The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Emily Shu - BofA Securities, Research Division - Analyst
: This is Emily Shu on for Andrew Obin. Could you provide any color on how the CTEH business, both the COVID and non-COVID-related businesses
Question: Emily Shu - BofA Securities, Research Division - Analyst
: Yes, that does. And then my follow-up is, are you starting to see any benefit from the federal infrastructure bill that was passed last fall? Or is that
more of a 2023 story in terms of when funds are put to use?
Question: Chris Grenga - Needham & Company, LLC, Research Division - Analyst
: On gross margins, could you discuss what drove the improvement year-over-year and sequentially? And whether you're observing any impacts
from raw material or wage inflation?
Question: Chris Grenga - Needham & Company, LLC, Research Division - Analyst
: Got it. And just a follow-up. The chart in the presentation that mapped the pilots in the technology demonstrations in Northern Europe was helpful.
How would you characterize where the U.S. is along those kind of same lines? And what typically happens after the pilot concludes, does that
convert into a longer-term recurring revenue opportunity?
Question: Chris Grenga - Needham & Company, LLC, Research Division - Analyst
: Yes.
Question: Stephanie L. Yee - JPMorgan Chase & Co, Research Division - Analyst
: I also wanted to ask about PFAS. Could you give us an idea of how big PFAS is as a percentage of revenue for Montrose and whether the growth
in that particular business grew above the double-digit rate for the total company?
Question: Stephanie L. Yee - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Okay. That's helpful. And just on the cross-selling kind of momentum, that was great to hear, and thanks for the disclosure. I just wanted to
clarify whether that 18% is kind of customers purchasing from multiple segments of the 3 segments that you report? Or is it customers purchasing
multiple items that could be within the same segment as you guys report, but it's just different pieces of your business. And I know you have a lot
of different service offerings. So just wanted to see how you define that cross-selling percentage.
Question: Stephanie L. Yee - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Okay. And I guess if -- so this is not just -- I guess this is the first year that you've had the data to calculate what that percentage is. But it will
kind of be a cumulative number. So it's not customers that signed up for a new service or multiple services in the first year. Like when we look into
2022, it will include the customers currently who have multiple services plus additional cross-selling opportunities. It's going to be kind of like a
cumulative number going forward.
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