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: Zachary Evershed - National Bank - Analyst
: Could you give us a little bit of color on what you saw throughout the quarter in terms of pricing versus volume to get to where you were for the
full quarter?
Question: Zachary Evershed - National Bank - Analyst
: Got you. And then I was hoping you could dive down into the investment in retail channels. How much of a drag was that on margins? And what
do you hope to get in terms of return on that?
Question: Zachary Evershed - National Bank - Analyst
: Very clear. Given what you're seeing in the market, how is the pace of your M&A campaign going? Do you think you'll see an acceleration with
people looking to exit a more volatile market? Or are people shutting down discussions?
Question: Zachary Evershed - National Bank - Analyst
: Makes sense. And then while we're touching on tariffs, could you go into more detail on your mitigation strategies? Because obviously, we're seeing
some very high tariff calls on China, and you do have some exposure there into the US.
Question: Zachary Evershed - National Bank - Analyst
: Understood. And then just mechanically, it's a very long supply chain for orders that you placed ahead of the tariff increases. Will those apply to
the shipments when you receive them?
Question: Zachary Evershed - National Bank - Analyst
: Got you. And then just one last one for me. It's potentially a good market for M&A like 2009, 2010, we could see some upside to your annual target
for acquisitions. What's your leverage comfort? How high would you take the balance sheet given the uncertainty out there in macro?
Question: Nikolai Goroupitch - CIBC Capital Markets - Analyst
: Could you discuss how organic sales fared in March?
Question: Nikolai Goroupitch - CIBC Capital Markets - Analyst
: Okay. I see. And I guess you mentioned the overall market there. What do you see -- what are your expectations this year, like many key players on
the R&R side pointing to a flat market? Do you have a similar view?
| 
