Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
It's really these reciprocal tariffs that are a little bit of an unknown because there's Chinese content, for example, in lots of things.
We believe that in the short term, the direct impact of these policies will be mild.
We're seeing at least in that particular project, an increase in the cost.
we feel good that our key products are either exempt at this point in time or we are in a good position to manage through it.
In short, we do not currently expect any meaningful impact on our royalties from tariffs as we would expect potential tariffs to be paid upstream of our royalty.
We believe our strategy enables us to successfully manage through the current tariffs environment, which presents challenges, but also creates real opportunities.
While we hope the current tariff situation proves to be transitory, we have pivoted quickly to redirect our products away from countries that have established retaliatory tariffs.
we have also adjusted certain supply chain channels in order to substantially minimize our exposure to tariffs.
the most likely areas of our business impacted by tariffs are commodities, supplies and equipment.
We are closely monitoring the tariff landscape... we do not anticipate this is going to have a material impact on our fiscal ‘26 guidance.