
for I-Cause
familial I-Cause
chylomicronemia I-Cause
syndrome I-Cause
have I-Cause
demonstrated I-Cause
severe I-Cause
lowering I-Cause
of I-Cause
platelet I-Cause
counts I-Cause
( O
thrombocytopenia O
) O
, O
which O
has O
likely O
delayed B-Effect
the I-Effect
approval I-Effect
of I-Effect
Waylivra I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

We O
believe O
the O
firm O
will O
have O
opportunities O
to O
reduce O
costs O
and O
take O
advantage O
of O
operating O
leverage O
, O
but O
we O
expect O
those B-Effect
gains I-Effect
will I-Effect
largely I-Effect
be I-Effect
passed I-Effect
to I-Effect
consumers I-Effect
by I-Effect
way I-Effect
of I-Effect
lower I-Effect
prices I-Effect
, O
as O
Akamai B-Cause
looks I-Cause
to I-Cause
keep I-Cause
an I-Cause
edge I-Cause
in I-Cause
an I-Cause
increasingly I-Cause
competitive I-Cause
environment I-Cause
. O

In O
2021 O
, O
we B-Effect
model I-Effect
an I-Effect
8 I-Effect
% I-Effect
revenue I-Effect
lift I-Effect
and I-Effect
around I-Effect
flat I-Effect
operating I-Effect
margin I-Effect
performance I-Effect
of I-Effect
15 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

New B-Cause
competition I-Cause
could O
dramatically B-Cause
slow I-Cause
T-Mobile I-Cause
's I-Cause
momentum I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
causing B-Effect
it I-Effect
to I-Effect
fail I-Effect
to I-Effect
gain I-Effect
the I-Effect
scale I-Effect
needed I-Effect
to I-Effect
compete I-Effect
long I-Effect
term I-Effect
. O

While O
we O
anticipate O
moderate B-Effect
pullbacks I-Effect
in I-Effect
both I-Effect
the I-Effect
procedure I-Effect
growth I-Effect
but I-Effect
more I-Effect
notably I-Effect
in I-Effect
system I-Effect
sales I-Effect
in I-Effect
the I-Effect
current I-Effect
year I-Effect
, O
owing O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
on I-Cause
patient I-Cause
volumes I-Cause
and I-Cause
hospital I-Cause
budgets I-Cause
, O
our O
long-term O
forecast O
for O
procedures O
and O
system O
penetration O
rates O
remains O
optimistic O
. O

We O
expect O
the B-Effect
firm I-Effect
's I-Effect
largest I-Effect
segment I-Effect
, I-Effect
Discovery I-Effect
and I-Effect
Safety I-Effect
Assessment I-Effect
, I-Effect
to I-Effect
make I-Effect
up I-Effect
about I-Effect
65 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
in I-Effect
2030 I-Effect
, O
driven O
by O
a B-Cause
steady I-Cause
increase I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
throughout I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
. O

US O
Foods O
has O
disclosed O
that O
the B-Cause
cash-and-carry I-Cause
formats I-Cause
help O
increase B-Effect
the I-Effect
firm I-Effect
's I-Effect
share I-Effect
of I-Effect
wallet I-Effect
with O
clients O
that O
use O
both O
services O
and O
the O
economics O
on O
the O
stores O
are O
attractive O
. O

Large O
global O
CROs O
, O
such O
as O
PPD O
, O
have O
developed O
regulatory B-Cause
expertise I-Cause
and I-Cause
proprietary I-Cause
data I-Cause
that O
help O
them O
produce B-Cause
the I-Cause
best I-Cause
trial I-Cause
designs I-Cause
and I-Cause
enroll I-Cause
patients I-Cause
into I-Cause
trials I-Cause
quickly I-Cause
and I-Cause
efficiently I-Cause
, O
which O
allows O
drugs B-Effect
to I-Effect
reach I-Effect
the I-Effect
market I-Effect
faster I-Effect
. O

Finally O
, O
this B-Effect
also I-Effect
supports I-Effect
Twilio I-Effect
's I-Effect
venture I-Effect
away I-Effect
from I-Effect
usage-based I-Effect
revenues I-Effect
to I-Effect
a I-Effect
more I-Effect
sticky I-Effect
subscription-like I-Effect
revenue I-Effect
stream I-Effect
, O
as O
Engagement B-Cause
Cloud I-Cause
products I-Cause
offer I-Cause
pricing I-Cause
packages I-Cause
on I-Cause
the I-Cause
basis I-Cause
of I-Cause
per-seat I-Cause
pricing I-Cause
alongside I-Cause
traditional I-Cause
usage-based I-Cause
options I-Cause
. O

We B-Effect
also I-Effect
believe I-Effect
that I-Effect
this B-Effect
segment I-Effect
benefits I-Effect
from I-Effect
the B-Cause
long I-Cause
length I-Cause
of I-Cause
time I-Cause
required I-Cause
for I-Cause
the I-Cause
customer I-Cause
to I-Cause
switch I-Cause
, O
as O
the B-Cause
Bradley I-Cause
replacement I-Cause
has I-Cause
been I-Cause
solicited I-Cause
in I-Cause
various I-Cause
iterations I-Cause
for I-Cause
over I-Cause
a I-Cause
decade I-Cause
, I-Cause
and I-Cause
a I-Cause
replacement I-Cause
would I-Cause
need I-Cause
likely I-Cause
take I-Cause
quite I-Cause
a I-Cause
while I-Cause
to I-Cause
fully I-Cause
develop I-Cause
. O

As B-Cause
increased I-Cause
investment I-Cause
is I-Cause
part I-Cause
of I-Cause
Hanes I-Cause
' I-Cause
Full I-Cause
Potential I-Cause
strategy I-Cause
, O
we B-Effect
anticipate I-Effect
both I-Effect
marketing I-Effect
and I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
spending I-Effect
to I-Effect
increase I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
. O

However O
, O
Snap B-Cause
's I-Cause
innovative I-Cause
features I-Cause
, I-Cause
coupled I-Cause
with I-Cause
data I-Cause
privacy I-Cause
and I-Cause
some I-Cause
brand I-Cause
safety I-Cause
concerns I-Cause
surrounding I-Cause
Facebook I-Cause
, O
could O
help O
attract O
a B-Effect
larger I-Effect
portion I-Effect
of I-Effect
advertisers I-Effect
' I-Effect
budgets I-Effect
. O

For O
large O
manufacturers O
, O
breadth B-Cause
of I-Cause
portfolio I-Cause
offers I-Cause
the I-Cause
best I-Cause
chance I-Cause
of I-Cause
owning I-Cause
at I-Cause
least I-Cause
a I-Cause
few I-Cause
of I-Cause
the I-Cause
category-growing I-Cause
brands I-Cause
at I-Cause
any I-Cause
point I-Cause
in I-Cause
time I-Cause
and I-Cause
on I-Cause
a I-Cause
consistent I-Cause
basis I-Cause
; O
this O
makes B-Effect
them I-Effect
an I-Effect
important I-Effect
partner I-Effect
to I-Effect
retailers I-Effect
and I-Effect
distributors I-Effect
. O

These O
dealers O
are O
supported O
by O
Komatsu B-Cause
through I-Cause
the I-Cause
provision I-Cause
of I-Cause
technical I-Cause
support I-Cause
and I-Cause
training I-Cause
and O
can O
also O
leverage B-Effect
its I-Effect
advertising I-Effect
, I-Effect
retail I-Effect
financing I-Effect
, I-Effect
and I-Effect
insurance I-Effect
services I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
Sempra I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
128 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
125 I-Effect
after O
incorporating B-Cause
time-value I-Cause
appreciation I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
and I-Cause
minor I-Cause
changes I-Cause
to I-Cause
our I-Cause
five-year I-Cause
outlook I-Cause
. O

Pandemic-related B-Cause
acceleration I-Cause
of I-Cause
digital I-Cause
sales I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
hold I-Cause
prices I-Cause
down I-Cause
should O
limit O
SG O
& O
A O
expense O
leverage O
, O
limiting O
the B-Effect
operating I-Effect
margins I-Effect
to O
just O
over O
3 O
% O
on O
average O
post-pandemic O
, O
versus O
3.9 O
% O
in O
fiscal O
2019 O
( O
fiscal O
2020 O
's O
6.2 O
% O
mark O
reflected O
unprecedented O
cost O
leverage O
) O
. O

We O
expect 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 B-Effect
Boeing I-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

We O
think O
this B-Effect
helps I-Effect
stabilize I-Effect
the I-Effect
business I-Effect
as O
the B-Cause
power I-Cause
industry I-Cause
shifts I-Cause
away I-Cause
from I-Cause
large I-Cause
fossil-fuel I-Cause
generation I-Cause
to I-Cause
more I-Cause
distributed I-Cause
generation I-Cause
and I-Cause
renewable I-Cause
energy I-Cause
. O

Fifth B-Cause
Third I-Cause
was I-Cause
hit I-Cause
quite I-Cause
hard I-Cause
during I-Cause
the I-Cause
last I-Cause
recession I-Cause
, I-Cause
with I-Cause
its I-Cause
outsize I-Cause
exposure I-Cause
to I-Cause
Rust I-Cause
belt I-Cause
economies I-Cause
such I-Cause
as I-Cause
Detroit I-Cause
, I-Cause
and I-Cause
provisioning I-Cause
that I-Cause
ate I-Cause
up I-Cause
all I-Cause
the I-Cause
bank I-Cause
's I-Cause
net I-Cause
interest I-Cause
income I-Cause
in I-Cause
2008 I-Cause
and I-Cause
2009. O
This O
has O
meant O
that 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
, I-Effect
and I-Effect
its I-Effect
operating I-Effect
efficiency I-Effect
ratios I-Effect
have I-Effect
been I-Effect
pressured I-Effect
as I-Effect
well I-Effect
. O

Revlon B-Cause
is I-Cause
an I-Cause
example I-Cause
of I-Cause
a I-Cause
company I-Cause
that I-Cause
encountered I-Cause
a I-Cause
disastrous I-Cause
migration I-Cause
to I-Cause
S/4HANA I-Cause
, O
leading O
to O
an B-Effect
inability I-Effect
to I-Effect
fulfill I-Effect
product I-Effect
shipments I-Effect
worth I-Effect
roughly I-Effect
$ I-Effect
64 I-Effect
million I-Effect
in I-Effect
net I-Effect
sales I-Effect
. O

We O
expect O
Delta B-Effect
's I-Effect
fundamentals I-Effect
will I-Effect
recover I-Effect
after O
a B-Cause
COVID-19 I-Cause
vaccine I-Cause
is I-Cause
distributed I-Cause
, O
which O
we O
assume O
will O
occur O
in O
2021 O
, O
and O
business O
travel O
subsequently O
resumes O
. O

In O
our O
opinion O
, O
this B-Cause
could I-Cause
force I-Cause
Groupon I-Cause
to I-Cause
either I-Cause
increase I-Cause
sales I-Cause
expenses I-Cause
or I-Cause
lower I-Cause
the I-Cause
very I-Cause
attractive I-Cause
above-30 I-Cause
% I-Cause
take I-Cause
rates I-Cause
in O
order O
to O
attract B-Effect
more I-Effect
merchants I-Effect
and I-Effect
increase I-Effect
the I-Effect
number I-Effect
of I-Effect
discount I-Effect
offerings I-Effect
on I-Effect
its I-Effect
sites I-Effect
. O

These B-Cause
items I-Cause
should O
support B-Effect
competitive I-Effect
core I-Effect
deposit I-Effect
costs I-Effect
, I-Effect
above-average I-Effect
operating I-Effect
efficiency I-Effect
, I-Effect
higher I-Effect
fee I-Effect
income I-Effect
levels I-Effect
, I-Effect
and I-Effect
pricing I-Effect
advantages I-Effect
for I-Effect
the I-Effect
auto I-Effect
business I-Effect
, O
all O
of O
which O
should O
enable O
the B-Effect
bank I-Effect
to I-Effect
consistently I-Effect
earn I-Effect
returns I-Effect
that I-Effect
exceed I-Effect
its I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

In O
other O
words O
, O
as O
we B-Cause
observe I-Cause
a I-Cause
severe I-Cause
oversupply I-Cause
problem I-Cause
in I-Cause
the I-Cause
solar I-Cause
panel I-Cause
industry I-Cause
, O
Kyocera B-Effect
will I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
compete I-Effect
with I-Effect
cheaper I-Effect
Chinese I-Effect
panels I-Effect
in I-Effect
overseas I-Effect
markets I-Effect
. O

All B-Effect
three I-Effect
of I-Effect
PVH I-Effect
's I-Effect
segments I-Effect
suffered I-Effect
sales I-Effect
declines I-Effect
in I-Effect
North I-Effect
America I-Effect
in I-Effect
2019 I-Effect
on O
weak B-Cause
international I-Cause
traffic I-Cause
( I-Cause
from I-Cause
China I-Cause
and I-Cause
elsewhere I-Cause
) I-Cause
, I-Cause
widespread I-Cause
discounting I-Cause
in I-Cause
the I-Cause
apparel I-Cause
industry I-Cause
, I-Cause
store I-Cause
closures I-Cause
, I-Cause
tariffs I-Cause
, I-Cause
and I-Cause
slow I-Cause
customer I-Cause
traffic I-Cause
in I-Cause
department I-Cause
stores I-Cause
. O

The B-Cause
mission I-Cause
critical I-Cause
nature I-Cause
of I-Cause
these I-Cause
end I-Cause
markets I-Cause
results O
in O
a B-Effect
high I-Effect
cost I-Effect
of I-Effect
failure I-Effect
if I-Effect
tools I-Effect
break I-Effect
during I-Effect
repairs I-Effect
. O

Alliance B-Cause
Data I-Cause
Systems I-Cause
gathers I-Cause
data I-Cause
on I-Cause
its I-Cause
client I-Cause
's I-Cause
customers I-Cause
, O
helping O
to O
better B-Effect
tailor I-Effect
these I-Effect
programs I-Effect
, O
which O
can O
create B-Effect
some I-Effect
switching I-Effect
costs I-Effect
in I-Effect
the I-Effect
process I-Effect
. O

Perhaps O
the B-Effect
biggest I-Effect
VMware I-Effect
investment I-Effect
risk I-Effect
lies I-Effect
within I-Effect
its I-Effect
ownership I-Effect
structure I-Effect
, O
as O
Dell B-Cause
Technologies I-Cause
owns I-Cause
81 I-Cause
% I-Cause
of I-Cause
the I-Cause
combined I-Cause
firm I-Cause
. O

Magellan B-Cause
only I-Cause
seeks I-Cause
long-term I-Cause
contracts I-Cause
when I-Cause
further I-Cause
investments I-Cause
are I-Cause
needed I-Cause
to I-Cause
ensure I-Cause
recovery I-Cause
of I-Cause
its I-Cause
capital I-Cause
, O
so O
only B-Effect
about I-Effect
40 I-Effect
% I-Effect
of I-Effect
its I-Effect
refined I-Effect
product I-Effect
shipments I-Effect
were I-Effect
subject I-Effect
to I-Effect
term I-Effect
commitments I-Effect
( I-Effect
usually I-Effect
involving I-Effect
reduced I-Effect
fees I-Effect
) I-Effect
with I-Effect
about I-Effect
three I-Effect
years I-Effect
until I-Effect
expiry I-Effect
. O

We O
believe O
both O
customer B-Cause
engagement I-Cause
and I-Cause
financial I-Cause
crime I-Cause
and I-Cause
compliance I-Cause
have O
customer B-Effect
switching I-Effect
costs I-Effect
traditionally I-Effect
seen I-Effect
in I-Effect
software I-Effect
companies I-Effect
, I-Effect
including I-Effect
time I-Effect
, I-Effect
expense I-Effect
, I-Effect
and I-Effect
risk I-Effect
of I-Effect
implementing I-Effect
new I-Effect
applications I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
migration I-Effect
of I-Effect
data I-Effect
. O

The B-Cause
expense I-Cause
deleverage I-Cause
that I-Cause
the I-Cause
company I-Cause
faces I-Cause
during I-Cause
periods I-Cause
of I-Cause
softer I-Cause
recruitment I-Cause
underscores O
the B-Effect
intensity I-Effect
that I-Effect
competitive I-Effect
pressures I-Effect
can I-Effect
have I-Effect
on I-Effect
its I-Effect
business I-Effect
model I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
need I-Effect
to I-Effect
develop I-Effect
more I-Effect
comprehensive I-Effect
health I-Effect
and I-Effect
wellness I-Effect
offerings I-Effect
across I-Effect
its I-Effect
marketing I-Effect
and I-Effect
other I-Effect
consumer I-Effect
engagement I-Effect
efforts I-Effect
. O

Much B-Cause
of I-Cause
Heico I-Cause
's I-Cause
product I-Cause
development I-Cause
comes I-Cause
from I-Cause
customer I-Cause
requests I-Cause
, O
so O
Heico B-Effect
has I-Effect
some I-Effect
certainty I-Effect
that I-Effect
it I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
sell I-Effect
these I-Effect
parts I-Effect
to I-Effect
airlines I-Effect
, I-Effect
which I-Effect
is I-Effect
not I-Effect
easily I-Effect
replicable I-Effect
. O

We B-Effect
assume I-Effect
the I-Effect
new I-Effect
Medicare I-Effect
clinical I-Effect
lab I-Effect
fee I-Effect
schedule I-Effect
adjustments I-Effect
from I-Effect
the I-Effect
first I-Effect
three-year I-Effect
cycle I-Effect
of I-Effect
rating I-Effect
setting I-Effect
will I-Effect
have I-Effect
greater I-Effect
impact I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
with O
some B-Cause
easing I-Cause
in I-Cause
2022 I-Cause
thanks I-Cause
to I-Cause
recent I-Cause
COVID-19 I-Cause
stimulus I-Cause
legislation I-Cause
that I-Cause
further I-Cause
delays I-Cause
the I-Cause
resetting I-Cause
of I-Cause
rates I-Cause
until I-Cause
2022 I-Cause
. O

We O
believe O
this B-Effect
weakness I-Effect
is O
because O
Smucker B-Cause
is I-Cause
heavily I-Cause
exposed I-Cause
to I-Cause
the I-Cause
value I-Cause
and I-Cause
mainstream I-Cause
segments I-Cause
, O
which O
have B-Cause
lost I-Cause
share I-Cause
as I-Cause
consumers I-Cause
shift I-Cause
purchases I-Cause
to I-Cause
the I-Cause
premium I-Cause
and I-Cause
superpremium I-Cause
segments I-Cause
, O
suggesting O
that O
Smucker B-Effect
has I-Effect
failed I-Effect
to I-Effect
amass I-Effect
pricing I-Effect
power I-Effect
in I-Effect
this I-Effect
niche I-Effect
. O

We B-Effect
expect I-Effect
80 I-Effect
basis I-Effect
points I-Effect
of I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
mainly O
driven O
by B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
the I-Cause
higher-margin I-Cause
pharma I-Cause
division I-Cause
. O

Additionally O
, O
SBA B-Cause
's I-Cause
strategy I-Cause
to I-Cause
take I-Cause
on I-Cause
debt I-Cause
to I-Cause
fund I-Cause
share I-Cause
repurchases I-Cause
results B-Effect
in I-Effect
it I-Effect
targeting I-Effect
a I-Effect
net I-Effect
debt/EBITDA I-Effect
ratio I-Effect
of I-Effect
greater I-Effect
than I-Effect
7 I-Effect
times I-Effect
. O

We O
also O
assume B-Effect
1 I-Effect
% I-Effect
ASP I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
due O
to O
a B-Cause
mix I-Cause
shift I-Cause
to I-Cause
Toll I-Cause
Brothers I-Cause
' I-Cause
lower-priced I-Cause
offerings I-Cause
, O
which O
will O
partially O
offset O
price O
increases O
. O

We B-Effect
do I-Effect
n't I-Effect
believe I-Effect
Sling I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
grow I-Effect
meaningfully I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
it B-Cause
too I-Cause
faces I-Cause
online I-Cause
competition I-Cause
. O

Airlines B-Effect
faced I-Effect
the I-Effect
worst I-Effect
operating I-Effect
environment I-Effect
in I-Effect
history I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
and O
dramatically B-Effect
cut I-Effect
capacity I-Effect
to O
respond B-Cause
to I-Cause
steep I-Cause
drops I-Cause
in I-Cause
demand I-Cause
. O

This B-Cause
expansion I-Cause
will I-Cause
also I-Cause
support I-Cause
a I-Cause
higher I-Cause
per-employee-per-year I-Cause
( I-Cause
PEPY I-Cause
) I-Cause
price I-Cause
that O
will B-Effect
allow I-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
more I-Effect
value I-Effect
per I-Effect
client I-Effect
. O

The B-Cause
deal I-Cause
afforded B-Effect
Waste I-Effect
Connections I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
apply I-Effect
its I-Effect
top-tier I-Effect
operational I-Effect
know-how I-Effect
and I-Effect
pricing I-Effect
discipline I-Effect
to I-Effect
bring I-Effect
Progressive I-Effect
's I-Effect
profitability I-Effect
up I-Effect
to I-Effect
par I-Effect
with I-Effect
its I-Effect
own I-Effect
. O

With O
demand O
for O
most O
products O
softening O
with B-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
China I-Cause
boom I-Cause
, O
BHP B-Effect
's I-Effect
adjusted I-Effect
earnings I-Effect
have I-Effect
been I-Effect
hit I-Effect
after I-Effect
peaking I-Effect
in I-Effect
fiscal I-Effect
2011 I-Effect
at I-Effect
USD I-Effect
22 I-Effect
billion I-Effect
. O

We O
believe O
its B-Cause
ability I-Cause
for I-Cause
higher I-Cause
investment I-Cause
into 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

Additionally O
, O
we O
think O
air B-Cause
cargo I-Cause
growth I-Cause
will O
be O
a B-Effect
strong I-Effect
driver I-Effect
for I-Effect
JBT I-Effect
's I-Effect
airport I-Effect
equipment I-Effect
, I-Effect
along I-Effect
with I-Effect
general I-Effect
infrastructure I-Effect
spending I-Effect
for I-Effect
aging I-Effect
equipment I-Effect
. O

Expansion B-Cause
of I-Cause
newer I-Cause
( I-Cause
like I-Cause
textiles I-Cause
from I-Cause
the I-Cause
Company I-Cause
Store I-Cause
acquisition I-Cause
) I-Cause
and I-Cause
existing I-Cause
( I-Cause
such I-Cause
as I-Cause
appliances I-Cause
) I-Cause
categories I-Cause
could O
also O
drive B-Effect
demand I-Effect
. O

Our O
compound O
annual O
automotive O
revenue O
growth O
rate O
is O
about O
10 O
% O
; O
we B-Effect
model I-Effect
nearly I-Effect
100 I-Effect
basis I-Effect
points I-Effect
of I-Effect
declining I-Effect
North I-Effect
American I-Effect
market I-Effect
share I-Effect
from I-Effect
2020 I-Effect
levels I-Effect
because O
of O
continued B-Cause
strong I-Cause
competitive I-Cause
threats I-Cause
. O

Burlington B-Effect
has I-Effect
faced I-Effect
inventory I-Effect
flow I-Effect
challenges I-Effect
( I-Effect
despite I-Effect
ample I-Effect
product I-Effect
availability I-Effect
) I-Effect
as O
it B-Cause
and I-Cause
its I-Cause
vendors I-Cause
restart I-Cause
their I-Cause
supply I-Cause
and I-Cause
distribution I-Cause
networks I-Cause
; I-Cause
freight I-Cause
costs I-Cause
are I-Cause
also I-Cause
rising I-Cause
sharply I-Cause
. O

The B-Effect
partnership I-Effect
is I-Effect
not I-Effect
entirely I-Effect
insulated I-Effect
from I-Effect
energy I-Effect
market I-Effect
risk I-Effect
, O
since O
volumes B-Cause
on I-Cause
its I-Cause
system I-Cause
can I-Cause
fall I-Cause
if O
oil B-Cause
producers I-Cause
slow I-Cause
drilling I-Cause
or I-Cause
refineries I-Cause
face I-Cause
falling I-Cause
demand I-Cause
. O

Second O
, O
once B-Cause
Splunk I-Cause
's I-Cause
software I-Cause
is I-Cause
integrated I-Cause
, I-Cause
switching I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
could O
lead O
to O
business B-Cause
disruption I-Cause
and I-Cause
operational I-Cause
risk I-Cause
, O
resulting O
in O
data B-Effect
loss I-Effect
. O

Low B-Cause
interest I-Cause
rates I-Cause
will O
continue O
to O
exert B-Effect
pressure I-Effect
on I-Effect
SocGen I-Effect
's I-Effect
net I-Effect
interest I-Effect
income I-Effect
, O
while O
fee B-Effect
income I-Effect
is I-Effect
likely I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
as O
underwriting B-Cause
activities I-Cause
in I-Cause
investment I-Cause
banking I-Cause
are I-Cause
likely I-Cause
to I-Cause
grind I-Cause
to I-Cause
a I-Cause
halt I-Cause
. O

Operationally O
, O
HSBC O
's B-Effect
cost I-Effect
structure I-Effect
is I-Effect
expected I-Effect
to I-Effect
be I-Effect
streamlined I-Effect
further I-Effect
as O
the O
bank O
announced O
another B-Cause
round I-Cause
of I-Cause
business I-Cause
restructuring I-Cause
. I-Cause

Further O
, O
we O
do O
n't O
expect O
promotional O
spending O
will O
remain O
dormant O
over O
a O
longer O
horizon O
( O
as O
has O
been O
the O
case O
since O
March O
2020 O
, O
given O
the O
extent O
to O
which O
demand O
has O
been O
outpacing O
supply O
in O
categories O
throughout O
the O
store O
) O
, O
as O
competitors B-Cause
muscle I-Cause
for I-Cause
share I-Cause
gains I-Cause
, O
which O
should O
lead B-Effect
to I-Effect
decelerating I-Effect
sales I-Effect
growth I-Effect
. O

We O
believe O
the B-Cause
disjointed I-Cause
construction I-Cause
of O
Ergo O
's O
German O
primary O
insurance O
offering O
led O
to O
managerial B-Effect
issues I-Effect
as I-Effect
well I-Effect
as I-Effect
cost I-Effect
inefficiencies I-Effect
and I-Effect
a I-Effect
lack I-Effect
of I-Effect
local I-Effect
market I-Effect
penetration I-Effect
. O

In O
2011 O
, O
the B-Cause
company I-Cause
revised I-Cause
the I-Cause
mine I-Cause
plan I-Cause
in O
order O
to O
improve B-Effect
its I-Effect
cash I-Effect
flow I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
a I-Effect
shorter I-Effect
mine I-Effect
life I-Effect
. O

Should O
all O
major O
high-end O
OEMs O
utilize O
only O
in-house O
application O
processors O
, O
Qualcomm B-Cause
's I-Cause
chips I-Cause
would I-Cause
be I-Cause
relegated I-Cause
to I-Cause
lower-priced I-Cause
handsets I-Cause
that O
would O
curb O
chip B-Effect
margins I-Effect
. O

We O
assume O
that O
management B-Cause
will I-Cause
be I-Cause
moderately I-Cause
successful I-Cause
with I-Cause
its I-Cause
European I-Cause
consolidation I-Cause
, I-Cause
lifting I-Cause
margins I-Cause
for I-Cause
that I-Cause
segment I-Cause
that O
will O
elevate B-Effect
the I-Effect
company I-Effect
's I-Effect
historically I-Effect
low I-Effect
operating I-Effect
margin I-Effect
of I-Effect
8.0 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
10 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
. O

Air O
travel O
is O
a O
carbon-intensive O
service O
, O
and O
stiffer B-Cause
regulations I-Cause
on I-Cause
carbon I-Cause
emissions I-Cause
would O
likely O
raise B-Cause
the I-Cause
price I-Cause
of I-Cause
air I-Cause
travel I-Cause
and O
thus O
depress B-Effect
demand I-Effect
. O

Similar O
to O
the O
human O
labs O
, O
Idexx B-Cause
faces I-Cause
some I-Cause
of I-Cause
the I-Cause
same I-Cause
risks I-Cause
of I-Cause
inaccurate I-Cause
test I-Cause
results O
that O
could O
lead B-Effect
to I-Effect
inappropriate I-Effect
medical I-Effect
care I-Effect
. O

Absent B-Cause
the I-Cause
Legg I-Cause
Mason I-Cause
deal I-Cause
, O
which O
added O
$ O
797 O
billion O
in O
AUM O
at O
the O
end O
of O
July O
2020 O
, O
the B-Effect
firm I-Effect
's I-Effect
managed I-Effect
assets I-Effect
were I-Effect
up I-Effect
0.3 I-Effect
% I-Effect
on I-Effect
a I-Effect
year-over-year I-Effect
basis I-Effect
. O

We O
expect O
the O
first-line B-Cause
lung I-Cause
cancer I-Cause
indication I-Cause
for I-Cause
Tagrisso I-Cause
combined I-Cause
with I-Cause
the I-Cause
likely I-Cause
gains I-Cause
in I-Cause
adjuvant I-Cause
lung I-Cause
cancer I-Cause
will O
drive O
peak B-Effect
sales I-Effect
above I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
annually I-Effect
. O

Additionally O
, O
unlike O
blast O
furnaces O
, O
electric B-Cause
arc I-Cause
furnaces I-Cause
allow I-Cause
for I-Cause
the I-Cause
use I-Cause
of I-Cause
complementary I-Cause
, I-Cause
high-iron-content I-Cause
feedstocks I-Cause
that O
help O
reduce B-Effect
per-unit I-Effect
steelmaking I-Effect
costs I-Effect
. O

With O
management O
reiterating O
its O
outlook O
for O
35-40 O
net O
new O
restaurant O
openings O
for O
fiscal O
2021 O
and O
our B-Effect
expectations I-Effect
of I-Effect
moderate I-Effect
unit I-Effect
opening I-Effect
acceleration I-Effect
in I-Effect
future I-Effect
years I-Effect
due O
to O
smaller B-Cause
, I-Cause
independent I-Cause
casual I-Cause
dining I-Cause
operators I-Cause
exiting I-Cause
the I-Cause
market I-Cause
, O
our O
longer-term O
revenue O
assumptions O
remain O
largely O
intact O
. O

We O
think O
there O
is O
a O
risk O
these B-Effect
partners I-Effect
will I-Effect
look I-Effect
elsewhere I-Effect
if O
Neogen B-Cause
does I-Cause
not I-Cause
successfully I-Cause
scale I-Cause
licensed I-Cause
products I-Cause
, O
and O
partners B-Effect
could I-Effect
also I-Effect
demand I-Effect
a I-Effect
greater I-Effect
share I-Effect
of I-Effect
profits I-Effect
if O
co-developed B-Cause
products I-Cause
are I-Cause
highly I-Cause
successful I-Cause
. O

We O
also O
expect O
incremental B-Effect
adjusted I-Effect
OR I-Effect
( I-Effect
net I-Effect
of I-Effect
fuel I-Effect
) I-Effect
improvement I-Effect
to I-Effect
around I-Effect
85.1 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
thanks O
in O
part O
to O
leverage B-Cause
from I-Cause
strong I-Cause
pricing I-Cause
. O

Its B-Cause
portfolio I-Cause
of I-Cause
widely I-Cause
successful I-Cause
franchises I-Cause
allows B-Effect
the I-Effect
firm I-Effect
to I-Effect
monetize I-Effect
its I-Effect
intellectual I-Effect
property I-Effect
year O
Electronic O
Gaming O
& O
Multimediaafter O
year O
by O
delivering B-Cause
content I-Cause
via I-Cause
sequels I-Cause
, I-Cause
expansion I-Cause
packs I-Cause
, I-Cause
downloadable I-Cause
content I-Cause
, I-Cause
or I-Cause
DLC I-Cause
, I-Cause
and I-Cause
toys I-Cause
, O
exemplified O
by O
the O
decade-old O
World O
of O
Warcraft O
franchise O
and O
the O
annual O
versions O
of O
Call O
of O
Duty O
. O

In O
this O
regard O
, O
the B-Effect
company I-Effect
's I-Effect
success I-Effect
can O
be O
attributed O
to O
its O
aggressive B-Cause
approach I-Cause
at I-Cause
building I-Cause
a I-Cause
recognizable I-Cause
brand I-Cause
to O
attract B-Effect
consumers I-Effect
and I-Effect
consequently I-Effect
the I-Effect
agents I-Effect
seeking I-Effect
their I-Effect
business I-Effect
. O

Additionally O
, O
broadband B-Cause
pricing I-Cause
is I-Cause
low I-Cause
in I-Cause
Mexico I-Cause
, O
which O
allows O
for O
price B-Effect
increases I-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
as O
Internet B-Cause
access I-Cause
becomes I-Cause
even I-Cause
more I-Cause
a I-Cause
necessity I-Cause
for I-Cause
Mexican I-Cause
households I-Cause
. O

In O
our O
view O
, O
Okta B-Effect
has I-Effect
ample I-Effect
cross-selling I-Effect
and I-Effect
up-selling I-Effect
opportunities I-Effect
after O
landing B-Cause
initial I-Cause
solutions I-Cause
, O
and O
we O
expect O
entities O
to O
favor O
purchasing O
their O
customer O
identity O
solutions O
in O
a O
hybrid-cloud O
world O
over O
in-house O
developments O
. O

We O
expect O
fiscal B-Effect
2021 I-Effect
companywide I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
by I-Effect
21 I-Effect
% I-Effect
year I-Effect
on I-Effect
year I-Effect
, O
on O
the O
expectation O
of O
strong B-Cause
near-term I-Cause
demand I-Cause
for I-Cause
Fanuc I-Cause
's I-Cause
Robodrills I-Cause
and I-Cause
CNCs I-Cause
in I-Cause
Asia I-Cause
ex I-Cause
Japan I-Cause
as I-Cause
well I-Cause
as I-Cause
recovery I-Cause
in I-Cause
investment I-Cause
levels I-Cause
in I-Cause
the I-Cause
global I-Cause
automobile I-Cause
industry I-Cause
( O
particularly O
the O
U.S. O
, O
Europe O
, O
and O
Japan O
) O
. O

Conversely O
, O
if O
it O
seeks O
to O
conserve O
profits O
, O
it O
could O
be O
subject O
to O
deteriorating B-Effect
volume I-Effect
if O
consumers B-Cause
balk I-Cause
at I-Cause
higher I-Cause
prices I-Cause
. O

Beyond O
the O
patent O
protection O
of O
its O
marketed O
products O
( O
through O
2024 O
for O
Eylea O
and O
2031 O
for O
Dupixent O
) O
, O
all O
of O
Regeneron O
marketed O
and O
pipeline O
products O
are O
biologics O
, O
which O
provide B-Effect
added I-Effect
defense I-Effect
from I-Effect
generic I-Effect
competition I-Effect
due O
to O
the B-Cause
complexity I-Cause
and I-Cause
cost I-Cause
of I-Cause
manufacturing I-Cause
biosimilars I-Cause
. I-Cause

Additionally O
, O
the B-Cause
newly I-Cause
acquired I-Cause
Maverick I-Cause
Boat I-Cause
Group I-Cause
brings I-Cause
exposure I-Cause
to I-Cause
more I-Cause
than I-Cause
70 I-Cause
dealers I-Cause
to I-Cause
the I-Cause
corporate I-Cause
mix I-Cause
, I-Cause
potentially I-Cause
helping I-Cause
expand I-Cause
Pursuit I-Cause
's I-Cause
brand I-Cause
reach I-Cause
over I-Cause
time. O
As O
a O
result O
, O
we B-Effect
believe I-Effect
Malibu I-Effect
's I-Effect
distribution I-Effect
network I-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
a I-Effect
new I-Effect
entrant I-Effect
or I-Effect
competitor I-Effect
to I-Effect
replicate I-Effect
. O

We O
have O
strong O
confidence O
that O
government B-Effect
energy I-Effect
policies I-Effect
worldwide I-Effect
will I-Effect
support O
rapidly B-Cause
growing I-Cause
solar I-Cause
demand I-Cause
for O
at O
least O
the O
next O
10 O
years O
. O

We O
believe O
investment B-Cause
in I-Cause
plant I-Cause
upgrades I-Cause
and I-Cause
new I-Cause
projects I-Cause
will O
support B-Effect
ROICs I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
averaging I-Effect
a I-Effect
healthy I-Effect
spread I-Effect
over I-Effect
Ormat I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

This B-Effect
growth I-Effect
will I-Effect
be I-Effect
supplemented I-Effect
by I-Effect
rising I-Effect
volume I-Effect
out I-Effect
of I-Effect
the I-Effect
consumer I-Effect
brands I-Effect
segment I-Effect
thanks O
to O
the B-Cause
recent I-Cause
deal I-Cause
with I-Cause
Lowe I-Cause
's I-Cause
, I-Cause
and I-Cause
the I-Cause
successful I-Cause
execution I-Cause
of I-Cause
roughly I-Cause
100 I-Cause
new I-Cause
store I-Cause
openings I-Cause
a I-Cause
year I-Cause
in I-Cause
the I-Cause
Americas I-Cause
, I-Cause
adding I-Cause
another I-Cause
2.5 I-Cause
% I-Cause
to I-Cause
overall I-Cause
revenue I-Cause
growth I-Cause
. O

Many B-Effect
of I-Effect
the I-Effect
most I-Effect
apposite I-Effect
locales I-Effect
for I-Effect
breweries I-Effect
in I-Effect
the I-Effect
country I-Effect
( I-Effect
be I-Effect
it I-Effect
because I-Effect
of I-Effect
proximity I-Effect
to I-Effect
ports I-Effect
, I-Effect
warehousing I-Effect
facilities I-Effect
, I-Effect
or I-Effect
labor I-Effect
availability I-Effect
) I-Effect
are I-Effect
plagued I-Effect
by I-Effect
water I-Effect
supply I-Effect
issues. O
These O
include O
relying B-Cause
on I-Cause
water I-Cause
bodies I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
Colorado I-Cause
River I-Cause
) I-Cause
where I-Cause
average I-Cause
annual I-Cause
flows I-Cause
are I-Cause
at I-Cause
historic I-Cause
lows I-Cause
, I-Cause
or I-Cause
on I-Cause
underground I-Cause
aquifers I-Cause
that I-Cause
are I-Cause
overexploited I-Cause
. O

Reliance B-Effect
is I-Effect
likely I-Effect
to I-Effect
enjoy I-Effect
slow I-Effect
but I-Effect
steady I-Effect
organic I-Effect
growth I-Effect
via O
shipments B-Cause
to I-Cause
the I-Cause
nonresidential I-Cause
construction I-Cause
, I-Cause
automotive I-Cause
, I-Cause
energy I-Cause
, I-Cause
heavy I-Cause
equipment I-Cause
, I-Cause
and I-Cause
aerospace I-Cause
end I-Cause
markets I-Cause
. O

The B-Cause
constant I-Cause
wear I-Cause
and I-Cause
tear I-Cause
on I-Cause
the I-Cause
equipment I-Cause
results O
in O
steady B-Effect
demand I-Effect
for I-Effect
servicing I-Effect
and I-Effect
replacement I-Effect
parts I-Effect
, O
and O
aftermarket O
revenue O
tends O
to O
be O
relatively O
more O
stable O
and O
carry O
higher O
margins O
. O

With B-Cause
a I-Cause
lack I-Cause
of I-Cause
available I-Cause
financial I-Cause
data I-Cause
for I-Cause
fibre I-Cause
cement I-Cause
peers I-Cause
, O
however O
, O
it B-Effect
is I-Effect
difficult I-Effect
to I-Effect
ascertain I-Effect
the I-Effect
magnitude I-Effect
of I-Effect
any I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
does I-Effect
exist I-Effect
and I-Effect
in I-Effect
turn I-Effect
identify I-Effect
whether I-Effect
it I-Effect
is I-Effect
material I-Effect
. O

We O
expect O
HCA B-Cause
to I-Cause
enjoy I-Cause
similar I-Cause
low-single-digit I-Cause
pricing I-Cause
power I-Cause
overall I-Cause
during I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
in I-Cause
our I-Cause
base-case I-Cause
scenario I-Cause
, O
which O
should O
help O
it B-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

Gold B-Cause
mining I-Cause
carries I-Cause
many I-Cause
ESG I-Cause
risks I-Cause
, I-Cause
all I-Cause
of I-Cause
which I-Cause
carry I-Cause
medium I-Cause
probability I-Cause
and I-Cause
some I-Cause
materiality. O
As O
such O
, O
we O
include O
risks B-Effect
from I-Effect
labor I-Effect
strikes I-Effect
, I-Effect
disagreements I-Effect
with I-Effect
local I-Effect
governments I-Effect
and I-Effect
communities I-Effect
, I-Effect
and I-Effect
the I-Effect
ever-present I-Effect
risk I-Effect
of I-Effect
mine I-Effect
accidents I-Effect
in I-Effect
our I-Effect
scenario I-Effect
analysis I-Effect
. O

For O
example O
, O
the B-Cause
aquatic I-Cause
systems I-Cause
segment I-Cause
derives I-Cause
roughly I-Cause
85 I-Cause
% I-Cause
of I-Cause
its I-Cause
sales I-Cause
from I-Cause
aftermarket I-Cause
service I-Cause
and I-Cause
replacement I-Cause
parts. O
As O
such O
, O
the B-Effect
bulk I-Effect
of I-Effect
the I-Effect
segment I-Effect
's I-Effect
sales I-Effect
is I-Effect
attributable I-Effect
to I-Effect
over I-Effect
5 I-Effect
million I-Effect
existing I-Effect
swimming I-Effect
pools I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
and I-Effect
Pentair I-Effect
does I-Effect
not I-Effect
rely I-Effect
solely I-Effect
on I-Effect
new I-Effect
construction I-Effect
starts I-Effect
to I-Effect
increase I-Effect
its I-Effect
revenue I-Effect
in I-Effect
the I-Effect
segment I-Effect
. O

The B-Effect
potential I-Effect
volatility I-Effect
in I-Effect
profits I-Effect
and I-Effect
returns I-Effect
brought O
on O
by O
the B-Cause
firm I-Cause
's I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
cyclical I-Cause
demand I-Cause
results O
in O
our B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

ESG O
continues O
to O
be O
a O
focus O
for O
MSCI O
and O
in O
addition O
to O
data O
subscriptions O
, O
MSCI B-Effect
monetizes I-Effect
its I-Effect
ESG I-Effect
data I-Effect
in I-Effect
its I-Effect
index I-Effect
segment I-Effect
through O
ESG B-Cause
index I-Cause
subscriptions I-Cause
and I-Cause
license I-Cause
fees I-Cause
from I-Cause
ESG I-Cause
ETFs I-Cause
. O

We O
expect O
demand O
for O
uncoated O
free O
sheet O
, O
used O
in O
office O
paper O
and O
envelopes O
, O
to O
decline O
4 O
% O
-5 O
% O
annually O
in O
developed O
markets O
, O
accompanied O
by O
falling B-Effect
prices I-Effect
as O
high-cost B-Cause
production I-Cause
comes I-Cause
offline I-Cause
first I-Cause
. O

The B-Cause
biggest I-Cause
ESG I-Cause
risk I-Cause
we I-Cause
see I-Cause
revolves I-Cause
around I-Cause
broadband I-Cause
and I-Cause
wireless I-Cause
communications I-Cause
' I-Cause
essential I-Cause
function I-Cause
in I-Cause
society I-Cause
, O
which O
means O
regulators B-Cause
may I-Cause
take I-Cause
a I-Cause
heavy I-Cause
hand I-Cause
in I-Cause
ensuring I-Cause
providers I-Cause
reach I-Cause
all I-Cause
residents I-Cause
at I-Cause
reasonable I-Cause
price I-Cause
-- O
potentially O
limiting B-Effect
pricing I-Effect
power I-Effect
and I-Effect
forcing I-Effect
higher I-Effect
spending I-Effect
even I-Effect
when I-Effect
it I-Effect
does I-Effect
n't I-Effect
make I-Effect
economic I-Effect
sense I-Effect
. O

Along O
those O
lines O
, O
low B-Cause
visibility I-Cause
surrounding I-Cause
the I-Cause
magnitude I-Cause
of I-Cause
industrial I-Cause
end I-Cause
market I-Cause
recovery I-Cause
brings O
elevated B-Effect
uncertainty I-Effect
to I-Effect
our I-Effect
volume I-Effect
assumptions I-Effect
for I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
. O

While O
this O
adds O
a O
new O
level O
of O
competition O
and O
could O
apply O
some O
pricing O
pressure O
, O
we O
think O
the B-Cause
growing I-Cause
body I-Cause
of I-Cause
clinical I-Cause
data I-Cause
for I-Cause
Hologic I-Cause
's I-Cause
Genius I-Cause
system I-Cause
helps O
to O
establish B-Effect
its I-Effect
superiority I-Effect
in I-Effect
the I-Effect
minds I-Effect
of I-Effect
clinicians I-Effect
. O

Targeting B-Cause
a I-Cause
wide I-Cause
consumer I-Cause
base I-Cause
with I-Cause
a I-Cause
core I-Cause
customer I-Cause
who I-Cause
is I-Cause
female I-Cause
, I-Cause
35-65 I-Cause
years I-Cause
old I-Cause
with I-Cause
household I-Cause
income I-Cause
of I-Cause
$ I-Cause
50,000-over I-Cause
$ I-Cause
175,000 I-Cause
also O
means O
Wayfair B-Cause
is I-Cause
competing I-Cause
with I-Cause
mass-market I-Cause
retailers I-Cause
, I-Cause
specialty I-Cause
retail I-Cause
, I-Cause
and I-Cause
low-cost I-Cause
providers I-Cause
, O
making O
it O
harder B-Effect
to I-Effect
stay I-Effect
top I-Effect
of I-Effect
mind I-Effect
. 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
it O
could O
slow B-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Splunk I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

Conversely O
, O
in B-Cause
multiyear I-Cause
periods I-Cause
of I-Cause
large I-Cause
harvests I-Cause
, I-Cause
volatility I-Cause
is I-Cause
reduced I-Cause
, O
which O
limits O
the B-Effect
trading I-Effect
desk I-Effect
's I-Effect
ability I-Effect
to I-Effect
make I-Effect
a I-Effect
profit I-Effect
. O

In O
fact O
, O
management O
has O
indicated O
that O
few B-Effect
in I-Effect
the I-Effect
firm I-Effect
itself I-Effect
actually I-Effect
know I-Effect
the I-Effect
process I-Effect
end-to-end I-Effect
in O
order O
to O
preserve B-Cause
the I-Cause
firm I-Cause
's I-Cause
secret I-Cause
sauce I-Cause
. O

Post B-Effect
's I-Effect
cereal I-Effect
businesses I-Effect
represent I-Effect
61 I-Effect
% I-Effect
of I-Effect
corporate I-Effect
profits I-Effect
and I-Effect
are I-Effect
facing I-Effect
secular I-Effect
declines I-Effect
, O
as O
consumers B-Cause
shift I-Cause
away I-Cause
from I-Cause
processed I-Cause
, I-Cause
high-sugar I-Cause
, I-Cause
and I-Cause
high-carb I-Cause
foods I-Cause
. O

Uncertainties B-Cause
surrounding I-Cause
current I-Cause
battery I-Cause
technology I-Cause
, I-Cause
availability I-Cause
of I-Cause
vehicle I-Cause
charging I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
the I-Cause
cost-effectiveness I-Cause
of I-Cause
using I-Cause
hydrogen I-Cause
fuel I-Cause
cells I-Cause
call O
into O
question B-Effect
the I-Effect
immediate I-Effect
threat I-Effect
of I-Effect
these I-Effect
new I-Effect
entrants I-Effect
. O

Because O
firms B-Cause
are I-Cause
hesitant I-Cause
to I-Cause
incur I-Cause
the I-Cause
training I-Cause
costs I-Cause
and I-Cause
disruptions I-Cause
associated I-Cause
with I-Cause
switching I-Cause
providers I-Cause
( O
and O
because O
developing O
materials O
in-house O
is O
costly O
and O
carries O
risk O
of O
ineffectiveness O
; O
the O
same O
applies O
for O
assessment O
products O
) O
, O
they B-Effect
are I-Effect
receptive I-Effect
to I-Effect
Wiley I-Effect
's I-Effect
comprehensive I-Effect
set I-Effect
of I-Effect
offerings I-Effect
and I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
provider I-Effect
. O

But O
on O
the O
whole O
, O
we O
expect O
Halliburton B-Cause
to I-Cause
earn I-Cause
essentially I-Cause
no I-Cause
economic I-Cause
profits I-Cause
from I-Cause
sand I-Cause
logistics I-Cause
and I-Cause
only I-Cause
slim I-Cause
economic I-Cause
profits I-Cause
from I-Cause
other I-Cause
efficiency I-Cause
advantages. O
Thus O
, O
while B-Effect
Halliburton I-Effect
has I-Effect
previously I-Effect
enjoyed I-Effect
a I-Effect
multifaceted I-Effect
advantage I-Effect
in I-Effect
pressure I-Effect
pumping I-Effect
, I-Effect
we I-Effect
believe I-Effect
its I-Effect
economic I-Effect
profits I-Effect
going I-Effect
forward I-Effect
will I-Effect
come I-Effect
chiefly I-Effect
from I-Effect
one I-Effect
source I-Effect
: I-Effect
its I-Effect
superior I-Effect
pressure I-Effect
pumping I-Effect
equipment I-Effect
. O

As B-Cause
at-home I-Cause
food I-Cause
consumption I-Cause
remains I-Cause
elevated I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
consumers B-Effect
are I-Effect
finding I-Effect
favor I-Effect
with I-Effect
offerings I-Effect
like I-Effect
those I-Effect
in I-Effect
General I-Effect
Mills I-Effect
' I-Effect
portfolio I-Effect
, I-Effect
as I-Effect
shown I-Effect
by I-Effect
increases I-Effect
in I-Effect
household I-Effect
penetration I-Effect
and I-Effect
repeat I-Effect
purchase I-Effect
rates I-Effect
in I-Effect
most I-Effect
categories I-Effect
. O

Thus O
, O
we O
also O
expect O
a B-Effect
five-year I-Effect
average I-Effect
gross I-Effect
margin I-Effect
of I-Effect
55.6 I-Effect
% I-Effect
from I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
fiscal I-Effect
2026 I-Effect
, O
due O
to O
improving B-Cause
utilization I-Cause
with I-Cause
increasing I-Cause
student I-Cause
demand I-Cause
and I-Cause
average I-Cause
selling I-Cause
price I-Cause
hikes I-Cause
. O

With O
management B-Cause
indicating I-Cause
that I-Cause
mergers I-Cause
and I-Cause
acquisitions I-Cause
are I-Cause
more I-Cause
likely I-Cause
than I-Cause
not I-Cause
, O
we O
think O
LPL B-Effect
will I-Effect
need I-Effect
to I-Effect
show I-Effect
evidence I-Effect
of I-Effect
better I-Effect
advisor I-Effect
conversion I-Effect
following I-Effect
these I-Effect
types I-Effect
of I-Effect
acquisitions I-Effect
, O
and O
we O
like O
the B-Cause
option I-Cause
of I-Cause
contingency I-Cause
payment I-Cause
deal I-Cause
structures I-Cause
to O
reduce B-Effect
uncertainty I-Effect
around I-Effect
conversion I-Effect
efforts I-Effect
. O

Geographically O
, O
we O
expect O
the B-Effect
Mexico I-Effect
& I-Effect
Central I-Effect
America I-Effect
segment I-Effect
to I-Effect
outpace I-Effect
South I-Effect
America I-Effect
, O
particularly O
in O
price O
, O
owing O
to O
the B-Cause
company I-Cause
's I-Cause
dominance I-Cause
in I-Cause
Mexico I-Cause
. O

Additionally O
, O
the B-Cause
high I-Cause
supply I-Cause
growth I-Cause
present I-Cause
in I-Cause
many I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
markets I-Cause
and I-Cause
the I-Cause
ever-present I-Cause
competition I-Cause
from I-Cause
alternative I-Cause
housing I-Cause
options I-Cause
keeps I-Cause
rent I-Cause
growth I-Cause
in I-Cause
the I-Cause
low- I-Cause
to I-Cause
mid-single-digits. O
As O
a O
result O
, O
the B-Effect
company I-Effect
acquired I-Effect
its I-Effect
portfolio I-Effect
at I-Effect
low I-Effect
initial I-Effect
cap I-Effect
rates I-Effect
and I-Effect
the I-Effect
realized I-Effect
internal I-Effect
growth I-Effect
rate I-Effect
is I-Effect
n't I-Effect
high I-Effect
enough I-Effect
to I-Effect
exceed I-Effect
the I-Effect
company I-Effect
's I-Effect
WACC I-Effect
. O

Our O
gross O
margin O
projection O
for O
2021 O
is O
50 O
% O
, O
which O
we B-Effect
believe I-Effect
will I-Effect
incrementally I-Effect
expand I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
due O
to O
the B-Cause
maturation I-Cause
of I-Cause
EUV I-Cause
, O
which O
currently O
has O
a O
lower-than-corporate-average O
gross O
margin O
. O

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

Still O
, O
Burlington B-Effect
's I-Effect
5 I-Effect
times I-Effect
inventory I-Effect
turnover I-Effect
exceeds I-Effect
Macy I-Effect
's I-Effect
( I-Effect
roughly I-Effect
3 I-Effect
times I-Effect
) I-Effect
and I-Effect
should I-Effect
rise I-Effect
as O
it B-Cause
optimizes I-Cause
its I-Cause
assortment I-Cause
and I-Cause
store I-Cause
network I-Cause
while I-Cause
buying I-Cause
more I-Cause
opportunistically I-Cause
. O

The B-Effect
firm I-Effect
was I-Effect
forced I-Effect
to I-Effect
close I-Effect
all I-Effect
its I-Effect
stores I-Effect
temporarily I-Effect
due O
to O
the O
coronavirus B-Cause
crisis I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
and O
e-commerce O
( O
typically O
about O
40 O
% O
of O
sales O
) O
only O
partially O
made O
up O
for O
the O
lost O
revenue O
. O

We O
think O
it B-Effect
would I-Effect
need I-Effect
to I-Effect
open I-Effect
cultivation I-Effect
internationally I-Effect
if O
it B-Cause
wants I-Cause
to I-Cause
compete I-Cause
in I-Cause
the I-Cause
global I-Cause
medical I-Cause
cannabis I-Cause
market I-Cause
-- O
an O
unlikely O
event O
until O
federal O
laws O
are O
changed O
. O

Still O
, O
the O
most O
compelling O
reason O
to B-Effect
purchase I-Effect
a I-Effect
MongoDB I-Effect
Enterprise I-Effect
Advanced I-Effect
subscription I-Effect
is O
to B-Cause
navigate I-Cause
the I-Cause
vastly I-Cause
complex I-Cause
terrain I-Cause
of I-Cause
databases I-Cause
with I-Cause
ample I-Cause
assistance I-Cause
, O
as O
the B-Cause
commercial I-Cause
license I-Cause
still I-Cause
requires I-Cause
the I-Cause
database I-Cause
to I-Cause
ultimately I-Cause
be I-Cause
run I-Cause
and I-Cause
maintained I-Cause
by I-Cause
the I-Cause
customer I-Cause
-- O
which O
is O
an O
arduous O
task O
. O

We O
think O
TSMC B-Cause
's I-Cause
dominant I-Cause
market I-Cause
share I-Cause
and I-Cause
strategy I-Cause
to I-Cause
focus I-Cause
on I-Cause
high-end I-Cause
products I-Cause
put O
it B-Effect
in I-Effect
the I-Effect
best I-Effect
position I-Effect
to I-Effect
outspend I-Effect
competitors I-Effect
in I-Effect
terms I-Effect
of I-Effect
R I-Effect
& I-Effect
amp I-Effect
; O
D O
to O
advance O
through O
GAA O
and O
beyond O
. O

Canadian O
regulation O
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 B-Cause
insurance I-Cause
and I-Cause
standards I-Cause
on I-Cause
riskier I-Cause
mortgage I-Cause
loans I-Cause
, I-Cause
not I-Cause
having I-Cause
a I-Cause
government-subsidized I-Cause
mortgage I-Cause
securitization I-Cause
market I-Cause
, I-Cause
and I-Cause
forcing I-Cause
banks I-Cause
to I-Cause
hold I-Cause
more I-Cause
of I-Cause
the I-Cause
risk I-Cause
on I-Cause
their I-Cause
own I-Cause
balance I-Cause
sheets I-Cause
. O

Not B-Cause
only I-Cause
has I-Cause
Oi I-Cause
lost I-Cause
market I-Cause
share I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
it I-Cause
has I-Cause
had I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
, O
leaving O
its B-Effect
share I-Effect
of I-Effect
wireless I-Effect
industry I-Effect
revenue I-Effect
around I-Effect
10 I-Effect
% I-Effect
. O

This B-Cause
leading I-Cause
supply I-Cause
of I-Cause
reviews I-Cause
and I-Cause
information I-Cause
has O
led O
to O
user B-Effect
traffic I-Effect
and I-Effect
mobile I-Effect
app I-Effect
awareness I-Effect
above I-Effect
key I-Effect
metasearch I-Effect
competitors I-Effect
Kayak I-Effect
and I-Effect
Trivago I-Effect
. O

However O
, O
absent B-Cause
a I-Cause
headline I-Cause
driving I-Cause
acquisition I-Cause
in I-Cause
the I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
data I-Cause
space I-Cause
, O
we O
think O
the B-Effect
chance I-Effect
that I-Effect
the I-Effect
government I-Effect
will I-Effect
proactively I-Effect
address I-Effect
the I-Effect
issue I-Effect
is I-Effect
low I-Effect
. O

Following B-Cause
Echo I-Cause
's I-Cause
impressive I-Cause
first-quarter I-Cause
results 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
27.50 I-Effect
from I-Effect
$ I-Effect
25.50 I-Effect
, O
due O
to O
lifting B-Cause
our I-Cause
medium-term I-Cause
revenue I-Cause
and I-Cause
operating I-Cause
margin I-Cause
forecasts I-Cause
and I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Automotive B-Effect
end I-Effect
markets I-Effect
could I-Effect
prove I-Effect
lucrative I-Effect
as O
firms B-Cause
turn I-Cause
to I-Cause
Sonoco I-Cause
for I-Cause
light-weighting I-Cause
solutions I-Cause
such I-Cause
as I-Cause
molded I-Cause
foam I-Cause
seating I-Cause
components I-Cause
or I-Cause
trunk I-Cause
liners I-Cause
and I-Cause
load I-Cause
floors I-Cause
that O
allow B-Effect
them I-Effect
to I-Effect
meet I-Effect
fuel I-Effect
economy I-Effect
standards I-Effect
. O

We O
believe O
Amazon B-Effect
will I-Effect
continue I-Effect
to I-Effect
develop I-Effect
into I-Effect
a I-Effect
formidable I-Effect
player I-Effect
in I-Effect
digital I-Effect
media I-Effect
, O
given O
its B-Cause
vast I-Cause
content I-Cause
offerings I-Cause
, I-Cause
inroads I-Cause
into I-Cause
new I-Cause
verticals I-Cause
( I-Cause
including I-Cause
video I-Cause
games I-Cause
) I-Cause
, I-Cause
and I-Cause
ability I-Cause
to I-Cause
sell I-Cause
hardware I-Cause
as I-Cause
a I-Cause
loss I-Cause
leader I-Cause
. O

Other B-Cause
pneumatic I-Cause
applications I-Cause
, I-Cause
such I-Cause
as I-Cause
air I-Cause
saver I-Cause
units I-Cause
found I-Cause
in I-Cause
factor I-Cause
air I-Cause
nozzles I-Cause
and I-Cause
air I-Cause
gun I-Cause
applications I-Cause
, O
cut B-Effect
compressed I-Effect
air I-Effect
costs I-Effect
by I-Effect
40 I-Effect
% I-Effect
-50 I-Effect
% I-Effect
. O

We O
forecast O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
slowly I-Effect
( O
back O
to O
14 O
% O
in O
2024 O
) O
, O
helped O
by O
a B-Cause
steadily I-Cause
improving I-Cause
global I-Cause
economic I-Cause
environment I-Cause
and I-Cause
rising I-Cause
cost I-Cause
leverage I-Cause
as I-Cause
S I-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

We O
anticipate O
that O
wide-body B-Effect
production I-Effect
will I-Effect
remain I-Effect
lower I-Effect
for I-Effect
longer I-Effect
, O
due O
to O
both B-Cause
longer-term I-Cause
challenges I-Cause
in I-Cause
international I-Cause
travel I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
and I-Cause
the I-Cause
increasing I-Cause
ability I-Cause
for I-Cause
narrow-body I-Cause
aircraft I-Cause
to I-Cause
efficiently I-Cause
perform I-Cause
missions I-Cause
that O
were O
previously O
reserved O
for O
longer-term O
aircraft O
. O

We O
project O
noninterest B-Effect
income I-Effect
growing I-Effect
at I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
4 I-Effect
% I-Effect
, O
driven B-Cause
by I-Cause
wealth I-Cause
management I-Cause
and I-Cause
capital I-Cause
markets I-Cause
, O
while O
expense O
growth O
remains O
fairly O
steady O
at O
3 O
% O
per O
year O
. O

As O
a O
result O
, O
operators B-Cause
think I-Cause
it I-Cause
can I-Cause
accommodate I-Cause
at I-Cause
least I-Cause
20 I-Cause
wells I-Cause
per I-Cause
square I-Cause
mile I-Cause
on I-Cause
the I-Cause
surface I-Cause
, I-Cause
which I-Cause
is I-Cause
at I-Cause
least I-Cause
double I-Cause
the I-Cause
optimum I-Cause
density I-Cause
in I-Cause
other I-Cause
plays. O
As O
a O
result O
, O
there B-Effect
are I-Effect
still I-Effect
enough I-Effect
undrilled I-Effect
well I-Effect
locations I-Effect
in I-Effect
the I-Effect
basin I-Effect
to I-Effect
keep I-Effect
the I-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
industry I-Effect
busy I-Effect
for I-Effect
decades I-Effect
. O

We O
believe O
margins O
should O
also O
benefit O
from O
better O
growth O
over O
time O
, O
but O
the B-Effect
impact I-Effect
will I-Effect
be I-Effect
more I-Effect
modest I-Effect
, O
given O
the B-Cause
limited I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
the I-Cause
business I-Cause
model I-Cause
. O

If B-Cause
Boston I-Cause
Scientific I-Cause
's I-Cause
Acurate I-Cause
Neo2 I-Cause
device I-Cause
is I-Cause
easier I-Cause
to I-Cause
use I-Cause
, I-Cause
faster I-Cause
to I-Cause
use I-Cause
, I-Cause
or I-Cause
works I-Cause
in I-Cause
a I-Cause
broader I-Cause
range I-Cause
of I-Cause
patients I-Cause
, O
it O
could O
cut B-Effect
into I-Effect
the I-Effect
Sapien I-Effect
franchise I-Effect
. O

We B-Effect
project I-Effect
that I-Effect
EBITDA I-Effect
margins I-Effect
for I-Effect
Discovery I-Effect
International I-Effect
will I-Effect
dip I-Effect
to I-Effect
21 I-Effect
% I-Effect
from I-Effect
26 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
then I-Effect
expand I-Effect
to I-Effect
28 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
as O
the B-Cause
revenue I-Cause
growth I-Cause
will I-Cause
outpace I-Cause
the I-Cause
growth I-Cause
in I-Cause
content I-Cause
costs I-Cause
. O

Further O
, O
we O
expect O
Airbnb B-Effect
to I-Effect
lower I-Effect
marketing I-Effect
expense I-Effect
to I-Effect
22 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2030 I-Effect
from I-Effect
34 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
2019 I-Effect
was I-Effect
a I-Effect
heavier I-Effect
investment I-Effect
year I-Effect
, I-Effect
with I-Effect
2018 I-Effect
marketing I-Effect
costs I-Effect
at I-Effect
30 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
, O
as O
the O
company B-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term I-Cause
. O

Nonresidential B-Effect
construction I-Effect
is I-Effect
the I-Effect
most I-Effect
important I-Effect
driver I-Effect
in I-Effect
the I-Effect
category I-Effect
, O
as O
spending B-Cause
is I-Cause
more I-Cause
material-intensive I-Cause
per I-Cause
dollar I-Cause
than I-Cause
residential I-Cause
construction I-Cause
. O

We B-Effect
expect I-Effect
revenue I-Effect
per I-Effect
cabinet I-Effect
to I-Effect
rise I-Effect
only I-Effect
modestly I-Effect
-- I-Effect
about I-Effect
2 I-Effect
% I-Effect
annually I-Effect
-- O
as O
we B-Cause
think I-Cause
Equinix I-Cause
's I-Cause
reliance I-Cause
on I-Cause
its I-Cause
major I-Cause
customers I-Cause
will I-Cause
keep I-Cause
a I-Cause
lid I-Cause
on I-Cause
its I-Cause
pricing I-Cause
power I-Cause
and I-Cause
offset I-Cause
higher I-Cause
escalators I-Cause
for I-Cause
other I-Cause
enterprise I-Cause
customers I-Cause
. O

Finally O
, O
volatility B-Cause
in I-Cause
commodity I-Cause
prices I-Cause
, I-Cause
specifically I-Cause
oil I-Cause
, O
may O
affect B-Effect
profitability I-Effect
if O
fuel B-Cause
prices I-Cause
remain I-Cause
inflated I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
( O
Royal O
hedges O
about O
half O
of O
current-year O
costs O
) O
. O

Antero B-Cause
's I-Cause
strong I-Cause
leverage I-Cause
to I-Cause
NGLs I-Cause
and I-Cause
condensate I-Cause
is O
rare O
among O
natural O
gas O
producers O
in O
the O
Northeast O
and O
enables O
the B-Effect
company I-Effect
to I-Effect
benefit I-Effect
more I-Effect
from I-Effect
strengthening B-Effect
NGL I-Effect
prices I-Effect
, O
driven O
by O
increasing B-Cause
domestic I-Cause
and I-Cause
export I-Cause
demand I-Cause
for I-Cause
NGLs I-Cause
and I-Cause
increasing I-Cause
pipeline I-Cause
capacity I-Cause
out I-Cause
of I-Cause
the I-Cause
Appalachia I-Cause
region I-Cause
. O

We O
anticipate O
that O
the B-Cause
enhanced I-Cause
network I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
a I-Cause
transition I-Cause
to I-Cause
unlimited I-Cause
data I-Cause
plans I-Cause
, I-Cause
which I-Cause
is I-Cause
happening I-Cause
throughout I-Cause
the I-Cause
industry I-Cause
, O
will O
result O
in O
churn B-Effect
declining I-Effect
, I-Effect
pricing I-Effect
power I-Effect
increasing I-Effect
, I-Effect
and I-Effect
margins I-Effect
expanding I-Effect
. O

Intel B-Cause
's I-Cause
7-nm I-Cause
process I-Cause
delay I-Cause
( I-Cause
of I-Cause
6-12 I-Cause
months I-Cause
) I-Cause
means O
we B-Effect
likely I-Effect
wo I-Effect
n't I-Effect
see I-Effect
Intel I-Effect
chips I-Effect
on I-Effect
this I-Effect
process I-Effect
node I-Effect
until I-Effect
late I-Effect
2022 I-Effect
at I-Effect
the I-Effect
earliest I-Effect
. O

But O
perhaps O
even O
more O
burdensome O
, O
would O
be O
onboarding B-Cause
users I-Cause
of I-Cause
Workday I-Cause
software I-Cause
onto I-Cause
a I-Cause
new I-Cause
system I-Cause
-- O
in O
which O
the O
user O
experience O
will O
certainly O
differ O
-- O
leading O
to O
friction B-Effect
in I-Effect
accomplishing I-Effect
a I-Effect
number I-Effect
of I-Effect
critical I-Effect
business I-Effect
tasks I-Effect
. O

PVH B-Effect
, I-Effect
like I-Effect
all I-Effect
international I-Effect
apparel I-Effect
manufacturers I-Effect
and I-Effect
retailers I-Effect
, I-Effect
faces I-Effect
a I-Effect
huge I-Effect
challenge I-Effect
with I-Effect
the I-Effect
COVID-19 I-Effect
crisis I-Effect
as O
stores B-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
have I-Cause
had I-Cause
to I-Cause
restrict I-Cause
access I-Cause
or I-Cause
temporarily I-Cause
close I-Cause
. O

Other B-Cause
execution I-Cause
risks I-Cause
include I-Cause
expansion I-Cause
into I-Cause
peripheral I-Cause
business I-Cause
lines I-Cause
and I-Cause
physical I-Cause
stores I-Cause
( I-Cause
including I-Cause
Whole I-Cause
Foods I-Cause
) I-Cause
, O
which O
could O
distract B-Effect
management I-Effect
or I-Effect
lead I-Effect
to I-Effect
poor I-Effect
capital-allocation I-Effect
decisions I-Effect
. O

While O
acquisitions B-Cause
allow O
Sensata B-Effect
to I-Effect
enter I-Effect
new I-Effect
, I-Effect
high-growth I-Effect
markets I-Effect
, O
a B-Cause
consolidating I-Cause
marketplace I-Cause
could O
cause B-Cause
Sensata I-Cause
to I-Cause
be I-Cause
outbid I-Cause
for I-Cause
, I-Cause
or I-Cause
overpay I-Cause
for I-Cause
, I-Cause
targets I-Cause
, O
diluting B-Effect
firm I-Effect
value I-Effect
. O

As O
alcohol B-Cause
consumption I-Cause
has I-Cause
negative I-Cause
public I-Cause
health I-Cause
connotations I-Cause
, O
governments B-Effect
sometimes I-Effect
use I-Effect
the I-Effect
industry I-Effect
as I-Effect
a I-Effect
way I-Effect
to I-Effect
raise I-Effect
the I-Effect
tax I-Effect
rate I-Effect
while I-Effect
incurring I-Effect
limited I-Effect
political I-Effect
risk I-Effect
. O

Outside O
of O
the O
New O
York O
market O
, O
as O
Altice B-Cause
increases I-Cause
its I-Cause
share I-Cause
of I-Cause
total I-Cause
customer I-Cause
telecom I-Cause
spending I-Cause
in I-Cause
a I-Cause
given I-Cause
neighborhood I-Cause
, O
we O
expect O
it B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
further I-Effect
outspend I-Effect
rivals I-Effect
on I-Effect
network I-Effect
maintenance I-Effect
and I-Effect
upgrades I-Effect
while I-Effect
gaining I-Effect
operating I-Effect
cost I-Effect
efficiencies I-Effect
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates O
omnipresent B-Effect
ESG I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
degradation I-Effect
, O
which O
is O
quite O
acute O
for O
most O
corporations O
, O
in O
our O
view O
. O

New B-Cause
product I-Cause
platforms I-Cause
such I-Cause
as I-Cause
smoothies I-Cause
and I-Cause
tea I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
revamped I-Cause
food I-Cause
program I-Cause
, I-Cause
have I-Cause
added I-Cause
diversity I-Cause
to I-Cause
the I-Cause
menu I-Cause
, O
allowing O
the O
firm O
to O
broaden B-Effect
its I-Effect
target I-Effect
audience I-Effect
, I-Effect
increase I-Effect
its I-Effect
average I-Effect
transaction I-Effect
size I-Effect
, I-Effect
and I-Effect
expand I-Effect
more I-Effect
into I-Effect
the I-Effect
lunch I-Effect
and I-Effect
evening I-Effect
dayparts I-Effect
. O

Continued O
innovation O
will O
be O
key O
to O
Malibu O
's O
ability O
to O
increase O
pricing O
power O
; O
recent B-Cause
product I-Cause
offerings I-Cause
have O
helped O
support B-Effect
price I-Effect
increases I-Effect
into I-Effect
2021 I-Effect
, I-Effect
with I-Effect
overall I-Effect
net I-Effect
sales I-Effect
per I-Effect
unit I-Effect
up I-Effect
11.1 I-Effect
% I-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
fiscal I-Effect
first I-Effect
quarter I-Effect
ending I-Effect
September I-Effect
( O
compared O
with O
8 O
% O
for O
competitor O
Mastercraft O
) O
. O

Biosimilar B-Cause
launches I-Cause
in I-Cause
Europe I-Cause
hit I-Cause
Roche I-Cause
's I-Cause
Rituxan I-Cause
and I-Cause
Herceptin I-Cause
sales I-Cause
by I-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
in I-Cause
2018-19 I-Cause
, O
and O
similar B-Effect
declines I-Effect
began I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

However O
, O
this B-Effect
end I-Effect
market I-Effect
could I-Effect
come I-Effect
under I-Effect
some I-Effect
pressure I-Effect
in I-Effect
the I-Effect
intermediate I-Effect
term I-Effect
primarily I-Effect
as O
liquid B-Cause
biopsies I-Cause
emerge I-Cause
that I-Cause
could I-Cause
reduce I-Cause
false-positive I-Cause
rates I-Cause
( I-Cause
and I-Cause
related I-Cause
tissue I-Cause
biopsies I-Cause
) I-Cause
in I-Cause
individual I-Cause
cancer I-Cause
screening I-Cause
indications I-Cause
( O
like O
colorectal O
and O
breast O
cancer O
) O
, O
which O
represents O
a O
moderate O
threat O
for O
the O
company O
. O

Prescription-grade B-Cause
respiratory I-Cause
inhalers I-Cause
require I-Cause
clean-room I-Cause
environments I-Cause
and I-Cause
a I-Cause
knowledge I-Cause
of I-Cause
labyrinthine I-Cause
regulatory I-Cause
hurdles I-Cause
, O
leading O
to O
segment B-Effect
operating I-Effect
margins I-Effect
of I-Effect
around I-Effect
30 I-Effect
% I-Effect
. O

We O
expect O
operating B-Effect
margin I-Effect
of I-Effect
12.5 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
, O
although O
this O
estimate O
could O
prove O
conservative O
if O
Cantel B-Cause
's I-Cause
Revox I-Cause
sterilization I-Cause
technology I-Cause
gets I-Cause
fast-tracked I-Cause
by I-Cause
the I-Cause
FDA I-Cause
and I-Cause
contributes I-Cause
to I-Cause
the I-Cause
top-line I-Cause
sooner I-Cause
than I-Cause
expected I-Cause
. O

Apple B-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
stems O
from O
its B-Cause
ability I-Cause
to I-Cause
package I-Cause
hardware I-Cause
, I-Cause
software I-Cause
, I-Cause
services I-Cause
, I-Cause
and I-Cause
third-party I-Cause
applications I-Cause
into I-Cause
sleek I-Cause
, I-Cause
intuitive I-Cause
, I-Cause
and I-Cause
appealing I-Cause
devices I-Cause
. O

Enterprise B-Cause
customers I-Cause
rely I-Cause
on I-Cause
AWS I-Cause
for I-Cause
core I-Cause
IT I-Cause
infrastructure I-Cause
, O
which O
represents O
significant B-Effect
switching I-Effect
costs I-Effect
in I-Effect
terms I-Effect
of I-Effect
the I-Effect
time I-Effect
and I-Effect
expense I-Effect
of I-Effect
integrating I-Effect
applications I-Effect
with I-Effect
core I-Effect
software I-Effect
elements I-Effect
, O
such O
as O
the O
database O
, O
and O
dedicates O
a O
user O
to O
a O
specific O
set O
of O
software O
development O
tools O
. O

However O
, O
if O
competition B-Cause
takes I-Cause
a I-Cause
greater I-Cause
toll I-Cause
than I-Cause
we I-Cause
expect I-Cause
on I-Cause
the I-Cause
sector I-Cause
, O
Ross B-Cause
could I-Cause
find I-Cause
itself I-Cause
with I-Cause
an I-Cause
excessively I-Cause
large I-Cause
store I-Cause
network I-Cause
and I-Cause
infrastructure I-Cause
, O
creating O
downside B-Effect
exposure I-Effect
relative I-Effect
to I-Effect
our I-Effect
estimates I-Effect
. O

We O
note O
that O
large B-Cause
RIAs I-Cause
typically I-Cause
have I-Cause
more I-Cause
than I-Cause
one I-Cause
custodian I-Cause
, O
so O
Envestnet B-Effect
's I-Effect
open-architecture I-Effect
approach I-Effect
is I-Effect
more I-Effect
attractive I-Effect
than I-Effect
a I-Effect
custodian I-Effect
's I-Effect
offering I-Effect
. O

We B-Cause
forecast I-Cause
operating I-Cause
income I-Cause
to I-Cause
be I-Cause
broadly I-Cause
flat I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
as O
we B-Effect
await I-Effect
the I-Effect
outcome I-Effect
of I-Effect
the I-Effect
planned I-Effect
merger I-Effect
and I-Effect
acquisition I-Effect
spending I-Effect
to I-Effect
boost I-Effect
the I-Effect
growth I-Effect
rate I-Effect
. I-Effect

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
Medical I-Cause
Instruments I-Cause
& I-Cause
Suppliesbe 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

We O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
76 I-Effect
from I-Effect
$ I-Effect
70 I-Effect
per I-Effect
ADR I-Effect
after O
adding B-Cause
potential I-Cause
third-dose I-Cause
booster I-Cause
sales I-Cause
for I-Cause
Comirnaty/BNT162b2 I-Cause
, I-Cause
the I-Cause
vaccine I-Cause
against I-Cause
SARS-CoV-2 I-Cause
. O

In O
a O
housing O
downturn O
, O
the O
company O
could O
see O
a B-Cause
combination I-Cause
of I-Cause
increased I-Cause
holding I-Cause
costs I-Cause
and I-Cause
interest I-Cause
expenses I-Cause
cause O
significant B-Effect
stress I-Effect
on I-Effect
its I-Effect
financial I-Effect
results I-Effect
. O

While O
still O
small O
today O
, O
such O
startups B-Cause
have I-Cause
the I-Cause
potential I-Cause
to I-Cause
increase I-Cause
the I-Cause
degree I-Cause
of I-Cause
competition I-Cause
in I-Cause
the I-Cause
payroll/HCM I-Cause
space I-Cause
and O
make O
it O
more B-Effect
difficult I-Effect
for I-Effect
providers I-Effect
to I-Effect
win I-Effect
business I-Effect
. O

While O
Post O
is O
the O
# O
1 O
provider O
of O
eggs O
and O
potatoes O
to O
the O
food-service O
industry O
, O
the B-Cause
commoditized I-Cause
nature I-Cause
of I-Cause
these I-Cause
products I-Cause
makes O
it O
very O
difficult B-Effect
for I-Effect
Post I-Effect
to I-Effect
differentiate I-Effect
their I-Effect
offerings I-Effect
. O

Additional B-Cause
competition I-Cause
from I-Cause
well-capitalized I-Cause
investors I-Cause
could O
drive B-Effect
up I-Effect
prices I-Effect
and I-Effect
force I-Effect
Realty I-Effect
Income I-Effect
to I-Effect
either I-Effect
pursue I-Effect
fewer I-Effect
acquisitions I-Effect
, I-Effect
acquire I-Effect
at I-Effect
lower I-Effect
cap I-Effect
rates I-Effect
, I-Effect
or I-Effect
reduce I-Effect
the I-Effect
quality I-Effect
of I-Effect
properties I-Effect
it I-Effect
acquires I-Effect
. O

The B-Effect
unique I-Effect
mechanism I-Effect
of I-Effect
these I-Effect
therapies I-Effect
, I-Effect
where I-Effect
additional I-Effect
molecules I-Effect
can I-Effect
result I-Effect
in I-Effect
a I-Effect
new I-Effect
, I-Effect
more I-Effect
efficacious I-Effect
therapy I-Effect
, I-Effect
serves I-Effect
as I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
Vertex I-Effect
because O
it B-Cause
entrenches I-Cause
the I-Cause
therapies I-Cause
in I-Cause
cystic I-Cause
fibrosis I-Cause
treatment I-Cause
and I-Cause
lengthens I-Cause
the I-Cause
period I-Cause
of I-Cause
patent I-Cause
protection I-Cause
. O

Given O
the B-Cause
uncertain I-Cause
extent I-Cause
and I-Cause
duration I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
pronounced I-Cause
retreat I-Cause
we I-Cause
've I-Cause
already I-Cause
seen I-Cause
in I-Cause
global I-Cause
travel I-Cause
demand I-Cause
, O
we O
estimate O
Las B-Effect
Vegas I-Effect
Sands I-Effect
' I-Effect
total I-Effect
2020 I-Effect
revenue I-Effect
declining I-Effect
72 I-Effect
% I-Effect
( O
60 O
% O
drop O
prior O
) O
. O

Because O
there B-Cause
are I-Cause
risks I-Cause
to I-Cause
the I-Cause
patient I-Cause
when I-Cause
explanting I-Cause
a I-Cause
neurostimulation I-Cause
device I-Cause
, O
practitioners O
are B-Effect
generally I-Effect
reluctant I-Effect
to I-Effect
do I-Effect
so I-Effect
, O
unless O
there O
is O
greater O
risk O
associated O
leaving O
a O
broken O
or O
infected O
device O
inside O
the O
body O
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
growth I-Effect
driver I-Effect
will O
be O
its B-Cause
enterprise I-Cause
visibility I-Cause
and I-Cause
mobility I-Cause
segment I-Cause
, 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
7 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

Its B-Cause
software I-Cause
assigns I-Cause
users I-Cause
one I-Cause
phone I-Cause
number I-Cause
that I-Cause
can I-Cause
be I-Cause
used I-Cause
for I-Cause
all I-Cause
RingCentral I-Cause
communications I-Cause
, I-Cause
both I-Cause
on I-Cause
a I-Cause
desktop I-Cause
as I-Cause
well I-Cause
as I-Cause
on I-Cause
a I-Cause
mobile I-Cause
device. O
This O
supports B-Effect
ease I-Effect
of I-Effect
product I-Effect
interoperability I-Effect
, I-Effect
enabling I-Effect
users I-Effect
on I-Effect
the I-Effect
go I-Effect
to I-Effect
transfer I-Effect
a I-Effect
desktop I-Effect
call I-Effect
to I-Effect
their I-Effect
phone I-Effect
without I-Effect
interruption I-Effect
or I-Effect
a I-Effect
sacrifice I-Effect
in I-Effect
call I-Effect
quality I-Effect
, I-Effect
which I-Effect
is I-Effect
especially I-Effect
helpful I-Effect
in I-Effect
remote I-Effect
work I-Effect
environments I-Effect
. O

However O
, O
BAT B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Reynolds I-Cause
American I-Cause
has I-Cause
materially I-Cause
lowered I-Cause
its I-Cause
return I-Cause
on I-Cause
invested I-Cause
capital I-Cause
generation I-Cause
, O
and O
we O
expect O
the B-Effect
spreads I-Effect
over 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
to I-Effect
remain I-Effect
very I-Effect
thin I-Effect
. O

While O
Sysco O
has O
n't O
always O
leveraged O
its O
purchasing O
power O
scale O
( O
historically O
, O
each O
distribution O
center O
operated O
independently O
) O
, O
in O
2014 O
it B-Cause
began I-Cause
an I-Cause
effort I-Cause
to I-Cause
consolidate I-Cause
purchases I-Cause
, O
which O
drove B-Effect
a I-Effect
200-basis-point I-Effect
improvement I-Effect
to I-Effect
gross I-Effect
margins I-Effect
. O

In O
its O
salt O
operations O
, O
climate B-Cause
change I-Cause
could O
cause O
a O
permanent B-Effect
drop I-Effect
in I-Effect
deicing I-Effect
salt I-Effect
demand I-Effect
due O
to O
a B-Effect
reduction B-Cause
in I-Cause
snowfall I-Cause
from I-Cause
warmer I-Cause
winter I-Cause
temperatures I-Cause
as I-Effect
warmer B-Effect
climates I-Effect
shift I-Effect
north I-Effect
over I-Effect
time I-Effect
. O

In O
the O
last O
few O
years O
, O
ConocoPhillips B-Effect
has I-Effect
reshaped I-Effect
its I-Effect
portfolio I-Effect
by O
selling B-Cause
higher-cost I-Cause
, I-Cause
lower-return I-Cause
assets I-Cause
including I-Cause
natural I-Cause
gas I-Cause
production I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Many B-Cause
of I-Cause
these I-Cause
consumers I-Cause
generally I-Cause
watch I-Cause
less I-Cause
live I-Cause
television I-Cause
than I-Cause
previous I-Cause
generations I-Cause
and I-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
using I-Cause
ad-blocking I-Cause
software I-Cause
when I-Cause
using I-Cause
the I-Cause
Internet. O
Thus O
, O
the B-Effect
almost I-Effect
35,000 I-Effect
events I-Effect
that I-Effect
Live I-Effect
Nation I-Effect
held I-Effect
in I-Effect
2018 I-Effect
were I-Effect
likely I-Effect
among I-Effect
the I-Effect
most I-Effect
effective I-Effect
methods I-Effect
of I-Effect
reaching I-Effect
many I-Effect
of I-Effect
these I-Effect
young I-Effect
consumers I-Effect
. 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 O
lower B-Effect
operating I-Effect
margins I-Effect
due O
to O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
deleveraging I-Cause
. O

Beyond O
wireless O
, O
demand B-Cause
within I-Cause
some I-Cause
of I-Cause
Qorvo I-Cause
's I-Cause
end I-Cause
markets I-Cause
( I-Cause
such I-Cause
as I-Cause
defense I-Cause
and I-Cause
wireless I-Cause
infrastructure I-Cause
equipment I-Cause
) I-Cause
are I-Cause
inherently I-Cause
lumpy I-Cause
, O
which O
could O
lead B-Effect
to I-Effect
earnings I-Effect
volatility I-Effect
. O

A B-Effect
similar I-Effect
dynamic I-Effect
prevails I-Effect
in I-Effect
aluminum I-Effect
cans I-Effect
, O
which O
has O
seen O
increased O
manufacturer O
demand O
not O
only O
due O
to O
category B-Cause
dynamics I-Cause
, I-Cause
but I-Cause
also I-Cause
because I-Cause
the I-Cause
recycling I-Cause
infrastructure I-Cause
supporting I-Cause
a I-Cause
circular I-Cause
ecosystem I-Cause
is I-Cause
more I-Cause
robust I-Cause
for I-Cause
this I-Cause
packaging I-Cause
. O

The B-Cause
supply I-Cause
chain I-Cause
for I-Cause
boats I-Cause
tends I-Cause
to I-Cause
be I-Cause
somewhat I-Cause
fragile I-Cause
as O
well O
, O
relying O
on O
parts O
from O
multiple O
vendors O
( O
though O
Malibu O
has O
worked O
to O
mitigate O
some O
of O
that O
risk O
through O
vertical O
integration O
) O
, O
which O
could O
cause O
the B-Effect
company I-Effect
to I-Effect
fail I-Effect
to I-Effect
reach I-Effect
full I-Effect
production I-Effect
capacity I-Effect
and I-Effect
shipments I-Effect
. O

Regarding O
the O
retail O
point O
of O
sale O
products O
, O
our O
opinion O
is O
that O
HP B-Effect
's I-Effect
market I-Effect
share I-Effect
gain I-Effect
in I-Effect
early I-Effect
fiscal I-Effect
2018 I-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
sustain I-Effect
due O
to O
competitor B-Cause
offerings I-Cause
and I-Cause
a I-Cause
pessimistic I-Cause
outlook I-Cause
on I-Cause
the I-Cause
brick-and-mortar I-Cause
retail I-Cause
environment I-Cause
. O

Furthermore O
, O
EMR B-Cause
systems I-Cause
are I-Cause
long-term I-Cause
investments I-Cause
, I-Cause
and I-Cause
stronger I-Cause
systems I-Cause
are I-Cause
less I-Cause
likely I-Cause
to I-Cause
switch I-Cause
to I-Cause
a I-Cause
weaker I-Cause
and I-Cause
smaller I-Cause
HCIT I-Cause
provider I-Cause
with I-Cause
limited I-Cause
if I-Cause
any I-Cause
incremental I-Cause
value I-Cause
adds I-Cause
from I-Cause
their I-Cause
current I-Cause
solutions. O
Therefore O
, O
substantial B-Effect
financial I-Effect
and I-Effect
time I-Effect
risks I-Effect
exist I-Effect
for I-Effect
providers I-Effect
to I-Effect
switch I-Effect
from I-Effect
stable I-Effect
platforms I-Effect
, I-Effect
especially I-Effect
in I-Effect
a I-Effect
mature I-Effect
and I-Effect
sticky I-Effect
hospital I-Effect
EMR I-Effect
market I-Effect
. O

In O
the O
ag O
services O
and O
oil O
seeds O
business O
, O
which O
generates O
the O
majority O
of O
profits O
, O
continued B-Cause
increases I-Cause
in I-Cause
crop I-Cause
yields I-Cause
and I-Cause
new I-Cause
land I-Cause
brought I-Cause
under I-Cause
agricultural I-Cause
production I-Cause
, O
particularly O
in O
South O
America O
, O
are O
likely O
to O
lead O
to O
an B-Effect
increase I-Effect
in I-Effect
crops I-Effect
transported I-Effect
around I-Effect
the I-Effect
globe I-Effect
. O

With O
appeal B-Cause
to I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
consumers I-Cause
, O
we B-Effect
anticipate I-Effect
the I-Effect
concept I-Effect
should I-Effect
translate I-Effect
well I-Effect
to I-Effect
new I-Effect
markets I-Effect
as I-Effect
the I-Effect
chain I-Effect
grows I-Effect
toward I-Effect
its I-Effect
2,500-unit I-Effect
target I-Effect
( I-Effect
from I-Effect
1,020 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

A B-Cause
critical I-Cause
factor I-Cause
for I-Cause
both I-Cause
fields I-Cause
is I-Cause
high I-Cause
sensitivity I-Cause
under I-Cause
various I-Cause
difficult I-Cause
conditions I-Cause
, O
and O
so O
we O
believe O
Sony B-Effect
could I-Effect
leverage I-Effect
its I-Effect
strength I-Effect
to I-Effect
expand I-Effect
this I-Effect
business I-Effect
in I-Effect
the I-Effect
near I-Effect
future I-Effect
. O

Lyft B-Effect
's I-Effect
number I-Effect
of I-Effect
riders I-Effect
has I-Effect
increased I-Effect
since I-Effect
2016 I-Effect
, O
driven B-Cause
mainly I-Cause
by I-Cause
increased I-Cause
adoption I-Cause
of I-Cause
overall I-Cause
ride-sharing I-Cause
services I-Cause
plus I-Cause
Lyft I-Cause
's I-Cause
gradual I-Cause
expansion I-Cause
in I-Cause
other I-Cause
markets I-Cause
mainly I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Although O
we O
recognize O
that O
e-commerce B-Effect
sales I-Effect
spiked I-Effect
in I-Effect
2020 I-Effect
in O
response O
to O
social B-Cause
distancing I-Cause
mandates I-Cause
, O
we O
do O
not O
think O
online B-Effect
sales I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
at I-Effect
the I-Effect
same I-Effect
cadence I-Effect
and O
could O
give O
up O
some O
ground O
once O
consumers B-Cause
are I-Cause
more I-Cause
comfortable I-Cause
venturing I-Cause
outside I-Cause
the I-Cause
home I-Cause
to I-Cause
a I-Cause
greater I-Cause
extent I-Cause
. O

While O
uneven O
macro O
trends O
, O
increased O
competition O
, O
evolving O
consumer O
preferences O
, O
and O
the O
impact O
of O
coronavirus O
could O
change O
future O
consumer O
behavior O
, O
we B-Effect
remain I-Effect
optimistic I-Effect
about I-Effect
Yum I-Effect
China I-Effect
's I-Effect
longer-term I-Effect
opportunities I-Effect
, O
given O
a B-Cause
still-fragmented I-Cause
restaurant I-Cause
industry I-Cause
, I-Cause
a I-Cause
growing I-Cause
Chinese I-Cause
middle I-Cause
class I-Cause
, I-Cause
ongoing I-Cause
urbanization I-Cause
trends I-Cause
, I-Cause
and I-Cause
the I-Cause
market I-Cause
becoming I-Cause
increasingly I-Cause
conducive I-Cause
to I-Cause
franchising I-Cause
. O

We O
had O
revisited B-Effect
our I-Effect
Eaton I-Effect
thesis I-Effect
and O
came O
away O
far O
more O
bullish O
on O
the O
company O
after O
management O
made O
two O
vital O
prudent O
capital O
allocation O
decisions O
to B-Cause
sell I-Cause
the I-Cause
commoditized I-Cause
and I-Cause
secularly I-Cause
challenged I-Cause
businesses I-Cause
in I-Cause
lighting I-Cause
and I-Cause
hydraulics I-Cause
. O

While O
there O
are O
new O
entrants O
in O
both O
the O
PLM O
and O
midmarket O
CAD O
spaces O
, O
we O
think O
that O
Dassault B-Effect
Systemes I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
work I-Effect
to I-Effect
minimize I-Effect
any I-Effect
additional I-Effect
share I-Effect
new I-Effect
players I-Effect
would I-Effect
take I-Effect
in I-Effect
its I-Effect
markets I-Effect
by O
increasing B-Cause
its I-Cause
adoption I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
platform I-Cause
. O

We O
expect O
falling B-Effect
production I-Effect
costs I-Effect
and I-Effect
higher I-Effect
adoption I-Effect
rates I-Effect
to I-Effect
catalyze I-Effect
RFID I-Effect
sales I-Effect
growth I-Effect
for O
Avery B-Cause
throughout I-Cause
our I-Cause
forecast I-Cause
period I-Cause
. O

However O
, O
as O
the B-Cause
DTW I-Cause
model I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
automated I-Cause
and I-Cause
efficient I-Cause
ovens I-Cause
can I-Cause
be I-Cause
replicated I-Cause
, O
we O
do O
not B-Effect
consider I-Effect
it I-Effect
a I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
. O

If O
there B-Cause
is I-Cause
a I-Cause
significant I-Cause
data I-Cause
breach I-Cause
or I-Cause
if I-Cause
Verisign I-Cause
fails I-Cause
to I-Cause
comply I-Cause
with I-Cause
the I-Cause
terms I-Cause
of I-Cause
the I-Cause
contract I-Cause
, O
ICANN B-Cause
has I-Cause
the I-Cause
right I-Cause
to I-Cause
put I-Cause
the I-Cause
contracts I-Cause
up I-Cause
for I-Cause
bid I-Cause
, O
raising B-Effect
the I-Effect
possibility I-Effect
of I-Effect
Verisign I-Effect
losing I-Effect
its I-Effect
exclusive I-Effect
right I-Effect
to I-Effect
the I-Effect
TLDs I-Effect
, O
which O
would O
be O
catastrophic O
for O
the O
company O
. O

In O
Avery O
's O
materials O
segments O
, O
we O
expect O
that O
rising B-Cause
per-capita I-Cause
GDP I-Cause
and I-Cause
disposable I-Cause
income I-Cause
will O
drive O
increased B-Effect
penetration I-Effect
rates I-Effect
of I-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
and I-Effect
consumer I-Effect
durables I-Effect
, O
both O
of O
which O
make O
relatively O
heavy O
use O
of O
pressure O
sensitive O
labeling O
. O

Rio B-Effect
Tinto I-Effect
now I-Effect
does I-Effect
n't I-Effect
need I-Effect
massive I-Effect
capital I-Effect
expenditure I-Effect
, O
given O
that O
the B-Cause
vast I-Cause
bulk I-Cause
of I-Cause
Pilbara I-Cause
expansion I-Cause
expenditure I-Cause
( I-Cause
to I-Cause
take I-Cause
capacity I-Cause
to I-Cause
360 I-Cause
million I-Cause
tonnes I-Cause
of I-Cause
iron I-Cause
ore I-Cause
) I-Cause
is I-Cause
already I-Cause
sunk I-Cause
. O

Given O
its B-Cause
plentiful I-Cause
lot I-Cause
supply I-Cause
, O
the B-Cause
company I-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 O
to O
reduce O
the O
amount B-Effect
of I-Effect
capital I-Effect
tied I-Effect
up I-Effect
in I-Effect
land I-Effect
. O

Demand O
for O
these O
types O
of O
assets B-Cause
will I-Cause
remain I-Cause
strong I-Cause
as I-Cause
patients I-Cause
seek I-Cause
the I-Cause
best I-Cause
treatments I-Cause
from I-Cause
the I-Cause
top I-Cause
health I-Cause
systems I-Cause
, O
driving O
consistent B-Effect
patient I-Effect
volumes I-Effect
to I-Effect
their I-Effect
affiliated I-Effect
assets I-Effect
and O
thus O
increasing B-Effect
the I-Effect
rents I-Effect
that I-Effect
can I-Effect
be I-Effect
charged I-Effect
to I-Effect
doctor I-Effect
's I-Effect
groups I-Effect
that I-Effect
want I-Effect
to I-Effect
service I-Effect
these I-Effect
patients I-Effect
. O

We O
are O
decreasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Kilroy I-Effect
Realty I-Effect
to I-Effect
$ I-Effect
61 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
65 I-Effect
since O
we O
now O
expect O
the B-Cause
San I-Cause
Francisco I-Cause
submarket I-Cause
to I-Cause
be I-Cause
more I-Cause
acutely I-Cause
impacted I-Cause
by I-Cause
occupancy I-Cause
declines I-Cause
due I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

Shorter B-Cause
berthing I-Cause
and I-Cause
loading I-Cause
times I-Cause
allow O
the O
company O
to O
reduce B-Cause
costs I-Cause
and I-Cause
help I-Cause
Schnitzer I-Cause
make I-Cause
deliveries I-Cause
more I-Cause
quickly I-Cause
than I-Cause
its I-Cause
peers I-Cause
, O
which O
is O
a B-Effect
key I-Effect
value I-Effect
proposition I-Effect
in I-Effect
securing I-Effect
and I-Effect
retaining I-Effect
business I-Effect
. O

We O
estimate O
it O
will O
be O
less O
than O
20 O
% O
by O
2030 O
, O
and O
the B-Cause
company I-Cause
recently I-Cause
announced I-Cause
a I-Cause
goal I-Cause
of I-Cause
low- I-Cause
and I-Cause
no-carbon I-Cause
generation I-Cause
by I-Cause
2050 I-Cause
that O
will O
probably O
require B-Effect
the I-Effect
closure I-Effect
of I-Effect
the I-Effect
remaining I-Effect
coal I-Effect
plants I-Effect
. O

As O
China B-Cause
shifts I-Cause
its I-Cause
focus I-Cause
away I-Cause
from I-Cause
subsidizing I-Cause
the I-Cause
industrial I-Cause
sectors I-Cause
toward I-Cause
encouraging I-Cause
private I-Cause
consumption I-Cause
and I-Cause
reducing I-Cause
pollution I-Cause
, O
reforms B-Effect
should I-Effect
allow I-Effect
prices I-Effect
to I-Effect
move I-Effect
more I-Effect
closely I-Effect
with I-Effect
international I-Effect
benchmarks I-Effect
. O

In O
connected O
care O
we O
assume O
slower B-Effect
growth I-Effect
in I-Effect
monitoring I-Effect
and I-Effect
analytics I-Effect
, O
offset O
by O
higher B-Cause
growth I-Cause
in I-Cause
sleep I-Cause
and I-Cause
respiratory I-Cause
care I-Cause
. O

The O
international O
segment O
, O
heavily O
skewed O
toward O
China O
, O
features O
11.3 B-Effect
% I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
( O
excluding O
2021 O
) O
, O
driven O
primarily O
by O
new O
unit O
openings O
( O
8.5 O
% O
) O
as O
Starbucks B-Cause
continues I-Cause
to I-Cause
expand I-Cause
beyond I-Cause
Tier I-Cause
I I-Cause
cities I-Cause
. 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
which O
will O
likely O
erode O
demand B-Effect
, O
though O
the O
impact O
on O
hydrocarbon O
demand O
remains O
more O
than O
a O
decade O
away O
. O

After O
digesting O
PFG O
's O
fiscal O
second-quarter O
earnings O
, O
we O
're O
increasing O
our O
fair O
value O
estimate O
to O
$ O
34 O
from O
$ O
32.50 O
as O
bad B-Cause
debt I-Cause
expense I-Cause
is I-Cause
coming I-Cause
in I-Cause
much I-Cause
more I-Cause
favorably I-Cause
than O
we O
expected O
, O
causing O
us B-Effect
to I-Effect
lower I-Effect
our I-Effect
bad I-Effect
debt I-Effect
expense I-Effect
estimate I-Effect
to O
$ O
45 O
million O
from O
$ O
230 O
million O
previously O
. O

If O
there O
are O
any O
doubts B-Cause
over I-Cause
the I-Cause
financial I-Cause
strength I-Cause
of I-Cause
the I-Cause
parent I-Cause
bank I-Cause
, O
clients B-Effect
of I-Effect
the I-Effect
asset I-Effect
manager I-Effect
will I-Effect
withdraw I-Effect
their I-Effect
funds I-Effect
. O

We B-Effect
forecast I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
39 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
42 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
as O
SS B-Cause
& I-Cause
C I-Cause
continues I-Cause
to I-Cause
realize I-Cause
expense I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
acquisitions I-Cause
. O

Further O
, O
we O
note O
that O
Hess B-Cause
' I-Cause
geographic I-Cause
diversification I-Cause
could O
mitigate B-Effect
regulatory I-Effect
risk I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, O
at O
least O
. O

RH B-Cause
's I-Cause
prior I-Cause
reorganization I-Cause
helped I-Cause
untie I-Cause
significant I-Cause
capital I-Cause
, O
as O
the B-Cause
firm I-Cause
moved I-Cause
to I-Cause
a I-Cause
sale-leaseback I-Cause
model I-Cause
on I-Cause
new I-Cause
projects I-Cause
, I-Cause
implemented I-Cause
reverse I-Cause
logistics I-Cause
to I-Cause
liquidate I-Cause
product I-Cause
, I-Cause
and I-Cause
adjusted I-Cause
the I-Cause
distribution I-Cause
center I-Cause
footprint I-Cause
, O
which O
led O
to O
inventory B-Effect
that I-Effect
fell I-Effect
28 I-Effect
% I-Effect
between I-Effect
2016-20 I-Effect
( I-Effect
on I-Effect
33 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
same I-Effect
period I-Effect
) I-Effect
. O

While O
many O
companies O
could O
still O
find O
it O
worthwhile O
to O
move O
to O
other O
cloud O
providers O
, O
like O
AWS O
, O
we O
think O
IBM B-Effect
's I-Effect
typical I-Effect
customer I-Effect
is I-Effect
extremely I-Effect
sensitive I-Effect
to I-Effect
such I-Effect
change I-Effect
given O
the B-Cause
mission I-Cause
criticality I-Cause
of I-Cause
the I-Cause
data I-Cause
stored I-Cause
-- O
such O
as O
banking O
data O
. O

In O
our O
explicit O
forecast O
period O
, O
we O
assume O
that O
Coloplast B-Effect
's I-Effect
ostomy I-Effect
and I-Effect
continence I-Effect
care I-Effect
segments I-Effect
outpace I-Effect
market I-Effect
growth I-Effect
at O
8 O
% O
and O
7 O
% O
annually O
, O
respectively O
, O
as O
the B-Cause
firm I-Cause
rolls I-Cause
out I-Cause
new I-Cause
products I-Cause
, I-Cause
reimbursement I-Cause
policies I-Cause
for I-Cause
supplies I-Cause
remain I-Cause
stable I-Cause
, I-Cause
and I-Cause
intensifies I-Cause
efforts I-Cause
to I-Cause
cross-sell I-Cause
and I-Cause
infiltrate I-Cause
emerging I-Cause
markets I-Cause
. O

However O
, O
we O
do O
n't O
think O
the B-Effect
brands I-Effect
offer I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
by I-Effect
way I-Effect
of I-Effect
powerful I-Effect
brand I-Effect
equity I-Effect
, O
as O
we O
believe O
it B-Cause
is I-Cause
difficult I-Cause
to I-Cause
build I-Cause
long-term I-Cause
brand I-Cause
equity I-Cause
around I-Cause
celebrities I-Cause
, I-Cause
whose I-Cause
popularity I-Cause
tends I-Cause
to I-Cause
ebb I-Cause
and I-Cause
flow I-Cause
. O

Though O
Brazil O
was O
able O
to O
pass O
its O
pension O
reform O
last O
fall O
, O
we B-Effect
're I-Effect
not I-Effect
convinced I-Effect
this I-Effect
will I-Effect
return I-Effect
the I-Effect
country I-Effect
to I-Effect
growth I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
, O
with O
fiscal B-Cause
austerity I-Cause
and I-Cause
lower I-Cause
public I-Cause
spending I-Cause
likely I-Cause
required I-Cause
to I-Cause
pare I-Cause
down I-Cause
the I-Cause
large I-Cause
debt I-Cause
burden I-Cause
Brazil I-Cause
carries I-Cause
. O

Although O
patents O
are O
not O
essential O
for O
maintaining O
a O
product O
in O
the O
animal O
health O
industry O
, O
at B-Cause
least I-Cause
20 I-Cause
% I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
revenue I-Cause
comes I-Cause
from I-Cause
products I-Cause
protected I-Cause
by I-Cause
patents I-Cause
that O
allow O
Zoetis B-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
price I-Effect
and I-Effect
insulate I-Effect
it I-Effect
from I-Effect
competition I-Effect
. O

Domain O
expertise O
in O
software O
for O
pharma O
and O
biotech O
companies O
has O
proven O
to O
be O
a O
powerful O
barrier O
to O
entry O
, O
and O
as O
the B-Cause
first I-Cause
mover I-Cause
in I-Cause
this I-Cause
space I-Cause
, O
Veeva B-Effect
has I-Effect
a I-Effect
built-in I-Effect
structural I-Effect
advantage I-Effect
when O
it O
comes O
to O
sales O
& O
marketing O
costs O
compared O
with O
other O
verticals O
. O

BEV B-Effect
demand I-Effect
is O
also O
limited O
by O
current B-Cause
battery I-Cause
technology I-Cause
, O
which O
has O
a O
'' O
'' O
'' O
'' O
fast O
'' O
'' O
'' O
'' O
recharge O
time O
of O
30 O
minutes O
to O
reach O
80 O
% O
of O
battery O
capacity O
versus O
3 O
minutes O
to O
fill O
an O
average O
fuel O
tank O
. O

We O
expect O
this B-Effect
metric I-Effect
will I-Effect
normalize I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
penetration I-Cause
reaches I-Cause
critical I-Cause
mass I-Cause
and O
top-line B-Cause
growth I-Cause
begins I-Cause
to I-Cause
slow I-Cause
from I-Cause
a I-Cause
startup I-Cause
cadence I-Cause
, I-Cause
while O
the B-Cause
increasing I-Cause
magnitude I-Cause
of I-Cause
negative I-Cause
working I-Cause
capital I-Cause
skews I-Cause
the I-Cause
metric I-Cause
, O
making O
it B-Effect
less I-Effect
relevant I-Effect
than I-Effect
for I-Effect
other I-Effect
home I-Effect
furnishing I-Effect
retailers I-Effect
. O

As O
China B-Cause
's I-Cause
restaurant I-Cause
industry I-Cause
consolidates I-Cause
, O
we O
expect O
chains B-Effect
to I-Effect
increasingly I-Effect
compete I-Effect
with I-Effect
one I-Effect
another I-Effect
on I-Effect
price I-Effect
and I-Effect
product I-Effect
differentiation I-Effect
across I-Effect
multiple I-Effect
dayparts I-Effect
, I-Effect
with I-Effect
aggressive I-Effect
( I-Effect
and I-Effect
often I-Effect
irrational I-Effect
) I-Effect
promotional I-Effect
activity I-Effect
likely I-Effect
to I-Effect
escalate I-Effect
, I-Effect
resulting I-Effect
in I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Thus O
, O
even O
if O
the O
barcode O
print O
stock O
itself O
is O
relatively O
cheap O
( O
generally O
a O
fraction O
of O
a O
cent O
) O
the B-Cause
reliable I-Cause
and I-Cause
consistent I-Cause
operation I-Cause
of I-Cause
the I-Cause
barcode I-Cause
printer I-Cause
itself I-Cause
is O
essential O
, O
which O
has O
allowed O
Zebra O
to B-Effect
incrementally I-Effect
increase I-Effect
its I-Effect
gross I-Effect
margins I-Effect
for I-Effect
barcode I-Effect
printers I-Effect
over I-Effect
time I-Effect
. O

From B-Effect
an I-Effect
operational I-Effect
standpoint I-Effect
, I-Effect
we I-Effect
forecast I-Effect
that I-Effect
Truist I-Effect
will I-Effect
have I-Effect
an I-Effect
efficiency I-Effect
ratio I-Effect
in I-Effect
the I-Effect
low-50s. O
This O
will O
be O
driven O
by O
BB B-Cause
& I-Cause
T I-Cause
's I-Cause
historically I-Cause
good I-Cause
operating I-Cause
efficiency I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
material I-Cause
cost I-Cause
savings I-Cause
we I-Cause
see I-Cause
coming I-Cause
from I-Cause
the I-Cause
merger I-Cause
. O

In O
our O
base O
case O
, O
we O
assume O
revenue B-Effect
grows I-Effect
quickly I-Effect
in I-Effect
the I-Effect
near-term I-Effect
due O
to O
a B-Cause
buoyant I-Cause
market I-Cause
and I-Cause
recent I-Cause
acquisitions I-Cause
, O
and O
slows B-Effect
gradually I-Effect
in I-Effect
later I-Effect
years I-Effect
. O

However O
, O
over O
the O
next O
few O
years O
, O
we O
think O
growth B-Effect
in I-Effect
the I-Effect
pork I-Effect
segment I-Effect
will I-Effect
exceed I-Effect
long-term I-Effect
averages I-Effect
, O
due O
to O
higher B-Cause
prices I-Cause
and I-Cause
strong I-Cause
export I-Cause
demand I-Cause
given O
the O
global B-Effect
pork I-Effect
shortage I-Effect
resulting O
from O
African B-Cause
swine I-Cause
fever I-Cause
. O

However O
, O
owing O
to O
long-term B-Cause
contracts I-Cause
struck I-Cause
with I-Cause
utilities I-Cause
before I-Cause
the I-Cause
post-2003 I-Cause
surge I-Cause
in I-Cause
uranium I-Cause
prices I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
been I-Effect
unable I-Effect
to I-Effect
fully I-Effect
capture I-Effect
the I-Effect
economic I-Effect
benefits I-Effect
due I-Effect
its I-Effect
cost I-Effect
profile I-Effect
. O

Structurally B-Cause
lower I-Cause
earnings I-Cause
with I-Cause
the I-Cause
demise I-Cause
of I-Cause
the I-Cause
China I-Cause
boom I-Cause
peaks I-Cause
means O
we B-Effect
expect I-Effect
midcycle I-Effect
returns I-Effect
on I-Effect
adjusted I-Effect
invested I-Effect
capital I-Effect
, O
after O
adding O
back O
the O
impairments O
and O
write-downs O
, O
to O
be O
below O
the O
cost O
of O
capital O
. O

The B-Cause
coronavirus I-Cause
had O
a O
severe O
adverse O
effect O
on O
its O
sales B-Effect
in I-Effect
fiscal I-Effect
2021 O
as O
many O
stores O
were O
forced O
to O
close O
temporarily O
. O

Additionally O
, O
95 B-Cause
% I-Cause
of I-Cause
African I-Cause
mobile I-Cause
users I-Cause
are I-Cause
prepaid I-Cause
, O
which O
results O
in O
higher B-Effect
churn I-Effect
rates I-Effect
as O
switching B-Cause
costs I-Cause
for I-Cause
customers I-Cause
are I-Cause
low I-Cause
. O

We B-Effect
think I-Effect
there I-Effect
's I-Effect
opportunities I-Effect
to I-Effect
invest I-Effect
more I-Effect
behind I-Effect
DJ I-Effect
Basin I-Effect
assets I-Effect
, O
as B-Cause
the I-Cause
Permian I-Cause
assets I-Cause
may I-Cause
struggle I-Cause
a I-Cause
bit I-Cause
more I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
with I-Cause
tougher I-Cause
pipe-on-pipe I-Cause
competition I-Cause
due I-Cause
to I-Cause
a I-Cause
well-supplied I-Cause
pipeline I-Cause
network I-Cause
. O

However O
, O
it B-Effect
will I-Effect
not I-Effect
approach I-Effect
the I-Effect
20 I-Effect
% I-Effect
royalty I-Effect
interest I-Effect
that I-Effect
could I-Effect
be I-Effect
earned I-Effect
off I-Effect
a I-Effect
well I-Effect
, O
given O
the B-Cause
extremely I-Cause
high I-Cause
level I-Cause
of I-Cause
splintered I-Cause
ownership I-Cause
. O

Chevron B-Effect
's I-Effect
profits I-Effect
and I-Effect
cash I-Effect
flow I-Effect
are I-Effect
largely I-Effect
tied I-Effect
to I-Effect
oil I-Effect
and I-Effect
gas I-Effect
production I-Effect
and I-Effect
could I-Effect
suffer I-Effect
as O
a O
result O
of O
a B-Cause
significant I-Cause
fall I-Cause
in I-Cause
prices I-Cause
. O

Once O
these O
assets O
are O
successfully O
sold O
, O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
be I-Effect
a I-Effect
net I-Effect
acquirer I-Effect
of I-Effect
real I-Effect
estate I-Effect
as O
it B-Cause
finds I-Cause
attractive I-Cause
opportunities I-Cause
in I-Cause
its I-Cause
target I-Cause
markets I-Cause
across O
the O
West O
Coast O
. O

Although O
the B-Cause
rise I-Cause
of I-Cause
online I-Cause
grocery I-Cause
, I-Cause
hastened I-Cause
in I-Cause
part I-Cause
by O
the B-Cause
coronavirus I-Cause
crisis I-Cause
, O
certainly O
has O
some B-Effect
positive I-Effect
implications I-Effect
for I-Effect
the I-Effect
industry I-Effect
, O
it O
is O
unlikely O
to O
cause O
demand O
to O
explode O
like O
e-commerce O
did O
for O
traditional O
industrial O
space O
. O

Additionally O
, O
becoming B-Cause
a I-Cause
preferred I-Cause
vendor I-Cause
with I-Cause
global I-Cause
system I-Cause
integrators I-Cause
gives O
Okta O
a O
much O
larger B-Effect
sales I-Effect
reach I-Effect
, O
including O
the O
ability O
to O
expand O
its O
international O
footprint O
. O

Further O
, O
Darden B-Cause
's I-Cause
normalized I-Cause
( I-Cause
2019 I-Cause
) I-Cause
G I-Cause
& I-Cause
A I-Cause
expenditures I-Cause
, I-Cause
at I-Cause
4.8 I-Cause
% I-Cause
of I-Cause
system I-Cause
sales I-Cause
, O
clock O
in O
level O
with O
Brinker O
( O
Chili O
's O
, O
Maggiano O
's O
) O
, O
90 O
basis O
points O
ahead O
of O
Texas O
Roadhouse O
, O
and O
200 O
basis O
points O
ahead O
of O
The O
Cheesecake O
Factory O
, O
resulting O
in O
structurally B-Effect
higher I-Effect
operating I-Effect
margins I-Effect
( O
9.2 O
% O
at O
Darden O
against O
5.5 O
% O
, O
7.8 O
% O
, O
and O
4.2 O
% O
, O
respectively O
) O
. O

Our B-Effect
16.5 I-Effect
% I-Effect
midcycle I-Effect
assumption I-Effect
represents I-Effect
a I-Effect
80-basis-point I-Effect
expansion I-Effect
compared I-Effect
with I-Effect
the I-Effect
10-year I-Effect
median I-Effect
due O
to O
the B-Cause
increasing I-Cause
mix I-Cause
of I-Cause
software-oriented I-Cause
technologies I-Cause
in I-Cause
Aptiv I-Cause
's I-Cause
product I-Cause
portfolio I-Cause
. O

As O
millennials B-Cause
ascend I-Cause
age I-Cause
and I-Cause
income I-Cause
demographic I-Cause
segments I-Cause
, I-Cause
upgrading I-Cause
their I-Cause
living I-Cause
arrangements I-Cause
or I-Cause
purchasing I-Cause
a I-Cause
new I-Cause
home I-Cause
, O
the B-Effect
company I-Effect
can I-Effect
move I-Effect
to I-Effect
market I-Effect
higher-ticket I-Effect
and I-Effect
age-appropriate I-Effect
Pottery I-Effect
Barn I-Effect
and I-Effect
Williams-Sonoma I-Effect
products I-Effect
to I-Effect
the I-Effect
right I-Effect
consumer I-Effect
. O

The B-Cause
stringent I-Cause
capital I-Cause
requirements I-Cause
that I-Cause
the I-Cause
largest I-Cause
banks I-Cause
are I-Cause
held I-Cause
to I-Cause
give I-Cause
us I-Cause
some I-Cause
reassurance I-Cause
that O
these B-Effect
banks I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
weather I-Effect
the I-Effect
next I-Effect
economic I-Effect
downturn I-Effect
. I-Effect

It O
is O
not O
completely O
outside O
the O
realm O
of O
possibility O
that O
a B-Cause
shift I-Cause
in I-Cause
competitive I-Cause
dynamics I-Cause
could O
force B-Effect
Coke I-Effect
to I-Effect
develop I-Effect
rationales I-Effect
for I-Effect
terminating I-Effect
their I-Effect
agreement I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
mobile I-Effect
segment I-Effect
to I-Effect
grow I-Effect
11 I-Effect
% I-Effect
, O
as O
the B-Cause
decline I-Cause
of I-Cause
Candy I-Cause
Crush I-Cause
Saga I-Cause
is I-Cause
offset I-Cause
by I-Cause
growth I-Cause
from I-Cause
new I-Cause
King I-Cause
Digital I-Cause
properties I-Cause
, I-Cause
the I-Cause
reintroduction I-Cause
of I-Cause
third-party I-Cause
ads I-Cause
, I-Cause
and I-Cause
Activision/Blizzard I-Cause
mobile I-Cause
efforts I-Cause
. O

Fee B-Effect
margins I-Effect
in I-Effect
wealth I-Effect
management I-Effect
should I-Effect
remain I-Effect
under I-Effect
pressure I-Effect
as O
competition B-Cause
heats I-Cause
up I-Cause
and O
the B-Cause
high I-Cause
transactional I-Cause
revenue I-Cause
booked I-Cause
during I-Cause
2020 I-Cause
moderates I-Cause
. O

Still O
, O
there B-Cause
has I-Cause
been I-Cause
very I-Cause
minimal I-Cause
industry I-Cause
supply I-Cause
additions I-Cause
this I-Cause
decade I-Cause
that O
should O
support B-Effect
solid I-Effect
industry I-Effect
Strip I-Effect
occupancy I-Effect
, O
which O
stood O
at O
around O
90 O
% O
in O
2019 O
. O

Both B-Cause
AutoCAD I-Cause
and I-Cause
Revit I-Cause
are I-Cause
BIM I-Cause
software I-Cause
, O
and O
therefore O
, O
geometric B-Effect
and I-Effect
object I-Effect
information I-Effect
can I-Effect
be I-Effect
exported I-Effect
from I-Effect
or I-Effect
imported I-Effect
to I-Effect
AutoCAD I-Effect
and I-Effect
Revit I-Effect
programs I-Effect
. O

The B-Effect
coronavirus I-Effect
is I-Effect
likely I-Effect
to I-Effect
have I-Effect
a I-Effect
severe I-Effect
adverse I-Effect
effect I-Effect
on I-Effect
its I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
many B-Cause
stores I-Cause
have I-Cause
been I-Cause
forced I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
and I-Cause
heavy I-Cause
discounting I-Cause
is I-Cause
likely I-Cause
. O

It O
was O
believed O
that O
having B-Cause
the I-Cause
first-mover I-Cause
advantage I-Cause
with I-Cause
these I-Cause
types I-Cause
of I-Cause
products I-Cause
would O
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
additional I-Effect
revenue I-Effect
from I-Effect
licensing I-Effect
fees I-Effect
for I-Effect
an I-Effect
extended I-Effect
time I-Effect
. O

However O
, O
we O
believe O
supply B-Effect
chain I-Effect
disruptions I-Effect
and I-Effect
staffing I-Effect
issues I-Effect
due O
to O
COVID-19 B-Cause
will O
make O
it O
difficult O
for O
HEI B-Effect
to I-Effect
fully I-Effect
execute I-Effect
its I-Effect
utility I-Effect
investment I-Effect
plan I-Effect
. O

SSO B-Cause
gives I-Cause
employees I-Cause
a I-Cause
single I-Cause
way I-Cause
to I-Cause
access I-Cause
all I-Cause
their I-Cause
applications I-Cause
, O
and O
security B-Effect
teams I-Effect
can I-Effect
easily I-Effect
scale I-Effect
up I-Effect
and I-Effect
down I-Effect
application I-Effect
privileges I-Effect
per I-Effect
user I-Effect
. O

Work B-Cause
stoppages I-Cause
or I-Cause
other I-Cause
supply I-Cause
problems I-Cause
at O
these O
suppliers O
could O
disrupt B-Effect
Winnebago I-Effect
's I-Effect
supply I-Effect
chain I-Effect
and I-Effect
hurt I-Effect
its I-Effect
ability I-Effect
to I-Effect
meet I-Effect
dealer I-Effect
orders I-Effect
. O

Additionally O
, O
Texas B-Cause
Instruments I-Cause
has I-Cause
revenue I-Cause
from I-Cause
other I-Cause
products I-Cause
, O
such O
as O
calculators O
, O
that O
are O
likely B-Effect
in I-Effect
secular I-Effect
decline I-Effect
and I-Effect
may I-Effect
weigh I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
total I-Effect
top-line I-Effect
growth I-Effect
. O

Now O
we O
expect O
Insulet B-Cause
to I-Cause
move I-Cause
into I-Cause
soft I-Cause
launch I-Cause
with I-Cause
its I-Cause
own I-Cause
hybrid I-Cause
closed-loop I-Cause
Omnipod I-Cause
5 I-Cause
in I-Cause
2021 I-Cause
, I-Cause
which I-Cause
will I-Cause
include I-Cause
the I-Cause
ability I-Cause
to I-Cause
control I-Cause
the I-Cause
pump I-Cause
from I-Cause
an I-Cause
Android I-Cause
smartphone I-Cause
and I-Cause
offer I-Cause
integration I-Cause
with I-Cause
Dexcom I-Cause
's I-Cause
G6 I-Cause
continuous I-Cause
glucose I-Cause
monitor. O
This O
puts O
Insulet B-Effect
in I-Effect
a I-Effect
strong I-Effect
position I-Effect
to I-Effect
compete I-Effect
in I-Effect
a I-Effect
field I-Effect
where I-Effect
hybrid I-Effect
closed-loop I-Effect
technology I-Effect
is I-Effect
becoming I-Effect
the I-Effect
standard I-Effect
. O

Carbon O
emissions O
regulation O
is O
increasingly O
a O
topic O
of O
discussion O
, O
but O
we O
think O
CNH O
Industrial O
is O
already O
hedging B-Effect
against I-Effect
this I-Effect
risk I-Effect
through 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
carbon I-Cause
emissions I-Cause
of I-Cause
its I-Cause
products I-Cause
, I-Cause
namely I-Cause
its I-Cause
electric I-Cause
drivetrains I-Cause
. O

An B-Cause
option I-Cause
contract I-Cause
strategy I-Cause
generally O
leads O
to O
lower B-Effect
average I-Effect
land I-Effect
inventory I-Effect
on I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
higher I-Effect
, I-Effect
more I-Effect
consistent I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

During O
this O
transition O
we O
anticipate O
the B-Effect
likeliness I-Effect
of I-Effect
increasing I-Effect
customer I-Effect
concentration I-Effect
concerns I-Effect
especially O
as O
it O
develops B-Cause
new I-Cause
functionality I-Cause
to I-Cause
sell I-Cause
into I-Cause
its I-Cause
existing I-Cause
customer I-Cause
base I-Cause
both I-Cause
on I-Cause
the I-Cause
payer I-Cause
and I-Cause
provider I-Cause
side I-Cause
. O

The B-Effect
firm I-Effect
is I-Effect
a I-Effect
large I-Effect
aerostructure I-Effect
provider I-Effect
for I-Effect
both I-Effect
Boeing I-Effect
and I-Effect
Airbus I-Effect
, I-Effect
and I-Effect
the I-Effect
firm I-Effect
makes I-Effect
nearly I-Effect
all I-Effect
of I-Effect
its I-Effect
revenue I-Effect
on I-Effect
the I-Effect
original I-Effect
production I-Effect
of I-Effect
aircraft I-Effect
because O
there B-Cause
are I-Cause
not I-Cause
material I-Cause
aftermarket I-Cause
servicing I-Cause
opportunities I-Cause
for I-Cause
aerostructures I-Cause
. 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
, O
both O
of O
which O
have B-Effect
invested I-Effect
heavily I-Effect
to I-Effect
improve I-Effect
their I-Effect
products I-Effect
in I-Effect
etch I-Effect
to I-Effect
lessen I-Effect
Lam I-Effect
's I-Effect
technological I-Effect
lead I-Effect
. O

If O
performance B-Cause
deteriorates I-Cause
or I-Cause
Syneos 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

As O
a O
result O
of O
our B-Cause
revenue I-Cause
and I-Cause
SG I-Cause
& I-Cause
A I-Cause
forecast I-Cause
, O
we O
project O
operating B-Effect
margins I-Effect
reaching I-Effect
29.6 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
28.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
2029 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
8 I-Effect
% I-Effect
. O

Indeed O
, O
the B-Effect
most I-Effect
significant I-Effect
headwind I-Effect
that I-Effect
could I-Effect
cause I-Effect
a I-Effect
material I-Effect
deterioration I-Effect
of I-Effect
earnings I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
would O
be O
reduced B-Cause
steel I-Cause
pricing I-Cause
due O
to O
an B-Cause
exacerbation I-Cause
of I-Cause
global I-Cause
overcapacity I-Cause
, O
as O
a B-Cause
function I-Cause
of I-Cause
increasing I-Cause
global I-Cause
production I-Cause
capacity I-Cause
and I-Cause
stagnant I-Cause
demand I-Cause
. O

Brand B-Cause
positioning I-Cause
makes O
this O
an B-Effect
elevated I-Effect
expenditure I-Effect
targeted I-Effect
at I-Effect
a I-Effect
young I-Effect
demographic I-Effect
, O
yielding O
risk B-Effect
that I-Effect
consumers I-Effect
could I-Effect
trade I-Effect
down I-Effect
in I-Effect
the I-Effect
economic I-Effect
compression I-Effect
aggravated I-Effect
by I-Effect
COVID-19 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
this O
risk O
has O
partially O
subsided O
with O
the O
exit O
of O
the O
Mexico O
business O
. O

Revenue B-Effect
fell I-Effect
13 I-Effect
% I-Effect
in I-Effect
2020 O
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
headwinds I-Cause
, O
but O
we O
suspect O
core O
pricing O
remained O
ahead O
of O
cost O
inflation O
and O
top-line O
declines O
moderated O
in O
the O
second O
half O
. O

We O
expect O
Mattel B-Effect
to I-Effect
produce I-Effect
further I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
2021 I-Effect
( I-Effect
we I-Effect
model I-Effect
an I-Effect
11 I-Effect
% I-Effect
margin I-Effect
) I-Effect
, O
helped O
by B-Cause
the I-Cause
execution I-Cause
of I-Cause
its I-Cause
$ I-Cause
250 I-Cause
million I-Cause
cost-saving I-Cause
program I-Cause
. O

Costs B-Cause
for I-Cause
new I-Cause
transmission I-Cause
lines I-Cause
are I-Cause
too I-Cause
high I-Cause
and I-Cause
incremental I-Cause
benefits I-Cause
too I-Cause
low I-Cause
to O
offer B-Effect
sufficient I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
two I-Effect
competing I-Effect
transmission I-Effect
owners I-Effect
. O

Increased B-Cause
time I-Cause
spent I-Cause
on I-Cause
WeChat I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
has O
attracted B-Cause
third-party I-Cause
content I-Cause
creators I-Cause
( I-Cause
online I-Cause
games I-Cause
and I-Cause
media I-Cause
) I-Cause
and I-Cause
merchants I-Cause
, O
which O
is O
helping B-Effect
to I-Effect
improve I-Effect
and I-Effect
lengthen I-Effect
user I-Effect
experiences I-Effect
. O

We B-Cause
believe I-Cause
the I-Cause
biggest I-Cause
risk I-Cause
is I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
, O
which O
could B-Effect
be I-Effect
indicated I-Effect
by I-Effect
increased I-Effect
home I-Effect
inventories I-Effect
for I-Effect
sale I-Effect
, I-Effect
slower I-Effect
growth I-Effect
in I-Effect
prices I-Effect
, I-Effect
or I-Effect
higher I-Effect
mortgage I-Effect
interest I-Effect
rates I-Effect
. I-Effect

We O
expect O
the B-Effect
revcovery I-Effect
to I-Effect
be I-Effect
fairly I-Effect
steady I-Effect
, I-Effect
and I-Effect
2022 I-Effect
could I-Effect
also I-Effect
be I-Effect
an I-Effect
above-average I-Effect
year I-Effect
as O
global B-Cause
travel I-Cause
recovers I-Cause
. O

This B-Cause
shifting I-Cause
of I-Cause
inventory I-Cause
to I-Cause
the I-Cause
distributor I-Cause
reduces B-Effect
the I-Effect
need I-Effect
for I-Effect
WBA I-Effect
to I-Effect
maintain I-Effect
central I-Effect
distribution I-Effect
centers I-Effect
, I-Effect
which I-Effect
significantly I-Effect
lowers I-Effect
overhead I-Effect
expense I-Effect
. O

We B-Effect
are I-Effect
more I-Effect
comfortable I-Effect
with I-Effect
acquisitions I-Effect
in I-Effect
the I-Effect
security I-Effect
sector I-Effect
as O
we B-Cause
believe I-Cause
the I-Cause
firm I-Cause
can I-Cause
better I-Cause
leverage I-Cause
its I-Cause
business I-Cause
telecom I-Cause
relationships I-Cause
and I-Cause
can I-Cause
bundle I-Cause
these I-Cause
products I-Cause
with I-Cause
its I-Cause
other I-Cause
IT I-Cause
and I-Cause
telecom I-Cause
offerings I-Cause
. O

A B-Cause
two-way I-Cause
network I-Cause
effect I-Cause
is O
evident O
in O
that O
brokers O
need O
trucks O
, O
while O
carriers O
need O
loads O
; O
the O
more O
loads O
and O
trucks O
posted O
on O
a O
network O
of O
load O
boards O
only O
increases B-Effect
the I-Effect
value I-Effect
of I-Effect
this I-Effect
service I-Effect
over I-Effect
time I-Effect
. O

And O
we O
think O
discounting B-Cause
was I-Cause
a I-Cause
key I-Cause
culprit I-Cause
in I-Cause
operating I-Cause
margins I-Cause
tumbling I-Cause
to I-Cause
just I-Cause
3 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
at I-Cause
the I-Cause
segment I-Cause
, I-Cause
evidencing B-Effect
the I-Effect
lack I-Effect
of I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
. I-Effect

With O
the B-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
discontinuation I-Cause
of I-Cause
the I-Cause
goods I-Cause
segment I-Cause
, O
we B-Effect
expect I-Effect
Groupon I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
at I-Effect
an I-Effect
average I-Effect
rate I-Effect
of I-Effect
15 I-Effect
% I-Effect
in I-Effect
2020-24 I-Effect
. O

This B-Cause
leads O
to O
more B-Effect
collaboration I-Effect
and I-Effect
cooperation I-Effect
between I-Effect
regulators I-Effect
and I-Effect
banks I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
institutional I-Effect
memory I-Effect
and I-Effect
more I-Effect
coordinated I-Effect
and I-Effect
easily I-Effect
implemented I-Effect
responses I-Effect
if I-Effect
strains I-Effect
begin I-Effect
to I-Effect
appear I-Effect
in I-Effect
the I-Effect
system I-Effect
. O

However O
, O
we O
expect O
operating B-Effect
profit I-Effect
to I-Effect
decrease I-Effect
at I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
4.3 I-Effect
% I-Effect
from I-Effect
2020 I-Effect
to I-Effect
2025 I-Effect
mainly O
due O
to O
other B-Cause
steel I-Cause
companies I-Cause
that I-Cause
are I-Cause
included I-Cause
in I-Cause
the I-Cause
other I-Cause
non-parent I-Cause
division I-Cause
mitigated B-Effect
by I-Effect
an I-Effect
increase I-Effect
in I-Effect
profitability I-Effect
as O
a O
result O
of O
the B-Cause
growth I-Cause
opportunities I-Cause
mentioned I-Cause
. O

We O
see O
myriad B-Effect
risks I-Effect
on O
the O
horizon O
as O
Keurig B-Cause
Dr I-Cause
Pepper I-Cause
seeks I-Cause
to I-Cause
maintain I-Cause
and I-Cause
enhance I-Cause
its I-Cause
positioning I-Cause
in I-Cause
the I-Cause
broader I-Cause
beverage I-Cause
industry I-Cause
. O

While O
we O
believe O
Kingfisher O
's O
new O
strategy O
will O
better O
cater O
to O
customer O
needs O
and O
slightly O
improve O
margins O
from O
fiscal O
2019-20 O
levels O
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
the I-Effect
implementation I-Effect
to I-Effect
immediately I-Effect
translate I-Effect
into I-Effect
significant I-Effect
market I-Effect
share I-Effect
gains I-Effect
in I-Effect
France I-Effect
or I-Effect
the I-Effect
U.K. I-Effect
, O
given B-Cause
the I-Cause
highly I-Cause
competitive I-Cause
market I-Cause
with I-Cause
online I-Cause
and I-Cause
traditional I-Cause
players I-Cause
. O

More B-Cause
complex I-Cause
trials I-Cause
provide O
room O
for O
differentiation B-Effect
, O
and O
global B-Cause
CROs I-Cause
leverage I-Cause
their I-Cause
expertise I-Cause
to O
shorten B-Effect
the I-Effect
clinical I-Effect
trial I-Effect
time I-Effect
frame I-Effect
and I-Effect
ensure I-Effect
accuracy I-Effect
and I-Effect
precision I-Effect
. O

Costs B-Cause
to I-Cause
the I-Cause
tower I-Cause
provider I-Cause
are I-Cause
mostly I-Cause
fixed I-Cause
per I-Cause
tower I-Cause
, O
meaning O
costs B-Effect
to I-Effect
operate I-Effect
a I-Effect
tower I-Effect
are I-Effect
virtually I-Effect
the I-Effect
same I-Effect
whether O
a O
tower O
has O
one O
tenant O
or O
several O
tenants O
. O

Further O
, O
fully B-Cause
integrated I-Cause
producers I-Cause
that I-Cause
make I-Cause
hydroxide I-Cause
produced I-Cause
from I-Cause
high-quality I-Cause
spodumene I-Cause
assets I-Cause
can I-Cause
produce I-Cause
hydroxide I-Cause
at I-Cause
a I-Cause
lower I-Cause
cost I-Cause
than I-Cause
Livent I-Cause
, O
which O
may O
result O
in O
Livent B-Effect
's I-Effect
position I-Effect
on I-Effect
the I-Effect
lithium I-Effect
hydroxide I-Effect
cost I-Effect
curve I-Effect
rising I-Effect
over I-Effect
time I-Effect
. O

For B-Effect
2021 I-Effect
, I-Effect
we I-Effect
expect I-Effect
total I-Effect
revenue I-Effect
to I-Effect
rise I-Effect
16 I-Effect
% I-Effect
as O
heightened B-Cause
retailer I-Cause
restocking I-Cause
drives I-Cause
strong I-Cause
demand I-Cause
across I-Cause
all I-Cause
segments I-Cause
throughout I-Cause
the I-Cause
first I-Cause
half I-Cause
, I-Cause
and I-Cause
as I-Cause
intermodal I-Cause
network I-Cause
inefficiencies I-Cause
subside I-Cause
. O

Sensata B-Cause
's I-Cause
sensors I-Cause
are I-Cause
interwoven I-Cause
into I-Cause
crucial I-Cause
systems I-Cause
in I-Cause
end I-Cause
products I-Cause
, I-Cause
and I-Cause
flawless I-Cause
execution I-Cause
in I-Cause
these I-Cause
applications I-Cause
creates I-Cause
sticky I-Cause
customer I-Cause
relationships I-Cause
that O
lead O
to O
enduring B-Effect
economic I-Effect
profits I-Effect
. O

Pfizer B-Effect
's I-Effect
entrenched I-Effect
consumer I-Effect
and I-Effect
vaccine I-Effect
franchises I-Effect
create I-Effect
an I-Effect
added I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
, O
stemming B-Cause
from I-Cause
brand I-Cause
power I-Cause
in I-Cause
consumer I-Cause
healthcare I-Cause
and I-Cause
manufacturing I-Cause
cost I-Cause
advantages I-Cause
in O
the O
vaccines O
division O
. O

Automotive B-Cause
parts I-Cause
are I-Cause
often I-Cause
complex I-Cause
, O
so O
many B-Effect
consumers I-Effect
depend I-Effect
on I-Effect
AutoZone I-Effect
's I-Effect
well-trained I-Effect
sales I-Effect
staff I-Effect
for I-Effect
knowledge I-Effect
and I-Effect
advice I-Effect
as I-Effect
they I-Effect
seek I-Effect
the I-Effect
right I-Effect
item I-Effect
for I-Effect
their I-Effect
needs I-Effect
. O

The B-Cause
bank I-Cause
's I-Cause
narrow I-Cause
product I-Cause
offering I-Cause
focuses I-Cause
its I-Cause
assets I-Cause
, I-Cause
giving I-Cause
Capital I-Cause
One I-Cause
the I-Cause
benefit I-Cause
of I-Cause
scale I-Cause
in I-Cause
its I-Cause
chosen I-Cause
business I-Cause
lines. O
This O
does O
have O
the O
consequence O
of O
leaving B-Effect
the I-Effect
bank I-Effect
undiversified I-Effect
as I-Effect
it I-Effect
is I-Effect
reliant I-Effect
on I-Effect
its I-Effect
credit I-Effect
cards I-Effect
and I-Effect
auto I-Effect
lending I-Effect
business I-Effect
. O

The B-Cause
lack I-Cause
of I-Cause
pipeline I-Cause
capacity I-Cause
means I-Cause
that I-Cause
the I-Cause
Conway I-Cause
hub I-Cause
( I-Cause
home I-Cause
of I-Cause
at I-Cause
least I-Cause
500,000 I-Cause
bp/d I-Cause
of I-Cause
fractionation I-Cause
capacity I-Cause
) I-Cause
can O
not O
make B-Effect
up I-Effect
for I-Effect
the I-Effect
fractionation I-Effect
constraints I-Effect
at I-Effect
Mont I-Effect
Belvieu I-Effect
. O

Because O
a B-Cause
DRI-based I-Cause
production I-Cause
method I-Cause
is I-Cause
undertaken I-Cause
at I-Cause
lower I-Cause
temperatures I-Cause
, O
production B-Cause
equipment I-Cause
is I-Cause
also I-Cause
subject I-Cause
to I-Cause
less I-Cause
wear I-Cause
and I-Cause
tear I-Cause
, O
thereby O
allowing B-Effect
for I-Effect
lower I-Effect
maintenance I-Effect
and I-Effect
replacement I-Effect
costs I-Effect
. O

However O
, O
a B-Cause
handful I-Cause
of I-Cause
players I-Cause
dominates I-Cause
the I-Cause
industry I-Cause
, O
a O
factor O
that O
led O
to O
disciplined B-Effect
capacity I-Effect
shutdowns I-Effect
by I-Effect
all I-Effect
of I-Effect
the I-Effect
major I-Effect
companies I-Effect
during I-Effect
the I-Effect
industry I-Effect
downturn I-Effect
. O

We O
also O
expect O
coronavirus-related B-Cause
restaurant I-Cause
disruptions I-Cause
and I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have B-Effect
a I-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
and I-Effect
result I-Effect
in I-Effect
near-term I-Effect
operating I-Effect
volatility I-Effect
and I-Effect
incremental I-Effect
expenses I-Effect
. O

In B-Cause
addition I-Cause
to I-Cause
process I-Cause
development I-Cause
challenges I-Cause
( I-Cause
including I-Cause
aggressive I-Cause
scaling I-Cause
targets I-Cause
and I-Cause
new I-Cause
interconnect I-Cause
materials 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 I-Cause
AMD I-Cause
all I-Cause
contributed O
to O
Intel B-Effect
delaying I-Effect
its I-Effect
10-nm I-Effect
process I-Effect
ramp I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

Given O
the B-Cause
difficulty I-Cause
in I-Cause
determining I-Cause
every I-Cause
company I-Cause
's I-Cause
exact I-Cause
fiber I-Cause
footprint I-Cause
, O
we B-Effect
have I-Effect
to I-Effect
rely I-Effect
on I-Effect
results I-Effect
and I-Effect
returns I-Effect
on I-Effect
capital I-Effect
, I-Effect
in I-Effect
aggregate I-Effect
, I-Effect
to I-Effect
determine I-Effect
whether I-Effect
Uniti I-Effect
is I-Effect
truly I-Effect
operating I-Effect
with I-Effect
an I-Effect
efficient I-Effect
scale I-Effect
advantage I-Effect
in I-Effect
this I-Effect
segment I-Effect
. O

For O
example O
, O
competitor B-Effect
Octapharma I-Effect
was I-Effect
forced I-Effect
to I-Effect
remove I-Effect
its I-Effect
IVIG I-Effect
product I-Effect
Octagam I-Effect
from I-Effect
the I-Effect
market I-Effect
in I-Effect
2010 I-Effect
because O
of O
serious B-Cause
reported I-Cause
side I-Cause
effects I-Cause
. O

Unlike O
most O
of O
the O
other O
U.S.-based O
asset O
managers O
we O
cover O
, O
we O
are O
projecting O
an B-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
40 I-Cause
% 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
38 I-Cause
% I-Cause
-39 I-Cause
% I-Cause
during 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
7.0 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
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

We O
expect O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
hover I-Effect
just I-Effect
above I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
after O
the B-Cause
company I-Cause
's I-Cause
Cameron I-Cause
LNG I-Cause
export I-Cause
project I-Cause
came I-Cause
on I-Cause
line I-Cause
. O

Wesco B-Effect
's I-Effect
size I-Effect
is I-Effect
also I-Effect
an I-Effect
important I-Effect
competitive I-Effect
advantage I-Effect
because O
the B-Cause
company I-Cause
has I-Cause
the I-Cause
scale I-Cause
to I-Cause
serve I-Cause
large I-Cause
, I-Cause
multinational I-Cause
clients I-Cause
anywhere I-Cause
in I-Cause
the I-Cause
world I-Cause
. O

We O
expect O
distribution B-Effect
growth I-Effect
to I-Effect
slow I-Effect
in O
the O
near O
term O
as O
energy B-Cause
market I-Cause
conditions I-Cause
are I-Cause
challenging I-Cause
and I-Cause
the I-Cause
partnership I-Cause
finishes I-Cause
its I-Cause
large I-Cause
organic I-Cause
growth I-Cause
projects I-Cause
. O

We O
expect O
the B-Cause
firm I-Cause
to I-Cause
focus I-Cause
on I-Cause
cross-selling I-Cause
efforts I-Cause
between I-Cause
the I-Cause
distinct I-Cause
sets I-Cause
of I-Cause
Littelfuse I-Cause
and I-Cause
IXYS I-Cause
customers I-Cause
to O
grow B-Effect
circuit I-Effect
protection I-Effect
content I-Effect
, O
and O
for O
the B-Effect
firm I-Effect
to I-Effect
extract I-Effect
market I-Effect
share I-Effect
gains I-Effect
in I-Effect
power I-Effect
semiconductors I-Effect
by O
targeting B-Cause
the I-Cause
industrial I-Cause
and I-Cause
charging I-Cause
infrastructure I-Cause
markets I-Cause
. O

With B-Cause
restaurant I-Cause
margins I-Cause
accounting I-Cause
for I-Cause
differences I-Cause
in I-Cause
cost I-Cause
of I-Cause
food I-Cause
goods I-Cause
, I-Cause
paper I-Cause
products I-Cause
, I-Cause
labor I-Cause
, I-Cause
rent I-Cause
, I-Cause
utilities I-Cause
, I-Cause
and I-Cause
marketing I-Cause
expenditures I-Cause
, O
we B-Effect
view I-Effect
them I-Effect
as I-Effect
an I-Effect
appropriate I-Effect
proxy I-Effect
for I-Effect
a I-Effect
cost I-Effect
edge I-Effect
over I-Effect
peers I-Effect
, I-Effect
discouraging I-Effect
sustained I-Effect
price I-Effect
competition I-Effect
and I-Effect
irrational I-Effect
discounting I-Effect
, I-Effect
as I-Effect
Darden I-Effect
represents I-Effect
the I-Effect
low-cost I-Effect
operator I-Effect
in I-Effect
the I-Effect
space I-Effect
. I-Effect

During O
our O
2021-25 O
forecast O
period O
, O
we O
expect O
revenue B-Cause
to I-Cause
grow I-Cause
at I-Cause
about I-Cause
a I-Cause
9 I-Cause
% I-Cause
CAGR I-Cause
with O
strong B-Effect
growth I-Effect
in I-Effect
ESG I-Effect
and I-Effect
indexes I-Effect
. O

We O
think O
margin B-Effect
expansion I-Effect
is O
reasonable O
as O
management B-Cause
has I-Cause
implemented I-Cause
several I-Cause
cost-reduction I-Cause
initiatives I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
that O
it O
intends O
to O
continue O
over O
the O
next O
cycle O
. O

Competition O
is O
intense O
, O
and O
we B-Effect
do I-Effect
n't I-Effect
anticipate I-Effect
these I-Effect
pressures I-Effect
will I-Effect
abate I-Effect
, O
particularly O
if O
online B-Cause
purchasing I-Cause
in I-Cause
Kimberly I-Cause
's I-Cause
categories I-Cause
serves I-Cause
to I-Cause
level I-Cause
the I-Cause
playing I-Cause
field I-Cause
with I-Cause
less I-Cause
proven I-Cause
manufacturers I-Cause
. O

Also O
, O
we O
expect O
overall B-Cause
operating I-Cause
margins I-Cause
will I-Cause
expand I-Cause
to I-Cause
20.9 I-Cause
% I-Cause
in I-Cause
2025 I-Cause
from I-Cause
19.7 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
as I-Cause
the I-Cause
firm I-Cause
gains I-Cause
leverage I-Cause
on I-Cause
selling I-Cause
, I-Cause
general I-Cause
, O
and O
administrative B-Effect
as I-Effect
well I-Effect
as I-Effect
research I-Effect
and I-Effect
development I-Effect
expenses I-Effect
. O

Modern B-Cause
missiles I-Cause
are I-Cause
integrated I-Cause
with I-Cause
advanced I-Cause
targeting I-Cause
technology I-Cause
, I-Cause
and I-Cause
an I-Cause
improperly I-Cause
functioning I-Cause
missile I-Cause
could O
cause O
civilian B-Effect
or I-Effect
allied I-Effect
soldier I-Effect
casualties I-Effect
. O

Deere B-Cause
offers I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
products I-Cause
that I-Cause
enhance I-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
specifically I-Cause
through I-Cause
its I-Cause
electric I-Cause
drivetrain I-Cause
offerings. O
These O
products O
also O
help O
the B-Effect
company I-Effect
address I-Effect
carbon I-Effect
emissions I-Effect
concerns I-Effect
; I-Effect
which I-Effect
is I-Effect
increasingly I-Effect
a I-Effect
point I-Effect
of I-Effect
focus I-Effect
for I-Effect
government I-Effect
authorities I-Effect
. O

KeyCorp B-Effect
was I-Effect
hurt I-Effect
during I-Effect
the I-Effect
financial I-Effect
crisis I-Effect
largely I-Effect
because O
of O
its B-Cause
ventures I-Cause
into I-Cause
higher-risk I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
lending I-Cause
in I-Cause
out-of-footprint I-Cause
states I-Cause
. O

We O
have O
increased B-Effect
our I-Effect
2020 I-Effect
revenue I-Effect
growth I-Effect
estimate I-Effect
to I-Effect
42 I-Effect
% I-Effect
from I-Effect
32 I-Effect
% I-Effect
, O
as O
early O
indications O
are O
than O
ad B-Cause
spending I-Cause
has 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

The B-Cause
company I-Cause
is I-Cause
exiting I-Cause
construction I-Cause
and I-Cause
lump-sum I-Cause
engineering I-Cause
, O
procurement O
, O
and O
construction O
( O
including O
LNG O
) O
projects O
, O
which O
we O
believe O
will O
result B-Effect
in I-Effect
a I-Effect
less I-Effect
risky I-Effect
and I-Effect
more I-Effect
profitable I-Effect
portfolio I-Effect
. O

With O
the O
notoriously O
slowly B-Cause
moving I-Cause
restaurant I-Cause
industry I-Cause
forced I-Cause
to I-Cause
make I-Cause
widespread I-Cause
investments I-Cause
in I-Cause
technology I-Cause
in O
2020 O
, O
we O
expect O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
omnichannel B-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
ordering I-Effect
capabilities I-Effect
to I-Effect
become I-Effect
a I-Effect
required I-Effect
offering I-Effect
from I-Effect
larger I-Effect
players I-Effect
. O

We B-Effect
project I-Effect
operating I-Effect
margins I-Effect
to I-Effect
reach I-Effect
13 I-Effect
% I-Effect
before I-Effect
moderating I-Effect
to I-Effect
our I-Effect
nearly I-Effect
12 I-Effect
% I-Effect
midcycle I-Effect
assumption I-Effect
, O
as O
we B-Cause
assume I-Cause
customers I-Cause
will I-Cause
increasingly I-Cause
adopt I-Cause
higher-margin I-Cause
fuel-efficient I-Cause
engines I-Cause
. O

In O
the O
longer O
term O
, O
we O
expect O
TAL O
Education O
to O
accelerate O
its O
growth O
via O
strong O
organic O
growth O
from O
both O
offline O
and O
online O
courses O
, O
and O
it O
is O
likely O
to O
gain B-Effect
more I-Effect
market I-Effect
shares I-Effect
due O
to O
its B-Cause
leading I-Cause
position I-Cause
in I-Cause
China I-Cause
's I-Cause
private I-Cause
after-school I-Cause
education I-Cause
market I-Cause
. O

While B-Cause
Behr I-Cause
's I-Cause
and I-Cause
Home I-Cause
Depot I-Cause
's I-Cause
joint I-Cause
effort I-Cause
to I-Cause
gain I-Cause
professional I-Cause
painter I-Cause
market I-Cause
share I-Cause
should B-Effect
result I-Effect
in I-Effect
better I-Effect
long-term I-Effect
growth I-Effect
prospects I-Effect
if I-Effect
successful I-Effect
, O
elevated B-Effect
investment I-Effect
spending I-Effect
and I-Effect
competition I-Effect
from I-Effect
Sherwin-Williams I-Effect
, I-Effect
PPG I-Effect
, I-Effect
and I-Effect
Benjamin I-Effect
Moore I-Effect
to I-Effect
maintain I-Effect
share I-Effect
could I-Effect
result I-Effect
in I-Effect
lower I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Rewriting B-Cause
software I-Cause
to I-Cause
run I-Cause
on I-Cause
a I-Cause
different I-Cause
architecture I-Cause
is O
a O
considerable O
hurdle O
that O
we O
think O
will O
stifle O
ARM B-Effect
inertia I-Effect
in O
the O
coming O
years O
. O

Additionally O
, O
although O
its O
adoption O
might O
be O
very O
gradual O
, O
we O
expect O
increased B-Cause
choline I-Cause
inclusion I-Cause
in I-Cause
prenatal I-Cause
vitamins I-Cause
in O
response O
to O
several O
recent O
studies O
highlighting O
its O
effectiveness O
in O
promoting B-Effect
fetal I-Effect
brain I-Effect
development I-Effect
. O

We B-Effect
assign I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
Siemens B-Cause
operates I-Cause
in I-Cause
disparate I-Cause
markets I-Cause
with I-Cause
countercyclical I-Cause
and I-Cause
long-cycle I-Cause
businesses I-Cause
offsetting I-Cause
the I-Cause
higher I-Cause
cyclicality I-Cause
of I-Cause
others I-Cause
. O

Additionally O
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
face I-Effect
increasing I-Effect
competition I-Effect
from O
McDonald B-Cause
's I-Cause
and I-Cause
other I-Cause
Western I-Cause
and I-Cause
Chinese I-Cause
quick-service I-Cause
restaurant I-Cause
rivals I-Cause
as I-Cause
they I-Cause
look I-Cause
to I-Cause
expand I-Cause
across I-Cause
the I-Cause
region I-Cause
and I-Cause
other I-Cause
emerging I-Cause
markets I-Cause
. O

More B-Cause
than I-Cause
1,200 I-Cause
company-owned I-Cause
locations I-Cause
were I-Cause
sold I-Cause
to I-Cause
franchisees I-Cause
after I-Cause
the I-Cause
3G I-Cause
acquisition I-Cause
, O
resulting O
in O
99 B-Effect
% I-Effect
of I-Effect
systemwide I-Effect
restaurants I-Effect
now I-Effect
being I-Effect
operated I-Effect
by I-Effect
franchisees I-Effect
and I-Effect
licensees I-Effect
. O

Potential B-Effect
data I-Effect
breaches I-Effect
, I-Effect
given I-Effect
Rogers I-Effect
' I-Effect
access I-Effect
and I-Effect
transport I-Effect
of I-Effect
sensitive I-Effect
data I-Effect
, O
and O
business B-Cause
disruptions I-Cause
of I-Cause
what I-Cause
is I-Cause
now I-Cause
essentially I-Cause
a I-Cause
utility I-Cause
would O
also O
be O
risks O
. O

Through O
its B-Cause
2012 I-Cause
acquisition I-Cause
of I-Cause
Dako I-Cause
, O
Agilent B-Cause
enjoys I-Cause
a I-Cause
top-tier I-Cause
position I-Cause
in I-Cause
the I-Cause
anatomical I-Cause
pathology I-Cause
market I-Cause
for I-Cause
tissue-based I-Cause
cancer I-Cause
diagnostics I-Cause
, O
making B-Effect
it I-Effect
a I-Effect
major I-Effect
player I-Effect
with I-Effect
top-tier I-Effect
diagnostic I-Effect
firms I-Effect
Roche I-Effect
and I-Effect
Danaher I-Effect
. O

In O
our O
view O
, O
more B-Effect
social I-Effect
currency I-Effect
accrues I-Effect
to I-Effect
the I-Effect
typical I-Effect
individual I-Effect
as O
their B-Cause
consumption I-Cause
skews I-Cause
to I-Cause
the I-Cause
higher I-Cause
end I-Cause
of I-Cause
the I-Cause
price I-Cause
spectrum I-Cause
. O

Other B-Effect
internal I-Effect
catalysts I-Effect
for I-Effect
top-line I-Effect
growth I-Effect
could O
come O
from O
the B-Cause
firm I-Cause
's I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
, O
improved O
merchandising O
technology O
, O
and O
penetration O
of O
adjacent O
customer O
product O
segments O
, O
bolstered O
by O
the O
pending O
acquisition O
of O
HD O
Supply O
. O

However O
, O
Polaris B-Cause
' I-Cause
brands I-Cause
do I-Cause
not I-Cause
benefit I-Cause
from I-Cause
switching I-Cause
costs I-Cause
, I-Cause
and I-Cause
with I-Cause
peers I-Cause
innovating I-Cause
more I-Cause
quickly I-Cause
than I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
it O
could O
jeopardize B-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
take I-Effect
price I-Effect
and I-Effect
share I-Effect
consistently I-Effect
, I-Effect
particularly I-Effect
in I-Effect
periods I-Effect
of I-Effect
inflated I-Effect
recalls I-Effect
or I-Effect
aggressive I-Effect
industry I-Effect
discounting I-Effect
. O

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

The B-Effect
operating I-Effect
margin I-Effect
is I-Effect
likely I-Effect
to I-Effect
expand I-Effect
in I-Effect
2024 I-Effect
and I-Effect
2025 I-Effect
to I-Effect
nearly I-Effect
39 I-Effect
% I-Effect
, O
as O
lower B-Cause
growth I-Cause
in I-Cause
operating I-Cause
expenses I-Cause
( O
driven O
by O
more O
automation O
of O
content O
, O
data O
, O
and O
user O
monitoring O
) O
, O
coupled B-Cause
with I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
will I-Cause
create I-Cause
operating I-Cause
leverage I-Cause
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Grubhub I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
as O
the B-Cause
firm I-Cause
is I-Cause
in I-Cause
a I-Cause
crowded I-Cause
space I-Cause
with I-Cause
competition I-Cause
from I-Cause
both I-Cause
larger I-Cause
and I-Cause
smaller I-Cause
companies I-Cause
. O

We O
suspect 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 I-Cause
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

Consumers O
have O
limited O
discretionary O
dollars O
to O
spend O
, 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
EA I-Effect
's I-Effect
cash I-Effect
flow I-Effect
. O

Additionally O
, O
Williams-Sonoma B-Effect
's I-Effect
fundamental I-Effect
demand I-Effect
is O
tied O
somewhat O
to O
the O
performance B-Effect
of I-Effect
the I-Effect
domestic I-Effect
home I-Effect
improvement I-Effect
market I-Effect
( I-Effect
which I-Effect
we I-Effect
believe I-Effect
will I-Effect
grow I-Effect
3 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
) I-Effect
and O
consumer B-Cause
confidence I-Cause
, I-Cause
which I-Cause
can I-Cause
to I-Cause
fluctuate I-Cause
over I-Cause
an I-Cause
economic I-Cause
cycle I-Cause
, O
driving B-Effect
volatility I-Effect
in I-Effect
sales I-Effect
. O

To O
more B-Cause
quantitatively I-Cause
orient I-Cause
our I-Cause
thoughts I-Cause
regarding I-Cause
the I-Cause
company I-Cause
's I-Cause
cost I-Cause
positioning I-Cause
, O
we O
use B-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
per I-Effect
hectoliter I-Effect
as I-Effect
an I-Effect
indicator I-Effect
for I-Effect
procurement I-Effect
leverage I-Effect
, I-Effect
along I-Effect
with I-Effect
HLs I-Effect
per I-Effect
brewery I-Effect
as I-Effect
an I-Effect
indicator I-Effect
of I-Effect
brewery I-Effect
productivity I-Effect
and I-Effect
attendant I-Effect
capacity I-Effect
utilization I-Effect
. O

Additionally O
, O
as O
it B-Cause
moves I-Cause
into I-Cause
new I-Cause
middleweight I-Cause
and I-Cause
small I-Cause
displacement I-Cause
product I-Cause
categories I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
offset I-Cause
domestic I-Cause
declines I-Cause
, O
it O
risks O
the O
inability O
to B-Effect
market I-Effect
properly I-Effect
to I-Effect
a I-Effect
new I-Effect
consumer I-Effect
base I-Effect
. O

Although B-Cause
customers I-Cause
outline I-Cause
the I-Cause
specific I-Cause
flavor I-Cause
and I-Cause
fragrance I-Cause
profiles I-Cause
they I-Cause
are I-Cause
looking I-Cause
to I-Cause
achieve I-Cause
, I-Cause
the I-Cause
resulting I-Cause
intellectual I-Cause
property I-Cause
developed I-Cause
by I-Cause
International I-Cause
Flavors I-Cause
& I-Cause
amp I-Cause
; I-Cause
Fragrances I-Cause
stays I-Cause
with I-Cause
the I-Cause
company. O
This O
establishes B-Effect
valuable I-Effect
intangible I-Effect
assets I-Effect
that I-Effect
allow I-Effect
IFF I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profit I-Effect
over I-Effect
the I-Effect
life I-Effect
cycle I-Effect
of I-Effect
the I-Effect
products I-Effect
in I-Effect
which I-Effect
the I-Effect
proprietary I-Effect
formulations I-Effect
are I-Effect
used I-Effect
. O

Although O
the O
present O
environment O
poses O
unique O
challenges O
, O
the B-Cause
off-price I-Cause
sector I-Cause
has I-Cause
performed I-Cause
well I-Cause
in I-Cause
such I-Cause
situations I-Cause
historically I-Cause
( O
Ross O
and O
TJX O
saw O
low- O
to O
mid-single-digit O
percentage O
comparable O
growth O
in O
2008-09 O
) O
, O
and O
we O
expect O
Burlington B-Effect
to I-Effect
exit I-Effect
the I-Effect
crisis I-Effect
in I-Effect
better I-Effect
shape I-Effect
than I-Effect
full-price I-Effect
retailers I-Effect
. O

We O
also O
think O
the B-Effect
company I-Effect
's I-Effect
global I-Effect
reach I-Effect
will I-Effect
continue I-Effect
to I-Effect
resonate I-Effect
, O
and O
its B-Cause
already I-Cause
strong I-Cause
presence I-Cause
within I-Cause
rapidly I-Cause
growing I-Cause
emerging I-Cause
markets I-Cause
to O
expand O
further O
. O

In O
2019 O
, O
PBMs O
represented O
2.5 O
% O
of O
the O
global O
ground O
meat O
market O
, O
and O
we O
expect O
penetration B-Effect
into I-Effect
the I-Effect
meat I-Effect
category I-Effect
to I-Effect
be I-Effect
robust I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
as O
restaurants B-Cause
and I-Cause
retailers I-Cause
across I-Cause
the I-Cause
globe I-Cause
offer I-Cause
the I-Cause
new I-Cause
meat-like I-Cause
products I-Cause
. O

And O
, O
in O
an O
effort O
to O
offset B-Effect
hefty I-Effect
raw I-Effect
material I-Effect
inflation I-Effect
( O
which O
management O
now O
pegs O
at O
$ O
900 O
million O
to O
$ O
1.1 O
billion O
in O
fiscal O
2021 O
, O
up O
from O
$ O
450 O
million O
to O
$ O
600 O
million O
prior O
) O
, O
Kimberly O
plans O
to O
raise B-Cause
prices I-Cause
across I-Cause
its I-Cause
mix I-Cause
at I-Cause
mid- I-Cause
to I-Cause
high-single-digit I-Cause
rates I-Cause
beginning I-Cause
in I-Cause
late I-Cause
June I-Cause
. O

Slack B-Cause
offers I-Cause
a I-Cause
freemium I-Cause
model I-Cause
and I-Cause
caters I-Cause
to I-Cause
companies I-Cause
of I-Cause
all I-Cause
sizes I-Cause
, O
which O
means O
revenue B-Effect
is I-Effect
concentrated I-Effect
among I-Effect
the I-Effect
largest I-Effect
customers I-Effect
. O

Beginning O
in O
1998 O
as O
a O
roll-up O
of O
auto O
salvage O
companies O
in O
the O
fragmented O
North O
American O
market O
, O
LKQ B-Effect
quickly I-Effect
grew I-Effect
its I-Effect
operations I-Effect
through I-Effect
more I-Effect
than I-Effect
280 I-Effect
acquisitions I-Effect
and O
by B-Cause
increasing I-Cause
its I-Cause
market I-Cause
penetration I-Cause
with I-Cause
an I-Cause
ever-expanding I-Cause
catalog I-Cause
. I-Cause

We O
attribute O
AMN B-Effect
's I-Effect
network I-Effect
effect I-Effect
to O
its B-Cause
traditional I-Cause
staffing I-Cause
business I-Cause
, I-Cause
with I-Cause
its I-Cause
crux I-Cause
in I-Cause
AMN I-Cause
's I-Cause
primary I-Cause
business I-Cause
: I-Cause
the I-Cause
staffing I-Cause
of I-Cause
long-term I-Cause
and I-Cause
temporary I-Cause
nurses I-Cause
across I-Cause
several I-Cause
specialties I-Cause
, I-Cause
to I-Cause
a I-Cause
plethora I-Cause
of I-Cause
leading I-Cause
healthcare I-Cause
providers I-Cause
. O

Still O
, O
we O
think O
the B-Effect
greatest I-Effect
margin I-Effect
improvement I-Effect
will O
come O
from O
gross B-Cause
margin I-Cause
expansion I-Cause
as O
the O
company O
grows O
out O
of O
relatively O
new O
discounted O
subscription O
contracts O
and O
also O
depends O
proportionally O
less O
on O
its O
low-margin O
services O
business O
. O

Benefiting O
from O
a B-Cause
cost I-Cause
advantage I-Cause
and I-Cause
protected I-Cause
by I-Cause
intangible I-Cause
assets I-Cause
, O
aggregates B-Effect
and I-Effect
cement I-Effect
companies I-Effect
tend I-Effect
to I-Effect
enjoy I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
. O

We O
think O
Aon O
will O
enjoy O
a O
mix O
of O
tailwinds O
and O
headwinds O
in O
the O
near O
term O
, O
but O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
has B-Effect
been I-Effect
a I-Effect
modest I-Effect
weight I-Effect
on I-Effect
near-term I-Effect
results I-Effect
. O

This O
is O
particularly O
true O
in O
searching O
for O
general O
information O
, O
because O
it B-Cause
is I-Cause
still I-Cause
a I-Cause
necessity I-Cause
, O
and O
Baidu B-Effect
has I-Effect
a I-Effect
dominant I-Effect
market I-Effect
share I-Effect
of I-Effect
over I-Effect
70 I-Effect
% I-Effect
in I-Effect
search I-Effect
. O

This B-Effect
means I-Effect
oil I-Effect
price I-Effect
volatility I-Effect
leads I-Effect
to I-Effect
short-term I-Effect
volatility I-Effect
in I-Effect
revenue I-Effect
, O
as O
Viper B-Cause
is I-Cause
paid I-Cause
a I-Cause
percentage I-Cause
of I-Cause
what I-Cause
the I-Cause
operator I-Cause
obtains I-Cause
. O

We O
're O
projecting O
deliveries B-Effect
reaching I-Effect
roughly I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2024 I-Effect
and I-Effect
substantial I-Effect
negative I-Effect
operating I-Effect
leverage I-Effect
in I-Effect
the I-Effect
near-term I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

Our B-Effect
volume I-Effect
forecast I-Effect
is I-Effect
muted I-Effect
by B-Cause
the I-Cause
emergence I-Cause
of I-Cause
cheaper I-Cause
suppliers I-Cause
in I-Cause
lower-cost I-Cause
labor I-Cause
countries I-Cause
; O
however O
, O
Canopy B-Cause
's I-Cause
production I-Cause
expansion I-Cause
into I-Cause
Colombia I-Cause
and I-Cause
Lesotho I-Cause
helps B-Effect
protect I-Effect
its I-Effect
share I-Effect
. O

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

By O
concentrating B-Cause
purchases I-Cause
, O
Five B-Effect
Below I-Effect
becomes I-Effect
more I-Effect
valuable I-Effect
to I-Effect
its I-Effect
vendors I-Effect
while O
ensuring B-Effect
the I-Effect
volume I-Effect
needed I-Effect
to I-Effect
hold I-Effect
per-item I-Effect
shipping I-Effect
and I-Effect
logistics I-Effect
costs I-Effect
down I-Effect
, O
creating B-Effect
further I-Effect
fuel I-Effect
to I-Effect
feed I-Effect
the I-Effect
chain I-Effect
's I-Effect
value-oriented I-Effect
message I-Effect
. O

As O
Church B-Cause
& I-Cause
Dwight I-Cause
continues I-Cause
to I-Cause
purchase I-Cause
leading I-Cause
brands I-Cause
to I-Cause
capture I-Cause
market I-Cause
share I-Cause
, O
we O
worry O
it B-Effect
will I-Effect
extend I-Effect
itself I-Effect
too I-Effect
far I-Effect
into I-Effect
categories I-Effect
with I-Effect
which I-Effect
it I-Effect
is I-Effect
not I-Effect
as I-Effect
familiar I-Effect
. O

In O
directional O
drilling O
, O
for O
example O
, O
National O
Oilwell O
has O
focused O
on O
downhole O
drilling O
motors O
, O
which O
the B-Effect
other I-Effect
integrated-services I-Effect
companies I-Effect
years I-Effect
ago I-Effect
de-emphasized I-Effect
owing O
to O
the B-Cause
increasing I-Cause
competitiveness I-Cause
and I-Cause
lower I-Cause
margins I-Cause
. O

As O
potash B-Cause
prices I-Cause
recover I-Cause
, O
we O
forecast O
Mosaic B-Effect
's I-Effect
production I-Effect
will I-Effect
eventually I-Effect
rise I-Effect
to I-Effect
12 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
, O
with O
all O
incremental O
volumes O
coming O
from O
the O
low-cost O
K3 O
potash O
mine O
. O

This B-Cause
dynamic I-Cause
tends I-Cause
to I-Cause
keep I-Cause
spinal I-Cause
surgeons I-Cause
loyal I-Cause
to I-Cause
Medtronic I-Cause
's I-Cause
products I-Cause
, O
as O
long O
as O
the B-Effect
company I-Effect
does I-Effect
not I-Effect
fall I-Effect
too I-Effect
far I-Effect
behind I-Effect
its I-Effect
competitors I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
introducing I-Effect
new I-Effect
technology I-Effect
. O

Hanes B-Effect
owns I-Effect
factories I-Effect
in I-Effect
Latin I-Effect
America I-Effect
and I-Effect
the I-Effect
Caribbean I-Effect
and I-Effect
can I-Effect
produce I-Effect
basic I-Effect
apparel I-Effect
at I-Effect
least I-Effect
as I-Effect
efficiently I-Effect
as I-Effect
others I-Effect
because O
it B-Cause
has I-Cause
the I-Cause
greatest I-Cause
volume I-Cause
. O

Biosimilars B-Cause
( I-Cause
follow-on I-Cause
versions I-Cause
of I-Cause
branded I-Cause
biologics I-Cause
) I-Cause
are I-Cause
associated I-Cause
with I-Cause
significantly I-Cause
higher I-Cause
costs I-Cause
of I-Cause
manufacturing I-Cause
, I-Cause
clinical I-Cause
trials I-Cause
, I-Cause
and I-Cause
marketing I-Cause
than O
traditional O
small-molecule O
generics O
, O
and O
therefore O
have B-Effect
not I-Effect
had I-Effect
as I-Effect
dramatic I-Effect
an I-Effect
impact I-Effect
on I-Effect
branded I-Effect
drug I-Effect
sales I-Effect
at I-Effect
launch I-Effect
. O

Caterpillar B-Cause
focuses I-Cause
on I-Cause
providing I-Cause
the I-Cause
lowest I-Cause
total I-Cause
cost I-Cause
of I-Cause
ownership I-Cause
, O
so O
the B-Effect
robust I-Effect
service I-Effect
Caterpillar I-Effect
can I-Effect
offer I-Effect
its I-Effect
customers I-Effect
is I-Effect
a I-Effect
source I-Effect
of I-Effect
competitive I-Effect
strength I-Effect
. O

While O
we O
think O
new O
competitors O
could O
enter O
through O
the O
e-commerce O
channel O
, O
in O
our O
opinion O
they B-Effect
would I-Effect
be I-Effect
limited I-Effect
to I-Effect
operating I-Effect
in I-Effect
few I-Effect
and I-Effect
particular I-Effect
categories I-Effect
because O
of O
the B-Cause
prohibitive I-Cause
shipping I-Cause
costs I-Cause
numerous I-Cause
products I-Cause
entail I-Cause
. O

We B-Cause
anticipate I-Cause
the I-Cause
pandemic I-Cause
will I-Cause
also I-Cause
support I-Cause
an I-Cause
uptick I-Cause
in I-Cause
demand I-Cause
for I-Cause
heart-lung I-Cause
machines I-Cause
, I-Cause
associated I-Cause
consumables I-Cause
, I-Cause
and I-Cause
the I-Cause
TandemLife I-Cause
extracorporeal I-Cause
membrane I-Cause
oxygenation I-Cause
machines I-Cause
that O
will O
partially B-Effect
offset I-Effect
the I-Effect
neuromodulation I-Effect
decline I-Effect
. O

These B-Cause
firms I-Cause
present I-Cause
a I-Cause
new I-Cause
wave I-Cause
of I-Cause
merger I-Cause
opportunities I-Cause
for I-Cause
the I-Cause
industry I-Cause
consolidators I-Cause
, I-Cause
including I-Cause
Diageo I-Cause
, O
to O
strengthen O
their B-Effect
presence I-Effect
in I-Effect
developing I-Effect
markets I-Effect
. O

Although O
tobacco B-Cause
companies I-Cause
spend I-Cause
roughly I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
in I-Cause
marketing I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
roughly I-Cause
two-thirds I-Cause
is I-Cause
spent I-Cause
on I-Cause
price I-Cause
discounts I-Cause
to O
reduce B-Effect
the I-Effect
cost I-Effect
of I-Effect
cigarettes I-Effect
to I-Effect
consumers I-Effect
. O

Previously O
undiscovered B-Cause
soil I-Cause
and I-Cause
ground I-Cause
water I-Cause
contamination I-Cause
on I-Cause
operating I-Cause
sites I-Cause
could O
lead O
to O
material B-Effect
fines I-Effect
or I-Effect
other I-Effect
penalties I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

With O
the B-Cause
majority I-Cause
of I-Cause
its I-Cause
linerboard I-Cause
and I-Cause
medium I-Cause
constructed I-Cause
from I-Cause
virgin I-Cause
fiber I-Cause
, O
WestRock B-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
softwood I-Cause
chip I-Cause
prices I-Cause
could I-Cause
increase I-Cause
substantially I-Cause
, O
forcing O
virgin B-Cause
fiber I-Cause
manufacturers I-Cause
to I-Cause
live I-Cause
with I-Cause
tighter I-Cause
margins I-Cause
to O
remain B-Effect
cost-competitive I-Effect
with I-Effect
recycled I-Effect
manufacturers I-Effect
. O

The B-Effect
registration I-Effect
process I-Effect
serves I-Effect
as I-Effect
a I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
would-be I-Effect
competitors I-Effect
: O
Even B-Cause
if I-Cause
they I-Cause
were I-Cause
to I-Cause
enter I-Cause
the I-Cause
market I-Cause
, I-Cause
they I-Cause
would I-Cause
have I-Cause
to I-Cause
disrupt I-Cause
sticky I-Cause
business I-Cause
relationships I-Cause
that I-Cause
Balchem I-Cause
enjoys I-Cause
due I-Cause
to I-Cause
its I-Cause
reputation I-Cause
as I-Cause
a I-Cause
reliable I-Cause
supplier I-Cause
. O

As O
economic B-Cause
conditions I-Cause
recover I-Cause
, O
we O
think O
KCS B-Effect
has I-Effect
slightly I-Effect
higher I-Effect
volume I-Effect
growth I-Effect
potential I-Effect
( I-Effect
albeit I-Effect
with I-Effect
higher I-Effect
risk I-Effect
) I-Effect
through I-Effect
its I-Effect
cross-border I-Effect
exposure I-Effect
to I-Effect
Mexico I-Effect
, I-Effect
including I-Effect
Mexican I-Effect
energy I-Effect
reform I-Effect
shipments I-Effect
( I-Effect
inbound I-Effect
refined I-Effect
products I-Effect
) I-Effect
. O

This B-Effect
adds I-Effect
another I-Effect
layer I-Effect
of I-Effect
risk I-Effect
if O
the B-Cause
firm I-Cause
markets I-Cause
improperly I-Cause
to I-Cause
new I-Cause
audiences I-Cause
in I-Cause
new I-Cause
markets I-Cause
, O
which O
could O
have O
significantly O
different O
consumption O
preferences O
than O
. O

While O
we O
continue O
to O
expect O
strong B-Effect
growth I-Effect
through O
2021 O
due O
to O
the B-Cause
ongoing I-Cause
COVID-19 I-Cause
crisis I-Cause
, O
we O
also O
assume O
Qiagen B-Effect
's I-Effect
results I-Effect
return I-Effect
to I-Effect
more I-Effect
normalized I-Effect
levels I-Effect
beyond B-Cause
that I-Cause
. O

Repair O
shops O
often O
require O
delivery O
of O
purchased O
components O
within O
less O
than O
an O
hour O
of O
placing O
an O
order O
, O
creating B-Effect
a I-Effect
last-mile I-Effect
delivery I-Effect
expectation I-Effect
that O
is O
difficult O
to O
meet O
without O
an B-Cause
extensive I-Cause
store I-Cause
and I-Cause
warehouse I-Cause
network I-Cause
. O

With O
SolidWorks B-Cause
being I-Cause
considered I-Cause
the I-Cause
industry I-Cause
standard I-Cause
for I-Cause
many I-Cause
of I-Cause
its I-Cause
solutions I-Cause
, I-Cause
specifically I-Cause
within I-Cause
product I-Cause
manufacturing I-Cause
, I-Cause
universities I-Cause
are I-Cause
convinced I-Cause
to I-Cause
continue I-Cause
teaching I-Cause
the I-Cause
software I-Cause
in I-Cause
its I-Cause
programs I-Cause
, O
which O
drives O
firms B-Effect
to I-Effect
continue I-Effect
using I-Effect
this I-Effect
industry I-Effect
standard I-Effect
, O
causing O
universities B-Effect
to I-Effect
continue I-Effect
to I-Effect
teach I-Effect
the I-Effect
software I-Effect
in I-Effect
their I-Effect
technical I-Effect
curriculums I-Effect
. O

Led O
by O
6 B-Cause
% I-Cause
growth I-Cause
in I-Cause
China I-Cause
, I-Cause
36 I-Cause
% I-Cause
digital I-Cause
growth I-Cause
, I-Cause
and I-Cause
solid I-Cause
sales I-Cause
in I-Cause
Europe I-Cause
, O
the B-Effect
firm I-Effect
outperformed I-Effect
our I-Effect
sales I-Effect
and I-Effect
earnings I-Effect
estimates I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
. O

As O
Tyler B-Cause
continues I-Cause
to I-Cause
benefit I-Cause
from I-Cause
larger I-Cause
deals I-Cause
, O
we O
believe O
it B-Effect
will I-Effect
bump I-Effect
into I-Effect
the I-Effect
larger I-Effect
horizontal I-Effect
software I-Effect
companies I-Effect
more I-Effect
frequently I-Effect
. O

We O
expect O
Magellan B-Cause
to I-Cause
continue I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
stable I-Cause
environment I-Cause
for I-Cause
its I-Cause
refined I-Cause
product I-Cause
footprint I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
, O
which O
will O
serve O
as O
the O
cash B-Effect
cow I-Effect
for I-Effect
its I-Effect
investments I-Effect
in I-Effect
crude I-Effect
oil I-Effect
pipelines I-Effect
and I-Effect
other I-Effect
investments I-Effect
as I-Effect
opportunities I-Effect
arise I-Effect
. O

BB O
& O
T O
was O
the O
larger O
of O
the O
two O
franchises O
, O
and O
we O
see O
material B-Cause
cost I-Cause
savings I-Cause
and O
therefore O
operating B-Effect
improvements I-Effect
from I-Effect
the I-Effect
merger I-Effect
. O

In O
addition O
, O
with O
operations B-Cause
in I-Cause
Egypt I-Cause
and I-Cause
a I-Cause
production-sharing I-Cause
contract I-Cause
with I-Cause
the I-Cause
Egyptian I-Cause
government I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
exposed I-Effect
to I-Effect
geopolitical I-Effect
risk I-Effect
in I-Effect
the I-Effect
Middle I-Effect
East I-Effect
. O

Julius O
Baer O
has O
a O
premium O
brand O
in O
the O
market O
, O
a O
diverse B-Cause
range I-Cause
of I-Cause
products I-Cause
and I-Cause
an I-Cause
excellent I-Cause
reputation I-Cause
with I-Cause
clients I-Cause
, O
this O
enables B-Effect
Julius I-Effect
Baer I-Effect
to I-Effect
retain I-Effect
and I-Effect
attract I-Effect
the I-Effect
best I-Effect
relationship I-Effect
managers I-Effect
. O

We O
assume O
earned B-Effect
premiums I-Effect
increase I-Effect
at I-Effect
a I-Effect
fairly I-Effect
modest I-Effect
2 I-Effect
% I-Effect
organic I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
our I-Effect
projection I-Effect
period I-Effect
, O
as O
we B-Cause
expect I-Cause
recent I-Cause
price I-Cause
increases I-Cause
to I-Cause
fade I-Cause
and I-Cause
potentially I-Cause
reverse I-Cause
. O

With O
its B-Cause
broad I-Cause
domestic I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
we O
posit O
that O
Campbell B-Effect
operates I-Effect
with I-Effect
lower I-Effect
unit I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
, O
as O
well O
as O
greater B-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and O
an B-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
brand I-Effect
spending I-Effect
, I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
. O

We O
forecast O
revenue B-Effect
will I-Effect
rebound I-Effect
about I-Effect
25 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
parks I-Cause
business I-Cause
bounces I-Cause
back I-Cause
and I-Cause
the B-Cause
delayed I-Cause
Olympics I-Cause
helps O
fuel B-Effect
a I-Effect
resurgence I-Effect
in I-Effect
ad I-Effect
sales I-Effect
. O

However O
, O
this B-Effect
remains I-Effect
a I-Effect
remote I-Effect
possibility I-Effect
, O
as O
there B-Cause
is I-Cause
no I-Cause
indication I-Cause
that I-Cause
this I-Cause
is I-Cause
a I-Cause
priority I-Cause
for I-Cause
the I-Cause
current I-Cause
administration I-Cause
, I-Cause
and I-Cause
legislative I-Cause
goals I-Cause
are I-Cause
focused I-Cause
elsewhere I-Cause
. O

Such O
transitions O
are O
not O
easy O
and O
tend B-Effect
to I-Effect
pressure I-Effect
near-term I-Effect
results I-Effect
, O
but O
we O
think O
the O
company O
is O
about O
at O
the O
trough O
, O
and O
operating B-Cause
improvement I-Cause
should I-Cause
follow I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
. I-Cause

However O
, O
Nasdaq O
can O
generate B-Effect
associated I-Effect
revenue I-Effect
from I-Effect
its I-Effect
trading I-Effect
business I-Effect
through O
the O
use B-Cause
of I-Cause
its I-Cause
intangible I-Cause
assets I-Cause
to I-Cause
sell I-Cause
data I-Cause
, I-Cause
listing I-Cause
services I-Cause
, I-Cause
and I-Cause
licenses I-Cause
for I-Cause
its I-Cause
indexes I-Cause
. O

We O
expect O
Symphony B-Cause
's I-Cause
business I-Cause
to I-Cause
grow I-Cause
in I-Cause
the I-Cause
mid-single I-Cause
digits I-Cause
in I-Cause
2022 I-Cause
and I-Cause
beyond I-Cause
, O
resulting O
in O
2024 B-Effect
revenue I-Effect
of I-Effect
about I-Effect
$ I-Effect
330 I-Effect
million I-Effect
. O

With B-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
likely I-Cause
to I-Cause
remain I-Cause
volatile I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
, O
we B-Effect
expect I-Effect
Federated I-Effect
to I-Effect
generate I-Effect
negative I-Effect
0.9 I-Effect
% I-Effect
organic I-Effect
long-term I-Effect
AUM I-Effect
growth I-Effect
on I-Effect
average I-Effect
during I-Effect
2021-25 I-Effect
. O

CenterPoint O
Energy O
's O
regulated O
utilities O
have O
significant O
investment O
opportunities O
, O
but O
Enable B-Effect
Midstream I-Effect
Partners I-Effect
LP I-Effect
's I-Effect
earnings I-Effect
remain I-Effect
under I-Effect
pressure I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
the I-Cause
global I-Cause
economy I-Cause
and I-Cause
the I-Cause
reduction I-Cause
in I-Cause
oil I-Cause
prices I-Cause
. O

However O
, O
ICE O
's O
origination O
technology O
revenue O
is O
likely O
at O
a O
cyclical O
high O
, O
and O
we O
expect O
that O
as O
origination B-Cause
volumes I-Cause
normalize I-Cause
, O
the B-Effect
segment I-Effect
will I-Effect
face I-Effect
headwinds I-Effect
partially O
offset O
by O
the O
underlying O
secular O
growth O
. O

We O
expect O
Robert B-Effect
Half I-Effect
to I-Effect
increase I-Effect
permanent I-Effect
placements I-Effect
by O
providing B-Cause
employers I-Cause
access I-Cause
to I-Cause
its I-Cause
deep I-Cause
bench I-Cause
of I-Cause
highly I-Cause
skilled I-Cause
professionals I-Cause
. O

We O
believe O
it B-Effect
was I-Effect
a I-Effect
positive I-Effect
that I-Effect
preliminary I-Effect
weather-adjusted I-Effect
sales I-Effect
growth I-Effect
is I-Effect
estimated I-Effect
to I-Effect
be I-Effect
3 I-Effect
% I-Effect
due O
to O
strong B-Cause
industrial I-Cause
growth I-Cause
in I-Cause
the I-Cause
Mississippi I-Cause
Delta I-Cause
and I-Cause
expected I-Cause
recovery I-Cause
of I-Cause
commercial I-Cause
volumes I-Cause
. O

Dish O
now O
holds O
a B-Cause
well-diversified I-Cause
portfolio I-Cause
of I-Cause
spectrum I-Cause
assets I-Cause
that O
would O
nicely B-Effect
support I-Effect
the I-Effect
offering I-Effect
of I-Effect
wireless I-Effect
service I-Effect
, O
but O
no O
network O
to O
utilize O
that O
spectrum O
nor O
the O
financial O
resources O
to O
build O
one O
on O
its O
own O
. O

Alnylam O
Pharmaceuticals O
is O
a O
pioneer O
in O
designing O
therapeutics O
based O
on O
RNA O
interference O
, O
a O
mechanism O
that O
occurs O
naturally O
in O
cells O
and O
silences B-Cause
overexpressed I-Cause
genes I-Cause
, O
which O
often O
cause O
protein B-Effect
misfolding I-Effect
and/or I-Effect
protein I-Effect
accumulation I-Effect
. O

We O
think O
the O
network O
effect O
is O
strongest O
on O
the O
MercadoLibre O
platform O
( O
where O
90 O
% O
of O
the O
listings O
are O
fixed O
price O
) O
and O
believe O
this B-Cause
key I-Cause
competitive I-Cause
advantage I-Cause
is I-Cause
enough I-Cause
to I-Cause
set I-Cause
the I-Cause
firm I-Cause
apart I-Cause
from I-Cause
competition I-Cause
, O
making B-Effect
it I-Effect
difficult I-Effect
for I-Effect
rivals I-Effect
to I-Effect
poach I-Effect
customers I-Effect
. O

With O
Lazard B-Cause
deriving I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
financial I-Cause
advisory I-Cause
and I-Cause
half I-Cause
from I-Cause
asset I-Cause
management I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
revenue I-Effect
and I-Effect
earnings I-Effect
can I-Effect
be I-Effect
cyclical I-Effect
. O

Coupa B-Effect
should I-Effect
benefit I-Effect
from I-Effect
operating I-Effect
leverage I-Effect
, O
and O
we O
expect O
expansion B-Cause
in I-Cause
GAAP I-Cause
operating I-Cause
margin I-Cause
from I-Cause
negative I-Cause
31 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
to I-Cause
negative I-Cause
9 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2026 I-Cause
. O

We O
think O
a B-Effect
more I-Effect
realistic I-Effect
estimate I-Effect
of I-Effect
Paylocity I-Effect
's I-Effect
current I-Effect
TAM I-Effect
is I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
, O
as O
most B-Cause
companies I-Cause
will I-Cause
not I-Cause
adopt I-Cause
all I-Cause
of I-Cause
the I-Cause
applications I-Cause
Paylocity I-Cause
offers I-Cause
. O

WW O
's O
studio O
business O
has O
been O
negatively B-Cause
impacted I-Cause
by I-Cause
COVID-19-related I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
, O
which O
will O
likely O
result O
in O
a B-Effect
reduction I-Effect
in I-Effect
the I-Effect
number I-Effect
of I-Effect
WW I-Effect
studios I-Effect
. I-Effect

Given O
China B-Cause
's I-Cause
fast I-Cause
food I-Cause
penetration I-Cause
rate I-Cause
is I-Cause
still I-Cause
low I-Cause
compared I-Cause
with I-Cause
that I-Cause
in I-Cause
more I-Cause
developed I-Cause
countries I-Cause
, O
we O
see O
Yum B-Cause
China I-Cause
accelerating I-Cause
unit I-Cause
openings I-Cause
with I-Cause
new I-Cause
restaurant I-Cause
formats I-Cause
at I-Cause
lower-tier I-Cause
cities I-Cause
, O
resulting O
in O
operational B-Effect
efficiencies I-Effect
that I-Effect
can I-Effect
unlock I-Effect
future I-Effect
margin I-Effect
expansion I-Effect
. O

We O
believe O
that O
Enbridge B-Cause
's I-Cause
broad I-Cause
network I-Cause
of I-Cause
midstream I-Cause
assets I-Cause
and I-Cause
geographic I-Cause
diversification I-Cause
will I-Cause
serve I-Cause
it I-Cause
well I-Cause
in I-Cause
the I-Cause
low I-Cause
oil I-Cause
and I-Cause
gas I-Cause
price I-Cause
environment I-Cause
, I-Cause
and I-Cause
crude I-Cause
and I-Cause
natural I-Cause
gas I-Cause
pipeline I-Cause
expansions I-Cause
in I-Cause
growing I-Cause
regions I-Cause
will O
fuel B-Effect
EBITDA I-Effect
growth I-Effect
. O

The B-Cause
location I-Cause
of I-Cause
a I-Cause
horizontal I-Cause
shale I-Cause
well I-Cause
plays O
a O
huge O
part O
in O
determining B-Effect
its I-Effect
eventual I-Effect
productivity I-Effect
and I-Effect
also I-Effect
influences I-Effect
the I-Effect
oil I-Effect
content I-Effect
of I-Effect
its I-Effect
production I-Effect
stream I-Effect
. O

We B-Effect
anticipate I-Effect
that I-Effect
the I-Effect
top I-Effect
line I-Effect
will I-Effect
grow I-Effect
slightly I-Effect
below I-Effect
the I-Effect
growth I-Effect
rate I-Effect
in I-Effect
defense I-Effect
spending I-Effect
at I-Effect
midcycle I-Effect
because O
the B-Cause
long-cycle I-Cause
nature I-Cause
of I-Cause
shipbuilding I-Cause
generally I-Cause
prevents I-Cause
contractors I-Cause
from I-Cause
fully I-Cause
participating I-Cause
in I-Cause
defense I-Cause
budget I-Cause
growth I-Cause
. O

As O
the B-Cause
firm I-Cause
's I-Cause
platforms I-Cause
match I-Cause
individuals I-Cause
seeking I-Cause
relationships I-Cause
with I-Cause
other I-Cause
individuals I-Cause
, O
they B-Effect
require I-Effect
individuals I-Effect
to I-Effect
submit I-Effect
a I-Effect
lot I-Effect
of I-Effect
personal I-Effect
information I-Effect
. O

Eaton B-Cause
's I-Cause
products I-Cause
mostly I-Cause
compete I-Cause
in I-Cause
the I-Cause
differentiated I-Cause
portions I-Cause
of I-Cause
its I-Cause
end I-Cause
markets I-Cause
, O
which O
we O
think O
reduces B-Effect
the I-Effect
risk I-Effect
of I-Effect
commoditization I-Effect
. O

Given O
this B-Cause
deal I-Cause
will I-Cause
cover I-Cause
network I-Cause
that I-Cause
contributes I-Cause
to I-Cause
around I-Cause
80 I-Cause
% I-Cause
of I-Cause
5G I-Cause
network I-Cause
expenditure I-Cause
, O
this B-Effect
could I-Effect
be I-Effect
quite I-Effect
significant I-Effect
although I-Effect
savings I-Effect
will I-Effect
reduce I-Effect
as I-Effect
more I-Effect
traffic I-Effect
is I-Effect
put I-Effect
on I-Effect
the I-Effect
network I-Effect
as I-Effect
capacity I-Effect
related I-Effect
capital I-Effect
expenditures I-Effect
savings I-Effect
will I-Effect
be I-Effect
much I-Effect
smaller I-Effect
than I-Effect
coverage I-Effect
related I-Effect
savings I-Effect
. O

Eversource B-Cause
's I-Cause
partnership I-Cause
with I-Cause
global I-Cause
offshore I-Cause
wind I-Cause
developer I-Cause
Orsted I-Cause
could O
result O
in O
more B-Effect
than I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
of I-Effect
investment I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

The B-Cause
applied I-Cause
water I-Cause
segment I-Cause
benefits I-Cause
from I-Cause
similar I-Cause
industry I-Cause
dynamics I-Cause
as I-Cause
water I-Cause
infrastructure I-Cause
, I-Cause
as I-Cause
it I-Cause
also I-Cause
manufactures I-Cause
equipment I-Cause
that I-Cause
performs I-Cause
vital I-Cause
functions. O
This O
leads O
to O
relatively B-Effect
high I-Effect
switching I-Effect
costs I-Effect
, I-Effect
as I-Effect
any I-Effect
plant I-Effect
downtime I-Effect
can I-Effect
be I-Effect
extremely I-Effect
costly I-Effect
for I-Effect
industrial I-Effect
and I-Effect
commercial I-Effect
customers I-Effect
. O

In O
that O
scenario O
, O
we O
'd O
expect O
Group B-Cause
1 I-Cause
to I-Cause
benefit I-Cause
from I-Cause
extra I-Cause
service I-Cause
work I-Cause
for I-Cause
recalled I-Cause
vehicles I-Cause
paid I-Cause
for I-Cause
by I-Cause
the I-Cause
automaker I-Cause
, O
thus O
mass B-Effect
recalls I-Effect
could I-Effect
actually I-Effect
be I-Effect
a I-Effect
net I-Effect
positive I-Effect
for I-Effect
a I-Effect
dealer I-Effect
. O

Eni B-Effect
's I-Effect
latest I-Effect
strategy I-Effect
to I-Effect
achieve I-Effect
carbon I-Effect
neutrality I-Effect
in I-Effect
2050 I-Effect
rests O
on O
three O
pillars O
: O
decarbonization B-Cause
, I-Cause
diversification I-Cause
, I-Cause
and I-Cause
what I-Cause
it I-Cause
calls I-Cause
flexibility I-Cause
and I-Cause
resiliency I-Cause
. O

This B-Effect
is I-Effect
especially I-Effect
true I-Effect
for I-Effect
CMC I-Effect
, O
given O
that O
the B-Cause
company I-Cause
manufactures I-Cause
undifferentiated I-Cause
long-rolled I-Cause
products I-Cause
that O
require O
little O
to O
no O
value-added O
processing O
. O

Beyond O
that O
, O
though O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
rebound I-Effect
and I-Effect
rise I-Effect
toward I-Effect
the I-Effect
midteens I-Effect
by I-Effect
2025 I-Effect
as O
operations B-Cause
normalize I-Cause
and I-Cause
the I-Cause
firm I-Cause
wrings I-Cause
out I-Cause
some I-Cause
efficiencies I-Cause
. O

While O
an O
increased B-Effect
focus I-Effect
on I-Effect
diagnostics I-Effect
due O
to O
the O
coronavirus B-Cause
pandemic I-Cause
could O
be O
a O
tailwind O
, O
direct B-Cause
competition I-Cause
is I-Cause
likely I-Cause
to I-Cause
increase I-Cause
to I-Cause
meet I-Cause
this I-Cause
rising I-Cause
demand I-Cause
, O
and O
Bio-Rad B-Effect
may I-Effect
not I-Effect
benefit I-Effect
meaningfully O
from O
this O
trend O
despite O
a O
growing O
market O
. O

In O
addition O
, O
the O
risk B-Cause
of I-Cause
wide-body I-Cause
aircraft I-Cause
order I-Cause
cancellations I-Cause
, I-Cause
early I-Cause
retirements I-Cause
and I-Cause
reduced I-Cause
flight I-Cause
hours I-Cause
negatively O
affect O
the B-Effect
in-service I-Effect
fleet I-Effect
size I-Effect
and I-Effect
aftermarket I-Effect
margins I-Effect
. I-Effect

While O
Simon O
's O
revenue O
is O
somewhat O
protected O
by O
long-term O
leases O
, O
we O
see O
retailer B-Cause
bankruptcies I-Cause
causing O
a B-Effect
significant I-Effect
drop I-Effect
in I-Effect
occupancy I-Effect
and O
Simon B-Cause
being I-Cause
forced I-Cause
to I-Cause
offer I-Cause
rent I-Cause
concessions I-Cause
to O
keep B-Effect
others I-Effect
afloat I-Effect
. O

We O
project O
Telus O
to O
grow O
its O
mobile O
phone O
subscriber O
base O
by O
about O
2 O
% O
annually O
, O
but O
we O
think O
more B-Effect
aggressive I-Effect
competition I-Effect
will O
limit B-Cause
ARPU I-Cause
growth I-Cause
to I-Cause
less I-Cause
than I-Cause
1 I-Cause
% I-Cause
annually I-Cause
during I-Cause
that I-Cause
span I-Cause
. O

We O
think O
the B-Effect
company I-Effect
deserves I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
the B-Cause
risks I-Cause
associated I-Cause
with I-Cause
its I-Cause
drug I-Cause
portfolio I-Cause
, O
which O
has O
three O
approved O
drugs O
, O
Adcetris O
, O
Padcev O
, O
and O
Tukysa O
. O

We O
believe O
that O
it B-Effect
is I-Effect
relatively I-Effect
hassle-free I-Effect
for I-Effect
enterprises I-Effect
to I-Effect
change I-Effect
equipment I-Effect
providers I-Effect
because O
equipment B-Cause
leases I-Cause
are I-Cause
often I-Cause
bundled I-Cause
with I-Cause
supplies I-Cause
and I-Cause
servicing I-Cause
. O

Although O
we O
're O
not O
concerned O
with O
anti-trust O
issues O
as O
the O
analog O
industry O
is O
fragmented O
, O
geopolitical B-Cause
tensions I-Cause
may O
make O
it O
more B-Effect
difficult I-Effect
for I-Effect
semiconductor I-Effect
mergers I-Effect
to I-Effect
receive I-Effect
worldwide I-Effect
approval O
. O

This O
is O
because O
shippers O
desire O
efficient O
access O
to O
the O
small O
carrier O
base O
throughout O
the O
cycle O
and O
the B-Effect
broader I-Effect
trucking I-Effect
industry I-Effect
will I-Effect
continue I-Effect
to I-Effect
face I-Effect
periodic I-Effect
growth I-Effect
constraints I-Effect
due O
to O
the B-Cause
constrained I-Cause
driver I-Cause
pool I-Cause
. O

Bancorp B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
lean I-Cause
manufacturing I-Cause
practices I-Cause
with I-Cause
best-cost I-Cause
locations I-Cause
provides O
a B-Effect
competitive I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
supports I-Effect
continued I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
. O

Second O
, O
although O
a B-Cause
strong I-Cause
relationship I-Cause
with I-Cause
a I-Cause
dispensary I-Cause
worker I-Cause
could O
provide B-Effect
an I-Effect
advantage I-Effect
, O
we O
think O
they B-Cause
would I-Cause
be I-Cause
loyal I-Cause
to I-Cause
whoever I-Cause
last I-Cause
paid I-Cause
them I-Cause
, O
requiring O
significant O
marketing O
expense O
to O
maintain O
the O
relationship O
and O
eroding B-Effect
economic I-Effect
profit I-Effect
. O

Both B-Effect
IP I-Effect
and I-Effect
ITT I-Effect
's I-Effect
connect I-Effect
and I-Effect
control I-Effect
technologies I-Effect
segment I-Effect
, I-Effect
or I-Effect
CCT I-Effect
, I-Effect
should I-Effect
increasingly I-Effect
create I-Effect
shareholder I-Effect
value I-Effect
as O
management B-Cause
furthers I-Cause
lean I-Cause
improvements I-Cause
. O

Further O
, O
we O
think O
overcapacity B-Cause
and I-Cause
pricing I-Cause
declines I-Cause
in I-Cause
reinsurance I-Cause
market I-Cause
raise O
the B-Effect
risk I-Effect
of I-Effect
poor I-Effect
results I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. 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
12 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

Strategically O
, O
we O
thought O
that B-Effect
sale I-Effect
made I-Effect
sense I-Effect
given O
the O
ongoing B-Cause
commodification I-Cause
and I-Cause
weak I-Cause
demand I-Cause
trends I-Cause
in I-Cause
its I-Cause
core I-Cause
dental I-Cause
markets I-Cause
. O

Exposure B-Cause
to I-Cause
Latin I-Cause
America I-Cause
, I-Cause
Asia I-Cause
, I-Cause
and I-Cause
the I-Cause
Middle I-Cause
East I-Cause
positions O
Sealed B-Effect
Air I-Effect
's I-Effect
food I-Effect
care I-Effect
segment I-Effect
to I-Effect
grow I-Effect
roughly I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Most B-Effect
online I-Effect
grocery I-Effect
shopping I-Effect
still I-Effect
comes I-Effect
from I-Effect
a I-Effect
neighborhood I-Effect
grocery I-Effect
store I-Effect
, O
since O
these B-Cause
stores I-Cause
are I-Cause
conveniently I-Cause
located I-Cause
near I-Cause
end I-Cause
consumers I-Cause
. O

With O
oil B-Cause
prices I-Cause
crashing I-Cause
, O
the B-Cause
firm I-Cause
does I-Cause
n't I-Cause
have I-Cause
much I-Cause
near-term I-Cause
cash I-Cause
flow I-Cause
potential I-Cause
from I-Cause
any I-Cause
of I-Cause
its I-Cause
product I-Cause
streams I-Cause
, O
which O
resulted O
in O
a B-Effect
major I-Effect
sell-off I-Effect
. O

Over B-Effect
the I-Effect
last I-Effect
two I-Effect
decades I-Effect
, I-Effect
Edwards I-Effect
Lifesciences I-Effect
has I-Effect
demonstrated I-Effect
that I-Effect
it I-Effect
knows I-Effect
how I-Effect
to I-Effect
maintain I-Effect
leadership I-Effect
through B-Cause
innovation I-Cause
of I-Cause
tissue I-Cause
heart I-Cause
valves I-Cause
. O

Risks B-Cause
surrounding I-Cause
additional I-Cause
waves I-Cause
of I-Cause
coronavirus 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
widely I-Cause
distributed I-Cause
globally 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

Additionally O
, O
biopharma B-Effect
consolidation I-Effect
could I-Effect
result I-Effect
in I-Effect
periods I-Effect
of I-Effect
disruption I-Effect
as O
a B-Cause
newly I-Cause
merged I-Cause
company I-Cause
may I-Cause
deprioritize I-Cause
some I-Cause
early-stage I-Cause
work I-Cause
or I-Cause
freeze I-Cause
trials I-Cause
while I-Cause
weighing I-Cause
integration I-Cause
strategy I-Cause
. O

Moaty B-Cause
operators I-Cause
in I-Cause
our I-Cause
coverage I-Cause
tend I-Cause
to I-Cause
generate I-Cause
superior I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
, I-Cause
boast I-Cause
comparable I-Cause
sales I-Cause
outperformance I-Cause
relative I-Cause
to I-Cause
peers I-Cause
, I-Cause
and I-Cause
frequently I-Cause
generate I-Cause
compelling I-Cause
store-level I-Cause
economics I-Cause
, O
resulting O
in O
heightened B-Effect
franchisee I-Effect
interest I-Effect
and I-Effect
unit I-Effect
growth I-Effect
. O

The B-Cause
firm I-Cause
made I-Cause
a I-Cause
string I-Cause
of I-Cause
ill-advised I-Cause
capital I-Cause
allocation I-Cause
decisions I-Cause
, I-Cause
culminating I-Cause
with I-Cause
the I-Cause
2018 I-Cause
purchase I-Cause
of I-Cause
Time I-Cause
Warner I-Cause
, O
that O
have B-Effect
left I-Effect
it I-Effect
open I-Effect
to I-Effect
justified I-Effect
criticism I-Effect
. O

In O
the O
next O
10 O
years O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
2021 I-Effect
's I-Effect
17.4 I-Effect
% I-Effect
to I-Effect
19 I-Effect
% I-Effect
, O
driven O
primarily O
by O
improvements B-Cause
in I-Cause
the I-Cause
international I-Cause
segments I-Cause
. O

Air B-Cause
travel I-Cause
customers I-Cause
are I-Cause
generally I-Cause
price-sensitive I-Cause
, O
so O
carbon B-Effect
taxes I-Effect
or I-Effect
other I-Effect
regulations I-Effect
that I-Effect
force I-Effect
consumers I-Effect
to I-Effect
pay I-Effect
for I-Effect
the I-Effect
carbon I-Effect
side I-Effect
effects I-Effect
of I-Effect
travel I-Effect
would I-Effect
likely I-Effect
reduce I-Effect
aircraft I-Effect
demand I-Effect
. O

We O
believe O
that O
HPE O
is O
a O
benefactor O
of O
enterprises O
spending O
on O
hybrid O
cloud O
environments O
, O
edge O
computing O
, O
and O
all-flash O
array O
storage O
; O
however O
, O
we O
expect O
market B-Cause
competitors I-Cause
in I-Cause
the I-Cause
industry-standard I-Cause
server I-Cause
and I-Cause
storage I-Cause
businesses I-Cause
to O
inhibit B-Effect
HPE I-Effect
's I-Effect
long-term I-Effect
operating I-Effect
performance I-Effect
. O

Because O
the B-Cause
accuracy I-Cause
and I-Cause
completeness I-Cause
of I-Cause
data I-Cause
is I-Cause
critical I-Cause
to I-Cause
credit I-Cause
decision-making I-Cause
, O
lenders B-Effect
often I-Effect
pull I-Effect
from I-Effect
more I-Effect
than I-Effect
one I-Effect
credit I-Effect
bureau I-Effect
, O
and O
we O
do O
not O
believe O
pricing O
is O
the O
primary O
factor O
for O
choosing O
a O
credit O
bureau O
. O

We O
forecast O
that O
the B-Cause
coronavirus I-Cause
crisis I-Cause
will O
cause O
a B-Effect
30 I-Effect
% I-Effect
drop I-Effect
in I-Effect
its I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
and I-Effect
a I-Effect
huge I-Effect
operating I-Effect
loss I-Effect
. O

Though O
the O
probability O
is O
very O
remote O
, O
a B-Cause
devastating I-Cause
accident I-Cause
like I-Cause
the I-Cause
BP I-Cause
Macondo I-Cause
disaster I-Cause
in I-Cause
2010 I-Cause
could B-Effect
have I-Effect
a I-Effect
material I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
APA I-Effect
( O
which O
could O
be O
forced O
to O
cover O
cleanup O
costs O
and O
perhaps O
face O
other O
legal O
repercussions O
) O
. O

We B-Effect
think I-Effect
CoreSite I-Effect
's I-Effect
smaller I-Effect
footprint I-Effect
gives I-Effect
it I-Effect
greater I-Effect
opportunity I-Effect
for I-Effect
operating I-Effect
leverage I-Effect
, I-Effect
and I-Effect
, I-Effect
after I-Effect
a I-Effect
dip I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
higher B-Cause
real I-Cause
estate I-Cause
rents I-Cause
and I-Cause
taxes I-Cause
, I-Cause
we I-Cause
project I-Cause
adjusted I-Cause
EBITDA I-Cause
margin I-Cause
to I-Cause
rise I-Cause
about I-Cause
600 I-Cause
basis I-Cause
points I-Cause
between I-Cause
2020 I-Cause
and I-Cause
2030 I-Cause
, I-Cause
to I-Cause
about I-Cause
60 I-Cause
% I-Cause
. O

Positively O
, O
Cigna B-Cause
rolled I-Cause
in I-Cause
its I-Cause
own I-Cause
PBM I-Cause
activities I-Cause
from I-Cause
UnitedHealth I-Cause
's I-Cause
Optum I-Cause
division I-Cause
into I-Cause
the I-Cause
legacy I-Cause
Express I-Cause
Scripts I-Cause
operations I-Cause
in I-Cause
2020 I-Cause
, O
which O
has B-Effect
largely I-Effect
replaced I-Effect
the I-Effect
lost I-Effect
Anthem I-Effect
volume I-Effect
. O

As O
such O
, O
during O
the O
early O
1990s O
, O
the B-Cause
company I-Cause
was I-Cause
protected I-Cause
on O
the O
basis O
of O
its B-Cause
patent I-Cause
portfolio I-Cause
, O
which O
shielded B-Effect
the I-Effect
company I-Effect
from I-Effect
direct I-Effect
competition I-Effect
in I-Effect
cellulose-reinforced I-Effect
fibre I-Effect
cement I-Effect
products I-Effect
. O

With O
output B-Cause
per I-Cause
employee I-Cause
nearly I-Cause
tripling I-Cause
since I-Cause
1990 I-Cause
, O
bringing B-Cause
antiquated I-Cause
capacity I-Cause
on I-Cause
line I-Cause
comes I-Cause
with I-Cause
substantially I-Cause
higher I-Cause
cash I-Cause
costs I-Cause
, O
which O
in O
turn O
drives B-Effect
significant I-Effect
price I-Effect
appreciation I-Effect
. O

Network B-Effect
service I-Effect
providers I-Effect
would I-Effect
be I-Effect
loath I-Effect
to I-Effect
build I-Effect
up I-Effect
a I-Effect
replica I-Effect
in I-Effect
another I-Effect
location I-Effect
as I-Effect
long I-Effect
as I-Effect
existing I-Effect
locations I-Effect
meet I-Effect
their I-Effect
needs I-Effect
because O
of O
the B-Cause
time I-Cause
and I-Cause
expense I-Cause
of I-Cause
connecting I-Cause
their I-Cause
networks I-Cause
to I-Cause
new I-Cause
buildings I-Cause
. O

Despite O
this O
, O
we B-Effect
believe I-Effect
the I-Effect
normalized I-Effect
gross I-Effect
margin I-Effect
should I-Effect
continue I-Effect
to I-Effect
trend I-Effect
up I-Effect
, O
as O
we B-Cause
expect I-Cause
scale I-Cause
, I-Cause
utilization I-Cause
rates I-Cause
and I-Cause
cost I-Cause
efficiencies I-Cause
will I-Cause
continue I-Cause
to I-Cause
improve I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

Before O
the O
merger O
, O
both O
businesses O
have O
done O
a O
solid O
job O
refreshing O
their O
product O
portfolios O
, O
and O
we O
believe O
that O
the B-Cause
combination I-Cause
will O
result O
in O
a B-Effect
broader I-Effect
portfolio I-Effect
of I-Effect
complementary I-Effect
products I-Effect
and I-Effect
solutions I-Effect
that O
will O
solidify B-Effect
Ingersoll-Rand I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. O

The B-Effect
barrier I-Effect
is I-Effect
higher I-Effect
relative I-Effect
to I-Effect
metasearch I-Effect
in O
that O
it B-Cause
takes I-Cause
time I-Cause
to I-Cause
gather I-Cause
reviews I-Cause
after I-Cause
you I-Cause
have I-Cause
constructed I-Cause
the I-Cause
metasearch I-Cause
platform I-Cause
. O

Linde O
's O
operating O
margin O
is O
in O
the O
mid-20s O
in O
the O
Americas O
, O
and O
we O
think O
that O
synergies B-Cause
, I-Cause
strong I-Cause
pricing I-Cause
, I-Cause
and I-Cause
cost I-Cause
actions I-Cause
will O
lead O
to O
similar B-Effect
levels I-Effect
of I-Effect
profitability I-Effect
in I-Effect
EMEA I-Effect
and I-Effect
APAC I-Effect
. O

While O
the B-Cause
shift I-Cause
away I-Cause
from I-Cause
content I-Cause
has I-Cause
brought I-Cause
Reuters I-Cause
' I-Cause
ROICs I-Cause
higher I-Cause
, O
to O
a O
midcycle O
range O
of O
roughly O
17 O
% O
( O
adjusted O
) O
, O
the B-Effect
valuation I-Effect
story I-Effect
becomes I-Effect
one I-Effect
of I-Effect
growth I-Effect
. O

Reckitt O
does O
not O
disclose O
its O
marketing O
costs O
, O
but O
we O
estimate O
it O
at O
around O
14 O
% O
of O
sales O
, O
and O
its B-Cause
R I-Cause
& I-Cause
D I-Cause
expenditure I-Cause
of I-Cause
around I-Cause
2 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
2020 I-Cause
implies O
that O
it B-Effect
is I-Effect
spending I-Effect
less I-Effect
on I-Effect
customer I-Effect
acquisition I-Effect
than I-Effect
its I-Effect
competitors I-Effect
. O

Globally B-Effect
, I-Effect
Hilton I-Effect
has I-Effect
large I-Effect
scale I-Effect
, I-Effect
with I-Effect
midsingle I-Effect
digit I-Effect
share I-Effect
of I-Effect
existing I-Effect
industry I-Effect
rooms I-Effect
, I-Effect
which I-Effect
is I-Effect
set I-Effect
to I-Effect
expand I-Effect
further I-Effect
given B-Cause
the I-Cause
company I-Cause
's I-Cause
roughly I-Cause
20 I-Cause
% I-Cause
room I-Cause
share I-Cause
of I-Cause
the I-Cause
industry I-Cause
's I-Cause
pipeline I-Cause
under I-Cause
construction I-Cause
. O

Finally O
, O
the B-Effect
risk I-Effect
of I-Effect
a I-Effect
water I-Effect
shortage I-Effect
would I-Effect
have I-Effect
limited I-Effect
financial I-Effect
impact I-Effect
for I-Effect
Heineken I-Effect
, O
as O
we O
estimate O
it B-Cause
represents I-Cause
a I-Cause
low-single-digit I-Cause
percentage I-Cause
of I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
. O

We O
anticipate O
elevated B-Effect
commercial I-Effect
HVAC I-Effect
sales I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future O
driven O
by O
heightened B-Cause
demand I-Cause
for I-Cause
more I-Cause
energy-efficient I-Cause
systems I-Cause
that O
deliver O
better O
air O
quality O
, O
and O
we O
believe O
Trane O
, O
along O
with O
other O
leading O
HVAC O
companies O
, O
are O
well O
positioned O
to O
serve O
this O
growing O
market O
. O

Would-be B-Effect
entrants I-Effect
are O
fended O
off O
by O
the B-Effect
steep I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
formed O
by O
the B-Cause
need I-Cause
to I-Cause
obtain I-Cause
contiguous I-Cause
rights I-Cause
of I-Cause
way I-Cause
on I-Cause
which I-Cause
to I-Cause
lay I-Cause
continuously I-Cause
welded I-Cause
steel I-Cause
rail I-Cause
spanning I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
North I-Cause
America I-Cause
. O

We O
expect O
a B-Effect
5 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
online I-Effect
marketing I-Effect
revenue I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
recovery B-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

If O
recalls B-Cause
or I-Cause
product I-Cause
failure I-Cause
were I-Cause
to I-Cause
become I-Cause
a I-Cause
regular I-Cause
event I-Cause
, O
current B-Effect
surgeons I-Effect
loyal I-Effect
to I-Effect
Smith I-Effect
& I-Effect
Nephew I-Effect
may I-Effect
consider I-Effect
switching I-Effect
to I-Effect
another I-Effect
company I-Effect
's I-Effect
implants I-Effect
and I-Effect
instrumentation I-Effect
. O

Also O
, O
once O
customers B-Cause
are I-Cause
comfortable I-Cause
with I-Cause
a I-Cause
product I-Cause
, O
they B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
change I-Effect
lenses I-Effect
for I-Effect
a I-Effect
minor I-Effect
improvement I-Effect
or I-Effect
small I-Effect
reduction I-Effect
in I-Effect
price I-Effect
. O

The B-Effect
asset I-Effect
integration I-Effect
prevents I-Effect
another I-Effect
third I-Effect
party I-Effect
from I-Effect
extracting I-Effect
rents I-Effect
by O
owning B-Cause
an I-Cause
asset I-Cause
that I-Cause
is I-Cause
part I-Cause
of I-Cause
the I-Cause
route I-Cause
to I-Cause
the I-Cause
most I-Cause
profitable I-Cause
market I-Cause
. O

With O
increasingly B-Cause
complex I-Cause
enterprise I-Cause
IT I-Cause
infrastructures I-Cause
, O
businesses B-Effect
need I-Effect
to I-Effect
think I-Effect
twice I-Effect
before I-Effect
switching I-Effect
databases I-Effect
, O
which O
are O
interconnected B-Cause
to I-Cause
many I-Cause
systems I-Cause
across I-Cause
a I-Cause
business I-Cause
, O
thus O
requiring B-Cause
much I-Cause
time I-Cause
and I-Cause
money I-Cause
for I-Cause
reintegration I-Cause
. O

We B-Effect
believe I-Effect
it I-Effect
will I-Effect
be I-Effect
challenging I-Effect
to I-Effect
obtain I-Effect
management I-Effect
's I-Effect
five-year I-Effect
outlook I-Effect
for I-Effect
20 I-Effect
% I-Effect
-30 I-Effect
% I-Effect
compound I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
in O
light O
of O
the B-Cause
fierce I-Cause
competition I-Cause
, I-Cause
potential I-Cause
decline I-Cause
of I-Cause
overall I-Cause
( I-Cause
elective I-Cause
) I-Cause
volumes I-Cause
in I-Cause
the I-Cause
weaker I-Cause
environment I-Cause
, I-Cause
and I-Cause
friction I-Cause
to I-Cause
convert I-Cause
the I-Cause
remaining I-Cause
orthodontics I-Cause
from I-Cause
traditional I-Cause
wire I-Cause
and I-Cause
bracket I-Cause
. O

To O
meet B-Cause
demand I-Cause
, O
higher B-Cause
cost I-Cause
supply I-Cause
will I-Cause
need I-Cause
to I-Cause
come I-Cause
online I-Cause
from I-Cause
lower I-Cause
quality I-Cause
resources I-Cause
that O
will O
require B-Effect
higher I-Effect
processing I-Effect
costs I-Effect
. O

We O
assume O
that B-Cause
over I-Cause
time I-Cause
, I-Cause
a I-Cause
far I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
nodes I-Cause
will I-Cause
be I-Cause
co-located I-Cause
on I-Cause
fiber I-Cause
the I-Cause
company I-Cause
has I-Cause
already I-Cause
deployed I-Cause
for I-Cause
small I-Cause
cells I-Cause
, O
leading O
to O
substantially B-Effect
lower I-Effect
spending I-Effect
to I-Effect
activate I-Effect
those I-Effect
nodes I-Effect
. O

After O
a O
very O
strong O
2020 O
, O
we O
expect O
some B-Effect
constraints I-Effect
on I-Effect
its I-Effect
margins I-Effect
going I-Effect
forward I-Effect
, O
as O
business B-Cause
operations I-Cause
normalize I-Cause
following I-Cause
the I-Cause
pandemic I-Cause
. O

Management B-Cause
has I-Cause
aggressively I-Cause
acquired I-Cause
companies I-Cause
to I-Cause
expand I-Cause
its I-Cause
offerings I-Cause
, I-Cause
including I-Cause
the I-Cause
most I-Cause
recent I-Cause
merger I-Cause
with I-Cause
Sirona I-Cause
Dental I-Cause
Systems I-Cause
, O
a O
leader O
in O
digital O
dentistry O
equipment O
to O
expand B-Effect
the I-Effect
firm I-Effect
's I-Effect
exposure I-Effect
to I-Effect
higher I-Effect
margin I-Effect
CAD/CAM I-Effect
and I-Effect
imaging I-Effect
technology I-Effect
. O

As B-Cause
the I-Cause
company I-Cause
was I-Cause
already I-Cause
coming I-Cause
off I-Cause
a I-Cause
tough I-Cause
2019 I-Cause
that I-Cause
included I-Cause
firing I-Cause
its I-Cause
CEO I-Cause
and I-Cause
the I-Cause
botched I-Cause
Old I-Cause
Navy I-Cause
spin-off I-Cause
, I-Cause
the B-Effect
virus I-Effect
could I-Effect
be I-Effect
more I-Effect
problematic I-Effect
for I-Effect
Gap I-Effect
than I-Effect
for I-Effect
some I-Effect
rivals I-Effect
. I-Effect

The O
company O
now O
generates B-Cause
about I-Cause
one I-Cause
fourth I-Cause
of I-Cause
its I-Cause
revenue I-Cause
outside O
North O
America O
and O
the O
U.K. O
, O
which O
we O
think O
positions O
it O
well O
to O
increase O
long-term B-Effect
revenue I-Effect
and I-Effect
shareholder I-Effect
value I-Effect
. O

Hyperconverged B-Effect
infrastructure I-Effect
and I-Effect
software-defined I-Effect
networking I-Effect
are I-Effect
budding I-Effect
IT I-Effect
equipment I-Effect
trends I-Effect
as O
enterprises B-Cause
enjoy I-Cause
flexible I-Cause
scalability I-Cause
of I-Cause
their I-Cause
computing I-Cause
and I-Cause
storage I-Cause
resources I-Cause
. O

Since O
the B-Cause
software I-Cause
sales I-Cause
process I-Cause
across I-Cause
the I-Cause
enterprise I-Cause
will I-Cause
regularly I-Cause
touch I-Cause
the I-Cause
IT I-Cause
department I-Cause
, O
ServiceNow B-Effect
adopted I-Effect
a I-Effect
stance I-Effect
early I-Effect
on I-Effect
that I-Effect
it I-Effect
would I-Effect
let I-Effect
the I-Effect
internal I-Effect
IT I-Effect
function I-Effect
sell I-Effect
the I-Effect
platform I-Effect
to I-Effect
other I-Effect
areas I-Effect
of I-Effect
the I-Effect
customer I-Effect
. O

Coal B-Effect
has I-Effect
historically I-Effect
made I-Effect
up I-Effect
a I-Effect
larger I-Effect
proportion I-Effect
of I-Effect
CP I-Effect
's I-Effect
portfolio I-Effect
than I-Effect
it I-Effect
does I-Effect
for I-Effect
peer I-Effect
CN I-Effect
due O
to O
the B-Cause
former I-Cause
's I-Cause
agreement I-Cause
with I-Cause
Teck I-Cause
Resources I-Cause
to I-Cause
haul I-Cause
cost-advantaged I-Cause
metallurgical I-Cause
coal I-Cause
for I-Cause
export I-Cause
. O

Original B-Effect
equipment I-Effect
manufacturers I-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
to I-Effect
vendors I-Effect
for I-Effect
technology I-Effect
that O
differentiates B-Cause
automakers I-Cause
' I-Cause
vehicles I-Cause
, I-Cause
reduces I-Cause
vehicle I-Cause
weight I-Cause
, I-Cause
improves I-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
reduces I-Cause
emissions I-Cause
, I-Cause
improves I-Cause
safety I-Cause
, I-Cause
or I-Cause
lowers I-Cause
costs I-Cause
. O

In O
terms O
of O
environmental O
, O
social O
, O
and O
governance O
risks O
, O
because O
CN B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
and I-Cause
energy 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

To B-Cause
expand I-Cause
its I-Cause
customer I-Cause
base I-Cause
beyond I-Cause
the I-Cause
data I-Cause
centers I-Cause
of I-Cause
hyperscale I-Cause
cloud I-Cause
providers I-Cause
, I-Cause
enterprises I-Cause
, I-Cause
service I-Cause
providers I-Cause
, I-Cause
and I-Cause
financial I-Cause
institutions I-Cause
, O
Arista B-Effect
announced I-Effect
its I-Effect
intention I-Effect
to I-Effect
expand I-Effect
into I-Effect
the I-Effect
campus I-Effect
market I-Effect
. O

Low B-Cause
diesel I-Cause
fuel I-Cause
prices I-Cause
have O
tempered O
the B-Effect
intermodal I-Effect
value I-Effect
proposition I-Effect
on I-Effect
certain I-Effect
short-haul I-Effect
lanes I-Effect
, O
but O
truck-to-rail O
conversions O
will O
very O
likely O
continue O
in O
the O
years O
ahead O
, O
particularly O
with O
the O
concerns O
surrounding O
the O
impact O
of O
regulatory O
changes O
on O
truckload O
industry O
capacity O
. O

Diverse B-Cause
end I-Cause
uses I-Cause
and I-Cause
popularity I-Cause
among I-Cause
craft I-Cause
brewers I-Cause
should O
help O
to O
protect B-Effect
volume I-Effect
amid O
a O
decline O
in O
the O
popularity O
of O
mainstream O
beers O
. O

We O
expect O
growth B-Effect
will I-Effect
level I-Effect
out I-Effect
due O
to O
tougher B-Cause
comparisons I-Cause
with I-Cause
prior I-Cause
quarters I-Cause
and I-Cause
overall I-Cause
decreased I-Cause
demand I-Cause
for I-Cause
PPE I-Cause
as I-Cause
North I-Cause
America I-Cause
approaches I-Cause
herd I-Cause
immunity I-Cause
. O

Positively O
within O
the O
COVID-19 O
crisis O
, O
Centene B-Cause
may I-Cause
benefit I-Cause
from I-Cause
the I-Cause
switch I-Cause
to I-Cause
social I-Cause
safety I-Cause
net I-Cause
programs I-Cause
, O
like O
Medicaid O
and O
the O
individual O
exchanges O
, O
creating B-Effect
uncertainty I-Effect
on I-Effect
the I-Effect
upside I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
think O
the B-Effect
runaway I-Effect
cost I-Effect
of I-Effect
living I-Effect
in I-Effect
West I-Effect
Coast I-Effect
metros I-Effect
is I-Effect
an I-Effect
area I-Effect
of I-Effect
concern I-Effect
, O
given O
that O
this B-Cause
has I-Cause
the I-Cause
potential I-Cause
to I-Cause
push I-Cause
the I-Cause
tech I-Cause
industry I-Cause
's I-Cause
center I-Cause
of I-Cause
gravity I-Cause
away I-Cause
from I-Cause
these I-Cause
high-cost I-Cause
regions I-Cause
. O

With O
the B-Cause
potential I-Cause
for I-Cause
label I-Cause
expansion I-Cause
into I-Cause
cardiomyopathy I-Cause
and I-Cause
wild-type I-Cause
ATTR I-Cause
amyloidosis I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
largest I-Effect
opportunity I-Effect
now I-Effect
is I-Effect
in I-Effect
ATTR I-Effect
amyloidosis I-Effect
, I-Effect
with I-Effect
Onpattro I-Effect
and I-Effect
next-generation I-Effect
vutrisiran I-Effect
. O

Longer O
term O
, O
as O
smartphone B-Cause
demand I-Cause
recovers I-Cause
, O
we O
think O
Qorvo B-Effect
's I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
will I-Effect
remain I-Effect
in I-Effect
the I-Effect
low I-Effect
30 I-Effect
% I-Effect
range I-Effect
, O
in O
line O
with O
management O
's O
target O
for O
30 O
% O
plus O
adjusted O
operating O
margins O
. O

In O
recent O
years O
, O
Norfolk B-Cause
renewed I-Cause
its I-Cause
commitment I-Cause
to I-Cause
pricing I-Cause
discipline I-Cause
and I-Cause
margin I-Cause
gains I-Cause
, O
particularly O
via O
precision O
railroading O
initiatives O
, O
which O
are O
driving B-Effect
more I-Effect
efficient I-Effect
use I-Effect
of I-Effect
locomotive I-Effect
assets I-Effect
, I-Effect
labor I-Effect
, I-Effect
and I-Effect
fuel I-Effect
. O

Truist B-Cause
has I-Cause
only I-Cause
been I-Cause
adding I-Cause
to I-Cause
its I-Cause
strength I-Cause
in I-Cause
insurance I-Cause
with I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Regions I-Cause
Insurance I-Cause
Group I-Cause
as O
well O
as O
multiple B-Effect
smaller I-Effect
acquisitions I-Effect
in I-Effect
2020 I-Effect
. O

Given O
its B-Cause
strategic I-Cause
focus I-Cause
and I-Cause
ability I-Cause
to I-Cause
attract I-Cause
blue-chip I-Cause
clients I-Cause
in I-Cause
the I-Cause
best I-Cause
locations I-Cause
, O
SL B-Effect
Green I-Effect
boasts I-Effect
a I-Effect
business I-Effect
model I-Effect
equipped I-Effect
for I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

We B-Effect
assign I-Effect
Synaptics I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, I-Effect
lowered I-Effect
from I-Effect
very I-Effect
high I-Effect
due O
to O
recent B-Cause
IoT I-Cause
acquisitions I-Cause
that O
we O
think O
will O
help O
the B-Effect
firm I-Effect
diversify I-Effect
its I-Effect
business I-Effect
beyond I-Effect
the I-Effect
smartphone I-Effect
component I-Effect
space I-Effect
. O

Burlington O
can O
lift O
margins O
, O
but O
we O
believe O
competition B-Cause
, I-Cause
the I-Cause
need I-Cause
to I-Cause
keep I-Cause
value I-Cause
high I-Cause
( I-Cause
necessitating I-Cause
reinvestment I-Cause
of I-Cause
savings I-Cause
from I-Cause
cost I-Cause
leverage I-Cause
) I-Cause
, I-Cause
and I-Cause
rising I-Cause
wages I-Cause
limit B-Effect
their I-Effect
potential I-Effect
. O

In O
addition O
, O
the B-Cause
firm I-Cause
could I-Cause
come I-Cause
under I-Cause
increased I-Cause
regulatory I-Cause
oversight I-Cause
if I-Cause
authorities I-Cause
decide I-Cause
to I-Cause
step I-Cause
up I-Cause
the I-Cause
pressure I-Cause
on I-Cause
packaged I-Cause
food B-Effect
companies I-Effect
to I-Effect
curb I-Effect
obesity I-Effect
, I-Effect
particularly I-Effect
on I-Effect
its I-Effect
home I-Effect
turf I-Effect
. O

United B-Effect
Airlines I-Effect
came I-Effect
into I-Effect
the I-Effect
crisis I-Effect
with I-Effect
a I-Effect
middling I-Effect
amount I-Effect
of I-Effect
debt I-Effect
relative I-Effect
to I-Effect
peers I-Effect
but I-Effect
structurally I-Effect
lower I-Effect
profit I-Effect
margins I-Effect
due O
to O
a B-Cause
smaller I-Cause
frequent I-Cause
flier I-Cause
program I-Cause
relative I-Cause
to I-Cause
its I-Cause
size I-Cause
. O

Carrier B-Cause
is I-Cause
more I-Cause
leveraged I-Cause
than I-Cause
its I-Cause
peers I-Cause
; O
it O
may O
have B-Effect
less I-Effect
available I-Effect
capital I-Effect
to I-Effect
reinvest I-Effect
in I-Effect
the I-Effect
business I-Effect
after O
servicing O
its O
debt O
obligations O
. O

The B-Cause
ISI I-Cause
Group I-Cause
acquisition I-Cause
in I-Cause
2014 I-Cause
materially I-Cause
diversified B-Effect
Evercore I-Effect
's I-Effect
business I-Effect
and I-Effect
was I-Effect
an I-Effect
accelerant I-Effect
to I-Effect
the I-Effect
equities I-Effect
business I-Effect
attaining I-Effect
a I-Effect
profitable I-Effect
scale I-Effect
. O

We O
believe O
that O
" B-Cause
" I-Cause
GTA I-Cause
Online I-Cause
" I-Cause
" I-Cause
and I-Cause
this I-Cause
stream I-Cause
of I-Cause
free I-Cause
content I-Cause
works I-Cause
with I-Cause
the I-Cause
franchise I-Cause
's I-Cause
well-established I-Cause
single-player I-Cause
experience I-Cause
to I-Cause
help I-Cause
" I-Cause
" I-Cause
Grand I-Cause
Theft I-Cause
Auto I-Cause
V I-Cause
" I-Cause
" I-Cause
effectively I-Cause
become I-Cause
an I-Cause
annual I-Cause
release. O
This O
virtual O
annual O
release B-Effect
effectively I-Effect
spreads I-Effect
the I-Effect
high I-Effect
development I-Effect
cost I-Effect
of I-Effect
the I-Effect
base I-Effect
game I-Effect
over I-Effect
several I-Effect
years I-Effect
and I-Effect
a I-Effect
larger I-Effect
number I-Effect
of I-Effect
sold I-Effect
copies I-Effect
. 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 B-Effect
sees I-Effect
gross-margin I-Effect
compression I-Effect
( O
and O
thus O
lower O
net O
revenue O
growth O
) O
, O
driven 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

For O
example O
, O
we O
estimate B-Cause
that I-Cause
higher I-Cause
green I-Cause
coffee I-Cause
prices I-Cause
in I-Cause
fiscal I-Cause
2018 I-Cause
resulted O
in O
a B-Effect
500-basis-point I-Effect
hit I-Effect
to I-Effect
the I-Effect
segment I-Effect
's I-Effect
operating I-Effect
margins I-Effect
. O

The B-Effect
products I-Effect
segment I-Effect
has I-Effect
built I-Effect
a I-Effect
sizable I-Effect
share I-Effect
of I-Effect
the I-Effect
public I-Effect
safety I-Effect
radio I-Effect
market I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
through O
establishing B-Cause
switching I-Cause
costs I-Cause
in I-Cause
its I-Cause
offerings I-Cause
over I-Cause
the I-Cause
years I-Cause
. O

Low B-Cause
prices I-Cause
and I-Cause
an I-Cause
unmatched I-Cause
selection I-Cause
have I-Cause
come I-Cause
to I-Cause
define I-Cause
the I-Cause
company I-Cause
in I-Cause
consumer I-Cause
's I-Cause
minds I-Cause
, O
giving B-Effect
rise I-Effect
to I-Effect
intangible I-Effect
assets I-Effect
from I-Effect
branding I-Effect
and I-Effect
technology I-Effect
( O
search O
capabilities O
and O
recommendation O
engine O
) O
. O

We O
believe O
the O
firm O
's O
high-quality O
assets O
in O
the O
country O
will O
allow O
growth B-Effect
to I-Effect
return I-Effect
to I-Effect
midsingle I-Effect
digits I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
years I-Effect
on O
increasing B-Cause
wireless I-Cause
market I-Cause
share I-Cause
, I-Cause
improved I-Cause
pricing I-Cause
, I-Cause
and I-Cause
growing I-Cause
penetration I-Cause
in I-Cause
the I-Cause
cable I-Cause
business I-Cause
. O

Headquartered O
in O
Ireland O
, O
the O
company O
benefits O
from O
a O
lower O
tax O
rate O
than O
its O
peers O
, O
and O
we B-Effect
model I-Effect
a I-Effect
blended I-Effect
tax I-Effect
rate I-Effect
of I-Effect
17 I-Effect
% I-Effect
for B-Cause
2021 I-Cause
based I-Cause
on I-Cause
the I-Cause
PRA I-Cause
acquisition I-Cause
. O

However O
, O
we O
believe O
competition B-Effect
in I-Effect
the I-Effect
global I-Effect
specialty I-Effect
coffee I-Effect
category I-Effect
will I-Effect
become I-Effect
more I-Effect
pronounced I-Effect
in I-Effect
a I-Effect
post-COVID-19 I-Effect
environment I-Effect
due O
to O
aggressive B-Cause
expansion I-Cause
plans I-Cause
from I-Cause
existing I-Cause
and I-Cause
emerging I-Cause
players I-Cause
and I-Cause
daypart I-Cause
expansion I-Cause
from I-Cause
quick-service I-Cause
restaurant I-Cause
chains I-Cause
. O

By O
being B-Cause
an I-Cause
early I-Cause
mover I-Cause
, O
the B-Effect
company I-Effect
was I-Effect
able I-Effect
to I-Effect
keep I-Effect
acquisition I-Effect
costs I-Effect
under I-Effect
control I-Effect
, I-Effect
giving I-Effect
it I-Effect
a I-Effect
sustainable I-Effect
advantage I-Effect
over I-Effect
peers I-Effect
that I-Effect
rushed I-Effect
in I-Effect
later I-Effect
and I-Effect
overpaid I-Effect
. O

We O
see O
the B-Cause
Active I-Cause
Omnichannel I-Cause
SaaS I-Cause
solution I-Cause
as O
a O
critically O
important O
development O
that O
should O
propel B-Effect
the I-Effect
company I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
assume O
high-teens O
annual O
e-commerce O
growth O
long-term O
, O
tapering O
from O
fiscal O
2020 O
's O
37 O
% O
expansion O
and O
pandemic-related B-Effect
near-term I-Effect
surges I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
efforts I-Cause
mature I-Cause
. O

In O
the O
event O
of O
a O
power O
loss O
, O
these B-Effect
emergency I-Effect
lighting I-Effect
solutions I-Effect
must I-Effect
be I-Effect
able I-Effect
to I-Effect
automatically I-Effect
override I-Effect
any I-Effect
control I-Effect
setting I-Effect
and I-Effect
establish I-Effect
the I-Effect
appropriate I-Effect
illumination I-Effect
level I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
a I-Effect
power I-Effect
failure. O
This O
requires O
that O
the B-Cause
entire I-Cause
lighting I-Cause
system I-Cause
and I-Cause
related I-Cause
equipment I-Cause
be I-Cause
tested I-Cause
to I-Cause
comply I-Cause
with I-Cause
code I-Cause
, I-Cause
including I-Cause
switches I-Cause
, I-Cause
sensors I-Cause
, I-Cause
dimmers I-Cause
, I-Cause
and I-Cause
energy I-Cause
management I-Cause
and I-Cause
bypass I-Cause
equipment I-Cause
. O

Estee B-Effect
's I-Effect
2016 I-Effect
acquisition I-Effect
of I-Effect
Too I-Effect
Faced I-Effect
makes I-Effect
the I-Effect
firm I-Effect
an I-Effect
even I-Effect
more I-Effect
important I-Effect
partner I-Effect
in I-Effect
this I-Effect
channel I-Effect
, O
as O
this B-Cause
makeup I-Cause
brand I-Cause
has I-Cause
significant I-Cause
exposure I-Cause
in I-Cause
specialty-multi I-Cause
. O

Our B-Effect
near-term I-Effect
earnings I-Effect
forecast I-Effect
is I-Effect
depressed I-Effect
due O
to O
the B-Cause
incorporation I-Cause
of I-Cause
poor I-Cause
crack I-Cause
spread I-Cause
futures I-Cause
curves I-Cause
despite I-Cause
a I-Cause
recent I-Cause
uptick I-Cause
. O

We O
forecast O
a B-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
36 I-Effect
% I-Effect
through O
a B-Cause
rapidly I-Cause
growing I-Cause
customer I-Cause
base I-Cause
, I-Cause
more I-Cause
massive I-Cause
deals I-Cause
, I-Cause
strong I-Cause
retention I-Cause
rates I-Cause
, I-Cause
and I-Cause
customers I-Cause
buying I-Cause
additional I-Cause
security I-Cause
modules I-Cause
over I-Cause
time I-Cause
. O

We O
believe O
economic B-Cause
profits I-Cause
can I-Cause
rise I-Cause
by I-Cause
nearly I-Cause
50 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years. O
As O
such O
, O
we B-Effect
model I-Effect
consolidated I-Effect
midcycle I-Effect
ROIC I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
of I-Effect
nearly I-Effect
16 I-Effect
% I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
both I-Effect
management I-Effect
's I-Effect
targets I-Effect
and I-Effect
the I-Effect
company I-Effect
's I-Effect
normalized I-Effect
historical I-Effect
experience I-Effect
. O

Its B-Cause
previously I-Cause
strong I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
has I-Cause
been I-Cause
degraded I-Cause
by O
consumer B-Cause
trends I-Cause
that O
allowed O
for O
competition B-Effect
in I-Effect
the I-Effect
intimates I-Effect
space I-Effect
, O
as O
the O
Victoria B-Cause
's I-Cause
Secret I-Cause
( I-Cause
VS I-Cause
) I-Cause
brand I-Cause
failed I-Cause
to I-Cause
adapt I-Cause
to I-Cause
trends I-Cause
. O

Apple B-Cause
's I-Cause
ITP I-Cause
and I-Cause
IDFA I-Cause
decisions I-Cause
, I-Cause
along I-Cause
with I-Cause
Google I-Cause
's I-Cause
plan I-Cause
to I-Cause
no I-Cause
longer I-Cause
accept I-Cause
cookie I-Cause
nor I-Cause
cookie-substitutes I-Cause
after I-Cause
2022 I-Cause
, O
has O
placed O
the B-Effect
firm I-Effect
's I-Effect
main I-Effect
business I-Effect
model I-Effect
at I-Effect
risk I-Effect
. O

As O
much B-Cause
of I-Cause
the I-Cause
volatility I-Cause
in I-Cause
helicopter I-Cause
deliveries I-Cause
comes I-Cause
from I-Cause
the I-Cause
volatile I-Cause
market I-Cause
, I-Cause
a I-Cause
large I-Cause
chunk I-Cause
of I-Cause
the I-Cause
volatility I-Cause
in I-Cause
operating I-Cause
earnings I-Cause
comes I-Cause
from I-Cause
the I-Cause
volatility I-Cause
in I-Cause
energy I-Cause
prices I-Cause
, O
so O
we B-Effect
see I-Effect
a I-Effect
prolonged I-Effect
oil I-Effect
downturn I-Effect
as I-Effect
a I-Effect
risk I-Effect
factor I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

With O
such B-Cause
high I-Cause
up-front I-Cause
investments I-Cause
and I-Cause
low I-Cause
returns I-Cause
, O
new B-Effect
players I-Effect
are I-Effect
discouraged I-Effect
from I-Effect
entering I-Effect
the I-Effect
market I-Effect
. O

Seating B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
stickiest I-Effect
parts I-Effect
of I-Effect
the I-Effect
supplier I-Effect
sector I-Effect
since O
it B-Cause
is I-Cause
very I-Cause
difficult I-Cause
to I-Cause
take I-Cause
out I-Cause
an I-Cause
incumbent I-Cause
on I-Cause
a I-Cause
vehicle I-Cause
program I-Cause
, O
and O
automakers B-Cause
need I-Cause
suppliers I-Cause
that I-Cause
can I-Cause
consistently I-Cause
deliver I-Cause
high-quality I-Cause
seats I-Cause
in I-Cause
a I-Cause
just-in-time I-Cause
system I-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
. O

Crown B-Cause
is I-Cause
limited I-Cause
in I-Cause
how I-Cause
quickly I-Cause
it I-Cause
can I-Cause
set I-Cause
up I-Cause
small I-Cause
cells I-Cause
, O
leaving O
an B-Effect
extended I-Effect
period I-Effect
before I-Effect
we I-Effect
think I-Effect
it I-Effect
can I-Effect
fully I-Effect
monetize I-Effect
its I-Effect
fiber I-Effect
. O

As O
more B-Cause
vendors I-Cause
join I-Cause
and I-Cause
add I-Cause
more I-Cause
of I-Cause
their I-Cause
solutions I-Cause
, O
the B-Effect
quantity I-Effect
of I-Effect
data I-Effect
and I-Effect
traffic I-Effect
flowing I-Effect
across I-Effect
Okta I-Effect
's I-Effect
security I-Effect
stack I-Effect
grows I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
a I-Cause
significant I-Cause
market I-Cause
share I-Cause
so O
the B-Effect
entry I-Effect
of I-Effect
a I-Effect
new I-Effect
competitor I-Effect
would I-Effect
likely I-Effect
be I-Effect
unlikely I-Effect
but O
any O
significant O
changes O
to O
the O
economy O
or O
market O
dynamics O
could O
pose O
a O
risk O
. O

For O
example O
, O
Boston B-Effect
has I-Effect
maintained I-Effect
its I-Effect
strong I-Effect
position I-Effect
in I-Effect
drug-coated I-Effect
coronary I-Effect
stents I-Effect
and I-Effect
is I-Effect
developing I-Effect
some I-Effect
transcatheter I-Effect
mitral I-Effect
valve I-Effect
repair I-Effect
technologies I-Effect
, O
building O
on O
its B-Cause
footprint I-Cause
in I-Cause
the I-Cause
cardiac I-Cause
and I-Cause
vascular I-Cause
markets I-Cause
. O

We O
believe O
that O
Alexion B-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
withstand I-Effect
pressures I-Effect
from I-Effect
competitors I-Effect
and I-Effect
biosimilars I-Effect
because O
it B-Cause
has I-Cause
expanded I-Cause
to I-Cause
other I-Cause
, I-Cause
larger I-Cause
patient I-Cause
populations I-Cause
, I-Cause
proactively I-Cause
priced I-Cause
Ultomiris I-Cause
at I-Cause
a I-Cause
discount I-Cause
, I-Cause
and I-Cause
offers I-Cause
more I-Cause
convenient I-Cause
dosing I-Cause
. O

The B-Cause
new I-Cause
coal-fired I-Cause
power I-Cause
pricing I-Cause
framework I-Cause
shifts I-Cause
to I-Cause
the 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
base+floating 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
mechanism I-Cause
, O
which O
will O
be O
likely O
to O
reduce B-Effect
volatility I-Effect
in I-Effect
margins I-Effect
for I-Effect
coal-power I-Effect
producers I-Effect
. O

While O
Accenture B-Cause
has I-Cause
stressed I-Cause
its I-Cause
desire I-Cause
to I-Cause
rely I-Cause
less I-Cause
on I-Cause
commoditized I-Cause
outsourcing I-Cause
, O
we O
think O
that O
this O
could O
pose B-Effect
risks I-Effect
to I-Effect
Accenture I-Effect
's I-Effect
familiarity I-Effect
proposition I-Effect
, O
which O
is O
that O
switching O
costs O
are O
derived O
from O
having O
such O
large O
client O
accounts O
. O

Menu B-Cause
diversification I-Cause
is O
risky O
, O
with O
no O
guarantee O
that O
operators B-Effect
can I-Effect
provide I-Effect
competitively I-Effect
viable I-Effect
products I-Effect
, O
while O
adding B-Effect
stock-keeping I-Effect
units I-Effect
and I-Effect
operational I-Effect
risk I-Effect
( O
as O
we O
've O
seen O
at O
Pizza O
Hut O
) O
. O

We O
believe O
the O
global O
services O
business O
will O
also O
support B-Effect
future I-Effect
growth I-Effect
due O
to O
greater B-Cause
spares I-Cause
, I-Cause
tool I-Cause
refurbishments I-Cause
, I-Cause
and I-Cause
collaboration I-Cause
with I-Cause
customers I-Cause
to I-Cause
troubleshoot I-Cause
high-value I-Cause
problems I-Cause
that O
reduce O
cost O
, O
improve O
product O
yields O
, O
and O
accelerate O
new O
technology O
ramps O
. O

We B-Effect
think I-Effect
Autodesk I-Effect
has I-Effect
so I-Effect
widely I-Effect
embraced I-Effect
what O
many O
companies O
would O
avoid O
because O
it B-Cause
is I-Cause
well I-Cause
aware I-Cause
that I-Cause
the I-Cause
brunt I-Cause
of I-Cause
its I-Cause
switching I-Cause
costs I-Cause
are I-Cause
n't I-Cause
in I-Cause
the I-Cause
loss I-Cause
and I-Cause
transfer I-Cause
of I-Cause
design I-Cause
and I-Cause
model I-Cause
data I-Cause
, I-Cause
but I-Cause
rather I-Cause
the I-Cause
training I-Cause
of I-Cause
its I-Cause
software I-Cause
( O
which O
can O
take O
years O
to O
master O
) O
. 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
15.10 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
11 I-Effect
, O
driven O
by O
stronger B-Cause
demand I-Cause
for I-Cause
Myriad I-Cause
's I-Cause
prenatal I-Cause
and I-Cause
Prolaris I-Cause
testing I-Cause
units I-Cause
and I-Cause
cash I-Cause
benefit I-Cause
from I-Cause
its I-Cause
planned I-Cause
divestitures I-Cause
. O

The B-Effect
shares I-Effect
came I-Effect
under I-Effect
additional I-Effect
pressure I-Effect
in I-Effect
late I-Effect
October I-Effect
2020 I-Effect
after O
FirstEnergy B-Cause
's I-Cause
CEO I-Cause
and I-Cause
four I-Cause
others I-Cause
resigned I-Cause
in I-Cause
the I-Cause
wake I-Cause
of I-Cause
the I-Cause
scandal I-Cause
. O

We O
anticipate O
robust B-Effect
companion I-Effect
animal I-Effect
growth I-Effect
will O
be O
primarily O
fed O
by O
the B-Cause
adoption I-Cause
of I-Cause
a I-Cause
series I-Cause
of I-Cause
new I-Cause
products I-Cause
, I-Cause
a I-Cause
larger I-Cause
base I-Cause
of I-Cause
analyzers I-Cause
, I-Cause
sales I-Cause
of I-Cause
ancillary I-Cause
services I-Cause
, I-Cause
and I-Cause
growing I-Cause
strength I-Cause
in I-Cause
consumables I-Cause
and I-Cause
reference I-Cause
labs I-Cause
. O

We O
also O
expect O
a B-Effect
strong I-Effect
recovery I-Effect
in I-Effect
Spanish I-Effect
fee I-Effect
income I-Effect
as O
transactional B-Cause
activity I-Cause
normalises I-Cause
and O
asset B-Effect
management I-Effect
fees I-Effect
that I-Effect
will I-Effect
benefit I-Effect
from O
a B-Cause
recovery I-Cause
in I-Cause
assets I-Cause
under I-Cause
management I-Cause
, I-Cause
or I-Cause
AUM I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
foresee I-Effect
any I-Effect
deterioration I-Effect
in I-Effect
Snap-on I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
as O
any B-Cause
competition I-Cause
in I-Cause
its I-Cause
tools I-Cause
business I-Cause
will I-Cause
likely I-Cause
be I-Cause
offset I-Cause
by I-Cause
an I-Cause
increase I-Cause
in I-Cause
high-margin I-Cause
diagnostic I-Cause
software I-Cause
sales I-Cause
. O

The O
company O
's O
record O
of O
regular O
product O
innovation O
and O
R O
& O
D O
through O
the O
cycle O
is O
impressive O
; O
however O
, O
the B-Cause
short I-Cause
operating I-Cause
life I-Cause
of I-Cause
tools I-Cause
coupled I-Cause
with I-Cause
an I-Cause
innovation I-Cause
cycle I-Cause
of I-Cause
around I-Cause
six I-Cause
years I-Cause
provides O
enough B-Effect
time I-Effect
for I-Effect
competitors I-Effect
to I-Effect
replicate I-Effect
its I-Effect
characteristics I-Effect
once I-Effect
future I-Effect
restocking I-Effect
decisions I-Effect
are I-Effect
required I-Effect
. O

TI B-Cause
and I-Cause
its I-Cause
chipmaking I-Cause
peers I-Cause
tend I-Cause
to I-Cause
profit I-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
amp I-Cause
; I-Cause
D I-Cause
and O
capital B-Cause
expenditure I-Cause
investments I-Cause
than I-Cause
digital I-Cause
chipmakers I-Cause
, O
which O
helps B-Effect
to I-Effect
contribute I-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. I-Effect

We O
have B-Effect
not I-Effect
modeled I-Effect
significant I-Effect
changes I-Effect
in I-Effect
our I-Effect
10-year I-Effect
average I-Effect
gross I-Effect
margins I-Effect
, O
as O
we O
believe O
WPP B-Cause
's I-Cause
efficiencies I-Cause
in I-Cause
talent I-Cause
management I-Cause
( I-Cause
either I-Cause
per I-Cause
account I-Cause
or I-Cause
per I-Cause
project I-Cause
) I-Cause
will I-Cause
offset I-Cause
growth I-Cause
in I-Cause
compensation I-Cause
and I-Cause
slightly I-Cause
lower I-Cause
long-term I-Cause
margins I-Cause
on I-Cause
digital I-Cause
ads I-Cause
. O

We O
believe O
Trip.com B-Effect
has I-Effect
strengthened I-Effect
its I-Effect
leading I-Effect
position I-Effect
among I-Effect
Chinese I-Effect
online I-Effect
travel I-Effect
agencies I-Effect
after O
market B-Cause
consolidation I-Cause
, O
and O
is O
the B-Effect
beneficiary I-Effect
of I-Effect
rising I-Effect
disposable I-Effect
income I-Effect
and I-Effect
demand I-Effect
for I-Effect
domestic I-Effect
and I-Effect
international I-Effect
travel I-Effect
. O

Additionally O
, O
with O
the B-Cause
torrid I-Cause
growth I-Cause
that I-Cause
hard I-Cause
seltzer I-Cause
and I-Cause
flavored I-Cause
malt I-Cause
beverages I-Cause
have I-Cause
to I-Cause
offer I-Cause
, O
a B-Cause
slew I-Cause
of I-Cause
new I-Cause
entrants I-Cause
have O
increased B-Effect
the I-Effect
competitive I-Effect
fervor I-Effect
in I-Effect
those I-Effect
markets I-Effect
. O

We B-Effect
believe I-Effect
it I-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
nearly I-Effect
21 I-Effect
% I-Effect
of I-Effect
sales I-Effect
through I-Effect
our I-Effect
forecast I-Effect
and I-Effect
falling I-Effect
below I-Effect
9 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, O
as B-Cause
Canopy I-Cause
expands I-Cause
to I-Cause
meet I-Cause
robust I-Cause
volume I-Cause
growth I-Cause
. O

Its B-Cause
previously I-Cause
strong I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
has I-Cause
been I-Cause
degraded I-Cause
by I-Cause
consumer I-Cause
trends I-Cause
that O
allowed O
for O
competition B-Effect
in I-Effect
the I-Effect
intimates I-Effect
space I-Effect
, O
as O
the B-Cause
Victoria I-Cause
's I-Cause
Secret I-Cause
, I-Cause
or I-Cause
VS I-Cause
, I-Cause
brand I-Cause
failed I-Cause
to I-Cause
adapt I-Cause
to I-Cause
trends I-Cause
. O

And O
as O
we B-Cause
do I-Cause
n't I-Cause
anticipate I-Cause
competitive I-Cause
angst I-Cause
will I-Cause
subside I-Cause
( O
particularly O
as O
supply O
more O
closely O
matches O
demand O
going O
forward O
) O
, O
we B-Effect
expect I-Effect
Church I-Effect
will I-Effect
step I-Effect
up I-Effect
its I-Effect
spend I-Effect
in I-Effect
this I-Effect
vein I-Effect
, O
with O
our O
forecast O
calling O
for O
it O
to O
allocate O
around O
12 O
% O
of O
sales O
to O
marketing O
on O
average O
through O
fiscal O
2030 O
. O

Further O
, O
the B-Cause
Guangzhou-Shenzhen-Hong I-Cause
Kong I-Cause
high-speed I-Cause
line I-Cause
commenced I-Cause
in O
the O
third O
quarter O
of O
2018 O
, O
which O
resulted O
in O
a B-Effect
sharp I-Effect
50 I-Effect
% I-Effect
traffic I-Effect
decline I-Effect
on I-Effect
Guangshen I-Effect
's I-Effect
Kowloon-Guangzhou I-Effect
through I-Effect
train I-Effect
in O
2019 O
. O

Healthineers B-Effect
, I-Effect
the I-Effect
group I-Effect
's I-Effect
other I-Effect
major I-Effect
division I-Effect
, I-Effect
offers I-Effect
medical I-Effect
equipment I-Effect
, I-Effect
which I-Effect
has I-Effect
more I-Effect
countercycle I-Effect
drivers I-Effect
due O
to O
the B-Cause
exposure I-Cause
to I-Cause
healthcare I-Cause
treatment I-Cause
demand I-Cause
. O

CarMax B-Effect
's I-Effect
revenue I-Effect
has I-Effect
increased I-Effect
at O
a O
compound O
annual O
rate O
of O
about O
11 O
% O
since O
fiscal O
2000 O
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
. I-Cause

On O
the O
commercial O
side O
, O
AutoZone O
already O
uses O
digital O
ordering O
tools O
extensively O
, O
and O
we O
believe O
its B-Cause
ability I-Cause
to I-Cause
pull I-Cause
inventory I-Cause
from I-Cause
stores I-Cause
, I-Cause
hubs I-Cause
, I-Cause
and I-Cause
distribution I-Cause
centers I-Cause
in I-Cause
the I-Cause
name I-Cause
of I-Cause
rapid I-Cause
delivery I-Cause
makes O
disruption B-Effect
less I-Effect
of I-Effect
a I-Effect
concern I-Effect
. O

Further O
, O
we O
expect O
mix B-Effect
to I-Effect
play I-Effect
a I-Effect
role I-Effect
, O
with O
growth B-Cause
in I-Cause
higher-margin I-Cause
real-world I-Cause
evidence I-Cause
trials I-Cause
that I-Cause
use I-Cause
de-identified I-Cause
patient I-Cause
data I-Cause
cohorts I-Cause
as I-Cause
evidence I-Cause
for I-Cause
regulatory I-Cause
approval I-Cause
. O

Mosaic O
has O
a B-Cause
solid I-Cause
but I-Cause
not I-Cause
spectacular I-Cause
cost I-Cause
position I-Cause
for I-Cause
phosphate I-Cause
potash I-Cause
production I-Cause
, O
providing O
it O
with O
a B-Effect
cost-competitive I-Effect
input I-Effect
base I-Effect
to I-Effect
produce I-Effect
fertilizers I-Effect
. O

As O
result O
of O
the O
network O
effect O
, O
the B-Cause
firm I-Cause
's I-Cause
revenue I-Cause
growth I-Cause
has I-Cause
become I-Cause
increasingly I-Cause
driven I-Cause
by I-Cause
its I-Cause
platform I-Cause
segment I-Cause
which I-Cause
generates I-Cause
revenue I-Cause
from I-Cause
advertising I-Cause
, I-Cause
platform I-Cause
and I-Cause
distribution I-Cause
fees I-Cause
, I-Cause
and I-Cause
licensing. O
As O
a O
result O
, O
the B-Effect
Player I-Effect
segment I-Effect
( I-Effect
hardware I-Effect
sales I-Effect
) I-Effect
has I-Effect
fallen I-Effect
from I-Effect
84 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
in I-Effect
2015 I-Effect
to I-Effect
34 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, I-Effect
a I-Effect
period I-Effect
during I-Effect
which I-Effect
total I-Effect
revenue I-Effect
increased I-Effect
from I-Effect
$ I-Effect
320 I-Effect
million I-Effect
to I-Effect
$ I-Effect
1.1 I-Effect
billion I-Effect
. O

Given O
the B-Cause
expense I-Cause
associated I-Cause
with I-Cause
chip I-Cause
design I-Cause
, I-Cause
the I-Cause
margin I-Cause
for I-Cause
error I-Cause
is I-Cause
virtually I-Cause
nonexistent I-Cause
, O
so O
designers B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
prefer I-Effect
tools I-Effect
that I-Effect
they I-Effect
are I-Effect
comfortable I-Effect
utilizing I-Effect
and I-Effect
would I-Effect
lead I-Effect
to I-Effect
a I-Effect
lower I-Effect
chance I-Effect
of I-Effect
their I-Effect
making I-Effect
a I-Effect
mistake I-Effect
. O

Worldwide B-Cause
, I-Cause
there I-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
, I-Cause
making I-Cause
it I-Cause
a I-Cause
prime I-Cause
partner I-Cause
for I-Cause
third-party I-Cause
owners I-Cause
looking I-Cause
to I-Cause
outsource I-Cause
management I-Cause
responsibilities. O
As O
a O
result O
of O
increasing B-Effect
third-party I-Effect
confidence I-Effect
in I-Effect
Hyatt I-Effect
's I-Effect
brands I-Effect
, I-Effect
the I-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
in I-Effect
2019 I-Effect
, I-Effect
and I-Effect
we I-Effect
estimate I-Effect
it I-Effect
will I-Effect
be I-Effect
around I-Effect
mid-70 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
. O

While O
we O
anticipate O
the O
near O
term O
will O
remain O
choppy O
, O
we O
think O
its B-Cause
portfolio I-Cause
will I-Cause
prove I-Cause
resilient I-Cause
even I-Cause
in I-Cause
a I-Cause
more I-Cause
challenging I-Cause
economic I-Cause
environment I-Cause
( I-Cause
like I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high-single-digit I-Cause
growth I-Cause
posted I-Cause
in I-Cause
the I-Cause
2008-09 I-Cause
recession I-Cause
) I-Cause
. O
As O
such O
, O
we O
continue O
to O
expect O
3 B-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
mid-20s I-Effect
operating I-Effect
margins I-Effect
on I-Effect
average I-Effect
, I-Effect
100 I-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
prior I-Effect
10-year I-Effect
average I-Effect
. O

We O
think O
MPS B-Effect
' I-Effect
greatest I-Effect
uncertainty I-Effect
stems I-Effect
from O
its B-Cause
ability I-Cause
to I-Cause
maintain I-Cause
an I-Cause
advantage I-Cause
in I-Cause
its I-Cause
proprietary I-Cause
process I-Cause
technology I-Cause
over I-Cause
analog I-Cause
competitors I-Cause
with I-Cause
larger I-Cause
budgets I-Cause
. O

We O
expect O
Allegion B-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
moderate I-Effect
a I-Effect
bit I-Effect
in I-Effect
2021 I-Effect
due O
to O
faster B-Cause
growth I-Cause
from I-Cause
lower-margin I-Cause
residential I-Cause
products I-Cause
and I-Cause
cost I-Cause
inflation I-Cause
. O

Our O
forecast O
implies O
market B-Effect
share I-Effect
gains I-Effect
due O
to O
the B-Cause
combined I-Cause
businesses I-Cause
of I-Cause
Icon I-Cause
and I-Cause
PRA I-Cause
and O
results O
in O
a B-Effect
five-year I-Effect
projected I-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
about I-Effect
27 I-Effect
% I-Effect
, O
including O
the O
impact O
of O
the O
PRA O
acquisition O
. O

Through O
a B-Cause
combination I-Cause
of I-Cause
cost I-Cause
savings I-Cause
and I-Cause
expected I-Cause
top-line I-Cause
growth I-Cause
, O
Lilly B-Effect
aims I-Effect
to I-Effect
reach I-Effect
operating I-Effect
margins I-Effect
of I-Effect
close I-Effect
to I-Effect
32 I-Effect
% I-Effect
by I-Effect
2021 I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
is I-Effect
achievable I-Effect
. O

Lastly O
, O
vaccine B-Effect
hesitancy I-Effect
could I-Effect
plague I-Effect
vaccine-focused I-Effect
firms I-Effect
like I-Effect
Moderna I-Effect
if O
new B-Cause
concerns I-Cause
about I-Cause
safety I-Cause
issues I-Cause
begin I-Cause
to I-Cause
emerge I-Cause
from I-Cause
the I-Cause
firm I-Cause
's I-Cause
novel I-Cause
mRNA I-Cause
vaccines I-Cause
. O

By O
our O
estimate O
, O
the B-Cause
gap I-Cause
between I-Cause
Progressive I-Cause
's I-Cause
expense I-Cause
ratio I-Cause
and I-Cause
the I-Cause
industry I-Cause
average I-Cause
has O
added B-Effect
about I-Effect
5 I-Effect
percentage I-Effect
points I-Effect
annually I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
return I-Effect
on I-Effect
equity I-Effect
. O

As O
retailers B-Cause
seek I-Cause
additional I-Cause
distribution I-Cause
facilities I-Cause
closer I-Cause
to I-Cause
population I-Cause
centers I-Cause
to I-Cause
accommodate I-Cause
this I-Cause
trend I-Cause
, O
Prologis B-Effect
will I-Effect
tap I-Effect
into I-Effect
its I-Effect
deep I-Effect
land I-Effect
bank I-Effect
to I-Effect
complete I-Effect
lucrative I-Effect
developments I-Effect
. O

BMW B-Effect
's I-Effect
repeated I-Effect
appearance I-Effect
in I-Effect
the I-Effect
top I-Effect
five I-Effect
of I-Effect
the I-Effect
APEAL I-Effect
Study I-Effect
indicates O
consistently B-Cause
well-executed I-Cause
vehicles I-Cause
that I-Cause
solidly I-Cause
connect I-Cause
with I-Cause
the I-Cause
customer I-Cause
base I-Cause
. O

Although O
we O
believe O
the O
company B-Cause
's I-Cause
brand I-Cause
recognition I-Cause
and I-Cause
product I-Cause
positioning I-Cause
drive O
increased B-Effect
consumer I-Effect
attention I-Effect
and I-Effect
yield I-Effect
some I-Effect
degree I-Effect
of I-Effect
pricing I-Effect
power I-Effect
, O
our O
opinion O
is O
that O
location O
and O
design O
offerings O
are O
more O
important O
than O
brand O
reputation O
for O
potential O
luxury O
homebuyers O
. O

Both B-Cause
nonexistent I-Cause
switching I-Cause
costs I-Cause
( I-Cause
which I-Cause
could I-Cause
weigh I-Cause
on I-Cause
pricing I-Cause
power I-Cause
intermittently I-Cause
) I-Cause
and I-Cause
delayed I-Cause
innovation I-Cause
in I-Cause
product I-Cause
offerings I-Cause
could O
act O
as O
a B-Effect
drag I-Effect
on I-Effect
performance I-Effect
. O

We O
continue O
to O
anticipate O
a B-Effect
slower I-Effect
recovery I-Effect
in I-Effect
the I-Effect
Covance I-Effect
unit I-Effect
as O
clients B-Cause
slow I-Cause
down I-Cause
and I-Cause
delay I-Cause
clinical I-Cause
trial I-Cause
activity I-Cause
in I-Cause
2020 I-Cause
. O

As O
the B-Cause
movement I-Cause
of I-Cause
landing I-Cause
pages I-Cause
is I-Cause
completed I-Cause
, I-Cause
the I-Cause
economy I-Cause
recovers I-Cause
, I-Cause
and I-Cause
more I-Cause
video I-Cause
content I-Cause
is I-Cause
released I-Cause
as I-Cause
macroeconomics I-Cause
improve I-Cause
, O
we O
expect O
Baidu B-Effect
and I-Effect
iQiyi I-Effect
's I-Effect
advertising I-Effect
revenue I-Effect
to I-Effect
recover I-Effect
from I-Effect
a I-Effect
low I-Effect
base I-Effect
. O

We O
see O
this B-Cause
network I-Cause
effect I-Cause
continuing I-Cause
to I-Cause
expand I-Cause
in O
both O
developed O
and O
emerging O
markets O
, O
as O
well O
as O
vertical O
markets O
such O
as O
rentals O
( O
where O
it O
looks O
to O
focus O
2021 O
investment O
to O
expand O
supply O
and O
awareness O
in O
the O
U.S. O
) O
and O
attractions O
, O
resulting B-Effect
in I-Effect
a I-Effect
full I-Effect
connected I-Effect
trip I-Effect
offering I-Effect
. O

However O
, O
we O
believe O
Carnival B-Cause
could I-Cause
generate I-Cause
average I-Cause
ROICs I-Cause
, I-Cause
including I-Cause
goodwill I-Cause
( I-Cause
7 I-Cause
% I-Cause
) I-Cause
below I-Cause
our I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
hindered O
by O
the O
secular B-Effect
fall I-Effect
out I-Effect
stemming I-Effect
from O
COVID-19 O
. O

Before O
fiscal O
2019 O
, O
Smucker B-Cause
spent I-Cause
less I-Cause
than I-Cause
6 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
on I-Cause
marketing I-Cause
, I-Cause
but I-Cause
beginning I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
, I-Cause
these I-Cause
investments I-Cause
have I-Cause
increased I-Cause
, I-Cause
and I-Cause
are I-Cause
on I-Cause
track I-Cause
to I-Cause
reach I-Cause
7 I-Cause
% I-Cause
by I-Cause
2022. O
These O
initiatives O
have O
allowed O
Smucker B-Effect
to I-Effect
reach I-Effect
5 I-Effect
million I-Effect
new I-Effect
households I-Effect
, I-Effect
a I-Effect
10 I-Effect
% I-Effect
increase I-Effect
, I-Effect
while I-Effect
lowering I-Effect
nonworking I-Effect
media I-Effect
spending I-Effect
by I-Effect
$ I-Effect
30 I-Effect
million I-Effect
, I-Effect
driving I-Effect
a I-Effect
15 I-Effect
% I-Effect
increase I-Effect
in I-Effect
marketing I-Effect
ROI I-Effect
. O

Enterprises O
traditionally O
purchased O
point-based O
solutions O
that O
cover O
a O
component O
of O
security O
from O
the O
leading O
specialist O
; O
however O
, O
integrating B-Effect
multiple I-Effect
software I-Effect
and I-Effect
hardware I-Effect
vendors I-Effect
together I-Effect
becomes I-Effect
cumbersome I-Effect
and I-Effect
difficult I-Effect
to I-Effect
manage I-Effect
as O
new B-Cause
threats I-Cause
emerge I-Cause
. O

We O
do B-Effect
n't I-Effect
have I-Effect
high I-Effect
expectations I-Effect
for I-Effect
the I-Effect
advertising I-Effect
business I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
despite O
AT O
& O
T O
's O
efforts O
to O
improve O
ad O
monetization O
, O
as O
consumer B-Cause
behavior I-Cause
shifts I-Cause
away I-Cause
from I-Cause
ad-supported I-Cause
formats I-Cause
. O

Rituxan B-Cause
biosimilars I-Cause
and I-Cause
new I-Cause
oral I-Cause
competitors I-Cause
in I-Cause
the I-Cause
blood I-Cause
cancer I-Cause
space I-Cause
should O
be B-Effect
partly I-Effect
countered I-Effect
by I-Effect
Gazyva I-Effect
's I-Effect
superiority I-Effect
to I-Effect
Rituxan I-Effect
in I-Effect
CLL I-Effect
and I-Effect
indolent/maintenance I-Effect
NHL I-Effect
indications I-Effect
. I-Effect

We O
believe O
Hubbell B-Effect
can I-Effect
hit I-Effect
16 I-Effect
% I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2022 I-Effect
as O
it O
emerges O
through O
its B-Cause
latest I-Cause
rounds I-Cause
of I-Cause
productivity I-Cause
initiatives I-Cause
and O
despite O
challenges O
posed O
by O
the O
global O
pandemic O
, O
including O
supply O
chain O
automation O
and O
footprint O
and O
back-office O
consolidation O
. O

Finally O
, O
while O
we O
do O
see O
some B-Effect
differences I-Effect
in I-Effect
terms I-Effect
of I-Effect
cost I-Effect
structure I-Effect
across I-Effect
various I-Effect
iBuyers I-Effect
, O
we O
think O
these O
are O
largely O
attributable O
to O
differences B-Cause
in I-Cause
approach I-Cause
rather O
than O
differences O
in O
competitive O
advantage O
. O

This B-Cause
includes I-Cause
forecasting I-Cause
tools I-Cause
to I-Cause
ensure I-Cause
that I-Cause
the I-Cause
right I-Cause
product I-Cause
is I-Cause
on I-Cause
hand I-Cause
, I-Cause
the I-Cause
fleet I-Cause
to I-Cause
ensure I-Cause
the I-Cause
trucks I-Cause
are I-Cause
running I-Cause
on I-Cause
time I-Cause
, I-Cause
technology I-Cause
to I-Cause
efficiently I-Cause
route I-Cause
the I-Cause
fleet I-Cause
, I-Cause
and I-Cause
financial I-Cause
systems I-Cause
to I-Cause
ensure I-Cause
orders I-Cause
are I-Cause
processed I-Cause
and I-Cause
billed I-Cause
correctly. O
As O
a O
result O
, O
Sysco B-Effect
averages I-Effect
a I-Effect
98.5 I-Effect
% I-Effect
service I-Effect
level I-Effect
, I-Effect
the I-Effect
percent I-Effect
of I-Effect
orders I-Effect
delivered I-Effect
with I-Effect
the I-Effect
requested I-Effect
product I-Effect
( I-Effect
no I-Effect
substitutions I-Effect
) I-Effect
, I-Effect
within I-Effect
the I-Effect
designated I-Effect
delivery I-Effect
window I-Effect
, I-Effect
and I-Effect
billed I-Effect
accurately I-Effect
. O

Although O
CoStar B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
LoopNet I-Cause
and I-Cause
its I-Cause
related I-Cause
platforms I-Cause
closed I-Cause
in I-Cause
2012 I-Cause
, O
we O
think O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
effectively I-Effect
push I-Effect
price I-Effect
increases I-Effect
to I-Effect
its I-Effect
existing I-Effect
user I-Effect
base I-Effect
and I-Effect
compel I-Effect
listers I-Effect
to I-Effect
utilize I-Effect
its I-Effect
advertising I-Effect
services I-Effect
more I-Effect
heavily I-Effect
over I-Effect
time I-Effect
. O

The B-Effect
primary I-Effect
driver I-Effect
behind I-Effect
CMS I-Effect
' I-Effect
earnings I-Effect
growth I-Effect
and I-Effect
value I-Effect
creation I-Effect
is O
regulated B-Cause
capital I-Cause
investment I-Cause
, I-Cause
and I-Cause
the I-Cause
degree I-Cause
to I-Cause
which I-Cause
the I-Cause
company I-Cause
can I-Cause
recover I-Cause
its I-Cause
costs I-Cause
with I-Cause
an I-Cause
appealing I-Cause
return I-Cause
. O

Technological B-Cause
shifts I-Cause
such I-Cause
as I-Cause
new I-Cause
mirrorless I-Cause
cameras I-Cause
or I-Cause
simply I-Cause
third-party I-Cause
lenses I-Cause
could O
provide B-Effect
an I-Effect
opportunity I-Effect
for I-Effect
less-established I-Effect
competitors I-Effect
to I-Effect
gain I-Effect
share I-Effect
and I-Effect
erode I-Effect
Canon I-Effect
's I-Effect
customer I-Effect
base I-Effect
. O

Canadian B-Cause
Natural I-Cause
's I-Cause
ownership I-Cause
of I-Cause
midstream I-Cause
pipeline I-Cause
assets I-Cause
allows O
it B-Effect
to I-Effect
control I-Effect
the I-Effect
transport I-Effect
of I-Effect
a I-Effect
significant I-Effect
portion I-Effect
of I-Effect
its I-Effect
own I-Effect
production I-Effect
and I-Effect
lowers I-Effect
its I-Effect
transportation I-Effect
expenses I-Effect
and I-Effect
overall I-Effect
cost I-Effect
structure I-Effect
. O

With O
the B-Cause
lifting I-Cause
of I-Cause
lockdown I-Cause
restrictions I-Cause
and I-Cause
speed I-Cause
of I-Cause
vaccine I-Cause
rollout I-Cause
representing I-Cause
the I-Cause
key I-Cause
( I-Cause
and I-Cause
unfortunately I-Cause
, I-Cause
exogenous I-Cause
) I-Cause
variables I-Cause
, O
we B-Effect
've I-Effect
modeled I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
14.3 I-Effect
% I-Effect
and I-Effect
7.5 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
as O
demand B-Cause
begins I-Cause
to I-Cause
stabilize I-Cause
in I-Cause
key I-Cause
European I-Cause
markets I-Cause
( O
notably O
, O
U.S O
. O

We O
project O
that O
the B-Effect
organic I-Effect
average I-Effect
non-ad I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
be I-Effect
in I-Effect
the I-Effect
low I-Effect
to I-Effect
midsingle I-Effect
digits I-Effect
, O
driven O
by O
growth B-Cause
in I-Cause
retransmission I-Cause
fees I-Cause
and I-Cause
digital I-Cause
revenue I-Cause
. O

The O
bank O
's O
motivation O
for O
the B-Effect
acquisition I-Effect
was O
to O
expand B-Cause
its I-Cause
banking I-Cause
and I-Cause
insurance I-Cause
operations I-Cause
in I-Cause
one I-Cause
of I-Cause
its I-Cause
home I-Cause
markets I-Cause
, I-Cause
the I-Cause
Netherlands I-Cause
, I-Cause
and I-Cause
further I-Cause
its I-Cause
long-term I-Cause
ambition I-Cause
to I-Cause
grow I-Cause
private I-Cause
banking I-Cause
and I-Cause
asset I-Cause
management I-Cause
of O
which O
Fortis O
would O
absorb O
ABN O
's O
offering O
globally O
. O

Compounding B-Effect
these I-Effect
pressures I-Effect
, I-Effect
management I-Effect
has I-Effect
more I-Effect
recently I-Effect
articulated I-Effect
its I-Effect
belief I-Effect
that I-Effect
the I-Effect
economy I-Effect
has I-Effect
already I-Effect
turned I-Effect
recessionary I-Effect
and I-Effect
is I-Effect
bound I-Effect
to I-Effect
get I-Effect
materially I-Effect
worse I-Effect
as O
unemployment B-Cause
rates I-Cause
surge I-Cause
, I-Cause
with I-Cause
the I-Cause
prime I-Cause
point I-Cause
of I-Cause
uncertainty I-Cause
being I-Cause
how I-Cause
long I-Cause
this I-Cause
situation I-Cause
persists I-Cause
. O

We O
view O
Graco O
as O
a O
GDP-plus O
business O
, O
with O
its O
commitment O
to O
R O
& O
D O
and O
continuous O
innovation O
driving B-Effect
sales I-Effect
growth I-Effect
slightly I-Effect
above I-Effect
the I-Effect
average I-Effect
industrial I-Effect
production I-Effect
growth I-Effect
rate I-Effect
through O
new B-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
. I-Cause

We O
forecast O
lower B-Effect
lower I-Effect
midcycle I-Effect
steel I-Effect
prices I-Effect
yet I-Effect
, O
driven O
by O
our B-Cause
bearish I-Cause
outlook I-Cause
for I-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
as I-Cause
well I-Cause
as I-Cause
faltering I-Cause
cost I-Cause
support I-Cause
from I-Cause
steelmaking I-Cause
raw I-Cause
materials I-Cause
. O

Given B-Cause
the I-Cause
importance I-Cause
of I-Cause
live I-Cause
sports I-Cause
to I-Cause
the I-Cause
pay-television I-Cause
bundle I-Cause
, O
we B-Effect
expect I-Effect
that I-Effect
the I-Effect
main I-Effect
ESPN I-Effect
channels I-Effect
will I-Effect
remain I-Effect
key I-Effect
components I-Effect
of I-Effect
any I-Effect
pay-television I-Effect
offering I-Effect
. O

We B-Effect
have I-Effect
remodeled I-Effect
our I-Effect
interest-rate I-Effect
forecast I-Effect
and I-Effect
our I-Effect
net I-Effect
interest I-Effect
margin I-Effect
projections I-Effect
for I-Effect
the I-Effect
bank I-Effect
considering O
the B-Cause
current I-Cause
macroeconomic I-Cause
situation I-Cause
. O

The B-Cause
ability I-Cause
of I-Cause
Biogen I-Cause
's I-Cause
new I-Cause
oral I-Cause
drug I-Cause
Vumerity I-Cause
to I-Cause
improve I-Cause
GI I-Cause
tolerability I-Cause
should O
partly B-Effect
offset I-Effect
headwinds I-Effect
from I-Effect
competition I-Effect
, O
but O
we O
still O
assume O
Biogen O
's O
total O
oral O
MS O
drug O
sales O
will O
decline O
from O
$ O
3.8 O
billion O
in O
2020 O
to O
$ O
1.7 O
billion O
by O
2025 O
. O

For O
example O
, O
hoses B-Cause
, I-Cause
nozzles I-Cause
, I-Cause
pumps I-Cause
, I-Cause
and I-Cause
other I-Cause
components I-Cause
have I-Cause
to I-Cause
be I-Cause
periodically I-Cause
replaced I-Cause
due O
to O
constant B-Cause
wear I-Cause
and I-Cause
tear I-Cause
, O
which O
creates B-Effect
steady I-Effect
demand I-Effect
for I-Effect
aftermarket I-Effect
parts I-Effect
. O

The B-Effect
research I-Effect
model I-Effect
business I-Effect
has I-Effect
remained I-Effect
a I-Effect
steady I-Effect
recurring I-Effect
revenue I-Effect
stream I-Effect
for I-Effect
the I-Effect
company I-Effect
as O
a O
result O
of O
high B-Cause
switching I-Cause
costs I-Cause
. O

Security O
uses O
include O
threat O
detection O
( O
suspicious O
user O
activity O
, O
for O
example O
) O
as O
well O
as O
incident O
monitoring O
; O
IT O
cases O
include O
cloud O
infrastructure O
monitoring O
and O
predictive O
system O
analytics O
; O
and O
observability B-Cause
uses I-Cause
include I-Cause
monitoring I-Cause
application I-Cause
health I-Cause
for I-Cause
developers I-Cause
, I-Cause
and I-Cause
application I-Cause
modernization I-Cause
to O
maximize B-Effect
performance I-Effect
and I-Effect
drive I-Effect
innovation I-Effect
. O

The B-Effect
firm I-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
the I-Effect
consumer I-Effect
markets I-Effect
through O
its O
mobile B-Cause
device I-Cause
products I-Cause
and I-Cause
, I-Cause
increasingly I-Cause
, I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, O
where O
demand O
may O
ebb O
and O
flow O
along O
with O
short O
product O
cycles O
. O

The B-Effect
volume I-Effect
of I-Effect
new I-Effect
equipment I-Effect
sales I-Effect
to I-Effect
LNG I-Effect
and I-Effect
other I-Effect
oil I-Effect
and I-Effect
gas I-Effect
customers I-Effect
has I-Effect
been I-Effect
falling I-Effect
off I-Effect
, O
due O
to O
the B-Cause
general I-Cause
oil I-Cause
and I-Cause
gas I-Cause
downturn I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
imminent I-Cause
LNG I-Cause
oversupply I-Cause
specifically I-Cause
. O

The B-Cause
firm I-Cause
spends I-Cause
over I-Cause
$ I-Cause
600 I-Cause
million I-Cause
each I-Cause
year I-Cause
on I-Cause
advertising I-Cause
and I-Cause
media I-Cause
, O
which O
provides B-Effect
buying I-Effect
power I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
, I-Effect
also I-Effect
contributing I-Effect
to I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
. O

Novartis B-Cause
' I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
, O
which O
enables O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. I-Effect

In O
aerospace O
and O
power O
instrumentation O
, O
we O
think O
high B-Cause
demand I-Cause
for I-Cause
cleaner I-Cause
and I-Cause
more I-Cause
efficient I-Cause
energy I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
need I-Cause
for I-Cause
electromagnetic I-Cause
compatibility I-Cause
compliance I-Cause
will O
propel O
this B-Effect
business I-Effect
' I-Effect
results I-Effect
going I-Effect
forward I-Effect
. O

This O
could O
result O
in O
more B-Effect
stable I-Effect
cash I-Effect
flows I-Effect
, I-Effect
a I-Effect
sustainable I-Effect
dividend I-Effect
, I-Effect
and I-Effect
Utilities I-Effect
- I-Effect
Independent I-Effect
Power I-Effect
Producersmore I-Effect
share I-Effect
buybacks I-Effect
if O
management B-Cause
does I-Cause
a I-Cause
good I-Cause
job I-Cause
executing I-Cause
its I-Cause
strategy I-Cause
. O

We B-Cause
believe I-Cause
Adidas I-Cause
has I-Cause
a I-Cause
strong I-Cause
opportunity I-Cause
in I-Cause
the I-Cause
$ I-Cause
31 I-Cause
billion I-Cause
athletic I-Cause
apparel I-Cause
market I-Cause
in I-Cause
China I-Cause
, I-Cause
where B-Effect
it I-Effect
is I-Effect
viewed I-Effect
as I-Effect
a I-Effect
premium I-Effect
fashion I-Effect
brand I-Effect
with I-Effect
high I-Effect
pricing I-Effect
. I-Effect

While O
a O
leader O
in O
real-world O
evidence O
, O
IQVIA B-Effect
's I-Effect
success I-Effect
is I-Effect
highly I-Effect
dependent I-Effect
on I-Effect
regulatory I-Effect
cooperation I-Effect
, O
as O
real-world B-Cause
evidence I-Cause
offerings I-Cause
will I-Cause
only I-Cause
be I-Cause
worth I-Cause
a I-Cause
premium I-Cause
if I-Cause
they I-Cause
're I-Cause
completely I-Cause
embraced I-Cause
by I-Cause
the I-Cause
FDA I-Cause
and I-Cause
other I-Cause
regulatory I-Cause
entities I-Cause
. O

However O
, O
if O
Eastman B-Cause
is I-Cause
unable I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
to I-Cause
replace I-Cause
formulas I-Cause
that I-Cause
roll I-Cause
off I-Cause
patent I-Cause
, O
or O
if O
its B-Cause
new I-Cause
products I-Cause
fail I-Cause
to I-Cause
generate I-Cause
the I-Cause
same I-Cause
incremental I-Cause
demand I-Cause
growth I-Cause
from I-Cause
its I-Cause
end I-Cause
users O
, O
its B-Effect
ability I-Effect
to I-Effect
command I-Effect
a I-Effect
premium I-Effect
price I-Effect
for I-Effect
its I-Effect
specialty I-Effect
products I-Effect
would I-Effect
deteriorate I-Effect
. O

Lower B-Effect
volume I-Effect
for I-Effect
equity I-Effect
futures I-Effect
should I-Effect
be I-Effect
partially I-Effect
mitigated I-Effect
by I-Effect
rises B-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
contract I-Cause
as O
the B-Effect
company I-Effect
benefits I-Effect
from I-Effect
recent I-Effect
price I-Effect
increases I-Effect
and I-Effect
improved I-Effect
product I-Effect
mix I-Effect
as O
the B-Cause
smaller I-Cause
contracts I-Cause
favored I-Cause
by I-Cause
retail I-Cause
investors I-Cause
carry I-Cause
a I-Cause
much I-Cause
smaller I-Cause
transaction I-Cause
fee I-Cause
per I-Cause
contract I-Cause
than I-Cause
CME I-Cause
's I-Cause
traditional I-Cause
equity I-Cause
products I-Cause
. O

If O
one B-Cause
of I-Cause
CME 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

We O
model O
revenue O
to O
increase O
about O
6.6 O
% O
on O
a O
five-year O
compound O
annual O
basis O
, O
up O
from O
3.7 O
% O
in O
our O
prior O
model O
, O
with O
about O
a B-Effect
12 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
and O
then O
high-single-digits O
to O
mid-teens O
growth O
in O
the O
outer O
years O
of O
our O
forecast O
period O
. O

Third O
, O
because B-Cause
Logix I-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 I-Effect
incurring I-Effect
the I-Effect
disruption I-Effect
of I-Effect
an I-Effect
expensive I-Effect
system I-Effect
overhaul I-Effect
. O

Although O
the O
ostomy O
market O
only O
grows O
in O
the O
mid-single O
digits O
, O
it B-Effect
is I-Effect
relatively I-Effect
insulated I-Effect
from I-Effect
larger I-Effect
economic I-Effect
conditions I-Effect
as O
patients B-Cause
generally I-Cause
have I-Cause
little I-Cause
choice I-Cause
about I-Cause
whether I-Cause
to I-Cause
use I-Cause
the I-Cause
devices I-Cause
and I-Cause
supplies I-Cause
. O

With O
declining B-Cause
net I-Cause
interest I-Cause
margins I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, O
Bradesco B-Effect
has I-Effect
pivoted I-Effect
toward I-Effect
higher I-Effect
margin I-Effect
small I-Effect
and I-Effect
medium I-Effect
enterprise I-Effect
and I-Effect
personal I-Effect
lending I-Effect
, I-Effect
in I-Effect
tandem I-Effect
with I-Effect
an I-Effect
increased I-Effect
focus I-Effect
on I-Effect
fee I-Effect
income I-Effect
. O

As B-Cause
a I-Cause
developer I-Cause
of I-Cause
projects I-Cause
in I-Cause
frontier I-Cause
regions I-Cause
such O
as O
Mozambique O
or O
Papua O
New O
Guinea O
, O
Total B-Effect
faces I-Effect
the B-Effect
risk I-Effect
of I-Effect
delays I-Effect
or I-Effect
disruption I-Effect
of I-Effect
new I-Effect
construction I-Effect
or I-Effect
existing I-Effect
operations I-Effect
due O
to O
disputes B-Cause
with I-Cause
local I-Cause
communities I-Cause
. O

The O
multi-year O
effort O
to O
bring O
Line O
3 O
into O
service O
due O
to O
opposition B-Cause
from I-Cause
indigenous I-Cause
tribes O
finally O
looks O
to O
be O
nearing O
a O
close O
, O
with O
an O
expected O
in-service B-Effect
date I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
2021 I-Effect
. O

The B-Cause
pandemic I-Cause
may I-Cause
bolster I-Cause
the I-Cause
unit I-Cause
's I-Cause
long-term I-Cause
prospects I-Cause
if I-Cause
the I-Cause
temporary I-Cause
shift I-Cause
to I-Cause
digital I-Cause
learning I-Cause
during I-Cause
shelter-in-place I-Cause
orders I-Cause
leads O
to O
greater B-Effect
adoption I-Effect
even I-Effect
after I-Effect
public I-Effect
health I-Effect
conditions I-Effect
normalize I-Effect
. 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
210 I-Cause
basis I-Cause
points I-Cause
in I-Cause
the I-Cause
period I-Cause
to I-Cause
49.7 I-Cause
% I-Cause
from I-Cause
47.6 I-Cause
% I-Cause
. O

We B-Effect
have I-Effect
raised I-Effect
our I-Effect
long-term I-Effect
tax I-Effect
rate I-Effect
by I-Effect
5 I-Effect
percentage I-Effect
points I-Effect
to I-Effect
29 I-Effect
% I-Effect
in B-Cause
anticipation I-Cause
of I-Cause
a I-Cause
corporate I-Cause
tax I-Cause
increase I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
in I-Cause
2022 I-Cause
. O

Management O
hopes O
to O
develop B-Cause
more I-Cause
complex I-Cause
manufacturing I-Cause
capabilities I-Cause
in I-Cause
market I-Cause
segments I-Cause
where O
limited B-Effect
competition I-Effect
supports I-Effect
stronger I-Effect
pricing I-Effect
power I-Effect
and I-Effect
higher I-Effect
profitability I-Effect
, O
but O
market B-Cause
pressures I-Cause
have O
limited O
the B-Effect
company I-Effect
's I-Effect
progress I-Effect
. O

Management O
is O
looking O
for O
25 O
% O
of O
its O
growth O
outlook O
to O
be O
driven O
by O
innovation O
, O
a B-Cause
mark I-Cause
we O
think O
is O
achievable O
given O
the B-Effect
broad I-Effect
resonance I-Effect
of I-Effect
its I-Effect
trademarks I-Effect
. O

To O
tap B-Cause
into I-Cause
the I-Cause
fixed-line I-Cause
market I-Cause
and I-Cause
protect I-Cause
itself I-Cause
from I-Cause
further I-Cause
encroachment I-Cause
by I-Cause
KT I-Cause
into I-Cause
its I-Cause
wireless I-Cause
business I-Cause
, O
SK B-Effect
Telecom I-Effect
acquired I-Effect
a I-Effect
stake I-Effect
in I-Effect
Hanaro I-Effect
Telecom I-Effect
( I-Effect
now I-Effect
SK I-Effect
Broadband I-Effect
) I-Effect
, O
Korea O
's O
second-largest O
fixed-line O
operator O
, O
in O
2008 O
, O
which O
it O
subsequently O
turned O
into O
100 O
% O
ownership O
. O

The B-Effect
aquatic I-Effect
systems I-Effect
business I-Effect
, I-Effect
which I-Effect
offers I-Effect
a I-Effect
full I-Effect
line I-Effect
of I-Effect
energy-efficient I-Effect
equipment I-Effect
for I-Effect
residential I-Effect
and I-Effect
commercial I-Effect
swimming I-Effect
pools I-Effect
( I-Effect
including I-Effect
pumps I-Effect
, I-Effect
filters I-Effect
, I-Effect
heaters I-Effect
, I-Effect
and I-Effect
other I-Effect
equipment I-Effect
and I-Effect
accessories I-Effect
) I-Effect
, I-Effect
is I-Effect
the I-Effect
crown I-Effect
jewel I-Effect
in I-Effect
Pentair I-Effect
's I-Effect
portfolio I-Effect
, O
as O
it B-Cause
is I-Cause
both I-Cause
its I-Cause
fastest-growing I-Cause
and I-Cause
most I-Cause
profitable I-Cause
business I-Cause
. O

In O
the O
long O
run O
, O
we O
still O
expect O
steel O
prices O
to O
be O
low O
, O
owing O
to O
our O
expectations O
of O
lower B-Effect
midcycle I-Effect
iron I-Effect
ore I-Effect
and I-Effect
coking I-Effect
coal I-Effect
prices I-Effect
as O
China B-Cause
's I-Cause
demand I-Cause
growth I-Cause
for I-Cause
steel I-Cause
matures I-Cause
. O

While O
the O
testing O
market O
tends O
to O
be O
relatively O
stable O
, O
fragmentation B-Cause
is I-Cause
high I-Cause
and O
Neogen O
is O
often O
competing B-Effect
against I-Effect
several I-Effect
providers I-Effect
for I-Effect
new I-Effect
business I-Effect
. O

While O
we B-Effect
think I-Effect
natural I-Effect
gas I-Effect
will I-Effect
play I-Effect
a I-Effect
role I-Effect
near I-Effect
term I-Effect
in I-Effect
California I-Effect
, O
there O
is O
risk O
that O
as O
policymakers B-Cause
shift I-Cause
away I-Cause
from I-Cause
natural I-Cause
gas I-Cause
regulators I-Cause
do I-Cause
n't I-Cause
fairly I-Cause
compensate I-Cause
Sempra I-Cause
for I-Cause
stranded I-Cause
gas I-Cause
distribution I-Cause
assets I-Cause
. O

Operating O
expenditure O
for O
the O
various O
areas O
of O
operations O
tend O
to O
be O
in O
local O
currency O
, O
the B-Cause
decline I-Cause
in I-Cause
revenue I-Cause
from I-Cause
currency I-Cause
weakness I-Cause
is O
offset O
by O
a B-Effect
decline I-Effect
in I-Effect
operating I-Effect
expenditure I-Effect
. O

This B-Cause
superior I-Cause
safety I-Cause
profile I-Cause
coupled I-Cause
with I-Cause
ICU I-Cause
's I-Cause
low I-Cause
pricing I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
sell I-Effect
double I-Effect
the I-Effect
volume I-Effect
of I-Effect
connectors I-Effect
versus I-Effect
its I-Effect
nearest I-Effect
competitor I-Effect
. O

Spirit B-Cause
's I-Cause
workforce I-Cause
is I-Cause
generally I-Cause
unionized I-Cause
, O
which O
suggests O
to O
us O
that O
there B-Effect
may I-Effect
be I-Effect
an I-Effect
opportunity I-Effect
for I-Effect
permanent I-Effect
margin I-Effect
improvement I-Effect
from I-Effect
the I-Effect
retirement I-Effect
of I-Effect
higher-wage I-Effect
workers I-Effect
. O

ROIC B-Effect
fell I-Effect
in I-Effect
2016 I-Effect
due O
to O
a B-Cause
medical I-Cause
advertising I-Cause
scandal I-Cause
at I-Cause
Baidu I-Cause
and I-Cause
the I-Cause
resulting I-Cause
government I-Cause
curb I-Cause
on I-Cause
healthcare I-Cause
adverts I-Cause
. O

We O
believe O
Pembina O
's O
operating O
assets O
can O
thrive O
in O
a O
low-oil-price O
environment O
, O
while O
expansion B-Cause
projects I-Cause
in I-Cause
growing I-Cause
regions I-Cause
will O
fuel B-Effect
EBITDA I-Effect
and I-Effect
cash I-Effect
distribution I-Effect
growth I-Effect
. O

Experience B-Cause
attained I-Cause
from I-Cause
launching I-Cause
initially I-Cause
in I-Cause
and I-Cause
focusing I-Cause
more I-Cause
on I-Cause
the I-Cause
North I-Cause
America I-Cause
market I-Cause
may O
help O
Lyft B-Effect
more I-Effect
effectively I-Effect
allocate I-Effect
capital I-Effect
to I-Effect
its I-Effect
possible I-Effect
launches I-Effect
in I-Effect
other I-Effect
markets I-Effect
. O

A B-Cause
failure I-Cause
of I-Cause
a I-Cause
sensor I-Cause
to I-Cause
work I-Cause
properly I-Cause
may I-Cause
lead I-Cause
to I-Cause
product I-Cause
failure I-Cause
of I-Cause
an I-Cause
expensive I-Cause
long-cycle I-Cause
product I-Cause
, O
which O
we O
think O
makes B-Effect
it I-Effect
difficult I-Effect
for I-Effect
customers I-Effect
to I-Effect
switch I-Effect
. O

We O
expect O
high-single-digit B-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
. I-Cause

These B-Cause
aspects I-Cause
of I-Cause
the I-Cause
retail I-Cause
distribution I-Cause
channel I-Cause
keep O
most B-Effect
generic I-Effect
drug I-Effect
manufacturers I-Effect
, I-Effect
unwilling I-Effect
to I-Effect
focus I-Effect
on I-Effect
direct-to-consumer I-Effect
products I-Effect
, O
focused O
on O
the O
prescription O
side O
of O
the O
drug O
market O
and O
away O
from O
Perrigo O
's O
territory O
. O

After O
a B-Cause
firm I-Cause
adopts I-Cause
Amphenol I-Cause
's I-Cause
components I-Cause
into I-Cause
its I-Cause
product I-Cause
, O
they B-Effect
will I-Effect
often I-Effect
experience I-Effect
significant I-Effect
financial I-Effect
cost I-Effect
and I-Effect
the I-Effect
potential I-Effect
risk I-Effect
of I-Effect
failure I-Effect
by I-Effect
switching I-Effect
to I-Effect
competitors I-Effect
. O

We O
contend O
that O
these B-Effect
higher I-Effect
domain I-Effect
fees I-Effect
should I-Effect
not I-Effect
lead I-Effect
to I-Effect
significant I-Effect
customer I-Effect
attrition I-Effect
given O
that O
they B-Cause
comprise I-Cause
a I-Cause
relatively I-Cause
small I-Cause
proportion I-Cause
of I-Cause
a I-Cause
business I-Cause
' I-Cause
budget I-Cause
. O

While O
an B-Effect
increased I-Effect
focus I-Effect
on I-Effect
diagnostics I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
will O
be O
a O
tailwind O
, O
we O
expect O
competition B-Effect
will I-Effect
increase I-Effect
to O
meet O
this O
rising B-Cause
demand I-Cause
, O
and O
Bio-Rad O
may O
not O
meaningfully O
benefit O
from O
this O
trend O
despite O
a O
growing O
market O
. O

As O
a O
result O
, O
Tenneco B-Cause
has I-Cause
a I-Cause
large 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

We B-Effect
see I-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
expanding I-Effect
from I-Effect
25 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
nearly I-Effect
30 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
driven O
by O
improving B-Cause
scale I-Cause
. O

The B-Cause
resultant I-Cause
sales I-Cause
relationships I-Cause
and I-Cause
company I-Cause
reputation I-Cause
for I-Cause
quick I-Cause
component I-Cause
availability I-Cause
across I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
inventory I-Cause
lead O
to O
a B-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
that O
is O
difficult O
for O
small O
, O
regional O
competitors O
to O
replicate O
. O

To B-Cause
continue I-Cause
winning I-Cause
contracts I-Cause
, O
the B-Effect
turbine-makers I-Effect
will I-Effect
instate I-Effect
steep I-Effect
cost-reduction I-Effect
goals I-Effect
to I-Effect
their I-Effect
supply I-Effect
chain I-Effect
and I-Effect
will I-Effect
outsource I-Effect
suppliers I-Effect
that I-Effect
can I-Effect
not I-Effect
meet I-Effect
the I-Effect
targets I-Effect
. O

Further O
, O
a B-Cause
number I-Cause
of I-Cause
patents I-Cause
and I-Cause
trade I-Cause
secrets I-Cause
protect I-Cause
these I-Cause
innovations I-Cause
from I-Cause
intellectual I-Cause
property I-Cause
theft. O
These O
factors O
allow O
the B-Effect
company I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
relative I-Effect
to I-Effect
competitors I-Effect
' I-Effect
products I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
contributes I-Effect
to I-Effect
its I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
of I-Effect
just I-Effect
under I-Effect
23 I-Effect
% I-Effect
based I-Effect
on I-Effect
2020 I-Effect
results I-Effect
. O

That O
's O
important O
because O
the B-Cause
precise I-Cause
surface I-Cause
location I-Cause
of I-Cause
a I-Cause
horizontal I-Cause
shale I-Cause
well I-Cause
plays O
a O
huge O
role O
in O
determining O
its B-Effect
eventual I-Effect
productivity I-Effect
and I-Effect
influences I-Effect
the I-Effect
oil I-Effect
content I-Effect
of I-Effect
its I-Effect
production I-Effect
stream I-Effect
. I-Effect

Or O
, O
if B-Cause
the I-Cause
customer I-Cause
is I-Cause
unable I-Cause
to I-Cause
find I-Cause
such I-Cause
a I-Cause
solution I-Cause
, I-Cause
it I-Cause
would I-Cause
need I-Cause
to I-Cause
source I-Cause
multiple I-Cause
discrete I-Cause
products I-Cause
from I-Cause
various I-Cause
suppliers I-Cause
to I-Cause
develop I-Cause
bespoke I-Cause
solutions I-Cause
with I-Cause
the I-Cause
same I-Cause
functionality I-Cause
, O
complicating B-Effect
its I-Effect
supply I-Effect
chain I-Effect
and I-Effect
requiring I-Effect
significant I-Effect
engineering I-Effect
investment I-Effect
. O

In O
2020 O
, O
Apartment B-Cause
Income I-Cause
spun I-Cause
off I-Cause
its I-Cause
development I-Cause
pipeline I-Cause
and I-Cause
lease-up I-Cause
portfolio I-Cause
into I-Cause
its I-Cause
own I-Cause
company I-Cause
so O
that O
the B-Effect
remaining I-Effect
company I-Effect
could I-Effect
focus I-Effect
on I-Effect
the I-Effect
highest-quality I-Effect
assets I-Effect
. O

The B-Cause
firm I-Cause
must I-Cause
maintain I-Cause
the I-Cause
number I-Cause
of I-Cause
accounts I-Cause
belonging I-Cause
to I-Cause
celebrities I-Cause
, I-Cause
politicians I-Cause
, I-Cause
athletes I-Cause
, I-Cause
and I-Cause
other I-Cause
public I-Cause
figures I-Cause
in I-Cause
order I-Cause
to O
bring B-Effect
in I-Effect
more I-Effect
users I-Effect
and I-Effect
increase I-Effect
engagement I-Effect
. O

Frank B-Cause
's I-Cause
focus I-Cause
on I-Cause
casing I-Cause
services I-Cause
, I-Cause
especially I-Cause
for I-Cause
offshore I-Cause
oil I-Cause
wells I-Cause
, O
makes B-Effect
it I-Effect
more I-Effect
exposed I-Effect
than I-Effect
the I-Effect
average I-Effect
oilfield I-Effect
service I-Effect
company I-Effect
to I-Effect
a I-Effect
large I-Effect
oil I-Effect
spill I-Effect
like I-Effect
the I-Effect
2010 I-Effect
Macondo I-Effect
disaster I-Effect
. O

We O
have O
indication O
of O
smartwatches B-Cause
significantly O
hurting B-Effect
lower I-Effect
priced I-Effect
Swiss I-Effect
watch I-Effect
sales I-Effect
, O
although O
we O
see O
high-end O
brands O
to O
be O
more O
resilient O
. O

Using B-Cause
pulse I-Cause
oximeters I-Cause
that I-Cause
produce I-Cause
frequent I-Cause
false I-Cause
alarms I-Cause
can O
take B-Effect
up I-Effect
valuable I-Effect
clinician I-Effect
time I-Effect
, I-Effect
leading I-Effect
to I-Effect
poor I-Effect
health I-Effect
outcomes I-Effect
, O
and O
constant B-Cause
false I-Cause
alarms I-Cause
could O
result O
in O
true B-Effect
positive I-Effect
alerts I-Effect
being I-Effect
ignored I-Effect
. I-Effect

Through O
high-grading B-Cause
and I-Cause
cost I-Cause
improvements I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
reduced I-Effect
the I-Effect
oil I-Effect
price I-Effect
necessary I-Effect
to I-Effect
earn I-Effect
a I-Effect
10 I-Effect
% I-Effect
return I-Effect
on I-Effect
capital I-Effect
to I-Effect
below I-Effect
$ I-Effect
40 I-Effect
per I-Effect
barrel I-Effect
. O

Focused B-Cause
entry I-Cause
from I-Cause
these I-Cause
competitors I-Cause
would O
double B-Cause
the I-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
commodification B-Effect
of I-Effect
the I-Effect
industry I-Effect
and I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
to I-Effect
margins I-Effect
. O

Most B-Effect
of I-Effect
that I-Effect
membership I-Effect
growth I-Effect
will I-Effect
likely I-Effect
come I-Effect
from I-Effect
its I-Effect
fully I-Effect
insured I-Effect
business I-Effect
, I-Effect
particularly I-Effect
the I-Effect
government I-Effect
business I-Effect
as O
the B-Cause
fast-growing I-Cause
Medicare I-Cause
Advantage I-Cause
business I-Cause
continues I-Cause
to I-Cause
expand I-Cause
. O

We O
think O
firms B-Effect
are I-Effect
hard-pressed I-Effect
to I-Effect
switch I-Effect
payroll I-Effect
software I-Effect
, O
given O
the B-Cause
need I-Cause
to I-Cause
run I-Cause
two I-Cause
systems I-Cause
during I-Cause
a I-Cause
transition I-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
, I-Cause
cost I-Cause
, I-Cause
time I-Cause
, I-Cause
and I-Cause
effort I-Cause
of I-Cause
adopting I-Cause
a I-Cause
new I-Cause
product I-Cause
for I-Cause
such I-Cause
an I-Cause
important I-Cause
application I-Cause
. O

Further O
, O
with B-Cause
around I-Cause
40 I-Cause
% I-Cause
of I-Cause
sales I-Cause
generated I-Cause
outside I-Cause
the I-Cause
U.S. I-Cause
, O
Kellogg B-Effect
is I-Effect
exposed I-Effect
to I-Effect
foreign I-Effect
exchange I-Effect
fluctuations I-Effect
, I-Effect
which I-Effect
may I-Effect
eat I-Effect
into I-Effect
sales I-Effect
and I-Effect
profits I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
. O

While O
the O
ultimate O
scope O
, O
scale O
, O
and O
success O
of O
these O
strategies O
remain O
to O
be O
seen O
, O
Ardent B-Cause
and I-Cause
Wexford I-Cause
give I-Cause
Ventas I-Cause
added I-Cause
platforms I-Cause
for I-Cause
consolidation I-Cause
as O
owners O
and O
operators O
potentially O
seek O
an O
efficient O
capital O
partner O
that O
can O
help B-Effect
provide I-Effect
an I-Effect
integrated I-Effect
healthcare I-Effect
infrastructure I-Effect
. O

Furthermore O
, O
while O
populous O
metropolitan O
areas O
are O
the O
centers O
of O
construction O
activity O
, O
new B-Effect
quarry I-Effect
permits I-Effect
are I-Effect
difficult I-Effect
to I-Effect
obtain I-Effect
near I-Effect
well-populated I-Effect
areas I-Effect
due O
to O
not-in-my-backyard B-Cause
tendencies I-Cause
, O
preventing O
new B-Effect
competition I-Effect
from O
copying B-Cause
the I-Cause
location-based I-Cause
cost I-Cause
advantage I-Cause
. O

We O
are O
raising B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
British I-Effect
American I-Effect
Tobacco I-Effect
to I-Effect
medium I-Effect
from I-Effect
low I-Effect
because O
of O
the B-Cause
heightened I-Cause
risk I-Cause
to I-Cause
the I-Cause
business I-Cause
model I-Cause
posed I-Cause
by I-Cause
emerging I-Cause
categories I-Cause
. O

Potentially O
, O
the B-Effect
risk I-Effect
of I-Effect
litigation I-Effect
against I-Effect
individual I-Effect
advisors I-Effect
or I-Effect
other I-Effect
wealth I-Effect
management I-Effect
firms I-Effect
due O
to O
Morgan B-Cause
Stanley I-Cause
withdrawing I-Cause
from I-Cause
an I-Cause
industry I-Cause
agreement I-Cause
on I-Cause
broker I-Cause
recruiting I-Cause
will I-Cause
deter I-Cause
advisors I-Cause
from I-Cause
leaving I-Cause
, O
but O
the O
net O
effect O
will O
still O
likely O
be O
negative O
. O

That O
said O
, O
there B-Cause
are I-Cause
plans I-Cause
for I-Cause
two I-Cause
large I-Cause
resorts I-Cause
to I-Cause
open I-Cause
in I-Cause
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
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 O
combined B-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

We O
believe O
the B-Effect
gambling I-Effect
market I-Effect
in I-Effect
Macao I-Effect
will I-Effect
enjoy I-Effect
solid I-Effect
growth I-Effect
in I-Effect
the I-Effect
longer I-Effect
term. O
This O
structural O
tailwind O
is O
driven O
by O
the B-Cause
rising I-Cause
middle I-Cause
class I-Cause
in I-Cause
China I-Cause
and I-Cause
the I-Cause
penetration I-Cause
rate I-Cause
of I-Cause
less I-Cause
than I-Cause
2 I-Cause
% I-Cause
in I-Cause
Macao I-Cause
, I-Cause
compared I-Cause
with I-Cause
Las I-Cause
Vegas I-Cause
' I-Cause
13 I-Cause
% I-Cause
. O

For O
instance O
, O
RingCentral B-Cause
's I-Cause
integration I-Cause
with I-Cause
Microsoft I-Cause
Teams I-Cause
allows I-Cause
users I-Cause
to I-Cause
seamlessly I-Cause
use I-Cause
services I-Cause
from I-Cause
both I-Cause
apps I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
RingCentral I-Cause
meeting I-Cause
scheduling I-Cause
within I-Cause
Teams I-Cause
) I-Cause
, I-Cause
fostering I-Cause
a I-Cause
" I-Cause
co-opetition I-Cause
" I-Cause
approach I-Cause
rather I-Cause
than I-Cause
pure I-Cause
competition. O
As O
a O
result O
, O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
a I-Effect
winner-take-all I-Effect
market I-Effect
within I-Effect
UCaaS I-Effect
; I-Effect
instead I-Effect
, I-Effect
businesses I-Effect
are I-Effect
likely I-Effect
to I-Effect
adopt I-Effect
best-in-class I-Effect
solutions I-Effect
in I-Effect
different I-Effect
areas I-Effect
rather I-Effect
than I-Effect
lock I-Effect
into I-Effect
one I-Effect
suite I-Effect
. O

Beyond O
boosting O
profits O
, O
we O
think O
these O
savings B-Cause
will I-Cause
fuel I-Cause
its I-Cause
product I-Cause
innovation I-Cause
and I-Cause
advertising I-Cause
to O
ensure O
its B-Effect
offerings I-Effect
stay I-Effect
top I-Effect
of I-Effect
mind I-Effect
with I-Effect
consumers I-Effect
and I-Effect
retailers I-Effect
. O

The B-Effect
bank I-Effect
has I-Effect
some I-Effect
segments I-Effect
that I-Effect
weigh I-Effect
on I-Effect
the I-Effect
efficiency I-Effect
ratio I-Effect
due O
to O
the B-Cause
structural I-Cause
characteristics I-Cause
of I-Cause
those I-Cause
individual I-Cause
business I-Cause
lines I-Cause
, I-Cause
such I-Cause
as I-Cause
asset I-Cause
and I-Cause
wealth I-Cause
management I-Cause
; O
however O
, O
it O
has O
still O
managed O
to O
keep O
its O
operating O
efficiency O
roughly O
in O
line O
with O
or O
better O
than O
its O
peers O
. O

Driving B-Cause
this I-Cause
growth I-Cause
are I-Cause
secular I-Cause
trends I-Cause
that O
should O
support B-Effect
increased I-Effect
adoption I-Effect
of I-Effect
CCaaS I-Effect
products I-Effect
, O
as O
well O
as O
Nice B-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

This B-Effect
could I-Effect
lead I-Effect
to I-Effect
employee I-Effect
frustration I-Effect
if I-Effect
paychecks I-Effect
are I-Effect
delayed I-Effect
or O
if O
there B-Cause
are I-Cause
delays I-Cause
to I-Cause
benefits I-Cause
administration I-Cause
, I-Cause
and I-Cause
in I-Cause
severe I-Cause
cases I-Cause
, I-Cause
employees I-Cause
may I-Cause
quit I-Cause
the I-Cause
firm I-Cause
. I-Cause

We O
believe O
Discover B-Effect
's I-Effect
impressive I-Effect
returns I-Effect
are O
partly O
a O
function O
of O
the B-Cause
higher I-Cause
switching I-Cause
costs I-Cause
incurred O
by O
cardholders O
with O
revolving O
balances O
each O
month O
. O

The B-Effect
firm I-Effect
also I-Effect
could I-Effect
see I-Effect
higher I-Effect
environmental I-Effect
regulation I-Effect
costs I-Effect
as I-Effect
well I-Effect
as I-Effect
elevated I-Effect
expenses I-Effect
as I-Effect
it I-Effect
moves I-Effect
into I-Effect
electric I-Effect
vehicles I-Effect
, O
particularly O
as O
it B-Cause
competes I-Cause
for I-Cause
talent I-Cause
. O

Vertex O
has O
been O
able O
to O
build B-Cause
upon I-Cause
its I-Cause
intellectual I-Cause
property I-Cause
, O
rolling B-Cause
out I-Cause
better I-Cause
medicines I-Cause
and I-Cause
combinations I-Cause
that O
increasingly B-Effect
capture I-Effect
more I-Effect
patients I-Effect
. O

If O
a B-Cause
malicious I-Cause
attempt I-Cause
is I-Cause
detected I-Cause
in I-Cause
one I-Cause
location I-Cause
, O
all B-Effect
of I-Effect
the I-Effect
enterprise I-Effect
's I-Effect
security I-Effect
is I-Effect
updated I-Effect
instead I-Effect
of I-Effect
only I-Effect
having I-Effect
an I-Effect
update I-Effect
in I-Effect
a I-Effect
particular I-Effect
location I-Effect
. O

We O
believe O
EDU B-Cause
can I-Cause
trade I-Cause
above I-Cause
its I-Cause
industry I-Cause
peers I-Cause
' I-Cause
average I-Cause
with I-Cause
its I-Cause
leading I-Cause
position I-Cause
and O
also O
solid B-Effect
revenue I-Effect
growth I-Effect
in I-Effect
China I-Effect
. O

If O
the O
largest O
telecom O
operator O
in O
the O
market O
talks O
about O
dropping B-Cause
its I-Cause
prices I-Cause
by I-Cause
20-40 I-Cause
% I-Cause
for I-Cause
low I-Cause
end I-Cause
customers I-Cause
and I-Cause
reducing I-Cause
its I-Cause
overall I-Cause
revenue I-Cause
by I-Cause
around I-Cause
10 I-Cause
% I-Cause
then O
it O
is O
likely O
to O
impact B-Effect
on I-Effect
the I-Effect
other I-Effect
operators I-Effect
. O

However O
, O
we O
view O
discrete B-Cause
chips I-Cause
as I-Cause
more I-Cause
of I-Cause
a I-Cause
technological I-Cause
commodity I-Cause
making O
a B-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
and I-Effect
even I-Effect
switching I-Effect
costs I-Effect
unlikely O
. O

US B-Effect
Foods I-Effect
prefers I-Effect
these I-Effect
products I-Effect
as O
they B-Cause
have I-Cause
twice I-Cause
the I-Cause
margin I-Cause
of I-Cause
nationally I-Cause
branded I-Cause
products I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
encourages I-Cause
its I-Cause
sales I-Cause
reps I-Cause
to I-Cause
promote I-Cause
these I-Cause
items I-Cause
to I-Cause
clients I-Cause
. O

If B-Cause
the I-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
it B-Effect
could I-Effect
stymie I-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Synopsys I-Effect
' I-Effect
competitive I-Effect
positioning I-Effect
. O

Second O
, O
we B-Effect
believe I-Effect
narrow-body I-Effect
commercial I-Effect
revenue I-Effect
should I-Effect
recover I-Effect
at I-Effect
a I-Effect
more I-Effect
accelerated I-Effect
pace I-Effect
relative I-Effect
to I-Effect
wide-bodies I-Effect
given O
favorable B-Cause
domestic I-Cause
over I-Cause
international I-Cause
travel I-Cause
trends I-Cause
. O

Another O
major O
risk O
is O
the O
strong O
competition O
from O
the O
likes O
of O
Samsung O
and O
SK O
Hynix O
which O
may O
be O
able O
to O
develop B-Cause
technologically I-Cause
superior I-Cause
memory I-Cause
solutions I-Cause
than I-Cause
those I-Cause
of I-Cause
Micron I-Cause
, O
leading O
to O
stretches B-Effect
of I-Effect
underperformance I-Effect
where I-Effect
the I-Effect
latter I-Effect
is I-Effect
unable I-Effect
to I-Effect
adequately I-Effect
invest I-Effect
to I-Effect
bridge I-Effect
product I-Effect
portfolio I-Effect
gaps I-Effect
. O

We O
think O
management B-Cause
has I-Cause
a I-Cause
good I-Cause
record I-Cause
when I-Cause
it I-Cause
comes I-Cause
to I-Cause
balancing I-Cause
expansion I-Cause
opportunities I-Cause
and I-Cause
maintaining I-Cause
the I-Cause
company I-Cause
's I-Cause
competitive I-Cause
position I-Cause
, O
which O
gives B-Effect
us I-Effect
confidence I-Effect
. O

In O
August O
2020 O
, O
it O
reached O
an O
agreement O
to O
sell O
its O
Speedway O
segment O
for O
$ O
16.5 O
billion O
after O
tax O
, O
which B-Effect
represents I-Effect
a I-Effect
good I-Effect
deal I-Effect
for I-Effect
shareholders I-Effect
and I-Effect
premium I-Effect
to I-Effect
publicly I-Effect
traded I-Effect
peers I-Effect
, I-Effect
releasing I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
as O
the B-Cause
embedded I-Cause
value I-Cause
of I-Cause
Speedway I-Cause
was I-Cause
well I-Cause
below I-Cause
that I-Cause
level I-Cause
. O

We O
expect O
rapid B-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
Spark I-Effect
solution I-Effect
as O
it O
provides O
a B-Cause
stickier I-Cause
option I-Cause
to I-Cause
customers I-Cause
looking I-Cause
for I-Cause
comprehensive I-Cause
endpoint I-Cause
capabilities I-Cause
. O

As B-Cause
a I-Cause
first I-Cause
mover I-Cause
in I-Cause
the I-Cause
local-market I-Cause
daily I-Cause
deals I-Cause
space I-Cause
, O
Groupon B-Effect
has I-Effect
captured I-Effect
a I-Effect
leadership I-Effect
position I-Effect
, O
but O
robust O
profitability O
has O
not O
followed O
. O

The B-Effect
international I-Effect
segment I-Effect
, I-Effect
heavily I-Effect
skewed I-Effect
toward I-Effect
China I-Effect
, I-Effect
features I-Effect
11.5 I-Effect
% I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
( I-Effect
excluding I-Effect
2021 I-Effect
) I-Effect
, O
driven O
primarily O
by O
new B-Cause
unit I-Cause
openings I-Cause
( I-Cause
8.7 I-Cause
% I-Cause
) I-Cause
as I-Cause
Starbucks I-Cause
continues I-Cause
to I-Cause
expand I-Cause
beyond I-Cause
Tier I-Cause
I I-Cause
cities I-Cause
. O

Governments B-Cause
may I-Cause
start I-Cause
to I-Cause
push I-Cause
back I-Cause
against I-Cause
the I-Cause
level I-Cause
of I-Cause
the I-Cause
hosting I-Cause
fee I-Cause
or I-Cause
simply I-Cause
refuse I-Cause
to I-Cause
pay I-Cause
it I-Cause
, O
forcing B-Effect
Formula I-Effect
One I-Effect
Group I-Effect
to I-Effect
find I-Effect
new I-Effect
venues I-Effect
or I-Effect
to I-Effect
lower I-Effect
hosting I-Effect
fees I-Effect
. O

As O
the B-Cause
company I-Cause
has I-Cause
yet I-Cause
to I-Cause
generate I-Cause
positive I-Cause
free I-Cause
cash I-Cause
flow I-Cause
, O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
rely I-Effect
on I-Effect
outside I-Effect
capital I-Effect
raises I-Effect
, O
especially O
as O
it O
expands O
production O
to O
meet O
growing O
demand O
. O

The B-Cause
company I-Cause
also I-Cause
sold I-Cause
its I-Cause
underperforming I-Cause
windows I-Cause
business I-Cause
, I-Cause
repositioned I-Cause
its I-Cause
cabinets I-Cause
business I-Cause
to I-Cause
focus I-Cause
on I-Cause
higher I-Cause
growth I-Cause
value I-Cause
offerings I-Cause
, I-Cause
continues I-Cause
to I-Cause
build I-Cause
its I-Cause
plumbing I-Cause
business I-Cause
in I-Cause
China I-Cause
, I-Cause
and I-Cause
remains I-Cause
focused I-Cause
on I-Cause
product I-Cause
innovation I-Cause
, O
which O
supports B-Effect
the I-Effect
pricing I-Effect
power I-Effect
of I-Effect
many I-Effect
of I-Effect
its I-Effect
brands I-Effect
. O

But O
on O
a O
high O
level O
, O
Yum O
China O
did O
say O
that O
its B-Cause
supply I-Cause
chain I-Cause
is I-Cause
run I-Cause
at I-Cause
a I-Cause
unit I-Cause
cost I-Cause
50 I-Cause
% I-Cause
lower I-Cause
than I-Cause
industry I-Cause
average I-Cause
, O
forming B-Effect
a I-Effect
material I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
. O

Because O
of O
lower B-Cause
revenue I-Cause
, I-Cause
IT I-Cause
investments I-Cause
, I-Cause
and I-Cause
pressure I-Cause
on I-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
from I-Cause
rising I-Cause
capacity I-Cause
buy I-Cause
rates I-Cause
, O
adjusted B-Effect
2020 I-Effect
EBIT I-Effect
margin I-Effect
fell I-Effect
110 I-Effect
basis I-Effect
points I-Effect
to I-Effect
3.4 I-Effect
% I-Effect
. O

If O
interest B-Cause
rates I-Cause
increase I-Cause
faster I-Cause
than I-Cause
expected I-Cause
, O
Oneok B-Effect
's I-Effect
shares I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

We O
also O
expect O
highly B-Effect
profitable I-Effect
narrow-body I-Effect
aftermarket I-Effect
services I-Effect
will O
recover O
ahead O
of O
the O
rest O
of O
the O
commercial O
aerospace O
portfolio O
since O
this O
business O
is O
driven O
by O
departures B-Cause
as O
opposed O
to O
revenue O
passenger O
miles O
. O

We O
believe O
AEP B-Cause
is I-Cause
the I-Cause
best-positioned I-Cause
transmission I-Cause
developer I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
given B-Effect
its I-Effect
large I-Effect
transmission I-Effect
footprint I-Effect
and I-Effect
history I-Effect
of I-Effect
execution I-Effect
. O

Our O
base-case B-Effect
scenario I-Effect
assumes I-Effect
that I-Effect
the I-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
the O
bank O
should O
be O
able O
to O
manage O
its O
expense O
base O
, O
even O
as O
the B-Cause
interest-rate I-Cause
environment I-Cause
changes I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

The B-Effect
best I-Effect
operators I-Effect
boast O
a B-Cause
better I-Cause
understanding I-Cause
of I-Cause
local I-Cause
tastes I-Cause
and I-Cause
customs I-Cause
, I-Cause
often I-Cause
feature I-Cause
relevant I-Cause
real I-Cause
estate I-Cause
, I-Cause
legal I-Cause
, I-Cause
or I-Cause
supply I-Cause
chain I-Cause
expertise I-Cause
, I-Cause
and I-Cause
are I-Cause
generally I-Cause
willing I-Cause
to I-Cause
adopt I-Cause
sister I-Cause
brands I-Cause
, O
while O
categorical B-Cause
exclusivity I-Cause
prevents O
direct B-Effect
competitors I-Effect
from I-Effect
tapping I-Effect
the I-Effect
same I-Effect
master I-Effect
franchisee I-Effect
pool I-Effect
. O

Further B-Cause
sluggishness I-Cause
at I-Cause
the I-Cause
start I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
and I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
caused I-Cause
revenue I-Cause
to I-Cause
fall I-Cause
another I-Cause
5 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2020.We O
anticipate O
a B-Effect
snap I-Effect
back I-Effect
in I-Effect
chip I-Effect
orders I-Effect
with I-Effect
revenue B-Cause
rising I-Cause
18.5 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
, I-Cause
4 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2022 I-Cause
and O
growing B-Effect
at I-Effect
an I-Effect
average I-Effect
midcycle I-Effect
rate I-Effect
of I-Effect
6 I-Effect
% I-Effect
thereafter I-Effect
. O

As O
ADM B-Cause
has I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
its I-Cause
ag I-Cause
services I-Cause
business I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
at I-Effect
risk I-Effect
for I-Effect
a I-Effect
significant I-Effect
profit I-Effect
drop I-Effect
should I-Effect
there I-Effect
be I-Effect
a I-Effect
bad I-Effect
harvest I-Effect
in I-Effect
any I-Effect
of I-Effect
its I-Effect
key I-Effect
regions I-Effect
including I-Effect
the I-Effect
U.S I-Effect
. O

Assuming O
successful O
network O
construction O
, O
entrants B-Effect
then I-Effect
face I-Effect
steep I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
and I-Effect
startup I-Effect
losses I-Effect
as O
they B-Cause
attempt I-Cause
to I-Cause
gain I-Cause
share I-Cause
with I-Cause
a I-Cause
modestly I-Cause
differentiated I-Cause
product I-Cause
in I-Cause
a I-Cause
rapidly I-Cause
maturing I-Cause
market I-Cause
. O

Rollout B-Cause
of I-Cause
its I-Cause
omnichannel I-Cause
Digital I-Cause
One I-Cause
Stop I-Cause
process I-Cause
and I-Cause
the I-Cause
CarCash I-Cause
app I-Cause
allows O
consumers B-Effect
to I-Effect
shop I-Effect
digitally I-Effect
or I-Effect
in-store I-Effect
and I-Effect
helps I-Effect
Sonic I-Effect
procure I-Effect
more I-Effect
used-vehicle I-Effect
inventory I-Effect
. O

As B-Cause
the I-Cause
largest I-Cause
nuclear I-Cause
owner I-Cause
and I-Cause
operator I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
Exelon B-Effect
has I-Effect
a I-Effect
generation I-Effect
portfolio I-Effect
with I-Effect
a I-Effect
low I-Effect
carbon I-Effect
emissions I-Effect
profile I-Effect
. O

To O
a O
lesser O
extent O
, O
a O
business O
like O
Aderant O
also O
benefits B-Effect
from I-Effect
intangible I-Effect
assets I-Effect
, O
given O
its O
'domain O
expertise B-Cause
' O
or O
intimate B-Cause
knowledge I-Cause
of I-Cause
the I-Cause
'biglaw I-Cause
' I-Cause
attorney I-Cause
market I-Cause
. I-Cause

We B-Effect
believe I-Effect
NAS I-Effect
is I-Effect
a I-Effect
relatively I-Effect
sticky I-Effect
business I-Effect
because O
competing B-Cause
local I-Cause
and I-Cause
regional I-Cause
contractors I-Cause
probably I-Cause
have I-Cause
inadequate I-Cause
scale I-Cause
to I-Cause
service I-Cause
businesses I-Cause
with I-Cause
national I-Cause
scale I-Cause
. O

Further O
, O
the B-Cause
government I-Cause
is I-Cause
working I-Cause
on I-Cause
regulating I-Cause
the I-Cause
returns I-Cause
for I-Cause
transmission I-Cause
pipeline I-Cause
owners I-Cause
, O
and O
we O
think O
this O
will O
lower B-Effect
the I-Effect
profitability I-Effect
of I-Effect
this I-Effect
segment I-Effect
. O

We O
believe O
that O
the B-Effect
national I-Effect
networks I-Effect
increasingly I-Effect
hold I-Effect
the I-Effect
upper I-Effect
hand I-Effect
in I-Effect
part I-Effect
because O
of O
the B-Cause
relatively I-Cause
higher I-Cause
viewing I-Cause
of I-Cause
national I-Cause
content I-Cause
versus I-Cause
local I-Cause
content I-Cause
and I-Cause
their I-Cause
DTC I-Cause
offerings I-Cause
. O

If O
WhatsApp B-Cause
, I-Cause
or I-Cause
any I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
other I-Cause
large I-Cause
customers I-Cause
terminate I-Cause
their I-Cause
relationship I-Cause
with I-Cause
Twilio I-Cause
, O
it B-Effect
will I-Effect
adversely I-Effect
impact I-Effect
returns I-Effect
. O

We B-Cause
expect I-Cause
Fanuc I-Cause
's I-Cause
service I-Cause
business I-Cause
to I-Cause
play I-Cause
a I-Cause
larger I-Cause
role I-Cause
for I-Cause
Fanuc I-Cause
due B-Cause
to I-Cause
increasing I-Cause
automation I-Cause
complexities I-Cause
from I-Cause
integrating I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
technology I-Cause
to I-Cause
Fanuc I-Cause
's I-Cause
robots/machines I-Cause
, O
which B-Effect
will I-Effect
then I-Effect
contribute I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
long-term I-Effect
ability I-Effect
to I-Effect
maintain I-Effect
high I-Effect
adjusted I-Effect
ROIC I-Effect
. O

In O
the O
event O
of O
a B-Cause
sudden I-Cause
plant I-Cause
shutdown I-Cause
, O
not B-Effect
only I-Effect
do I-Effect
individual I-Effect
components I-Effect
fail I-Effect
, I-Effect
but I-Effect
so I-Effect
do I-Effect
secondary I-Effect
systems I-Effect
, I-Effect
like I-Effect
shafts I-Effect
or I-Effect
motors I-Effect
. O

Given O
the B-Cause
lower I-Cause
relative I-Cause
expense I-Cause
and I-Cause
the I-Cause
reliability I-Cause
factor I-Cause
( I-Cause
given I-Cause
Synopsys I-Cause
' I-Cause
brand I-Cause
and I-Cause
experience I-Cause
) I-Cause
, O
customers B-Effect
are I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
continue I-Effect
to I-Effect
utilize I-Effect
the I-Effect
firm I-Effect
's I-Effect
IP I-Effect
; O
the B-Cause
wide I-Cause
selection I-Cause
of I-Cause
products I-Cause
to I-Cause
choose I-Cause
from I-Cause
and I-Cause
the I-Cause
smoother I-Cause
interoperability I-Cause
with I-Cause
other I-Cause
Synopsys I-Cause
tools I-Cause
contribute O
to O
this O
. O

With O
a B-Cause
disciplined I-Cause
pursuit I-Cause
over I-Cause
two I-Cause
decades I-Cause
, O
Tenaris B-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
the I-Effect
premier I-Effect
provider I-Effect
of I-Effect
oil I-Effect
country I-Effect
tubular I-Effect
goods I-Effect
, I-Effect
or I-Effect
OCTG I-Effect
, I-Effect
the I-Effect
steel I-Effect
tubing I-Effect
used I-Effect
to I-Effect
construct I-Effect
oil I-Effect
and I-Effect
gas I-Effect
wells I-Effect
. O

Carnival B-Cause
was I-Cause
already I-Cause
facing I-Cause
pricing I-Cause
headwinds I-Cause
, I-Cause
with I-Cause
weak I-Cause
performance I-Cause
across I-Cause
European I-Cause
geographies I-Cause
, I-Cause
when I-Cause
the I-Cause
global I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated I-Cause
its I-Cause
plight. O
As O
a O
result O
, O
2020 B-Effect
was I-Effect
even I-Effect
more I-Effect
difficult I-Effect
to I-Effect
navigate I-Effect
than I-Effect
past I-Effect
recessions I-Effect
, I-Effect
as I-Effect
ships I-Effect
largely I-Effect
stopped I-Effect
sailing I-Effect
after I-Effect
March I-Effect
( I-Effect
with I-Effect
limited I-Effect
capacity I-Effect
in I-Effect
Europe I-Effect
) I-Effect
. O

Nevertheless O
, O
the B-Cause
ability I-Cause
to I-Cause
launch I-Cause
new I-Cause
products I-Cause
in I-Cause
adjacent I-Cause
categories I-Cause
under I-Cause
the I-Cause
company I-Cause
's I-Cause
large I-Cause
brand I-Cause
umbrellas I-Cause
can O
lower B-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
and I-Effect
is I-Effect
an I-Effect
indication I-Effect
of I-Effect
brand I-Effect
equity I-Effect
. O

Brand B-Cause
strength I-Cause
has B-Effect
enabled I-Effect
premium I-Effect
pricing I-Effect
across I-Effect
all I-Effect
of I-Effect
BMW I-Effect
's I-Effect
products I-Effect
, O
while B-Cause
intellectual I-Cause
property I-Cause
supports B-Effect
the I-Effect
brand I-Effect
image I-Effect
with I-Effect
strong I-Effect
product I-Effect
execution I-Effect
, I-Effect
especially I-Effect
in I-Effect
powertrains I-Effect
. O

Ultimately O
, O
however O
, O
we O
believe O
Shaw B-Cause
's I-Cause
relatively I-Cause
very I-Cause
small I-Cause
wireless I-Cause
business I-Cause
( I-Cause
only I-Cause
4 I-Cause
% I-Cause
-5 I-Cause
% I-Cause
of I-Cause
total I-Cause
Canadian I-Cause
subscribers I-Cause
, I-Cause
based I-Cause
on I-Cause
our I-Cause
estimates I-Cause
) I-Cause
, I-Cause
the I-Cause
complete I-Cause
lack I-Cause
of I-Cause
wireline I-Cause
footprint I-Cause
overlap I-Cause
, I-Cause
and I-Cause
the I-Cause
combined I-Cause
firm I-Cause
's I-Cause
commitment I-Cause
to I-Cause
accelerate I-Cause
5G I-Cause
spending I-Cause
and I-Cause
invest I-Cause
in I-Cause
bringing I-Cause
high-speed I-Cause
broadband I-Cause
to I-Cause
underserved I-Cause
areas I-Cause
will O
lead O
to O
approval B-Effect
. O

With O
over B-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
into I-Cause
the I-Cause
transportation I-Cause
market I-Cause
-- O
specifically O
with O
42 O
% O
of O
revenue O
coming O
from O
auto-TE O
's O
revenue O
and O
profits O
can O
be B-Effect
vulnerable I-Effect
to I-Effect
fluctuations I-Effect
and I-Effect
cycles I-Effect
in I-Effect
global I-Effect
automotive I-Effect
production I-Effect
. O

After O
the O
first O
half O
of O
the O
year O
results O
, O
which O
came O
below O
our O
expectations O
, O
we O
reduce B-Cause
our I-Cause
estimates I-Cause
to O
account B-Effect
for I-Effect
weakness I-Effect
in I-Effect
Brazil I-Effect
and I-Effect
other I-Effect
Latin I-Effect
American I-Effect
countries I-Effect
operations I-Effect
. O

We O
also 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-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
with O
total B-Effect
revenue I-Effect
surpassing I-Effect
$ I-Effect
700 I-Effect
million I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

The B-Cause
$ I-Cause
3 I-Cause
billion I-Cause
of I-Cause
cash I-Cause
proceeds I-Cause
from I-Cause
its I-Cause
renewable I-Cause
energy I-Cause
, I-Cause
NRG I-Cause
Yield I-Cause
, I-Cause
and I-Cause
South I-Cause
Central I-Cause
business I-Cause
sales I-Cause
helped B-Effect
NRG I-Effect
finance I-Effect
the I-Effect
Direct I-Effect
Energy I-Effect
acquisition I-Effect
with I-Effect
no I-Effect
new I-Effect
equity I-Effect
. O

We O
suspect O
that O
the B-Effect
traffic-driving I-Effect
values I-Effect
that I-Effect
Costco I-Effect
offers I-Effect
in I-Effect
its I-Effect
stores I-Effect
are O
fueled O
by O
cost B-Cause
leverage I-Cause
and I-Cause
procurement I-Cause
strength I-Cause
that O
, O
in O
turn O
, O
feeds B-Effect
additional I-Effect
store I-Effect
visits I-Effect
. O

With O
disproportionate B-Cause
exposure I-Cause
to I-Cause
on-premises I-Cause
channels I-Cause
, O
particularly O
in O
Europe O
, O
the B-Effect
business I-Effect
will I-Effect
remain I-Effect
challenged I-Effect
throughout I-Effect
2020 I-Effect
( I-Effect
we I-Effect
model I-Effect
8 I-Effect
% I-Effect
and I-Effect
18 I-Effect
% I-Effect
declines I-Effect
, I-Effect
respectively I-Effect
, I-Effect
for I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
) I-Effect
. O

Given O
the B-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
in O
the O
company O
's O
business O
, O
moderate B-Cause
changes I-Cause
in I-Effect
revenue I-Effect
can I-Effect
have I-Effect
an B-Effect
outsize I-Effect
effect I-Effect
on I-Effect
earnings I-Effect
. O

Still O
, O
any B-Cause
evidence I-Cause
that I-Cause
an I-Cause
alternative I-Cause
oximeter I-Cause
performs I-Cause
comparably I-Cause
could O
lead O
to O
lower B-Effect
rates I-Effect
of I-Effect
contract I-Effect
renewals I-Effect
and I-Effect
force I-Effect
Masimo I-Effect
into I-Effect
a I-Effect
pricing I-Effect
war I-Effect
to I-Effect
keep I-Effect
customers I-Effect
. O

COVID-19 B-Cause
had O
a B-Cause
pronounced I-Cause
impact I-Cause
on I-Cause
global I-Cause
travel I-Cause
demand I-Cause
, O
causing O
Las B-Effect
Vegas I-Effect
Sands I-Effect
' I-Effect
total I-Effect
2020 I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
74 I-Effect
% I-Effect
. O

Internationally O
, O
the B-Cause
company I-Cause
risks I-Cause
marketing I-Cause
improperly I-Cause
to I-Cause
audiences I-Cause
in I-Cause
Australia I-Cause
or I-Cause
franchise I-Cause
markets I-Cause
, I-Cause
which I-Cause
could I-Cause
have I-Cause
different I-Cause
consumption I-Cause
preferences I-Cause
than I-Cause
Americans I-Cause
do I-Cause
, O
and O
entering B-Effect
into I-Effect
markets I-Effect
where I-Effect
market I-Effect
incumbents I-Effect
exist I-Effect
. O

We O
acknowledge O
that O
P B-Effect
& I-Effect
G I-Effect
's I-Effect
mix I-Effect
of I-Effect
essential I-Effect
, I-Effect
trusted I-Effect
items I-Effect
are I-Effect
being I-Effect
propped I-Effect
up I-Effect
at I-Effect
present I-Effect
by I-Effect
the I-Effect
pandemic I-Effect
, O
with O
consumers B-Cause
' I-Cause
proclivity I-Cause
for I-Cause
personal I-Cause
and I-Cause
home I-Cause
cleaning I-Cause
and I-Cause
health-related I-Cause
fare I-Cause
. O

The B-Cause
Core-Mark I-Cause
acquisition I-Cause
will I-Cause
materially I-Cause
add I-Cause
to I-Cause
sales I-Cause
in I-Cause
2022 I-Cause
and I-Cause
2023 I-Cause
, O
and O
we O
assume O
a B-Effect
1 I-Effect
% I-Effect
contribution I-Effect
from I-Effect
small I-Effect
tuck-in I-Effect
acquisitions I-Effect
in I-Effect
2024 I-Effect
and I-Effect
beyond I-Effect
. O

Many B-Cause
companies I-Cause
are I-Cause
also I-Cause
placing I-Cause
increasing I-Cause
importance I-Cause
on I-Cause
chip I-Cause
customization I-Cause
as I-Cause
a I-Cause
point I-Cause
of I-Cause
differentiation. O
These O
trends O
have O
provided B-Effect
a I-Effect
boon I-Effect
for I-Effect
Cadence I-Effect
, I-Effect
as I-Effect
the I-Effect
firm I-Effect
's I-Effect
tools I-Effect
are I-Effect
essential I-Effect
for I-Effect
designers I-Effect
needing I-Effect
to I-Effect
keep I-Effect
pace I-Effect
with I-Effect
growing I-Effect
demands I-Effect
. O

The B-Cause
company I-Cause
produces I-Cause
chemicals I-Cause
from I-Cause
high-sulfur I-Cause
coal I-Cause
, O
which O
expose O
it O
to O
potential B-Cause
emissions I-Cause
regulations I-Cause
that O
could O
disproportionately B-Effect
affect I-Effect
Eastman I-Effect
over O
other O
chemicals O
producers O
that O
use O
only O
natural O
gas O
. O

If O
lockdowns B-Cause
are I-Cause
extended I-Cause
, I-Cause
or I-Cause
if I-Cause
the I-Cause
consumer I-Cause
is I-Cause
slow I-Cause
to I-Cause
return I-Cause
to I-Cause
the I-Cause
on I-Cause
trade I-Cause
, O
margins B-Effect
may I-Effect
remain I-Effect
depressed I-Effect
for I-Effect
an I-Effect
extended I-Effect
period I-Effect
of I-Effect
time I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
two I-Cause
core I-Cause
products I-Cause
are I-Cause
Munis I-Cause
, I-Cause
which I-Cause
is I-Cause
the I-Cause
core I-Cause
ERP I-Cause
system I-Cause
, I-Cause
and I-Cause
Odyssey I-Cause
, I-Cause
which I-Cause
is I-Cause
the I-Cause
court I-Cause
management I-Cause
system. O
These O
systems O
enable O
normal B-Effect
operations I-Effect
of I-Effect
governmental I-Effect
units I-Effect
, I-Effect
including I-Effect
financial I-Effect
management I-Effect
, I-Effect
human I-Effect
resources I-Effect
, I-Effect
revenue I-Effect
management I-Effect
, I-Effect
tax I-Effect
billing I-Effect
, I-Effect
and I-Effect
asset I-Effect
management I-Effect
. O

However O
, O
as O
share-based B-Cause
compensation I-Cause
represents I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
operating I-Cause
costs I-Cause
, O
we O
do O
n't O
expect O
GAAP B-Effect
operating I-Effect
income I-Effect
or I-Effect
net I-Effect
income I-Effect
to I-Effect
turn I-Effect
positive I-Effect
until I-Effect
the I-Effect
middle I-Effect
of I-Effect
the I-Effect
decade I-Effect
. O

During O
the O
course O
of O
his O
campaign O
, O
Donald O
Trump O
claimed O
that O
he O
would O
shut B-Cause
down I-Cause
U.S.-to-Mexico I-Cause
remittances I-Cause
to O
leverage B-Effect
the I-Effect
Mexican I-Effect
government I-Effect
to I-Effect
pay I-Effect
for I-Effect
the I-Effect
construction I-Effect
of I-Effect
the I-Effect
wall I-Effect
. O

Not O
only O
do O
Latin O
America O
and O
Iberia O
share O
the O
Spanish O
or O
Portuguese O
language O
, O
but O
there O
are O
also O
meaningful B-Effect
trade I-Effect
flows I-Effect
between I-Effect
the I-Effect
regions I-Effect
, O
based O
on O
a B-Cause
shared I-Cause
history I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
Urban I-Effect
Outfitters I-Effect
to I-Effect
$ I-Effect
31 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ O
29 O
as O
it B-Cause
recovers I-Cause
from I-Cause
a I-Cause
13 I-Cause
% I-Cause
sales I-Cause
decline I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
due O
to O
the B-Cause
pandemic I-Cause
. O

On O
the O
yield O
side O
, O
we O
expect O
Carnival B-Cause
to I-Cause
see I-Cause
modest I-Cause
pricing I-Cause
pressure I-Cause
to O
entice B-Effect
cruisers I-Effect
back I-Effect
onto I-Effect
the I-Effect
product I-Effect
after I-Effect
COVID-19 I-Effect
subsides I-Effect
( O
mitigated O
somewhat O
by O
lower O
total O
capacity O
as O
older O
ships O
are O
scrapped O
or O
sold O
) O
. O

Changing B-Cause
an I-Cause
engineering I-Cause
team I-Cause
to I-Cause
a I-Cause
Creo I-Cause
team I-Cause
from I-Cause
a I-Cause
Catia I-Cause
team I-Cause
would O
involve B-Effect
significant I-Effect
retraining I-Effect
and I-Effect
pose I-Effect
significant I-Effect
risks I-Effect
. O

Because O
of O
its B-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
efforts I-Cause
and I-Cause
technical I-Cause
know-how I-Cause
, O
Honeywell B-Effect
has I-Effect
virtually I-Effect
shut I-Effect
out I-Effect
other I-Effect
competitors I-Effect
in I-Effect
awarded I-Effect
contracts I-Effect
for I-Effect
avionics I-Effect
( I-Effect
aviation I-Effect
electronics I-Effect
) I-Effect
, I-Effect
auxiliary I-Effect
power I-Effect
units I-Effect
, I-Effect
and I-Effect
mechanical I-Effect
systems I-Effect
( I-Effect
for I-Effect
example I-Effect
landing I-Effect
gear I-Effect
) I-Effect
since I-Effect
2013 I-Effect
. O

The O
good O
news O
is O
that O
, O
on O
average O
, O
e-commerce B-Cause
warehousing I-Cause
requires I-Cause
about I-Cause
three I-Cause
times I-Cause
more I-Cause
space I-Cause
as I-Cause
traditional I-Cause
warehousing I-Cause
, O
so O
the B-Cause
increased I-Cause
demand I-Cause
has I-Cause
allowed I-Cause
the I-Cause
company I-Cause
to I-Cause
construct I-Cause
speculative I-Cause
developments I-Cause
, O
which O
often O
carry O
higher B-Effect
margins I-Effect
, I-Effect
albeit I-Effect
with I-Effect
more I-Effect
risk I-Effect
. O

Following O
fourth-quarter O
results O
, O
we O
are O
raising B-Effect
our I-Effect
margin I-Effect
forecasts I-Effect
to I-Effect
give I-Effect
CSX I-Effect
more I-Effect
credit I-Effect
for I-Effect
solid I-Effect
PSR-related I-Effect
execution I-Effect
given O
the B-Cause
firm I-Cause
's I-Cause
steady I-Cause
efficiency I-Cause
gains I-Cause
. O

The B-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
business I-Effect
also I-Effect
faced I-Effect
new I-Effect
challenges I-Effect
as O
the O
government B-Cause
revised I-Cause
existing I-Cause
oil I-Cause
and I-Cause
gas I-Cause
laws I-Cause
so O
that O
Petrobras B-Effect
would I-Effect
have I-Effect
to I-Effect
participate I-Effect
in I-Effect
future I-Effect
offshore I-Effect
licenses I-Effect
at I-Effect
less I-Effect
attractive I-Effect
financial I-Effect
terms I-Effect
. O

However O
, O
the B-Cause
ability I-Cause
to I-Cause
consistently I-Cause
price I-Cause
above I-Cause
the I-Cause
rate I-Cause
of I-Cause
volume I-Cause
declines I-Cause
should O
ensure O
that O
Altria B-Effect
can I-Effect
continue I-Effect
to I-Effect
increase I-Effect
its I-Effect
revenue I-Effect
, I-Effect
earnings I-Effect
, I-Effect
and I-Effect
dividend I-Effect
. O

Limited B-Cause
exposure I-Cause
to I-Cause
the I-Cause
retail I-Cause
market I-Cause
( I-Cause
27 I-Cause
% I-Cause
of I-Cause
AUM I-Cause
) I-Cause
and I-Cause
broader I-Cause
geographic I-Cause
exposure I-Cause
also O
leave O
the B-Effect
firm I-Effect
better I-Effect
positioned I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

However O
, O
we B-Effect
remain I-Effect
optimistic I-Effect
about I-Effect
the I-Effect
sector I-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
given I-Effect
that O
the B-Cause
industry I-Cause
should I-Cause
eventually I-Cause
recover I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
virus I-Cause
, I-Cause
supply I-Cause
will I-Cause
likely I-Cause
fall I-Cause
below I-Cause
the I-Cause
historical I-Cause
average I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, I-Cause
and I-Cause
the I-Cause
demographic I-Cause
boon I-Cause
will I-Cause
create I-Cause
a I-Cause
massive I-Cause
spike I-Cause
in I-Cause
demand I-Cause
for I-Cause
senior I-Cause
housing I-Cause
. I-Cause

We B-Effect
consider I-Effect
occupancy I-Effect
rate I-Effect
at I-Effect
a I-Effect
historically I-Effect
high I-Effect
level I-Effect
and I-Effect
project I-Effect
that I-Effect
it I-Effect
will I-Effect
gradually I-Effect
approach I-Effect
90 I-Effect
% I-Effect
once O
the B-Cause
overall I-Cause
portfolio I-Cause
becomes I-Cause
more I-Cause
representative I-Cause
of I-Cause
the I-Cause
recent I-Cause
expansion I-Cause
. O

Republic B-Cause
has I-Cause
a I-Cause
large I-Cause
amount I-Cause
of I-Cause
goodwill I-Cause
on I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
from I-Cause
its I-Cause
2008 I-Cause
merger I-Cause
with I-Cause
Allied I-Cause
Waste I-Cause
, O
and O
this O
dynamic O
has O
resulted O
in O
a B-Effect
relatively I-Effect
narrow I-Effect
spread I-Effect
between I-Effect
the I-Effect
firm I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
and I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

In O
addition O
to O
fluctuations O
in O
trading O
volume O
, O
Nasdaq O
is O
subject B-Cause
to I-Cause
regulation I-Cause
by I-Cause
the I-Cause
SEC I-Cause
, O
which O
could O
limit B-Effect
an I-Effect
exchange I-Effect
's I-Effect
ability I-Effect
to I-Effect
raise I-Effect
prices I-Effect
and I-Effect
offer I-Effect
certain I-Effect
products I-Effect
. O

As O
IT B-Cause
teams I-Cause
offload I-Cause
workloads I-Cause
to I-Cause
public I-Cause
clouds I-Cause
and I-Cause
embrace I-Cause
hybrid-cloud I-Cause
environments I-Cause
, O
we B-Effect
believe I-Effect
enterprises I-Effect
will I-Effect
continue I-Effect
to I-Effect
use I-Effect
rely I-Effect
on I-Effect
networking I-Effect
equipment I-Effect
leaders I-Effect
for I-Effect
managing I-Effect
and I-Effect
securing I-Effect
the I-Effect
interconnections I-Effect
between I-Effect
all I-Effect
the I-Effect
data I-Effect
locations I-Effect
. O

For B-Cause
instance I-Cause
, I-Cause
in I-Cause
2018 I-Cause
, I-Cause
the I-Cause
Brazilian I-Cause
real I-Cause
's I-Cause
strong I-Cause
depreciation I-Cause
to I-Cause
the I-Cause
euro I-Cause
caused I-Cause
a I-Cause
negative I-Cause
exchange I-Cause
rate I-Cause
effect I-Cause
of I-Cause
16 I-Cause
% I-Cause
. O
As O
a O
result O
, O
despite B-Effect
a I-Effect
stable I-Effect
organic I-Effect
revenues I-Effect
year I-Effect
on I-Effect
year I-Effect
in I-Effect
the I-Effect
Brazilian I-Effect
market I-Effect
, I-Effect
the I-Effect
reported I-Effect
revenue I-Effect
generated I-Effect
in I-Effect
Brazil I-Effect
decreased I-Effect
by I-Effect
15.8 I-Effect
% I-Effect
over I-Effect
2017 I-Effect
. O

Over O
the O
near O
term O
, O
Hasbro B-Effect
still I-Effect
faces I-Effect
some I-Effect
risk I-Effect
surrounding O
COVID-19 B-Cause
( O
supply O
chain O
and O
production O
delays O
if O
further O
closures O
ensue O
) O
. O

These B-Cause
advantages I-Cause
manifest I-Cause
themselves I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
lower I-Cause
operating I-Cause
costs I-Cause
, I-Cause
lower I-Cause
credit I-Cause
costs I-Cause
, I-Cause
lower I-Cause
regulatory I-Cause
costs I-Cause
, I-Cause
and I-Cause
lower I-Cause
absolute I-Cause
levels I-Cause
and I-Cause
better I-Cause
diversification I-Cause
of I-Cause
risk I-Cause
, O
all O
of O
which O
allow O
the B-Effect
banks I-Effect
to I-Effect
achieve I-Effect
greater I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

However O
, O
its O
operating B-Effect
margins I-Effect
may O
get O
some O
benefit O
from O
its O
cost-reduction B-Cause
plan I-Cause
, O
which O
includes O
reductions O
in O
areas O
like O
logistics O
and O
technology O
, O
lower O
real O
estate O
costs O
, O
greater O
supply O
chain O
efficiency O
, O
and O
improved O
pricing O
and O
product O
mix O
. 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
seek I-Effect
to I-Effect
utilize I-Effect
the I-Effect
same I-Effect
production I-Effect
methods I-Effect
that I-Effect
were I-Effect
used I-Effect
by 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 B-Effect
an I-Effect
even I-Effect
longer I-Effect
benefit I-Effect
period I-Effect
for I-Effect
Agilent I-Effect
on I-Effect
a I-Effect
specific I-Effect
molecule I-Effect
. O

Additionally O
, O
the B-Cause
service I-Cause
business I-Cause
backed I-Cause
by I-Cause
a I-Cause
major I-Cause
national I-Cause
brand I-Cause
, I-Cause
as I-Cause
the I-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
could O
build B-Effect
brand I-Effect
loyalty I-Effect
and I-Effect
keep I-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

With O
the B-Cause
entertainment I-Cause
and I-Cause
enterprise I-Cause
businesses I-Cause
shrinking I-Cause
, O
we O
expect O
consolidated B-Effect
revenue I-Effect
growth I-Effect
of I-Effect
less I-Effect
than I-Effect
2 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

An B-Cause
aggregated I-Cause
view I-Cause
of I-Cause
all I-Cause
personal I-Cause
and I-Cause
financial I-Cause
information I-Cause
, I-Cause
updated I-Cause
in I-Cause
real I-Cause
time I-Cause
, O
is O
also O
advantageous B-Effect
to I-Effect
customers I-Effect
taking I-Effect
multiple I-Effect
products I-Effect
. O

First O
, O
as O
the B-Effect
9,800 I-Effect
miles I-Effect
of I-Effect
pipes I-Effect
across I-Effect
15 I-Effect
states I-Effect
connects I-Effect
refineries I-Effect
to I-Effect
end I-Effect
markets I-Effect
such I-Effect
as I-Effect
gas I-Effect
stations I-Effect
via I-Effect
54 I-Effect
Magellan I-Effect
terminals I-Effect
, I-Effect
demand I-Effect
is I-Effect
highly I-Effect
stable O
as O
it B-Cause
depends I-Cause
on I-Cause
consumer I-Cause
demand I-Cause
in I-Cause
terms I-Cause
of I-Cause
miles I-Cause
driven I-Cause
and I-Cause
fuel I-Cause
efficiency I-Cause
. O

Finally O
, O
we O
expect O
the B-Effect
firm I-Effect
's I-Effect
mature I-Effect
display I-Effect
technologies I-Effect
segment I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
1 I-Effect
% I-Effect
over I-Effect
our I-Effect
forecast I-Effect
, O
as O
increases B-Cause
in I-Cause
average I-Cause
screen I-Cause
size I-Cause
offset I-Cause
mid-single-digit I-Cause
pricing I-Cause
declines I-Cause
. O

Musk B-Effect
is I-Effect
barred I-Effect
from I-Effect
holding I-Effect
the I-Effect
chairman I-Effect
role I-Effect
for I-Effect
three I-Effect
years I-Effect
following I-Effect
a I-Effect
2018 I-Effect
settlement I-Effect
with O
the B-Cause
SEC I-Cause
on I-Cause
a I-Cause
civil I-Cause
securities I-Cause
fraud I-Cause
complaint I-Cause
. O

Longer O
term O
, O
we O
think O
this B-Effect
is I-Effect
a I-Effect
segment I-Effect
that I-Effect
will I-Effect
grow I-Effect
at I-Effect
around I-Effect
3.5 I-Effect
% I-Effect
, O
in O
line O
with O
consumer O
products O
more O
broadly O
, O
as O
pricemix B-Cause
is I-Cause
likely I-Cause
to I-Cause
be I-Cause
more I-Cause
limited I-Cause
. O

We O
estimate O
consolidated B-Effect
operating I-Effect
margins I-Effect
will I-Effect
average I-Effect
3.3 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
( I-Effect
2021-24 I-Effect
) I-Effect
as O
we O
expect O
COVID-19 B-Cause
pandemic-related I-Cause
margin I-Cause
pressures I-Cause
to I-Cause
abate I-Cause
in I-Cause
2021 I-Cause
and I-Cause
ramp I-Cause
further I-Cause
heading I-Cause
into I-Cause
2022 I-Cause
. O

As O
networks B-Cause
expand I-Cause
operations I-Cause
and I-Cause
increase I-Cause
wireless I-Cause
access I-Cause
points I-Cause
, O
Cisco B-Effect
's I-Effect
wireless I-Effect
products I-Effect
can I-Effect
become I-Effect
more I-Effect
deeply I-Effect
ingrained I-Effect
in I-Effect
a I-Effect
customer I-Effect
's I-Effect
network I-Effect
. O

Wine/spirits B-Effect
will I-Effect
be I-Effect
more I-Effect
of I-Effect
a I-Effect
mixed I-Effect
bag I-Effect
, O
as O
the B-Cause
firm I-Cause
seeks I-Cause
to I-Cause
realign I-Cause
its I-Cause
portfolio I-Cause
following I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
underperforming I-Cause
brands I-Cause
to I-Cause
E I-Cause
& I-Cause
J I-Cause
Gallo I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
fiscal I-Cause
2021 I-Cause
( I-Cause
to I-Cause
focus I-Cause
on I-Cause
what I-Cause
management I-Cause
refers I-Cause
to I-Cause
as I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
Power I-Cause
Brands I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
) I-Cause
. O

This O
suggests O
it B-Cause
will I-Cause
likely I-Cause
follow I-Cause
peers I-Cause
in I-Cause
announcing I-Cause
an I-Cause
acceleration I-Cause
in I-Cause
the I-Cause
timing I-Cause
and I-Cause
increase I-Cause
in I-Cause
the I-Cause
amount I-Cause
of I-Cause
its I-Cause
renewable I-Cause
energy I-Cause
investments I-Cause
as O
it B-Effect
pursues I-Effect
its I-Effect
emission I-Effect
intensity I-Effect
targets I-Effect
. O

Conversely O
, O
we O
think O
revenue B-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
price/mix I-Effect
in I-Effect
North I-Effect
America I-Effect
( I-Effect
roughly I-Effect
2.5 I-Effect
% I-Effect
) I-Effect
and I-Effect
Latin I-Effect
America I-Effect
( O
approximately O
6 O
% O
) O
, O
as O
the B-Cause
mature I-Cause
markets I-Cause
of I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
Mexico I-Cause
, I-Cause
and I-Cause
Brazil I-Cause
facilitate I-Cause
innovative I-Cause
line I-Cause
extensions I-Cause
and I-Cause
healthy I-Cause
rate I-Cause
increases I-Cause
. O

Zions B-Effect
' I-Effect
interest I-Effect
expense I-Effect
relative I-Effect
to I-Effect
total I-Effect
deposits I-Effect
has I-Effect
improved I-Effect
substantially I-Effect
relative I-Effect
to I-Effect
peers I-Effect
over I-Effect
the I-Effect
past I-Effect
cycle I-Effect
, O
largely O
driven O
by O
huge B-Cause
gains I-Cause
in I-Cause
non-interest-bearing I-Cause
deposits I-Cause
and I-Cause
its I-Cause
slightly I-Cause
lower-than-average I-Cause
cost I-Cause
of I-Cause
interest-bearing I-Cause
deposits I-Cause
. O

As O
such O
, O
full-cycle B-Cause
break-even I-Cause
costs I-Cause
exceed I-Cause
$ I-Cause
60/boe I-Cause
WTI I-Cause
, O
hampering B-Effect
Crescent I-Effect
Point I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

While O
2020 O
was O
a O
challenging O
year O
, O
we O
expect O
that O
the B-Cause
reopening I-Cause
of I-Cause
venues I-Cause
in I-Cause
2021 I-Cause
and I-Cause
pent-up I-Cause
demand I-Cause
for I-Cause
fans I-Cause
and I-Cause
artists I-Cause
will O
help O
the B-Effect
firm I-Effect
reach I-Effect
its I-Effect
2019 I-Effect
revenue I-Effect
level I-Effect
by I-Effect
2022 I-Effect
. O

However O
, O
we O
anticipate O
a B-Effect
return I-Effect
to I-Effect
historical I-Effect
levels I-Effect
of I-Effect
29 I-Effect
% I-Effect
by I-Effect
2022 I-Effect
, I-Effect
followed I-Effect
by I-Effect
another I-Effect
100-basis-point I-Effect
increase I-Effect
to I-Effect
30 I-Effect
% I-Effect
, O
as O
efficiencies B-Cause
generally I-Cause
offset I-Cause
pricing I-Cause
pressure I-Cause
from I-Cause
greater I-Cause
competition I-Cause
. O

Seagate B-Effect
's I-Effect
consumer I-Effect
HDD I-Effect
revenue I-Effect
has I-Effect
been I-Effect
declining I-Effect
in I-Effect
the I-Effect
high-teens I-Effect
over I-Effect
the I-Effect
past I-Effect
several I-Effect
years I-Effect
as O
consumer B-Cause
SSDs I-Cause
have I-Cause
come I-Cause
close I-Cause
enough I-Cause
to I-Cause
cost I-Cause
parity I-Cause
to I-Cause
establish I-Cause
mainstream I-Cause
crossover I-Cause
. O

Further O
, O
in O
contrast O
to O
most O
of O
its O
peers O
, O
J O
& O
J O
faces O
the B-Cause
majority I-Cause
of I-Cause
its I-Cause
near-term I-Cause
patent I-Cause
losses I-Cause
on I-Cause
hard-to-make I-Cause
complex I-Cause
drugs I-Cause
, O
which O
should O
likely O
slow B-Effect
generic I-Effect
drug I-Effect
competition I-Effect
. O

Our O
uncertainty O
rating O
also O
considers O
the B-Cause
increasing I-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
as I-Cause
well I-Cause
as I-Cause
perception I-Cause
risk I-Cause
that O
could O
cause O
distrust B-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
offerings I-Effect
-- O
brought O
upon O
by O
a O
security O
compromising O
event O
, O
which O
are O
not O
uncommon O
in O
the O
industry O
. O

Further O
, O
AbbVie B-Cause
's I-Cause
high I-Cause
concentration I-Cause
of I-Cause
Humira I-Cause
sales I-Cause
makes O
the B-Effect
company I-Effect
significantly I-Effect
exposed I-Effect
to I-Effect
any I-Effect
new I-Effect
competitive I-Effect
threats I-Effect
to I-Effect
Humira I-Effect
, I-Effect
both I-Effect
from I-Effect
biosimilars I-Effect
and I-Effect
new I-Effect
branded I-Effect
drug I-Effect
competition I-Effect
. O

Moreover O
, O
with B-Cause
retail I-Cause
landlords I-Cause
looking I-Cause
for I-Cause
tenants I-Cause
to I-Cause
fill I-Cause
unoccupied I-Cause
real I-Cause
estate I-Cause
, O
we B-Effect
believe I-Effect
new I-Effect
fast-casual I-Effect
restaurant I-Effect
concepts I-Effect
will I-Effect
continue I-Effect
to I-Effect
come I-Effect
to I-Effect
market I-Effect
and I-Effect
pursue I-Effect
aggressive I-Effect
growth I-Effect
plans I-Effect
. O

Idex B-Cause
's I-Cause
investments I-Cause
in I-Cause
innovation I-Cause
have O
allowed O
it O
to O
capture B-Effect
incremental I-Effect
market I-Effect
share I-Effect
gains I-Effect
through I-Effect
introductions I-Effect
of I-Effect
new I-Effect
and I-Effect
improved I-Effect
products I-Effect
, O
as O
well O
as O
entry B-Effect
into I-Effect
adjacent I-Effect
markets I-Effect
. O

Twilio O
is O
a O
leading O
communications O
platform O
as O
a O
service O
, O
or O
cPaaS O
, O
firm O
that O
enables B-Cause
developers I-Cause
to I-Cause
integrate I-Cause
communications I-Cause
capabilities I-Cause
such I-Cause
as I-Cause
messaging I-Cause
, I-Cause
voice I-Cause
, I-Cause
and I-Cause
video I-Cause
into I-Cause
client-facing I-Cause
products I-Cause
, I-Cause
thus O
helping B-Effect
businesses I-Effect
strengthen I-Effect
customer I-Effect
engagement I-Effect
worldwide I-Effect
. I-Effect

Its B-Cause
product I-Cause
portfolio I-Cause
is I-Cause
protected I-Cause
by I-Cause
patents I-Cause
that I-Cause
last I-Cause
20 I-Cause
years I-Cause
and O
enables O
PerkinElmer B-Effect
to I-Effect
strengthen I-Effect
its I-Effect
position I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
. O

CROs B-Cause
use I-Cause
their I-Cause
expertise I-Cause
in I-Cause
trial I-Cause
design I-Cause
and I-Cause
execution I-Cause
to I-Cause
balance I-Cause
quick I-Cause
trial I-Cause
starts I-Cause
with I-Cause
statistically I-Cause
significant I-Cause
results I-Cause
, O
allowing O
their B-Effect
biotech I-Effect
and I-Effect
pharma I-Effect
clients I-Effect
to I-Effect
focus I-Effect
on I-Effect
their I-Effect
core I-Effect
competencies I-Effect
of I-Effect
drug I-Effect
discovery I-Effect
and I-Effect
commercialization I-Effect
. O

We O
also O
think O
there O
is O
more O
room O
for O
margin O
expansion O
in O
the O
technology O
and O
analytics O
segment O
with O
automation B-Cause
helping O
to O
reduce B-Effect
costs I-Effect
. O

Should B-Cause
Nvidia I-Cause
be I-Cause
successful I-Cause
in I-Cause
acquiring I-Cause
ARM I-Cause
and I-Cause
realizing I-Cause
its I-Cause
goal I-Cause
of I-Cause
developing I-Cause
a I-Cause
server I-Cause
CPU I-Cause
based I-Cause
on I-Cause
ARM I-Cause
architecture I-Cause
( I-Cause
something I-Cause
both I-Cause
Broadcom I-Cause
and I-Cause
Qualcomm I-Cause
failed I-Cause
at I-Cause
) I-Cause
, O
there B-Effect
is I-Effect
a I-Effect
strong I-Effect
potential I-Effect
for I-Effect
Nvidia I-Effect
to I-Effect
realize I-Effect
substantial I-Effect
revenue I-Effect
synergies I-Effect
in I-Effect
its I-Effect
data I-Effect
center I-Effect
segment I-Effect
. O

A B-Cause
new I-Cause
wave I-Cause
of I-Cause
high-margin I-Cause
projects I-Cause
combined I-Cause
with I-Cause
reduced I-Cause
capital I-Cause
spending I-Cause
should O
bolster B-Effect
free I-Effect
cash I-Effect
flow I-Effect
growth I-Effect
and I-Effect
improve I-Effect
returns I-Effect
. O

Coupa B-Cause
should I-Cause
benefit I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
and O
we B-Effect
expect I-Effect
expansion I-Effect
in I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
from I-Effect
negative I-Effect
31 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2026 I-Effect
. I-Effect

Ferguson B-Effect
's I-Effect
RMI I-Effect
exposure I-Effect
should I-Effect
support I-Effect
future I-Effect
revenue I-Effect
stability I-Effect
and I-Effect
margin I-Effect
expansion I-Effect
opportunities I-Effect
as O
project B-Cause
work I-Cause
in I-Cause
the I-Cause
repair I-Cause
and I-Cause
remodel I-Cause
market I-Cause
is I-Cause
typically I-Cause
less I-Cause
cyclical I-Cause
with I-Cause
higher I-Cause
profit I-Cause
margins I-Cause
compared I-Cause
with I-Cause
new I-Cause
construction I-Cause
projects I-Cause
( I-Cause
RMI I-Cause
projects I-Cause
are I-Cause
usually I-Cause
smaller I-Cause
and I-Cause
nondiscretionary I-Cause
) I-Cause
. O

Our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Facebook I-Effect
is I-Effect
high I-Effect
, O
based O
on O
uncertainty B-Cause
over I-Cause
future I-Cause
advertising I-Cause
growth I-Cause
rates I-Cause
and I-Cause
additional I-Cause
regulations I-Cause
restricting I-Cause
Facebook I-Cause
's I-Cause
access I-Cause
to I-Cause
and I-Cause
use I-Cause
of I-Cause
data I-Cause
, O
both O
of O
which O
drive O
growth B-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
source I-Effect
of I-Effect
revenue I-Effect
. O

While O
the B-Cause
firm I-Cause
periodically I-Cause
will I-Cause
refine I-Cause
the I-Cause
size I-Cause
and I-Cause
location I-Cause
of I-Cause
offices I-Cause
to I-Cause
adjust I-Cause
for I-Cause
demand B-Effect
fluctuations I-Effect
, O
its O
global O
network O
is O
largely O
established O
. O

That O
said O
, O
asset-based B-Effect
truckers I-Effect
often I-Effect
see I-Effect
temporary I-Effect
margin I-Effect
benefits I-Effect
during I-Effect
periods I-Effect
of I-Effect
rapid I-Effect
fuel I-Effect
price I-Effect
declines I-Effect
, O
as O
it B-Cause
takes I-Cause
time I-Cause
to I-Cause
adjust I-Cause
fuel I-Cause
surcharge I-Cause
programs I-Cause
to I-Cause
shippers I-Cause
. O

For O
example 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
much I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

Similarly O
, O
once O
a B-Cause
chip I-Cause
is I-Cause
designed I-Cause
into I-Cause
a I-Cause
device I-Cause
, O
it O
is O
rarely O
swapped B-Effect
out I-Effect
, O
particularly O
in O
cases O
where O
parts O
need O
to O
be O
qualified O
to O
meet O
strict O
specifications O
. O

Over O
the O
next O
five O
years O
, O
we O
forecast O
operating B-Effect
margin I-Effect
contraction I-Effect
of I-Effect
70 I-Effect
basis I-Effect
points I-Effect
, O
due O
to O
the B-Cause
tough I-Cause
comparison I-Cause
of I-Cause
fiscal I-Cause
2021 I-Cause
that O
saw O
abnormal B-Effect
margins I-Effect
from O
COVID-19 B-Cause
tailwinds I-Cause
, O
including O
high B-Cause
employee I-Cause
utilization I-Cause
and I-Cause
offshore I-Cause
mix I-Cause
. O

Excluding O
those O
factors O
, O
we O
do O
n't O
expect O
much B-Effect
underlying I-Effect
margin I-Effect
improvement I-Effect
, O
as O
we O
believe O
the B-Cause
reinvestment I-Cause
needs I-Cause
of I-Cause
the I-Cause
business I-Cause
will I-Cause
offset I-Cause
its I-Cause
inherent I-Cause
scalability I-Cause
for I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
. O

MetLife B-Effect
also I-Effect
is I-Effect
divesting I-Effect
its I-Effect
property I-Effect
and I-Effect
casualty I-Effect
insurance I-Effect
( I-Effect
auto I-Effect
) I-Effect
business I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
makes I-Effect
sense I-Effect
as O
there B-Cause
is I-Cause
minimal I-Cause
strategic I-Cause
benefit I-Cause
to I-Cause
having I-Cause
a I-Cause
small I-Cause
auto I-Cause
insurance I-Cause
business I-Cause
in I-Cause
its I-Cause
portfolio I-Cause
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
widen I-Effect
to I-Effect
35.1 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
from I-Effect
33.4 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, I-Effect
as B-Cause
gross I-Cause
margin I-Cause
pressure I-Cause
subsides I-Cause
, I-Cause
administrative I-Cause
costs I-Cause
are I-Cause
leveraged I-Cause
, I-Cause
and I-Cause
outbound I-Cause
freight I-Cause
costs I-Cause
are I-Cause
optimized I-Cause
through I-Cause
technology-enabled I-Cause
capabilities I-Cause
and I-Cause
a I-Cause
denser I-Cause
copacking I-Cause
footprint I-Cause
. I-Cause

We B-Effect
think I-Effect
the I-Effect
company I-Effect
can I-Effect
increase I-Effect
operating I-Effect
margin I-Effect
including I-Effect
equity I-Effect
income I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
by O
restructuring B-Cause
its I-Cause
operations I-Cause
to I-Cause
be I-Cause
a I-Cause
better I-Cause
manufacturer I-Cause
. O

If O
Grifols B-Cause
is I-Cause
unable I-Cause
to I-Cause
bring I-Cause
an I-Cause
IG I-Cause
product I-Cause
to I-Cause
market I-Cause
with I-Cause
higher I-Cause
pricing I-Cause
power I-Cause
( O
like O
Takeda O
's O
HyQvia O
or O
CSL O
's O
Hizentra O
) O
, O
it B-Effect
could I-Effect
lose I-Effect
market I-Effect
share I-Effect
. O

In O
our O
view O
, O
Cogent B-Effect
's I-Effect
biggest I-Effect
ESG I-Effect
risk I-Effect
is I-Effect
that I-Effect
of I-Effect
a I-Effect
data I-Effect
or I-Effect
security I-Effect
breach I-Effect
, O
given O
the B-Cause
firm I-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
biggest I-Cause
Internet I-Cause
transit I-Cause
providers I-Cause
in I-Cause
the I-Cause
world I-Cause
and I-Cause
runs I-Cause
corporate I-Cause
networks I-Cause
, O
resulting O
in O
individuals B-Cause
' I-Cause
and I-Cause
corporations I-Cause
' I-Cause
most I-Cause
sensitive I-Cause
information I-Cause
in I-Cause
its I-Cause
care I-Cause
. O

Owing O
to O
heavy B-Cause
competition I-Cause
with I-Cause
Qunar I-Cause
and I-Cause
eLong I-Cause
in I-Cause
2014 I-Cause
and I-Cause
2015 I-Cause
, O
Ctrip B-Effect
's I-Effect
margins I-Effect
declined I-Effect
significantly I-Effect
, I-Effect
and I-Effect
the I-Effect
ROIC I-Effect
decreased I-Effect
from I-Effect
over I-Effect
80 I-Effect
% I-Effect
to I-Effect
negative I-Effect
2.8 I-Effect
% I-Effect
in I-Effect
2014 I-Effect
and I-Effect
1.9 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
. O

In O
response O
, O
Nike O
took O
the O
possibly O
unprecedented O
step O
of O
reducing B-Cause
its I-Cause
minimum I-Cause
advertised I-Cause
price I-Cause
to O
move B-Effect
excess I-Effect
inventory I-Effect
. O

Broadly O
, O
the B-Cause
firm I-Cause
is I-Cause
an I-Cause
acquisitive I-Cause
holding I-Cause
company I-Cause
that I-Cause
targets I-Cause
firms I-Cause
that I-Cause
produce I-Cause
proprietary I-Cause
aircraft I-Cause
components I-Cause
with I-Cause
high I-Cause
aftermarket I-Cause
content I-Cause
, O
thus O
benefiting B-Effect
from I-Effect
razor-and-blade I-Effect
business I-Effect
models I-Effect
. O

As O
more B-Cause
buyers I-Cause
and I-Cause
sellers I-Cause
trade I-Cause
a I-Cause
proprietary I-Cause
product I-Cause
, O
it O
becomes O
increasingly O
liquid O
and O
therefore O
cheaper B-Effect
for I-Effect
investors I-Effect
to I-Effect
transact I-Effect
business I-Effect
on I-Effect
a I-Effect
single I-Effect
exchange I-Effect
. O

The B-Cause
industry I-Cause
is I-Cause
already I-Cause
full I-Cause
of I-Cause
strong I-Cause
competition I-Cause
, O
so O
it B-Effect
is I-Effect
nearly I-Effect
impossible I-Effect
for I-Effect
one I-Effect
firm I-Effect
to I-Effect
gain I-Effect
a I-Effect
sustainable I-Effect
advantage I-Effect
. O

As O
evidence O
of O
Coach B-Effect
's I-Effect
superior I-Effect
pricing I-Effect
power I-Effect
, O
its B-Cause
gross I-Cause
margins I-Cause
( I-Cause
currently I-Cause
about I-Cause
73 I-Cause
% I-Cause
) I-Cause
have I-Cause
been I-Cause
consistently I-Cause
higher I-Cause
than I-Cause
those I-Cause
of I-Cause
Michael I-Cause
Kors I-Cause
( O
currently O
about O
63 O
% O
) O
. O

Given O
the B-Cause
short-term I-Cause
nature I-Cause
of I-Cause
these I-Cause
leases I-Cause
and I-Cause
the I-Cause
growing I-Cause
demand I-Cause
for I-Cause
self-storage I-Cause
space I-Cause
, O
management B-Effect
had I-Effect
been I-Effect
able I-Effect
to I-Effect
achieve I-Effect
material I-Effect
rent I-Effect
increases I-Effect
from I-Effect
new I-Effect
and I-Effect
existing I-Effect
tenants I-Effect
prior I-Effect
to I-Effect
the I-Effect
outbreak I-Effect
of I-Effect
the I-Effect
coronavirus I-Effect
. O

We O
also O
expect O
the B-Effect
components I-Effect
distribution I-Effect
business I-Effect
to I-Effect
be I-Effect
less I-Effect
volatile I-Effect
than I-Effect
the I-Effect
broader I-Effect
semiconductor I-Effect
industry I-Effect
, O
owing O
to O
Avnet B-Cause
's I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
of I-Cause
small I-Cause
to I-Cause
midsize I-Cause
electronic I-Cause
equipment I-Cause
manufacturers I-Cause
. O

In O
total O
, O
we O
expect O
revenue B-Effect
will I-Effect
increase I-Effect
about I-Effect
5 I-Effect
% I-Effect
annually I-Effect
through I-Effect
2025 I-Effect
, I-Effect
with I-Effect
growth I-Effect
higher I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
as O
the B-Cause
market I-Cause
bounces I-Cause
back I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

We O
expect O
revenue B-Effect
to I-Effect
grow I-Effect
at I-Effect
an I-Effect
organic I-Effect
5 I-Effect
% I-Effect
annualized I-Effect
rate I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
as O
automaker B-Cause
customers I-Cause
focus I-Cause
on I-Cause
reducing I-Cause
vehicle I-Cause
emissions I-Cause
and I-Cause
launch I-Cause
electrified I-Cause
vehicle I-Cause
models I-Cause
. O

There O
are O
industry B-Cause
constituents I-Cause
that I-Cause
also I-Cause
have I-Cause
sizable I-Cause
franchises I-Cause
and I-Cause
financial I-Cause
resources I-Cause
, O
which O
could O
cause O
the B-Effect
competitive I-Effect
environment I-Effect
to I-Effect
become I-Effect
promotional I-Effect
. O

Avnet O
has O
made O
similar O
moves O
to O
address O
the B-Effect
growing I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
maker I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
market I-Effect
by O
acquiring B-Cause
Dragon I-Cause
Innovation I-Cause
and I-Cause
Hackster.io I-Cause
, I-Cause
and I-Cause
by I-Cause
securing I-Cause
a I-Cause
partnership I-Cause
with I-Cause
Kickstarter I-Cause
. O

Public B-Effect
Storage I-Effect
obtained I-Effect
its I-Effect
highly I-Effect
attractive I-Effect
position I-Effect
by B-Cause
being I-Cause
a I-Cause
first I-Cause
mover I-Cause
in I-Cause
terms I-Cause
of I-Cause
acquiring I-Cause
land I-Cause
for I-Cause
self-storage I-Cause
use I-Cause
decades I-Cause
ago I-Cause
. O

We O
believe O
the B-Cause
substantial I-Cause
technical I-Cause
know-how I-Cause
required I-Cause
to I-Cause
build I-Cause
missiles I-Cause
and I-Cause
integrate I-Cause
missiles I-Cause
within I-Cause
various I-Cause
military I-Cause
aircraft I-Cause
provides O
a B-Effect
steep I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
, O
and O
that O
non-defense O
contractors O
would O
be O
unwilling O
to O
make O
the O
substantial O
fixed O
cost O
investment O
required O
to O
enter O
this O
market O
. O

By O
building B-Cause
a I-Cause
fleet I-Cause
of I-Cause
rigs I-Cause
optimal I-Cause
for I-Cause
the I-Cause
efficient I-Cause
horizontal I-Cause
drilling I-Cause
that O
offers B-Cause
the I-Cause
best I-Cause
economics I-Cause
for I-Cause
oil I-Cause
and I-Cause
gas I-Cause
producers I-Cause
, O
H B-Effect
& I-Effect
P I-Effect
has I-Effect
positioned I-Effect
itself I-Effect
on I-Effect
the I-Effect
leading I-Effect
edge I-Effect
of I-Effect
industry I-Effect
trends I-Effect
. O

Customer B-Effect
service I-Effect
is I-Effect
another I-Effect
mission-critical I-Effect
function I-Effect
that O
directly B-Cause
helps I-Cause
a I-Cause
company I-Cause
attract I-Cause
and I-Cause
retain I-Cause
customers I-Cause
and O
therefore O
also O
is O
associated O
with O
driving B-Effect
revenue I-Effect
. O

If O
DAPL B-Cause
were I-Cause
to I-Cause
shut I-Cause
down I-Cause
permanently I-Cause
( I-Cause
we I-Cause
estimate I-Cause
a I-Cause
50 I-Cause
% I-Cause
probability I-Cause
this I-Cause
could I-Cause
occur I-Cause
) I-Cause
, O
Oneok B-Cause
's I-Cause
exposure I-Cause
is I-Cause
less I-Cause
than I-Cause
$ I-Cause
50 I-Cause
million I-Cause
in I-Cause
EBITDA I-Cause
in I-Cause
2021 I-Cause
( I-Cause
assuming I-Cause
an I-Cause
April I-Cause
shutdown I-Cause
) I-Cause
, O
so O
perhaps B-Effect
up I-Effect
to I-Effect
$ I-Effect
75 I-Effect
million I-Effect
annually I-Effect
. O

For O
one O
, O
concerns B-Effect
surrounding I-Effect
COVID-19 I-Effect
have I-Effect
plagued I-Effect
its I-Effect
professional I-Effect
segment I-Effect
prospects I-Effect
( I-Effect
with I-Effect
underlying I-Effect
sales I-Effect
that I-Effect
slumped I-Effect
6 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
, O
as O
this B-Cause
business I-Cause
derives I-Cause
more I-Cause
than I-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
from I-Cause
washroom I-Cause
products I-Cause
in I-Cause
offices I-Cause
and I-Cause
travel I-Cause
locations I-Cause
that I-Cause
continue I-Cause
to I-Cause
suffer I-Cause
from I-Cause
low I-Cause
traffic I-Cause
. O

ING B-Cause
's I-Cause
other I-Cause
operations I-Cause
, I-Cause
outside I-Cause
of I-Cause
its I-Cause
German I-Cause
business I-Cause
, O
does O
detract O
somewhat O
from O
overall B-Effect
profitability I-Effect
, O
ING O
has O
generated O
a O
consolidated O
average O
ROE O
of O
11 O
% O
over O
the O
last O
three O
years O
. O

It B-Cause
stands I-Cause
between I-Cause
an I-Cause
organization I-Cause
's I-Cause
users I-Cause
and I-Cause
devices I-Cause
and I-Cause
the I-Cause
Internet I-Cause
, I-Cause
inspecting I-Cause
traffic I-Cause
and I-Cause
enforcing I-Cause
policies I-Cause
, O
thus B-Effect
representing I-Effect
the I-Effect
conduit I-Effect
through I-Effect
which I-Effect
users I-Effect
access I-Effect
popular I-Effect
web-based I-Effect
applications I-Effect
and I-Effect
Internet I-Effect
destinations I-Effect
. O

The O
dividend O
increase O
in O
the O
first O
quarter O
of O
2020 O
was O
only O
2.6 O
% O
, O
and O
no B-Effect
increase I-Effect
is I-Effect
expected I-Effect
in I-Effect
2021 I-Effect
due O
to O
the B-Cause
fallout I-Cause
from I-Cause
the I-Cause
bribery I-Cause
scandal I-Cause
. O

Additionally O
, O
higher B-Effect
inflation I-Effect
could I-Effect
limit I-Effect
earnings I-Effect
growth I-Effect
since O
Mettler B-Cause
may I-Cause
find I-Cause
it I-Cause
difficult I-Cause
to I-Cause
pass I-Cause
along I-Cause
price I-Cause
increases I-Cause
to I-Cause
customers I-Cause
above I-Cause
the I-Cause
typical I-Cause
2 I-Cause
% I-Cause
-3 I-Cause
% I-Cause
range I-Cause
. O

As O
Wesco B-Cause
expands I-Cause
its I-Cause
top I-Cause
line I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
will I-Effect
improve I-Effect
as O
it B-Cause
realizes I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
synergies I-Cause
from I-Cause
the I-Cause
Anixter I-Cause
acquisition I-Cause
. O

We O
expect O
Honda B-Effect
to I-Effect
not I-Effect
grow I-Effect
as I-Effect
well I-Effect
in I-Effect
China I-Effect
as I-Effect
firms I-Effect
such I-Effect
as I-Effect
General I-Effect
Motors I-Effect
and I-Effect
Volkswagen I-Effect
, O
as O
these B-Cause
larger I-Cause
firms I-Cause
have I-Cause
more I-Cause
product I-Cause
offerings I-Cause
in I-Cause
SUVs I-Cause
, I-Cause
luxury I-Cause
models I-Cause
, I-Cause
and I-Cause
in I-Cause
GM I-Cause
's I-Cause
case I-Cause
full-size I-Cause
pickups I-Cause
. O

We O
're O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Regeneron I-Effect
to I-Effect
$ I-Effect
500 I-Effect
from I-Effect
$ I-Effect
473 I-Effect
after O
further B-Cause
increasing I-Cause
our I-Cause
Dupixent I-Cause
estimates I-Cause
and I-Cause
updating I-Cause
for I-Cause
recent I-Cause
U.S I-Cause
. I-Cause

Tough B-Cause
German I-Cause
labor I-Cause
unions I-Cause
, I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
political I-Cause
sympathy I-Cause
for I-Cause
domestic I-Cause
labor I-Cause
, O
could O
make O
it B-Effect
difficult I-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
rationalize I-Effect
capacity I-Effect
in I-Effect
its I-Effect
home I-Effect
market I-Effect
, O
if O
management O
should O
find O
it O
necessary O
. O

We O
see B-Effect
some I-Effect
evidence I-Effect
of I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
technicians B-Cause
become I-Cause
familiar I-Cause
with I-Cause
Matco I-Cause
's I-Cause
platform I-Cause
, O
and O
we O
expect O
the B-Cause
firm I-Cause
's I-Cause
SaaS-based I-Cause
offerings I-Cause
to O
help B-Effect
grow I-Effect
the I-Effect
business I-Effect
' I-Effect
recurring I-Effect
revenue I-Effect
stream I-Effect
and I-Effect
increase I-Effect
customer I-Effect
stickiness I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

According O
to O
DHS O
, O
these B-Effect
types I-Effect
of I-Effect
monitors I-Effect
are I-Effect
also I-Effect
preferable I-Effect
because O
they B-Cause
provide I-Cause
a I-Cause
nonintrusive I-Cause
means I-Cause
of I-Cause
screening I-Cause
people I-Cause
, I-Cause
vehicles I-Cause
, I-Cause
or I-Cause
other I-Cause
objects I-Cause
when I-Cause
testing I-Cause
for I-Cause
the I-Cause
presence I-Cause
of I-Cause
these I-Cause
materials I-Cause
, I-Cause
saving I-Cause
governments I-Cause
time I-Cause
and I-Cause
expense I-Cause
. O

Furthermore O
, O
we O
think O
new B-Cause
emission I-Cause
regulation 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
LKQ 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
operations I-Effect
and I-Effect
reducing I-Effect
its I-Effect
impact I-Effect
on I-Effect
the I-Effect
environment I-Effect
. 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
5 I-Cause
% I-Cause
after I-Cause
2020 I-Cause
, I-Cause
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
. 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
in I-Effect
the I-Effect
midst I-Effect
of I-Effect
an I-Effect
individual I-Effect
market I-Effect
downturn I-Effect
. O

Longer-acting B-Cause
products I-Cause
Aranesp I-Cause
and I-Cause
Neulasta I-Cause
were I-Cause
launched I-Cause
in I-Cause
2001-02 I-Cause
, I-Cause
just I-Cause
as I-Cause
the I-Cause
firm I-Cause
decided I-Cause
to I-Cause
acquire I-Cause
Immunex I-Cause
and I-Cause
bring I-Cause
immunology I-Cause
drug I-Cause
Enbrel I-Cause
into I-Cause
its I-Cause
portfolio. O
These O
highly O
profitable O
biologics O
continue O
to O
drive B-Effect
very I-Effect
strong I-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Generalfree I-Effect
cash I-Effect
flows I-Effect
for I-Effect
the I-Effect
firm I-Effect
, I-Effect
generally I-Effect
around I-Effect
40 I-Effect
% I-Effect
of I-Effect
sales I-Effect
. 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
WeChat I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
, I-Cause
and I-Cause
as I-Cause
usage I-Cause
per I-Cause
customer I-Cause
increases I-Cause
. O

While O
we O
remain O
confident O
that O
Google O
will O
maintain O
its O
dominant O
position O
in O
the O
search O
market O
, O
a B-Cause
long-lasting I-Cause
downturn I-Cause
in I-Cause
online I-Cause
ad I-Cause
spending I-Cause
could O
have O
a B-Effect
negative I-Effect
impact I-Effect
on I-Effect
Alphabet I-Effect
's I-Effect
revenue I-Effect
and I-Effect
cash I-Effect
flow I-Effect
, I-Effect
resulting I-Effect
in I-Effect
a I-Effect
lower I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

We O
expect O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
hover I-Effect
just I-Effect
above I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
after O
the B-Cause
company I-Cause
's I-Cause
Cameron I-Cause
liquid I-Cause
natural I-Cause
gas I-Cause
export I-Cause
project I-Cause
came I-Cause
on I-Cause
line I-Cause
. O

We O
think O
BCE B-Effect
will I-Effect
be I-Effect
less I-Effect
vulnerable I-Effect
than I-Effect
Telus I-Effect
to I-Effect
Shaw I-Effect
's I-Effect
Freedom I-Effect
Mobile I-Effect
due O
to O
its O
lack B-Cause
of I-Cause
overlapping I-Cause
wireline I-Cause
footprint I-Cause
in I-Cause
western I-Cause
Canada I-Cause
. O

The O
most O
significant O
ESG O
risk O
the O
firm O
faces O
is O
human B-Cause
capital I-Cause
risk I-Cause
; O
that O
is O
, O
the O
risk O
that O
Ferguson O
is O
unable O
to O
adequately O
recruit O
, O
train O
, O
and O
retain O
the O
talent O
needed O
to O
sell O
its O
products O
and O
services O
and O
manage O
its O
supply O
chain O
, O
which O
could O
lead O
to O
lost B-Effect
market I-Effect
share I-Effect
. O

KeyCite B-Cause
Overruling I-Cause
risk I-Cause
offers I-Cause
an I-Cause
even I-Cause
more I-Cause
valuable I-Cause
feature I-Cause
-- I-Cause
flagging I-Cause
cases I-Cause
that O
have B-Effect
been I-Effect
subsequently I-Effect
overturned I-Effect
, I-Effect
helping I-Effect
to I-Effect
avoid I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
damaging I-Effect
cases I-Effect
in I-Effect
the I-Effect
practice I-Effect
of I-Effect
law I-Effect
-- I-Effect
that I-Effect
of I-Effect
citing I-Effect
bad I-Effect
precedents I-Effect
. O

The O
flip O
side O
of O
having O
a O
strong O
balance O
sheet O
is O
the O
risk O
that O
efforts B-Cause
to I-Cause
diversify I-Cause
the I-Cause
group I-Cause
away I-Cause
from I-Cause
print I-Cause
publishing I-Cause
and I-Cause
traditional I-Cause
advertising I-Cause
could O
fail O
or O
lead O
to O
overpaying B-Effect
for I-Effect
acquisitions I-Effect
. O

We O
think O
Hospira O
's O
experience O
from O
2010-15 O
is O
strong O
evidence O
of O
this O
dynamic O
-- O
despite O
recurring B-Cause
regulatory I-Cause
and I-Cause
manufacturing I-Cause
concerns I-Cause
that O
resulted O
in O
a B-Effect
full I-Effect
import I-Effect
ban I-Effect
on I-Effect
new I-Effect
pump I-Effect
sales I-Effect
from I-Effect
2013-15 I-Effect
, O
and O
safety-related O
regulatory O
concerns O
like O
this O
are O
the O
firm O
's O
key O
environment O
, O
social O
, O
and O
governance O
risk O
. O

We O
believe O
Deutsche B-Cause
enjoys I-Cause
good I-Cause
client I-Cause
relationships I-Cause
in I-Cause
this I-Cause
segment I-Cause
and O
can O
offer B-Effect
a I-Effect
wide I-Effect
product I-Effect
portfolio I-Effect
tailored I-Effect
for I-Effect
corporate I-Effect
Treasuries I-Effect
, O
although O
we O
do O
not O
think O
this O
constitutes O
a O
defensible O
, O
structural O
competitive O
advantage O
. O

While O
the B-Cause
fast I-Cause
growth I-Cause
of I-Cause
natural I-Cause
and I-Cause
organic I-Cause
products I-Cause
creates B-Effect
potential I-Effect
for I-Effect
Hain I-Effect
to I-Effect
elevate I-Effect
its I-Effect
standing I-Effect
with I-Effect
retailers I-Effect
, O
we O
believe O
its B-Cause
current I-Cause
market I-Cause
positions I-Cause
are I-Cause
too I-Cause
small I-Cause
for O
the B-Effect
company I-Effect
to I-Effect
be I-Effect
considered I-Effect
a I-Effect
strategically I-Effect
important I-Effect
partner I-Effect
at I-Effect
present I-Effect
. O

Also O
, O
the B-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
Ceratti I-Cause
, O
a O
Brazil-based O
producer O
of O
deli O
products O
, O
gives O
Hormel B-Effect
access I-Effect
to I-Effect
the I-Effect
fast-growing I-Effect
Brazilian I-Effect
market I-Effect
. O

However O
, O
we B-Cause
now I-Cause
subscribe I-Cause
to I-Cause
the I-Cause
belief I-Cause
that I-Cause
the I-Cause
firm I-Cause
's I-Cause
procurement I-Cause
scale I-Cause
and I-Cause
leverage I-Cause
over I-Cause
advertising I-Cause
, I-Cause
technological I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenditures I-Cause
offers O
a B-Effect
sustainable I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
peers I-Effect
. O

If O
depressed B-Effect
power I-Effect
prices I-Effect
were I-Effect
n't I-Effect
enough I-Effect
to I-Effect
deal I-Effect
with I-Effect
, O
management B-Effect
also I-Effect
has I-Effect
to I-Effect
navigate B-Cause
new I-Cause
carbon I-Cause
emission I-Cause
legislation I-Cause
that O
will B-Effect
phase I-Effect
out I-Effect
all I-Effect
coal-fired I-Effect
power I-Effect
plants I-Effect
in I-Effect
Alberta I-Effect
. O

Its B-Effect
acquisition I-Effect
of I-Effect
SanDisk I-Effect
sets I-Effect
it I-Effect
up I-Effect
better I-Effect
than I-Effect
competitor I-Effect
Seagate I-Effect
, O
which O
has B-Cause
no I-Cause
NAND I-Cause
manufacturing I-Cause
capability I-Cause
, O
but O
compared O
to O
the O
duopoly O
in O
HDD O
leadership O
, O
flash O
is O
a O
fragmented O
market O
. O

If B-Cause
the I-Cause
two I-Cause
sides I-Cause
are I-Cause
unable I-Cause
to I-Cause
extend I-Cause
the I-Cause
lease I-Cause
, O
SQM B-Effect
would I-Effect
see I-Effect
a I-Effect
substantial I-Effect
decline I-Effect
in I-Effect
cash I-Effect
flows I-Effect
after I-Effect
2030 I-Effect
. O

Given B-Cause
its I-Cause
engineering I-Cause
teams I-Cause
already I-Cause
know I-Cause
the I-Cause
ins I-Cause
and I-Cause
outs I-Cause
of I-Cause
the I-Cause
products I-Cause
( O
and O
may O
even O
be O
located O
on-site O
) O
, O
Amphenol B-Effect
is I-Effect
better I-Effect
suited I-Effect
to I-Effect
codevelop I-Effect
new I-Effect
technologies I-Effect
or I-Effect
accommodate I-Effect
modifications I-Effect
, I-Effect
adding I-Effect
greater I-Effect
value I-Effect
than I-Effect
a I-Effect
potential I-Effect
replacement I-Effect
. O

We O
think O
working B-Cause
with I-Cause
cheaper I-Cause
tools I-Cause
can I-Effect
cause I-Effect
headaches B-Effect
for I-Effect
technicians I-Effect
, O
given O
the B-Cause
higher I-Cause
risk I-Cause
of I-Cause
breaks I-Cause
and I-Cause
the I-Cause
additional I-Cause
money I-Cause
needed I-Cause
to I-Cause
replace I-Cause
broken I-Cause
tools I-Cause
. O

Additionally O
, O
customers B-Cause
using I-Cause
non-Parker I-Cause
parts I-Cause
in I-Cause
any I-Cause
piece I-Cause
of I-Cause
equipment I-Cause
purchased I-Cause
from I-Cause
a I-Cause
distributor I-Cause
without I-Cause
the I-Cause
express I-Cause
permission I-Cause
of I-Cause
the I-Cause
company I-Cause
voids O
that O
equipment B-Effect
's I-Effect
warranty I-Effect
. O

Facebook B-Effect
has I-Effect
increased I-Effect
users I-Effect
and I-Effect
user I-Effect
engagement I-Effect
by O
providing B-Cause
additional I-Cause
features I-Cause
and I-Cause
apps I-Cause
to O
keep B-Effect
them I-Effect
engaged I-Effect
within I-Effect
the I-Effect
Facebook I-Effect
ecosystem I-Effect
. O

On O
the O
other O
hand O
, O
we O
think O
Canon B-Cause
has I-Cause
developed I-Cause
a I-Cause
strong I-Cause
hook I-Cause
with I-Cause
customers I-Cause
on I-Cause
DSLR I-Cause
cameras I-Cause
, O
which O
prevents O
customers B-Effect
from I-Effect
choosing I-Effect
other I-Effect
brands I-Effect
when I-Effect
buying I-Effect
new I-Effect
products I-Effect
. O

On O
the O
Service O
Desk O
side O
, O
however O
, O
Jira B-Effect
shines I-Effect
, O
as O
this B-Cause
solution I-Cause
is I-Cause
inexpensive I-Cause
compared I-Cause
with I-Cause
other I-Cause
leading I-Cause
peers I-Cause
, O
including O
ServiceNow O
, O
BMC O
( O
Remedy O
) O
, O
and O
HP O
Enterprise O
. O

While O
progress O
of O
smartphone O
cameras O
and O
the O
diffusion O
of O
high-end O
mirrorless O
interchangeable O
lens O
cameras O
is O
a O
threat O
to O
the O
business O
, O
we O
believe O
the B-Cause
combination I-Cause
of I-Cause
a I-Cause
DSLR I-Cause
camera I-Cause
and I-Cause
lenses I-Cause
produces I-Cause
the I-Cause
best-quality I-Cause
pictures I-Cause
, O
and O
thus O
solid B-Effect
demand I-Effect
for I-Effect
DSLRs I-Effect
will I-Effect
remain I-Effect
. O

We O
also O
believe O
the B-Cause
segment I-Cause
can I-Cause
maintain I-Cause
its I-Cause
customer I-Cause
retention I-Cause
rates. O
As O
a O
result O
, O
we O
also O
model B-Effect
top-line I-Effect
organic I-Effect
growth 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
, I-Effect
in I-Effect
line I-Effect
with I-Effect
our I-Effect
application I-Effect
software I-Effect
projections I-Effect
. O

We O
also O
believe O
Accenture B-Effect
benefits I-Effect
from I-Effect
high I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
its B-Cause
key I-Cause
customers I-Cause
are I-Cause
loath I-Cause
to I-Cause
switch I-Cause
service I-Cause
providers I-Cause
for I-Cause
large I-Cause
or I-Cause
ongoing I-Cause
contracts I-Cause
. O

Android B-Effect
may I-Effect
also I-Effect
benefit I-Effect
from I-Effect
switching I-Effect
costs I-Effect
, O
as O
apps B-Cause
purchased I-Cause
on I-Cause
Google I-Cause
Play I-Cause
would I-Cause
have I-Cause
to I-Cause
be I-Cause
replicated I-Cause
on I-Cause
iOS I-Cause
, O
but O
we O
also O
do O
not O
see O
such O
costs O
as O
overwhelming O
. O

Because B-Cause
Fastenal I-Cause
has I-Cause
national I-Cause
scale I-Cause
, I-Cause
a I-Cause
global I-Cause
reach I-Cause
, I-Cause
and I-Cause
a I-Cause
robust I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
and I-Cause
inventory-management I-Cause
services I-Cause
, I-Cause
it B-Effect
's I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
this I-Effect
trend I-Effect
and I-Effect
take I-Effect
share I-Effect
from I-Effect
smaller I-Effect
local I-Effect
and I-Effect
regional I-Effect
distributors I-Effect
that I-Effect
do I-Effect
not I-Effect
have I-Effect
the I-Effect
scale I-Effect
to I-Effect
profitably I-Effect
service I-Effect
these I-Effect
customers I-Effect
. I-Effect

These O
benefits O
come O
at O
a O
cost O
because O
diesel B-Cause
engines I-Cause
experience I-Cause
much I-Cause
higher I-Cause
cylinder I-Cause
pressures I-Cause
than O
gasoline O
engines O
and O
therefore O
require B-Effect
beefed-up I-Effect
components I-Effect
, O
such O
as O
heavier O
engine O
blocks O
. O

However O
, O
massive B-Effect
share I-Effect
erosion I-Effect
has I-Effect
occurred I-Effect
in I-Effect
2020 I-Effect
, O
as O
a O
result O
of O
factory B-Cause
shutdowns I-Cause
and I-Cause
dealer I-Cause
closures I-Cause
( I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
push I-Cause
back I-Cause
of I-Cause
product I-Cause
launches I-Cause
until I-Cause
Spring I-Cause
2021 I-Cause
. O

The B-Cause
extensive I-Cause
bottling I-Cause
and I-Cause
distribution I-Cause
network I-Cause
yields O
symbiotic B-Effect
benefits I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
market I-Effect
share I-Effect
, O
as O
innovative B-Cause
products I-Cause
can I-Cause
be I-Cause
scaled I-Cause
broadly I-Cause
, O
helping O
to O
maintain B-Effect
consumer I-Effect
awareness I-Effect
of I-Effect
its I-Effect
brands I-Effect
. O

Packaged-goods B-Cause
manufacturers I-Cause
have I-Cause
taken I-Cause
advantage I-Cause
of I-Cause
the I-Cause
recently I-Cause
benign I-Cause
commodity I-Cause
cost I-Cause
environment I-Cause
to I-Cause
lower I-Cause
prices I-Cause
in I-Cause
some I-Cause
markets I-Cause
, O
a O
strategy O
designed O
to O
help O
mitigate B-Effect
the I-Effect
loss I-Effect
of I-Effect
middle-market I-Effect
retailers I-Effect
to I-Effect
both I-Effect
discounters I-Effect
and I-Effect
high-end I-Effect
stores I-Effect
, O
but O
it O
has O
weighed O
on O
most B-Effect
manufacturers I-Effect
' I-Effect
organic I-Effect
growth I-Effect
. O

PSEG O
's O
nuclear O
fleet O
benefits O
from O
New B-Cause
Jersey I-Cause
subsidies I-Cause
that O
ensure O
stable B-Effect
margins I-Effect
as O
the O
state O
moves O
toward O
its O
100 O
% O
renewable O
energy O
goal O
by O
2050 O
. O

In O
terms O
of O
switching O
costs O
, O
commercial B-Effect
banks I-Effect
have I-Effect
the I-Effect
advantage I-Effect
of I-Effect
being I-Effect
able I-Effect
to I-Effect
sell I-Effect
their I-Effect
clients I-Effect
a I-Effect
comprehensive I-Effect
suite I-Effect
of I-Effect
products I-Effect
, I-Effect
reducing I-Effect
sensitivity I-Effect
to I-Effect
interest I-Effect
paid I-Effect
on I-Effect
deposits I-Effect
as O
clients B-Cause
prefer I-Cause
the I-Cause
ease I-Cause
of I-Cause
maintaining I-Cause
all I-Cause
accounts I-Cause
in I-Cause
the I-Cause
same I-Cause
place I-Cause
. O

Coty B-Effect
is I-Effect
also I-Effect
lagging I-Effect
peers I-Effect
regarding I-Effect
its I-Effect
e-commerce I-Effect
efforts I-Effect
, O
as O
a B-Cause
high-teens I-Cause
percent I-Cause
of I-Cause
Coty I-Cause
's I-Cause
revenue I-Cause
is I-Cause
captured I-Cause
online I-Cause
, I-Cause
compared I-Cause
with I-Cause
22 I-Cause
% I-Cause
for I-Cause
Estee I-Cause
Lauder I-Cause
and I-Cause
16 I-Cause
% I-Cause
for I-Cause
L'Oreal I-Cause
. O

In O
France O
, O
for O
example O
, O
tax B-Cause
credits I-Cause
have I-Cause
been I-Cause
put I-Cause
in I-Cause
place I-Cause
to I-Cause
lower I-Cause
employer I-Cause
payroll I-Cause
expenses I-Cause
to O
improve B-Effect
competitiveness I-Effect
, O
and O
we O
assume O
employers O
will O
continue O
to O
outsource O
recruiting O
to O
global O
staffers O
such O
as O
Manpower O
. O

Imax B-Cause
lowered I-Cause
the I-Cause
conversion I-Cause
time I-Cause
for I-Cause
a I-Cause
film I-Cause
from I-Cause
16 I-Cause
weeks I-Cause
to I-Cause
one I-Cause
week I-Cause
, O
allowing B-Effect
Imax I-Effect
DMR I-Effect
to I-Effect
be I-Effect
released I-Effect
at I-Effect
the I-Effect
same I-Effect
time I-Effect
as I-Effect
standard I-Effect
films I-Effect
in I-Effect
multiple I-Effect
markets I-Effect
. O

Being B-Cause
a I-Cause
wealth I-Cause
management I-Cause
firm I-Cause
, O
LPL B-Effect
has I-Effect
earnings I-Effect
that I-Effect
are I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
stock I-Effect
market I-Effect
and I-Effect
interest I-Effect
rates I-Effect
. O

We B-Effect
believe I-Effect
there I-Effect
are I-Effect
several I-Effect
other I-Effect
ways I-Effect
that I-Effect
Tim I-Effect
Hortons I-Effect
can I-Effect
leverage I-Effect
its I-Effect
brand I-Effect
to I-Effect
drive I-Effect
greater I-Effect
unit-level I-Effect
productivity I-Effect
at I-Effect
its I-Effect
Canada I-Effect
locations I-Effect
, I-Effect
many I-Effect
of I-Effect
which I-Effect
are I-Effect
analogous I-Effect
to I-Effect
improvements I-Effect
in I-Effect
the I-Effect
Burger I-Effect
King I-Effect
system. O
These B-Cause
include I-Cause
expanded I-Cause
daypart I-Cause
penetration I-Cause
outside I-Cause
the I-Cause
breakfast I-Cause
and I-Cause
coffee I-Cause
categories I-Cause
, I-Cause
product I-Cause
innovations I-Cause
, I-Cause
a I-Cause
wider I-Cause
selection I-Cause
of I-Cause
take-home I-Cause
coffee I-Cause
products I-Cause
( I-Cause
including I-Cause
additional I-Cause
single-serve I-Cause
products I-Cause
) I-Cause
, I-Cause
reimaging I-Cause
efforts I-Cause
, I-Cause
and I-Cause
increased I-Cause
use I-Cause
of I-Cause
technology I-Cause
as I-Cause
a I-Cause
customer I-Cause
acquisition I-Cause
and I-Cause
throughput I-Cause
tool I-Cause
. O

Given O
the B-Cause
dominant I-Cause
position I-Cause
of I-Cause
rating I-Cause
agencies I-Cause
, I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
, O
it B-Effect
is I-Effect
possible I-Effect
that I-Effect
S I-Effect
& I-Effect
P I-Effect
and I-Effect
Moody I-Effect
's I-Effect
could I-Effect
draw I-Effect
scrutiny I-Effect
from I-Effect
antitrust I-Effect
officials I-Effect
. O

The O
Ionis O
portfolio O
is O
a O
mix O
of O
partnerships O
and O
wholly O
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

Risks B-Cause
around I-Cause
additional 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
effective I-Cause
treatments I-Cause
and I-Cause
vaccines I-Cause
are I-Cause
globally I-Cause
available I-Cause
remains 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

In O
addition O
, O
CME B-Cause
's I-Cause
position I-Cause
within I-Cause
S I-Cause
& I-Cause
P I-Cause
futures I-Cause
likely O
contributed B-Effect
to I-Effect
the I-Effect
exchange I-Effect
's I-Effect
ability I-Effect
to I-Effect
attract I-Effect
additional I-Effect
equity I-Effect
index I-Effect
futures I-Effect
license I-Effect
agreements I-Effect
for I-Effect
the I-Effect
Nasdaq I-Effect
and I-Effect
Russell I-Effect
2000 I-Effect
indexes I-Effect
, O
which O
returned O
to O
CME O
Group O
in O
2017 O
. O

But O
we O
expect O
the B-Effect
gross I-Effect
margin I-Effect
to I-Effect
improve I-Effect
as O
more B-Cause
consumers I-Cause
consume I-Cause
JD I-Cause
's I-Cause
goods I-Cause
and I-Cause
services I-Cause
and I-Cause
JD I-Cause
's I-Cause
bargaining I-Cause
power I-Cause
against I-Cause
suppliers I-Cause
increases I-Cause
. O

Additionally O
, O
boats O
are O
big-ticket O
items O
, O
and O
a B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
global I-Cause
economy I-Cause
could O
hamper O
replacement B-Effect
and I-Effect
adoption I-Effect
rates I-Effect
for I-Effect
these I-Effect
recreational I-Effect
products I-Effect
. O

The B-Cause
low I-Cause
value/weight I-Cause
characteristics I-Cause
of I-Cause
construction I-Cause
materials I-Cause
demand I-Cause
local I-Cause
production I-Cause
, O
which O
creates B-Effect
regional I-Effect
markets I-Effect
and I-Effect
limited I-Effect
benefits I-Effect
from I-Effect
multinational I-Effect
M I-Effect
& I-Effect
A I-Effect
. O

Sophisticated B-Cause
IT I-Cause
systems I-Cause
and I-Cause
market I-Cause
know-how I-Cause
enable O
customers O
to O
outsource B-Effect
intermodal I-Effect
shipping I-Effect
to I-Effect
an I-Effect
expert I-Effect
specialist I-Effect
, O
while O
Hub B-Cause
's I-Cause
large I-Cause
volume I-Cause
of I-Cause
loads I-Cause
and I-Cause
significant I-Cause
control I-Cause
of I-Cause
containers I-Cause
make O
it O
an B-Effect
attractive I-Effect
customer I-Effect
to I-Effect
the I-Effect
Class I-Effect
I I-Effect
railroads I-Effect
. O

Second O
, O
there B-Cause
are I-Cause
many I-Cause
large I-Cause
private-label I-Cause
categories I-Cause
( I-Cause
like I-Cause
small-format I-Cause
water I-Cause
) I-Cause
where I-Cause
Treehouse I-Cause
has I-Cause
no I-Cause
presence. O
Consequently O
, O
one B-Effect
could I-Effect
argue I-Effect
that I-Effect
the I-Effect
total I-Effect
private-label I-Effect
food I-Effect
and I-Effect
beverage I-Effect
industry I-Effect
is I-Effect
not I-Effect
representative I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
true I-Effect
addressable I-Effect
market I-Effect
. O

We O
believe O
that O
the B-Cause
recent I-Cause
regulations I-Cause
will I-Cause
continue I-Cause
to I-Cause
marginalize I-Cause
smaller I-Cause
players I-Cause
, O
which O
may O
continue O
to O
benefit B-Effect
large I-Effect
players I-Effect
such I-Effect
as I-Effect
TAL I-Effect
and I-Effect
EDU I-Effect
. O

As O
loans B-Cause
roll I-Cause
out I-Cause
of I-Cause
forbearance I-Cause
, I-Cause
particularly I-Cause
in I-Cause
consumer I-Cause
credit I-Cause
and I-Cause
consumer I-Cause
mortgage I-Cause
( I-Cause
which I-Cause
represents I-Cause
about I-Cause
one I-Cause
third I-Cause
of I-Cause
the I-Cause
loan I-Cause
book I-Cause
) I-Cause
, O
we O
anticipate O
pressure B-Effect
as I-Effect
credit I-Effect
costs I-Effect
adjust I-Effect
to I-Effect
reflect I-Effect
underlying I-Effect
consumer I-Effect
health I-Effect
. O

In O
the O
next O
10 O
years O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
2020 I-Effect
's I-Effect
17.3 I-Effect
% I-Effect
to I-Effect
18.2 I-Effect
% I-Effect
, O
driven O
by O
improvements B-Cause
in I-Cause
the I-Cause
international I-Cause
segments I-Cause
. O

Starbucks B-Effect
' I-Effect
position I-Effect
as I-Effect
a I-Effect
premium I-Effect
vendor I-Effect
of I-Effect
coffee I-Effect
, I-Effect
tea I-Effect
, I-Effect
and I-Effect
refresher I-Effect
beverages I-Effect
is I-Effect
widely I-Effect
recognized I-Effect
, O
as O
it B-Cause
has I-Cause
historically I-Cause
managed I-Cause
its I-Cause
positioning I-Cause
to I-Cause
avoid I-Cause
finding I-Cause
itself I-Cause
caught I-Cause
between I-Cause
discount I-Cause
competitors I-Cause
like I-Cause
Dunkin I-Cause
' I-Cause
and I-Cause
McDonald I-Cause
's I-Cause
McCaf茅 I-Cause
platform I-Cause
on I-Cause
the I-Cause
low I-Cause
end I-Cause
and I-Cause
specialty I-Cause
independent I-Cause
shops I-Cause
on I-Cause
the I-Cause
high I-Cause
end I-Cause
. O

As O
such O
, O
we B-Effect
expect I-Effect
gross I-Effect
margins I-Effect
to I-Effect
gradually I-Effect
recover I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as I-Effect
the I-Effect
firm I-Effect
improves I-Effect
the I-Effect
profitability I-Effect
of I-Effect
the I-Effect
Eby-Brown I-Effect
business I-Effect
with O
purchasing B-Cause
synergies I-Cause
, I-Cause
and I-Cause
customer I-Cause
and I-Cause
product I-Cause
mix I-Cause
benefits I-Cause
. O

The B-Effect
company I-Effect
is I-Effect
subject I-Effect
to I-Effect
risk I-Effect
from I-Effect
underutilizing I-Effect
capacity I-Effect
, O
which O
is O
more O
likely O
in O
the O
event O
of O
an B-Cause
economic I-Cause
downturn I-Cause
or I-Cause
decline I-Cause
in I-Cause
biopharma I-Cause
funding I-Cause
. O

We O
think O
the B-Cause
low I-Cause
resistance I-Cause
potential I-Cause
and I-Cause
pan-genotypic I-Cause
efficacy I-Cause
of I-Cause
Gilead I-Cause
's I-Cause
regimens I-Cause
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
retain I-Effect
close I-Effect
to I-Effect
40 I-Effect
% I-Effect
of I-Effect
the I-Effect
global I-Effect
HCV I-Effect
market I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
despite O
competition O
from O
AbbVie O
and O
Merck O
. O

These B-Effect
strengths I-Effect
have I-Effect
helped I-Effect
Home I-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
excluding I-Effect
goodwill O
, O
of O
37 O
% O
during O
the O
past O
five O
years O
, 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

However O
, O
in B-Effect
2012 I-Effect
the I-Effect
Federal I-Effect
government I-Effect
began I-Effect
to I-Effect
make I-Effect
cuts I-Effect
to I-Effect
Medicare I-Effect
and I-Effect
Medicaid I-Effect
reimbursement I-Effect
increases I-Effect
, I-Effect
reducing I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
reducing I-Effect
profits I-Effect
to I-Effect
an I-Effect
even I-Effect
greater I-Effect
degree I-Effect
due O
to O
the B-Cause
thin I-Cause
margins I-Cause
for I-Cause
the I-Cause
industry I-Cause
. O

Because O
of O
the B-Cause
third-party I-Cause
broker I-Cause
arrangement I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
opportunity I-Effect
for I-Effect
Vornado I-Effect
to I-Effect
directly I-Effect
influence I-Effect
a I-Effect
leasing I-Effect
decision I-Effect
, I-Effect
and I-Effect
leasing I-Effect
terms I-Effect
tend I-Effect
to I-Effect
be I-Effect
specified I-Effect
to I-Effect
meet I-Effect
client I-Effect
needs I-Effect
and I-Effect
reflect I-Effect
current I-Effect
market I-Effect
rates I-Effect
coordinated I-Effect
through I-Effect
the I-Effect
brokers I-Effect
. O

Due O
to O
decreasing B-Cause
reliance I-Cause
on I-Cause
its I-Cause
personnel I-Cause
base I-Cause
, O
we O
assume O
Accenture B-Cause
will I-Cause
benefit I-Cause
from I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
on I-Cause
the I-Cause
SG I-Cause
& I-Cause
A I-Cause
line I-Cause
, O
aiding O
in O
operating B-Effect
margin I-Effect
expansion I-Effect
from I-Effect
14.7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
15.9 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

In O
particular O
, O
the B-Cause
risk I-Cause
from I-Cause
carbon I-Cause
emissions I-Cause
is I-Cause
most I-Cause
likely I-Cause
to I-Cause
materialize I-Cause
through I-Cause
some I-Cause
form I-Cause
of I-Cause
carbon I-Cause
pricing I-Cause
, O
which O
can O
increase B-Effect
the I-Effect
price I-Effect
of I-Effect
end I-Effect
products I-Effect
to I-Effect
consumers I-Effect
and I-Effect
reduce I-Effect
demand I-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
over I-Effect
time I-Effect
. O

Management O
has O
said O
that O
with B-Cause
the I-Cause
addition I-Cause
of I-Cause
Ellie I-Cause
Mae I-Cause
, O
it B-Effect
expects I-Effect
its I-Effect
mortgage I-Effect
technology I-Effect
segment I-Effect
to I-Effect
achieve I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
8 I-Effect
% I-Effect
to I-Effect
10 I-Effect
% I-Effect
. O

But O
even O
this O
modest O
impact O
overstates O
the O
economic O
reality O
, O
as O
much B-Effect
of I-Effect
the I-Effect
decline I-Effect
in I-Effect
growth I-Effect
is I-Effect
expected I-Effect
to I-Effect
come I-Effect
from I-Effect
a I-Effect
fall-off I-Effect
in I-Effect
deconversion I-Effect
fees I-Effect
, O
given O
that O
M B-Cause
& I-Cause
A I-Cause
activity I-Cause
among I-Cause
banks I-Cause
has I-Cause
declined I-Cause
significantly I-Cause
due O
to O
the B-Cause
uncertainty I-Cause
created I-Cause
by I-Cause
COVID-19 I-Cause
. I-Cause

Manpower B-Cause
's I-Cause
focus I-Cause
on I-Cause
mostly I-Cause
national I-Cause
and I-Cause
multinational I-Cause
large-sized I-Cause
businesses I-Cause
( I-Cause
60 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
weakens B-Effect
the I-Effect
advantage I-Effect
of I-Effect
its I-Effect
large I-Effect
database I-Effect
of I-Effect
resumes I-Effect
because I-Effect
large I-Effect
businesses I-Effect
have I-Effect
more I-Effect
bargaining I-Effect
power I-Effect
compared I-Effect
with I-Effect
small- I-Effect
and I-Effect
medium-sized I-Effect
businesses I-Effect
. O

As O
we B-Cause
expect I-Cause
Vontier I-Cause
to I-Cause
follow I-Cause
the I-Cause
Danaher I-Cause
and I-Cause
Fortive I-Cause
business I-Cause
model I-Cause
and I-Cause
continue I-Cause
to I-Cause
drive I-Cause
growth I-Cause
through I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
another B-Effect
threat I-Effect
to I-Effect
our I-Effect
thesis I-Effect
is I-Effect
acquisition I-Effect
risk I-Effect
as O
the B-Cause
company I-Cause
could I-Cause
overpay I-Cause
for I-Cause
acquisitions I-Cause
and I-Cause
experience I-Cause
challenges I-Cause
integrating I-Cause
acquired I-Cause
companies I-Cause
. O

Some B-Cause
of I-Cause
the I-Cause
most I-Cause
vulnerable I-Cause
areas I-Cause
of I-Cause
risk I-Cause
would I-Cause
include I-Cause
the I-Cause
high I-Cause
quality I-Cause
standards I-Cause
that I-Cause
labs I-Cause
must I-Cause
follow I-Cause
to I-Cause
ensure B-Effect
results I-Effect
are I-Effect
accurate I-Effect
and I-Effect
valid I-Effect
, O
as B-Cause
well I-Cause
as I-Cause
the I-Cause
possibility I-Cause
of I-Cause
getting I-Cause
caught I-Cause
up I-Cause
in I-Cause
Medicare I-Cause
fraud I-Cause
through I-Cause
incorrect I-Cause
or I-Cause
overbilling I-Cause
. O

The O
toy O
industry O
was O
historically O
more O
capital-intensive O
than O
traditional O
retailing O
, O
given O
manufacturing B-Cause
demands I-Cause
, I-Cause
but I-Cause
Hasbro I-Cause
embarked I-Cause
on I-Cause
an I-Cause
asset I-Cause
light I-Cause
strategy I-Cause
in I-Cause
the I-Cause
prior I-Cause
decade I-Cause
( O
as O
of O
2015 O
, O
Hasbro O
no O
longer O
manufactured O
its O
own O
product O
, O
divesting O
its O
last O
facilities O
to O
Cartamundi O
) O
, O
which O
improved B-Effect
working I-Effect
capital I-Effect
demands I-Effect
. 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
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

In O
the O
near O
term O
, O
claims O
losses O
associated O
with O
the O
coronavirus O
will O
pressure O
underwriting O
profitability O
, O
but O
we O
expect O
better B-Cause
pricing I-Cause
to O
allow O
for O
some O
improvement B-Effect
in I-Effect
underwriting I-Effect
results I-Effect
over I-Effect
time I-Effect
, O
and O
lower O
investment O
yields O
will O
necessitate O
better O
underwriting O
margins O
. O

Pentair B-Effect
derives I-Effect
roughly I-Effect
two I-Effect
thirds I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
aftermarket I-Effect
service I-Effect
and I-Effect
replacement I-Effect
parts I-Effect
, O
which O
are O
largely O
tied O
to O
its B-Cause
large I-Cause
installed I-Cause
base I-Cause
. O

In O
the O
mobile O
payment O
segment O
, O
as O
Weixin B-Cause
's I-Cause
user I-Cause
base I-Cause
expands I-Cause
, O
more B-Effect
users I-Effect
will I-Effect
adopt I-Effect
Weixin I-Effect
Pay I-Effect
, O
which O
is O
embedded O
in O
Weixin O
, O
and O
in O
turn O
, O
more O
merchants O
will O
accept O
Weixin O
Pay O
. O

We O
project B-Effect
that I-Effect
the I-Effect
firm I-Effect
will I-Effect
able I-Effect
to I-Effect
continue I-Effect
to I-Effect
expand I-Effect
its I-Effect
gross I-Effect
margins I-Effect
to I-Effect
76.7 I-Effect
% I-Effect
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

IQVIA B-Cause
easily I-Cause
belongs I-Cause
in I-Cause
the I-Cause
top I-Cause
tier I-Cause
of I-Cause
large I-Cause
, I-Cause
global I-Cause
CROs I-Cause
with I-Cause
the I-Cause
infrastructure I-Cause
to I-Cause
win I-Cause
these I-Cause
contracts I-Cause
, O
and O
its O
size O
means O
it O
works O
on O
more O
clinical O
trials O
than O
any O
competitor O
, O
further B-Effect
sharpening I-Effect
its I-Effect
clinical I-Effect
and I-Effect
regulatory I-Effect
expertise I-Effect
and I-Effect
network I-Effect
of I-Effect
clients I-Effect
. O

With O
our O
outlook B-Cause
for I-Cause
sales I-Cause
growth I-Cause
dim I-Cause
, O
we O
think O
enhancing B-Effect
profitability I-Effect
is I-Effect
Lumen I-Effect
's I-Effect
best I-Effect
path I-Effect
to I-Effect
improved I-Effect
financial I-Effect
performance I-Effect
. O

We B-Effect
believe I-Effect
operating I-Effect
margin I-Effect
will I-Effect
reach I-Effect
16.3 I-Effect
% I-Effect
in I-Effect
2023 I-Effect
as O
it B-Cause
captures I-Cause
more I-Cause
high I-Cause
margin I-Cause
services I-Cause
revenue I-Cause
before I-Cause
declining I-Cause
to I-Cause
a I-Cause
midcycle I-Cause
level I-Cause
of I-Cause
over I-Cause
15.4 I-Cause
% I-Cause
in I-Cause
2025 I-Cause
. O

Should O
the B-Cause
company I-Cause
be I-Cause
unable I-Cause
to I-Cause
bring I-Cause
its I-Cause
projects I-Cause
on I-Cause
line I-Cause
on I-Cause
time I-Cause
, O
it B-Effect
would I-Effect
be I-Effect
unlikely I-Effect
to I-Effect
maintain I-Effect
its I-Effect
historical I-Effect
production I-Effect
levels I-Effect
. O

A B-Cause
focus I-Cause
on I-Cause
debt I-Cause
repayment I-Cause
post I-Cause
the I-Cause
2015-16 I-Cause
downturn I-Cause
, I-Cause
and I-Cause
current I-Cause
stronger I-Cause
commodity I-Cause
prices I-Cause
and I-Cause
earnings I-Cause
, O
see O
BHP B-Effect
in I-Effect
strong I-Effect
financial I-Effect
shape I-Effect
. O

The B-Cause
top I-Cause
lens I-Cause
manufacturers I-Cause
mandate I-Cause
that I-Cause
retailers I-Cause
sell I-Cause
their I-Cause
product I-Cause
above I-Cause
the I-Cause
same I-Cause
minimum I-Cause
price I-Cause
, O
which O
leads O
to O
almost B-Effect
all I-Effect
retailers I-Effect
setting I-Effect
their I-Effect
respective I-Effect
prices I-Effect
at I-Effect
this I-Effect
price I-Effect
floor I-Effect
, O
though O
most B-Cause
manufacturers I-Cause
offer I-Cause
volume-based I-Cause
rebates I-Cause
to I-Cause
optometrists I-Cause
to O
foster B-Effect
clinician I-Effect
brand I-Effect
loyalty I-Effect
. O

That O
said O
, O
were O
Buffett B-Cause
to I-Cause
focus I-Cause
on I-Cause
buying I-Cause
more I-Cause
asset-light I-Cause
companies I-Cause
with I-Cause
fewer I-Cause
capital I-Cause
investment I-Cause
needs I-Cause
, O
it B-Effect
would I-Effect
have I-Effect
left I-Effect
his I-Effect
successors I-Effect
with I-Effect
even I-Effect
greater I-Effect
amounts I-Effect
of I-Effect
cash I-Effect
to I-Effect
have I-Effect
to I-Effect
reinvest I-Effect
annually I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
. O

Moreover O
, O
we O
do O
not O
see O
a B-Cause
sufficiently I-Cause
discernible I-Cause
cost I-Cause
advantage I-Cause
that O
would O
expand O
the O
avenues O
through O
which O
Monster B-Effect
could I-Effect
reinforce I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
and I-Effect
give I-Effect
us I-Effect
more I-Effect
confidence I-Effect
in I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
its I-Effect
economic I-Effect
rents I-Effect
. O

Second O
, O
once B-Cause
Coupa I-Cause
's I-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 O
leading O
to O
inefficiencies B-Effect
and I-Effect
data I-Effect
loss I-Effect
. O

We B-Effect
had I-Effect
long I-Effect
viewed I-Effect
legacy I-Effect
Ingersoll I-Effect
Rand I-Effect
's I-Effect
climate I-Effect
business I-Effect
as I-Effect
more I-Effect
attractive I-Effect
than I-Effect
its I-Effect
industrial I-Effect
segment I-Effect
because O
the B-Cause
former I-Cause
has I-Cause
generally I-Cause
been I-Cause
more I-Cause
profitable I-Cause
and I-Cause
less I-Cause
cyclical I-Cause
. O

In B-Effect
2019 I-Effect
, I-Effect
pricing I-Effect
in I-Effect
primary I-Effect
lines I-Effect
also I-Effect
started I-Effect
to I-Effect
improve I-Effect
, I-Effect
and I-Effect
commentary I-Effect
from I-Effect
carriers I-Effect
suggests I-Effect
that I-Effect
this I-Effect
trend I-Effect
has I-Effect
only I-Effect
gained I-Effect
more I-Effect
momentum I-Effect
in I-Effect
2020 I-Effect
, O
as O
coronavirus-related B-Cause
claims I-Cause
appear I-Cause
to I-Cause
be I-Cause
acting I-Cause
as I-Cause
an I-Cause
additional I-Cause
prompt I-Cause
. O

Excluding O
storm O
impacts O
, O
the B-Cause
Direct I-Cause
Energy I-Cause
acquisition I-Cause
doubles B-Effect
NRG I-Effect
's I-Effect
retail I-Effect
business I-Effect
, O
which O
has O
remained O
surprisingly O
strong O
throughout O
the O
coronavirus O
pandemic O
. O

A O
bottler O
trying O
to O
increase O
prices O
10 O
% O
is O
a O
much O
more O
precarious O
proposition O
, O
given O
defensive B-Cause
retailers I-Cause
' I-Cause
razor-thin I-Cause
margins I-Cause
and I-Cause
the I-Cause
likelihood I-Cause
that O
this O
will O
result O
in O
a B-Effect
substantial I-Effect
price I-Effect
increase I-Effect
for I-Effect
the I-Effect
end I-Effect
consumer I-Effect
should I-Effect
the I-Effect
retailer I-Effect
not I-Effect
absorb I-Effect
the I-Effect
cost I-Effect
. O

Our O
forecast O
implies B-Effect
market I-Effect
share I-Effect
gains I-Effect
due O
to O
the B-Cause
combined I-Cause
businesses I-Cause
of I-Cause
Icon I-Cause
and I-Cause
PRA I-Cause
and I-Cause
results I-Cause
in I-Cause
a I-Cause
five-year I-Cause
projected I-Cause
revenue I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of O
about O
27 O
% O
, O
including O
the O
impact O
of O
the O
PRA O
acquisition O
, O
which O
is O
expected O
to O
close O
in O
third-quarter O
2021 O
. O

Overall O
, O
staffing B-Effect
demand I-Effect
ebbs I-Effect
and I-Effect
flows I-Effect
with I-Effect
economic I-Effect
activity I-Effect
as O
employers B-Cause
reduce I-Cause
or I-Cause
add I-Cause
workers I-Cause
based I-Cause
on I-Cause
demand I-Cause
for I-Cause
their I-Cause
services I-Cause
and I-Cause
on I-Cause
business I-Cause
sentiment I-Cause
. O

Over O
the O
long O
term O
, O
we O
believe O
mid-single-digit B-Effect
revenue I-Effect
growth I-Effect
, O
driven O
by O
GDP B-Cause
and I-Cause
pricing I-Cause
, I-Cause
is I-Cause
a I-Cause
reasonable I-Cause
expectation I-Cause
for I-Cause
MIS I-Cause
. O

RingCentral O
has O
reported O
that O
it O
is O
already O
operating O
above O
30 O
% O
non-GAAP O
operating O
margins O
in O
the O
small O
to O
midsize O
business O
market O
and O
that O
it O
believes O
it B-Effect
can I-Effect
achieve I-Effect
higher I-Effect
margins I-Effect
as O
it B-Cause
moves I-Cause
upmarket I-Cause
. O

Instead B-Cause
of I-Cause
generating I-Cause
automated I-Cause
emails I-Cause
, I-Cause
the I-Cause
company I-Cause
now I-Cause
must I-Cause
automate I-Cause
purchases I-Cause
of I-Cause
banner I-Cause
and I-Cause
display I-Cause
ads I-Cause
on I-Cause
mobile I-Cause
apps I-Cause
and I-Cause
web I-Cause
pages. O
This O
pits B-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
against I-Effect
the I-Effect
major I-Effect
ad I-Effect
agencies I-Effect
, I-Effect
which I-Effect
in I-Effect
many I-Effect
cases I-Effect
are I-Effect
already I-Effect
working I-Effect
with I-Effect
the I-Effect
company I-Effect
's I-Effect
biggest I-Effect
customers I-Effect
. O

Under O
ingestion B-Cause
pricing I-Cause
, O
businesses B-Effect
were I-Effect
paying I-Effect
for I-Effect
the I-Effect
amount I-Effect
of I-Effect
data I-Effect
they I-Effect
were I-Effect
inputting I-Effect
into I-Effect
Splunk I-Effect
's I-Effect
products I-Effect
, O
while O
under O
workload-based B-Cause
pricing I-Cause
, O
they O
will O
be B-Effect
able I-Effect
to I-Effect
import I-Effect
as I-Effect
much I-Effect
data I-Effect
as I-Effect
they I-Effect
desire I-Effect
and I-Effect
pay I-Effect
for I-Effect
the I-Effect
computing I-Effect
capacity I-Effect
they I-Effect
use I-Effect
to I-Effect
analyze I-Effect
and I-Effect
monitor I-Effect
the I-Effect
data I-Effect
. O

Moreover O
, O
unlike O
CSDs O
, O
premium B-Cause
stock-keeping I-Cause
units I-Cause
tend I-Cause
to I-Cause
be I-Cause
offered I-Cause
by I-Cause
a I-Cause
litany I-Cause
of I-Cause
smaller I-Cause
competitors I-Cause
in O
addition O
to O
the O
large O
incumbents O
, O
and O
consequently O
there O
is O
much O
more B-Effect
fragmentation I-Effect
at I-Effect
the I-Effect
high I-Effect
end I-Effect
. O

Europe O
has O
several O
rail O
OEMs O
, O
including O
Alstom O
and O
Siemens O
, O
and O
MT B-Cause
's I-Cause
competitive I-Cause
position I-Cause
on I-Cause
the I-Cause
Continent I-Cause
should O
help O
it B-Effect
capture I-Effect
additional I-Effect
project I-Effect
wins I-Effect
. O

Furthermore O
, O
while O
populous O
metropolitan O
areas O
are O
the O
centers O
of O
construction O
activity O
, O
new B-Effect
quarry I-Effect
permits I-Effect
are I-Effect
difficult I-Effect
to I-Effect
obtain I-Effect
as O
a O
result O
of O
not-in-my-backyard B-Cause
tendencies I-Cause
. 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 O
, O
Swiss B-Cause
neutrality I-Cause
; O
and O
second O
, O
the B-Cause
Swiss I-Cause
franc I-Cause
. I-Cause

As O
Uber B-Cause
benefits I-Cause
from I-Cause
its I-Cause
network I-Cause
effect I-Cause
, O
we O
think O
it B-Cause
gains I-Cause
access I-Cause
to I-Cause
valuable I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
user I-Cause
data I-Cause
, O
which O
we O
suspect O
helps O
the B-Effect
firm I-Effect
improve I-Effect
its I-Effect
services I-Effect
and I-Effect
increase I-Effect
its I-Effect
vehicles I-Effect
' I-Effect
capacity I-Effect
utilization I-Effect
. O

The B-Effect
severity I-Effect
of I-Effect
the I-Effect
Great I-Effect
Recession I-Effect
spurred I-Effect
a I-Effect
decline I-Effect
in I-Effect
patient I-Effect
volume I-Effect
across I-Effect
most I-Effect
specialties I-Effect
in I-Effect
2009-13 I-Effect
, O
as O
consumers B-Cause
delayed I-Cause
seeking I-Cause
healthcare I-Cause
( I-Cause
especially I-Cause
for I-Cause
nonacute I-Cause
and I-Cause
nonsymptomatic I-Cause
conditions I-Cause
) I-Cause
. O

Walmart B-Cause
's I-Cause
broad I-Cause
distribution I-Cause
network I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
that I-Cause
encompasses I-Cause
urban I-Cause
, I-Cause
suburban I-Cause
, I-Cause
and I-Cause
rural I-Cause
markets I-Cause
, I-Cause
coupled I-Cause
with I-Cause
access I-Cause
to I-Cause
international I-Cause
customers I-Cause
in I-Cause
a I-Cause
variety I-Cause
of I-Cause
locales I-Cause
, O
makes O
it B-Effect
a I-Effect
particularly I-Effect
attractive I-Effect
partner I-Effect
for I-Effect
vendors I-Effect
with I-Effect
broad I-Effect
product I-Effect
portfolios I-Effect
targeted I-Effect
toward I-Effect
global I-Effect
and I-Effect
regional I-Effect
tastes I-Effect
. O

We O
think O
the B-Cause
company I-Cause
's I-Cause
strong I-Cause
distribution I-Cause
network I-Cause
will O
support O
its B-Effect
ability I-Effect
to I-Effect
keep I-Effect
order I-Effect
fulfillment I-Effect
rates I-Effect
high I-Effect
in I-Effect
both I-Effect
aftermarket I-Effect
and I-Effect
salvage I-Effect
products I-Effect
. O

Based O
on O
the B-Cause
higher-than-average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
and I-Cause
Insulet I-Cause
's I-Cause
heavy I-Cause
reliance I-Cause
on I-Cause
one I-Cause
product I-Cause
, O
we B-Effect
rate I-Effect
the I-Effect
firm I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
high I-Effect
. O

We O
think O
oil B-Effect
and I-Effect
gas I-Effect
capital I-Effect
expenditures I-Effect
will I-Effect
increase I-Effect
, O
following O
the B-Cause
temporary I-Cause
demand I-Cause
shock I-Cause
in I-Cause
oil I-Cause
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

The O
growth O
in O
wealth O
will O
increasingly O
come O
from O
emerging O
markets O
, O
where O
competition O
is O
less O
intense O
, O
and O
the B-Cause
safety I-Cause
and I-Cause
diversification I-Cause
offered I-Cause
by I-Cause
a I-Cause
Swiss I-Cause
private I-Cause
banking I-Cause
account I-Cause
present O
an B-Effect
attractive I-Effect
option I-Effect
for I-Effect
investors I-Effect
from I-Effect
volatile I-Effect
regions I-Effect
. O

Thanks O
to O
secular B-Cause
and I-Cause
technological I-Cause
trends I-Cause
driving O
increased B-Cause
connectivity I-Cause
, I-Cause
emissions I-Cause
, I-Cause
safety I-Cause
, I-Cause
and I-Cause
efficiency I-Cause
standards I-Cause
, O
demand B-Effect
for I-Effect
Littelfuse I-Effect
's I-Effect
products I-Effect
has I-Effect
been I-Effect
very I-Effect
strong I-Effect
over I-Effect
the I-Effect
five I-Effect
years I-Effect
. O

Intel B-Effect
's I-Effect
cost I-Effect
advantage I-Effect
is O
manifested O
via O
large B-Cause
scale I-Cause
semiconductor I-Cause
fabrication I-Cause
facilities I-Cause
that I-Cause
cost I-Cause
$ I-Cause
20 I-Cause
billion-plus I-Cause
and O
create B-Effect
significant I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

In O
the O
meantime O
, O
we O
expect O
the B-Cause
company I-Cause
to I-Cause
continue I-Cause
investing I-Cause
in I-Cause
emission-reducing I-Cause
solutions I-Cause
for I-Cause
its I-Cause
diesel I-Cause
trucks I-Cause
, O
providing O
customers B-Effect
a I-Effect
strong I-Effect
product I-Effect
to I-Effect
meet I-Effect
stringent I-Effect
emission I-Effect
standards I-Effect
. O

In B-Effect
our I-Effect
base I-Effect
case I-Effect
, I-Effect
we I-Effect
assume I-Effect
contractual I-Effect
rent I-Effect
growth I-Effect
and I-Effect
releasing I-Effect
spreads I-Effect
decline I-Effect
in I-Effect
New I-Effect
York I-Effect
City I-Effect
due O
to O
significant B-Cause
class I-Cause
A I-Cause
supply I-Cause
additions I-Cause
on I-Cause
the I-Cause
island I-Cause
of I-Cause
Manhattan I-Cause
and I-Cause
a I-Cause
coronavirus-related I-Cause
downturn I-Cause
. O

Its B-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
has I-Effect
historically I-Effect
been I-Effect
the I-Effect
supporting I-Effect
factor I-Effect
in I-Effect
its I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
, O
as O
its B-Cause
ability I-Cause
to I-Cause
drive I-Cause
repeat I-Cause
business I-Cause
relies I-Cause
on I-Cause
customer I-Cause
loyalty I-Cause
and I-Cause
smart I-Cause
marketing I-Cause
and I-Cause
merchandising I-Cause
. O

Although O
a B-Cause
complete I-Cause
retooling I-Cause
of I-Cause
a I-Cause
supply I-Cause
chain I-Cause
such I-Cause
that I-Cause
food I-Cause
completely I-Cause
bypasses I-Cause
grocery I-Cause
stores I-Cause
would O
be O
a B-Effect
boon I-Effect
for I-Effect
Americold I-Effect
, O
we O
have O
yet O
to O
see O
evidence O
of O
such O
a O
dynamic O
. O

Technicians B-Cause
purchase I-Cause
tools I-Cause
at I-Cause
their I-Cause
own I-Cause
expense I-Cause
, O
making O
it O
important O
for O
them O
to O
buy B-Effect
strong-performing I-Effect
tools I-Effect
built I-Effect
for I-Effect
daily I-Effect
use I-Effect
. O

While B-Cause
we I-Cause
expect I-Cause
the I-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
, I-Cause
we I-Cause
project I-Cause
that I-Cause
gross I-Cause
margins I-Cause
will I-Cause
continue I-Cause
to I-Cause
remain I-Cause
below I-Cause
44 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years. O
As O
a O
result O
, O
we O
expect O
the B-Effect
consolidated I-Effect
operating I-Effect
margin I-Effect
for I-Effect
Sirius I-Effect
XM I-Effect
will I-Effect
rebound I-Effect
from I-Effect
the I-Effect
low I-Effect
of I-Effect
21 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
but I-Effect
will I-Effect
take I-Effect
until I-Effect
2025 I-Effect
to I-Effect
match I-Effect
the I-Effect
30 I-Effect
% I-Effect
level I-Effect
of I-Effect
2018 I-Effect
. O

Consumers B-Cause
' I-Cause
ever-increasing I-Cause
need I-Cause
for I-Cause
mobile I-Cause
data I-Cause
results I-Cause
and I-Cause
little I-Cause
geographic I-Cause
overlap I-Cause
with I-Cause
competitors I-Cause
results O
in O
normalized B-Effect
churn I-Effect
of I-Effect
about I-Effect
1 I-Effect
% I-Effect
. O

Our B-Effect
largest I-Effect
concern I-Effect
with I-Effect
the I-Effect
printing I-Effect
market I-Effect
is I-Effect
the I-Effect
overall I-Effect
trend I-Effect
of I-Effect
screen I-Effect
reading I-Effect
replacing I-Effect
printed I-Effect
pages I-Effect
, O
and O
we B-Cause
do I-Cause
not I-Cause
believe I-Cause
HP I-Cause
's I-Cause
initiatives I-Cause
can I-Cause
offset I-Cause
the I-Cause
macro I-Cause
trend I-Cause
. O

Vulcan O
's O
largest O
states O
by O
revenue O
-- O
Texas O
, O
California O
, O
Virginia O
, O
Georgia O
, O
and O
Florida O
-- O
have O
significant B-Cause
road I-Cause
spending I-Cause
needs I-Cause
and I-Cause
strong I-Cause
finances I-Cause
to O
support B-Effect
high I-Effect
growth I-Effect
. O

With O
consumer B-Cause
traffic I-Cause
growing I-Cause
from I-Cause
16 I-Cause
million I-Cause
average I-Cause
monthly I-Cause
users I-Cause
in I-Cause
2016 I-Cause
to I-Cause
over I-Cause
36 I-Cause
million I-Cause
in I-Cause
2019 I-Cause
, O
we O
think O
it O
is O
clear O
the B-Effect
platform I-Effect
is I-Effect
gaining I-Effect
momentum I-Effect
. O

In O
a O
similar O
vein O
, O
Discover B-Effect
has I-Effect
reduced I-Effect
its I-Effect
investment I-Effect
in I-Effect
its I-Effect
debt I-Effect
consolidation I-Effect
business I-Effect
as O
it B-Cause
believes I-Cause
the I-Cause
competition I-Cause
in I-Cause
that I-Cause
industry I-Cause
has I-Cause
become I-Cause
too I-Cause
intense I-Cause
for I-Cause
it I-Cause
to I-Cause
generate I-Cause
the I-Cause
kinds I-Cause
of I-Cause
returns I-Cause
it I-Cause
is I-Cause
accustomed I-Cause
to I-Cause
. O

Bayer O
faces O
heightened O
market O
risks O
as O
it O
is O
launching B-Cause
several I-Cause
new I-Cause
drugs I-Cause
that O
hold B-Effect
strong I-Effect
potential I-Effect
if I-Effect
the I-Effect
market I-Effect
embraces I-Effect
the I-Effect
new I-Effect
treatments I-Effect
. O

In O
the O
near O
term O
, O
ConvaTec B-Effect
faces I-Effect
considerable I-Effect
operational I-Effect
risk I-Effect
as O
it B-Cause
transitions I-Cause
more I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
to I-Cause
lower-cost I-Cause
locations I-Cause
, I-Cause
re-engineers I-Cause
manufacturing I-Cause
processes I-Cause
, I-Cause
recovers I-Cause
from I-Cause
recalls I-Cause
, I-Cause
and I-Cause
navigates I-Cause
the I-Cause
process I-Cause
of I-Cause
management I-Cause
change I-Cause
. O

Wireless B-Effect
penetration I-Effect
stood I-Effect
at I-Effect
nearly I-Effect
140 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
as O
consumers B-Cause
regularly I-Cause
carried I-Cause
multiple I-Cause
carrier I-Cause
accounts I-Cause
to I-Cause
take I-Cause
advantage I-Cause
of I-Cause
whichever I-Cause
one I-Cause
was I-Cause
offering I-Cause
the I-Cause
best I-Cause
rates I-Cause
at I-Cause
any I-Cause
point I-Cause
in I-Cause
time I-Cause
. O

Finally O
, O
we O
view O
the B-Effect
likelihood I-Effect
of I-Effect
sustained B-Effect
economic I-Effect
value I-Effect
creation I-Effect
as I-Effect
quite I-Effect
high I-Effect
for I-Effect
the B-Cause
restaurant I-Cause
brand I-Cause
, O
which O
finds O
itself O
on B-Cause
the I-Cause
leading I-Cause
edge I-Cause
of I-Cause
most I-Cause
of I-Cause
the I-Cause
changes I-Cause
we I-Cause
expect I-Cause
to I-Cause
impact I-Cause
the I-Cause
restaurant I-Cause
industry I-Cause
over O
the O
medium O
to O
long O
term O
. 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
, 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
. O

The B-Cause
spread I-Cause
of I-Cause
risk I-Cause
from I-Cause
government I-Cause
to I-Cause
contractor I-Cause
puts I-Cause
a I-Cause
cap I-Cause
on I-Cause
the I-Cause
margins I-Cause
that O
may B-Effect
be I-Effect
earned I-Effect
by I-Effect
the I-Effect
industry I-Effect
but I-Effect
limits I-Effect
cyclicality I-Effect
at I-Effect
the I-Effect
same I-Effect
time I-Effect
. O

We B-Effect
forecast I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
( I-Effect
based I-Effect
on I-Effect
our I-Effect
calculations I-Effect
) I-Effect
to I-Effect
increase I-Effect
from I-Effect
40 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
44 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
as O
SS B-Cause
& I-Cause
C I-Cause
continues I-Cause
to I-Cause
realize I-Cause
expense I-Cause
synergies I-Cause
. O

Also O
, O
we O
expect O
the B-Cause
streamlining I-Cause
of I-Cause
operations I-Cause
, I-Cause
cost-cutting I-Cause
and I-Cause
gains I-Cause
in I-Cause
high I-Cause
margin I-Cause
specialty I-Cause
drugs I-Cause
to O
offset B-Cause
falling I-Cause
Lantus I-Cause
pricing I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
resulting O
in O
operating B-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
. O

We O
think O
HDDs O
are O
commoditylike O
even O
at O
the O
enterprise O
level O
, O
with O
Seagate B-Cause
and I-Cause
Western I-Cause
Digital I-Cause
matching I-Cause
each I-Cause
other I-Cause
's I-Cause
technological I-Cause
roadmaps I-Cause
and I-Cause
competing I-Cause
with I-Cause
one I-Cause
another I-Cause
for I-Cause
volume—preventing O
both B-Effect
from I-Effect
earning I-Effect
pricing I-Effect
power I-Effect
. O

We O
believe O
vendors B-Effect
achieve I-Effect
greater I-Effect
discretion I-Effect
in I-Effect
physical I-Effect
off-price I-Effect
venues I-Effect
as O
labels B-Cause
can I-Cause
be I-Cause
commingled I-Cause
on I-Cause
anonymous I-Cause
racks I-Cause
, I-Cause
with I-Cause
customers I-Cause
left I-Cause
to I-Cause
find I-Cause
bargains I-Cause
. O

We B-Cause
further I-Cause
project I-Cause
that I-Cause
recessionary I-Cause
conditions I-Cause
will I-Cause
follow I-Cause
into I-Cause
2021 I-Cause
, O
which O
translates O
into O
a B-Effect
gradual I-Effect
recovery I-Effect
from I-Effect
2021 I-Effect
through I-Effect
2023 I-Effect
. O

The O
pipeline O
continues O
operating O
for O
now O
as O
legal O
challenges O
move O
through O
the O
courts O
, O
but O
even O
a B-Cause
temporary I-Cause
shutdown I-Cause
could B-Effect
lead I-Effect
to I-Effect
a I-Effect
significant I-Effect
drop I-Effect
in I-Effect
earnings I-Effect
and I-Effect
force I-Effect
management I-Effect
to I-Effect
re-evaluate I-Effect
the I-Effect
distribution I-Effect
. O

A B-Cause
UPS I-Cause
, I-Cause
for I-Cause
example I-Cause
, I-Cause
performs I-Cause
mission-critical I-Cause
functions I-Cause
by I-Cause
allowing I-Cause
customers I-Cause
' I-Cause
employees I-Cause
to I-Cause
safely I-Cause
shut I-Cause
down I-Cause
or I-Cause
start I-Cause
an I-Cause
alternate I-Cause
power I-Cause
source I-Cause
on I-Cause
everything I-Cause
from I-Cause
computers I-Cause
to I-Cause
network I-Cause
closets I-Cause
and I-Cause
server I-Cause
rooms I-Cause
to I-Cause
enterprise I-Cause
and I-Cause
collocation I-Cause
data I-Cause
centers I-Cause
, O
potentially B-Effect
saving I-Effect
thousands I-Effect
of I-Effect
dollars I-Effect
in I-Effect
lost I-Effect
time I-Effect
and I-Effect
productivity I-Effect
. O

Even O
as O
legacy O
automakers O
begin O
to O
produce O
more O
EVs O
, O
we O
expect O
Tesla B-Effect
will I-Effect
continue I-Effect
to I-Effect
have I-Effect
a I-Effect
lower I-Effect
costs I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
outlined I-Cause
a I-Cause
plan I-Cause
to I-Cause
further I-Cause
reduce I-Cause
battery I-Cause
cell I-Cause
costs I-Cause
by I-Cause
56 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
. O

The B-Cause
firm I-Cause
owns I-Cause
and I-Cause
operates I-Cause
fabrication I-Cause
yards I-Cause
in I-Cause
China I-Cause
and I-Cause
Mexico I-Cause
, I-Cause
and I-Cause
its I-Cause
fabrication I-Cause
and I-Cause
modular I-Cause
construction I-Cause
capabilities I-Cause
allow I-Cause
it I-Cause
to I-Cause
complete I-Cause
parts I-Cause
of I-Cause
large I-Cause
projects I-Cause
off-site I-Cause
and I-Cause
ship I-Cause
them I-Cause
in I-Cause
modules. O
This O
strategy O
gives B-Effect
Fluor I-Effect
flexibility I-Effect
and I-Effect
more I-Effect
control I-Effect
over I-Effect
costs I-Effect
when I-Effect
working I-Effect
in I-Effect
areas I-Effect
with I-Effect
scarce I-Effect
and I-Effect
expensive I-Effect
local I-Effect
labor I-Effect
. O

These B-Effect
acquisitions I-Effect
hurt I-Effect
the I-Effect
firm I-Effect
's I-Effect
short-term I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROIC I-Effect
, O
due O
to O
the B-Cause
high I-Cause
prices I-Cause
paid I-Cause
, O
but O
were O
strategically O
important O
. O

As O
a O
result O
of O
this B-Cause
increased I-Cause
competition I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
inconsistent I-Cause
performance I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
games I-Cause
outside I-Cause
of O
'' B-Effect
'' I-Effect
'' I-Effect
'' I-Effect
Grand I-Effect
theft I-Effect
Auto I-Effect
, I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
the I-Effect
company I-Effect
did I-Effect
not I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
exceeding I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
fiscal I-Effect
2010 I-Effect
, I-Effect
2012 I-Effect
, I-Effect
and I-Effect
2013 I-Effect
. O

We O
also O
think O
the B-Effect
threat I-Effect
of I-Effect
Tencent I-Effect
re-entering I-Effect
into I-Effect
the I-Effect
microblog I-Effect
business I-Effect
in I-Effect
a I-Effect
big I-Effect
way I-Effect
is O
limited O
, O
as O
Tencent B-Cause
strategically I-Cause
reduced I-Cause
its I-Cause
resources I-Cause
in I-Cause
noncore I-Cause
businesses I-Cause
such O
as O
microblogs O
, O
e-commerce O
, O
and O
search O
, O
and O
is O
focused O
on O
QQ O
and O
WeChat O
. O

While O
the O
company O
's O
Washington O
, O
D.C. O
, O
facilities O
have O
struggled O
in O
recent O
years O
, O
the B-Cause
area I-Cause
is I-Cause
projected I-Cause
to I-Cause
be I-Cause
among I-Cause
the I-Cause
fastest-growing I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
decades I-Cause
, O
which O
will O
bring O
more B-Effect
demand I-Effect
for I-Effect
self-storage I-Effect
to I-Effect
a I-Effect
market I-Effect
where O
Public B-Cause
Storage I-Cause
already I-Cause
enjoys I-Cause
a I-Cause
double-digit I-Cause
market I-Cause
share I-Cause
lead I-Cause
on I-Cause
its I-Cause
closest I-Cause
competitor I-Cause
. O

Although O
we O
believe O
Five B-Cause
Below I-Cause
's I-Cause
emerging I-Cause
scale I-Cause
and I-Cause
targeted I-Cause
store I-Cause
experience I-Cause
should O
help O
offset O
some B-Effect
pressure I-Effect
, O
the B-Cause
crowded I-Cause
landscape I-Cause
will O
require B-Effect
management I-Effect
to I-Effect
maintain I-Effect
its I-Effect
high I-Effect
level I-Effect
of I-Effect
execution I-Effect
. O

Royal B-Effect
took I-Effect
quick I-Effect
action I-Effect
to I-Effect
reduce I-Effect
operating I-Effect
expenses I-Effect
and I-Effect
capital I-Effect
expenditures I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
COVID-19 I-Cause
( I-Cause
we I-Cause
forecast I-Cause
capital I-Cause
expenditures I-Cause
of I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
in I-Cause
2021 I-Cause
, I-Cause
down I-Cause
from I-Cause
$ I-Cause
3 I-Cause
billion I-Cause
in I-Cause
the I-Cause
prepandemic I-Cause
year I-Cause
of I-Cause
2019 I-Cause
) I-Cause
. O

Given O
the O
large B-Cause
exposure I-Cause
to I-Cause
mortgages I-Cause
in I-Cause
the I-Cause
loan I-Cause
book I-Cause
( O
34 O
% O
at O
the O
end O
of O
2019 O
) O
, O
prepayment B-Effect
risk I-Effect
is I-Effect
a I-Effect
concern I-Effect
in I-Effect
a I-Effect
low-rate I-Effect
environment I-Effect
, O
shortening O
duration O
precisely O
when O
reinvestment O
rates O
are O
lowest O
. O

We B-Effect
forecast I-Effect
Adidas I-Effect
' I-Effect
North I-Effect
America I-Effect
sales I-Effect
will I-Effect
decline I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
but I-Cause
grow I-Cause
at I-Cause
an I-Cause
average I-Cause
of I-Cause
7 I-Cause
% I-Cause
in I-Cause
2022-29 I-Cause
. O

Charter B-Cause
also I-Cause
operates I-Cause
with I-Cause
a I-Cause
heavy I-Cause
debt I-Cause
load I-Cause
, O
which O
can O
cause O
its B-Effect
shares I-Effect
to I-Effect
respond I-Effect
sharply I-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
business I-Effect
or I-Effect
general I-Effect
market I-Effect
volatility I-Effect
. O

We O
expect O
Activision B-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from O
the B-Cause
upcoming I-Cause
console I-Cause
upgrade I-Cause
cycle I-Cause
, I-Cause
the I-Cause
ongoing I-Cause
revitalization I-Cause
of I-Cause
PC I-Cause
gaming I-Cause
, I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
the I-Cause
mobile I-Cause
market I-Cause
via I-Cause
its I-Cause
King I-Cause
Digital I-Cause
subsidiary I-Cause
. O

That O
said O
we O
're O
less B-Effect
concerned I-Effect
about I-Effect
normal I-Effect
ebbs I-Effect
and I-Effect
flows I-Effect
of I-Effect
the I-Effect
macro I-Effect
environment I-Effect
, O
given O
that O
Honeywell B-Cause
's I-Cause
business I-Cause
is I-Cause
split I-Cause
60/40 I-Cause
between I-Cause
operating I-Cause
expenditure I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
cycles I-Cause
. O

The O
current O
process O
of O
drafting O
a O
new O
constitution O
and O
its B-Cause
long-term I-Cause
implications I-Cause
on I-Cause
the I-Cause
Chilean I-Cause
economy I-Cause
are O
also O
sources O
of O
potential B-Effect
risk I-Effect
. O

We O
see O
noninterest B-Effect
income I-Effect
increasing I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
roughly I-Effect
2 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
during I-Effect
normal I-Effect
times I-Effect
, I-Effect
with I-Effect
some I-Effect
pressure I-Effect
emerging I-Effect
in I-Effect
2021 I-Effect
as O
we O
expect O
mortgage B-Cause
fees I-Cause
may I-Cause
fall I-Cause
off I-Cause
. O

We O
see O
emergency O
equipment O
as O
a O
nondiscretionary O
expense O
for O
governments O
and O
believe O
that O
technological B-Effect
disruption I-Effect
typically I-Effect
moves I-Effect
slowly I-Effect
in I-Effect
the I-Effect
public I-Effect
sector I-Effect
because O
of O
the B-Cause
potentially I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
. O

We O
expect O
revenue B-Cause
growth I-Cause
and I-Cause
more-efficient I-Cause
homebuilding I-Cause
operations I-Cause
will O
unlock B-Effect
operating I-Effect
leverage I-Effect
, I-Effect
reducing I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Carrier O
primarily O
used O
acquisitions B-Cause
to O
build B-Effect
its I-Effect
commercial I-Effect
and I-Effect
industrial I-Effect
fire I-Effect
and I-Effect
security I-Effect
business I-Effect
, O
which O
now O
accounts O
for O
approximately O
25 O
% O
of O
consolidated O
sales O
. O

Many B-Effect
of I-Effect
these I-Effect
stores I-Effect
are I-Effect
suffering I-Effect
reduced I-Effect
customer I-Effect
traffic I-Effect
due O
to O
competition B-Cause
, O
a O
situation O
that O
may O
be O
worsened O
by O
the O
coronavirus B-Cause
. O

We B-Cause
expect I-Cause
this I-Cause
elevated I-Cause
level I-Cause
of I-Cause
brand I-Cause
spending I-Cause
to I-Cause
continue I-Cause
, O
and O
as O
a O
result O
, O
we B-Effect
expect I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2030 I-Effect
, I-Effect
a I-Effect
material I-Effect
improvement I-Effect
from I-Effect
last I-Effect
year I-Effect
's I-Effect
6.8 I-Effect
% I-Effect
. O

Further O
, O
with O
the B-Cause
bank I-Cause
's I-Cause
solid I-Cause
mix I-Cause
of I-Cause
fee I-Cause
income I-Cause
, O
Wells B-Effect
Fargo I-Effect
will I-Effect
be I-Effect
better I-Effect
insulated I-Effect
if I-Effect
rates I-Effect
decline I-Effect
when I-Effect
compared I-Effect
with I-Effect
smaller I-Effect
regional I-Effect
competitors I-Effect
, O
as O
it B-Cause
is I-Cause
less I-Cause
dependent I-Cause
on I-Cause
rate-sensitive I-Cause
net I-Cause
interest I-Cause
income I-Cause
. O

With B-Cause
less I-Cause
command I-Cause
over I-Cause
its I-Cause
wholesalers I-Cause
' I-Cause
selling I-Cause
efforts I-Cause
, O
Boston B-Effect
Beer I-Effect
does I-Effect
n't I-Effect
exercise I-Effect
as I-Effect
much I-Effect
clout I-Effect
as I-Effect
leading I-Effect
mainstream I-Effect
brewers I-Effect
( I-Effect
that I-Effect
operate I-Effect
in I-Effect
more I-Effect
concentrated I-Effect
categories I-Effect
) I-Effect
did I-Effect
in I-Effect
their I-Effect
heyday I-Effect
, O
for O
example O
, O
when O
volumes O
were O
ascendant O
and O
their O
products O
were O
more O
resonant O
. O

If O
real-world B-Cause
evidence I-Cause
trials I-Cause
become I-Cause
more I-Cause
prevalent I-Cause
and I-Cause
PRA I-Cause
invests I-Cause
in I-Cause
proprietary I-Cause
analytics I-Cause
capabilities I-Cause
, O
we O
see O
some O
potential B-Effect
benefit I-Effect
from I-Effect
easy I-Effect
access I-Effect
to I-Effect
de-identified I-Effect
patient I-Effect
data I-Effect
, O
but O
we O
currently O
model O
only O
modest O
contribution O
from O
the O
data O
business O
. O

We O
applaud O
that O
SS B-Effect
& I-Effect
C I-Effect
has I-Effect
shown I-Effect
a I-Effect
willingness I-Effect
to I-Effect
get I-Effect
outbid I-Effect
if I-Effect
the I-Effect
valuation I-Effect
is I-Effect
too I-Effect
high I-Effect
as O
we O
believe O
it O
makes O
sense O
for O
management B-Cause
to I-Cause
be I-Cause
disciplined I-Cause
on I-Cause
valuation I-Cause
. O

We O
expect O
roughly B-Cause
1 I-Cause
% I-Cause
revenue I-Cause
growth I-Cause
in I-Cause
2020 I-Cause
from I-Cause
2019 I-Cause
and I-Cause
a I-Cause
strong I-Cause
recovery I-Cause
in I-Cause
2021 I-Cause
, O
resulting O
in O
12 B-Effect
% I-Effect
revenue I-Effect
growth I-Effect
. O

We O
are O
increasing O
our O
fair O
value O
estimate O
to O
$ O
68 O
from O
$ O
63 O
per O
share O
, O
increasing B-Effect
our I-Effect
forecasts I-Effect
for I-Effect
new I-Effect
equipment I-Effect
orders I-Effect
and I-Effect
dividend I-Effect
growth I-Effect
due O
to O
more B-Cause
room I-Cause
on I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
for I-Cause
shareholder I-Cause
returns I-Cause
. O

Similarly O
, O
chip O
design O
is O
an O
iterative O
process O
in O
which O
adjusting B-Cause
the I-Cause
inputs I-Cause
and I-Cause
testing I-Cause
them I-Cause
at I-Cause
each I-Cause
stage I-Cause
( O
akin O
to O
tasting O
and O
modifying O
the O
stew O
) O
reduces B-Effect
chances I-Effect
of I-Effect
chip I-Effect
design I-Effect
errors I-Effect
. O

On O
a O
consolidated O
basis O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
rise I-Effect
as O
measures B-Cause
are I-Cause
taken I-Cause
to I-Cause
reduce I-Cause
overhead I-Cause
and I-Cause
streamline I-Cause
the I-Cause
combined I-Cause
business I-Cause
. O

Finally O
, O
a B-Cause
greater I-Cause
shift I-Cause
by I-Cause
enterprises I-Cause
toward I-Cause
infrastructure I-Cause
as I-Cause
a I-Cause
service I-Cause
cloud I-Cause
adoption I-Cause
could O
reduce B-Effect
their I-Effect
own I-Effect
need I-Effect
for I-Effect
server I-Effect
space I-Effect
, O
as O
their B-Cause
data I-Cause
is I-Cause
shifted I-Cause
to I-Cause
cloud I-Cause
providers I-Cause
' I-Cause
servers I-Cause
and I-Cause
stored I-Cause
more I-Cause
efficiently I-Cause
. O

We O
note O
that O
price O
sensitive O
economies O
could O
drag B-Effect
down I-Effect
Ericsson I-Effect
's I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
profile I-Effect
if O
the B-Cause
company I-Cause
can I-Cause
not I-Cause
extract I-Cause
manufacturing I-Cause
and I-Cause
process I-Cause
efficiencies I-Cause
. O

Despite B-Cause
Cisco I-Cause
's I-Cause
commanding I-Cause
position I-Cause
in I-Cause
switches I-Cause
and I-Cause
routers I-Cause
, I-Cause
IT I-Cause
professionals I-Cause
are I-Cause
increasingly I-Cause
shifting I-Cause
computer I-Cause
workloads I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
in B-Effect
turn I-Effect
buying I-Effect
less I-Effect
data I-Effect
center I-Effect
hardware I-Effect
. O

As O
for O
its O
mining O
equipment O
business O
, O
demand B-Cause
is O
driven O
by O
prices B-Cause
of I-Cause
commodities I-Cause
such O
as O
iron O
ore O
, O
coal O
, O
and O
copper O
, O
which O
affects B-Cause
the I-Cause
profitability I-Cause
of I-Cause
mining I-Cause
companies I-Cause
and O
in O
turn O
their B-Effect
capital I-Effect
expenditures I-Effect
, O
including O
spending O
on O
mining O
equipment O
. O

We B-Effect
believe I-Effect
the I-Effect
firm I-Effect
's I-Effect
strength I-Effect
in I-Effect
the I-Effect
enterprise I-Effect
HDD I-Effect
business I-Effect
will I-Effect
buoy I-Effect
ASPs I-Effect
due O
to O
the B-Cause
increased I-Cause
portion I-Cause
of I-Cause
high I-Cause
capacity I-Cause
enterprise I-Cause
drives I-Cause
in I-Cause
the I-Cause
mix I-Cause
. O

Avery B-Effect
's I-Effect
RBIS I-Effect
segment I-Effect
could I-Effect
face I-Effect
margin I-Effect
pressures I-Effect
if O
other B-Cause
RFID I-Cause
manufacturers I-Cause
aim I-Cause
to I-Cause
take I-Cause
back I-Cause
market I-Cause
share I-Cause
from I-Cause
the I-Cause
company I-Cause
. O

We O
believe O
that O
Synchrony B-Cause
's I-Cause
bargaining I-Cause
position I-Cause
with I-Cause
its I-Cause
partners I-Cause
has I-Cause
been I-Cause
diminished I-Cause
and O
that O
the B-Effect
firm I-Effect
will I-Effect
have I-Effect
to I-Effect
make I-Effect
concessions I-Effect
to I-Effect
retain I-Effect
its I-Effect
retail I-Effect
partners I-Effect
. O

Any B-Cause
procedure I-Cause
or I-Cause
policy I-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
prevailing I-Cause
ethos I-Cause
gives O
rise O
to O
the O
possibility O
that O
a B-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. 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
for I-Effect
cable I-Effect
networks 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

Mosaic B-Effect
benefits I-Effect
from I-Effect
the I-Effect
vertical I-Effect
integration I-Effect
of I-Effect
its I-Effect
phosphate I-Effect
assets I-Effect
, I-Effect
as O
it O
mines O
its B-Cause
own I-Cause
phosphate I-Cause
rock I-Cause
, O
the O
key O
feedstock O
used O
to O
produce O
phosphate O
fertilizers O
. O

In O
the O
properties O
segment O
, O
we O
expect O
gross B-Effect
profit I-Effect
to I-Effect
be I-Effect
razor I-Effect
thin I-Effect
and I-Effect
improve I-Effect
slightly I-Effect
over I-Effect
time I-Effect
as O
Redfin B-Cause
pursues I-Cause
the I-Cause
requisite I-Cause
scale I-Cause
to I-Cause
operate I-Cause
effectively I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
. O

If O
profits B-Cause
materially I-Cause
contract I-Cause
, O
Tenet B-Effect
may I-Effect
have I-Effect
trouble I-Effect
refinancing I-Effect
at I-Effect
reasonable I-Effect
interest I-Effect
rates I-Effect
or I-Effect
at I-Effect
all I-Effect
when I-Effect
its I-Effect
major I-Effect
debt I-Effect
obligations I-Effect
start I-Effect
coming I-Effect
due I-Effect
in I-Effect
2023 I-Effect
and I-Effect
beyond I-Effect
, O
and O
that O
significant O
refinancing O
risk O
informs O
our O
extreme O
uncertainty O
rating O
. O

Surface B-Cause
Transportation I-Cause
Board I-Cause
oversees I-Cause
railroads I-Cause
' I-Cause
pricing I-Cause
, O
thus O
there B-Effect
will I-Effect
always I-Effect
be I-Effect
underlying I-Effect
risk I-Effect
of I-Effect
reregulation I-Effect
for I-Effect
some I-Effect
of I-Effect
CP I-Effect
's I-Effect
U.S I-Effect
. I-Effect

For B-Cause
the I-Cause
core I-Cause
telehealth I-Cause
services I-Cause
, O
we O
believe O
the O
company O
is O
likely O
to O
retain O
its O
first-mover O
advantage O
and O
scale O
by O
penetrating B-Effect
members I-Effect
of I-Effect
existing I-Effect
customers I-Effect
in I-Effect
addition I-Effect
to I-Effect
adding I-Effect
members I-Effect
of I-Effect
new I-Effect
clients I-Effect
under I-Effect
new I-Effect
logos I-Effect
. O

This O
stable O
of O
animated B-Effect
franchises I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
as O
more B-Cause
popular I-Cause
movies I-Cause
get I-Cause
released I-Cause
by O
the O
animated O
studio O
and O
Pixar O
. O

We O
view O
it B-Effect
to I-Effect
be I-Effect
unlikely I-Effect
for I-Effect
these I-Effect
companies I-Effect
to I-Effect
allocate I-Effect
large I-Effect
sums I-Effect
of I-Effect
capital I-Effect
into I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
upskilling I-Effect
its I-Effect
existing I-Effect
sales I-Effect
and I-Effect
service I-Effect
network I-Effect
, O
given O
the O
relatively O
small B-Cause
market I-Cause
size I-Cause
compared I-Cause
with I-Cause
their I-Cause
existing I-Cause
end I-Cause
markets I-Cause
. O

Community B-Effect
hospitals I-Effect
across I-Effect
the I-Effect
country I-Effect
continue I-Effect
to I-Effect
struggle I-Effect
to I-Effect
maintain I-Effect
enough I-Effect
volume I-Effect
as O
care B-Cause
migrates I-Cause
to I-Cause
less I-Cause
costly I-Cause
ambulatory I-Cause
settings I-Cause
. O

A O
confluence O
of O
several O
issues O
-- O
poor B-Cause
relative I-Cause
active I-Cause
investment I-Cause
performance I-Cause
, I-Cause
the I-Cause
growth I-Cause
of I-Cause
low-cost I-Cause
index-based I-Cause
products I-Cause
, I-Cause
and I-Cause
the I-Cause
expanding I-Cause
power I-Cause
of I-Cause
the I-Cause
retail-advised I-Cause
channel I-Cause
-- O
has O
made O
it O
increasingly B-Cause
difficult I-Cause
for I-Cause
active I-Cause
asset I-Cause
managers I-Cause
to I-Cause
generate I-Cause
organic I-Cause
growth I-Cause
, O
leaving O
them O
more B-Effect
dependent I-Effect
on I-Effect
market I-Effect
gains I-Effect
to I-Effect
increase I-Effect
their I-Effect
assets I-Effect
under I-Effect
management I-Effect
. O

Depending O
on O
the O
asset O
being O
traded O
, O
the B-Cause
benefit I-Cause
of I-Cause
having I-Cause
less I-Cause
market I-Cause
impact I-Cause
is I-Cause
often I-Cause
greater I-Cause
than I-Cause
any I-Cause
savings I-Cause
that I-Cause
could I-Cause
be I-Cause
achieved I-Cause
by I-Cause
using I-Cause
another I-Cause
exchange I-Cause
with I-Cause
lower I-Cause
explicit I-Cause
transaction I-Cause
costs I-Cause
, O
creating B-Effect
network I-Effect
effects I-Effect
for I-Effect
exchanges I-Effect
with I-Effect
existing I-Effect
liquidity I-Effect
. O

While O
we O
expect O
a O
gradual O
shift O
, O
allowing O
Valvoline O
to O
build O
its O
other O
offerings O
, O
a B-Cause
more I-Cause
rapid I-Cause
change I-Cause
coupled I-Cause
with I-Cause
a I-Cause
failure I-Cause
to I-Cause
differentiate I-Cause
in I-Cause
ancillary I-Cause
fluid I-Cause
markets I-Cause
could O
impair O
Valvoline B-Effect
's I-Effect
standing I-Effect
. O

We O
also O
believe O
Direct B-Cause
360 I-Cause
( I-Cause
a I-Cause
premium I-Cause
coaching I-Cause
offering I-Cause
with I-Cause
live I-Cause
and I-Cause
on-demand I-Cause
content I-Cause
) I-Cause
will O
help B-Effect
attract I-Effect
a I-Effect
younger I-Effect
audience I-Effect
to I-Effect
the I-Effect
WW I-Effect
ecosystem I-Effect
and I-Effect
drive I-Effect
higher I-Effect
lifetime I-Effect
customer I-Effect
values I-Effect
. O

In O
addition O
, O
some B-Cause
governments I-Cause
may I-Cause
simply I-Cause
forbid I-Cause
access I-Cause
to I-Cause
Facebook I-Cause
, O
which O
could O
result O
in O
lower B-Effect
user I-Effect
growth I-Effect
and I-Effect
user I-Effect
interaction I-Effect
. O

Lastly O
, O
SAP B-Cause
, I-Cause
the I-Cause
largest I-Cause
supply I-Cause
chain I-Cause
software I-Cause
provider I-Cause
, O
has O
partnered O
with O
Descartes O
for O
years O
to O
help B-Effect
offer I-Effect
a I-Effect
neutral I-Effect
communication I-Effect
network I-Effect
and I-Effect
the I-Effect
widest I-Effect
possible I-Effect
network I-Effect
of I-Effect
trading I-Effect
partners I-Effect
to I-Effect
its I-Effect
suppliers I-Effect
. O

Gildan O
's O
capital O
expenditures O
as O
a O
percent O
of O
revenue O
have O
averaged O
7 O
% O
per O
year O
since O
2010 O
but O
are O
now B-Cause
trending I-Cause
downward I-Cause
as O
major B-Effect
projects I-Effect
have I-Effect
been I-Effect
completed I-Effect
. O

Longer O
term O
, O
as O
smartphone B-Cause
demand I-Cause
recovers I-Cause
, O
we O
think O
Qorvo B-Effect
's I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
will I-Effect
remain I-Effect
in I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-30 I-Effect
% I-Effect
range I-Effect
, O
in O
line O
with O
management O
's O
target O
for O
30 O
% O
plus O
adjusted O
operating O
margins O
. O

This O
implies O
that O
as O
long O
as O
Verisign B-Cause
complies I-Cause
with I-Cause
the I-Cause
terms I-Cause
of I-Cause
the I-Cause
contract I-Cause
, O
it B-Effect
will I-Effect
not I-Effect
go I-Effect
up I-Effect
for I-Effect
bid I-Effect
and I-Effect
Verisign I-Effect
can I-Effect
simply I-Effect
automatically I-Effect
renew I-Effect
for I-Effect
the I-Effect
next I-Effect
six-year I-Effect
period I-Effect
. O

Vale B-Effect
faces I-Effect
currency I-Effect
risk I-Effect
, O
as O
most B-Cause
of I-Cause
its I-Cause
costs I-Cause
are I-Cause
denominated I-Cause
in I-Cause
Brazilian I-Cause
reais I-Cause
, O
while O
the O
bulk O
of O
its O
revenue O
and O
debt O
is O
denominated O
in O
U.S O
. O

This B-Cause
method I-Cause
has O
increased B-Cause
efficiency I-Cause
and I-Cause
lowered I-Cause
reconditioning I-Cause
costs I-Cause
per I-Cause
vehicle I-Cause
, O
which O
in O
turn O
raises B-Effect
gross I-Effect
profit I-Effect
per I-Effect
vehicle I-Effect
sold I-Effect
. O

We O
also O
expect O
that O
a B-Effect
large-scale I-Effect
move I-Effect
by I-Effect
manufacturers I-Effect
in I-Effect
favor I-Effect
of I-Effect
direct I-Effect
sales I-Effect
is I-Effect
unlikely I-Effect
, O
due O
to O
the B-Cause
infrastructure I-Cause
required I-Cause
, I-Cause
end I-Cause
customers I-Cause
' I-Cause
price I-Cause
inelasticity I-Cause
, I-Cause
and I-Cause
the I-Cause
convenience I-Cause
associated I-Cause
with I-Cause
repair I-Cause
shops I-Cause
ordering I-Cause
parts I-Cause
made I-Cause
by I-Cause
multiple I-Cause
brands I-Cause
from I-Cause
one I-Cause
source I-Cause
. O

History O
suggests O
this O
could O
be O
possible O
, O
as O
Illinois B-Cause
' I-Cause
early I-Cause
plans I-Cause
for I-Cause
recreational I-Cause
legalization I-Cause
would O
hand O
an B-Effect
advantage I-Effect
to I-Effect
companies I-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Specialty I-Effect
& I-Effect
Genericwith I-Effect
medical I-Effect
cultivation I-Effect
and I-Effect
dispensary I-Effect
licenses I-Effect
. I-Effect

The B-Cause
company I-Cause
does I-Cause
not I-Cause
expect I-Cause
to I-Cause
maintain I-Cause
a I-Cause
steady I-Cause
inventory I-Cause
of I-Cause
a I-Cause
particular I-Cause
item I-Cause
or I-Cause
brand I-Cause
; O
as O
a O
result O
, O
manufacturers B-Effect
avoid I-Effect
the I-Effect
stigma I-Effect
of I-Effect
being I-Effect
a I-Effect
regular I-Effect
, I-Effect
featured I-Effect
presence I-Effect
in I-Effect
an I-Effect
off-price I-Effect
store I-Effect
. O

On O
the O
medical O
technology O
side O
, O
we O
project O
sales B-Effect
growing I-Effect
at I-Effect
a I-Effect
roughly I-Effect
7 I-Effect
% 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
, O
fueled O
by O
continued B-Cause
strong I-Cause
growth I-Cause
in I-Cause
the I-Cause
reconstructive I-Cause
product I-Cause
lines I-Cause
. O

We O
believe O
the B-Cause
cost I-Cause
advantage I-Cause
associated I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
scope I-Cause
, I-Cause
together I-Cause
with I-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
brand I-Cause
intangible I-Cause
assets I-Cause
, O
provides O
a B-Effect
durable I-Effect
competitive I-Effect
advantage I-Effect
that O
should O
shine O
through O
as O
the O
turnaround O
delivers O
results O
and O
Advance O
's O
performance O
gradually O
moves O
toward O
that O
of O
its O
peers O
. O

Over O
the O
next O
five O
years O
, O
we O
expect O
Trane B-Effect
's I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
about I-Effect
an I-Effect
8 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
( I-Effect
7 I-Effect
% I-Effect
organic I-Effect
) I-Effect
as O
demand B-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
commercial I-Cause
HVAC I-Cause
and I-Cause
transportation I-Cause
refrigeration I-Cause
products I-Cause
rebounds I-Cause
after I-Cause
2020 I-Cause
. O

We O
think O
demand B-Effect
is I-Effect
likely I-Effect
to I-Effect
fall I-Effect
in I-Effect
future I-Effect
, O
as O
low-cost B-Cause
supply I-Cause
expands I-Cause
, I-Cause
flattening I-Cause
the I-Cause
steep I-Cause
cost I-Cause
curve I-Cause
tail I-Cause
and O
facilitating B-Cause
lower I-Cause
prices I-Cause
long-term I-Cause
. O

We O
believe O
the B-Cause
current I-Cause
ultra-accommodative I-Cause
monetary I-Cause
policy I-Cause
in I-Cause
the I-Cause
eurozone I-Cause
, O
has O
depressed B-Cause
net I-Cause
interest I-Cause
margins I-Cause
and I-Cause
obscured I-Cause
Santander I-Cause
's I-Cause
competitive I-Cause
advantages I-Cause
, O
resulting O
in O
lacklustre B-Effect
returns I-Effect
. O

We O
expect O
Coloplast B-Effect
's I-Effect
wound-care I-Effect
segment I-Effect
to I-Effect
remain I-Effect
on I-Effect
a I-Effect
slightly I-Effect
slower I-Effect
growth I-Effect
trajectory I-Effect
as O
the B-Cause
market I-Cause
and I-Cause
larger I-Cause
advanced I-Cause
wound I-Cause
care I-Cause
competitors I-Cause
move I-Cause
further I-Cause
toward I-Cause
higher-tech I-Cause
solutions I-Cause
. O

First O
, O
and O
most O
important O
, O
is O
the B-Cause
cachet I-Cause
of I-Cause
the I-Cause
Monster I-Cause
brand I-Cause
, O
which O
should O
help O
ensure O
sufficient B-Effect
and I-Effect
sustained I-Effect
end I-Effect
demand I-Effect
for I-Effect
its I-Effect
beverages I-Effect
such O
that O
neither B-Effect
Coke I-Effect
nor I-Effect
its I-Effect
bottlers I-Effect
need I-Effect
to I-Effect
worry I-Effect
about I-Effect
inventory I-Effect
builds I-Effect
or I-Effect
sell-through I-Effect
. O

Through O
its B-Cause
allied I-Cause
brands I-Cause
portfolio I-Cause
, O
the B-Cause
firm I-Cause
profits I-Cause
from I-Cause
partnerships I-Cause
with I-Cause
nascent I-Cause
beverage I-Cause
companies I-Cause
as I-Cause
well I-Cause
as I-Cause
private-label I-Cause
brands I-Cause
that I-Cause
are I-Cause
looking I-Cause
for I-Cause
distribution I-Cause
breadth I-Cause
and I-Cause
access I-Cause
, O
which O
we O
think O
lends B-Effect
credence I-Effect
to I-Effect
Keurig I-Effect
Dr I-Effect
Pepper I-Effect
's I-Effect
strong I-Effect
position I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
future I-Effect
growth I-Effect
depends I-Effect
on I-Effect
cloud I-Effect
service I-Effect
providers I-Effect
and I-Effect
enterprises I-Effect
needing I-Effect
more I-Effect
data I-Effect
storage I-Effect
, I-Effect
compute I-Effect
power I-Effect
, I-Effect
and I-Effect
interconnection I-Effect
as O
the B-Cause
world I-Cause
becomes I-Cause
more I-Cause
data-centric I-Cause
and I-Cause
connected I-Cause
. O

CROs B-Cause
use I-Cause
their I-Cause
expertise I-Cause
in I-Cause
trial I-Cause
design I-Cause
and I-Cause
execution I-Cause
to I-Cause
balance I-Cause
quick I-Cause
trial I-Cause
starts I-Cause
with I-Cause
statistically I-Cause
significant I-Cause
results I-Cause
, O
which O
allows O
their B-Effect
clients I-Effect
to I-Effect
focus I-Effect
on I-Effect
the I-Effect
core I-Effect
competencies I-Effect
of I-Effect
drug I-Effect
discovery I-Effect
and I-Effect
commercialization I-Effect
. O

Our B-Effect
outlook I-Effect
for I-Effect
residential I-Effect
construction I-Effect
and I-Effect
HVAC I-Effect
replacement I-Effect
remains I-Effect
constructive I-Effect
, O
which O
bodes O
well O
for O
Lennox O
because O
the O
firm B-Cause
generates I-Cause
more I-Cause
than I-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
and I-Cause
profits I-Cause
from I-Cause
its I-Cause
residential I-Cause
HVAC I-Cause
business I-Cause
. O

We O
agree O
with O
Rockwell O
that O
it B-Effect
has I-Effect
a I-Effect
large I-Effect
runway I-Effect
since O
over B-Cause
60 I-Cause
% I-Cause
of I-Cause
factories I-Cause
are I-Cause
still I-Cause
not I-Cause
fully I-Cause
connected I-Cause
, I-Cause
based I-Cause
on I-Cause
industry I-Cause
reports I-Cause
. O

Historically O
, O
the O
firm O
has O
had O
leverage O
over O
customers O
and O
pricing O
, O
but O
we B-Effect
are I-Effect
wary I-Effect
of I-Effect
a I-Effect
shift I-Effect
in I-Effect
consumer I-Effect
attitude I-Effect
if B-Cause
propane I-Cause
prices I-Cause
rise I-Cause
and I-Cause
distributor I-Cause
margins I-Cause
expand I-Cause
. O

In O
mid-2017 O
, O
Apple O
announced O
that O
the B-Cause
Safari I-Cause
browser I-Cause
( I-Cause
on I-Cause
desktop I-Cause
and I-Cause
mobile I-Cause
devices I-Cause
) I-Cause
default I-Cause
ITP I-Cause
feature I-Cause
will I-Cause
erase I-Cause
cookies I-Cause
after I-Cause
24 I-Cause
hours I-Cause
, O
likely O
preventing O
continuous B-Effect
tracking I-Effect
of I-Effect
user I-Effect
behavior I-Effect
data I-Effect
by I-Effect
ad-tech I-Effect
companies I-Effect
such I-Effect
as I-Effect
Criteo I-Effect
. O

However O
, O
if O
any B-Cause
of I-Cause
these I-Cause
features I-Cause
were I-Cause
to I-Cause
fail I-Cause
-- O
MongoDB B-Effect
's I-Effect
brand I-Effect
could I-Effect
suffer I-Effect
significantly I-Effect
and O
possibly O
lead B-Effect
to I-Effect
diminished I-Effect
future I-Effect
business I-Effect
. O

We O
do O
not O
expect O
the O
same O
stellar O
returns O
from O
its O
STACK O
, O
Powder O
River O
Basin O
, O
or O
Eagle O
Ford O
assets O
, O
and O
its B-Cause
Bakken I-Cause
footprint I-Cause
is I-Cause
too I-Cause
small I-Cause
to O
move B-Effect
the I-Effect
needle I-Effect
on I-Effect
returns I-Effect
at I-Effect
the I-Effect
firm I-Effect
level I-Effect
. O

This B-Effect
clause I-Effect
could I-Effect
be I-Effect
nullified I-Effect
if O
VeriSign B-Cause
faces I-Cause
a I-Cause
severe I-Cause
data I-Cause
breach I-Cause
that I-Cause
it I-Cause
may I-Cause
be I-Cause
unable I-Cause
to I-Cause
resolve I-Cause
in I-Cause
reasonable I-Cause
time I-Cause
. O

We O
still O
see O
meaningful O
downside O
for O
commodity O
prices O
from O
current O
levels O
but O
acknowledge O
that O
tighter B-Effect
markets I-Effect
will I-Effect
take I-Effect
time I-Effect
to I-Effect
normalise I-Effect
as O
the O
effects O
of O
China B-Cause
's I-Cause
fiscal I-Cause
and I-Cause
monetary I-Cause
stimulus I-Cause
wane I-Cause
. O

Roper B-Cause
's I-Cause
offerings I-Cause
specifically O
address O
these O
needs O
, O
which O
we O
believe O
creates B-Effect
a I-Effect
stickier I-Effect
offering I-Effect
and I-Effect
makes I-Effect
it I-Effect
harder I-Effect
for I-Effect
large I-Effect
players I-Effect
to I-Effect
displace I-Effect
them I-Effect
. O

While O
we O
still O
believe O
the O
market O
's O
valuation O
is O
on O
the O
generous O
side O
, O
our B-Cause
revised I-Cause
projections I-Cause
remain O
at O
the O
upper O
end O
of O
Refinitiv O
consensus O
; O
we B-Effect
think I-Effect
management I-Effect
can I-Effect
execute I-Effect
its I-Effect
strategic I-Effect
plan I-Effect
. O

Enterprises B-Cause
can I-Cause
be I-Cause
slow I-Cause
to I-Cause
migrate I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, I-Cause
given I-Cause
the I-Cause
greater I-Cause
degree I-Cause
of I-Cause
complexity I-Cause
involved I-Cause
in I-Cause
modifying I-Cause
large-scale I-Cause
operations. O
These B-Effect
firms I-Effect
often I-Effect
make I-Effect
the I-Effect
transition I-Effect
gradually I-Effect
, I-Effect
taking I-Effect
several I-Effect
years I-Effect
to I-Effect
go I-Effect
from I-Effect
an I-Effect
on-premises I-Effect
to I-Effect
a I-Effect
full I-Effect
cloud-native I-Effect
model I-Effect
. O

The B-Effect
company I-Effect
received I-Effect
substantial I-Effect
tax I-Effect
benefits I-Effect
for O
foreign-derived O
intangible O
income O
after O
the B-Cause
tax I-Cause
cut I-Cause
and I-Cause
jobs I-Cause
act I-Cause
of I-Cause
2017 I-Cause
, O
however O
, O
we O
do O
n't O
think O
this O
is O
sustainable O
. O

We O
believe O
the B-Cause
rise I-Cause
in I-Cause
passive I-Cause
investing I-Cause
will O
weigh O
on O
FactSet B-Cause
's I-Cause
target I-Cause
market I-Cause
through I-Cause
asset I-Cause
manager I-Cause
fee I-Cause
compression I-Cause
, O
resulting O
in O
slower B-Effect
growth I-Effect
. O

Furthermore O
, O
the B-Cause
change I-Cause
in I-Cause
consumer I-Cause
preferences I-Cause
has O
created O
a B-Cause
demand I-Cause
dislocation I-Cause
that O
has O
allowed O
new B-Effect
players I-Effect
like I-Effect
Aerie I-Effect
and I-Effect
Third I-Effect
Love I-Effect
to I-Effect
take I-Effect
share I-Effect
in I-Effect
the I-Effect
intimates I-Effect
' I-Effect
market I-Effect
, I-Effect
creating I-Effect
permanent I-Effect
long-term I-Effect
competition I-Effect
in I-Effect
the I-Effect
category I-Effect
. O

To O
further B-Effect
enhance I-Effect
digital I-Effect
offerings I-Effect
and I-Effect
overall I-Effect
data I-Effect
technology I-Effect
, O
WPP B-Cause
plans I-Cause
to I-Cause
invest I-Cause
up I-Cause
to I-Cause
GBP I-Cause
150 I-Cause
million I-Cause
during I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

Further B-Cause
uncertainty I-Cause
surrounding I-Cause
a I-Cause
sustained I-Cause
eurozone I-Cause
recession I-Cause
, I-Cause
financial I-Cause
austerity I-Cause
, I-Cause
any I-Cause
terrorism I-Cause
incidents I-Cause
, I-Cause
or I-Cause
a I-Cause
protracted I-Cause
conclusion I-Cause
to I-Cause
COVID-19 I-Cause
could O
provide B-Effect
incremental I-Effect
headwinds I-Effect
for I-Effect
the I-Effect
business I-Effect
. O

These O
actions O
are O
the O
result O
of O
CEO B-Cause
Sean I-Cause
Connolly I-Cause
's I-Cause
value-over-volume I-Cause
strategy I-Cause
, O
an O
effort O
to O
upgrade B-Effect
the I-Effect
quality I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
products I-Effect
while I-Effect
eliminating I-Effect
deep I-Effect
discounting I-Effect
and I-Effect
ultimately I-Effect
improve I-Effect
the I-Effect
profitability I-Effect
of I-Effect
the I-Effect
brands I-Effect
. O

We B-Cause
believe I-Cause
the I-Cause
right I-Cause
tech I-Cause
and I-Cause
service I-Cause
investments I-Cause
are I-Cause
being I-Cause
made I-Cause
, I-Cause
which I-Cause
together I-Cause
with I-Cause
various I-Cause
secular I-Cause
trends I-Cause
( I-Cause
like I-Cause
wellness I-Cause
and I-Cause
deteriorating I-Cause
trust I-Cause
in I-Cause
municipal I-Cause
water I-Cause
) I-Cause
facilitate O
a B-Effect
nice I-Effect
runway I-Effect
of I-Effect
growth I-Effect
. O

If O
management O
completes B-Cause
a I-Cause
deal I-Cause
that I-Cause
is I-Cause
dilutive I-Cause
, O
it O
could O
have B-Effect
a I-Effect
material I-Effect
impact I-Effect
to I-Effect
its I-Effect
returns I-Effect
over I-Effect
capital I-Effect
costs I-Effect
, O
which O
is O
an O
ongoing O
governance O
risk O
. O

We O
believe O
Mattel B-Effect
's I-Effect
operating I-Effect
margins I-Effect
and I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
could I-Effect
rise I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
structural I-Cause
simplification I-Cause
and I-Cause
asset-light I-Cause
efforts I-Cause
continue I-Cause
to I-Cause
bear I-Cause
fruit I-Cause
; O
the B-Cause
Optimizing I-Cause
for I-Cause
Growth I-Cause
initiative I-Cause
could O
provide O
an B-Effect
incremental I-Effect
boost I-Effect
to I-Effect
cash I-Effect
flow I-Effect
. O

As O
consumers B-Cause
slowly I-Cause
resume I-Cause
cruising I-Cause
after I-Cause
a I-Cause
year-plus I-Cause
no-sail I-Cause
halt I-Cause
( O
with O
eight O
of O
the O
company O
's O
nine O
brands O
set O
to O
resume O
limited O
sailings O
by O
year-end O
) O
, O
we B-Effect
suspect I-Effect
cruise I-Effect
operators I-Effect
will I-Effect
have I-Effect
to I-Effect
continue I-Effect
to I-Effect
reassure I-Effect
passengers I-Effect
of I-Effect
both I-Effect
the I-Effect
safety I-Effect
and I-Effect
value I-Effect
propositions I-Effect
of I-Effect
cruising I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
valuation I-Effect
of I-Effect
O'Reilly I-Effect
to I-Effect
$ I-Effect
444 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
429 I-Effect
, O
reflecting O
strong B-Cause
first-quarter I-Cause
sales I-Cause
results I-Cause
( O
25 O
% O
comparable O
growth O
) O
but O
offset O
by O
a O
higher O
U.S O
. O

At O
first O
glance O
, O
it O
might O
appear O
that O
the B-Effect
high-fixed-cost I-Effect
nature I-Effect
of I-Effect
LTL I-Effect
operations I-Effect
should I-Effect
allow I-Effect
for O
enduring B-Cause
scale-based I-Cause
cost I-Cause
advantages I-Cause
, I-Cause
or I-Cause
perhaps I-Cause
benefits I-Cause
from I-Cause
superior I-Cause
internal I-Cause
processes I-Cause
that I-Cause
optimize I-Cause
line-haul I-Cause
and I-Cause
pickup I-Cause
and I-Cause
delivery I-Cause
efficiency I-Cause
. O

Despite O
increased O
category O
competition O
, O
shifting O
consumer O
health O
preferences O
, O
and O
the O
democratization O
of O
restaurant O
technology O
, O
with O
the B-Cause
proliferation I-Cause
of I-Cause
'as I-Cause
a I-Cause
service I-Cause
' I-Cause
restaurant I-Cause
systems I-Cause
now I-Cause
widely I-Cause
available I-Cause
, O
Yum B-Effect
's I-Effect
brands I-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
consistently I-Effect
generate I-Effect
positive I-Effect
comparable I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
. O

In O
our O
view O
, O
competition B-Cause
from I-Cause
Starbucks I-Cause
, I-Cause
Tim I-Cause
Hortons I-Cause
( I-Cause
part I-Cause
of I-Cause
Restaurant I-Cause
Brands I-Cause
International I-Cause
) I-Cause
, I-Cause
JDE I-Cause
Peet I-Cause
's I-Cause
, I-Cause
and I-Cause
the I-Cause
convenience I-Cause
store I-Cause
channel I-Cause
could O
also O
limit O
Dunkin B-Effect
's I-Effect
expansion I-Effect
plans I-Effect
beyond I-Effect
core I-Effect
and I-Effect
established I-Effect
markets I-Effect
. O

Through B-Cause
a I-Cause
prior I-Cause
joint I-Cause
venture I-Cause
with I-Cause
Intel I-Cause
, O
Micron B-Effect
developed I-Effect
its I-Effect
own I-Effect
unique I-Effect
flavor I-Effect
of I-Effect
3D I-Effect
NAND I-Effect
, O
though O
this O
JV O
is O
now O
defunct O
. O

In O
our O
view O
, O
the B-Cause
company I-Cause
's I-Cause
sizable I-Cause
debt I-Cause
balance I-Cause
and I-Cause
dependence I-Cause
on I-Cause
revenue I-Cause
from I-Cause
challenging I-Cause
commoditized I-Cause
environments I-Cause
could O
encumber O
its B-Effect
growth I-Effect
trajectory I-Effect
via I-Effect
nascent I-Effect
technology I-Effect
trends I-Effect
. O

As O
Bemis B-Cause
works I-Cause
to I-Cause
better I-Cause
manage I-Cause
itself I-Cause
as I-Cause
a I-Cause
global I-Cause
enterprise I-Cause
, O
Sealed B-Effect
Air I-Effect
could I-Effect
face I-Effect
higher I-Effect
levels I-Effect
of I-Effect
consumable I-Effect
competition I-Effect
. O

Given O
Fortune B-Cause
Brands I-Cause
' I-Cause
significant I-Cause
exposure I-Cause
to I-Cause
these I-Cause
end I-Cause
markets I-Cause
( O
50 O
% O
of O
sales O
from O
R O
& O
R O
and O
23 O
% O
from O
new O
construction O
) O
, O
the B-Effect
firm I-Effect
is I-Effect
positioned I-Effect
for I-Effect
continued I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Further O
, O
the B-Cause
patent I-Cause
risk I-Cause
on I-Cause
cancer I-Cause
drug I-Cause
Alimta I-Cause
( I-Cause
9 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
is I-Cause
elevated I-Cause
as O
the B-Cause
2022 I-Cause
patent I-Cause
is I-Cause
not I-Cause
a I-Cause
strong I-Cause
composition I-Cause
of I-Cause
matter I-Cause
patent I-Cause
, O
which O
increases B-Effect
the I-Effect
likelihood I-Effect
of I-Effect
earlier-than-expected I-Effect
generic I-Effect
competition I-Effect
. O

We O
think O
US B-Cause
Foods I-Cause
' I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
( O
most O
likely O
after O
a O
2021 O
vaccine O
) O
, O
should O
return B-Effect
US I-Effect
Foods I-Effect
' I-Effect
pro I-Effect
forma I-Effect
revenue I-Effect
( I-Effect
including I-Effect
SGA I-Effect
Food I-Effect
Group I-Effect
and I-Effect
Smart I-Effect
Foodservice I-Effect
Warehouse I-Effect
acquisitions I-Effect
) I-Effect
to I-Effect
a I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
2022 I-Effect
. O

New O
management O
's O
restructuring O
plans O
echo O
others O
in O
European O
industrials O
, O
aimed O
at O
lowering B-Effect
corporate I-Effect
costs I-Effect
by O
putting B-Cause
more I-Cause
P I-Cause
& I-Cause
L I-Cause
responsibility I-Cause
at I-Cause
the I-Cause
divisional I-Cause
level I-Cause
. O

Investment O
in O
the O
treasure O
hunt O
should O
keep O
post-pandemic O
traffic O
strong O
, O
and O
we B-Effect
are I-Effect
not I-Effect
concerned I-Effect
about I-Effect
saturation I-Effect
as I-Effect
rivals I-Effect
Ross I-Effect
and I-Effect
TJX I-Effect
grow I-Effect
, O
considering O
customers B-Cause
' I-Cause
willingness I-Cause
to I-Cause
shop I-Cause
multiple I-Cause
off-price I-Cause
stores I-Cause
. O

As O
long-term B-Cause
care I-Cause
insurance I-Cause
is I-Cause
difficult I-Cause
to I-Cause
forecast I-Cause
and I-Cause
has I-Cause
proved I-Cause
more I-Cause
costly I-Cause
, O
Manulife B-Effect
no I-Effect
longer I-Effect
sells I-Effect
stand-alone I-Effect
long-term I-Effect
care I-Effect
products I-Effect
. O

Alongside O
this O
, O
businesses B-Effect
would I-Effect
have I-Effect
to I-Effect
spend I-Effect
more I-Effect
time I-Effect
training I-Effect
personnel I-Effect
on O
how B-Cause
to I-Cause
use I-Cause
the I-Cause
new I-Cause
system I-Cause
, O
hampering O
productivity O
. O

We O
expect O
recovery B-Cause
from I-Cause
COVID-19 I-Cause
to O
further B-Effect
boost I-Effect
top-line I-Effect
growth I-Effect
and O
result O
in O
a O
54 O
% O
increase O
in O
2021 O
( O
from O
46 O
% O
in O
2020 O
) O
and O
47 O
% O
year-over-year O
growth O
in O
2022 O
, O
representing O
total O
revenue O
of O
$ O
3.9 O
billion O
and O
$ O
5.7 O
billion O
, O
respectively O
. O

The B-Effect
2020 I-Effect
dip I-Effect
in I-Effect
profitability I-Effect
due O
to O
COVID-19 B-Cause
notwithstanding O
, O
management B-Cause
's I-Cause
efforts I-Cause
to I-Cause
streamline I-Cause
operations I-Cause
and I-Cause
enhance I-Cause
efficiency I-Cause
had I-Cause
taken I-Cause
hold I-Cause
over I-Cause
the I-Cause
last I-Cause
few I-Cause
years I-Cause
, O
and O
we O
forecast O
operating B-Effect
margin I-Effect
to I-Effect
peak I-Effect
at I-Effect
23 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

Additionally O
, O
long-term B-Effect
price I-Effect
depreciation I-Effect
would I-Effect
expose I-Effect
the I-Effect
company I-Effect
to I-Effect
weakening I-Effect
returns I-Effect
on I-Effect
capital I-Effect
, O
as O
its B-Cause
large I-Cause
queue I-Cause
of I-Cause
new I-Cause
projects I-Cause
coming I-Cause
on I-Cause
line I-Cause
would I-Cause
be I-Cause
unlikely I-Cause
to I-Cause
generate I-Cause
their I-Cause
projected I-Cause
economic I-Cause
results I-Cause
. O

Further O
, O
the B-Cause
car I-Cause
does I-Cause
0-60 I-Cause
mph I-Cause
in I-Cause
under I-Cause
2 I-Cause
seconds I-Cause
and I-Cause
has I-Cause
1,020 I-Cause
horsepower I-Cause
, O
which O
put B-Effect
the I-Effect
Model I-Effect
S I-Effect
Plaid I-Effect
in I-Effect
a I-Effect
rare I-Effect
class I-Effect
of I-Effect
performance I-Effect
among I-Effect
all I-Effect
autos I-Effect
regardless I-Effect
of I-Effect
powertrain I-Effect
. O

Cintas B-Effect
has I-Effect
consistently I-Effect
executed I-Effect
in I-Effect
taking I-Effect
market I-Effect
share I-Effect
, O
capitalizing B-Cause
on I-Cause
uniform I-Cause
rental I-Cause
outsourcing I-Cause
trends I-Cause
, I-Cause
and I-Cause
driving I-Cause
greater I-Cause
penetration I-Cause
through I-Cause
its I-Cause
ancillary I-Cause
services I-Cause
. O

The B-Effect
bank I-Effect
's I-Effect
operating I-Effect
efficiency I-Effect
ratios I-Effect
have I-Effect
been I-Effect
pressured I-Effect
over I-Effect
the I-Effect
years I-Effect
as O
low B-Cause
interest I-Cause
rates I-Cause
pressured I-Cause
yields I-Cause
, O
and O
fixing O
credit O
issues O
was O
the O
top O
priority O
. O

Owing O
to O
heavy B-Cause
competition I-Cause
with I-Cause
Qunar I-Cause
and I-Cause
eLong I-Cause
in I-Cause
2014 I-Cause
and I-Cause
2015 I-Cause
, O
Trip.com B-Effect
's I-Effect
margins I-Effect
declined I-Effect
significantly I-Effect
, I-Effect
and I-Effect
the I-Effect
ROIC I-Effect
decreased I-Effect
from I-Effect
over I-Effect
80 I-Effect
% I-Effect
to I-Effect
negative I-Effect
2.8 I-Effect
% I-Effect
in I-Effect
2014 I-Effect
and I-Effect
1.9 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
. O

The B-Cause
business I-Cause
has I-Cause
been I-Cause
built I-Cause
on I-Cause
strong I-Cause
management I-Cause
and I-Cause
execution I-Cause
discipline I-Cause
that O
have O
enabled O
it O
to O
take B-Effect
advantage I-Effect
of I-Effect
weakened I-Effect
competitor I-Effect
positions I-Effect
. O

While O
the O
reform O
is O
encouraging O
, O
it O
is O
only O
the O
first O
step O
of O
many O
in O
Brazil B-Cause
's I-Cause
efforts I-Cause
to I-Cause
narrow I-Cause
the I-Cause
economic I-Cause
gap I-Cause
with I-Cause
other I-Cause
developed I-Cause
countries I-Cause
, O
which O
will O
ultimately O
need B-Effect
to I-Effect
include I-Effect
reformation I-Effect
of I-Effect
an I-Effect
archaic I-Effect
and I-Effect
protectionist I-Effect
tax I-Effect
system I-Effect
and I-Effect
massive I-Effect
investments I-Effect
in I-Effect
domestic I-Effect
infrastructure I-Effect
. O

We O
expect O
average B-Effect
incrementals I-Effect
between I-Effect
34 I-Effect
% I-Effect
and I-Effect
35 I-Effect
% I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
sales B-Cause
recover I-Cause
and O
believe O
the B-Effect
firm I-Effect
can I-Effect
eventually I-Effect
hit I-Effect
21 I-Effect
% I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
margins I-Effect
of I-Effect
15 I-Effect
% I-Effect
. O

We O
believe O
Farfetch B-Cause
has I-Cause
a I-Cause
cost I-Cause
base I-Cause
to I-Cause
support I-Cause
higher I-Cause
revenue I-Cause
, I-Cause
providing I-Cause
opportunity I-Cause
for I-Cause
positive I-Cause
operating I-Cause
leverage I-Cause
as I-Cause
revenue I-Cause
grows. O
Hence O
, O
we O
expect O
general B-Effect
and I-Effect
administrative I-Effect
expense I-Effect
( I-Effect
including I-Effect
depreciation I-Effect
and I-Effect
technology I-Effect
expense I-Effect
) I-Effect
to I-Effect
scale I-Effect
from I-Effect
around I-Effect
28 I-Effect
% I-Effect
of I-Effect
gross I-Effect
merchandise I-Effect
value I-Effect
currently I-Effect
to I-Effect
11.9 I-Effect
% I-Effect
in I-Effect
10 I-Effect
years I-Effect
' I-Effect
time I-Effect
. O

Clients B-Effect
of I-Effect
the I-Effect
custody I-Effect
banks I-Effect
do I-Effect
face I-Effect
switching I-Effect
costs I-Effect
due O
to O
process B-Cause
disruption I-Cause
, I-Cause
the I-Cause
interconnectedness I-Cause
of I-Cause
a I-Cause
client I-Cause
's I-Cause
workflows I-Cause
and I-Cause
the I-Cause
custodian I-Cause
's I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
onboarding I-Cause
costs I-Cause
. O

We O
project O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
from I-Effect
12 I-Effect
% I-Effect
to I-Effect
28 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
as O
the O
result O
of O
the B-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
, I-Cause
a I-Cause
fall I-Cause
off I-Cause
in I-Cause
amortization I-Cause
expense I-Cause
, I-Cause
and I-Cause
cost I-Cause
synergies I-Cause
. O

While B-Cause
competitors I-Cause
tend I-Cause
to I-Cause
specialize I-Cause
in I-Cause
a I-Cause
single I-Cause
core I-Cause
competency I-Cause
, I-Cause
Applied I-Cause
competes I-Cause
in I-Cause
almost I-Cause
every I-Cause
key I-Cause
equipment I-Cause
segment I-Cause
with I-Cause
the I-Cause
exception I-Cause
of I-Cause
photolithography. O
As O
a O
result O
, O
all B-Effect
major I-Effect
chipmakers I-Effect
develop I-Effect
strong I-Effect
relationships I-Effect
with I-Effect
Applied I-Effect
that I-Effect
span I-Effect
multiple I-Effect
process I-Effect
steps I-Effect
of I-Effect
their I-Effect
chip I-Effect
production I-Effect
. O

Though O
there O
is O
increasing O
commercial O
interest O
in O
space O
from O
the O
likes O
of O
SpaceX O
and O
Blue O
Origin O
, O
we O
think O
the B-Cause
technical I-Cause
complexity I-Cause
of I-Cause
military-grade I-Cause
satellites I-Cause
remains O
a O
stiff B-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
all I-Effect
but I-Effect
a I-Effect
few I-Effect
firms I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
LPL I-Effect
Financial I-Effect
is I-Effect
high I-Effect
due O
to O
the B-Cause
cyclicality I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
business I-Cause
and I-Cause
exposure I-Cause
to I-Cause
factors I-Cause
beyond I-Cause
its I-Cause
control I-Cause
, I-Cause
such I-Cause
as I-Cause
asset I-Cause
class I-Cause
returns I-Cause
and I-Cause
interest I-Cause
rates I-Cause
. O

The B-Cause
substantial I-Cause
equivalence I-Cause
rule I-Cause
makes O
it O
extremely O
difficult B-Effect
for I-Effect
new I-Effect
entrants I-Effect
to I-Effect
launch I-Effect
new I-Effect
products I-Effect
, O
and O
it O
reduces B-Effect
the I-Effect
financial I-Effect
burden I-Effect
of I-Effect
investing I-Effect
in I-Effect
a I-Effect
fast-moving I-Effect
pipeline I-Effect
of I-Effect
new I-Effect
products I-Effect
that O
is O
a O
critical O
part O
of O
the O
business O
model O
for O
other O
large-cap O
consumer O
businesses O
. O

TI O
continues O
to O
use O
Avnet O
and O
others O
for O
fulfillment O
, O
but O
the B-Cause
lack I-Cause
of I-Cause
demand I-Cause
creation I-Cause
revenue I-Cause
leads O
to O
lower B-Effect
margins I-Effect
for I-Effect
distributors I-Effect
like O
Avnet O
. O

We O
forecast O
adjusted B-Effect
operating I-Effect
margins I-Effect
will I-Effect
remain I-Effect
in I-Effect
the I-Effect
low-30s I-Effect
range I-Effect
in I-Effect
later I-Effect
years I-Effect
of I-Effect
our I-Effect
10-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
increased B-Cause
sales I-Cause
leverage I-Cause
, I-Cause
cost-optimization I-Cause
efforts I-Cause
, I-Cause
and I-Cause
sales B-Effect
and I-Effect
marketing I-Effect
expense I-Effect
efficiencies I-Effect
are I-Effect
neutralized I-Effect
by I-Cause
increased B-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
. O

Wiley B-Cause
's I-Cause
products I-Cause
targeted I-Cause
to I-Cause
the I-Cause
professional I-Cause
community I-Cause
are I-Cause
affected I-Cause
by I-Cause
economic I-Cause
conditions I-Cause
, O
which O
can O
cause O
firms B-Effect
to I-Effect
change I-Effect
head I-Effect
count I-Effect
and I-Effect
training I-Effect
expenditures I-Effect
( O
though O
its O
education O
offerings O
could O
deliver O
an O
offsetting O
benefit O
if O
a B-Cause
soft I-Cause
economy I-Cause
were O
to O
lead O
to O
higher B-Effect
student I-Effect
enrollment I-Effect
) O
. O

Fourth O
, O
now B-Cause
that I-Cause
Allegion I-Cause
is I-Cause
a I-Cause
stand-alone I-Cause
business I-Cause
that I-Cause
no I-Cause
longer I-Cause
competes I-Cause
for I-Cause
capital I-Cause
from I-Cause
a I-Cause
conglomerate I-Cause
parent I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
become I-Effect
more I-Effect
acquisitive I-Effect
across I-Effect
its I-Effect
three I-Effect
geographic I-Effect
segments I-Effect
. O

Although O
the B-Effect
pandemic I-Effect
's I-Effect
sales I-Effect
surge I-Effect
should I-Effect
ease I-Effect
in I-Effect
mid-2021 I-Effect
as O
vaccines B-Cause
reduce I-Cause
infection I-Cause
rates I-Cause
, O
O'Reilly O
's O
long-term O
strength O
remains O
rooted O
in O
its O
competitive O
advantages O
. O

With B-Cause
its I-Cause
7-nm I-Cause
EPYC I-Cause
2 I-Cause
( I-Cause
Rome I-Cause
) I-Cause
server I-Cause
CPUs I-Cause
launched I-Cause
in I-Cause
2019 I-Cause
, I-Cause
the I-Cause
firm I-Cause
is I-Cause
poised I-Cause
to I-Cause
grow I-Cause
its I-Cause
market I-Cause
share I-Cause
to I-Cause
at I-Cause
least I-Cause
20 I-Cause
% I-Cause
in I-Cause
the I-Cause
coming I-Cause
years. O
Consequently O
, O
we O
believe O
AMD B-Effect
will I-Effect
enjoy I-Effect
stellar I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
server I-Effect
CPU I-Effect
sub-segment I-Effect
of I-Effect
EESC I-Effect
, I-Effect
going I-Effect
from I-Effect
about I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
2018 I-Effect
to I-Effect
$ I-Effect
10.3 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
hold I-Effect
more I-Effect
optimistic I-Effect
expectations I-Effect
for I-Effect
advanced I-Effect
wound I-Effect
care I-Effect
and I-Effect
ostomy I-Effect
growth I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
improved I-Effect
profitability I-Effect
as O
new B-Cause
CEO I-Cause
Karim I-Cause
Bitar I-Cause
digs I-Cause
in I-Cause
with I-Cause
his I-Cause
plans I-Cause
. O

Additionally O
, O
community B-Effect
members I-Effect
often I-Effect
act I-Effect
as I-Effect
a I-Effect
hurdle I-Effect
for I-Effect
self-storage I-Effect
development I-Effect
, O
as O
these B-Cause
facilities I-Cause
are I-Cause
viewed I-Cause
more I-Cause
negatively I-Cause
than I-Cause
residential I-Cause
properties I-Cause
or O
manufacturing O
facilities O
that O
could O
potentially B-Cause
provide I-Cause
housing I-Cause
and I-Cause
jobs I-Cause
that O
could O
increase B-Effect
the I-Effect
surrounding I-Effect
property I-Effect
value I-Effect
. O

CROs B-Effect
can I-Effect
be I-Effect
susceptible I-Effect
to I-Effect
impact I-Effect
from I-Effect
large I-Effect
cancellations I-Effect
, O
whether O
due O
to O
clinical B-Cause
failure I-Cause
or I-Cause
reprioritization I-Cause
, O
because O
it B-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
repurpose I-Cause
capacity I-Cause
that I-Cause
was I-Cause
previously I-Cause
allocated I-Cause
to I-Cause
that I-Cause
large I-Cause
trial I-Cause
. O

Nasdaq B-Cause
also I-Cause
has I-Cause
the I-Cause
strength I-Cause
of I-Cause
the I-Cause
Nasdaq I-Cause
brand I-Cause
, O
which O
makes B-Effect
it I-Effect
desirable I-Effect
for I-Effect
companies I-Effect
to I-Effect
be I-Effect
listed I-Effect
on I-Effect
the I-Effect
exchange I-Effect
. O

Retailers O
and O
manufacturers O
work O
together O
to O
ensure O
ample O
supply O
, O
with O
stores O
motivated O
through O
advertising B-Cause
or I-Cause
markdown I-Cause
allowances I-Cause
to O
ensure O
inventory B-Effect
clears I-Effect
, I-Effect
delivery I-Effect
concessions I-Effect
, I-Effect
and I-Effect
return I-Effect
privileges I-Effect
for I-Effect
excess I-Effect
merchandise I-Effect
. O

There O
is O
also O
a O
risk B-Effect
that O
universities B-Cause
may I-Cause
use I-Cause
the I-Cause
transition I-Cause
to I-Cause
digital I-Cause
learning I-Cause
to I-Cause
demand I-Cause
lower-cost I-Cause
materials I-Cause
, I-Cause
given I-Cause
the I-Cause
high I-Cause
margins I-Cause
that I-Cause
have I-Cause
existed I-Cause
in I-Cause
textbooks I-Cause
for I-Cause
many I-Cause
years I-Cause
. O

Moen B-Cause
's I-Cause
growing I-Cause
presence I-Cause
in I-Cause
China I-Cause
, I-Cause
its I-Cause
market I-Cause
repositioning I-Cause
in I-Cause
cabinets I-Cause
, I-Cause
Fiberon I-Cause
's I-Cause
distribution I-Cause
expansion I-Cause
, I-Cause
new I-Cause
product I-Cause
introductions I-Cause
across I-Cause
Fortune I-Cause
Brands I-Cause
' I-Cause
three I-Cause
segments I-Cause
, I-Cause
and I-Cause
price I-Cause
increases I-Cause
should O
also O
support B-Effect
sales I-Effect
growth I-Effect
over I-Effect
our I-Effect
forecast I-Effect
. O

Waddell B-Effect
& I-Effect
Reed I-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
reliant I-Effect
upon I-Effect
market I-Effect
gains I-Effect
to I-Effect
drive I-Effect
AUM I-Effect
growth I-Effect
, O
as O
our B-Cause
five-year I-Cause
CAGR I-Cause
for I-Cause
organic I-Cause
AUM I-Cause
growth I-Cause
remains I-Cause
in I-Cause
a I-Cause
negative I-Cause
3 I-Cause
% I-Cause
-5 I-Cause
% I-Cause
range I-Cause
. O

Low-cost B-Effect
and I-Effect
ultra-low-cost I-Effect
carriers I-Effect
have I-Effect
tendencies I-Effect
to I-Effect
enter I-Effect
markets I-Effect
and I-Effect
drive I-Effect
returns I-Effect
down I-Effect
for I-Effect
all I-Effect
participants I-Effect
due O
to O
an B-Cause
excess I-Cause
of I-Cause
supply I-Cause
for I-Cause
a I-Cause
somewhat I-Cause
fixed I-Cause
pool I-Cause
of I-Cause
demand I-Cause
. O

We O
believe O
the B-Cause
recurring I-Cause
revenue I-Cause
model I-Cause
will O
further O
diversify O
S O
& O
P O
revenue O
, O
limiting O
both B-Effect
the I-Effect
upside I-Effect
and I-Effect
downside I-Effect
scenarios I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

This B-Effect
has I-Effect
been I-Effect
a I-Effect
multiyear I-Effect
project I-Effect
and O
included O
moving B-Cause
the I-Cause
headquarters I-Cause
to I-Cause
Dallas I-Cause
from I-Cause
Michigan I-Cause
in I-Cause
2007 I-Cause
and I-Cause
greatly I-Cause
expanding I-Cause
operations I-Cause
in I-Cause
Texas I-Cause
by I-Cause
acquiring I-Cause
Sterling I-Cause
Bancshares I-Cause
in I-Cause
2011 I-Cause
. O

Like O
other O
multi-industrials O
, O
Ametek B-Cause
is I-Cause
exposed I-Cause
to I-Cause
broader I-Cause
macroeconomic I-Cause
risk I-Cause
, O
which O
would O
result O
in O
a O
corresponding B-Effect
slowdown I-Effect
in I-Effect
its I-Effect
end I-Effect
markets I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
differentiation I-Cause
comes I-Cause
by I-Cause
way I-Cause
of I-Cause
product I-Cause
breadth I-Cause
and I-Cause
its I-Cause
logistics I-Cause
network I-Cause
, O
which O
permits O
faster B-Effect
delivery I-Effect
of I-Effect
both I-Effect
small I-Effect
and I-Effect
large I-Effect
parcels I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

We O
expect O
reported O
sales O
will O
rise O
about O
7 O
% O
, O
while O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
will I-Effect
rise I-Effect
190 I-Effect
basis I-Effect
points I-Effect
due O
to O
both O
operating B-Cause
leverage I-Cause
and O
continuous B-Cause
improvement I-Cause
initiatives I-Cause
. O

In O
terms O
of O
cost O
advantage O
, O
we O
would O
need O
to O
see O
evidence O
that O
an O
iBuyer B-Cause
can I-Cause
structurally I-Cause
speed I-Cause
up I-Cause
and I-Cause
streamline I-Cause
the I-Cause
home I-Cause
purchase I-Cause
and I-Cause
sale I-Cause
process I-Cause
as O
compared O
with O
competitors O
to O
reduce B-Effect
transaction I-Effect
costs I-Effect
, I-Effect
holding I-Effect
costs I-Effect
, I-Effect
and I-Effect
interest I-Effect
expenses I-Effect
. O

Today B-Effect
management I-Effect
is I-Effect
describing I-Effect
that I-Effect
same I-Effect
reluctance I-Effect
on I-Effect
the I-Effect
part I-Effect
of I-Effect
insurers I-Effect
as O
they B-Cause
are I-Cause
now I-Cause
flirting I-Cause
with I-Cause
adopting I-Cause
the I-Cause
SaaS I-Cause
version I-Cause
of I-Cause
InsuranceSuite I-Cause
. O

We O
do O
expect O
management O
to O
continue O
its O
patient O
and O
prudent O
capital O
stewardship O
, O
but O
high B-Cause
supply I-Cause
is O
limiting B-Effect
the I-Effect
ability I-Effect
to I-Effect
realize I-Effect
internal I-Effect
and I-Effect
external I-Effect
growth I-Effect
above I-Effect
the I-Effect
long-term I-Effect
trend I-Effect
. O

Suppliers B-Cause
could I-Cause
also I-Cause
decide I-Cause
to I-Cause
bring I-Cause
the I-Cause
demand I-Cause
creation I-Cause
abilities I-Cause
in-house I-Cause
, O
which O
would O
significantly B-Effect
reduce I-Effect
Arrow I-Effect
's I-Effect
value I-Effect
proposition I-Effect
, O
while O
broadline B-Effect
distributors I-Effect
will I-Effect
likely I-Effect
continue I-Effect
to I-Effect
acquire I-Effect
their I-Effect
own I-Effect
value-added I-Effect
services I-Effect
, I-Effect
further I-Effect
encroaching I-Effect
on I-Effect
Arrow I-Effect
's I-Effect
territory I-Effect
. O

Previous B-Cause
acquisitions I-Cause
have I-Cause
included I-Cause
material I-Cause
goodwill I-Cause
components I-Cause
, I-Cause
which I-Cause
stand I-Cause
to I-Cause
damp I-Cause
ROIC I-Cause
, O
and O
we B-Effect
would I-Effect
expect I-Effect
future I-Effect
acquisitions I-Effect
to I-Effect
require I-Effect
material I-Effect
goodwill I-Effect
allocations I-Effect
as I-Effect
well I-Effect
. O

With B-Cause
the I-Cause
completion I-Cause
of I-Cause
its I-Cause
growth I-Cause
spending I-Cause
program I-Cause
in I-Cause
2020 I-Cause
, I-Cause
DCP I-Cause
has I-Cause
outlined I-Cause
a I-Cause
plan I-Cause
where I-Cause
growth I-Cause
capital I-Cause
spending I-Cause
drops I-Cause
to I-Cause
well I-Cause
below I-Cause
$ I-Cause
100 I-Cause
million I-Cause
annually I-Cause
from I-Cause
over I-Cause
$ I-Cause
500 I-Cause
million I-Cause
in I-Cause
2019. O
This O
program O
would O
let O
DCP B-Effect
generate I-Effect
excess I-Effect
cash I-Effect
flow I-Effect
after I-Effect
distributions I-Effect
and I-Effect
capital I-Effect
spending I-Effect
in I-Effect
2021 I-Effect
, I-Effect
but I-Effect
we I-Effect
do I-Effect
n't I-Effect
expect I-Effect
the I-Effect
firm I-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
grow I-Effect
meaningfully I-Effect
more I-Effect
than I-Effect
$ I-Effect
1.2 I-Effect
billion- I-Effect
$ I-Effect
1.3 I-Effect
billion I-Effect
in I-Effect
EBITDA I-Effect
beyond I-Effect
2022 I-Effect
. O

On O
a O
company-specific O
level O
, O
we O
believe O
SBA B-Effect
has I-Effect
more I-Effect
risk I-Effect
than I-Effect
American I-Effect
Tower I-Effect
due O
to O
its B-Cause
international I-Cause
concentration I-Cause
in I-Cause
Brazil I-Cause
, I-Cause
where I-Cause
it I-Cause
has I-Cause
twice I-Cause
as I-Cause
many I-Cause
sites I-Cause
as I-Cause
all I-Cause
other I-Cause
international I-Cause
markets I-Cause
combined I-Cause
, I-Cause
and I-Cause
its I-Cause
aggressive I-Cause
use I-Cause
of I-Cause
financial I-Cause
leverage I-Cause
. O

We O
think O
sales B-Cause
weakness I-Cause
and I-Cause
discounting I-Cause
in I-Cause
the I-Cause
athletic I-Cause
apparel I-Cause
industry I-Cause
have O
lowered B-Effect
gross I-Effect
margins I-Effect
, O
and O
we O
expect O
Dick O
's O
gross O
margins O
to O
remain O
below O
peak O
levels O
. O

While O
the O
idea O
of O
data O
collection O
seems O
simple O
( O
and O
almost O
all O
retailers O
are O
capturing O
data O
on O
purchases O
to O
some O
degree O
) O
, O
we B-Effect
believe I-Effect
it I-Effect
is I-Effect
more I-Effect
complex I-Effect
for I-Effect
Williams-Sonoma I-Effect
, O
as O
the B-Cause
company I-Cause
can I-Cause
use I-Cause
it I-Cause
to I-Cause
market I-Cause
more I-Cause
dynamically I-Cause
. O

The B-Effect
company I-Effect
regularly I-Effect
recycles I-Effect
capital I-Effect
by O
selling B-Cause
noncore I-Cause
assets I-Cause
or I-Cause
exiting I-Cause
markets I-Cause
and I-Cause
using I-Cause
the I-Cause
proceeds I-Cause
for I-Cause
its I-Cause
development I-Cause
pipeline I-Cause
or I-Cause
acquisitions I-Cause
with I-Cause
strong I-Cause
growth I-Cause
prospects I-Cause
, O
a O
strategy B-Cause
that O
has O
produced B-Effect
strong I-Effect
returns I-Effect
. O

The B-Effect
success I-Effect
of I-Effect
ongoing I-Effect
initiatives I-Effect
should I-Effect
set I-Effect
the I-Effect
operating I-Effect
margin I-Effect
back I-Effect
on I-Effect
a I-Effect
improving I-Effect
trajectory I-Effect
in I-Effect
2022 I-Effect
, O
as O
investments B-Cause
wind I-Cause
down I-Cause
. O

CoreSite B-Cause
has I-Cause
a I-Cause
concentrated I-Cause
portfolio I-Cause
of I-Cause
network-dense I-Cause
data I-Cause
centers I-Cause
, O
which O
we O
think O
makes O
its B-Effect
business I-Effect
more I-Effect
attractive I-Effect
than I-Effect
many I-Effect
competitors I-Effect
' I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Collins O
Aerospace O
has O
significant O
component O
placement O
on O
the O
MAX O
and O
faces O
coronavirus O
headwinds O
, O
but O
we O
still O
expect O
narrow-body O
sales O
will O
allow O
Collins O
to O
produce O
a O
revenue O
CAGR O
of O
8.2 O
% O
, O
higher B-Cause
than I-Cause
usual I-Cause
due O
to O
a B-Effect
post-pandemic I-Effect
commercial I-Effect
aerospace I-Effect
recovery I-Effect
. O

The B-Cause
competitive I-Cause
price I-Cause
environment I-Cause
, I-Cause
structural I-Cause
growth I-Cause
of I-Cause
the I-Cause
discounters I-Cause
' I-Cause
channel I-Cause
, I-Cause
and I-Cause
potential I-Cause
deflationary I-Cause
pressures I-Cause
in I-Cause
the I-Cause
future I-Cause
constitute I-Cause
a I-Cause
toxic I-Cause
combination I-Cause
that O
could O
cause O
negative B-Effect
volume I-Effect
growth I-Effect
and I-Effect
margin I-Effect
pressure I-Effect
in I-Effect
a I-Effect
sector I-Effect
with I-Effect
already I-Effect
low I-Effect
profitability I-Effect
. O

We O
've O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for O
the O
New O
York O
Stock O
Exchange-traded O
shares O
of O
Ferrari O
to O
$ O
125 O
from O
$ O
117 O
due O
primarily O
to O
the B-Cause
change I-Cause
in I-Cause
currency I-Cause
spot I-Cause
rate I-Cause
to O
$ O
1.2175/EUR O
1 O
from O
$ O
1.1633/EUR O
1 O
in O
our O
previous O
model O
but O
also O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since O
our O
last O
update O
. O

We O
think O
potential B-Cause
liabilities I-Cause
from I-Cause
the I-Cause
2019 I-Cause
Kincade I-Cause
Fire I-Cause
and I-Cause
all I-Cause
2020 I-Cause
fires I-Cause
will O
be B-Effect
manageable I-Effect
without I-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
PG I-Effect
& I-Effect
E I-Effect
's I-Effect
financial I-Effect
health I-Effect
or I-Effect
valuation I-Effect
. O

The B-Cause
current I-Cause
economic I-Cause
environment I-Cause
and I-Cause
the I-Cause
fallout I-Cause
from I-Cause
COVID-19 I-Cause
is O
a O
stark O
reminder O
of O
this O
, O
where O
corporate B-Effect
spending I-Effect
, I-Effect
consumer I-Effect
spending I-Effect
, I-Effect
and I-Effect
travel B-Cause
have I-Cause
all I-Cause
been I-Cause
curtailed I-Cause
, O
significantly B-Effect
affecting I-Effect
Amex I-Effect
's I-Effect
revenues I-Effect
. O

To O
maintain B-Cause
its I-Cause
ability I-Cause
to I-Cause
demand I-Cause
high I-Cause
margins I-Cause
, O
Zebra B-Effect
spends I-Effect
a I-Effect
relatively I-Effect
large I-Effect
portion I-Effect
of I-Effect
sales I-Effect
on I-Effect
continual I-Effect
research I-Effect
and I-Effect
development I-Effect
to O
produce O
hardware O
that O
is O
continually O
optimized O
for O
the O
modern O
operating O
environments O
and O
can O
stave O
off O
commoditization O
. O

The B-Cause
company I-Cause
's I-Cause
acquisition-focused I-Cause
strategy I-Cause
has O
contributed O
to O
Danaher B-Effect
becoming I-Effect
a I-Effect
top-5 I-Effect
player I-Effect
in I-Effect
the I-Effect
highly I-Effect
fragmented I-Effect
and I-Effect
relatively I-Effect
sticky I-Effect
life I-Effect
science I-Effect
and I-Effect
diagnostic I-Effect
tool I-Effect
markets I-Effect
only I-Effect
about I-Effect
15 I-Effect
years I-Effect
after I-Effect
its I-Effect
first I-Effect
acquisition I-Effect
in I-Effect
the I-Effect
space I-Effect
( O
Radiometer O
in O
2004 O
) O
. O

Grain B-Cause
merchandising I-Cause
is I-Cause
characterized I-Cause
by I-Cause
low I-Cause
margins I-Cause
and I-Cause
fairly I-Cause
high I-Cause
capital I-Cause
requirements I-Cause
, O
making O
it B-Effect
difficult I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
throughout I-Effect
a I-Effect
cycle I-Effect
. O

Shifts B-Effect
away I-Effect
from I-Effect
equity I-Effect
strategies I-Effect
have I-Effect
an I-Effect
adverse I-Effect
effect I-Effect
on I-Effect
revenue I-Effect
as I-Effect
well O
, O
as O
management B-Cause
fees I-Cause
tend I-Cause
to I-Cause
be I-Cause
lower I-Cause
for I-Cause
fixed-income I-Cause
and I-Cause
money I-Cause
market I-Cause
funds I-Cause
than I-Cause
they I-Cause
are I-Cause
for I-Cause
equity-based I-Cause
funds I-Cause
. O

We O
believe O
the O
COVID-19 B-Cause
pandemic I-Cause
has I-Cause
posed I-Cause
challenges I-Cause
that O
could O
lower B-Effect
demand I-Effect
for I-Effect
early-stage I-Effect
trials I-Effect
; O
however O
, O
Charles O
River O
has O
adapted O
well O
to O
the O
pandemic O
and O
seems O
to O
have O
rebounded O
from O
COVID-19-related O
client O
disruptions O
. O

With B-Cause
Prologis I-Cause
' I-Cause
large I-Cause
presence I-Cause
in I-Cause
around I-Cause
20 I-Cause
countries I-Cause
, O
we B-Effect
think I-Effect
that I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
, I-Effect
the I-Effect
company I-Effect
exhibits I-Effect
more I-Effect
sensitivity I-Effect
to I-Effect
international I-Effect
political I-Effect
tensions I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
domestic I-Effect
competitors I-Effect
. O

Tenants B-Cause
in I-Cause
these I-Cause
areas I-Cause
tend I-Cause
to I-Cause
have I-Cause
higher I-Cause
income I-Cause
and I-Cause
higher I-Cause
income I-Cause
growth I-Cause
than I-Cause
the I-Cause
national I-Cause
average I-Cause
, O
which O
allows O
them B-Effect
to I-Effect
afford I-Effect
higher I-Effect
housing I-Effect
costs I-Effect
and I-Effect
rate I-Effect
increases I-Effect
. O

For O
many O
of O
its O
publications O
, O
there B-Cause
is I-Cause
no I-Cause
credible I-Cause
alternative I-Cause
to I-Cause
Wiley I-Cause
's I-Cause
offering I-Cause
, O
eliminating O
subscribers B-Effect
' I-Effect
ability I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
provider I-Effect
. O

We O
do O
not O
think O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
has O
structurally B-Effect
impaired I-Effect
commercial I-Effect
aviation I-Effect
and O
anticipate O
a O
rebound O
in O
airlines O
' O
revenue O
passenger O
kilometers O
after O
lockdowns O
are O
lifted O
. O

We O
're O
also O
intrigued O
by O
Dunkin O
's O
ongoing O
'' O
smart O
pricing O
'' O
initiative O
, O
which O
is O
designed O
to O
help B-Cause
franchisees I-Cause
more I-Cause
effectively I-Cause
price I-Cause
by I-Cause
product I-Cause
category I-Cause
instead I-Cause
of I-Cause
blanket I-Cause
recommendations I-Cause
from I-Cause
management I-Cause
, O
helping O
to O
better B-Effect
manage I-Effect
wage I-Effect
inflation I-Effect
. O

Telefonica O
has O
also O
been O
involved O
in O
some O
bribery O
accusations O
in O
Spain O
and O
Brazil O
, O
but O
we O
believe O
these B-Effect
controversies I-Effect
should I-Effect
decline I-Effect
as O
the B-Cause
company I-Cause
gradually I-Cause
exits I-Cause
Latin I-Cause
American I-Cause
emerging I-Cause
markets I-Cause
. O

As O
a O
result O
, O
large B-Cause
swaths I-Cause
of I-Cause
the I-Cause
phone I-Cause
network I-Cause
remain I-Cause
incapable I-Cause
of I-Cause
delivering I-Cause
the I-Cause
speeds I-Cause
beyond O
around O
20 O
megabits/second O
or O
so O
, O
increasingly O
falling B-Effect
short I-Effect
of I-Effect
customer I-Effect
demand I-Effect
. O

Movements B-Cause
in I-Cause
equity I-Cause
market I-Cause
prices I-Cause
, I-Cause
interest I-Cause
rates/credit I-Cause
spreads I-Cause
, I-Cause
foreign I-Cause
exchange I-Cause
rates I-Cause
or I-Cause
all I-Cause
three I-Cause
could O
cause O
the B-Effect
value I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
managed I-Effect
assets I-Effect
to I-Effect
decline I-Effect
, O
which O
would O
result O
in O
lower O
investment O
advisory O
and O
administration O
fees O
, O
impacting O
operating O
income O
and O
cash O
flows O
. O

Tracking B-Cause
billable I-Cause
hours I-Cause
, I-Cause
moreover I-Cause
, I-Cause
is I-Cause
the I-Cause
lifeblood I-Cause
of I-Cause
a I-Cause
law I-Cause
firm I-Cause
, O
and O
attorneys B-Effect
must I-Effect
meet I-Effect
stringent I-Effect
annual I-Effect
billing I-Effect
requirements I-Effect
amid I-Effect
both I-Effect
industry I-Effect
pricing I-Effect
and I-Effect
operating I-Effect
efficiency I-Effect
pressures I-Effect
. O

In B-Cause
our I-Cause
base I-Cause
case I-Cause
, I-Cause
we I-Cause
assume I-Cause
contractual I-Cause
rent I-Cause
growth I-Cause
, I-Cause
occupancy I-Cause
and I-Cause
re-leasing I-Cause
spreads I-Cause
suffer I-Cause
due I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
that I-Cause
has I-Cause
forced I-Cause
nearly I-Cause
all I-Cause
retail I-Cause
and I-Cause
office I-Cause
properties I-Cause
to I-Cause
remain I-Cause
empty I-Cause
due I-Cause
to I-Cause
government-mandated I-Cause
shelter-in-place I-Cause
orders. O
As O
a O
result O
, O
we B-Effect
expect I-Effect
weak I-Effect
performance I-Effect
through I-Effect
2022 I-Effect
, I-Effect
before I-Effect
the I-Effect
market I-Effect
ultimately I-Effect
recovers I-Effect
and I-Effect
eventually I-Effect
settles I-Effect
at I-Effect
contractual I-Effect
growth I-Effect
of I-Effect
just I-Effect
under I-Effect
2 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
. O

Medtronic B-Cause
has I-Cause
historically I-Cause
focused I-Cause
on I-Cause
innovation I-Cause
, I-Cause
designing I-Cause
and I-Cause
manufacturing I-Cause
devices I-Cause
to O
address B-Effect
cardiac I-Effect
care I-Effect
, I-Effect
neurological I-Effect
and I-Effect
spinal I-Effect
conditions I-Effect
, I-Effect
and I-Effect
diabetes I-Effect
. O

The O
company O
consolidated O
the O
market O
in O
1960 O
to O
create O
the O
largest O
drugmaker O
that O
was O
later O
expanded B-Effect
into I-Effect
Europe I-Effect
and I-Effect
the I-Effect
United I-Effect
States I-Effect
and I-Effect
then I-Effect
into I-Effect
generics I-Effect
in I-Effect
1984 I-Effect
with O
the B-Cause
passage I-Cause
of I-Cause
the I-Cause
Hatch-Waxman I-Cause
Act I-Cause
. O

We O
think O
this O
is O
appropriate B-Effect
given I-Effect
the I-Effect
future I-Effect
challenges I-Effect
faced I-Effect
by I-Effect
New I-Effect
York I-Effect
City I-Effect
due O
to O
the B-Cause
economic I-Cause
fallout I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

The O
federally-regulated O
concept O
of O
actuarial O
soundness O
means O
each B-Cause
state I-Cause
must I-Cause
appropriately I-Cause
price I-Cause
for I-Cause
both I-Cause
medical I-Cause
risk I-Cause
and I-Cause
other I-Cause
reasonable I-Cause
costs I-Cause
for I-Cause
its I-Cause
Medicaid I-Cause
population I-Cause
in O
order O
to O
receive B-Effect
federal I-Effect
funding I-Effect
. O

The B-Effect
increase I-Effect
is O
attributable O
to O
CRH B-Cause
's I-Cause
favourable I-Cause
exposure I-Cause
to I-Cause
the I-Cause
U.S. I-Cause
, O
where O
barriers O
to O
entry O
are O
higher O
than O
other O
regions O
, O
and O
which O
enjoys O
a B-Effect
favourable I-Effect
outlook I-Effect
due O
to O
increasing B-Cause
infrastructure I-Cause
spending I-Cause
. O

We O
believe O
having O
these B-Cause
additional I-Cause
offerings I-Cause
leads I-Cause
to I-Cause
an I-Cause
improved I-Cause
breadth I-Cause
of I-Cause
products I-Cause
, O
enabling O
more B-Effect
cross-selling I-Effect
, I-Effect
higher I-Effect
margins I-Effect
, I-Effect
lower I-Effect
distribution I-Effect
costs I-Effect
, I-Effect
and I-Effect
higher I-Effect
switching I-Effect
costs I-Effect
. O

With O
leading B-Cause
investment I-Cause
bank I-Cause
, I-Cause
commercial I-Cause
bank I-Cause
, I-Cause
credit I-Cause
card I-Cause
, I-Cause
retail I-Cause
bank I-Cause
, I-Cause
and I-Cause
asset I-Cause
and I-Cause
wealth I-Cause
management I-Cause
franchises I-Cause
, O
JPMorgan B-Effect
is I-Effect
truly I-Effect
a I-Effect
force I-Effect
to I-Effect
be I-Effect
reckoned I-Effect
with I-Effect
. O

Our O
bookings B-Effect
growth I-Effect
forecast I-Effect
is I-Effect
now I-Effect
for I-Effect
23.5 I-Effect
% I-Effect
average O
annual O
growth O
during O
2021-30 O
versus O
21 O
% O
prior O
, O
as O
demand B-Cause
recovery I-Cause
for I-Cause
Airbnb I-Cause
accommodations I-Cause
has I-Cause
ramped I-Cause
more I-Cause
quickly I-Cause
than I-Cause
previously I-Cause
expected I-Cause
. O

Despite O
having O
a O
model O
that O
requires O
franchisees O
to O
shoulder O
significant O
risk O
, O
Snap-on B-Effect
is I-Effect
considered I-Effect
one I-Effect
of I-Effect
the I-Effect
more I-Effect
attractive I-Effect
franchise I-Effect
opportunities I-Effect
by I-Effect
Entrepreneur I-Effect
Magazine I-Effect
and I-Effect
Forbes I-Effect
due O
to O
exclusive B-Cause
routes I-Cause
and I-Cause
its I-Cause
premium I-Cause
brand I-Cause
reputation I-Cause
. O

We B-Effect
expect I-Effect
economic I-Effect
profits I-Effect
to I-Effect
return I-Effect
as B-Cause
the I-Cause
pandemic I-Cause
eases I-Cause
, O
with B-Effect
our I-Effect
10-year I-Effect
average I-Effect
estimate I-Effect
of I-Effect
adjusted I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
the I-Effect
high-20s I-Effect
. O

Also O
, O
Astra B-Cause
's I-Cause
operating I-Cause
structure I-Cause
allows O
for O
cost-cutting B-Cause
following I-Cause
patent I-Cause
losses I-Cause
to O
reduce B-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

Overall O
, O
we O
view O
the O
uncertainty O
for O
Glaxo O
as O
medium O
, O
given O
all B-Cause
the I-Cause
diversification I-Cause
the I-Cause
company I-Cause
has I-Cause
across I-Cause
its I-Cause
platforms I-Cause
offsetting B-Effect
the I-Effect
variable I-Effect
outcomes I-Effect
for I-Effect
drug I-Effect
development I-Effect
and I-Effect
competitive I-Effect
challenges I-Effect
to I-Effect
the I-Effect
firms I-Effect
' I-Effect
leading I-Effect
products I-Effect
. O

Targa B-Cause
's I-Cause
leverage I-Cause
puts O
it B-Effect
among I-Effect
the I-Effect
weakest I-Effect
in I-Effect
our I-Effect
midstream I-Effect
coverage I-Effect
, I-Effect
and I-Effect
we I-Effect
see I-Effect
it I-Effect
as I-Effect
among I-Effect
the I-Effect
most I-Effect
liquidity-constrained I-Effect
midstream I-Effect
firms I-Effect
in I-Effect
our I-Effect
coverage I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
adjusted I-Effect
OR I-Effect
( I-Effect
expenses/revenue I-Effect
) I-Effect
improved I-Effect
, O
however O
, O
by O
30 O
basis O
points O
to O
64.4 O
% O
( O
a O
company O
record O
) O
thanks O
to O
sustainable B-Cause
cost I-Cause
structure I-Cause
improvements I-Cause
rooted I-Cause
in I-Cause
PSR I-Cause
initiatives I-Cause
. O

If O
the O
firm O
is O
unable B-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
it O
could O
stymie B-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Splunk I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

We O
believe O
Trip.com B-Effect
's I-Effect
business I-Effect
is I-Effect
subject I-Effect
to I-Effect
high I-Effect
volatility I-Effect
, O
owing O
to O
the B-Cause
fierce I-Cause
competition I-Cause
and I-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
online I-Cause
travel I-Cause
industry I-Cause
. O

We B-Effect
expect I-Effect
wireline I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
steadily I-Effect
accelerate I-Effect
throughout I-Effect
our I-Effect
forecast I-Effect
, O
to O
about O
3 O
% O
by O
2024 O
, O
as O
continuing B-Cause
declines I-Cause
in I-Cause
voice I-Cause
revenue I-Cause
become I-Cause
less I-Cause
impactful I-Cause
and I-Cause
BCE I-Cause
's I-Cause
fiber-to-the-home I-Cause
, O
or O
FTTH O
, O
buildout O
and O
higher O
network O
quality O
dominate O
the O
segment O
and O
propel O
the O
firm O
to O
further O
share O
gains O
. O

Alcoa O
enjoys O
full O
vertical O
integration O
, O
providing B-Cause
more I-Cause
control I-Cause
over I-Cause
its I-Cause
supply I-Cause
chain I-Cause
than I-Cause
many I-Cause
of I-Cause
its I-Cause
competitors I-Cause
, O
which O
must O
secure B-Effect
factors I-Effect
of I-Effect
production I-Effect
from I-Effect
external I-Effect
sources I-Effect
. O

Intangible O
Assets O
In 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 B-Effect
to I-Effect
react I-Effect
quickly I-Effect
to I-Effect
negative I-Effect
competitive I-Effect
events I-Effect
. O

While B-Cause
both I-Cause
Cadence I-Cause
and I-Cause
Synopsys I-Cause
provide I-Cause
an I-Cause
end-to-end I-Cause
flow I-Cause
of I-Cause
EDA I-Cause
solutions I-Cause
for I-Cause
the I-Cause
chip I-Cause
design I-Cause
process I-Cause
( I-Cause
Mentor I-Cause
is I-Cause
a I-Cause
little I-Cause
more I-Cause
specialized I-Cause
) I-Cause
, I-Cause
customers I-Cause
tend I-Cause
to I-Cause
use I-Cause
different I-Cause
vendors I-Cause
for I-Cause
each I-Cause
stage I-Cause
of I-Cause
the I-Cause
design I-Cause
process. O
As O
a O
result O
, O
a B-Effect
business I-Effect
may I-Effect
use I-Effect
Cadence I-Effect
for I-Effect
logic I-Effect
synthesis/analog I-Effect
chips I-Effect
, I-Effect
Synopsys I-Effect
for I-Effect
verification I-Effect
tools/digital I-Effect
design I-Effect
, I-Effect
and I-Effect
Mentor I-Effect
for I-Effect
physical I-Effect
layout/verification I-Effect
. O

The B-Cause
built-up I-Cause
nature I-Cause
of I-Cause
central I-Cause
business I-Cause
districts I-Cause
across I-Cause
the I-Cause
country I-Cause
allows O
for O
a B-Effect
significant I-Effect
concentration I-Effect
of I-Effect
fungible I-Effect
office I-Effect
square I-Effect
footage I-Effect
within I-Effect
a I-Effect
limited I-Effect
area I-Effect
. O

Additionally O
, O
there B-Effect
are I-Effect
indirect I-Effect
costs I-Effect
along I-Effect
those I-Effect
same I-Effect
lines I-Effect
, O
mainly O
lost O
productivity O
as O
employees B-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
, I-Cause
and O
the B-Cause
distraction I-Cause
of I-Cause
employees I-Cause
involved I-Cause
in I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

We O
think O
Hain B-Effect
's I-Effect
strategy I-Effect
to I-Effect
turnaround I-Effect
the I-Effect
business I-Effect
is O
starting O
to O
bear O
fruit O
, O
as O
the O
firm B-Cause
recognized I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
of I-Cause
2.6 I-Cause
% I-Cause
excluding I-Cause
SKU I-Cause
rationalization I-Cause
and I-Cause
110 I-Cause
basis I-Cause
points I-Cause
of I-Cause
improved I-Cause
operating I-Cause
margin I-Cause
( I-Cause
to I-Cause
6.8 I-Cause
% I-Cause
) I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
. O

Based O
on O
new B-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
39 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 O
possible O
, O
with O
payments O
and O
other O
financial O
technology O
revenue O
outpacing O
marketplace O
revenue O
. O

Kroger B-Cause
's I-Cause
scope I-Cause
should O
allow B-Effect
it I-Effect
to I-Effect
manage I-Effect
the I-Effect
transition I-Effect
of I-Effect
trade I-Effect
spending I-Effect
; O
for O
example O
, O
the O
firm O
is O
already O
offering O
boosted O
search O
placements O
to O
food O
manufacturers O
, O
allowing O
them O
to O
pay O
to O
have O
their O
products O
listed O
at O
the O
top O
of O
search O
results O
in O
a O
high-impression O
, O
high-conversion O
venue O
. O

This B-Cause
virtuous I-Cause
cycle I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
brought I-Cause
by I-Cause
heavy I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and I-Cause
cost I-Cause
advantages I-Cause
brought I-Cause
by I-Cause
better I-Cause
PPA I-Cause
reinforce I-Cause
each I-Cause
other I-Cause
, O
preventing O
smaller B-Effect
peers I-Effect
catching I-Effect
up I-Effect
, O
in O
our O
view O
. O

Given O
the B-Cause
administrative I-Cause
headache I-Cause
and I-Cause
added I-Cause
costs I-Cause
to I-Cause
servicing I-Cause
multiple I-Cause
suppliers I-Cause
, O
a B-Effect
customer I-Effect
would I-Effect
need I-Effect
to I-Effect
clear I-Effect
a I-Effect
high I-Effect
bar I-Effect
for I-Effect
switching I-Effect
suppliers I-Effect
, O
and O
we O
think O
this O
dynamic O
is O
evidenced O
by O
Sensata O
's O
largest O
10 O
customers O
having O
an O
average O
relationship O
length O
of O
31 O
years O
with O
the O
firm O
, O
per O
management O
. O

Delivery B-Cause
can I-Cause
extend I-Cause
Sprouts I-Cause
' I-Cause
appeal I-Cause
to I-Cause
customers I-Cause
who I-Cause
do I-Cause
not I-Cause
regularly I-Cause
drive I-Cause
past I-Cause
a I-Cause
store I-Cause
, O
but O
the O
channel O
is O
margin-dilutive O
even O
for O
firms O
that O
are O
able O
to O
scale B-Effect
costs I-Effect
over I-Effect
a I-Effect
much I-Effect
larger I-Effect
sales I-Effect
base I-Effect
. I-Effect

With O
a B-Cause
combination I-Cause
of I-Cause
expanding I-Cause
gross I-Cause
margins I-Cause
and I-Cause
incremental I-Cause
operating I-Cause
leverage I-Cause
, O
we O
expect O
Zebra B-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
hit I-Effect
23 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, O
compared O
with O
15 O
% O
in O
2020 O
. O

We B-Effect
believe I-Effect
advertising I-Effect
demand I-Effect
will I-Effect
increase I-Effect
mainly I-Effect
for I-Effect
Tinder I-Effect
ad I-Effect
loads I-Effect
, O
as O
advertisers B-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
utilize I-Cause
the I-Cause
valuable I-Cause
user I-Cause
behavior I-Cause
data I-Cause
provided I-Cause
by I-Cause
Tinder I-Cause
to I-Cause
target I-Cause
the I-Cause
apps I-Cause
' I-Cause
millennial I-Cause
users I-Cause
more I-Cause
effectively I-Cause
. O

One B-Cause
effect I-Cause
of I-Cause
climate I-Cause
change I-Cause
is I-Cause
for I-Cause
climates I-Cause
to I-Cause
shift I-Cause
north I-Cause
, I-Cause
which I-Cause
brings I-Cause
warmer I-Cause
weather I-Cause
and I-Cause
fewer I-Cause
snow I-Cause
days I-Cause
to I-Cause
northern I-Cause
climates. O
As O
a O
result O
, O
we O
expect O
a B-Effect
small I-Effect
decline I-Effect
in I-Effect
normal I-Effect
deicing I-Effect
salt I-Effect
demand I-Effect
over I-Effect
time I-Effect
and I-Effect
limited I-Effect
prospects I-Effect
for I-Effect
sustained I-Effect
price I-Effect
increases I-Effect
. O

While O
we O
see O
the O
possibility O
that B-Effect
enterprises I-Effect
will I-Effect
have I-Effect
less I-Effect
need I-Effect
for I-Effect
data I-Effect
centers I-Effect
if O
they B-Cause
use I-Cause
infrastructure I-Cause
as I-Cause
a I-Cause
service I-Cause
, I-Cause
or I-Cause
IaaS I-Cause
, O
to O
a O
greater O
extent O
, O
our O
bigger O
concern O
is O
that O
companies B-Cause
that I-Cause
do I-Cause
n't I-Cause
make I-Cause
that I-Cause
move I-Cause
will O
be O
able O
to B-Effect
satisfy I-Effect
their I-Effect
needs I-Effect
with I-Effect
less I-Effect
space I-Effect
. O

The O
FVL O
contract O
is O
intended O
to O
be O
awarded O
in O
2022 O
, O
but O
the B-Cause
aircraft I-Cause
are I-Cause
not I-Cause
intended I-Cause
to I-Cause
be I-Cause
operational I-Cause
until I-Cause
the I-Cause
early I-Cause
2030s I-Cause
, O
which O
gives B-Effect
us I-Effect
confidence I-Effect
that O
Bell O
's O
military O
segment O
will O
continue O
earning O
excess O
returns O
until O
then O
at O
least O
. O

Furthermore O
, O
the O
company B-Cause
's I-Cause
nationwide I-Cause
footprint I-Cause
and I-Cause
simple I-Cause
inventory I-Cause
model I-Cause
allow O
it O
to O
leverage B-Effect
distribution I-Effect
and I-Effect
supply I-Effect
chain I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
sales I-Effect
base I-Effect
. O

With B-Cause
a I-Cause
lower I-Cause
total I-Cause
cost I-Cause
of I-Cause
ownership I-Cause
from I-Cause
SSDs I-Cause
in I-Cause
many I-Cause
PC I-Cause
applications I-Cause
, O
we B-Effect
anticipate I-Effect
there I-Effect
will I-Effect
be I-Effect
an I-Effect
ongoing I-Effect
decline I-Effect
in I-Effect
annual I-Effect
HDD I-Effect
sales I-Effect
as I-Effect
SSDs I-Effect
increase I-Effect
share I-Effect
and I-Effect
as I-Effect
PC I-Effect
unit I-Effect
sales I-Effect
generally I-Effect
decline I-Effect
. I-Effect

While O
the B-Effect
COVID-19 I-Effect
pandemic I-Effect
has I-Effect
created I-Effect
headwinds I-Effect
in I-Effect
some I-Effect
industries I-Effect
that I-Effect
Twilio I-Effect
services I-Effect
such O
as O
ride-sharing O
and O
dining O
, O
this O
has O
been O
offset O
by O
tailwinds B-Cause
in I-Cause
areas I-Cause
such I-Cause
as I-Cause
food I-Cause
delivery I-Cause
and I-Cause
telehealth I-Cause
. O

As O
university B-Cause
faculty I-Cause
members I-Cause
, I-Cause
researchers I-Cause
, I-Cause
specialized I-Cause
practitioners I-Cause
, I-Cause
and I-Cause
scientists I-Cause
depend I-Cause
on I-Cause
ready I-Cause
access I-Cause
to I-Cause
journal I-Cause
articles I-Cause
to I-Cause
stay I-Cause
current I-Cause
in I-Cause
their I-Cause
fields I-Cause
and I-Cause
disseminate I-Cause
their I-Cause
research I-Cause
, O
libraries B-Effect
are I-Effect
loath I-Effect
to I-Effect
cut I-Effect
subscriptions I-Effect
their I-Effect
constituents I-Effect
demand I-Effect
. I-Effect

Beyond O
the O
legal O
power O
of O
patents O
, O
even B-Cause
slightly I-Cause
differentiated I-Cause
technical I-Cause
features I-Cause
can I-Cause
cause I-Cause
an I-Cause
end I-Cause
user I-Cause
to I-Cause
prefer I-Cause
one I-Cause
tool I-Cause
over I-Cause
a I-Cause
similar I-Cause
tool I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
precise I-Cause
scientific I-Cause
end I-Cause
markets I-Cause
, O
so O
we O
think O
those B-Effect
other I-Effect
intangible I-Effect
assets I-Effect
contribute I-Effect
to I-Effect
Illumina I-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
, I-Effect
too I-Effect
. O

Since O
Aduhelm B-Cause
gained I-Cause
approval I-Cause
based I-Cause
on I-Cause
one I-Cause
successful I-Cause
study I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
probability I-Effect
that I-Effect
donanemab I-Effect
will I-Effect
be I-Effect
approved I-Effect
is I-Effect
85 I-Effect
% I-Effect
based I-Effect
on I-Effect
the I-Effect
successful I-Effect
phase I-Effect
2 I-Effect
Trailblazer I-Effect
study I-Effect
. O

Lastly O
, O
fluid B-Cause
handling I-Cause
benefits I-Cause
from I-Cause
its I-Cause
large I-Cause
installed I-Cause
base I-Cause
because O
customers B-Effect
tend I-Effect
to I-Effect
be I-Effect
risk-averse I-Effect
and I-Effect
often I-Effect
replace I-Effect
products I-Effect
like-for-like I-Effect
. O

Because O
of O
the B-Cause
high I-Cause
concentrations I-Cause
of I-Cause
potassium I-Cause
in I-Cause
the I-Cause
brines I-Cause
and I-Cause
nitrates I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
caliche I-Cause
ore I-Cause
, O
SQM B-Effect
also I-Effect
holds I-Effect
a I-Effect
cost-advantaged I-Effect
position I-Effect
in I-Effect
specialty I-Effect
fertilizers I-Effect
. O

This O
makes O
the B-Cause
products I-Cause
more I-Cause
appealing I-Cause
to I-Cause
distributors I-Cause
and I-Cause
retailers I-Cause
, O
in B-Effect
turn I-Effect
increasing I-Effect
the I-Effect
likelihood I-Effect
that I-Effect
they I-Effect
will I-Effect
win I-Effect
shelf I-Effect
space I-Effect
. O

Due O
to O
the B-Cause
10-nm I-Cause
delay I-Cause
, I-Cause
Intel I-Cause
remained I-Cause
on I-Cause
a I-Cause
14-nm I-Cause
process I-Cause
first I-Cause
launched I-Cause
in I-Cause
2014 I-Cause
and I-Cause
has I-Cause
been I-Cause
upgrading/optimizing I-Cause
the I-Cause
architecture I-Cause
in I-Cause
subsequent I-Cause
years I-Cause
to O
maintain B-Effect
healthy I-Effect
margins I-Effect
and I-Effect
garner I-Effect
the I-Effect
necessary I-Effect
chip I-Effect
performance I-Effect
improvements I-Effect
. O

We O
observe O
that O
in O
the O
past O
decade O
more O
stringent B-Cause
diesel I-Cause
environmental I-Cause
regulations I-Cause
have I-Cause
led O
to O
increased B-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
for I-Effect
Cummins I-Effect
as O
it O
captures O
a O
large O
share O
of O
vehicle O
content O
. O

Product B-Effect
positioning I-Effect
is I-Effect
particularly I-Effect
important I-Effect
in I-Effect
premiumizing I-Effect
markets I-Effect
because O
beer B-Cause
is I-Cause
often I-Cause
consumed I-Cause
in I-Cause
a I-Cause
social I-Cause
environment I-Cause
, I-Cause
particularly I-Cause
in I-Cause
the I-Cause
on-premise I-Cause
channel I-Cause
, O
so O
brand O
choice O
is O
fairly O
conspicuous O
. O

We B-Effect
project I-Effect
$ I-Effect
200 I-Effect
million- I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
dispositions I-Effect
annually I-Effect
at I-Effect
an I-Effect
average I-Effect
cap I-Effect
rate I-Effect
of I-Effect
5.25 I-Effect
% I-Effect
and I-Effect
$ I-Effect
100 I-Effect
million- I-Effect
$ I-Effect
200 I-Effect
million I-Effect
of I-Effect
acquisitions I-Effect
at I-Effect
4.75 I-Effect
% I-Effect
cap I-Effect
rates 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

AEP B-Cause
is I-Cause
addressing I-Cause
this I-Cause
risk I-Cause
through I-Cause
its I-Cause
capital I-Cause
investment I-Cause
program I-Cause
and I-Cause
the I-Cause
planned I-Cause
retirement I-Cause
of I-Cause
half I-Cause
its I-Cause
coal I-Cause
fleet I-Cause
by I-Cause
2030. O
This O
will O
reduce B-Effect
coal I-Effect
generation I-Effect
as I-Effect
a I-Effect
share I-Effect
of I-Effect
AEP I-Effect
's I-Effect
total I-Effect
generation I-Effect
mix I-Effect
to I-Effect
roughly I-Effect
20 I-Effect
% I-Effect
, I-Effect
a I-Effect
number I-Effect
we I-Effect
think I-Effect
will I-Effect
continue I-Effect
to I-Effect
decline I-Effect
. O

With O
video B-Effect
subscriptions I-Effect
in I-Effect
the I-Effect
cable I-Effect
industry I-Effect
declining I-Effect
with O
cord-cutting B-Cause
, O
we O
do O
n't O
see O
Lumen O
's O
lack O
of O
that O
service O
as O
too O
problematic O
. O

We O
expect O
8 B-Effect
% I-Effect
compound I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
for I-Effect
ON I-Effect
through I-Effect
2025 I-Effect
, I-Effect
inclusive I-Effect
of I-Effect
supernormal I-Effect
21 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
end B-Cause
markets I-Cause
rebound I-Cause
from I-Cause
the I-Cause
coronanvirus I-Cause
' I-Cause
effects I-Cause
in I-Cause
2020 I-Cause
. O

Although O
we O
'd O
anticipate O
there O
could B-Effect
be I-Effect
years I-Effect
of I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
when O
supply B-Cause
has I-Cause
been I-Cause
slow I-Cause
to I-Cause
respond I-Cause
with I-Cause
expansions I-Cause
, O
we O
do O
not O
have O
confidence O
that O
cannabis O
companies O
could O
consistently O
earn O
positive O
economic O
profits O
over O
the O
next O
decade O
. O

We O
contend O
that O
Williams-Sonoma B-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
has I-Effect
historically I-Effect
been I-Effect
the I-Effect
supporting I-Effect
factor I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
, O
as O
its B-Cause
ability I-Cause
to I-Cause
drive I-Cause
repeat I-Cause
business I-Cause
is I-Cause
widely I-Cause
reliant I-Cause
on I-Cause
customer I-Cause
loyalty I-Cause
and I-Cause
smart I-Cause
marketing I-Cause
and I-Cause
merchandising I-Cause
. O

We O
believe O
the B-Cause
ability I-Cause
to I-Cause
add I-Cause
technologies I-Cause
via I-Cause
subscriptions I-Cause
in I-Cause
the I-Cause
Palo I-Cause
Alto I-Cause
framework I-Cause
can O
alleviate B-Effect
complications I-Effect
by O
providing B-Cause
more I-Cause
holistic I-Cause
security I-Cause
, O
which O
can O
generate B-Effect
sustainable I-Effect
demand I-Effect
. O

We O
believe O
loan B-Effect
growth I-Effect
should I-Effect
eventually I-Effect
pick I-Effect
up I-Effect
as O
the O
economy B-Cause
recovers I-Cause
and I-Cause
opportunities I-Cause
present O
themselves O
in O
California O
and O
Texas O
. O

Faster B-Cause
Internet I-Cause
connections I-Cause
and I-Cause
more I-Cause
capable I-Cause
devices I-Cause
have O
made O
online B-Effect
television I-Effect
a I-Effect
more I-Effect
compelling I-Effect
alternative I-Effect
to I-Effect
traditional I-Effect
cable I-Effect
and I-Effect
satellite I-Effect
. O

After O
Five B-Cause
Below I-Cause
saw I-Cause
10 I-Cause
% I-Cause
comparable I-Cause
growth I-Cause
during I-Cause
the I-Cause
holiday I-Cause
season I-Cause
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
to I-Effect
$ I-Effect
114 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
$ I-Effect
103 I-Effect
) I-Effect
. O

Because O
of O
its B-Cause
reliance I-Cause
on I-Cause
acquisitions I-Cause
, O
Group B-Effect
1 I-Effect
always I-Effect
faces I-Effect
the I-Effect
risk I-Effect
of I-Effect
overpaying I-Effect
for I-Effect
a I-Effect
dealership I-Effect
or I-Effect
taking I-Effect
on I-Effect
too I-Effect
much I-Effect
debt I-Effect
to I-Effect
finance I-Effect
new I-Effect
deals I-Effect
. O

In O
an O
event O
, O
Virgin B-Effect
has I-Effect
a I-Effect
long I-Effect
lead I-Effect
time I-Effect
to I-Effect
grab I-Effect
market I-Effect
share I-Effect
in I-Effect
most I-Effect
of I-Effect
the I-Effect
country I-Effect
as O
customer B-Cause
speed I-Cause
demands I-Cause
ratchet I-Cause
higher I-Cause
. O

Payments B-Cause
and I-Cause
other I-Cause
technology I-Cause
investments I-Cause
bleed I-Cause
over I-Cause
into I-Cause
the I-Cause
corporate I-Cause
payments I-Cause
space I-Cause
, O
where O
Wells B-Effect
' I-Effect
treasury I-Effect
and I-Effect
payments I-Effect
management I-Effect
platform I-Effect
has I-Effect
helped I-Effect
the I-Effect
bank I-Effect
maintain I-Effect
excellent I-Effect
share I-Effect
in I-Effect
the I-Effect
commercial I-Effect
market I-Effect
, O
particularly O
with O
middle-market O
business O
clients O
. O

That O
said O
, O
BlackRock B-Cause
has I-Cause
seen 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
has B-Effect
provided I-Effect
some I-Effect
offset I-Effect
to I-Effect
ongoing I-Effect
fee I-Effect
compression I-Effect
. O

This B-Cause
makes I-Cause
a I-Cause
longer-term I-Cause
lease I-Cause
beneficial I-Cause
to I-Cause
the I-Cause
tenant I-Cause
, O
so O
the O
fact O
that O
most B-Effect
leases I-Effect
are I-Effect
typically I-Effect
15 I-Effect
years I-Effect
in I-Effect
length I-Effect
with I-Effect
multiple I-Effect
extension I-Effect
options I-Effect
shows I-Effect
that I-Effect
the I-Effect
tenant I-Effect
has I-Effect
more I-Effect
power I-Effect
in I-Effect
negotiations I-Effect
. O

PSEG B-Cause
is I-Cause
addressing I-Cause
New I-Cause
Jersey I-Cause
's I-Cause
aggressive I-Cause
clean I-Cause
energy I-Cause
goals I-Cause
with I-Cause
up I-Cause
to I-Cause
$ I-Cause
15 I-Cause
billion I-Cause
of I-Cause
investment I-Cause
during I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
to O
support O
clean B-Effect
energy I-Effect
, I-Effect
safety I-Effect
, I-Effect
and I-Effect
reliability I-Effect
. O

We O
expect O
Abbott B-Effect
can I-Effect
partially I-Effect
close I-Effect
the I-Effect
operating I-Effect
margin I-Effect
gap I-Effect
and I-Effect
project I-Effect
450 I-Effect
basis I-Effect
points I-Effect
of I-Effect
improvement I-Effect
by O
2024 O
, O
as O
the B-Cause
firm I-Cause
leverages I-Cause
the I-Cause
distribution I-Cause
infrastructure I-Cause
it I-Cause
has I-Cause
built I-Cause
out I-Cause
for I-Cause
penetration I-Cause
of I-Cause
emerging I-Cause
markets I-Cause
across O
its O
product O
segments O
and O
extracts O
cost O
synergies O
from O
its O
recent O
acquisitions O
. O

Given O
the O
commitment O
and O
capital O
it O
has O
already O
dedicated O
to O
wireless O
, O
failure B-Cause
to I-Cause
gain I-Cause
meaningful I-Cause
share I-Cause
in I-Cause
wireless I-Cause
will O
likely B-Effect
lead I-Effect
the I-Effect
company I-Effect
to I-Effect
economic I-Effect
losses I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. I-Effect

A B-Effect
cost I-Effect
advantage I-Effect
can O
be O
achieved O
by O
either O
superior O
underwriting O
by O
, O
for O
example O
, O
focusing B-Cause
on I-Cause
particular I-Cause
lines I-Cause
of I-Cause
business I-Cause
and I-Cause
underwriting I-Cause
them I-Cause
better I-Cause
than I-Cause
competitors I-Cause
. O

In O
this O
hypothetical O
scenario O
, O
NEVA O
was O
able O
to O
automate O
a O
2-minute O
process O
that O
the B-Cause
agent I-Cause
would I-Cause
complete I-Cause
over I-Cause
900 I-Cause
times I-Cause
annually I-Cause
, O
resulting O
in O
35 B-Effect
hours I-Effect
of I-Effect
additional I-Effect
productivity I-Effect
per I-Effect
year I-Effect
for I-Effect
the I-Effect
agent I-Effect
. O

Sealed B-Cause
Air I-Cause
's I-Cause
market I-Cause
dominance I-Cause
in I-Cause
integrated I-Cause
packaging I-Cause
systems I-Cause
makes O
it O
challenging O
to O
capture B-Effect
a I-Effect
share I-Effect
of I-Effect
consumables I-Effect
from I-Effect
the I-Effect
company I-Effect
. O

After O
reviewing O
Dover O
's O
10-K O
and O
rolling O
our O
model O
, O
we B-Effect
raise I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
116 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
113 I-Effect
, O
mostly O
due O
to O
slightly B-Effect
raising I-Effect
our I-Effect
midcycle I-Effect
margin I-Effect
, O
though O
this O
was O
offset O
by O
bringing B-Cause
down I-Cause
some I-Cause
of I-Cause
our I-Cause
organic I-Cause
revenue I-Cause
assumptions I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

To O
have B-Effect
long-term I-Effect
success I-Effect
, O
Bio-Techne B-Cause
needs I-Cause
to I-Cause
maintain I-Cause
a I-Cause
dominant I-Cause
position I-Cause
in I-Cause
proteins I-Cause
, O
and O
at O
the O
same O
time O
expand B-Cause
its I-Cause
presence I-Cause
in I-Cause
genomics I-Cause
, O
without O
compromising B-Cause
on I-Cause
quality I-Cause
standards I-Cause
across I-Cause
the I-Cause
firm I-Cause
's I-Cause
large I-Cause
protein I-Cause
portfolio I-Cause
. O

Martin B-Effect
Marietta I-Effect
's I-Effect
biggest I-Effect
ESG I-Effect
risks I-Effect
are O
around O
increased B-Cause
regulation I-Cause
of I-Cause
emissions I-Cause
in I-Cause
both I-Cause
its I-Cause
own I-Cause
production I-Cause
and I-Cause
the I-Cause
use I-Cause
of I-Cause
its I-Cause
products I-Cause
by I-Cause
customers I-Cause
, I-Cause
potential I-Cause
accusations I-Cause
of I-Cause
price I-Cause
collusion I-Cause
in I-Cause
local I-Cause
markets I-Cause
, I-Cause
and I-Cause
increased I-Cause
regulation I-Cause
of I-Cause
water I-Cause
usage I-Cause
in I-Cause
its I-Cause
production I-Cause
process I-Cause
. O

Although O
we O
expect O
the O
company O
to O
expand O
its O
operating O
results O
, O
there O
are O
a O
few O
notable O
risks O
in O
the O
cybersecurity O
market O
, O
and O
Palo B-Cause
Alto I-Cause
's I-Cause
strategic I-Cause
efforts I-Cause
could O
inhibit O
our B-Effect
outlook I-Effect
. O

We O
think O
that O
centralizing B-Cause
research I-Cause
and O
development O
allows O
the O
firm O
to O
manufacture B-Effect
products I-Effect
for I-Effect
a I-Effect
materially I-Effect
lower I-Effect
cost I-Effect
than I-Effect
its I-Effect
competitors I-Effect
, O
all O
while O
using O
this O
hefty O
investment O
to O
maintain O
an O
innovation O
lead O
that O
results O
in O
leading O
share O
positions O
in O
its O
end O
markets O
. O

Skilled B-Cause
services I-Cause
like I-Cause
these I-Cause
are I-Cause
generally I-Cause
provided I-Cause
under I-Cause
long-term I-Cause
agreements I-Cause
and O
has O
allowed O
Emerson B-Effect
to I-Effect
move I-Effect
from I-Effect
purely I-Effect
an I-Effect
equipment I-Effect
and I-Effect
traditional I-Effect
service I-Effect
business I-Effect
, I-Effect
to I-Effect
increasingly I-Effect
providing I-Effect
consulting I-Effect
services I-Effect
. O

We O
believe O
that O
Cooper B-Cause
's I-Cause
large I-Cause
advertising I-Cause
spending I-Cause
and I-Cause
salesforce I-Cause
mobilization I-Cause
is O
yet O
another O
cost O
that O
makes O
it O
unlikely O
for O
new B-Effect
competitors I-Effect
to I-Effect
attempt I-Effect
to I-Effect
enter I-Effect
the I-Effect
IUD I-Effect
space I-Effect
, I-Effect
especially I-Effect
when I-Effect
more I-Effect
lucrative I-Effect
options I-Effect
exist I-Effect
. O

Furthermore O
, O
we O
suspect O
that O
many B-Effect
customers I-Effect
are I-Effect
holding I-Effect
on I-Effect
to I-Effect
their I-Effect
phones I-Effect
longer I-Effect
as O
premium B-Cause
devices I-Cause
are I-Cause
more I-Cause
than I-Cause
good I-Cause
enough I-Cause
for I-Cause
today I-Cause
's I-Cause
needs I-Cause
( I-Cause
web I-Cause
browsing I-Cause
, I-Cause
media I-Cause
streaming I-Cause
, I-Cause
social I-Cause
media I-Cause
) I-Cause
and I-Cause
potentially I-Cause
tomorrow I-Cause
's I-Cause
( I-Cause
virtual/augmented I-Cause
reality I-Cause
) I-Cause
. I-Cause

The B-Cause
larger I-Cause
and I-Cause
more I-Cause
frequent I-Cause
the I-Cause
volume I-Cause
changes I-Cause
are O
, O
the B-Effect
less I-Effect
efficient I-Effect
the I-Effect
asset I-Effect
is I-Effect
, O
particularly O
when O
a O
barrel O
's O
destination O
can O
change O
from O
Corpus O
Christi O
to O
Cushing O
to O
the O
Gulf O
Coast O
, O
requiring O
incremental O
investment O
with O
a O
less O
certain O
long-term O
return O
. O

Reflecting B-Cause
solid I-Cause
third-quarter I-Cause
results I-Cause
( I-Cause
12 I-Cause
% I-Cause
comparable I-Cause
growth I-Cause
) I-Cause
, O
we O
are O
lifting O
our O
valuation B-Effect
of I-Effect
Dollar I-Effect
General I-Effect
to I-Effect
$ I-Effect
181 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
177 I-Effect
. O

However O
, O
the B-Cause
Direct I-Cause
Energy I-Cause
acquisition I-Cause
in I-Cause
2021 I-Cause
expands B-Effect
NRG I-Effect
's I-Effect
retail I-Effect
presence I-Effect
in I-Effect
Texas I-Effect
and I-Effect
introduces I-Effect
the I-Effect
company I-Effect
to I-Effect
new I-Effect
retail I-Effect
markets I-Effect
outside I-Effect
Texas I-Effect
where O
it O
has O
no O
wholesale O
generation O
. O

In O
one O
case O
study O
provided O
by O
Littelfuse O
, O
a O
manufacturing O
customer O
would O
incur B-Effect
$ I-Effect
1 I-Effect
million I-Effect
in I-Effect
damage I-Effect
along I-Effect
with I-Effect
months I-Effect
of I-Effect
downtime I-Effect
due O
to O
a B-Cause
critical I-Cause
electrical I-Cause
failure I-Cause
connected I-Cause
to I-Cause
a I-Cause
transformer I-Cause
that O
could O
be O
prevented O
with O
an O
arc O
relay O
. O

Gross B-Effect
renewable I-Effect
generation I-Effect
capacity I-Effect
is I-Effect
expected I-Effect
to I-Effect
grow I-Effect
from I-Effect
about I-Effect
7 I-Effect
gigawatts I-Effect
today I-Effect
to I-Effect
35 I-Effect
GW I-Effect
by I-Effect
2025 I-Effect
as O
Total B-Cause
invests I-Cause
a I-Cause
minimum I-Cause
of I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
per I-Cause
year I-Cause
or I-Cause
about I-Cause
15 I-Cause
% I-Cause
of I-Cause
total I-Cause
spending I-Cause
from I-Cause
2021 I-Cause
. O

With O
3M O
's O
current O
lineup O
, O
we O
forecast O
the B-Cause
firm I-Cause
will I-Cause
increasingly I-Cause
direct I-Cause
its I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
capital I-Cause
expenditures I-Cause
toward I-Cause
these I-Cause
divisions I-Cause
, O
which O
we O
conclude O
are O
higher-growing B-Effect
portions I-Effect
of I-Effect
GDP I-Effect
. O

Some B-Cause
of I-Cause
Xilinx I-Cause
's I-Cause
FPGAs I-Cause
are I-Cause
used I-Cause
extensively I-Cause
in I-Cause
communication I-Cause
equipment I-Cause
that I-Cause
may I-Cause
have I-Cause
operational I-Cause
lifetimes I-Cause
of I-Cause
at I-Cause
least I-Cause
a I-Cause
decade I-Cause
if I-Cause
not I-Cause
longer. O
Thus O
, O
it B-Effect
can I-Effect
not I-Effect
only I-Effect
be I-Effect
difficult I-Effect
for I-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
but I-Effect
also I-Effect
less I-Effect
likely I-Effect
that I-Effect
existing I-Effect
customers I-Effect
defect I-Effect
from I-Effect
Altera I-Effect
to I-Effect
Xilinx I-Effect
or I-Effect
vice I-Effect
versa I-Effect
. O

Hard B-Effect
parts I-Effect
are I-Effect
increasingly I-Effect
complex I-Effect
and I-Effect
can I-Effect
vary I-Effect
significantly I-Effect
depending O
on O
the B-Cause
model I-Cause
year I-Cause
and I-Cause
selected I-Cause
options I-Cause
on I-Cause
any I-Cause
vehicle I-Cause
. O

When B-Cause
combined I-Cause
with I-Cause
our I-Cause
expectation I-Cause
for I-Cause
few I-Cause
new I-Cause
towers I-Cause
built I-Cause
each I-Cause
year I-Cause
, O
we B-Effect
expect I-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
to I-Effect
drop I-Effect
substantially I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Given B-Cause
the I-Cause
expense I-Cause
associated I-Cause
with I-Cause
chip I-Cause
design I-Cause
, I-Cause
the I-Cause
margin I-Cause
for I-Cause
error I-Cause
is I-Cause
virtually I-Cause
non-existent I-Cause
, O
as O
a O
result O
of O
which O
designers B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
prefer I-Effect
tools I-Effect
that I-Effect
they I-Effect
are I-Effect
comfortable I-Effect
utilizing I-Effect
and I-Effect
would I-Effect
lead I-Effect
to I-Effect
lower I-Effect
chance I-Effect
of I-Effect
them I-Effect
making I-Effect
a I-Effect
mistake I-Effect
. O

A B-Cause
weak I-Cause
global I-Cause
employment I-Cause
market I-Cause
could O
also O
prompt B-Effect
potential I-Effect
money I-Effect
transfer I-Effect
customers I-Effect
to I-Effect
stay I-Effect
in I-Effect
their I-Effect
home I-Effect
countries I-Effect
or I-Effect
reduce I-Effect
the I-Effect
amount I-Effect
of I-Effect
money I-Effect
they I-Effect
can I-Effect
send I-Effect
home I-Effect
. O

Longer O
term O
, O
even O
with O
store O
closures O
and O
updated O
merchandising O
tactics O
, O
we O
think O
it B-Effect
could I-Effect
be I-Effect
difficult I-Effect
to I-Effect
maintain I-Effect
consistent I-Effect
comp I-Effect
growth I-Effect
given O
the B-Cause
competitive I-Cause
nature I-Cause
of I-Cause
the I-Cause
home I-Cause
furnishing I-Cause
industry I-Cause
. O

Nevertheless O
, O
after O
an B-Effect
inorganic I-Effect
double-digit I-Effect
decline I-Effect
in I-Effect
2022 I-Effect
due O
to O
the B-Cause
portfolio I-Cause
transition I-Cause
, O
we O
expect O
3 O
% O
-4 O
% O
growth O
for O
this O
business O
throughout O
our O
forecast O
. O

The B-Cause
short I-Cause
life-cycles I-Cause
and I-Cause
transient I-Cause
tastes I-Cause
of I-Cause
the I-Cause
smartphone I-Cause
market I-Cause
, I-Cause
and I-Cause
consumer I-Cause
products I-Cause
generally I-Cause
, O
mean O
research B-Effect
and I-Effect
development I-Effect
programs I-Effect
may I-Effect
develop I-Effect
costly I-Effect
products I-Effect
only I-Effect
to I-Effect
be I-Effect
unable I-Effect
to I-Effect
realize I-Effect
a I-Effect
suitable I-Effect
market I-Effect
. O

Overall O
, O
net B-Effect
sales I-Effect
per I-Effect
unit I-Effect
in I-Effect
the I-Effect
Malibu I-Effect
segment I-Effect
have I-Effect
increased I-Effect
33 I-Effect
% I-Effect
since I-Effect
2016 I-Effect
, O
driven O
primarily O
by O
customer B-Cause
acquisition I-Cause
of I-Cause
more I-Cause
expensive I-Cause
models I-Cause
and I-Cause
by I-Cause
add-on I-Cause
features I-Cause
such I-Cause
as I-Cause
Surf I-Cause
Gate I-Cause
. O

ICE B-Effect
's I-Effect
equity I-Effect
trading I-Effect
is I-Effect
likely I-Effect
to I-Effect
continue I-Effect
to I-Effect
face I-Effect
stiff I-Effect
headwinds I-Effect
as O
new B-Cause
competitors I-Cause
and I-Cause
alternative I-Cause
liquidity I-Cause
providers I-Cause
encroach I-Cause
on I-Cause
the I-Cause
New I-Cause
York I-Cause
Stock I-Cause
Exchange I-Cause
. O

We O
think O
that O
Mint B-Effect
has I-Effect
lower I-Effect
switching I-Effect
costs I-Effect
than I-Effect
TurboTax I-Effect
, O
given O
that O
it B-Cause
pertains I-Cause
to I-Cause
something I-Cause
less I-Cause
imperative I-Cause
than I-Cause
taxes I-Cause
, I-Cause
which I-Cause
is I-Cause
checking I-Cause
up I-Cause
on I-Cause
one I-Cause
's I-Cause
financial I-Cause
health I-Cause
. O

Paychex B-Cause
's I-Cause
customers I-Cause
will I-Cause
hire I-Cause
employees I-Cause
for I-Cause
their I-Cause
HR I-Cause
departments I-Cause
; I-Cause
however I-Cause
, I-Cause
the I-Cause
employee I-Cause
will I-Cause
actually I-Cause
be I-Cause
technically I-Cause
employed I-Cause
by I-Cause
Paychex. O
This O
way O
, O
smaller B-Effect
employers I-Effect
can I-Effect
access I-Effect
better I-Effect
rates I-Effect
for I-Effect
insurance I-Effect
and I-Effect
health I-Effect
benefits I-Effect
that I-Effect
Paychex I-Effect
can I-Effect
access I-Effect
as I-Effect
a I-Effect
larger I-Effect
employer I-Effect
. O

Even O
so O
, O
premium B-Effect
brands I-Effect
such I-Effect
as I-Effect
Mercedes-Benz I-Effect
limit I-Effect
exposure I-Effect
to I-Effect
downturns I-Effect
suffered I-Effect
by I-Effect
mass-market I-Effect
auto I-Effect
companies I-Effect
because O
wealthier B-Cause
customers I-Cause
' I-Cause
spending I-Cause
is I-Cause
less I-Cause
sensitive I-Cause
to I-Cause
recessions I-Cause
. O

Outside O
of O
its O
exchanges O
and O
their O
associated O
revenue O
streams O
, O
Nasdaq B-Effect
has I-Effect
built I-Effect
broad I-Effect
product I-Effect
offerings I-Effect
in I-Effect
the I-Effect
corporate I-Effect
services I-Effect
and I-Effect
investment I-Effect
analytics I-Effect
spaces I-Effect
using O
a B-Cause
combination I-Cause
of I-Cause
acquisitions I-Cause
and I-Cause
organic I-Cause
investments I-Cause
. O

Larger B-Cause
case I-Cause
volumes I-Cause
per I-Cause
store I-Cause
help O
food B-Effect
distributors I-Effect
manage I-Effect
delivery I-Effect
costs I-Effect
per I-Effect
case I-Effect
, O
particularly O
with O
expensive O
last-mile O
delivery O
, O
while O
in-house B-Cause
technological I-Cause
capabilities I-Cause
offer O
chains O
the B-Effect
advantage I-Effect
of I-Effect
paying I-Effect
for I-Effect
food I-Effect
products I-Effect
without I-Effect
added I-Effect
services I-Effect
such I-Effect
as I-Effect
inventory I-Effect
management I-Effect
, I-Effect
promotional I-Effect
strategies I-Effect
, I-Effect
or I-Effect
consulting I-Effect
services I-Effect
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we B-Effect
project I-Effect
Macao I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
36.5 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
36.1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

In O
our O
view O
, O
top-line B-Effect
growth I-Effect
will O
be O
driven O
by O
continued B-Cause
new I-Cause
logo I-Cause
wins I-Cause
, I-Cause
and I-Cause
rapid I-Cause
upsell I-Cause
into I-Cause
those I-Cause
clients I-Cause
once I-Cause
landed I-Cause
, O
with O
upsell O
coming O
from O
new O
seats O
, O
new O
features O
within O
a O
given O
solution O
, O
and O
ultimately O
additional O
products O
. O

We O
believe O
that O
the B-Effect
increase I-Effect
in I-Effect
recurring I-Effect
revenue I-Effect
per I-Effect
client I-Effect
is O
largely O
due O
to O
clients B-Cause
adopting I-Cause
additional I-Cause
applications I-Cause
rather I-Cause
than I-Cause
an I-Cause
increase I-Cause
in I-Cause
head I-Cause
count I-Cause
. O

On O
the O
consumer O
side O
, O
JPMorgan O
is O
able O
to O
cross-sell B-Cause
multiple I-Cause
products I-Cause
, O
providing B-Effect
advantaged I-Effect
pricing I-Effect
to I-Effect
key I-Effect
customer I-Effect
segments I-Effect
( I-Effect
such I-Effect
as I-Effect
through I-Effect
its I-Effect
Sapphire I-Effect
banking I-Effect
program I-Effect
) I-Effect
, I-Effect
and I-Effect
spread I-Effect
the I-Effect
overall I-Effect
costs I-Effect
of I-Effect
customer I-Effect
acquisition I-Effect
across I-Effect
more I-Effect
revenue I-Effect
streams I-Effect
. O

We O
expect O
opportunities O
for O
cost-cutting O
resulting O
from O
recent O
acquisitions O
, O
but O
unpredictable B-Cause
economic I-Cause
and I-Cause
competitive I-Cause
challenges I-Cause
in I-Cause
certain I-Cause
markets I-Cause
will O
likely O
introduce B-Effect
volatility I-Effect
and I-Effect
keep I-Effect
margin I-Effect
improvements I-Effect
modest I-Effect
. O

In B-Cause
periods I-Cause
of I-Cause
tight I-Cause
supply I-Cause
and I-Cause
favorable I-Cause
pricing I-Cause
, O
Seagate B-Effect
can I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
but O
when O
the B-Cause
market I-Cause
hits I-Cause
oversupply I-Cause
, I-Cause
pricing I-Cause
falls I-Cause
, O
bringing O
Seagate B-Effect
's I-Effect
economic I-Effect
profits I-Effect
with I-Effect
it I-Effect
. O

The B-Effect
retail I-Effect
services I-Effect
unit I-Effect
( I-Effect
just I-Effect
over I-Effect
35 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
should I-Effect
benefit I-Effect
from I-Effect
premiumization I-Effect
and I-Effect
rising I-Effect
vehicle I-Effect
complexity I-Effect
, I-Effect
with I-Effect
a I-Effect
return I-Effect
to I-Effect
low-double-digit I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
systemwide I-Effect
as O
the B-Cause
pandemic I-Cause
eases I-Cause
( O
after O
2 O
% O
expansion O
in O
fiscal O
2020 O
as O
the O
pandemic O
depressed O
traffic O
) O
. O

The B-Effect
sale I-Effect
of I-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
' I-Effect
Epsilon I-Effect
has I-Effect
placed I-Effect
even I-Effect
more I-Effect
pressure I-Effect
on I-Effect
this I-Effect
business I-Effect
structure I-Effect
as O
it B-Cause
depleted I-Cause
the I-Cause
asset I-Cause
base I-Cause
at I-Cause
the I-Cause
parent I-Cause
level I-Cause
and I-Cause
left I-Cause
Card I-Cause
Services I-Cause
as I-Cause
the I-Cause
dominant I-Cause
source I-Cause
of I-Cause
income I-Cause
for I-Cause
the I-Cause
firm I-Cause
. O

If O
enterprise B-Cause
software I-Cause
experienced I-Cause
significant I-Cause
downtime I-Cause
or I-Cause
suffered I-Cause
a I-Cause
poor I-Cause
software I-Cause
release I-Cause
, O
or O
if O
a B-Cause
company I-Cause
's I-Cause
servers I-Cause
were I-Cause
not I-Cause
properly I-Cause
maintained I-Cause
or I-Cause
well I-Cause
balanced I-Cause
in I-Cause
terms I-Cause
of I-Cause
loads I-Cause
, O
a B-Effect
company I-Effect
could I-Effect
bear I-Effect
immense I-Effect
costs I-Effect
. O

We B-Effect
see I-Effect
some I-Effect
evidence I-Effect
of I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
technicians B-Cause
become I-Cause
familiar I-Cause
with I-Cause
Matco I-Cause
's I-Cause
platform I-Cause
, O
and O
we O
expect O
the B-Cause
firm I-Cause
's I-Cause
SaaS-based I-Cause
offerings I-Cause
to O
help O
increase B-Effect
the I-Effect
business I-Effect
' I-Effect
recurring I-Effect
revenue I-Effect
stream I-Effect
and I-Effect
increase I-Effect
customer I-Effect
stickiness I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Beverage O
concentrates O
sales O
constitute O
13 O
% O
of O
revenue O
but O
roughly O
30 O
% O
of O
operating O
income O
, O
and O
the O
reality O
is O
that O
the O
structurally B-Cause
higher I-Cause
margins I-Cause
and I-Cause
lower I-Cause
capital I-Cause
intensity I-Cause
of I-Cause
this I-Cause
segment I-Cause
contribute B-Effect
materially I-Effect
to I-Effect
Keurig I-Effect
Dr I-Effect
Pepper I-Effect
's I-Effect
excess I-Effect
returns I-Effect
. O

Adient B-Cause
is I-Cause
in I-Cause
the I-Cause
process I-Cause
of I-Cause
consolidating I-Cause
some I-Cause
of I-Cause
its I-Cause
Chinese I-Cause
seating I-Cause
joint I-Cause
ventures I-Cause
so O
it B-Effect
can I-Effect
pursue I-Effect
business I-Effect
with I-Effect
more I-Effect
Japanese I-Effect
, I-Effect
German I-Effect
, I-Effect
and I-Effect
startup I-Effect
electric I-Effect
vehicle I-Effect
firms I-Effect
. O

This B-Cause
ability I-Cause
of I-Cause
users I-Cause
to I-Cause
customize I-Cause
their I-Cause
Nice I-Cause
products I-Cause
and I-Cause
generate I-Cause
personalized I-Cause
analytics I-Cause
and I-Cause
integrations I-Cause
is O
likely O
to O
attract B-Effect
new I-Effect
customers I-Effect
, O
which O
in O
turn O
will O
attract B-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

A B-Effect
small I-Effect
number I-Effect
of I-Effect
large I-Effect
apparel I-Effect
retailers I-Effect
have I-Effect
created I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
by O
negotiating B-Cause
lower I-Cause
rates I-Cause
from I-Cause
suppliers I-Cause
and I-Cause
getting I-Cause
new I-Cause
products I-Cause
into I-Cause
their I-Cause
stores I-Cause
faster I-Cause
than I-Cause
others I-Cause
. O

We O
expect O
the B-Cause
company I-Cause
to I-Cause
increase I-Cause
the I-Cause
percentage I-Cause
of I-Cause
content I-Cause
on I-Cause
the I-Cause
broadcast I-Cause
network I-Cause
created I-Cause
in-house I-Cause
( I-Cause
currently I-Cause
above I-Cause
70 I-Cause
% I-Cause
) I-Cause
to O
fully B-Effect
capture I-Effect
the I-Effect
multiple I-Effect
cash I-Effect
flows I-Effect
that I-Effect
a I-Effect
hit I-Effect
show I-Effect
can I-Effect
produce I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
a I-Cause
history I-Cause
of I-Cause
goodwill I-Cause
and I-Cause
fixed-asset I-Cause
impairments I-Cause
, O
so O
book B-Effect
value I-Effect
could I-Effect
decline I-Effect
if I-Effect
a I-Effect
large I-Effect
impairment I-Effect
is I-Effect
taken I-Effect
. O

Regulations B-Effect
on I-Effect
its I-Effect
products I-Effect
, I-Effect
such I-Effect
as I-Effect
a I-Effect
ban I-Effect
on I-Effect
certain I-Effect
chemicals I-Effect
, I-Effect
represent I-Effect
a I-Effect
risk I-Effect
to I-Effect
Scotts I-Effect
, O
as O
it B-Cause
would I-Cause
have I-Cause
to I-Cause
reformulate I-Cause
products I-Cause
. O

In O
fact O
, O
we O
believe O
the O
primary O
reason O
states B-Effect
outsource I-Effect
to I-Effect
managed-care I-Effect
providers I-Effect
relates O
to O
the B-Cause
structural I-Cause
cost I-Cause
advantage I-Cause
managed-care I-Cause
plans I-Cause
typically I-Cause
have I-Cause
over I-Cause
the I-Cause
traditional I-Cause
Medicaid I-Cause
fee-for-service I-Cause
plans I-Cause
. O

Texas O
legislation O
also O
passed O
in O
2015 O
virtually O
eliminates B-Effect
regulatory I-Effect
lag I-Effect
by O
allowing O
rate B-Cause
adjustments I-Cause
for I-Cause
capital I-Cause
investments I-Cause
30 I-Cause
days I-Cause
prospectively I-Cause
and I-Cause
155 I-Cause
days I-Cause
retroactively I-Cause
. O

We O
believe O
that O
the B-Effect
demand I-Effect
for I-Effect
snowmobiles I-Effect
will I-Effect
be I-Effect
tempered I-Effect
by I-Effect
a I-Effect
lengthy I-Effect
product I-Effect
replacement I-Effect
cycle I-Effect
, O
but O
that O
the B-Cause
leading I-Cause
market I-Cause
constituent I-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
deliver I-Cause
the I-Cause
best I-Cause
new I-Cause
product I-Cause
and I-Cause
take I-Cause
price I-Cause
. O

In O
short O
, O
the B-Cause
pandemic I-Cause
has I-Cause
accelerated I-Cause
the I-Cause
broader I-Cause
shift I-Cause
to I-Cause
e-commerce I-Cause
sales I-Cause
, O
pulling B-Effect
forward I-Effect
years I-Effect
of I-Effect
B2C I-Effect
package I-Effect
growth I-Effect
and I-Effect
driving I-Effect
up I-Effect
residential I-Effect
deliveries I-Effect
for I-Effect
ground I-Effect
. O

We O
think O
that O
any B-Cause
stagnation I-Cause
in I-Cause
Corning I-Cause
's I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
, I-Cause
or I-Cause
renewed I-Cause
vigor I-Cause
or I-Cause
capital I-Cause
intensity I-Cause
from I-Cause
a I-Cause
competitor I-Cause
, O
could O
eat B-Effect
into I-Effect
Corning I-Effect
's I-Effect
leading I-Effect
market I-Effect
share I-Effect
. O

The B-Cause
next I-Cause
nine I-Cause
partners I-Cause
make I-Cause
up I-Cause
about I-Cause
30 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
, I-Cause
and I-Cause
any I-Cause
bankruptcy I-Cause
among I-Cause
them I-Cause
would O
create O
pressure B-Effect
on I-Effect
the I-Effect
company I-Effect
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
typically I-Cause
grant I-Cause
regulated I-Cause
utilities I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow O
the B-Effect
utilities I-Effect
to I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
their I-Effect
distribution I-Effect
networks I-Effect
. O

Along O
with O
competitor O
Arrow O
, O
we B-Effect
believe I-Effect
Avnet I-Effect
has I-Effect
positioned I-Effect
itself I-Effect
well I-Effect
to I-Effect
benefit I-Effect
from I-Effect
broad-based I-Effect
demand I-Effect
for I-Effect
electronic I-Effect
content I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
consumer I-Effect
products I-Effect
, I-Effect
automotive I-Effect
, I-Effect
medical I-Effect
, I-Effect
and I-Effect
industrial I-Effect
end I-Effect
markets I-Effect
, O
due O
to O
the B-Cause
growing I-Cause
need I-Cause
for I-Cause
connectivity I-Cause
and I-Cause
automation I-Cause
. O

In O
addition O
, O
we O
believe O
that O
dominate B-Effect
players I-Effect
such I-Effect
as I-Effect
TAL I-Effect
should I-Effect
continue I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
due O
to O
its B-Cause
innovation I-Cause
, I-Cause
scales I-Cause
, I-Cause
and I-Cause
teacher I-Cause
quality I-Cause
with I-Cause
standardized I-Cause
facilities I-Cause
and I-Cause
teaching I-Cause
materials I-Cause
. O

Geographically O
, O
we O
expect O
the B-Effect
Mexico I-Effect
and I-Effect
Central I-Effect
America I-Effect
segment I-Effect
to I-Effect
outpace I-Effect
South I-Effect
America I-Effect
, O
particularly O
in O
price O
, O
owing O
to O
the B-Cause
company I-Cause
's I-Cause
dominance I-Cause
in I-Cause
Mexico I-Cause
. O

While O
the O
intensity O
of O
new O
reward O
offers O
from O
its O
competitors O
has O
slackened O
from O
its O
peak O
, O
the B-Cause
overall I-Cause
trend I-Cause
of I-Cause
increasing I-Cause
rewards I-Cause
remains I-Cause
in I-Cause
place I-Cause
, O
and O
American O
Express O
will O
need O
to O
follow O
in O
order O
to B-Effect
stay I-Effect
relevant I-Effect
. O

Rebuilt B-Cause
North I-Cause
American I-Cause
and I-Cause
European I-Cause
herds I-Cause
should O
give B-Cause
way I-Cause
to I-Cause
higher I-Cause
slaughter I-Cause
rates I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, O
boosting B-Effect
the I-Effect
amount I-Effect
of I-Effect
resin I-Effect
packaging I-Effect
sold I-Effect
by I-Effect
Sealed I-Effect
Air I-Effect
. O

As O
a O
result O
of O
the B-Cause
competitive I-Cause
gaming I-Cause
markets I-Cause
it I-Cause
competes I-Cause
in I-Cause
, O
Caesars B-Effect
' I-Effect
6.3 I-Effect
% I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including I-Effect
goodwill I-Effect
on I-Effect
average I-Effect
the I-Effect
past I-Effect
three I-Effect
prepandemic I-Effect
years I-Effect
( I-Effect
2017-19 I-Effect
) I-Effect
sits I-Effect
below I-Effect
its I-Effect
8.7 I-Effect
% I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
supporting B-Effect
our I-Effect
stance I-Effect
that I-Effect
it I-Effect
has I-Effect
failed I-Effect
to I-Effect
carve I-Effect
out I-Effect
an I-Effect
edge I-Effect
. O

Exxon B-Effect
's I-Effect
upstream I-Effect
greenhouse I-Effect
gas I-Effect
intensity I-Effect
is I-Effect
rather I-Effect
high I-Effect
for I-Effect
its I-Effect
peer I-Effect
group I-Effect
at I-Effect
38 I-Effect
kg I-Effect
CO2e/boe I-Effect
( I-Effect
2019 I-Effect
) I-Effect
by I-Effect
our I-Effect
estimates I-Effect
due O
to O
its B-Cause
oil I-Cause
sands I-Cause
operations I-Cause
, I-Cause
making I-Cause
it I-Cause
a I-Cause
higher-cost I-Cause
producer I-Cause
. O

We O
use O
a O
6.9 O
% O
weighted O
average O
cost O
of O
capital O
in O
our O
assumption O
, O
consistent O
with O
our O
view O
that O
the B-Effect
firm I-Effect
maintains I-Effect
low I-Effect
revenue I-Effect
sensitivity I-Effect
to I-Effect
systemic I-Effect
risk I-Effect
, O
due O
to O
the B-Cause
relative I-Cause
outperformance I-Cause
of I-Cause
value-oriented I-Cause
QSR I-Cause
concepts I-Cause
during I-Cause
periods I-Cause
of I-Cause
economic I-Cause
stress I-Cause
. O

We O
expect O
that O
COVID-19 B-Effect
will I-Effect
result I-Effect
in I-Effect
catastrophic I-Effect
2020 I-Effect
results I-Effect
for I-Effect
Kohl I-Effect
's I-Effect
, O
as O
we B-Cause
forecast I-Cause
a I-Cause
sales I-Cause
decline I-Cause
of I-Cause
20 I-Cause
% I-Cause
and I-Cause
an I-Cause
adjusted I-Cause
EBITDA I-Cause
drop I-Cause
of I-Cause
more I-Cause
than I-Cause
75 I-Cause
% I-Cause
. O

Due O
to O
the B-Cause
low-risk I-Cause
nature I-Cause
of I-Cause
the I-Cause
utility I-Cause
and I-Cause
ASB I-Cause
, O
we B-Effect
assume I-Effect
a I-Effect
7.5 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
versus I-Effect
the O
9 O
% O
rate O
of O
return O
we O
expect O
investors O
will O
demand O
of O
a O
diversified O
equity O
portfolio O
. O

It B-Effect
is I-Effect
much I-Effect
more I-Effect
efficient I-Effect
for I-Effect
customers I-Effect
to I-Effect
trade I-Effect
two I-Effect
different I-Effect
equity I-Effect
index I-Effect
futures I-Effect
on I-Effect
the I-Effect
same I-Effect
exchange I-Effect
as O
this B-Cause
allows I-Cause
futures I-Cause
traders I-Cause
to I-Cause
net I-Cause
their I-Cause
positions I-Cause
out I-Cause
when I-Cause
posting I-Cause
collateral I-Cause
. O

For O
a O
time O
, O
this O
seemed O
to O
be O
happening O
, O
with O
the O
company B-Effect
experiencing I-Effect
a I-Effect
stretch I-Effect
of I-Effect
lower I-Effect
per I-Effect
unit I-Effect
revenue I-Effect
year I-Effect
over I-Effect
year I-Effect
from O
price B-Cause
competition I-Cause
. O

A B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
, I-Cause
which I-Cause
could I-Cause
be I-Cause
indicated I-Cause
by I-Cause
increased I-Cause
home I-Cause
inventories I-Cause
for I-Cause
sale I-Cause
or I-Cause
slower I-Cause
growth I-Cause
in I-Cause
new- I-Cause
or I-Cause
used-home I-Cause
prices I-Cause
, O
could O
alter O
the O
wealth O
effect O
on O
consumers O
and O
cause O
them O
to O
spend B-Effect
less I-Effect
on I-Effect
replacing I-Effect
goods I-Effect
in I-Effect
their I-Effect
homes I-Effect
. O

The O
existence O
of O
very B-Cause
large I-Cause
rig-building I-Cause
projects I-Cause
with I-Cause
corresponding I-Cause
large I-Cause
backlog I-Cause
levels I-Cause
could O
serve O
as O
a B-Effect
risk I-Effect
to I-Effect
National I-Effect
Oilwell I-Effect
Varco I-Effect
. O

That O
said O
, O
since O
NXP B-Cause
is I-Cause
based I-Cause
in I-Cause
the I-Cause
Netherlands I-Cause
, O
NXP B-Effect
might I-Effect
even I-Effect
be I-Effect
a I-Effect
beneficiary I-Effect
if O
China B-Cause
were I-Cause
to I-Cause
avoid I-Cause
using I-Cause
U.S.-based I-Cause
MCUs I-Cause
in I-Cause
the I-Cause
future I-Cause
. O

We B-Cause
increased I-Cause
our I-Cause
projections I-Cause
for I-Cause
cancer I-Cause
drug I-Cause
Loxo-305 I-Cause
and I-Cause
diabetes I-Cause
drug I-Cause
tirzepatide I-Cause
based O
on O
strong B-Effect
clinical I-Effect
data I-Effect
and I-Effect
Lilly I-Effect
's I-Effect
solid I-Effect
commitment I-Effect
to I-Effect
developing I-Effect
the I-Effect
drugs I-Effect
in I-Effect
phase I-Effect
3 I-Effect
. O

We O
expect O
the B-Effect
Internet I-Effect
of I-Effect
Things I-Effect
segment I-Effect
to I-Effect
increase I-Effect
by I-Effect
an I-Effect
average I-Effect
of I-Effect
11 I-Effect
% I-Effect
over I-Effect
the I-Effect
duration I-Effect
of I-Effect
our I-Effect
forecast I-Effect
with O
touch B-Cause
, I-Cause
display I-Cause
, I-Cause
audio I-Cause
and I-Cause
video I-Cause
solutions I-Cause
proliferating I-Cause
in I-Cause
smart I-Cause
homes I-Cause
, I-Cause
automotive I-Cause
, I-Cause
and I-Cause
future I-Cause
devices I-Cause
like I-Cause
AR I-Cause
and I-Cause
VR I-Cause
headsets I-Cause
. O

Zebra B-Cause
has I-Cause
also I-Cause
relied I-Cause
on I-Cause
hefty I-Cause
R I-Cause
& I-Cause
D I-Cause
investment I-Cause
and I-Cause
add-on I-Cause
acquisitions I-Cause
to O
fuel B-Effect
top-line I-Effect
growth I-Effect
and I-Effect
stave I-Effect
off I-Effect
competition I-Effect
; O
any B-Cause
slowdown I-Cause
in I-Cause
these I-Cause
activities I-Cause
could O
open B-Effect
the I-Effect
firm I-Effect
up I-Effect
to I-Effect
a I-Effect
greater I-Effect
competitive I-Effect
threat I-Effect
. O

The O
government O
solutions O
segment O
accounted O
for O
roughly O
83 O
% O
of O
the O
firm O
's O
backlog O
as O
of O
December O
2020 O
( O
compared O
with O
only O
about O
16 O
% O
as O
of O
December O
2014 O
) O
, O
and O
we O
expect O
the B-Cause
shift I-Cause
to I-Cause
long-term I-Cause
government I-Cause
contracts I-Cause
to O
result O
in O
a B-Effect
more I-Effect
stable I-Effect
portfolio I-Effect
. O

Because O
of O
lower B-Cause
revenue I-Cause
, I-Cause
IT-related I-Cause
investments I-Cause
, I-Cause
and I-Cause
recent I-Cause
pressure I-Cause
on I-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
linked I-Cause
in I-Cause
part I-Cause
to I-Cause
rising I-Cause
buy I-Cause
rates I-Cause
for I-Cause
capacity I-Cause
, O
we O
look O
for O
Hub B-Effect
's I-Effect
adjusted I-Effect
2020 I-Effect
EBIT I-Effect
margin I-Effect
to I-Effect
fall I-Effect
90 I-Effect
basis I-Effect
points I-Effect
to I-Effect
3.2 I-Effect
% I-Effect
. O

Previously O
, O
Pfizer B-Effect
accounted I-Effect
for I-Effect
a I-Effect
third I-Effect
of I-Effect
Icon I-Effect
's I-Effect
revenue I-Effect
, I-Effect
but I-Effect
it I-Effect
now I-Effect
represents I-Effect
about I-Effect
12 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
this I-Effect
to I-Effect
continue I-Effect
to I-Effect
decline I-Effect
as O
diversification B-Cause
remains I-Cause
a I-Cause
top I-Cause
priority I-Cause
for I-Cause
the I-Cause
firm I-Cause
. O

In O
markets O
and O
product O
categories O
that O
Tractor O
Supply O
overlaps O
with O
other O
big-box O
retailers O
( O
Lowe O
's O
, O
PetSmart O
, O
Walmart O
) O
, O
we O
think O
the B-Cause
company I-Cause
could I-Cause
be I-Cause
forced I-Cause
to I-Cause
be I-Cause
a I-Cause
price I-Cause
taker I-Cause
, O
which O
could O
weigh B-Effect
on I-Effect
local I-Effect
profits I-Effect
. O

The O
channels O
remain O
well O
behind O
ESPN O
in O
terms O
of O
total O
audience O
but O
have B-Effect
made I-Effect
inroads I-Effect
as O
the B-Cause
predecessor I-Cause
firm I-Cause
spent I-Cause
money I-Cause
on I-Cause
sport I-Cause
rights I-Cause
including I-Cause
MLB I-Cause
, I-Cause
college I-Cause
football I-Cause
, I-Cause
college I-Cause
basketball I-Cause
, I-Cause
and I-Cause
soccer I-Cause
( I-Cause
World I-Cause
Cup I-Cause
, I-Cause
MLS I-Cause
, I-Cause
and I-Cause
Bundesliga I-Cause
) I-Cause
. O

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

Even O
if O
equipment O
sales O
dipped O
during O
an O
economic O
downturn O
, O
we B-Effect
expect I-Effect
overall I-Effect
growth I-Effect
would I-Effect
remain I-Effect
relatively I-Effect
stable I-Effect
, O
supported O
by O
a B-Cause
less I-Cause
cyclical I-Cause
sterilization I-Cause
business I-Cause
. O

Its O
progress O
should O
be O
accelerated O
by O
partnerships O
( O
with O
Ocado O
, O
Walgreens O
, O
Microsoft O
, O
and O
others O
) O
that O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
are I-Effect
available I-Effect
to I-Effect
smaller I-Effect
rivals I-Effect
because O
they B-Cause
can I-Cause
not I-Cause
deliver I-Cause
the I-Cause
same I-Cause
value I-Cause
to I-Cause
counterparts I-Cause
. O

Gathering B-Cause
and I-Cause
processing I-Cause
volumes I-Cause
across I-Cause
the I-Cause
Rockies I-Cause
and I-Cause
midcontinent I-Cause
fell I-Cause
18 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
, O
and O
while O
volumes O
have O
recovered O
in O
late O
2020 O
, O
the O
sharp O
decline O
demonstrates O
the B-Effect
challenging I-Effect
basin I-Effect
economics I-Effect
for I-Effect
producers I-Effect
and I-Effect
thus I-Effect
volume I-Effect
security I-Effect
for I-Effect
Oneok I-Effect
. O

K3 B-Effect
will I-Effect
not I-Effect
require I-Effect
the I-Effect
additional I-Effect
brine I-Effect
inflow I-Effect
expense I-Effect
, O
which O
averaged B-Cause
10 I-Cause
% I-Cause
-15 I-Cause
% I-Cause
of I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
before I-Cause
the I-Cause
ramp-up I-Cause
of I-Cause
K3 I-Cause
, O
which O
will O
provide O
Mosaic O
with O
more O
attractive O
unit O
costs O
. O

In O
the O
domestic O
market O
, O
the B-Effect
strategic I-Effect
focus I-Effect
is I-Effect
to I-Effect
uphold I-Effect
TI I-Effect
's I-Effect
premium I-Effect
position I-Effect
by O
optimizing B-Cause
the I-Cause
quality I-Cause
of I-Cause
operations I-Cause
and I-Cause
capital I-Cause
investments I-Cause
. O

We B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
81 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
80 I-Effect
per I-Effect
share I-Effect
as O
Dominion B-Cause
begins I-Cause
to I-Cause
implement I-Cause
its I-Cause
long-term I-Cause
plan I-Cause
to I-Cause
comply I-Cause
with I-Cause
Virginia I-Cause
's I-Cause
Clean I-Cause
Energy I-Cause
Act I-Cause
. O

But O
overall O
, O
in O
the O
intermediate O
term O
, O
we O
remain O
unconvinced B-Effect
that I-Effect
emerging I-Effect
systems I-Effect
will I-Effect
dethrone I-Effect
Illumina I-Effect
's I-Effect
sequencing I-Effect
technologies I-Effect
, O
given O
the O
difficulties B-Cause
of I-Cause
commercializing I-Cause
new I-Cause
sequencing I-Cause
tools I-Cause
, O
especially O
compared O
with O
Illumina O
's O
tested O
and O
large O
installed O
system O
base O
. O

But O
even O
in O
the O
face O
of O
this O
cost O
pressure O
, O
we B-Cause
do I-Cause
n't I-Cause
anticipate I-Cause
Colgate I-Cause
will I-Cause
turn I-Cause
off I-Cause
the I-Cause
spigot I-Cause
on I-Cause
its I-Cause
brand I-Cause
spend I-Cause
, I-Cause
which I-Cause
we I-Cause
view I-Cause
as I-Cause
particularly I-Cause
vital I-Cause
given I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
in I-Cause
which I-Cause
it I-Cause
plays. O
As O
such O
, O
we O
forecast O
it B-Effect
will I-Effect
expend I-Effect
around I-Effect
13 I-Effect
% I-Effect
of I-Effect
sales I-Effect
( I-Effect
or I-Effect
more I-Effect
than I-Effect
$ I-Effect
2.6 I-Effect
billion I-Effect
) I-Effect
annually I-Effect
on I-Effect
research I-Effect
, I-Effect
development I-Effect
, I-Effect
and I-Effect
marketing I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, I-Effect
which I-Effect
we I-Effect
view I-Effect
as I-Effect
a I-Effect
prudent I-Effect
means I-Effect
to I-Effect
support I-Effect
is I-Effect
competitive I-Effect
prowess I-Effect
( I-Effect
including I-Effect
its I-Effect
entrenched I-Effect
standing I-Effect
with I-Effect
dentists I-Effect
, I-Effect
veterinarians I-Effect
, I-Effect
and I-Effect
dermatologists I-Effect
) I-Effect
. O

That O
said O
, O
we B-Effect
like I-Effect
Yum I-Effect
China I-Effect
's I-Effect
ability I-Effect
to I-Effect
compete I-Effect
during I-Effect
a I-Effect
period I-Effect
of I-Effect
heightened I-Effect
price I-Effect
competition I-Effect
, O
given O
its B-Cause
meaningful I-Cause
supply-chain I-Cause
advantages I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
marketing I-Cause
, I-Cause
value I-Cause
proposition I-Cause
, I-Cause
and I-Cause
digital I-Cause
engagement I-Cause
measures I-Cause
. O

On O
an O
individual O
basis O
, O
we B-Effect
would I-Effect
be I-Effect
happy I-Effect
owners I-Effect
of I-Effect
any I-Effect
of I-Effect
Smiths I-Effect
Group I-Effect
's I-Effect
disparate I-Effect
divisions I-Effect
, O
as O
they B-Cause
are I-Cause
all I-Cause
strong I-Cause
industry-leading I-Cause
niche I-Cause
businesses I-Cause
, O
each O
producing O
admirable O
margins O
and O
returns O
. O

This B-Cause
rivalry I-Cause
pits I-Cause
farmers I-Cause
on I-Cause
opposite I-Cause
sides I-Cause
, O
which O
we O
believe O
makes O
it B-Effect
highly I-Effect
unlikely I-Effect
for I-Effect
a I-Effect
'Red I-Effect
' I-Effect
equipment I-Effect
owner I-Effect
to I-Effect
purchase I-Effect
a I-Effect
'Green I-Effect
' I-Effect
piece I-Effect
of I-Effect
equipment I-Effect
. O

And B-Cause
Victoria I-Cause
's I-Cause
Secret I-Cause
could I-Cause
have I-Cause
to I-Cause
continue I-Cause
to I-Cause
drive I-Cause
in-store I-Cause
traffic I-Cause
with I-Cause
price I-Cause
and I-Cause
promotions I-Cause
after I-Cause
COVID-19 I-Cause
as I-Cause
consumer I-Cause
behavior I-Cause
around I-Cause
brick-and-mortar I-Cause
retailing I-Cause
shifts. O
These O
concerns O
have O
tempered B-Effect
our I-Effect
forecasts I-Effect
for I-Effect
consolidated I-Effect
gross I-Effect
and I-Effect
operating I-Effect
margins I-Effect
averaging I-Effect
38 I-Effect
% I-Effect
and I-Effect
11 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
versus I-Effect
39 I-Effect
% I-Effect
and I-Effect
14 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
. O

Some B-Cause
of I-Cause
this I-Cause
impact I-Cause
may I-Cause
be I-Cause
offset I-Cause
by I-Cause
quarantined I-Cause
consumers I-Cause
' I-Cause
desire I-Cause
to I-Cause
get I-Cause
out I-Cause
of I-Cause
the I-Cause
house I-Cause
, I-Cause
but I-Cause
we I-Cause
now I-Cause
project I-Cause
that I-Cause
it I-Cause
will I-Cause
take I-Cause
until I-Cause
2022 I-Cause
for I-Cause
Live I-Cause
Nation I-Cause
to I-Cause
return I-Cause
to I-Cause
2019 I-Cause
levels. O
As O
a O
result O
, O
we O
now O
project O
that O
2020 B-Effect
revenue I-Effect
will I-Effect
collapse I-Effect
to I-Effect
$ I-Effect
2.1 I-Effect
billion I-Effect
, I-Effect
down I-Effect
82 I-Effect
% I-Effect
from I-Effect
2019 I-Effect
, I-Effect
and I-Effect
will I-Effect
only I-Effect
rebound I-Effect
to I-Effect
$ I-Effect
8.5 I-Effect
billion I-Effect
by I-Effect
2021 I-Effect
, I-Effect
or I-Effect
27 I-Effect
% I-Effect
below I-Effect
2019 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
since 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
, I-Cause
and I-Cause
their I-Cause
growing I-Cause
size I-Cause
means I-Cause
they I-Cause
can I-Cause
achieve I-Cause
working-capital I-Cause
efficiencies I-Cause
by I-Cause
moving I-Cause
inventory I-Cause
around I-Cause
their I-Cause
store I-Cause
base I-Cause
. O

Nike B-Cause
's I-Cause
brands I-Cause
have I-Cause
proven I-Cause
staying I-Cause
power I-Cause
, O
supporting O
our O
view O
that O
it B-Effect
can I-Effect
continue I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

Finally O
, O
we O
think O
the B-Cause
runaway I-Cause
cost I-Cause
of I-Cause
living I-Cause
in I-Cause
West I-Cause
Coast I-Cause
metros I-Cause
is O
an O
area O
of O
concern O
, O
given O
that O
this O
has O
the O
potential O
to O
push B-Effect
the I-Effect
tech I-Effect
industry I-Effect
's I-Effect
center I-Effect
of I-Effect
gravity I-Effect
away I-Effect
from I-Effect
these I-Effect
high-cost I-Effect
regions I-Effect
. O

Commodity B-Cause
costs I-Cause
, I-Cause
declines I-Cause
in I-Cause
global I-Cause
vehicle I-Cause
production I-Cause
like I-Cause
the I-Cause
abrupt I-Cause
shutdowns I-Cause
the I-Cause
industry I-Cause
has I-Cause
experienced I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
, I-Cause
and I-Cause
longer-term I-Cause
, I-Cause
vehicle I-Cause
electrification I-Cause
represent I-Cause
the B-Effect
biggest I-Effect
risks I-Effect
to I-Effect
Tenneco I-Effect
. O

Eastman B-Effect
's I-Effect
continual I-Effect
innovation I-Effect
of I-Effect
its I-Effect
Crystex I-Effect
and I-Effect
Impera I-Effect
brands I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
as O
its B-Cause
newest I-Cause
patented I-Cause
products I-Cause
allow I-Cause
tire I-Cause
manufacturers I-Cause
to I-Cause
meet I-Cause
the I-Cause
pending I-Cause
regulations I-Cause
in I-Cause
all I-Cause
three I-Cause
areas I-Cause
. O

However O
, O
during O
this O
extended O
economic O
cycle O
, O
we O
have O
seen O
rate B-Effect
growth I-Effect
decelerate I-Effect
as O
hotels B-Cause
have I-Cause
approached I-Cause
the I-Cause
occupancy I-Cause
peak I-Cause
. O

In O
2021 O
, O
AES O
estimates O
that O
a B-Cause
10 I-Cause
% I-Cause
increase I-Cause
in I-Cause
coal I-Cause
or I-Cause
natural I-Cause
gas I-Cause
would O
reduce B-Effect
earnings I-Effect
by I-Effect
less I-Effect
than I-Effect
$ I-Effect
0.005 I-Effect
per I-Effect
share I-Effect
. O

Albemarle B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
lithium I-Effect
carbonate 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
which O
make O
up O
approximately O
80 O
% O
of O
its O
lithium O
profits O
. O

We B-Cause
look I-Cause
for I-Cause
robust I-Cause
truck-brokerage I-Cause
market I-Cause
conditions I-Cause
to I-Cause
persist I-Cause
throughout I-Cause
most I-Cause
of I-Cause
2021 I-Cause
, I-Cause
especially I-Cause
in I-Cause
terms I-Cause
of I-Cause
a I-Cause
strong I-Cause
late I-Cause
2020/early I-Cause
2021 I-Cause
contract I-Cause
bidding I-Cause
season I-Cause
( I-Cause
rate I-Cause
recovery I-Cause
) I-Cause
, O
which O
is O
benefiting B-Effect
from I-Effect
extremely I-Effect
tight I-Effect
TL I-Effect
supply I-Effect
. O

We O
think O
Ultamate B-Cause
and I-Cause
the I-Cause
Ulta-branded I-Cause
credit I-Cause
cards I-Cause
provide B-Effect
customer I-Effect
data I-Effect
( O
used O
in O
merchandising O
and O
marketing O
efforts O
) O
and O
encourage B-Effect
store I-Effect
visitation I-Effect
. O

Moreover O
, O
due O
to O
operating B-Cause
cost I-Cause
cuts I-Cause
, O
its O
selling O
, O
general O
, O
and O
administrative O
expenses O
rose O
only O
2.9 O
% O
in O
2020 O
, O
leading O
to O
an B-Effect
operating I-Effect
margin I-Effect
of I-Effect
7.7 I-Effect
% I-Effect
, I-Effect
up I-Effect
340 I-Effect
basis I-Effect
points I-Effect
from I-Effect
2019 I-Effect
. O

A B-Cause
sharp I-Cause
economic I-Cause
downturn I-Cause
could O
affect B-Effect
auto I-Effect
technicians I-Effect
' I-Effect
ability I-Effect
to I-Effect
repay I-Effect
their I-Effect
loans I-Effect
to I-Effect
Snap-on I-Effect
Finance I-Effect
as I-Effect
well I-Effect
as I-Effect
credit I-Effect
extended I-Effect
from I-Effect
franchisees I-Effect
that O
does O
not O
appear O
on O
its O
balance O
sheet O
. O

Ball O
's O
acquisition O
of O
Rexam O
highlights O
management O
's O
focus O
on O
investment O
in O
emerging O
markets O
, O
where O
discretionary B-Cause
income I-Cause
growth I-Cause
ought O
to O
drive O
higher B-Effect
consumption I-Effect
of I-Effect
processed I-Effect
foods I-Effect
, O
including O
beer O
and O
soft O
drinks O
. O

We O
model O
this O
into O
our O
base-case O
demand O
assumptions O
, O
but O
as O
mRNA B-Cause
vaccines I-Cause
are I-Cause
in I-Cause
high I-Cause
demand I-Cause
globally I-Cause
, O
this O
is O
immaterial B-Effect
to I-Effect
our I-Effect
valuation I-Effect
( I-Effect
less I-Effect
than I-Effect
10 I-Effect
% I-Effect
impact I-Effect
) I-Effect
. O

Shaw B-Cause
has I-Cause
made I-Cause
significant I-Cause
efforts I-Cause
to I-Cause
improve I-Cause
its I-Cause
wireless I-Cause
network I-Cause
and I-Cause
is I-Cause
now I-Cause
bundling I-Cause
wireless I-Cause
with I-Cause
wireline I-Cause
service I-Cause
to I-Cause
customers I-Cause
in I-Cause
its I-Cause
cable I-Cause
footprint I-Cause
, O
enabling B-Effect
it I-Effect
offer I-Effect
even I-Effect
better I-Effect
value I-Effect
and I-Effect
enhancing I-Effect
service I-Effect
when I-Effect
offloaded I-Effect
onto I-Effect
its I-Effect
WiFi I-Effect
network I-Effect
. O

Risks B-Cause
surrounding I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
remain I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

Once B-Cause
an I-Cause
index I-Cause
becomes I-Cause
dominant I-Cause
in I-Cause
a I-Cause
certain I-Cause
segment I-Cause
and I-Cause
has I-Cause
widespread I-Cause
acceptance I-Cause
among I-Cause
stakeholders I-Cause
, O
it O
tends O
to O
stay B-Effect
that I-Effect
way I-Effect
. O

Also O
, O
while O
industrial O
and O
automotive O
markets O
are O
relatively O
fragmented O
, O
sales B-Cause
from I-Cause
mobile I-Cause
devices I-Cause
are I-Cause
relatively I-Cause
concentrated I-Cause
, O
requiring B-Effect
less I-Effect
SG I-Effect
& I-Effect
amp I-Effect
; I-Effect
A I-Effect
spend I-Effect
to I-Effect
maintain I-Effect
sales I-Effect
growth I-Effect
. O

Additionally O
, O
operating B-Effect
margins I-Effect
are I-Effect
modeled I-Effect
to I-Effect
reach I-Effect
23 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
about I-Effect
13 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
, O
aided O
by O
long-term B-Cause
growth I-Cause
and I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
premium I-Cause
mass I-Cause
gaming I-Cause
and I-Cause
nongaming I-Cause
in I-Cause
the I-Cause
Macao I-Cause
market I-Cause
. O

Despite O
Abbott O
's O
recent O
efforts O
to O
better O
insulate O
itself O
from O
recalls O
like O
the O
infant O
formula O
recall O
in O
China O
during O
2013 O
, O
the B-Cause
risk I-Cause
of I-Cause
product I-Cause
quality I-Cause
issues I-Cause
or I-Cause
recalls I-Cause
remains I-Cause
and O
can O
damage B-Effect
the I-Effect
firm I-Effect
's I-Effect
brands I-Effect
and I-Effect
its I-Effect
relationships I-Effect
with I-Effect
medical I-Effect
professionals I-Effect
. O

A O
priority O
of O
the O
new O
strategy O
includes O
investing B-Cause
in I-Cause
technology I-Cause
capabilities I-Cause
that O
would O
help O
improve B-Effect
Kingfisher I-Effect
's I-Effect
low I-Effect
online I-Effect
penetration I-Effect
and I-Effect
improve I-Effect
supply I-Effect
chain I-Effect
issues I-Effect
, O
which O
have O
contributed O
to O
inefficiencies B-Effect
and I-Effect
inferior I-Effect
inventory I-Effect
turn I-Effect
ratios I-Effect
to I-Effect
peers I-Effect
. O

The O
potential B-Effect
earnings I-Effect
from I-Effect
its I-Effect
less I-Effect
visible I-Effect
real I-Effect
estate I-Effect
portfolio I-Effect
could I-Effect
provide I-Effect
some I-Effect
upside I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
earnings I-Effect
after O
the B-Cause
easy I-Cause
cost-cutting I-Cause
is I-Cause
complete I-Cause
. O

Given B-Cause
the I-Cause
labor I-Cause
constraints I-Cause
and I-Cause
the I-Cause
economics I-Cause
of I-Cause
trucking I-Cause
, O
we O
argue O
that O
the B-Effect
premium I-Effect
truck I-Effect
market I-Effect
is I-Effect
an I-Effect
ideal I-Effect
sweet I-Effect
spot I-Effect
for I-Effect
Paccar I-Effect
, O
which O
has O
shown O
its O
ability O
to O
execute O
over O
many O
decades O
serving O
this O
rather O
large O
niche O
. O

We B-Cause
see I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
3 I-Cause
% I-Cause
during I-Cause
normal I-Cause
times I-Cause
, I-Cause
with I-Cause
unusual I-Cause
pressure I-Cause
emerging I-Cause
in I-Cause
2020 I-Cause
and I-Cause
2021. 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
15 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

The B-Cause
non-General I-Cause
Dynamics I-Cause
bid I-Cause
was I-Cause
disqualified I-Cause
because O
the B-Cause
contractor I-Cause
could I-Cause
not I-Cause
ship I-Cause
a I-Cause
prototype I-Cause
by I-Cause
the I-Cause
deadline I-Cause
, O
leaving O
only B-Effect
General I-Effect
Dynamics I-Effect
as I-Effect
the I-Effect
sole I-Effect
source I-Effect
capable I-Effect
of I-Effect
delivering I-Effect
a I-Effect
product I-Effect
. O

We O
expect O
Matco O
to O
be O
able O
to O
ward O
off O
competition B-Effect
thanks O
to O
its B-Cause
exclusive I-Cause
van I-Cause
route I-Cause
network I-Cause
, I-Cause
frequent I-Cause
interactions I-Cause
with I-Cause
mechanics I-Cause
that I-Cause
drive I-Cause
customer I-Cause
loyalty I-Cause
, I-Cause
and I-Cause
growth I-Cause
in I-Cause
diagnostic I-Cause
solutions I-Cause
that O
become O
embedded O
in O
a O
repair O
shops O
' O
operations O
. O

But O
the O
current O
environment O
is O
also O
inhibiting O
some O
sales O
, O
as O
many O
retailers O
are O
delaying B-Cause
shelf I-Cause
resets I-Cause
and O
thus B-Effect
the I-Effect
launch I-Effect
of I-Effect
Hain I-Effect
innovations I-Effect
. I-Effect

Primary O
among O
these O
are O
a B-Cause
potential I-Cause
economic I-Cause
slowdown I-Cause
or I-Cause
quickly I-Cause
rising I-Cause
oil I-Cause
prices I-Cause
that O
would O
destroy B-Effect
demand I-Effect
and I-Effect
in I-Effect
turn I-Effect
crush I-Effect
margins I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
significant I-Effect
cash I-Effect
needs I-Effect
looming I-Effect
, I-Effect
and I-Effect
liquidity I-Effect
will I-Effect
be I-Effect
constrained I-Effect
given O
the B-Cause
roughly I-Cause
$ I-Cause
1.5 I-Cause
billion I-Cause
purchase I-Cause
of I-Cause
Big I-Cause
River I-Cause
Steel I-Cause
and I-Cause
sizable I-Cause
reinvestment I-Cause
needs I-Cause
tied I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
ongoing I-Cause
asset I-Cause
revitalization I-Cause
program I-Cause
. O

With O
a B-Cause
near-monopoly I-Cause
on I-Cause
CDMA I-Cause
technology I-Cause
patents I-Cause
, O
Qualcomm B-Effect
charges I-Effect
a I-Effect
royalty I-Effect
fee I-Effect
as I-Effect
a I-Effect
predetermined I-Effect
percentage I-Effect
( I-Effect
3 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
) I-Effect
of I-Effect
the I-Effect
price I-Effect
of I-Effect
each I-Effect
3G I-Effect
device I-Effect
sold I-Effect
. O

Additionally O
, O
given O
the B-Cause
uniquely I-Cause
risk-averse I-Cause
nature I-Cause
of I-Cause
the I-Cause
insurance I-Cause
industry I-Cause
, O
larger B-Effect
insurance I-Effect
carriers I-Effect
require I-Effect
a I-Effect
variety I-Effect
of I-Effect
larger I-Effect
reference I-Effect
accounts I-Effect
. O

A O
second O
factor O
is O
Boeing O
and O
Airbus O
, O
the B-Effect
primary I-Effect
commercial I-Effect
aerospace I-Effect
customers I-Effect
, I-Effect
are I-Effect
quite I-Effect
conservative I-Effect
customers I-Effect
because O
carbon B-Cause
fiber I-Cause
is I-Cause
central I-Cause
to I-Cause
the I-Cause
core I-Cause
product I-Cause
they I-Cause
deliver I-Cause
. O

This O
coincides O
with O
a B-Effect
generation I-Effect
of I-Effect
millennials I-Effect
who I-Effect
have I-Effect
long I-Effect
delayed I-Effect
many I-Effect
adult I-Effect
milestones I-Effect
but I-Effect
have I-Effect
started I-Effect
to I-Effect
move I-Effect
to I-Effect
the I-Effect
suburbs I-Effect
due I-Effect
to I-Effect
the I-Effect
pandemic I-Effect
, O
and O
this B-Effect
trend I-Effect
will I-Effect
likely I-Effect
continue I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
they B-Cause
age I-Cause
and I-Cause
start I-Cause
families I-Cause
. O

Operating B-Effect
margins I-Effect
for I-Effect
the I-Effect
segment I-Effect
will I-Effect
average I-Effect
nearly I-Effect
13 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
driven O
by O
higher B-Cause
average I-Cause
permanent I-Cause
placement I-Cause
fees I-Cause
. O

We B-Effect
expect I-Effect
operating I-Effect
margins I-Effect
to I-Effect
rebound I-Effect
to I-Effect
14 I-Effect
% I-Effect
in I-Effect
2021-beyond I-Effect
with O
demand B-Cause
growing I-Cause
faster I-Cause
than I-Cause
supply I-Cause
and I-Cause
production I-Cause
costs I-Cause
coming I-Cause
down I-Cause
. O

The B-Cause
confluence I-Cause
of I-Cause
import I-Cause
's I-Cause
status I-Cause
as I-Cause
one I-Cause
of I-Cause
the I-Cause
fastest I-Cause
growing I-Cause
malt I-Cause
beverage I-Cause
categories I-Cause
and I-Cause
Constellation I-Cause
's I-Cause
leading I-Cause
market I-Cause
share I-Cause
gives B-Effect
the I-Effect
firm I-Effect
's I-Effect
portfolio I-Effect
preeminent I-Effect
status I-Effect
among I-Effect
distributors I-Effect
and I-Effect
retailers I-Effect
, I-Effect
particularly I-Effect
in I-Effect
states I-Effect
with I-Effect
a I-Effect
plurality I-Effect
of I-Effect
Hispanics I-Effect
( I-Effect
like I-Effect
California I-Effect
and I-Effect
Texas I-Effect
, I-Effect
where I-Effect
they I-Effect
represent I-Effect
the I-Effect
largest I-Effect
ethnic I-Effect
group I-Effect
) I-Effect
. O

We O
believe O
government B-Cause
policies I-Cause
, I-Cause
corporate I-Cause
demand I-Cause
, I-Cause
and I-Cause
robust I-Cause
project I-Cause
development I-Cause
industries I-Cause
in O
these O
regions O
make O
these O
the B-Effect
world I-Effect
's I-Effect
most I-Effect
attractive I-Effect
solar I-Effect
markets I-Effect
. O

Our B-Cause
long-term I-Cause
revenue I-Cause
and I-Cause
margin I-Cause
assumptions O
are O
driven O
by O
continued B-Effect
employment I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
in I-Effect
higher-skilled I-Effect
professions I-Effect
and I-Effect
a I-Effect
return I-Effect
to I-Effect
labor I-Effect
market I-Effect
tightness I-Effect
. O

Following O
the B-Cause
increased I-Cause
sales I-Cause
and I-Cause
administrative I-Cause
spending I-Cause
in I-Cause
2017-19 I-Cause
to I-Cause
beef I-Cause
up I-Cause
hiring I-Cause
, O
we O
expect O
Insulet B-Effect
to I-Effect
gain I-Effect
significant I-Effect
operating I-Effect
leverage I-Effect
over I-Effect
2020-25 I-Effect
. O

As O
the B-Cause
number I-Cause
of I-Cause
contacts I-Cause
increases I-Cause
, O
more B-Cause
developers I-Cause
will I-Cause
choose I-Cause
to I-Cause
develop I-Cause
miniprograms I-Cause
for I-Cause
WeChat I-Cause
or I-Cause
mobile I-Cause
QQ I-Cause
, O
and O
existing B-Effect
users I-Effect
can I-Effect
benefit I-Effect
from I-Effect
having I-Effect
access I-Effect
to I-Effect
additional I-Effect
miniprograms I-Effect
. O

Because O
ICU B-Effect
is I-Effect
the I-Effect
key I-Effect
leader I-Effect
in I-Effect
IV I-Effect
consumables I-Effect
where I-Cause
it I-Cause
can I-Cause
offer B-Cause
a I-Cause
significant I-Cause
discount I-Cause
relative I-Cause
to I-Cause
its I-Cause
competitors I-Cause
, O
we O
think O
ICU B-Effect
has I-Effect
a B-Cause
cost I-Cause
advantage I-Cause
that I-Effect
many B-Effect
hospital I-Effect
end I-Effect
users I-Effect
find I-Effect
attractive I-Effect
. O

One B-Cause
benefit I-Cause
of I-Cause
the I-Cause
platform I-Cause
is I-Cause
that I-Cause
it I-Cause
allows I-Cause
the I-Cause
use I-Cause
of I-Cause
one I-Cause
business I-Cause
number I-Cause
that I-Cause
can I-Cause
support I-Cause
all I-Cause
communication I-Cause
types I-Cause
via I-Cause
both I-Cause
computers I-Cause
and I-Cause
mobile I-Cause
devices. O
This O
allows O
customers B-Effect
to I-Effect
use I-Effect
a I-Effect
personal I-Effect
mobile I-Effect
device I-Effect
for I-Effect
business I-Effect
needs I-Effect
no I-Effect
matter I-Effect
where I-Effect
they I-Effect
are I-Effect
while I-Effect
maintaining I-Effect
the I-Effect
privacy I-Effect
of I-Effect
their I-Effect
personal I-Effect
mobile I-Effect
phone I-Effect
number I-Effect
. O

Exelon B-Cause
's I-Cause
large I-Cause
fleet I-Cause
gives B-Effect
it I-Effect
scale I-Effect
advantages I-Effect
that I-Effect
allow I-Effect
it I-Effect
to I-Effect
add I-Effect
capacity I-Effect
at I-Effect
its I-Effect
plants I-Effect
at I-Effect
a I-Effect
fraction I-Effect
of I-Effect
the I-Effect
cost I-Effect
and I-Effect
risk I-Effect
of I-Effect
a I-Effect
greenfield I-Effect
project I-Effect
. O

Cheaper B-Cause
equipment I-Cause
can I-Cause
increase I-Cause
the I-Cause
likelihood I-Cause
of I-Cause
machine I-Cause
failure I-Cause
during I-Cause
operation I-Cause
, O
leading B-Effect
to I-Effect
lost I-Effect
productivity I-Effect
that I-Effect
cuts I-Effect
into I-Effect
an I-Effect
operator I-Effect
's I-Effect
profitability I-Effect
( I-Effect
mission-critical I-Effect
equipment I-Effect
) I-Effect
. O

Not B-Effect
only I-Effect
new I-Effect
users I-Effect
of I-Effect
Weibo I-Effect
but I-Effect
also I-Effect
existing I-Effect
users I-Effect
see I-Effect
higher I-Effect
value I-Effect
from O
the B-Cause
network I-Cause
as I-Cause
the I-Cause
number I-Cause
of I-Cause
users I-Cause
increase I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
also I-Cause
been I-Cause
able I-Cause
to I-Cause
maintain I-Cause
ample I-Cause
supply I-Cause
of I-Cause
premier I-Cause
land I-Cause
to O
replace B-Effect
closed I-Effect
communities I-Effect
and I-Effect
meet I-Effect
future I-Effect
demand I-Effect
. O

If O
higher B-Cause
margins I-Cause
do I-Cause
n't I-Cause
come I-Cause
to I-Cause
fruition I-Cause
or I-Cause
revenue I-Cause
declines I-Cause
accelerate I-Cause
from I-Cause
the I-Cause
moderate I-Cause
annual I-Cause
level I-Cause
we I-Cause
project I-Cause
, O
we B-Effect
see I-Effect
little I-Effect
bright I-Effect
side I-Effect
for I-Effect
Lumen I-Effect
's I-Effect
future I-Effect
beyond I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
assets I-Effect
. O

Ultimately O
, O
workers O
will O
need O
to O
be O
comfortable O
with O
that O
technology O
, O
which O
can O
become B-Effect
complicated I-Effect
if O
they B-Cause
're I-Cause
forced I-Cause
to I-Cause
learn I-Cause
multiple I-Cause
platforms I-Cause
. O

We O
think O
any B-Cause
attempt I-Cause
by I-Cause
any I-Cause
one I-Cause
of I-Cause
them I-Cause
to I-Cause
make I-Cause
drastic I-Cause
changes I-Cause
in I-Cause
pricing I-Cause
or I-Cause
network I-Cause
enhancements I-Cause
to I-Cause
edge I-Cause
the I-Cause
others I-Cause
would O
simply O
serve B-Effect
to I-Effect
weigh I-Effect
on I-Effect
that I-Effect
company I-Effect
's I-Effect
returns I-Effect
. O

States B-Cause
across I-Cause
which I-Cause
PPL I-Cause
operates I-Cause
are I-Cause
beginning I-Cause
to I-Cause
embrace I-Cause
tighter I-Cause
policies I-Cause
on I-Cause
carbon I-Cause
emissions I-Cause
and O
greater B-Effect
restrictions I-Effect
on I-Effect
coal I-Effect
generation I-Effect
, O
although O
we O
think O
that O
transition O
will O
be O
slower O
in O
states O
like O
Kentucky O
with O
a O
large O
coal O
industry O
presence O
. O

As O
a O
part O
of O
this O
, O
Campbell B-Cause
is I-Cause
scrutinizing I-Cause
its I-Cause
innovation I-Cause
pipeline I-Cause
to O
ensure O
alignment B-Effect
with I-Effect
consumers I-Effect
' I-Effect
evolving I-Effect
trends I-Effect
( O
including O
convenience O
, O
health O
, O
and O
wellness O
) O
. O

However O
, O
we O
expect O
higher B-Effect
wage I-Effect
and I-Effect
health I-Effect
care I-Effect
costs I-Effect
to I-Effect
more I-Effect
than I-Effect
offset I-Effect
$ I-Effect
150 I-Effect
million I-Effect
to I-Effect
$ I-Effect
170 I-Effect
million I-Effect
in I-Effect
identified I-Effect
operating I-Effect
expense I-Effect
savings I-Effect
attributed O
to O
revamping B-Cause
the I-Cause
firm I-Cause
's I-Cause
supply I-Cause
chain I-Cause
, I-Cause
reducing I-Cause
indirect I-Cause
spending I-Cause
, I-Cause
leveraging I-Cause
shared I-Cause
services I-Cause
, I-Cause
and I-Cause
continuing I-Cause
to I-Cause
optimize I-Cause
the I-Cause
salesforce I-Cause
. O

However O
, O
with O
substantial B-Cause
cash I-Cause
flow I-Cause
, O
we O
think O
the B-Effect
company I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
target I-Effect
several I-Effect
rare I-Effect
diseases I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Marvell B-Effect
is I-Effect
on I-Effect
its I-Effect
way I-Effect
in I-Effect
realizing I-Effect
around I-Effect
$ I-Effect
200 I-Effect
million I-Effect
in I-Effect
combined I-Effect
annual I-Effect
run-rate I-Effect
cost I-Effect
synergies I-Effect
following O
the B-Cause
Cavium I-Cause
acquisition I-Cause
. O

NiSource B-Effect
has I-Effect
reduced I-Effect
some I-Effect
of I-Effect
the I-Effect
regulatory I-Effect
uncertainty I-Effect
related I-Effect
to I-Effect
its I-Effect
planned I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
and I-Effect
electric I-Effect
utilities I-Effect
investments I-Effect
by O
securing B-Cause
preapprovals I-Cause
and I-Cause
favorable I-Cause
rate I-Cause
mechanisms I-Cause
that I-Cause
provide I-Cause
for I-Cause
automatic I-Cause
rate I-Cause
increases I-Cause
as I-Cause
infrastructure I-Cause
investments I-Cause
are I-Cause
made I-Cause
. O

CVS B-Cause
' I-Cause
top-tier I-Cause
retail I-Cause
pharmacy I-Cause
, I-Cause
health I-Cause
insurer I-Cause
, I-Cause
and I-Cause
PBM I-Cause
franchises I-Cause
create O
the B-Effect
potential I-Effect
to I-Effect
improve I-Effect
health I-Effect
outcomes I-Effect
and I-Effect
even I-Effect
bend I-Effect
the I-Effect
healthcare I-Effect
cost I-Effect
curve I-Effect
. O

Amazon B-Cause
has I-Cause
done I-Cause
a I-Cause
better I-Cause
job I-Cause
diversifying I-Cause
its I-Cause
product I-Cause
mix I-Cause
toward I-Cause
more I-Cause
consumer I-Cause
staples I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
which O
should O
help B-Effect
to I-Effect
insulate I-Effect
the I-Effect
company I-Effect
from I-Effect
a I-Effect
global I-Effect
economic I-Effect
slowdown I-Effect
or I-Effect
recession I-Effect
. O

Its B-Cause
position I-Cause
and I-Cause
brand I-Cause
strength I-Cause
empower B-Cause
it I-Cause
to I-Cause
charge I-Cause
the I-Cause
highest I-Cause
subscriber I-Cause
fees I-Cause
of I-Cause
any I-Cause
cable I-Cause
network I-Cause
, O
which O
in O
turn B-Effect
generate I-Effect
sustainable I-Effect
profits I-Effect
. O

CrowdStrike B-Cause
's I-Cause
services I-Cause
can O
be B-Effect
instrumental I-Effect
in I-Effect
remediating I-Effect
customers I-Effect
' I-Effect
breaches I-Effect
or I-Effect
testing I-Effect
network I-Effect
security I-Effect
, I-Effect
giving I-Effect
a I-Effect
strong I-Effect
lead I-Effect
generator I-Effect
for I-Effect
selling I-Effect
security I-Effect
products I-Effect
and I-Effect
we I-Effect
believe I-Effect
the I-Effect
growth I-Effect
in I-Effect
CrowdStrike I-Effect
's I-Effect
subscription I-Effect
products I-Effect
will I-Effect
far I-Effect
outpace I-Effect
services I-Effect
demand I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
cards I-Cause
present I-Cause
a I-Cause
highly I-Cause
attractive I-Cause
value I-Cause
proposition I-Cause
to I-Cause
a I-Cause
small I-Cause
business I-Cause
since I-Cause
the I-Cause
cards I-Cause
are I-Cause
a I-Cause
payment I-Cause
method I-Cause
, I-Cause
a I-Cause
cheap I-Cause
line I-Cause
of I-Cause
credit I-Cause
with I-Cause
a I-Cause
large I-Cause
spending I-Cause
limit I-Cause
, I-Cause
and I-Cause
generate I-Cause
reward I-Cause
points I-Cause
all I-Cause
in I-Cause
a I-Cause
single I-Cause
package. O
This O
creates O
switching B-Effect
costs I-Effect
because I-Effect
if I-Effect
a I-Effect
cardholder I-Effect
decides I-Effect
to I-Effect
change I-Effect
cards I-Effect
they I-Effect
will I-Effect
be I-Effect
forced I-Effect
to I-Effect
find I-Effect
an I-Effect
alternative I-Effect
source I-Effect
of I-Effect
financing I-Effect
for I-Effect
their I-Effect
day-to-day I-Effect
expenses I-Effect
. O

In O
general O
, O
the B-Cause
firm I-Cause
remains I-Cause
a I-Cause
small I-Cause
player I-Cause
in I-Cause
both I-Cause
electronic I-Cause
component I-Cause
and I-Cause
power I-Cause
semiconductor I-Cause
markets I-Cause
, O
and O
revenue O
in O
several O
key O
areas O
, O
such O
as O
automotive O
sensors O
, O
will B-Effect
likely I-Effect
be I-Effect
more I-Effect
volatile I-Effect
. O

We O
are O
anticipating O
the B-Effect
highest I-Effect
growth I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
automotive I-Effect
vertical I-Effect
, O
behind O
stellar O
content O
outgrowth O
above O
underlying O
production O
, O
as O
a O
result O
of O
content B-Cause
gains I-Cause
arising I-Cause
from I-Cause
electrification I-Cause
and I-Cause
connectivity I-Cause
. O

PG O
& O
E O
needs B-Effect
well-functioning I-Effect
and I-Effect
cost-effective I-Effect
capital I-Effect
markets I-Effect
to O
fund B-Cause
its I-Cause
planned I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
of I-Cause
investment I-Cause
every I-Cause
year I-Cause
. O

Beyond B-Cause
the I-Cause
synergistic I-Cause
value I-Cause
creation I-Cause
, I-Cause
the I-Cause
Isle I-Cause
and I-Cause
Tropicana/Elgin I-Cause
deals I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
Caesars I-Cause
acquisition I-Cause
, O
have O
meaningfully O
increased B-Effect
the I-Effect
company I-Effect
's I-Effect
presence I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

Longer O
term O
, O
at O
Marmaxx O
( O
about O
60 O
% O
of O
normalized O
sales O
) O
, O
we B-Effect
anticipate I-Effect
long-term I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
averaging I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
, O
driven O
by O
traffic B-Cause
as I-Cause
prices I-Cause
remain I-Cause
low I-Cause
. O

If O
an B-Cause
enterprise I-Cause
software I-Cause
experienced I-Cause
significant I-Cause
downtime I-Cause
, I-Cause
suffered I-Cause
a I-Cause
poor I-Cause
software I-Cause
release I-Cause
, I-Cause
or I-Cause
a I-Cause
company I-Cause
's I-Cause
servers I-Cause
were I-Cause
not I-Cause
properly I-Cause
maintained I-Cause
or I-Cause
well I-Cause
balanced I-Cause
in I-Cause
terms I-Cause
of I-Cause
loads I-Cause
-- O
a O
company O
could O
bear B-Effect
immense I-Effect
costs I-Effect
. O

Its O
strategy O
makes O
ConocoPhillips B-Effect
a I-Effect
compelling I-Effect
option I-Effect
in I-Effect
the I-Effect
energy I-Effect
sector I-Effect
, O
given O
its B-Cause
ability I-Cause
to I-Cause
flex I-Cause
growth I-Cause
based I-Cause
on I-Cause
commodity I-Cause
prices I-Cause
and I-Cause
a 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

Each O
of O
management B-Cause
's I-Cause
strategic I-Cause
actions I-Cause
carries O
its B-Effect
own I-Effect
set I-Effect
of I-Effect
implementation I-Effect
risks I-Effect
and I-Effect
could I-Effect
disrupt I-Effect
the I-Effect
day-to-day I-Effect
operations I-Effect
of I-Effect
Darden I-Effect
's I-Effect
restaurant I-Effect
concept I-Effect
portfolio I-Effect
. O

We O
believe O
switching B-Effect
costs I-Effect
in I-Effect
small I-Effect
and I-Effect
medium I-Effect
business I-Effect
banking I-Effect
are I-Effect
reinforced I-Effect
by O
relationship B-Cause
managers I-Cause
, I-Cause
specialised I-Cause
sector I-Cause
expertise I-Cause
, I-Cause
breadth I-Cause
of I-Cause
product I-Cause
offerings I-Cause
, I-Cause
and I-Cause
the I-Cause
customers I-Cause
additional O
focus O
on O
system O
reliability O
. O

Illinois B-Cause
and I-Cause
Maryland I-Cause
are I-Cause
two I-Cause
historically I-Cause
tough I-Cause
regulatory I-Cause
environments I-Cause
, O
and O
punitive B-Effect
rate I-Effect
decisions I-Effect
could I-Effect
have I-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
earnings I-Effect
and I-Effect
growth I-Effect
. O

And O
although O
it B-Cause
has I-Cause
a I-Cause
track I-Cause
record I-Cause
of I-Cause
staying I-Cause
on I-Cause
top I-Cause
of I-Cause
evolving I-Cause
consumer I-Cause
trends I-Cause
with I-Cause
its I-Cause
assortment I-Cause
of I-Cause
locally I-Cause
relevant I-Cause
fare I-Cause
, O
we B-Effect
posit I-Effect
Colgate I-Effect
's I-Effect
cost I-Effect
advantages I-Effect
enable I-Effect
it I-Effect
to I-Effect
replicate I-Effect
competitive I-Effect
products I-Effect
and I-Effect
do I-Effect
so I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

Airlines B-Effect
generally I-Effect
do I-Effect
not I-Effect
switch I-Effect
between I-Effect
the I-Effect
major I-Effect
manufacturers I-Effect
because O
it B-Cause
is I-Cause
expensive I-Cause
to I-Cause
update I-Cause
maintenance I-Cause
procedures I-Cause
, O
which O
are O
designed O
for O
each O
aircraft O
product O
, O
and O
crews O
and O
pilots O
would O
need O
to O
be O
retrained O
and O
certified O
on O
the O
new O
aircraft O
. O

The B-Cause
highly I-Cause
capital-intensive I-Cause
nature I-Cause
of I-Cause
production I-Cause
creates O
significant O
rivalry B-Effect
among I-Effect
competitors I-Effect
that O
offer O
commoditized O
products O
and O
are O
therefore O
competing O
to O
maximize O
capacity O
. O

NICE B-Cause
provides I-Cause
Contact-Center-as-a-Service I-Cause
( O
CCaaS O
) O
solutions O
to O
support O
call O
center O
operations O
and O
improve B-Effect
customer I-Effect
engagement I-Effect
as I-Effect
well I-Effect
as I-Effect
financial I-Effect
compliance I-Effect
solutions I-Effect
to I-Effect
financial I-Effect
services I-Effect
institutions I-Effect
. O

Cummins B-Cause
' I-Cause
strong I-Cause
brand I-Cause
has O
allowed O
the B-Effect
firm I-Effect
to I-Effect
secure I-Effect
a I-Effect
unique I-Effect
position I-Effect
in I-Effect
the I-Effect
on-highway I-Effect
engine I-Effect
market I-Effect
as I-Effect
an I-Effect
alternative I-Effect
to I-Effect
engines I-Effect
internally I-Effect
developed I-Effect
and I-Effect
aggressively I-Effect
marketed I-Effect
by I-Effect
major I-Effect
truck I-Effect
manufacturers I-Effect
who I-Effect
are I-Effect
its I-Effect
principal I-Effect
customers I-Effect
. O

We O
expect O
services B-Effect
revenue I-Effect
can I-Effect
decrease I-Effect
to I-Effect
5 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
by I-Effect
2031 I-Effect
, O
as O
the B-Cause
company I-Cause
relies I-Cause
increasingly I-Cause
on I-Cause
third I-Cause
party I-Cause
IT I-Cause
servicers I-Cause
to I-Cause
implement I-Cause
and I-Cause
service I-Cause
its I-Cause
software I-Cause
. O

We O
forecast O
that O
real B-Effect
uranium I-Effect
prices I-Effect
will I-Effect
rise I-Effect
to I-Effect
$ I-Effect
65 I-Effect
per I-Effect
pound I-Effect
by I-Effect
2022 I-Effect
in I-Effect
the I-Effect
contract I-Effect
market I-Effect
, O
as O
higher B-Cause
prices I-Cause
will I-Cause
be I-Cause
necessary I-Cause
to I-Cause
encourage I-Cause
the I-Cause
new I-Cause
mines I-Cause
needed I-Cause
to I-Cause
meet I-Cause
rising I-Cause
demand I-Cause
and I-Cause
fill I-Cause
the I-Cause
gap I-Cause
left I-Cause
by I-Cause
the I-Cause
continued I-Cause
drawdown I-Cause
of I-Cause
stockpiles I-Cause
. O

Northrop B-Cause
also I-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
supply I-Cause
chain I-Cause
issues I-Cause
or I-Cause
production I-Cause
challenges I-Cause
would I-Cause
prevent I-Cause
it I-Cause
from I-Cause
meeting I-Cause
its I-Cause
contractual I-Cause
obligations I-Cause
, O
which O
could O
strain B-Effect
the I-Effect
relationship I-Effect
with I-Effect
the I-Effect
customer I-Effect
. O

TechnipFMC B-Effect
's I-Effect
subsea I-Effect
segment I-Effect
will I-Effect
be I-Effect
particularly I-Effect
adversely I-Effect
affected I-Effect
owing O
to O
its B-Cause
exposure I-Cause
to I-Cause
deep-water I-Cause
offshore I-Cause
, I-Cause
which I-Cause
stands I-Cause
at I-Cause
a I-Cause
cost I-Cause
disadvantage I-Cause
compared I-Cause
with I-Cause
low-cost I-Cause
U.S I-Cause
. O

We O
believe O
economic B-Cause
profits I-Cause
can I-Cause
rise I-Cause
by I-Cause
nearly I-Cause
50 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years. O
As O
such O
, O
we B-Effect
model I-Effect
consolidated I-Effect
midcycle I-Effect
ROIC I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
of I-Effect
about I-Effect
15 I-Effect
% I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
both I-Effect
management I-Effect
's I-Effect
targets I-Effect
and I-Effect
the I-Effect
company I-Effect
's I-Effect
normalized I-Effect
historic I-Effect
experience I-Effect
. O

TransAlta B-Effect
should I-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
manage I-Effect
its I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
, I-Effect
primarily I-Effect
from I-Effect
greenhouse I-Effect
gas I-Effect
emissions I-Effect
, O
as O
it O
retires B-Cause
or I-Cause
repowers I-Cause
its I-Cause
remaining I-Cause
coal-fired I-Cause
power I-Cause
plants I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

They O
would O
not O
have O
the O
advantage O
Cogent O
had O
20 O
years O
ago O
, O
when O
top O
providers O
in O
a O
more O
nascent O
Internet O
business O
were O
phone O
and O
cable O
companies O
, O
and O
fiber B-Effect
assets I-Effect
could I-Effect
be I-Effect
procured I-Effect
on I-Effect
the I-Effect
cheap I-Effect
due O
to O
the B-Cause
collapse I-Cause
of I-Cause
the I-Cause
tech I-Cause
and I-Cause
telecom I-Cause
bubble I-Cause
. O

We B-Effect
are I-Effect
n't I-Effect
fond I-Effect
of I-Effect
the I-Effect
price I-Effect
paid I-Effect
, I-Effect
which I-Effect
was I-Effect
set I-Effect
in I-Effect
a I-Effect
bidding I-Effect
war I-Effect
with I-Effect
Fox I-Effect
and I-Effect
Disney I-Effect
, O
as O
the B-Cause
business I-Cause
generated I-Cause
only I-Cause
$ I-Cause
3.1 I-Cause
billion I-Cause
in I-Cause
EBITDA I-Cause
in I-Cause
2019 I-Cause
and I-Cause
required I-Cause
$ I-Cause
1.5 I-Cause
billion I-Cause
in I-Cause
capital I-Cause
spending I-Cause
. O

Before B-Effect
2016 I-Effect
, I-Effect
the I-Effect
market I-Effect
had I-Effect
long I-Effect
viewed I-Effect
Johnson I-Effect
Controls I-Effect
as I-Effect
an I-Effect
automotive-parts I-Effect
company I-Effect
because O
about B-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
sales I-Cause
came I-Cause
from I-Cause
automakers I-Cause
. O

We B-Effect
estimate I-Effect
annual I-Effect
revPAR I-Effect
growth I-Effect
to I-Effect
average I-Effect
8.6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
aided B-Cause
by I-Cause
strong I-Cause
growth I-Cause
rates I-Cause
during I-Cause
the I-Cause
recovery I-Cause
years I-Cause
of I-Cause
2021-22 I-Cause
. I-Cause

We B-Effect
continue I-Effect
to I-Effect
expect I-Effect
Sands I-Effect
China I-Effect
sales I-Effect
to I-Effect
average I-Effect
high-single-digit I-Effect
percentage I-Effect
growth I-Effect
during I-Effect
2023-30 I-Effect
, I-Effect
a I-Effect
forecast I-Effect
we I-Effect
now I-Effect
have I-Effect
increased I-Effect
conviction I-Effect
in I-Effect
, O
given O
our B-Cause
view I-Cause
that I-Cause
Sands I-Cause
will I-Cause
reinvest I-Cause
proceeds I-Cause
from I-Cause
the I-Cause
planned I-Cause
sale I-Cause
of I-Cause
Vegas I-Cause
assets I-Cause
into I-Cause
the I-Cause
region I-Cause
. O

Its B-Cause
relatively I-Cause
small I-Cause
refineries I-Cause
represent I-Cause
a I-Cause
concentrated I-Cause
revenue I-Cause
base I-Cause
that O
puts B-Effect
HollyFrontier I-Effect
at I-Effect
risk I-Effect
in O
the O
case O
that O
, O
for O
whatever O
reason O
, O
one O
facility O
experiences O
an O
extended O
shutdown O
. O

Once O
the B-Cause
equipment I-Cause
leaves I-Cause
the I-Cause
seller I-Cause
's I-Cause
location I-Cause
, O
it O
is O
virtually O
guaranteed O
that O
the O
equipment O
will O
no B-Effect
longer I-Effect
be I-Effect
a I-Effect
burden I-Effect
on I-Effect
the I-Effect
seller I-Effect
, O
taking O
up O
physical O
space O
or O
tying O
up O
capital O
. O

At O
the O
same O
time O
, O
the B-Cause
company I-Cause
can I-Cause
benefit I-Cause
from I-Cause
increased I-Cause
aftermarket I-Cause
sales I-Cause
, I-Cause
as I-Cause
Ingersoll-Rand I-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
As O
such O
, O
we O
believe O
that O
not B-Effect
only I-Effect
will I-Effect
digital I-Effect
solutions I-Effect
increase I-Effect
the I-Effect
stickiness I-Effect
of I-Effect
the I-Effect
business I-Effect
by I-Effect
offering I-Effect
software I-Effect
that I-Effect
complements I-Effect
the I-Effect
large I-Effect
installed I-Effect
base I-Effect
of I-Effect
equipment I-Effect
, I-Effect
but I-Effect
they I-Effect
also I-Effect
have I-Effect
the I-Effect
potential I-Effect
to I-Effect
translate I-Effect
into I-Effect
a I-Effect
meaningfully I-Effect
larger I-Effect
recurring I-Effect
revenue I-Effect
stream I-Effect
. O

Though O
we O
think O
West O
could O
see O
some O
margin O
expansion O
in O
2022 O
, O
we O
think O
the B-Effect
rate I-Effect
of I-Effect
margin I-Effect
expansion I-Effect
could I-Effect
slow I-Effect
because O
of O
more-normal B-Cause
levels I-Cause
of I-Cause
operating I-Cause
costs I-Cause
, O
and O
we O
forecast O
margin O
growth O
of O
just O
20 O
basis O
points O
next O
year O
. 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
55 I-Effect
from I-Effect
$ I-Effect
52 I-Effect
to O
reflect O
faster B-Cause
near-term I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

The B-Cause
trust I-Cause
placed I-Cause
in I-Cause
O'Reilly I-Cause
's I-Cause
staff I-Cause
members I-Cause
makes O
consumers B-Cause
more I-Cause
receptive I-Cause
to I-Cause
trying I-Cause
a I-Cause
proprietary-label I-Cause
product I-Cause
, O
reinforcing B-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
brands I-Effect
in I-Effect
O'Reilly I-Effect
's I-Effect
portfolio I-Effect
. O

Agco B-Effect
experienced I-Effect
strong I-Effect
growth I-Effect
in I-Effect
core I-Effect
Agco I-Effect
European I-Effect
and I-Effect
North I-Effect
American I-Effect
markets I-Effect
during I-Effect
2018 I-Effect
, O
largely O
due O
to O
pent-up B-Cause
replacement I-Cause
demand I-Cause
after I-Cause
years I-Cause
of I-Cause
weaker I-Cause
sales I-Cause
. O

The O
disease O
is O
still O
not O
fully O
contained O
, O
so O
this O
supply B-Cause
shortage I-Cause
should O
support B-Effect
global I-Effect
protein I-Effect
prices I-Effect
once I-Effect
the I-Effect
pandemic I-Effect
subsides I-Effect
and O
should O
result O
in O
strong B-Effect
export I-Effect
demand I-Effect
. O

Through O
analyzing B-Cause
the I-Cause
data I-Cause
and I-Cause
applying I-Cause
artificial I-Cause
intelligence I-Cause
, O
the O
advertisers B-Effect
can I-Effect
improve I-Effect
the I-Effect
efficiency I-Effect
of I-Effect
advertisements I-Effect
through O
targeted O
marketing O
, O
which O
can O
lead O
to O
higher B-Effect
advertising I-Effect
revenue I-Effect
for I-Effect
Tencent I-Effect
. O

Regardless O
, O
the O
extent B-Effect
of I-Effect
the I-Effect
price I-Effect
premiums I-Effect
or I-Effect
volume-driven I-Effect
absolute I-Effect
profit I-Effect
dollars I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
mainstream I-Effect
brewers I-Effect
are I-Effect
not I-Effect
enough I-Effect
to I-Effect
support I-Effect
rents I-Effect
, O
in O
our O
view O
, O
given O
that O
the O
products B-Cause
fall I-Cause
on I-Cause
the I-Cause
more I-Cause
commoditized I-Cause
and I-Cause
lower-margin I-Cause
end I-Cause
of I-Cause
the I-Cause
beer I-Cause
continuum I-Cause
. O

In O
contrast O
, O
'' B-Cause
schema-on-the-write I-Cause
'' I-Cause
products I-Cause
such O
as O
SQL O
require O
structured O
, O
predefined O
data O
inputs O
, O
which O
limit B-Effect
output I-Effect
use I-Effect
cases I-Effect
and I-Effect
reduce I-Effect
flexibility I-Effect
in O
what O
can O
be O
done O
with O
the O
data O
. O

However O
, O
as O
measured O
by O
systemwide O
sales O
, O
RBI B-Cause
remains I-Cause
the I-Cause
number-three I-Cause
player I-Cause
in I-Cause
the I-Cause
global I-Cause
restaurant I-Cause
market I-Cause
( O
behind O
McDonald O
's O
and O
Yum O
Brands O
and O
ahead O
of O
Subway O
, O
Starbucks O
, O
and O
Wendy O
's O
) O
, O
making O
it B-Effect
difficult I-Effect
to I-Effect
argue I-Effect
that I-Effect
the I-Effect
company I-Effect
has I-Effect
a I-Effect
more I-Effect
favorable I-Effect
bargaining I-Effect
position I-Effect
than I-Effect
other I-Effect
large I-Effect
multinational I-Effect
conglomerates I-Effect
. O

CN B-Cause
's I-Cause
EJ I-Cause
& I-Cause
E I-Cause
line I-Cause
around I-Cause
Chicago I-Cause
has I-Cause
boosted I-Cause
its I-Cause
velocity I-Cause
at I-Cause
a I-Cause
major I-Cause
choke I-Cause
point I-Cause
over O
the O
years O
, O
benefiting B-Effect
network I-Effect
reliability I-Effect
and I-Effect
asset I-Effect
turns I-Effect
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
software I-Cause
in I-Cause
chip I-Cause
and I-Cause
application I-Cause
design I-Cause
, O
we B-Effect
believe I-Effect
this I-Effect
segment I-Effect
should I-Effect
grow I-Effect
at I-Effect
a I-Effect
healthy I-Effect
high I-Effect
teens I-Effect
pace I-Effect
and I-Effect
expand I-Effect
the I-Effect
firm I-Effect
's I-Effect
user I-Effect
base I-Effect
. O

Meanwhile O
, O
suppliers B-Cause
can I-Cause
enjoy I-Cause
the I-Cause
full I-Cause
capabilities I-Cause
of I-Cause
Coupa I-Cause
's I-Cause
product I-Cause
for I-Cause
free I-Cause
and I-Cause
can I-Cause
onboard I-Cause
rapidly I-Cause
, O
motivating B-Effect
them I-Effect
to I-Effect
sign I-Effect
up I-Effect
to I-Effect
maintain I-Effect
existing I-Effect
customer I-Effect
relationships I-Effect
and I-Effect
foster I-Effect
new I-Effect
ones I-Effect
. O

Pipeline B-Effect
extensions I-Effect
or I-Effect
expansions I-Effect
have I-Effect
high I-Effect
incremental I-Effect
returns I-Effect
on O
capital O
because O
each O
new O
end O
point O
of O
supply O
means O
more B-Cause
customers I-Cause
paying I-Cause
for I-Cause
the I-Cause
core I-Cause
Transco I-Cause
network I-Cause
. I-Cause

Attempts B-Effect
to I-Effect
fill I-Effect
unused I-Effect
capacity I-Effect
by I-Effect
competing I-Effect
for I-Effect
existing I-Effect
contracts I-Effect
tend I-Effect
to I-Effect
prove I-Effect
challenging I-Effect
because O
staggered B-Cause
multiyear I-Cause
supply I-Cause
contracts I-Cause
reduce I-Cause
the I-Cause
volume I-Cause
of I-Cause
production I-Cause
open I-Cause
to I-Cause
competition I-Cause
in I-Cause
any I-Cause
given I-Cause
year I-Cause
. O

We O
see O
this B-Effect
increasing I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
nominal I-Effect
GDP I-Effect
growth I-Effect
in I-Effect
the I-Effect
future I-Effect
, I-Effect
forecasting I-Effect
a I-Effect
mid-single-digit I-Effect
growth I-Effect
rate I-Effect
for I-Effect
noninterest I-Effect
income I-Effect
in I-Effect
our I-Effect
base I-Effect
case I-Effect
, I-Effect
around I-Effect
the I-Effect
high I-Effect
end I-Effect
of I-Effect
management I-Effect
guidance. O
This O
is O
driven O
by O
increased B-Cause
insurance I-Cause
revenue I-Cause
and I-Cause
a I-Cause
return I-Cause
to I-Cause
growth I-Cause
in I-Cause
card I-Cause
income I-Cause
in I-Cause
line I-Cause
with I-Cause
an I-Cause
( I-Cause
albeit I-Cause
likely I-Cause
protracted I-Cause
) I-Cause
economic I-Cause
recovery I-Cause
. O

Other B-Cause
federal I-Cause
, I-Cause
state I-Cause
, I-Cause
and I-Cause
local I-Cause
regulations I-Cause
also O
make O
it O
very O
difficult O
for O
a B-Effect
competitor I-Effect
to I-Effect
receive I-Effect
the I-Effect
necessary I-Effect
land I-Effect
use I-Effect
and I-Effect
environmental I-Effect
permits I-Effect
to I-Effect
construct I-Effect
competing I-Effect
networks I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
Valspar I-Cause
's I-Cause
and I-Cause
Sherwin I-Cause
's I-Cause
operations I-Cause
is I-Cause
allowing I-Cause
for I-Cause
the I-Cause
gradual I-Cause
closure I-Cause
of I-Cause
redundant I-Cause
facilities I-Cause
, I-Cause
which O
management B-Effect
expects I-Effect
to I-Effect
take I-Effect
years I-Effect
to I-Effect
play I-Effect
out I-Effect
, I-Effect
and I-Effect
they I-Effect
are I-Effect
n't I-Effect
explicitly I-Effect
identified I-Effect
in I-Effect
synergy I-Effect
estimates I-Effect
for I-Effect
the I-Effect
deal I-Effect
. I-Effect

In O
2021 O
, O
we O
expect O
a B-Cause
rebound I-Cause
in I-Cause
refined I-Cause
products I-Cause
demand I-Cause
and I-Cause
weaker I-Cause
crude I-Cause
volumes I-Cause
, O
to O
be O
somewhat O
offset O
by O
expense O
savings O
and O
storage O
benefits O
to O
result O
in O
distributable B-Effect
cash I-Effect
flow I-Effect
of I-Effect
about I-Effect
$ I-Effect
1.03 I-Effect
billion I-Effect
, O
similar O
to O
2020 O
levels O
. O

As O
the B-Cause
company I-Cause
's I-Cause
revenue I-Cause
is I-Cause
directly I-Cause
tied I-Cause
to I-Cause
revenue I-Cause
at I-Cause
its I-Cause
merchant I-Cause
customers I-Cause
, O
FIS B-Effect
' I-Effect
acquiring I-Effect
operations I-Effect
are I-Effect
sensitive I-Effect
to I-Effect
macroeconomic I-Effect
conditions I-Effect
, I-Effect
and I-Effect
merchants I-Effect
could I-Effect
fail I-Effect
in I-Effect
large I-Effect
numbers I-Effect
if I-Effect
the I-Effect
pandemic I-Effect
drags I-Effect
on I-Effect
. O

Given O
the O
inherent O
scalability O
in O
the O
asset O
light O
business O
model O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
over O
time O
as B-Cause
general I-Cause
and I-Cause
administrative I-Cause
and I-Cause
technology I-Cause
and I-Cause
development I-Cause
costs I-Cause
decrease I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
segment I-Cause
revenue I-Cause
. I-Cause

However O
, O
according O
to O
a O
2003 O
study O
, O
contact B-Cause
lenses I-Cause
contribute I-Cause
just I-Cause
0.5 I-Cause
% I-Cause
of I-Cause
total I-Cause
personal I-Cause
waste I-Cause
, O
so O
we O
do O
n't O
expect O
widespread B-Effect
concern I-Effect
from I-Effect
consumers I-Effect
. 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 O
65 B-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

As O
current B-Cause
iPhone I-Cause
users I-Cause
are I-Cause
familiar I-Cause
with I-Cause
the I-Cause
iOS I-Cause
environment I-Cause
( I-Cause
Apple-centric I-Cause
apps I-Cause
, I-Cause
services I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
) I-Cause
, O
it B-Effect
may I-Effect
take I-Effect
multiple I-Effect
subpar I-Effect
product I-Effect
releases I-Effect
to I-Effect
warrant I-Effect
an I-Effect
exodus I-Effect
to I-Effect
an I-Effect
Android I-Effect
OS I-Effect
, O
as O
these O
customers O
are O
likely O
loath O
to O
leave O
Apple O
's O
seemingly O
superior O
walled O
garden 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
( I-Cause
up I-Cause
from I-Cause
30 I-Cause
% I-Cause
to I-Cause
32 I-Cause
% I-Cause
previously I-Cause
) 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
650 I-Effect
million 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
2020-24 I-Effect
. O

However O
, O
we O
expect O
margins B-Effect
to I-Effect
recover I-Effect
and I-Effect
return I-Effect
to I-Effect
the I-Effect
low I-Effect
to I-Effect
mid-30 I-Effect
% I-Effect
range I-Effect
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
downstream I-Cause
products I-Cause
that O
provide O
some O
pricing O
power O
. O

For O
reference O
, O
management B-Cause
had I-Cause
consolidated I-Cause
or I-Cause
shuttered I-Cause
three I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
sites I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
, O
which O
should O
alleviate B-Effect
some I-Effect
working I-Effect
capital I-Effect
demands I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
enhanced I-Effect
oil I-Effect
recovery I-Effect
and I-Effect
exploration I-Effect
projects I-Effect
are I-Effect
no I-Effect
longer I-Effect
economically I-Effect
viable I-Effect
when O
commodity B-Cause
prices I-Cause
drop I-Cause
below I-Cause
certain I-Cause
thresholds I-Cause
. O

Toll O
Brothers O
enjoys O
strong O
brand O
recognition O
among O
homebuilders O
and O
is O
a O
market O
leader O
in O
the O
luxury O
homebuilding O
space O
; O
however O
, O
it B-Cause
operates I-Cause
in I-Cause
an I-Cause
extremely I-Cause
cyclical I-Cause
, I-Cause
competitive I-Cause
, I-Cause
and I-Cause
capital-intensive I-Cause
industry I-Cause
that O
prevents O
the B-Effect
company I-Effect
from I-Effect
earning I-Effect
consistent I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
over I-Effect
the I-Effect
business I-Effect
cycle I-Effect
. O

Success B-Cause
in I-Cause
refining I-Cause
is I-Cause
primarily I-Cause
a I-Cause
function I-Cause
of I-Cause
the I-Cause
difference I-Cause
in I-Cause
the I-Cause
amount I-Cause
the I-Cause
refiner I-Cause
pays I-Cause
for I-Cause
oil I-Cause
and I-Cause
the I-Cause
amount I-Cause
at I-Cause
which I-Cause
it I-Cause
sells I-Cause
the I-Cause
refined I-Cause
product. O
As O
such O
, O
the B-Effect
short- I-Effect
and I-Effect
long-term I-Effect
risks I-Effect
depend I-Effect
on I-Effect
movements I-Effect
in I-Effect
the I-Effect
prices I-Effect
of I-Effect
crude I-Effect
oil I-Effect
and I-Effect
gasoline I-Effect
or I-Effect
diesel I-Effect
which I-Effect
can I-Effect
be I-Effect
volatile I-Effect
. O

We O
think O
the B-Effect
company I-Effect
might I-Effect
be I-Effect
trading I-Effect
at I-Effect
a I-Effect
premium I-Effect
because O
of O
long-term B-Cause
growth I-Cause
trends I-Cause
in I-Cause
eyecare I-Cause
, O
which O
could O
increase O
baseline O
demand O
over O
a O
longer-term O
time O
horizon O
. O

We O
believe O
that O
Paycom B-Cause
's I-Cause
unified I-Cause
database I-Cause
and I-Cause
strong I-Cause
focus I-Cause
on I-Cause
employee I-Cause
self-service I-Cause
and I-Cause
data I-Cause
analytics I-Cause
will O
enable B-Effect
businesses I-Effect
to I-Effect
see I-Effect
the I-Effect
value I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
and I-Effect
will I-Effect
drive I-Effect
new I-Effect
client I-Effect
adoption I-Effect
alongside I-Effect
further I-Effect
entrenching I-Effect
existing I-Effect
clients I-Effect
within I-Effect
Paycom I-Effect
. O

With O
gross B-Cause
margin I-Cause
improvement I-Cause
and I-Cause
revenue I-Cause
significantly I-Cause
outpacing I-Cause
the I-Cause
year-over-year I-Cause
increases I-Cause
needed I-Cause
in I-Cause
sales I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
development I-Cause
efforts I-Cause
, O
we B-Effect
model I-Effect
operating I-Effect
margins I-Effect
to I-Effect
improve I-Effect
into I-Effect
the I-Effect
20 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, I-Effect
up I-Effect
from I-Effect
a I-Effect
negative I-Effect
30 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

The B-Cause
recent I-Cause
resurgence I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
threatens O
to O
cause O
a B-Effect
near-term I-Effect
pause I-Effect
in I-Effect
the I-Effect
gradual I-Effect
improvement I-Effect
in I-Effect
global I-Effect
hotel I-Effect
demand I-Effect
since I-Effect
mid-April I-Effect
. O

Given B-Cause
TE I-Cause
's I-Cause
excellent I-Cause
operating I-Cause
record I-Cause
and I-Cause
time-tested I-Cause
reliability I-Cause
, O
a B-Effect
customer I-Effect
would I-Effect
face I-Effect
little I-Effect
motivation I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
marginally I-Effect
cheaper I-Effect
supplier I-Effect
, O
given B-Cause
the I-Cause
potentially I-Cause
cataclysmic I-Cause
blow I-Cause
to I-Cause
the I-Cause
customer I-Cause
's I-Cause
reputation I-Cause
and I-Cause
profits I-Cause
that I-Cause
would I-Cause
arise I-Cause
from I-Cause
an I-Cause
ill-performing I-Cause
new I-Cause
system I-Cause
. O

There B-Cause
were I-Cause
a I-Cause
few I-Cause
new I-Cause
, I-Cause
stringent I-Cause
rules I-Cause
on I-Cause
licensing I-Cause
and I-Cause
operations I-Cause
in I-Cause
after-school I-Cause
tutoring I-Cause
in I-Cause
China I-Cause
, O
which O
would O
require B-Effect
providers I-Effect
to I-Effect
fulfil I-Effect
fire I-Effect
safety I-Effect
, I-Effect
space I-Effect
requirement I-Effect
, I-Effect
and I-Effect
obtain I-Effect
both I-Effect
operating I-Effect
licenses I-Effect
and I-Effect
education I-Effect
permits I-Effect
. O

We O
expect O
American B-Effect
's I-Effect
fundamentals I-Effect
will I-Effect
recover I-Effect
after O
a B-Cause
COVID-19 I-Cause
vaccine I-Cause
is I-Cause
distributed I-Cause
, I-Cause
which I-Cause
we I-Cause
assume I-Cause
will I-Cause
occur I-Cause
in I-Cause
2021 I-Cause
, I-Cause
and I-Cause
business I-Cause
travel I-Cause
subsequently I-Cause
resumes I-Cause
. O

An O
OEM O
will O
gladly O
pay B-Effect
more I-Effect
for I-Effect
an I-Effect
integrated I-Effect
solution I-Effect
, O
because O
it O
is O
able O
to O
save B-Cause
time I-Cause
and I-Cause
costs I-Cause
by O
outsourcing B-Cause
the I-Cause
integration I-Cause
to I-Cause
a I-Cause
trusted I-Cause
design I-Cause
partner I-Cause
, I-Cause
like I-Cause
TE I-Cause
. O

Business B-Effect
ethics I-Effect
risk I-Effect
stems O
from O
Nissan B-Effect
's I-Effect
involvement I-Effect
in I-Effect
emissions I-Effect
cheating I-Effect
and I-Effect
a I-Effect
recall I-Effect
due O
to O
lacks B-Cause
final I-Cause
inspection I-Cause
protocol I-Cause
in I-Cause
Japan I-Cause
. O

The B-Cause
Grand I-Cause
Prix I-Cause
pipeline I-Cause
will I-Effect
reduce B-Effect
Targa I-Effect
's I-Effect
costs I-Effect
for I-Effect
NGLs I-Effect
, O
as O
it B-Cause
will I-Cause
no I-Cause
longer I-Cause
pay I-Cause
third-party I-Cause
tariffs I-Cause
to I-Cause
transport I-Cause
its I-Cause
NGLs I-Cause
to I-Cause
market I-Cause
. 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
, O
while O
AMD B-Effect
is I-Effect
unable I-Effect
to I-Effect
match I-Effect
Nvidia I-Effect
in I-Effect
breadth I-Effect
and I-Effect
consistency I-Effect
of I-Effect
driver I-Effect
updates I-Effect
. O

HDDs O
currently O
have O
superior O
cost O
metrics O
and O
higher O
capacities O
, O
but O
SSDs B-Cause
have O
been O
closing B-Effect
these I-Effect
gaps I-Effect
and I-Effect
quickly I-Effect
limiting I-Effect
the I-Effect
number I-Effect
of I-Effect
use I-Effect
cases I-Effect
for I-Effect
HDDs I-Effect
. O

Further O
, O
refining B-Effect
and I-Effect
processing I-Effect
margins I-Effect
are I-Effect
generally I-Effect
slim I-Effect
, O
so O
squeezing B-Cause
every I-Cause
possible I-Cause
drop I-Cause
of I-Cause
efficiency I-Cause
out I-Cause
of I-Cause
the I-Cause
assets I-Cause
is I-Cause
critical I-Cause
. O

Positively O
, B-Effect
the I-Effect
need I-Effect
for I-Effect
dialysis I-Effect
clinics I-Effect
will I-Effect
not I-Effect
evaporate I-Effect
in I-Effect
that I-Effect
scenario I-Effect
since O
at-home B-Cause
patients I-Cause
need I-Cause
to I-Cause
be I-Cause
trained I-Cause
and I-Cause
monitored I-Cause
even I-Cause
if I-Cause
they I-Cause
do I-Cause
n't I-Cause
receive I-Cause
treatment I-Cause
in I-Cause
the I-Cause
clinic I-Cause
. O

We O
anticipate O
the B-Effect
average I-Effect
selling I-Effect
price I-Effect
for I-Effect
the I-Effect
company I-Effect
's I-Effect
core I-Effect
Invisalign I-Effect
products I-Effect
will I-Effect
continue I-Effect
to I-Effect
decrease I-Effect
because O
of O
increasing B-Cause
competition I-Cause
in I-Cause
the I-Cause
mature I-Cause
North I-Cause
America I-Cause
market I-Cause
as I-Cause
well I-Cause
as I-Cause
increased I-Cause
direct-to-consumer I-Cause
markets I-Cause
that I-Cause
have I-Cause
lower I-Cause
average I-Cause
price I-Cause
points I-Cause
. O

While B-Cause
both I-Cause
Synopsys I-Cause
and I-Cause
Cadence I-Cause
provide I-Cause
an I-Cause
end-to-end I-Cause
flow I-Cause
of I-Cause
EDA I-Cause
solutions I-Cause
for I-Cause
the I-Cause
chip I-Cause
design I-Cause
process I-Cause
( I-Cause
Mentor I-Cause
is I-Cause
a I-Cause
little I-Cause
more I-Cause
specialized I-Cause
) I-Cause
, I-Cause
customers I-Cause
tend I-Cause
to I-Cause
use I-Cause
different I-Cause
vendors I-Cause
for I-Cause
each I-Cause
stage I-Cause
of I-Cause
the I-Cause
design I-Cause
process. O
As O
a O
result O
, O
a B-Effect
business I-Effect
may I-Effect
use I-Effect
Synopsys I-Effect
for I-Effect
verification I-Effect
tools/digital I-Effect
design I-Effect
, I-Effect
Cadence I-Effect
for I-Effect
logic I-Effect
synthesis/analog I-Effect
chips I-Effect
, I-Effect
and I-Effect
Mentor I-Effect
for I-Effect
physical I-Effect
layout/verification I-Effect
. O

In B-Cause
Minnesota I-Cause
, I-Cause
Xcel I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
use I-Cause
one-year I-Cause
rate I-Cause
adjustments I-Cause
in I-Cause
2020 I-Cause
and I-Cause
2021 I-Cause
to O
avoid O
large B-Effect
often I-Effect
contentious I-Effect
rate I-Effect
cases I-Effect
. O

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

And O
while O
Rogers O
historically O
had O
the O
top O
network O
, O
the B-Cause
evolution I-Cause
of I-Cause
a I-Cause
network I-Cause
sharing I-Cause
agreement I-Cause
between I-Cause
BCE I-Cause
and I-Cause
Telus I-Cause
closed I-Cause
the I-Cause
gap I-Cause
and O
resulted O
in O
them B-Effect
leapfrogging I-Effect
Rogers I-Effect
in I-Effect
many I-Effect
'' I-Effect
'' I-Effect
best I-Effect
network I-Effect
'' I-Effect
'' I-Effect
surveys I-Effect
. O

The B-Cause
Charter I-Cause
acquisition I-Cause
led O
to O
depressed B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including I-Effect
goodwill I-Effect
, O
which O
declined O
to O
the O
midsingle O
digits O
in O
recent O
years O
. O

The B-Effect
high I-Effect
quality I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operating I-Effect
performance I-Effect
translates I-Effect
directly I-Effect
into I-Effect
high I-Effect
midcycle I-Effect
returns I-Effect
on I-Effect
capital I-Effect
via O
the B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
charge I-Cause
premium I-Cause
prices I-Cause
on I-Cause
its I-Cause
services I-Cause
. O

Macroeconomic B-Cause
uncertainty I-Cause
, I-Cause
high I-Cause
inflation I-Cause
, I-Cause
indirect I-Cause
exposure I-Cause
to I-Cause
global I-Cause
commodities I-Cause
demand I-Cause
, I-Cause
and I-Cause
political I-Cause
turmoil I-Cause
in I-Cause
certain I-Cause
markets I-Cause
can O
also O
influence B-Effect
future I-Effect
free I-Effect
cash I-Effect
flow I-Effect
projections I-Effect
. O

The O
firm O
has O
oriented O
itself O
to O
benefit O
from O
secular O
trends O
toward O
electrification O
, O
efficiency O
, O
and O
connectivity O
, O
and O
we O
think O
that O
investors B-Effect
will I-Effect
see I-Effect
meaningful I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
as O
its B-Cause
end I-Cause
markets I-Cause
rebound I-Cause
from I-Cause
a I-Cause
couple I-Cause
years I-Cause
of I-Cause
soft I-Cause
demand I-Cause
. 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 O
enabled O
it B-Effect
to I-Effect
deploy I-Effect
its I-Effect
network I-Effect
in I-Effect
a I-Effect
highly I-Effect
coordinated I-Effect
manner I-Effect
over I-Effect
the I-Effect
past I-Effect
15 I-Effect
years I-Effect
. O

We B-Effect
are I-Effect
forecasting I-Effect
an I-Effect
organic I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
of I-Effect
roughly I-Effect
5 I-Effect
% I-Effect
from I-Effect
2021 I-Effect
to I-Effect
2025 I-Effect
, I-Effect
fueled B-Cause
by I-Cause
mid-single-digit I-Cause
growth I-Cause
in I-Cause
Asia-Pacific I-Cause
. I-Cause

For O
example O
, O
in O
2016 O
, O
a B-Cause
weak I-Cause
environment I-Cause
in O
the O
oil O
and O
gas O
sector O
helped O
contribute O
to O
a B-Effect
double-digit I-Effect
revenue I-Effect
decline I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
industrial I-Effect
segment I-Effect
. I-Effect

With O
the B-Cause
acquisition I-Cause
of I-Cause
the I-Cause
14 I-Cause
RSNs I-Cause
with I-Cause
21 I-Cause
Fox-branded I-Cause
channels I-Cause
from I-Cause
Disney I-Cause
, O
Sinclair B-Effect
instantly I-Effect
diversified I-Effect
its I-Effect
revenue I-Effect
and I-Effect
operating I-Effect
income I-Effect
away I-Effect
from I-Effect
its I-Effect
dependence I-Effect
on I-Effect
local I-Effect
stations I-Effect
. O

Murphy B-Effect
Oil I-Effect
repositioned I-Effect
itself I-Effect
as I-Effect
a I-Effect
pure-play I-Effect
exploration I-Effect
and I-Effect
production I-Effect
company I-Effect
in I-Effect
2013 I-Effect
, O
spinning B-Cause
off I-Cause
its I-Cause
retail I-Cause
gas I-Cause
station I-Cause
business I-Cause
and I-Cause
selling I-Cause
its I-Cause
U.K I-Cause
. I-Cause

If O
their O
partners O
prefer O
to O
vend B-Cause
other I-Cause
software I-Cause
spend I-Cause
management I-Cause
tools I-Cause
, O
then O
Coupa B-Effect
could I-Effect
face I-Effect
a I-Effect
slowdown I-Effect
in I-Effect
sales I-Effect
and I-Effect
lose I-Effect
out I-Effect
on I-Effect
potential I-Effect
customers I-Effect
. O

In O
addition O
, O
given O
the B-Cause
fixed I-Cause
number I-Cause
of I-Cause
hours I-Cause
per I-Cause
day I-Cause
, O
higher B-Effect
usage I-Effect
and I-Effect
engagement I-Effect
on I-Effect
one I-Effect
social I-Effect
network I-Effect
could I-Effect
come I-Effect
at I-Effect
a I-Effect
cost I-Effect
to I-Effect
other I-Effect
social I-Effect
networks I-Effect
, O
reducing O
user B-Effect
engagement I-Effect
and I-Effect
the I-Effect
potential I-Effect
return I-Effect
on I-Effect
investment I-Effect
for I-Effect
advertisers I-Effect
. 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
it O
could O
stymie B-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Paylocity I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

Weakness B-Cause
in I-Cause
the I-Cause
global I-Cause
economy I-Cause
could O
bode B-Effect
poorly I-Effect
for I-Effect
chip I-Effect
demand I-Effect
from I-Effect
industrial I-Effect
and I-Effect
automotive I-Effect
customers I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
. O

ADI B-Cause
and I-Cause
its I-Cause
chipmaking I-Cause
peers I-Cause
tend I-Cause
to I-Cause
profit I-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
amp 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
chipmakers I-Cause
, O
which O
helps B-Effect
to I-Effect
contribute I-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

We O
then O
expect O
the B-Effect
company I-Effect
to I-Effect
leverage I-Effect
the I-Effect
cost I-Effect
item I-Effect
starting I-Effect
in I-Effect
2022 I-Effect
, O
driven O
by O
a B-Cause
recovery I-Cause
in I-Cause
travel I-Cause
demand I-Cause
and I-Cause
by I-Cause
the I-Cause
power I-Cause
of I-Cause
a I-Cause
more I-Cause
built I-Cause
out I-Cause
network I-Cause
. O

Its B-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
network I-Cause
effect I-Cause
, I-Cause
and I-Cause
laser I-Cause
focus I-Cause
on I-Cause
customer I-Cause
service I-Cause
provide O
its B-Cause
marketplaces I-Cause
with I-Cause
sustainable I-Cause
competitive I-Cause
advantages I-Cause
that I-Cause
traditional I-Cause
retailers I-Cause
can I-Cause
not I-Cause
match I-Cause
; O
this O
should O
yield B-Effect
additional I-Effect
market I-Effect
share I-Effect
gains I-Effect
in O
the O
years O
to O
come O
. O

Despite O
the O
inevitable O
complexity O
of O
appealing O
to O
distinct O
local O
palates O
, O
we O
believe O
Monster B-Cause
's I-Cause
continued I-Cause
geographic I-Cause
diversification I-Cause
should O
augment B-Effect
its I-Effect
positioning I-Effect
. O

When O
credit B-Cause
standards I-Cause
become I-Cause
tougher I-Cause
in I-Cause
a I-Cause
tightening I-Cause
cycle I-Cause
, O
financing B-Effect
services I-Effect
can I-Effect
make I-Effect
a I-Effect
difference I-Effect
for I-Effect
manufacturers I-Effect
to I-Effect
lock I-Effect
in I-Effect
those I-Effect
customers I-Effect
. O

These B-Cause
competitive I-Cause
advantages I-Cause
have O
allowed B-Effect
the I-Effect
firm I-Effect
to I-Effect
maintain I-Effect
its I-Effect
technological I-Effect
edge I-Effect
through I-Effect
a I-Effect
large I-Effect
research I-Effect
and I-Effect
development I-Effect
budget I-Effect
and I-Effect
close I-Effect
relationships I-Effect
with I-Effect
customers I-Effect
to I-Effect
identify I-Effect
future I-Effect
needs I-Effect
in I-Effect
the I-Effect
PDC I-Effect
space I-Effect
. O

As O
one O
of O
the O
world O
's O
leading O
volume O
producers O
, O
Volkswagen B-Cause
's I-Cause
economies I-Cause
of I-Cause
scale I-Cause
from I-Cause
common I-Cause
platforms I-Cause
across I-Cause
a I-Cause
growing I-Cause
number I-Cause
of I-Cause
models I-Cause
enable O
cost B-Effect
savings I-Effect
unattainable I-Effect
by I-Effect
smaller B-Effect
competitors I-Effect
. O

We O
believe O
smaller B-Cause
local I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
will I-Cause
struggle I-Cause
to I-Cause
win I-Cause
market I-Cause
share I-Cause
in I-Cause
agriculture I-Cause
markets I-Cause
globally I-Cause
, O
allowing O
CNH B-Effect
Industrial I-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

As O
mass B-Cause
merchants I-Cause
and I-Cause
online I-Cause
retailers I-Cause
have I-Cause
enhanced I-Cause
their I-Cause
consumer I-Cause
electronic I-Cause
product I-Cause
assortments I-Cause
and I-Cause
OEMs I-Cause
built I-Cause
out I-Cause
their I-Cause
own I-Cause
retail I-Cause
and I-Cause
direct-to-consumer I-Cause
channels I-Cause
, O
suppliers B-Effect
have I-Effect
become I-Effect
less I-Effect
dependent I-Effect
on I-Effect
Best I-Effect
Buy I-Effect
for I-Effect
distribution I-Effect
, O
in O
our O
view O
. O

We O
think O
that O
software B-Effect
programs I-Effect
like I-Effect
Autodesk I-Effect
's I-Effect
Inventor I-Effect
or I-Effect
Dassault I-Effect
Systemes I-Effect
' I-Effect
SolidWorks I-Effect
have I-Effect
a I-Effect
more I-Effect
expansive I-Effect
university I-Effect
presence I-Effect
given O
that O
they B-Cause
specialize I-Cause
in I-Cause
meeting I-Cause
midmarket I-Cause
CAD I-Cause
needs I-Cause
, I-Cause
which I-Cause
makes I-Cause
up I-Cause
the I-Cause
majority I-Cause
of I-Cause
the I-Cause
CAD I-Cause
market I-Cause
. O

Durable B-Effect
cost I-Effect
advantages I-Effect
for I-Effect
industry I-Effect
participants I-Effect
are I-Effect
elusive I-Effect
because O
low-cost B-Cause
carriers I-Cause
and I-Cause
ultra-low-cost I-Cause
carriers I-Cause
' I-Cause
business I-Cause
model I-Cause
is I-Cause
predicated I-Cause
on I-Cause
continuously I-Cause
driving I-Cause
down I-Cause
yields I-Cause
to I-Cause
attract I-Cause
customers I-Cause
with I-Cause
lower I-Cause
fares I-Cause
. O

Meanwhile O
, O
we O
expect O
IP B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-double I-Effect
digit I-Effect
rate I-Effect
, O
bolstered O
by O
a B-Effect
growth I-Effect
in I-Effect
chip I-Effect
customization I-Effect
as O
Moore B-Cause
's I-Cause
Law I-Cause
slows I-Cause
and I-Cause
chip I-Cause
designers I-Cause
seek I-Cause
to I-Cause
differentiate I-Cause
their I-Cause
products I-Cause
. O

We O
believe O
that O
the B-Effect
infrastructure I-Effect
platform I-Effect
products I-Effect
have I-Effect
garnered I-Effect
a I-Effect
positive I-Effect
reputation I-Effect
from I-Effect
customers I-Effect
due O
to O
the B-Cause
proliferation I-Cause
of I-Cause
Cisco I-Cause
products I-Cause
and I-Cause
services I-Cause
within I-Cause
customers I-Cause
' I-Cause
networks I-Cause
. O

First O
, O
NICE B-Effect
could I-Effect
face I-Effect
limitations I-Effect
to I-Effect
total I-Effect
addressable I-Effect
market I-Effect
( I-Effect
TAM I-Effect
) I-Effect
expansion I-Effect
and I-Effect
market I-Effect
share I-Effect
growth I-Effect
due O
to O
increased B-Cause
competition I-Cause
in I-Cause
the I-Cause
contact I-Cause
center I-Cause
space I-Cause
. O

We O
expect O
the B-Effect
segment I-Effect
to I-Effect
grow I-Effect
by I-Effect
9.4 I-Effect
% I-Effect
with I-Effect
tailwinds I-Effect
from O
the B-Cause
rising I-Cause
number I-Cause
of I-Cause
cybersecurity I-Cause
threats I-Cause
and I-Cause
IT I-Cause
infrastructure I-Cause
needs I-Cause
. O

The O
current O
economic O
environment O
and O
the O
fallout O
from O
COVID-19 O
is O
a O
stark O
reminder O
of O
this O
, O
where O
corporate B-Cause
spending I-Cause
, I-Cause
consumer I-Cause
spending I-Cause
, I-Cause
and I-Cause
travel I-Cause
have I-Cause
all I-Cause
been I-Cause
curtailed I-Cause
, O
significantly O
affecting B-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
. O

We B-Effect
see I-Effect
upside I-Effect
in I-Effect
margins I-Effect
for I-Effect
the I-Effect
F-35 I-Effect
, O
as O
more B-Cause
sustainment I-Cause
enters I-Cause
the I-Cause
business I-Cause
mix I-Cause
as I-Cause
well I-Cause
and O
the B-Effect
potential I-Effect
to I-Effect
move I-Effect
to I-Effect
a I-Effect
more I-Effect
fixed-price I-Effect
contract I-Effect
as O
the B-Cause
aircraft I-Cause
becomes I-Cause
a I-Cause
major I-Cause
defense I-Cause
acquisition I-Cause
program I-Cause
. O

M B-Effect
& I-Effect
G I-Effect
could I-Effect
do I-Effect
with I-Effect
restoring I-Effect
the I-Effect
prestige I-Effect
of I-Effect
this I-Effect
asset-management I-Effect
part I-Effect
of I-Effect
the I-Effect
business I-Effect
and O
we O
think O
this O
would O
most O
likely O
be B-Cause
achieved I-Cause
by I-Cause
building I-Cause
a I-Cause
top-tier I-Cause
operation I-Cause
in I-Cause
institutional I-Cause
asset I-Cause
management I-Cause
. O
