This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk_0: the morning ladies and gentlemen thank you for standing by welcome to l gonna steal fiscal first quarter two thousand twenty three conference call at this time all participants are you listen only mode a question and answer session will fall the formal presentation should you require operator assistance during the conference please press stars zero to sing on operator please note this conflict is being recorded how now turned the conference over to your host michael morocco treasurer an investor relations officer for are gone the steel thank you he may begin
spk_1: good morning everyone and welcome to l gonna steal groupings first quarter fiscal twenty twenty three earnings conference call leading to today's call or michael garcia our chief executive officer and ratchet marla our chief financial officer as a reminder this call is being recorded and will be made available for replay later today in the investors section of algo miss deals corporate website at www dot algo muy dot com i would like to remind you that comments made on today's call make a game forward looking statements within the meaning of applicable security laws which involve assumptions and inherent risks and uncertainties actual results may differ materially from statements made today in addition our financial statements are prepared in accordance with i have for us which differs from us gap and our discussion today includes references to certain non i ever us financial measures last evening we posted an earnings presentation to accompany today's prepared remarks the slides for today's call can be found in the investors section of our corporate website with that in mind i would ask everyone on it's called to read the legal disclaimers on flight one of the accompanying earnings presentation and to also referred to the risks than assumptions outlined in gonna steals financial statements and management discussion and analysis for the full year ended march thirty first twenty twenty two please note that our financial statements are prepared using the us dollar as are functional currency and the canadian dollar as their presentation currency our fiscal year runs from april first and march thirty first and our financial statements have been prepared for that three months ended june thirty at twenty twenty two please note all amounts referred to on today's call or in canadian dollars unless otherwise noted following are prepared remarks we will conduct a question and answer session i will now turn the call over to our chief executive officer michael garcia mike
spk_2: thank you mike
spk_1: good morning and thank you for joining our gomez feels earnings call for our first fiscal quarter ended june thirtieth twenty twenty two i will start my comments as we always do by addressing what truly matters most to at the safety of our employees
spk_3: at al goma we believe in fate safety without compromise
spk_1: and our continued focus has resulted in substantial improvement over the last decade in our last time injury frequency right
spk_3: i commend our entire team for their collective success and continued diligence as we relentlessly pursue our goal of achieving zero workplace injuries now before we get into the result for the corner i want to update you on where we are with our union negotiations given the announcements over the past week to start all of our plants are fully operational at this time
spk_1: there are two local chapters of the united steelworkers that represent are unionized employees the most recent multiyear labour agreements with those two unions were set to expire on july thirty first we believe we have made fair and attractive offers to both unions offers which apps for no concessions and provide our employees with the highly competitive compensation package that compares favorably to i north american peers last week members of united steelworkers local to seven to four which represents our technical professional and front line supervisory employees except that are offer and ratified a new labour agreement with algo muy a go shake hands with us to the local to to buy one which represents hourly workers continue last friday we announced that we had submitted our best and final offered to that unions negotiation team who declined to submit a proposal to it's membership for a boat therefore in anticipation of the strike this past weekend we began taking steps to take our facilities offline safely
spk_4: ahead of the original deadline
spk_2: on saturday night we are now the company and the unions negotiating team
spk_1: had reached an agreement to continue discussions without any work forced action
spk_3: for an additional fifteen days
spk_1: allowing us to continue operating our facilities normally in the interim
spk_2: this extension demonstrate the willingness and desire on both sides to reach a fair and equitable agreement for operations the facilities today and throughout the transition to electric arc steelmaking
spk_3: at this time we have no further update on the progress of those thoughts
spk_1: due to the sensitivity of these discussions we will be limited in what we can share regarding these active negotiations during our q and a session on this call now turning to our results on today's call i'll cover my observations for my first sixty days at c e o as well as key events and milestones during
spk_3: the quarter and subsequent to it's end i will then turn over the call to regime for a deeper dive into the numbers before closing with thoughts on the current state of still markets and our capital return policy
spk_2: the say that my first two months on the job have been busy would be a major understatement
spk_4: as we have advanced a number of strategic initiatives during that time
spk_3: one of my first priority was to roll up my sleeve and get out on the site meeting are exceptional team the million rising myself with the specifics of our operations processes and approach and thing up close and personal the impressive facilities we operate in st marie
spk_2: having spent time with many of our team members i come away even more excited about our operations and our future
spk_3: we have a dedicated group of operators focused on executing the pathway to our gomez future as a leading north american producer of greenfield relentless execution by the team drove strong results we achieved in our first fiscal quarter those results which was shot will discuss in more detail momentarily
spk_2: included shipments of five hundred and thirty eight thousand tons revenue of nine hundred and thirty four million adjusted ebitda of three hundred and fifty eight million
spk_1: and cash generated by operating activities of two hundred and seventy seven million
spk_3: during the quarter we continue to advance construction of our transform it of electric arc burn his project which i am pleased to report remains on budget and on time for a plan twenty twenty four startup
spk_1: we completed the first phase of our to face plate mill modernization project in june twenty twenty two
spk_3: with expected quality being achieved the second phase initially expected to be completed in november has been extended to june twenty twenty three to support our customers impacted by a longer than anticipated startup you to automation issues during the first phase further by extending the timeline we are better position to apply learning from the first phase two the second phase outage to ensure seem with the execution we launched the next phase of our capital allocation program with a four hundred million us substantial issue or bid
spk_1: we distributed over one hundred and fifty million in our employ profit sharing program a corporate record that reflects our outstanding results in fiscal twenty twenty two and prior to launching are said we purchased one point six million shares you are normal course issue or bid or nc i'd be at an average price of us nine dollars and eleven cents per share
spk_5: like i said a busy quarter
spk_3: just last week we successfully completed the oversubscribed same process which resulted in the repurchase of approximately forty one million shares are approximately twenty seven point nine percent of our issued an outstanding shares at the time of the program announcement
spk_5: at a price of nine dollars and seventy five cents us
spk_3: i'll go mine now has one hundred and five million four hundred and three thousand nine hundred and thirty issued an outstanding common shares it's a testament to the execution by our team during these times of challenging market conditions like these that we are able to operate our existing portfolio that that's normally without being operationally impacted by the construction of our transformational yeah yeah project all while being able to return meaningful capital to shareholders now i will pass the ball over to resort to go over the strong financial results for the quarter before closing with some thoughts on the markets and our capital allocation program regime
spk_6: thanks mike
spk_7: good morning and thank you all for joining the call a first fiscal quarter those continued to demonstrate the impressive gosh i'm reading potential awful woman i'll remind you again that on numbers are expressed in canadian dollars unless otherwise noted or quarterly results were highlighted by net income of three hundred at one point four million or dollar one forty nine cents per share just a bit off three fifty seven point seven million which exceeded of guidance of three thirty five to three fifty five million and reflects and adjusted ebitda margin of thirty eight point three percent and cash immigrated from operating activities of to seventy six point six million the only longterm that on a balance sheet is in the form of government loans link to a capital projects the finished the got over one point one billion dollars of unrestricted gosh and remains under on on audible ring credit facility so even after funding a successful us four hundred million said last week a balance sheet drummond strong diving into the key drivers of performance we shipped five thirty eight thousand met tons in the quarter don't poop or send sequentially and don't pull percent as compared to the pride quarter
spk_8: as he previously disclosed
spk_7: we had a one month schedule luggage at the plate middle during the quarter building which we completed phase one of our blind upgrade impacting yodel that he had combatants furthermore he automation challenges like described earlier will have an impact on shipments in the second fiscal quarter that's a realization average sixteen thirty two button up one percent sequentially and up thirty eight percent versus the prior year period
spk_8: the increase was is this prior year
spk_7: flick the positive impact of our contract out a book has hired lagged prices flow through our revenue this is altered and steal revenue of it seventy seven million in the quarter flag sequentially like up twenty one person what are the same quarter of last year on the plus side they go must cost of goods sold average nine twenty button in the quarter down three percent on a sequential basis but up thirty two percent over the friday a beat it the main drivers of this increase was the priory of that include commodity price increases for select a grumpy the olympics in fees employee base profit sharing as a result of our started performance and higher and see any costs related to being a public company from a casual perspective i go much change and noncash working capital generated one point two million in cash flow from operation than the portal this was higher than expected and insulted and not having slightly more cash than the balance sheet at the end of the quarter than previously anticipated
spk_9: the main drivers of the increase in cash flow from operations include the release of approximately seventy three million of a suitable during the quarter yoda falling prices and law shipments and an increase in taxes be able which included withholding taxes fable in connection to the prior year
spk_7: fuck sharing these sectors are offset by a significant increase in elementary related to normal restocking for up as because he's been doing wintery level that march thirty first as well as a significant increase in work in progress and wintry as floods were produced and stock during the played me modernization outage we finished the quarter with one one one billion of cash and equal and on the balance sheet record which position does well to complete our said while retaining amp liquidity to address future capital and operating needs as an update two year project spending as a mention on the previous call approximately eight percent of the spending occurred in the past as could live proximity sixty percent will be spent in fiscal twenty twenty three and a balance of the spending a threat of that has can twenty twenty three up to the end of june quota he had spent approximately hundred and three million on the if project looking at the project into balloting approximately sixty percent has been contracted with fixed price commitment that the balance for percent to be contracted go much still maintains a significant portion of a traditional contingency to support the remaining project spending that has not yet committed beyond the year project he got excited to successfully complete or said last week the last leg in our capital allocation program in addition to the same i've continued strong financial results position as to be active in returning gathered little shareholders on multiple fronts including a normal quarterly dividend and through throughout nc i'd be which revealed resumes effective today and it was temporarily suspended during the same as required under the applicable law and stock exchange roles on for the fortress balance sheet and strong cash on racial profile the are well positioned to continue evaluating all options that on cup allocation
spk_10: oh no liked have done the called back to make for some market update and clothing damage like
spk_3: thank you resort
spk_1: looking at the state of the north american still market today
spk_3: pricing has fallen from recent highs reached in april
spk_1: that said buyers sentiment appears to reflect a growing consensus that pricing is normalizing near current levels
spk_3: among other indicators this is evidenced by today's forward or for hot road coil which is showing higher prices over the next few months pricing year today levels it's still historically high relative to any point prior to twenty twenty one and still well above mid cycle pricing
spk_2: in the near term weeks that pricing to stay near current levels and we remain optimistic about the intermediate and long term supported by the fundamentals we continue to see in the market and in our order book
spk_1: those fundamentals include a diverse customer base
spk_11: a consistent strong contract mix and a wide range of product offerings concerns and headwinds related to inflation
spk_1: currency
spk_3: global conflict and supply chains persist
spk_1: yet we have a number of reasons to be optimistic that near an intermediate term pricing will remain at attractive levels the man remains consistent with our expectations from the automotive construction oil and gas and other steel intensive industries
spk_2: and controlled on imports remain in place
spk_3: we have position the company to benefit from these favorable market conditions operationally and are excited to be able to do so even as we execute the construction of the yeah yeah project before we open it up the questions a few words on our capital allocation policy
spk_2: our primary focus remains on delivering prudent financial discipline and operational excellence to ensure our ability to execute are yeah yeah project
spk_3: sharing in the next phase of our company that provides the foundation for long term value creation for stakeholders we are proud that even as we transition to a low cost greenfield company the steps we have taken to strengthen the balance sheet and to position our operations to benefit from the strong market pricing like we have seen over the last two years have also for us the opportunity to return capital shareholders
spk_1: as i mentioned previously our biggest step to date was the successful four hundred million us said
spk_5: which augmented are us five cents per share regular quarterly dividend and are normal course issue or bid program
spk_3: as i said on my first call in june my view is consistent with the boards in that we expect to be a significant generator a free cash over the long term putting us in the enviable position of being able to continuously evaluate our capital allocation policy with the board
spk_2: all while continuing to live within our means
spk_1: and not spend money we don't have or expect to generate
spk_2: the fiscal first quarter with a strong start what promises to be a very exciting year at i'll goma
spk_3: one in which we will continue are relentless focus on safe reliable efficient operations at our existing facilities to enjoy the benefits of strong markets even as we advance the dual yeah yeah project
spk_1: thank you very much for you continued interest in algo mysteel we look forward to what the future holds at this point we would be happy to take your questions
spk_12: operator please give the instructions for the queue in a session
spk_0: thank you at this time we will be conducting a question and answer session have you would like to ask the question please press star one on your telephone keypad a confirmation town where indicate your line is in the question q if at any time you wish to remove your question from the queue please press start who are for participants using speaker equipment maybe this cherry pick up your hands before pressing the star keith once again ask a question please press star one
spk_13: our first question is from dave yeah yeah no with be ammo capital
spk_3: great thanks for taking my client since he thought i missed some of the commentary there in the beginning and i apologize on the who can you can you talk to again what is happening operational see the operational in and and what are the delays that you mention
spk_1: odd day we reference the startup of our of our plate mill in now
spk_13: the subsequent to the end of the first quarter and that startup has been ah more protracted than we originally planned and that's the up that's the delays we were referencing okay i'll i'll i'll i'll i'll do yoga the transfer when it comes out in and just decided to follow up on that i guess in is desert regards on the to help with fine tune things in the near term can you talk about advocates it would ever thought is for than an elite times i suspect just that you've got visibility into september now that we're we're getting there on the quarter and and i was already begun year just speak to your operating assumptions are pretty metrics
spk_14: yeah volumes makes ah yes costs on a quarter over quarter basis and if you want breath even racing as well i know there was some pricing commentary around holding your current levels but
spk_7: what's what's it look like for that for the third quarter or for the third counter quarter thanks hit of this is reddit so so do the from guidance perspective he probably will resume and comments five for the for the for the for this quarter however up that a that a few bombers that are worth noting that show like mention in his a prepared remarks or played moon is taking longer so
spk_15: so vivo see less one liam getting produced and shipped in this quarter
spk_7: on the plate side so so the so we were saying a month long outage which probably has taken us additional six to eight weeks to ramp up on will take six to eight weeks to ramp up so we'll see that the back coming in now in the september quarter or other than night
spk_3: i don't think so the to be in a position to guide you have any further as to the william will be lowered just because of the played month and and david is is is this is mike as as far as pricing i mean you can see the current pricing it has i think that the public number that we look at and shares
spk_2: hot rod coil index price of eight thirty two and still a substantial premium between hot rod coil and plate
spk_3: and then you know there's there's commentary around the slope of them the movement of the price and and other that the forward curve of the price that builds a little bit of a view that you know maybe we maybe reaching a plateau aura an area of of of stability but again you know that that remains to be seen so pricing is still well above mid cycle
spk_13: and of in a web that's basically where we are in what we're building our plans around okay i mean that that's the fact of the wild athens question to prices been all over the place and and the a lag seems me times change and then the business models highly sensitive the relatively small changes we saw that a couple quarters ago and and in an effort to try and avoid those the know what i recall probably immaterial from a longer term for effective but nevertheless important from a near term perspective on variations and how it impacts results are several get a little more collar on on the or in on the opera matters super the masses questions will typically sometimes when when when prices ball mix shifts and between contract and spot it is either of
spk_3: away way frame you know how much business vs contact business we should be modeling and for the current quarter ah i don't think we've been a significant shift between contract and in spot ah i think the biggest you know one of the biggest differences we've seen is that
spk_2: we have a little bit we have a shorter visibility into the future in terms of of though the that the size of our of our order book it you know it's it's up
spk_4: because lead times are
spk_14: shorter we we we close out the order book ah let's say you know for the month of for the current month later in the month and we typically would it still closing out at expected level for the volume is there it it does ah you know we do bucket bucket sub
spk_16: it's a shorter view forward in terms of looking at an old order book than than we would typically expect but this that that significant shift or material ship between spot and contract i like a can't say that we've we've seen that
spk_0: a radical turn it over to someone else thanks
spk_17: if our next
spk_18: our next question is from david ocampo with karl mark securities oh think the money room
spk_14: the i signed up for in that david questions as it relates at least volume side yeah if i take a look at the seat of the she'd shipments it's trending below where are you where you know he won last year and anything to to
spk_7: the last year is is that decline primarily on the spot business or or is that on your your contract the business
spk_19: ah that decline is is mostly on the spot business and the reason for that the line as well as the the bleep middle outage it it's actually a combination mill as you know it produces trip as well as plate
spk_7: and when the than the millers out that affects both sheet and plate so the have seen that them factor
spk_13: in the kill one ah
spk_18: as as the numbers are and we will see that little bit of impact coming and in the in the september quarter as well because the plate and strip is taking longer to ramp up
spk_15: a cat and for your contract it is a think it's cause the sixty by percent of your overall buck
spk_7: and how much flexibility or are you willing to give your customers that if we do seats and we is here is that your posture might his temper sand or is it more take a back
spk_18: elixir that has some flexibility it's normally normally in the range of plus minus and percent and and that said so but that is that is pretty good compliance on the on the contracts otherwise
spk_11: can let's get and then might get you touched a little bit about that the features care of it's it's currently and contango right now versus the the more normal state backwardation i'm just curious if that changes out how you guys consider hedging and a either a small hatchback right now it's sixty eight sixty six thousand tons
spk_2: but would you would you get a little bit more aggressive on that they're just giving a dynamic that we're seeing in the marketplace thanks for the question of david
spk_3: the we would certainly examine it and if if it reaches a point where we believe it be prudent to to did to take a different possession with position with that would that hedging book
spk_17: certainly something we can do i don't think it's yet at a point that would would add
spk_0: cause us to to to do that but it's certainly something we keep an eye on and and we know that that is an option that does is available to us aura of course of action that might make sense in in the right scenario
spk_20: okay that's it mail handler and what expect
spk_15: thank you
spk_7: our next question is from ahmad shah up with beacon securities
spk_15: i thanks for taking my question i'm just wondering if there's any college and give us on them on the costs trends whether short term or for the second half of the calendar year any any on the cost friends with a with operate on or or cogs are that of shit
spk_7: sure a cylinder on the plus side up
spk_6: i think it's it's something that i've i've always mention but the
spk_7: i to be typed we normally see
spk_15: on the iron ore side usc five to six months lag so as your seen places coming down on the island or index or for hrc we will see that flowing into our cost with a level five to six months
spk_7: so so that definitely will help us as we go along long the year our borders fix for the fully are so we don't see major chain sorts of victims will come from i don't know there are other commodities that are coming down as serve as the place of these commodities come down that that it's allies or factory which
spk_20: definitely will impact does alert
spk_0: you know within a quarter of
spk_21: so so the a quarter them within six months we should see the trajectory of her of a lineal cars coming down mostly because of i don't know if and some commodities which a fluctuating goldman same throw deal
spk_22: that's that's good don't think of a general john back can a kid
spk_23: our next question his from he and gillies with stiefel
spk_24: when everyone
spk_15: running and on needy and
spk_7: with respect to coking coal if i recall correctly those contracts to really get renewed in in the fall at some point when you look at price trends today vs kind of where your contract and would you expect that that becomes a tailwind for margins as we head into the next year of usage or is it still too early to say i think it's up it's little early to say but it's moving in the right direction ah people are you know will come out with their and limits as a people the the manufacturers will come out with the hadith cues
spk_15: the later than the squad or early next
spk_24: and there will be that will be settlements happening a definitely cool on cool companies are indicating that the cost of production has gone up because of inflation
spk_7: however with seen now you know some of the list of companies reporting that is similar post as that aborted last year so sub sub hundred dollars
spk_15: so yeah this this trend as trend as good a from from costs perspective and we're hopeful that settlements can happen again at an attractive price
spk_7: okay and then the other parties or one hit on could you maybe talk a little bit about the impact that the elevated natural gas prices are likely to have on the defensive in the back half of the year and if there's any way that maybe mitigate some of the price increases that are occurring for that specific important so a so the the from pricing perspective and costs perspective of you know we we consume roughly six and then be to you by done far off finish steel production so so you can do the mud to see what oh
spk_15: natural gas is a the percentage of her cost
spk_7: we do have some flexibility row in our operations primarily in the blast furnace when we can substitute up
spk_24: the heat which is coke or cooking a cooking gold produce cope with natural gas so what we do as we keep flexing between gas and coke depending upon the price of each and the calorific lol new of the heat ah to try to optimize our cost ah so that's that's what we do as far as
spk_11: up in a long term litigation is concerned we are working through are hedging hedging strategies on specifically on natural gas to see how we can
spk_3: a week and best a use that tone
spk_2: to reduce one utility and pricing but currently the price itself is too high and when you look at the future's seventy seven seventy dollar price drops to four dollars as soon as you get into a approaches
spk_3: you know
spk_4: which is not reflective of any dynamics of any fundamentals it's it's more sentimental so silly on watching a natural gas price we watching our cost and trying to optimize based on a peaceful capabilities and we'll be looking at tools like hedging to mitigate or the were long ago
spk_3: okay that's helpful and then last one for me i mean i acknowledge that the our two bookshelf like it's pretty cool for august and but with respect to lead times and things of that nature have you seen any discernible difference on that front that give you pause can cause for concern or design is at all pretty steady to where you are side caught a month or two ago
spk_1: a and this is mike i
spk_24: at a it's not dramatically different than a month or two ago i think the sentiment remains that ah you know there's there's an expectation or maybe oh oh oh when overhang or worry in in the markets of of a recession or it
spk_0: but a decrease the neck and our overall economic activity
spk_25: and so that you know resulted in in customers who have large inventories and and service their customers out of these inventories to be very deliberate and my fault a bow the inventory positions that they maintain and as a result the the ordering that they do with us and others to to maintain those inventory levels up
spk_7: so that i think that's pretty much continued to be the state but at the lot while all that is happening i think there was maybe some period a little quieter because of you know the adjustment taking place but if you think about the adjustment kind of already in place then
spk_25: the ordering you know that the volume that they are actually pulling continues to to be at our expectations because their fundamental my assumption is because they are fundamental business has not yet reached a
spk_26: a reduced activity that that you know they may be worried are concerned about about it this time it that if that's helpful
spk_27: no that that's very helpful i appreciate that contacted very useful for thanks very much alive during a makeover
spk_0: like the it
spk_28: our next question is from and of pre har with a capital
spk_1: oh good morning over judges would respect to the budget for the area yeah think he said in your mark remarks that sixty percent of the budget has been committed
spk_29: i think the last time we spoke about the contingency we said it was something in the neighboring about eighty million dollars has that changed materially since last commenter
spk_15: er no it's not and materially of that has some contingency being used by itself is substantially still available
spk_30: okay and then just the coming back to the commentary on the queue to volume should we expect you to volumes to be down on a your basis
spk_7: ah yes okay thank you as reminder task a question please press star one our next question his from alexander jackson with rbc capital markets yeah hey guys thanks to take my question another one on the f budget as curse on a cadence of the capital spending and fiscal twenty twenty three and a as spending sixty percent their am just trying to get a sense of when we might see some sir a key milestones cross in terms of the risking thanks
spk_3: ah so
spk_2: from from spending perspective a in a louisville a we will see
spk_3: a large part of the spending coming in the in the coming to quarters up till december and the less so in in the much water on up from milestones perspective we have for
spk_1: we have up in know as he said we have given all the contracts up the law including building an equipment
spk_3: up the the other milestone build be the the the balance contracts that we are doing the did engineering on the church we expect to get the get completed and given some time later later this year so most of the work you know let's say a large part of that forty percent remaining should be done in the in the coming quarters one you know by by march and so that least we have the risk a large part of our of our spending like anything they'll get london out just for little more colored if you were to drive by your go spend time at at the site that the foundations and pilings work is has has been continuing and we expect to start a reckoning
spk_1: start erecting buildings or or the things above the level the ground i guess you could say
spk_28: at that in the fall the october the timeframe late september the another big pete the work we need to do the advantage of this project is that we we have very little existing infrastructure or operations that were taking place in the the footprint of the new the
spk_0: a f complex what we did have was a small relatively small little maintenance repair shop
spk_1: read that we have relocated and probably the biggest thing we had was the
spk_7: the internal railroad tracks that we use to convey our our are hot iron from the blast furnace to the the the still making
spk_31: the o s we had to re route that black that dirt track that section of tat track it's probably
spk_7: maybe a quarter mile at the most a little less than that move it off to the side of where the yeah yeah building is getting is going to be constructed so that we could have enough smooth operations up the of that part of the the still making process and have a clear our footprint to continue with the project that that work has been done and so from that perspective that's kind of what the project is looking at a at this moment looking like at this moment sorry thanks thanks where collar guys settle for me
spk_32: we have one fall question from dave galiana with pm oh please proceed
spk_14: i just a couple of her clarification the you think your she finds to be down quarter over quarter my first question and then the second question the cap as came through the callbacks next two quarters to respect that to be over a hundred million dollars on a quarterly basis he to the next to quarter of this quarter the next one before the combo that a march
spk_33: yes on the on the she'd side we might expect somebody young to be done
spk_0: a quarter over quarter and and from gop expanding perspective
spk_3: the in a we should see a thing in the same late as you're saying you know
spk_0: let's say that abortion coming in a in this quarter the next quarter and then know
Disclaimer