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b05bf6fe2497697e8aa787fb48bde703 | OK. Great. And just a follow-up on the tuck-in acquisitions. Are there any particular areas you view as most interesting geographically in terms of your exposure? | When you look at our overall platform, and I would encourage anyone to go on our website and hit the find inventory button on our website. And basically, what you'll see, Anna, is that we're everywhere and that virtually any billboard in the lower 48 is a fill-in for us. So, we really don't have a targeted geography. O... | direct | [
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0ccd48faead5cea30dd8d1d853346253 | Can you talk to -- and I apologize if you maybe touched on it, I've just been bouncing from another call, that employee retention rates, especially in the sales force just given some of that uncertainty, and certainly, some of that still continues to persist. | Hey. Doug, let me start and I'll offer Mark a moment to amplify my response. But we remain encouraged and committed. And so even though in the presence of some level of ambiguity in 2Q, that strong operational performance where we delivered a solid quarter is on the back of our committed field force and really strong r... | intermediate | [
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819f3ba4abdc187b5be7faa0f29e61c0 | And then just on ANNOVERA, and I might have missed this, obviously, really strong performance from a revenue standpoint this quarter. Did that -- and obviously, we're seeing the scripts upturn. I mean that's pretty transparent to us. But just how much do you think that this revenue performance is actually reflective of... | Thanks, Doug. It's Mark again. That was volume. The ANNOVERA number was volume. Obviously, we had the sporadic inventory concerns. We obviously had to refill channels. We still are in that state. It feels and it looks, weekly, everything has settled down. There's ample inventory in the channel. And we are seeing a resu... | direct | [
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37761b44a394b136ce8a9d9e705df68e | And just -- and I know in some of the tender documents, there was a reference to some concern that there were higher rejection rates. I saw that there was a slide in terms of -- you sort of commented on the TRICARE situation. Do you feel right now that you're going to sort of have a handle on that and we're going to --... | Yeah. So -- and now we aware of what you're referring to. So rejection rates: A, were very high for to since launch; and b, have been the focus of the commercial team really going back into the last quarter of last year. ANNOVERA is -- the great news is ANNOVERA is an incredibly unique product that serves a place in th... | direct | [
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af75e947bbc6eb1f11e17174c99d8b2a | And then I just know you had conversations with some of the large shareholders and people who are participating or have become more involved in the story about their sort of vision for the company and -- can you maybe share some thoughts on that? | So I think if you're referring to our time after the conclusion of the tender process, what can we say? I think we believe that the pipe, together with our financing agreement extension, enables the company to maintain our operations, number one. And two, really meet the demand of our novel portfolio, while our board o... | intermediate | [
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53218e72abc27d74c4c0c5d526936b45 | I wanted to follow up on that very point regarding the cash flow breakeven. So essentially outside of the change in LME price assumption, not really it would be exactly the same as in the prior year of $1,675? | No, I mean the LME is going to be the biggest driver. So when you look at cash cost which is probably the easier way to do this I think Lucas year-over-year, LME is going to be the biggest driver, but if we were to take it in total for the company. Net cash cost for Century Aluminum is up $150 versus prior year OK? $70... | direct | [
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6aa4935b919853792e12f47318d01be2 | Now that's very helpful. I really appreciate that additional detail. And as a separate question, how your markets are wide open seeing what I would consider attractive rates on some new issuance out there. How do you think about that market, obviously you have a -- you put in place secured piece of debt and all the rig... | Yes. No, great question, Lucas. Thank you for the question and you're right on. If you think about the piece of paper that we had out there as of July, the first call period is in July of this year and that's at a coal price of $105. So clearly we're looking at this opportunistically built up to that call period and th... | direct | [
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d68d548045b207e020c468d245dae9d8 | Just wanted to get your read on the inventory situation. Last year kind of 2020, that was a terrific rebound, but what we heard often and comment on our sales was production was also pretty strong during a period of lost demand. How do you see inventories position today, both on the exchanges and off would be curious t... | Yeah. So obviously, that I think, that you're referring to you read directly as if we get it wrong. There was a chunk of three or four months worth of the swelling in inventory is given as you correctly say that March, April, May going into June, the demand is falling off a cliff and started to recover until the spring... | direct | [
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aae5f4b114a0e27d238a522967836a1f | Just on the three buckets that you called out in the first quarter bridge, the $15 million sort of spike in power cost that's coming on. The other I think $15 million to $20 million global increase in power costs and then there was kind of $5 million on Mt. Holly sort of cost. I think those are the three. I haven't gon... | Yes, sure, David. So, it's Mike. So the first, I'll take the three buckets. The $15 million is already reversed. We really convinced it's a one-time thing if you look at the Indiana Hub prices and frankly the prices that are notes have been better than Indiana Hub, those aren't public, but if you even look at Indiana H... | direct | [
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83a63aa48009ddbd530265f0cb44748d | Okay. And then just on the cadence of the Mt. Holly ramp. I mean I think it's roughly 25,000 tonne year-over-year increase. It doesn't sound like there was anything embedded in the first quarter bridge that was flagged for volume growth. So within that 25,000 tonnes, if that's right, is sort of 2Q through 4Q, when does... | You're going to see the material tonnes come in over the back half of the year David.
We are just starting to rebuild those cells now and -- well stop there. | intermediate | [
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73fad0865aad3bfc496b084c682d550a | Is there any opportunity for you to pass through some of this high power cost to customers as such, some kind of power surcharge or is it just too early to think about that route. And I'm asking because you mentioned demand is very strong here in the US? | Yes, thanks, Paretosh that's a great question. I mean in terms of the primary piece of it, that's just not the way the business works. As you know, the business is LME plus local delivery premium in this case with the Midwest issues so plus Midwest, plus product premium and so I'm going to add -- I'm creeping up an ans... | direct | [
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0f4676ec6fcbb1dcca0555c20cac8203 | Got it, got it. And then for Europe, the increase in Nord Pool power prices. Any thoughts as to why the prices have been higher this year or something has changed in that market or what's going on? | No, it's seasonal. I mean there is you got cold weather there too and really Nord Pool, it trades this is one of the reasons, Paretosh, why we think we understand Indiana Hub. We've got a price and I suppose every seven or eight year excursion like the polar vortex, but we think we understand the factors there. Nord Po... | direct | [
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d64fee79f2963531ddfba6a01a68e5ef | Understood. And just, again, I guess a strategy question in alumina, if you could just talk about how you thought about alumina cost this year as to why you picked LME linked cost structure as opposed to buying basing on some kind of spot alumina price? | Yes, I mean this is the time to ask a question like that. So absolutely, look, all one has to do is look back at the spike in the API spot price to which you refer starting in 2018, I suppose it was when the large Brazilian Smelter called Alunorte went out and prices went from the 300s to the 400s to 500s and then ther... | direct | [
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a4c3fca4229ff69514ea1fc770e08fb4 | I was studying the website of your customer Hammerer Industries for the green aluminum and they make a very wide variety of products from railcars to truck parts or cars... [Speech Overlap] company. It's an Intel they seem to be making every aluminum category except beverage can and foil packaging. And it make construc... | Yes, that's a great -- John, the answer to the first is absolutely like yes there's is a great to pick market for green given consumers and whatnot, but think about cars and think about construction, LEED certified buildings in the European equivalent and all the rest of this happens to be a European OEM they are based... | direct | [
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c8fb839638c1ff313c6b3e773d7434ac | Maybe you can just characterize the deal flow today and give us some color on how the pipeline looks right now? I think you mentioned there was $45 million left on the outparcels. Is there any color you can give us on the timing of those closings? And could we see more of those types of strategic relationships this yea... | Yeah. I think you'll see a lot of those close in Q2. Not all but -- and obviously we have other deal flows, it's not outparcels, but a lot of those will close in Q2. And we're working hard to make sure we do have additional relationships like that close. So it's been quite busy, feel like the existing portfolio is in t... | intermediate | [
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33908d697fe1cefcb74469b4a361a14e | What's the update on Lubert-Adler? Because in the prepared remarks you went through very fast. And I couldn't catch it all, so. | Sure. Yeah. I think going well, you'll start to see deals close in the next quarter -- in the next couple of weeks actually. We don't announce those when they close, but it's going well. And lots of demand from tenants for good real estate. And obviously a lot of rocks to turnover as far as vacant real estate. So, goin... | direct | [
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1f368b013fda6b168d4c6a901aa3cdbc | And then just lastly, do you guys have all the hiring in place that you think you need for the deal flow this year? Or should we expect more? | We have one search for an acquisition associate level person in the market, but by and large, I think we're in pretty good shape. | direct | [
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e2c89dd4c035513a7ca00a18679db976 | Bill, it sounds like Darden and Brinker have tweaked their models to be more profitable even on lower sales. I was just wondering if you could give us your views if this puts these companies or similar companies in growth mode as far as new locations go. And just if that would increase acquisition opportunities for Fou... | Yeah, absolutely, Sheila. I mean, I think Darden and Brinker are very well run companies and have survived this pandemic. And now we're looking to grow market share and it was absolutely one of the top few reasons that we went down the road with this JV, so that we can provide capital to help them grow. Absolutely, I t... | intermediate | [
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cee8fc7454ec26e6229e29c81549c1b5 | And just in on commenting on your new additional hires, do you think that that puts Four Corners in a position just to onboard more acquisition opportunities this year? And do you think that you'll be expanding the funnel beyond restaurants or just your thoughts on that? | Yeah. Well, we certainly have increased the number of auto service and medical retail, we call it Medtail acquisitions. Any other -- the reason we're adding to the team is to have more capability to grow. It doesn't happen where you hire someone in the next month your acquisitions go up. It takes some time to train peo... | intermediate | [
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2e95e1be018bb77cd45efab275bef3c9 | Will the JV reimburse -- or their fees to Four Corners to reimburse for some of this additional people count? | Sure. Yeah. There are acquisition fees and asset management fees that we think will offset significantly the amount of additional G&A. | intermediate | [
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bbbd3a8b6e426d7996a61b1d54c0aa18 | I just wanted to the go back to those comments about the to-go business for the restaurant companies. Are you seeing any opportunity for incremental investment there at existing assets? | We're definitely working on it. It's a little soon. But it seems logical that given change in to-go business from a couple percent a few years ago to 20%, 30% now that there would be some changes in the physical layout of the building. So that's something we're working on, but it hasn't happened yet, but I think it's q... | direct | [
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1a10fbf35d22a7a9a221d6d39eeec80c | Got it. And then maybe if we can go back to the -- I guess, pipeline of deals. How would you characterize it today versus maybe last year at a similar time? | I would say, similarly robust in the sense that we have a very good line of sight for these -- from these outparcel deals. And a little bit broader in the sense that we are looking at Medtail and auto surface. But, obviously, last year specifically, we were in the very heat of COVID. So we were thinking about our pipel... | direct | [
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1cc133326b98f9399b82b6f444b49177 | Got you. And then maybe one last one. You did mentioned about you being disciplined on pricing. And, I guess, are you seeing any more incremental competition for those outparcels? From my understanding they are a little bit more complex and that's kind of where you get a dig in and maybe create a little bit wear-off [P... | Yeah. I think we've seen competition in the past than people realized that it's difficult to do and usually they fade away. So, we'll see. I think the big takeaway that we've seen on pricing is last quarter, we saw high-quality properties trading at low cap rates. And I think in the last few months we started to see lo... | intermediate | [
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c3c71a2cc7d84928019a11befcde6e85 | Now that you have many assets, you probably would want to sell, but, I guess, with pricing the way you just described it, would there be something that may be five years out, maybe just -- may see an issue or you just going to decide to get rid of it now or with that [Speech Overlap]? | I think if you look at the two --. Yeah. I think if you look at the two properties we sold this quarter, one was dark and one was a high rent not great performer. So, I think we're doing that. | intermediate | [
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d6ddfcf3315c08dad6ba689bd85db29c | So maybe building on that last point. I guess, given the kind of cap rate compression we've seen over the last couple of quarters, what are some of the levers you can pull to kind of maintain accretion? Either kind of non-restaurant property types that maybe have some kind of better risk adjusted returns or focusing on... | Right. Well, I think as far as maintaining spread, the bond deal that Gerry executed is a great help to that. And then as far as on acquisitions, I think we benefit from the fact that we're at a scale where we don't have to find hundreds of millions of dollars of acquisitions per quarter. And so, we just need to make s... | intermediate | [
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1450782f848ff53ace40760b4ae3a477 | But nothing specific in terms of maybe continuing in a little bit more of the non-restaurant side or -- I don't want to use the term but a move kind of up the credit risk curve? | Well, I think there is always assets that you can purchase that have higher spreads. It's just making sure that they're higher spread isn't there for a reason. So, we just have to be careful. And I think as our team is trained up now after five years and having underwritten 15,000 properties we are in a good place to d... | intermediate | [
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149471fde40af3d53ec5a991e08c31dd | Okay. And then maybe looking at the broader kind of restaurant real estate investment universe, has there any conversions in cap rates between kind of QSR and casual dining as things have reopened, in terms of cap rates? | Yeah. I think cap rates -- I'm not sure conversions is the right term, they're both falling and especially QSR, it's very typical to see QSR restaurants with a four handle cap rate, some even below that if they're in California or Florida. And then it's very common now to see casual dining cap rates in the mid-5s. I gu... | direct | [
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09bf25258f630e1f2ac8b1e7a1448531 | But, I mean, is the spread between the two narrowed at all in the last couple of months and quarters or is it pretty much stayed steady? | I would anticipate it's pretty steady, maybe narrowed just a timing bit. | direct | [
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b6d999d04dfbca1b17f01524890197db | Bill, it seems like your comments point to the fact that asset pricing today, it doesn't accurately reflect risk, and I'm curious what you think needs to happen in the market for pricing to come back to sort of that equilibrium? I guess, I'm just trying to gauge how long you think this pricing environment will last? | RJ, I think that's above my pay grade to predict. That's like predicting interest rates would have a very hard time doing that. But I would say that your comment about seeing pricing on assets being a bit of a head scratcher is true. I got why properties have performed well during COVID, would trade at really premium p... | intermediate | [
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d381e4b5ae6e7bc976f721894192b1ea | Okay. And so, I mean, at least right now there's just a ton of capital out there chasing all sorts of assets. So you would expect the current pricing environment to last for some time longer. | Yeah. I think that's right. But I wouldn't overstate that. We don't -- we're a medium-sized Company. We have reasonable acquisition appetite and a good pipeline. So I'm -- I wouldn't be too negative about it. | direct | [
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4308abd5622e1dcc2861eb989807bedd | Bill, I think, Gerry quoted 4.1 times coverage ratio and approaching pre-pandemic level. Any idea what percent of your portfolio is open to max capacity versus restricted capacity? And assuming reopening of those restrictions, do you think that the coverage levels could exceed pre-pandemic levels once they are open? | Yeah. I don't have the max capacity because those rules are quite Byzantine and I'll just use as an example, our Kerrow facility where the capacity restrictions were not as relevant as the six-foot distance restrictions for many months. But we were above 2019 levels for some weeks here recently. So, I think the coverag... | intermediate | [
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7ee4a40bc6ad2414afe51126502ecab5 | Okay. And then, Bill, you mentioned $45 million of outparcels remaining to be closed. Do you think that opportunity is somewhat exhausted or can we think about you guys uncovering some more opportunity? | I think there will be more, for sure. | direct | [
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3894ba4e40562ceabaf63243d23d8aee | Okay. Last question for me. I was a little low on G&A for the quarter. I apologize. But just wondering if you or Gerry can help us a little bit in terms, could some of that was excess or just elevated comp cost? Just give us some insight on how we should think about that for the balance of the year, maybe the cash part... | Yeah. Sheila, I'll jump in. Notwithstanding the elevated nature of the first quarter, I think it's a decent number to use for the rest of the year if you annualize that to reflect the increase in the staffing. And as Bill said, some of that will be front-loaded versus fees that will be earned maybe over the second half... | direct | [
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ca2e1c478cc007b6eaa16d080435cf64 | I just want to ask real quick on -- the draft is out on the CCO -- sorry, the draft RFP for 1-800-MEDICARE. And just any surprises there or any thoughts on that? | Hey Brendan, it's Bruce. Good morning, thanks for the question. Yes, we are pleased to see that the procurement is progressing really per schedule and to see the RFP out. And I would just offer you two notes, one is the scope of services that's reflected in the RFP is consistent with the current scope of services and w... | direct | [
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cb7d0eda88c026a4c7f85d02f5a61061 | You talked about some in the prepared comments with the new administration coming in, but could you provide any detail -- any more color or detail on the impact of recent executive orders from the new administration and any new opportunities or just -- or even just expanded opportunities on what you currently do? | Sure, Brendan. Let me give you a little more color. Interestingly, there was an executive order that obviously was created very early in the process here to reopen HealthCare.gov for what's known as a Special Enrollment Period, or SEP, and that will take place between February 15 and May 15. As you likely know, individ... | direct | [
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788b2264d8217ad9ee25246cfb75870e | Rick, first, just a quick housekeeping, and I appreciate the information with respect to the Census and COVID. But the 13.5% organic growth in federal, unless I'm doing the math wrong, if I back out this $60 million for census this year and the $70 million for last year, I'm getting like a 16.4% organic growth number, ... | Yes. Good question. Yes, we're backing out the effects of that CQA contract. That's about 4.4%, the organic growth from other contracts is 12.5%, and the disposal of the businesses is 0.4%. So, all of that together is a 16.5% change, and -- we're going to file our Form 10-Q right after this call. And those calculations... | direct | [
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9bb93ae83a37fb4ffd5d70eaafc4c525 | Bruce, I wanted to talk a little bit about the redeterminations. Obviously, Secretary Azar extended the public emergency, I think into April. I'm not sure that's the specific date there, but from the results of speculation from the Biden administration, I think there was a letter sent to some individuals about maybe ex... | So Richard, I'm going to pick that up in just a second. But first, I wanted to return to Rick so he could clarify something from your prior question.
[Rick clarifies previous answer]
The wisdom is priceless. So let me go to the Public Health emergency. You're absolutely right. Acting Secretary of Health and Human ser... | intermediate | [
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0a76de2dc350771f5b8e1364b09d4bf0 | So I was curious on your slide seven, you guys commented and highlighted that you think you can get to kind of a 10% to 15% operating margin, which is obviously a ton of upside in that out of the U.S. segment. When -- can you time scope that a bit? I guess, just remind us kind of when would that margin potentially be a... | Thanks, Donald. It's Bruce. And I do want to note that the commentary on page seven, I'll begin, and then I'll hand it off to Rick. The commentary about the 10% to 15% margin is over a program's life and the illustrative program is employment services programs, right? So you have to consider the portfolio of contracts ... | intermediate | [
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887ee2ab7ff182da76d2e08bc7f30346 | I guess I was trying to put you a little bit on the spot in terms of you guys -- I understand it's not the entirety of the outside of the U.S. Segment, but you guys are talking about a breakeven margin in the outside of the U.S. Segment. And when you talk about a 10% to 15% margin for these employment contracts, which ... | Sure. Well, yes, I think that it's pretty obvious that the outside of the U.S. Segment is a segment that's been most damaged during the pandemic. We've had -- over 50% of the work that we do outside the U.S. is unemployment services in closed economies, in Australia and the United Kingdom, and have been very detrimenta... | intermediate | [
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f0df9aff2ed598332be0559aed7b5069 | You guys detailed the Census revenues in the fiscal first quarter, the December quarter. What -- can you remind us, and I apologize if I missed this, what would that ramp down to in the March, June, September quarters for you to sort of set expectations? | Yes, that program is very close to being over. It's in a heavy wind down period. I think you're going to see less than $10 million of revenue going forward from January 1, 2021 forward. | intermediate | [
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b696f56f137eda1915c5b12767c18e63 | First question I wanted to ask was about the competitive environment in Colombia, but not on no bio side, but on the fixed side, yesterday, we heard Merca [Inaudible] make a comment that the broadband environment has deteriorated. So I wanted to hear your views on that. And the second is also the competitive environmen... | All right. So let's start with Paraguay, because I think Paraguay is a country where for a bit of time, you heard us say that we had all the good goodies and all the voice to really perform there. The spectrum that we bought earlier on, the network buildout that we need, the soccer and content part of it and a state-of... | intermediate | [
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22c435c9a28df8ec542e4bc62ddc4896 | First of all, on Panama, we've had an announcement from Digicel, who were looking to exit the market. It'd be great to get your perspectives on that. I think also specifically, is there any opportunity to pick up either infrastructure assets or spectrum, which may become available? Do you know what the process is in th... | Panama, for us, has been one of the better investment decisions we've taken, if not the best over the last the years have been around. You know the story Soomit. It's a dollar economy. Our business plan had buying into fixed, defending, sustaining, growing fixed. We've done that really, really well. We continue to grow... | intermediate | [
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776ba71242c5baa5de86b831095adfbf | And a follow-up question, please, just a bit more detail, maybe it's one for Sheldon. But on the corporate costs, so again, when we just simply kind of top up the individual country EBITDA and then compare that to the headline, the new IFRS headline EBITDA, the corporate cost seems to be around $35 million, if I've don... | Yes. I think you have misunderstood there. I think we should come back with Michel and Sarah just on some of the calculations. That number should be probably closer to $45 million and $35 million, if you do the math right. And we would have the -- we did have the TigoMoney investment consistent to what we talked about ... | direct | [
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3d1c49134498af119e3aea5887cbb5a6 | The first one, you touched on it briefly during the call, but could you give us some more color on the current general environment and the heavier competition in Bolivia and Honduras? And the second question from our side would be as you improve cash flow and as you take strategic measures to raise additional cash, lik... | All right. Thank you, Vitor. Lots in there. Bolivia, first, is a market that with the exit of Trilogy or the sale of Trilogy into what's effectively an unknown new player there seems to be going increasingly toward a two-player market, which I think is a good development. So over the quarter, you have had Panama and Bo... | direct | [
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a68b7a848bc7907ed4c219ace3a055cd | Regarding the equity free cash flow during the quarter, there was a negative equity free cash flow by $69 million. And I guess this was better than the $183 million a year ago, right? There was an improvement in terms of the negative equity free cash flow. But it seems far from guidance, which is, as you said, $800 mil... | All right. I'm making everybody uncomfortable by starting to answer this question because we have this rights offering, and frankly, I cannot give you 2022 numbers, blah, blah, blah, blah, blah, blah. So you can see that I'm all sweating, because I'm going to give you that. So I'm going to pass it over to Sheldon so th... | intermediate | [
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bd10ba2f2c51177595d96a534c849370 | Wanted to start with gross margin and some of the negative impacts that you talked about. Can you maybe quantify or at least buck it out in addition to the tariff impact the headwinds from mix, volume and negative pricing? | Yes, sure. This is Ran. Thank you for the question, Greg. So yes, there is an impact on essentially all of the above that you mentioned. I will try to at least prioritize those different topics. So there is definitely an impact of the tariff. This quarter, the impact of the tariff, the tariff was $1.1 million. It was 2... | intermediate | [
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3ce8ad0ee8bd79102139fe5fda0e697e | And then the Q4 guidance specifically on gross margin, the delta between that and the September quarter, in addition to a higher impact from tariffs, is that mostly volume related? Or is there anything else going on? | It's the same topic. It's mostly volume, it's tariff and it's mix. | direct | [
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] | A |
05629c949e4ae24538c2d59b3f6dae2e | Okay. And any more thought in terms of mitigating this tariff impact by moving some manufacturing over to Asia? Or is that not yet in the discussion? | No. It's definitely in the discussion. And we are moving some production from the US to China and vice versa in order to reduce the impact of the tariff. It will take time, though. It will take time. We have inventory on hand that we already produced it in certain places, either in China or in the US. It will take time... | direct | [
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] | A |
fb5ba9cadeb1c7464972aefccedd1346 | Okay. And then I guess last one for me. Scott, you mentioned this Tier 1 Corona win. Congrats on that. I think you also mentioned sales ramp potentially starting in mid-2020. Is this a brand-new customer? And any way that we can sort of think about the magnitude of the win, and how big of a customer this could be over ... | Yes, sure, Greg. Thanks. Definitely, it's exciting to see the progress with Corona with this customer and others. I think probably the best opportunity will be at FABTECH in Chicago, where you'll see various customers displaying Corona there. And it is a new customer. There are several other new customers that are in t... | intermediate | [
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92530f4ca61fb748d0207f2fa4ea093b | Hey guys, this is Mike Cikos on for Jim Ricchiuti. Wanted to ask you first on the microfabrication business. I think you guys discussed how there was some large inventory build at several of your large customers. Or -- I'm sorry, let me rephrase that. Several of your large customers currently have elevated inventory. A... | Yes, a good question. There was a buildup inventory for several factors, just due to the cycle in the industry and also the tariffs. And it depends on the customer and the application. But generally, by the first half of next year, we see those inventories working their way out through the value chain. | direct | [
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2bf4e39d464bdfa4006908a9080d142c | Okay. And I guess, following on that topic, between industrial and microfabrication businesses, can you guys kind of discuss the visibility that you have into those markets currently? I'm interested in how cloudy it might get, given the inventory build that you're talking about here. | We think we have pretty good visibility into the inventory build. We've known about it for some time. What we don't have visibility into is certainly the end markets and in terms of the uncertainty in geopolitical and otherwise. So we do believe that there continues to be a trend toward more advanced lasers for various... | direct | [
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13da9d577af0092d8a335ac574aa24f8 | That's helpful. And then one more, if I could. On the new range of -- new family of lasers for the welding applications, can you help us better understand how these welding technologies are differentiated from the competition? And I'll leave it at that. Thanks. | Great. Yes. So in welding, we do have sales in welding today, although a relatively smaller part of our business today with products that we have today. The family that we're launching at FABTECH allows us to access a much larger part of that market. And we do believe that, that is a market that is growing faster than ... | intermediate | [
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181e9da3d71f13b7969da3f29aeb8c8a | Thanks for taking my question. I think you mentioned that 40% of your revenue today was high power. Do you have a time line when you think that could be the majority of your revenue? Would it be 2020? | We don't have visibility into specifically how that will migrate over time. However, I will say that the migration so far has been fairly significant. It's over 40% in the last quarter, and that's up significantly from where we were, about double where we were just a year ago, and it was a very small percent the year b... | intermediate | [
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76f13cf631a924bb578870f2d30799b2 | And just as a follow up, in terms of how quickly do you think those lasers could penetrate the market, the new ones you're announcing at FABTECH, on the cutting side? Do you foresee another nine to 12 months' time frame? Or do you think that would happen a lot sooner than what is normally the case? | Well, I think there's various customers and they're in various stages of the designing process. And some are ramping right now, some are at the earlier stages. So we anticipate continued growth in that space. But I will say that it is moving faster than is typical in previous because Corona is -- it provides differenti... | intermediate | [
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f65a6d08539505961e12d19245b8a3fc | Are you really looking at the systems integrators who would provide this? And I guess, is there any particular -- is automotive really the one that you're focusing on? | Well, let's see. First question, yes, you're correct, we're not providing a system. I think that's important. We provide a much higher value-add at the laser level, but it is still a subsystem, if you will, for those system integrators. Today, the market that perhaps is driving our near-term growth is the battery EV ma... | direct | [
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f0140223239e4b51e146717ebfd6424c | Yes, good aftrenoon. I'd like to focus some more on the new products that have come out recently. When you look at all the new products and the different power sizes, when you sit back and look at that, what do you think is the biggest long-term driver and maybe the biggest near-term driver of that new portfolio that w... | Well, let's see. Thanks for the question, Tom. With respect to the industrial market, I think that Corona remains both the key near-term driver, and longer term, it will continue to evolve and become more sophisticated and drive new applications. So today, in industrial, Corona is allowing us to provide differentiation... | direct | [
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a56a97c911a38740267482244694af7f | Okay. Great. And then, I guess, as a related question, when you look at pricing and perhaps more importantly profitability, do that simply scale with size -- power size to you? Or is the features inside the laser are more important than scale or size? | Yes. Features certainly are the dominant factor. And certainly, when we provide some of these differentiated products, it's very different from, say, a very standard product. In addition to that performance, though, it does scale with power also. As you go up in power, it gets much more difficult. So the competitive in... | direct | [
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10c452cd027e8ac22c47fad7a6300f0a | Okay. Great. And then Ran, a quick question on the model itself, what was the percentage increase in tariffs that you saw during the quarter? | I can tell you -- I don't know what percentage, but I can tell you exactly, a year ago in Q4 last year, the additional tariff, what we are disclosing as the additional tariff that was imposed mid-last year, it was $550,000 or 120 basis points impact. If you are looking at Q4, the guidance that we gave for Q4, the impac... | intermediate | [
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d2cd867d75702015a2f4ccfe483212b1 | Okay. Is that relationship or that ratio that the tariff went up? Or are there other factors involved? | There are many, many factors that impact the tariff in a certain quarter. It depends on what we manufacture, where, how much we are manufacturing. It's also the inventory level. If there is a change in the tariff and there was a change in the tariff during the last year, and so on and so forth. | intermediate | [
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3a6f5d2ccb4d17a5951d80a1365f72dc | Okay. And then finally, would you consider that to be the kind of the peak tariff level you'll see on a percentage basis or a margin hit or could it expand from there? | From dollar perspective, again, it's hard to say if it's peak. It depends on -- obviously, I cannot talk about what will be the future of the tariff and if it will change or the weight will change. But everything being equal, and again, it depends on the mix and where we will produce, we believe that mid-next year, you... | intermediate | [
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84861225d83c32684fc47de1b494b409 | Yes, thanks. A couple more for me. I guess doing the math, it looks like industrial sales outside of China were down year-over-year. And I guess that seemed to be an area of optimism, at least from the Q2 call. So anything to call out there? | Yes. There was a reduction in this quarter, but -- on industrial end market. But if you will look at year-to-date, the industrial end market, although we are not disclosing that specific number, but if you will look at today, year-to-date, the industrial end market outside of China, there was essentially a growth there... | intermediate | [
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e12b5b4b0161f8f2c2419a4fc84e5fa3 | Okay. And any top 10 -- I don't know if I missed this, but any 10% customers in the quarter or no... | Yes. There are two top 10 customers, you will see that in the 10-Q that we will file on Wednesday. But one of them was Quick Laser and the other one was Raytheon. | direct | [
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28f4a17032703b0b89f13f382e851f90 | Okay. Can you quantify them now, or we got to wait for the Q? | No. Wait for the Q. It's two days. Wednesday, this week. | direct | [
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22af44928825e524b0b1de3a60d6727a | All right, short wait. And then I guess just one last one on aerospace and defense, I know, Scott, you had some commentary I think about directed energy. Is that just tiny sales? At what point could directed energy become meaningful? And I guess that space just continues to ramp up really nicely here. So is that just e... | Yes, good. I think it's a market that is still in its early stages today. It is a portion of our revenue today, but it's a relatively small portion. It is a market that is poised to grow rapidly over the coming two to five years. And in that time frame, we expect to grow -- continue to grow rapidly in that space. And t... | intermediate | [
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1037d21cd9250bf9963d872de38b8b65 | Hey. Good afternoon, guys. Thank for the questions. Congrats on the PLA code. Just trying to again go through, Kamal, what you were seeing sort of at the end there. I just want to understand the practical impact of this increased pricing. What percentage of your business is CMS now that it would eventually -- that woul... | Sure, Brian. I'm going to take the first part of that question, and then Ron is going to take the second part of that question. So approximately 20% of our revenue is coming through Medicare. Ron will talk about the short-term disruption and the long-term positive impact this will have. And to answer the last part of y... | intermediate | [
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008a8b044ead15b361f91a26eb891a4b | No. I think it's clear that there's no question that CTD is covered in this because the lupus markers are kind of buried inside of that. There's no issue on that, correct? | Correct. Yes. The other markers get paid. The lupus product itself with the algorithm will have the $1,085, and of course, that is inside and surrounded by the other 12 markers that surround the asset for CTD. | direct | [
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bdc3239791bbf8c637909564a4b018f8 | OK. And then you guys continue to make progress with ordering clinicians and doctors, all those are turning in the right decision. Just curious if you have any insight on how kind of the share that you're getting inside of clinicians' offices is at this point. You're adding new docs, you're getting better adoption, but... | Yes. Great question. Unlike pharmaceuticals, there is no market research syndicated data I can buy from Walters Kluwer or IMS. It just doesn't exist for testing. And the reference labs of course are not going to share that with you either. But what we do know is that we've done well over 600,000 orders since launch, an... | fully_evasive | [
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458d790c1a8d8062fd86d427a357d9da | Understood. OK. And then last one for me. Kamal, we have revenue guidance, but can you give us some thought about how we should be thinking about spending through the year and cash burn? Thank you. | Yes. As Ron mentioned in the prepared remarks, we have a lot of exciting stuff in the pipeline. R&D expenses will continue to increase quarter after quarter sequentially as we continue to invest in the personnel and other items in R&D to advance these products through the pipeline. For SG&A, we really do have the infra... | intermediate | [
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69a4dac93549b964e59f194bac167355 | Hey, thanks, guys for the questions. Congrats on all these updates and congrats on the quarter. Maybe just thinking about the guidance I guess, I mean, I just was wondering any commentary on like year-over-year volume or revenue growth in March specifically. I know it was like a record month. But just looking at the gu... | Yes. Thanks for the question, Kyle. We feel great about the volume trend. As we mentioned, March was an all-time record. With guidance, it really becomes more of an ASP story because the long-term impact from the PLA code is a great opportunity. But we're going to have that short-term disruption potentially from the in... | intermediate | [
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51d1104615d553ca59bbe3af3b4661ef | All right. Thanks, Kamal, that was helpful. And I guess on that note, actually, I wanted to talk about ASP and test per provider in the quarter. I mean it looks like both declined year over year, which I guess understandable on the ASP side, you mentioned payor mix, test per provider. It's not clear to me what happened... | Sure. In Q1 of '21, our ASP on AVISE CTD was around $294. We saw a $13 decrease to Q1 of '22 to $281. And as you mentioned in your question, yes, this was in regards to payor mix. There's obviously a wide range of ASP between payors, so larger volumes or smaller volumes from many payors could have that swing to cause t... | intermediate | [
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578fe6c71f6c10b618e0702934a74fcd | OK. Sounds good to me. Let me just ask a final one I guess maybe for Ron. You were just mentioning this a moment ago. Around the whole, the impact from the PLA code on maybe your ability to obtain new payor coverage, I think this was asked, but like I'm not sure if the answer was totally clear. Is this a sign of maybe ... | Yes. This is very meaningful because not only is it a PLA code, which is important, but getting price as fast as we can from our MAC and Noridian at the $1,085 is significant and really shows the value of the test when they took it to that price. And of course, now obviously, the next step is the LCD. This is a path th... | direct | [
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3d3a3b6a736a72f6675012f16f5a81d8 | Hey, good morning, Bill and Jorge. Couple of questions here, and I apologize I got bumped off the call. So, maybe you already talked a little bit more about this, but in terms of some of these investments that you're making next year or for this fiscal year, could you maybe kind of quantify what you're doing on the inv... | Gary, Bill. Thank you for your question. We've had stair step growth cycles in the history of the Company and each is typically coupled with some capacity that we'd like to deploy in areas such as technology and product development. These are not to be equated with what we did for Liquidity One. These are natural healt... | intermediate | [
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b51a22b7be59c54ae269a1cca0d72052 | Yeah, I guess I'll keep asking a couple of questions. Can you maybe, Bill, is it possible as you look on your results for fiscal '21, is -- do you guys parse it out in terms of what was your organic growth versus adding new logos across the Company's business segments? | Well, so, retention of customers, is a very strong part of our growth this year, and I would think that, if you start to parse by categories, that's been the principal driver for organic growth for fiscal '22. Now, when you deliver strong results, it creates tension and those segments from peer companies and we have co... | intermediate | [
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68b8a81397ef75a1d81fff462b80a2be | Have you or can you possibly given the -- what you've done with the Liquidity transformation and put the new technology platform in new markets, etc., value-added services. What kind of lift are you seeing in your returns on GMV for your customers? | We have seen 10% to 30% improvement on an apples-to-apples basis of net recovery rates realized and that has been not unsurprising as more buyers have come into the marketplace driving competitive execution of our sales programs and it's opened the eyes of a lot of our customers and help prospects become customers. We'... | intermediate | [
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414d52f861f62b190dfd8809fda2c20c | Okay, thank you. And then, Jorge, I don't know, if you guys made this public, but what was the -- did you make public what the GMV that bid for assets produced when on a trailing 12 month basis, when you bought it? | No. And it's going to be, as we indicated in our remarks put together and reported with GovDeals for obvious reasons, right. We're leveraging both the existing real estate activity in GovDeals and we're leveraging in reverse, the bid for assets, real estate business. So, as we go forward, these things are going to conv... | direct | [
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7e997eb3c50f6cf96444e408351701ed | And then lastly, what were you saying about revenue to GMV, it will continue to track down in fiscal '22? | Yeah. I've mentioned this before, where I've trying to get because we don't guide to revenue for obvious reasons because of our different, right, different pricing models. So, but as you look at our general trends in mix of business, you're going to see maybe revenue growing slightly lower than GMV, simply because of t... | direct | [
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91e8d0f6ac7038f19ba7964614a16242 | Wait a minute, you said revenue to GMV is going to be what, lower than what? | On the lower end of the range that I've always -- that I've always given where I mentioned that the ratio is this 27% to 30%, right. We talked about high-20s, it's going to be on the lower end of that, just because of... | direct | [
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2b59656d9af88db0970355105bc0f237 | Okay. And do you have the breakdown of the GMV and consignment and the GMV in purchase for Q4 handy? | I don't have it right at my fingertips, Gary, I apologize. It will come -- we'll be posting that like today on our website, but it hasn't materially changed, it is still, call it where it's been in the 85% or so I believe. | fully_evasive | [
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bddecddfcfc356f5aeccc49df605ddde | So, if we could just start on the top line, there is a week left in 1Q. So, if you could provide any color in terms of how your revenues are trending in 1Q relative to the 24.8 that Charlotte's did in 4Q, that would be helpful, and then maybe some commentary just by channel, DTC versus B2B. Thank you. | Yeah. I am going to let Wes answer that question. But keep in mind, the seasonality is our fourth quarter is typically stronger than our first quarter. So, with that context, I will hand it over to Wes.
Hi, Gerald. Good morning. Look, January is typically a slow month post the December holiday season, and we again saw... | intermediate | [
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668a98d794fdbf8dd249f82f9eca612a | Last one for me just on gross margin, kind of given some of the commentaries in negative mix shift associated with lower-priced products, consumers looking at products outside of higher-priced tinctures and the like. When you take that and then you couple it with the high levels of inflation that's affecting all of con... | Yeah. Happy to do that, Gerald, and help unpack that a bit more. As we all know, inflation is at the highest rate in four decades. And I think it reached close to 8% in February as consumer demand increases and supply shortages prevail. And so we are keeping a close eye on inflation and the impact it will have on our c... | direct | [
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51de4039b24d119a38e577f92468ef42 | You mentioned in your comments, California, the AB45, and then also your kind of even the regulatory stance on MTBE for ingestibles. What are you seeing kind of the uptake from that in California and New York and kind of being able to add doors and products into those states? And are you seeing other states kind coming... | Scott, good morning. Good to hear your voice again. We are needless to say super excited about the legalization in California. And to give you some perspective, in the fourth quarter, we actually opened more than 400 new doors in California, of which roughly 200 of those doors were in the natural channel, including vit... | intermediate | [
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08db41419c0f8363ff20be4b7ca2f8f2 | And then just shifting kind of your international global kind of expansion opportunities here, you mentioned Canada, Israel and UK coming onboard. Kind of can you kind of help us understand the timing of that? Is this more of a second half story for 2020 from revenue growth? And then how does that opening up for the re... | Yeah. I think -- well, first, thanks for the question. For sure, both -- well, all three of the markets we talked about will grow over time and starting pretty much in the second half of the year. I mean we are probably going to be a little bit more advanced when it comes to the UK than the other two markets, but still... | direct | [
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f56b62d9e52f97a8a60ac02eb37ceac6 | Can you just comment on the new production facility now that it's commissioned, and it will be ramping up over the course of this year? Are you capable of producing all of your different product formats within that facility? I know you mentioned you are seeing increased volumes in gummies versus tinctures. Can you make... | Yeah. Listen, at the moment, we have the facility, which we stood up, it's up and running. And we don't see, in the near-term, bringing all of our production and distribution capabilities to what we call the lost. We are always looking at the economic trade-offs between the capital investment to bring production in-hou... | intermediate | [
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fd7f6d86252999dff2178060b87c7217 | On the SG&A side, I think there was a line in the press release where you mentioned you are now more comfortable with the operating expense line versus your revenue. But when I look at it for the quarter, it was a $24 million operating expense line and $25 million in revenue. So, I am assuming there is more to go, and ... | Derek, good morning. Let me take that question and help unpack the opex. As you mentioned, yes, we did have some incremental opex in the fourth quarter versus prior year, and we referenced that earlier in the commentary. But if you exclude some of these one-time SG&A items in Q4, SG&A is actually down 5% versus prior y... | direct | [
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23bc6dde50e9d6694eeec2572f27aaf8 | And then just the last one for me, I appreciate the update on the market share across a number of categories. That was very helpful. Which channels are growing faster and slower as you head into '22? | They are all growing slower than we would like. That's I will start out with that. But we are excited with the new customer focus for our sales organization as well, we are really -- we are still looking at the business from a channel point of view, but we are really focused on really having customer relationships that... | direct | [
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1e8552f0e50055c69ccf21dcefa5039b | I'd like to understand moving forward, what are the next steps? Are you going to integrate the CTE transmission? And what's the growth plan from now on? Are you going to continue growing and transmission? Are you, is it generation? So what are you planning to do? | Well, our strategy has always been to balance growth with a payment of dividends, and I think our strategy continues in the same line. Our analysis is that we could pay the dividends without compromising our growth opportunities. So we did this, we paid the dividends. I think this payment is important for the strategy ... | intermediate | [
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cd2b22d0afb0e743528adfeed9953354 | Is there any specific asset that you're more interested in and that is in the market, some specific sector that has called more attention? And the second question that I ended up by not asking was in relation to an update of yours in relation to the drought crisis, you think that the situation has worsened. Should you ... | Well, I think in general, the assets that come to the market, these are the ones that we're going to look at in the CTE generation. We're already partners in several hydraulic plants. So it's natural that we look at these assets. The sale [Indecipherable] sorry, it's an asset for us to evaluate. So I think there's seve... | intermediate | [
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d140532e16533687d73a48590f9c9b60 | How much do you think would be the target of net debt? EBITDA between 2.5, 3, what is your target? And when you talk about growth, you have the asset that you mentioned in the generation, CT3E [Phonetic] and you have partnership in three plants, right? So is your interest only in the plants where you have partnership w... | Okay. The first question, I think we have a target. It's a reference of leverage to maximize the allocation of capital. We have -- this is about 2.5% EBITDA level. This is a healthy level of leveraging. So we with the acquisition, we with the payment of dividends for the perspective of business growing, I believe that ... | direct | [
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d7935468c0556765867511109eca6d75 | The question about the hydrological risk, the government has announced some measures to be able to incentivize the change of consumption in the peak times and also measures so that the residential consume -- reduces the consumption. Could you comment these measures and do you think this will have any relevant impact on... | Marcelo, thank you for your question. Well, first of all, there's a huge in-definition in relation to these topics. I think we've had rationing in 2000 -- the market was completely different. So you can't use those measures of 2001. The way that the market is today, more open many more players, so different sources of ... | intermediate | [
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c2c258a5afa722b34462a9965399ee44 | I have two questions about regulatory issues. The first one, if you could please comment about the discussions of a possible new update of accounts. Aneel has updated from BRL6 to BRL9, but there's a pending discussion of this going up to BRL11 and comment a little bit, how do you see the coverage today compared to the... | Sure. Good morning. Carol, I'm Andre, I'm the Director for Regulatory Issues. Well, the first question we're still discussing it's a public consultation of Aneel and what we have here in this last month, the costs, the hydrological costs and these costs have increased. So in general, we've signaled -- the distributors ... | intermediate | [
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15e3932c317e86f9d63227aaa543888c | I guess, first off, I was trying to get a better sense on the differential that you saw in the quarter between shipments and consumption. Just trying to get a sense of sort of the magnitude that supply constraints kind of held back sales growth. | So, I'm not sure that the communication was with the report, but I understand as to the question was really about the difference between the sell-out and sell-in. So, branded sell-out was mid-single digit percentage. So that's what it is. So, as you know, you have a lot of puts and takes between, let's say, the Nielsen... | intermediate | [
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e02654bf4d5049daad497b1e25015916 | And then, you talked a lot about expecting a share -- market share inflection as you go into later in the year and capacity comes online. Can you give us a sense of how market share has trended more recently as a result of the capacity constraints? And I'm trying to get a sense of have others, whether it be private lab... | It's an excellent question, Andrew. And I think, the first point you remember, we mentioned that capacity utilization pre-COVID is in the region of 90%-plus, which is in and off itself is fine. What we know is, all competitors would include the private label producers were lower from "pre-COVID situation" 90%-plus is f... | direct | [
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"fully_evasive"
] | A |
3b291860cc9c7ceb715252f9b7f6ceb9 | And then, very, very quickly, just last, I guess, how much would your -- I'm trying to get a sense of your level of flexibility or conservatism, if you will, for the year and how you're thinking about it. I guess, how much of the full-year guidance is dependent on capacity coming back in the timeframe that you anticipa... | Yeah. Andrew, I think, let's say, overall, as we've said, I mean, we are off to a good start. I mean, in Q1, I mean, the plan today was assume a return to full capacity to capacity available as of Q3, Q4. And this is how our share plan, I mean, has been built, I mean, at this stage. So, if you think the guidance that w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
573a971ac1468abc74730a1a54fe0760 | Hey. Good morning, guys. I was wondering if we could just give -- if you guys could just give a little bit more color. And I appreciate the color you already gave in terms of gross margin. But just thinking through your ability to price in the current market, how are those -- how do you view your pricing power in the m... | Andrew -- sorry, I'll comment on both and and we'll have, I mean, the perspective indeed, I mean, on that. So, I think what you're seeing today, I mean, overall from the pricing power standpoint is, we had the [Indecipherable] planning for effectively a manageable level of inflation. And what we saw in Q1, as we had me... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5106a9f9285e159ee2c2244f8bb6ceb7 | Hi. You might have answered this, but I was surprised that the inflation guidance hasn't moved higher. It's low to begin with, at low single-digit. Is that just a reflection of hedges you have in place contracting -- spot rates for just about everything are up here in the U.S. Do you expect a materially higher degree o... | Yeah, I think the one element I'd like to [Indecipherable] from an outlook standpoint, I mean the inflation that we have planned for is -- was materializing and we came into the year with a manageable view of it. We have pricing plan and we have productivity as I had mentioned. The one element that has been happening i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2b324d8a05b0179cb1b62be3d7e0ed5c | Okay, got it. And in terms of your market share losses in frozen fish, can you give us an order of magnitude of kind of what it's going to cost on the promotional side to get those share gains back maybe Taposh will give it -- give us more color in terms of the guidance? But is there -- is this just a shift in your pro... | I think it's going to be -- Robert it's going to be more a promo shift. So as a Samy said, one of the reasons the gross margin is a bit higher is promo. So obviously, when you have some supply chain constraints you don't want to pull the promo -- to go too much in promotion doesn't make any sense. And you would waste m... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
41a81e4f5773f044349fe6714adc84d3 | I was wondering if you could talk about trends heading into April and May? And if you could break out maybe sequentially month-by-month or year-over-year, how those are looking good? That'll be appreciated. | Yeah, when you look at the year I would say, Q1 is up to a great start as we had mentioned. And with four months, let's say, of the year now complete, we are increasingly confident in our ability to achieve the full-year plan, I would say overall. So the trend continues to be stronger and the plans are unchanged versus... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7ece77aefee054510aab77ff621d5e3 | Okay, great. Thank you. And just on the capex side, I know you said you've increased your expectation for investment into the UK. How much capacity does that actually add for you? Number one. And number two, is that enough to accommodate the expected demand levels you're seeing across your business. There are other pla... | Well, Jon, as you know, it's a never-ending process. You're continuously reassessing especially in these very volatile situations. I mean, we're trying to find out exactly what the demand is going to be post COVID. We're feeling sufficiently confident with this additional line, which I think should bring something like... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
afde096a1236511bf4020243cfa8407f | Got it. And then maybe just when you get this capacity online, is there a gross margin benefit because if you're running hot now and using maybe outsourced co-packing, then maybe it's not as efficient as you like it to be. Is there a benefit to getting this online and then pulling some manufacturing in-house? | Absolutely, absolutely, that's very clear. So it's a good pay -- this line is a good payback and I can tell you it's physically painful to see all these goods gross profit going to some other places. So we'll be very pleased number one, for customers, for consumers, but also for ourselves. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ad362c5681c613392938de4b6454f822 | Hi, good morning. This is Ashish [Phonetic] on for Rob. Thanks for the question. Just wanted a bit more color on inflation. You mentioned low single-digit inflation for the year. Can you give us some more color on where you are seeing cost pressures and cost relief with respect to inputs? | Yeah, we mentioned I that the level of inflation was going to be normal in 2021 net of FX. We had mentioned effectively as well that the procurement team has done an exceptional job in Q1 in managing very well. I mean, the inflation situation in India to some, let's say, deflation and FX as well was an offset. I mean t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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