[MUSIC] Now what is the second thing we could look at? Well if we go back to the P&L, you see that the second line is the COGS. The word COGS stands for costs of goods sold, which is, what is the cost of the raw material that I use to produce, right? In this case, it's what is the cost of my panels? Now, what do we see here? You see that they are 684 and they go to 2052, 2 million 52 thousand. Now, in absolute terms, they tell us not much, right? But, what is interesting is to look at it as a percentage of sales. So, when you take sales and subtract costs, you get something that is called the gross margin. So, what is the gross margin in this case? As a percentage of sales, because in absolute terms in test is not match, right? And if we look at as percentage of sales, you see there is 23, 24, 23, and 23% over the last four years. Now, the first thing we have to ask ourselves is 23 a good gross margin for you or not? Well, it depends right? One of the good things about analyzing this kind of thesis, we go an look into the industry and see what the industry has on average for this kind of businesses. Now in this case, we don't know what the other companies in the industry, what the other margins are. So, we cannot say. What we can say is that with 23% of margin, we have to be able to pay all the operational expenses and financial expenses to have at the end some positive profit. Now, what about the evolution? Because it's been stable, right, 23, 24, 23, 23. Do you think that having that stable margin is a good thing? Or not so good? Now part of you might think, it's not so good, because I would like to have a growing gross margin. And it's not growing, it's pretty stable. So it's not good. Let me tell you, what about the other thing? Which is, how did you grow? Because the average growth is 45% right? So how does a company grow? How do you sell more? Think for a second, how do you get more clients? How do you get clients to buy from you more? One option is knocking on the door of more clients and trying to get them to buy from you. Another option is to lower prices. To steal clients from the competition. But happens if you lower prices? That your gross margin goes down. As you can see here, gross margin has been stable and you have been growing in sales. In other words, you have been able to grow without sacrificing margins, which is something that is very good, right? So, we can put here, cross margin, but we keep filling our table of concepts, numbers, and opinion to understand the analysis of the P&L. So, cross margin is pretty stable at 23 percent, and it is very good, because we have been able to grow without sacrificing margin. [MUSIC]