Dynamic Cables Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dynamic Cables Ltd trades at ₹455, in a confirmed uptrend and 8 weeks into that stage. That is +20.9% against its own 200-day average. It sits at 86% of a 52-week range of ₹252 to ₹488. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks.

Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹455 it trades +20.9% versus its 200-day average and sits at 86% of its 52-week range (₹252–₹488).

Against the market, two honest reads. Cumulative: over the last 8.7 years the stock moved +1,481% while the NIFTY 500 moved +144% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 10 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Dynamic Cables Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.

Our read, 22 August 2026. Dynamic Cables is executing a structural transition from commoditized low-voltage conductors into high-voltage and solar DC cables, unlocking capacity via a ₹45 Cr greenfield expansion while trading at 21.4x PE where future returns depend on earnings delivery into the multiple.

From the numbers. Dynamic Cables is situated in the mid-expansion phase of its operating cycle. The valuation multiple experienced a structural re-rating over the past three years from sub-10x levels to a peak of 46.1x in late 2024…

From the price. Price stage 2, week 8 — above its 200-day line, relative strength rising.

From the research. Dynamic Cables is executing a structural transition from commoditized low-voltage conductors into high-voltage and solar DC cables, unlocking capacity via a ₹45 Cr greenfield expansion while trading at 21.4x PE where…

🚨 Where they disagree. Dynamic Cables is situated in the mid-expansion phase of its operating cycle. The valuation multiple experienced a structural re-rating over the past three years from sub-10x levels to a peak of 46.1x in late 2024, driven by portfolio repositioning into renewable and high-voltage cables. Over the past four quarters, the multiple has contracted from peak levels to 21.4x (69th percentile) as trailing earnings caught up with the price advance (TTM PAT growing 26.4% YoY). With normalized PE at 25.1x and operating margins at 10.9% (75th percentile of 7-year history), the stock is not trading at a cyclical trough discount. Multiple expansion is largely complete, and future shareholder returns…

What is proven. Dynamic Cables is executing a structural transition from commoditized low-voltage conductors into high-voltage and solar DC cables, unlocking capacity via a ₹45 Cr greenfield expansion while trading at 21.4x PE where future returns depend on earnings delivery into the multiple.

What is not proven yet. A failure of the greenfield plant to commence commercial dispatches by Q3 FY27 accompanied by quarterly volume growth remaining below 5%, or operating margins dropping below 9.5% indicating loss of pricing power.

🚨 What would change our mind. A failure of the greenfield plant to commence commercial dispatches by Q3 FY27 accompanied by quarterly volume growth remaining below 5%, or operating margins dropping below 9.5% indicating loss of pricing power.

Layer 1 read, 22 August 2026 — KEEP. Eleven of twelve quarters of rising profit at a steady 11% margin, and a new plant lifts the capacity ceiling. Dynamic Cables has stopped making cheap railway signalling and low-voltage cable and put that factory time into solar and high-voltage cable, which is why operating margin moved from 9% to 11% and has stayed there for nine quarters. Its profit per share has risen almost every quarter for three years while the share price has been flat for a year, so the shares are cheaper against earnings than they were, not dearer. The one honest limit is that most of last quarter’s 33% revenue jump was metal prices being passed on, not more cable sold — only 5-6% was real volume — and the factories are already about 85% full until the new Rs 45 Cr plant starts in September 2026.

What would change Layer 1’s mind. The Q2 FY27 call (around November 2026) failing to confirm that the Rs 45 Cr greenfield plant has started commercial despatch, together with volume growth still below 5% — because with plants at 85% utilisation that combination means the next two years of growth is nothing but metal-price pass-through. Operating margin printing below 9.5%, or the order book falling under Rs 750 Cr, would do the same.

Layer 2 read, 22 August 2026 — ADVANCE. Real profit growth survives the stress test, but metal-led sales make volume the next test. Quarterly profit grew 38.9% through operations, while management said actual volume grew only 5.0-6.0%. The sector confirms this price-versus-volume gap but remains in a mid-cycle demand tailwind, and its capital-cycle block is NEUTRAL rather than a supply flood [sector_timeline:C9, ⚠ model context; sector_capital_flows:Cables - Power].

What would change Layer 2’s mind. ADVANCE would flip if commercial dispatches still have not begun by Q3 FY27 while volume growth stays below 5%.

Layer 3 read, 22 August 2026 — DEPLOY. Deploy, but size for a delayed plant and sales growth that is still more metal price than cable volume. Timeline risk R3 aligned with the call: reported sales growth was mostly higher aluminium realization, while physical volume grew only 5.0-6.0%. Timeline risk R2 also remains live because meaningful new-plant revenue starts only after the planned September 2026 commissioning. Management still passes because it delivered the core margin and debt reduction through stress, and the live sweep found no penalty or promoter pledge.

What would change Layer 3’s mind. A confirmed further plant delay beyond Q3 FY27 would escalate logistics risk to HIGH and flip DEPLOY, because current facilities are already near their volume ceiling.

CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 48/100 · CLEAR_NO_CONTEST.

The test written in advance. A failure of the greenfield plant to commence commercial dispatches by Q3 FY27 accompanied by quarterly volume growth remaining below 5%, or operating margins dropping below 9.5% indicating loss of pricing power. — the thesis as written as stated by the next result.

The test written in advance. Multiple Contraction on Elevated Valuation (73rd Percentile PE) — Multiple Contraction on Elevated Valuation (73rd Percentile PE) Quarterly revenue growth dropping below 12% YoY or trailing PE compressing below 18x without earnings growth. by the next result.

The test written in advance. Greenfield Commissioning and Ramp-Up Friction — Greenfield Commissioning and Ramp-Up Friction Failure to announce commercial production commencement in the Q2 FY27 concall. by the next result.

What the company does. Strategic mix shift toward solar cables (20% of revenue) and high-voltage power cables has stabilized operating margins at 10.8-10.9% with 100% metal pass-through contracts. A ₹45 Cr greenfield capex commissioning in September 2026 unlocks ₹270-315 Cr incremental revenue capacity at 6-7x asset turns to support 18-20% annual compounding. Valuation at 21.4x PE leaves minimal room for multiple expansion, making execution and volume delivery the primary return drivers.

🚨 What the surface reading misses. The surface reading is: PAT growth of 38.9% indicates accelerating earnings expansion. The research reads it further: Operating profit expanded 40.7% from ₹27 Cr to ₹38 Cr on 33.2% revenue growth, while interest expense stayed flat at ₹3 Cr and tax rate remained constant at 25%, confirming operational flow-through without one-off other income distortion.

🚨 What the surface reading misses. The surface reading is: Operating margin of 10.9% sits near the 75th percentile of historical range (2.6% to 14.1%), indicating elevated profitability that could be vulnerable to mean-reversion. The research reads it further: The margin expansion from 9-10% historical levels is driven by structural product mix shifts (exiting low-margin railway signaling and low-voltage conductors, while expanding 20% solar cables and 68% HT power cables) rather than cyclical over-earning, supported by 100% commodity pass-through contracts.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dynamic Cables Ltd reported ₹349 Cr of revenue in the Jun 26 quarter, +33.2% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.2% a year. The last full year, FY26, came in at ₹1,198 Cr. The last four reported quarters add to ₹1,285 Cr.

FY26 revenue came in at ₹1,198 Cr (+16.9% on the year), capping 10 years at 16.2% compound. The latest quarter (Jun 26) printed ₹349 Cr, +33.2% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +19.9% growth against the decade's 16.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +19.1% over the last 4 quarters against +27.1%/yr over the last 8 — rolling over; TTM profit +26.4% vs +52.8%/yr — rolling over.

FY26-Q4. revenue ₹355 Cr and profit ₹24 Cr as reported.

FY27-Q1. revenue ₹349 Cr and profit ₹25 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dynamic Cables Ltd's operating margin is 11.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 3.6% to 11.0%. The current quarter sits inside that band.

Why this happened. The company has discontinued low-margin railway signaling cables (previously 4% of revenue) and compressed low-voltage conductors (<5% of revenue). Machine capacity has been reallocated to solar renewable cables (expanding from 10% in FY25 to 20% in Q1 FY27) and high-voltage power distribution cables (68% of sales). Solar cable industry demand is projected to grow at 25-30% over the next 3-4 years, supporting durable 10.8-11.0% operating margins.

The latest quarter's operating margin is 11.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.6%–11.0%, and FY26's 11.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.6 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q4. revenue ₹355 Cr and profit ₹24 Cr as reported.

FY27-Q1. revenue ₹349 Cr and profit ₹25 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dynamic Cables Ltd earned ₹25.0 Cr of net profit in the Jun 26 quarter, +38.9% year on year. Full-year FY26 profit was ₹84.0 Cr. The 10-year compound rate is 28.2%. That is 7.2% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr.

Jun 26 profit was ₹25.0 Cr, +38.9% year on year. On the full year, FY26 printed ₹84.0 Cr (+29.2%), and the 10-year compound rate is 28.2%.

Why profit moved: revenue contributed +33.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +29.8% vs revenue +19.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹355 Cr and profit ₹24 Cr as reported.

FY27-Q1. revenue ₹349 Cr and profit ₹25 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 64% of Dynamic Cables Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹62.0 Cr of operating cash against ₹84.0 Cr of profit. After ₹58.0 Cr of capital spending, ₹4.0 Cr was left as free cash.

FY26: operating cash of ₹62.0 Cr against reported profit of ₹84.0 Cr, leaving free cash of ₹4.0 Cr after ₹58.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 64% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 64%: the cash cycle tightened 86 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 3.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dynamic Cables Ltd's cash conversion cycle runs 93 days in FY26, down from 179 days in FY21. Capital spending ran ₹103 Cr over the last 3 years. At FY26 sales of ₹1,198 Cr each day of that cycle holds about ₹3.3 Cr, so roughly ₹305 Cr sits inside the business at any moment.

Why this happened. Dynamic Cables is executing a ₹45 Cr greenfield capex that introduces an electron-beam curing facility. Operating at historical asset turnover levels of 6.0-7.0x, this installation will expand peak annual revenue capacity by ₹270-315 Cr. With existing facilities currently operating at ~85% utilization, the new plant provides the physical capacity required to sustain the management framework of 18-20% medium-term growth. Commercial contribution begins in Q4 FY27 and reaches 80-85% optimal utilization within 12-18 months.

FY26: debtors at 88 days, inventory at 65 days — roughly 2.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 93 days, tighter than FY21's 179.

The full loop: cash goes out to suppliers and production on day 0; stock waits 65 days to sell; customers pay about 88 days after that; and suppliers themselves are paid at 60 days — netting out to the 93-day cycle.

In money terms: at FY26 sales of ₹1,198 Cr, each day of the cycle holds about ₹3.3 Cr — so the 93-day loop keeps roughly ₹305 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹103 Cr over the last 3 fiscal years against ₹32.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹33.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Dynamic Cables Ltd earns a ROCE of 26% in FY26. That is up from a trough of 11% in FY21. Return on invested capital clears the cost of that capital by +9.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.0% net margin on 1.75× asset turns.

FY26 ROCE is 26%, recovered from a FY21 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.0% net margin × 1.75× asset turns × 1.49× balance-sheet leverage ≈ 18.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 21.0% − 12.0% = a +9.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Dynamic Cables Ltd carries total debt of ₹43.0 Cr against shareholder equity of ₹457 Cr as of Jun 26, a debt-to-equity of 0.09 — effectively unlevered. On the annual view that ratio went from 0.52 in FY22 to 0.09 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Why this happened. Dynamic Cables reduced on-balance-sheet borrowings from ₹119 Cr in FY24 to ₹43 Cr in FY26. Operating cash flows totaled ₹118 Cr across FY25-FY26 (₹56 Cr in FY25, ₹62 Cr in FY26), fully financing ₹83 Cr of capital expenditure and reducing finance costs to ₹3 Cr per quarter. This disciplined capital structure sustains a 26.2% ROCE and ensures expansion is executed without dilutive equity issuance.

Jun 26: total debt of ₹43.0 Cr against shareholder equity of ₹457 Cr — a debt-to-equity of 0.09. On the annual view, debt-to-equity went from 0.52 (FY22) to 0.09 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 1.4 points of Dynamic Cables Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 1.0% of the company. Foreign institutions moved +0.3 points over the same window, to 0.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −1.4 points over 8 quarters to 1.0%; Foreign institutions: +0.3 points over 8 quarters to 0.7%; Promoters: +0.0 points over 8 quarters to 68.2%.

🚨 Why the register moved: domestic institutions drove it (−1.4 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dynamic Cables Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dynamic Cables Ltd trades at 24.2× P/E, at the pricey end of its own range (73rd percentile). Its long-run median P/E is 11.5×, measured across 8.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 24.2× is at the pricey end of its own range (73rd percentile), against a long-run median of 11.5× measured over 8.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +30.5% against a +5.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +65.1%/yr price move, ~+53.1%/yr came from earnings growth and ~+12.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 26 August 2026 price, Dynamic Cables Ltd was paying for profit growth of about 13.9% a year. Profit itself has compounded 28.2% a year over the past 10 years. Today the market pays 24.2× P/E, the 73rd percentile of its own 9-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dynamic Cables Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +73.7% at its peak to +26.4% but is still expanding, ROCE holding at 26.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

48.7/100 — rank 7 of 10 in Cables - Power · 87% evidence confidence

Dynamic Cables Ltd scores 48.7 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 12.4 + 13.6 + 12.1 + 10.6 = 48.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Dynamic Cables Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Greenfield Plant Commissioning Timeline Delay · 12 May 2026. Both prior calls confirmed the new greenfield plant was on schedule for commissioning by end of FY26 (March 2026), with the Jan 2026 call characterising the project as progressing as planned even after having only just received the AERB setting-up approval as a key milestone - a claim that appears difficult to reconcile with a two-month runway to the stated deadline. The May 2026 call revealed an approximately six-month delay to September 2026, citing regulatory approval delays, Iran war-related logistics disruptions, and EARB board compliance requirements - factors that appear to have been developing at the very time the prior calls were expressing confidence in the original timeline.

🚨 Export Revenue Share - Prior Guidance Materially Missed · 12 May 2026. In the Oct 2025 call, when directly asked for the full-year export target, management guided explicitly to a 10-15% range, citing 14-15% export weighting in the order book, a range that was stated even after acknowledging the US tariff headwind as a known constraint. The May 2026 call confirmed full-year FY26 exports came in at just 7% of revenue - well below the stated range floor and representing a year-on-year decline - with no retrospective acknowledgement of the prior full-year guidance miss.

Post-Monsoon Volume Recovery · 27 January 2026. In the October 2025 call, management confidently asserted that project execution had been delayed solely by monsoons and would restart 'aggressively' in Q3 and Q4. However, in the January 2026 call, they reported Q3 volume growth collapsed to just 2-4% (down from ~20% in H1), contradicting the guidance for an aggressive rebound. Earlier call (Oct 2025): “I think the project execution should start aggressively now in the third and the fourth quarter.” Later call (Jan 2026): “This quarter it would be around 2-3-4%... led to a lower volume growth for us in this particular quarter.”

Historical Capacity Utilization · 27 January 2026. In the October call, management explicitly calculated Q2 capacity utilization at approximately 70%. In the January call, they contradicted this historical figure, claiming Q3 utilization was 75-80% and stating that utilization 'was in the last quarter [Q2] also' at that same higher level. Earlier call (Oct 2025): “And in the current quarter, if you do math, it comes to around 70%.” Later call (Jan 2026): “So our capacity utilization is always 75% to 80% this quarter, as it was in the last quarter also.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions