S12E1: Bain Case Interview Given by Former Bain Consultant – Big Yellow Bus Co

[Music] Abby Chin spent four years at Bain in the firm's Texas offices and obtained an MBA from Harvard Business School. Now, she works with Management Consulted as a Case Coach, prepping candidates for consulting interviews. In today's episode, she leads a candidate through a Bain-style case, featuring a private equity fund looking to acquire a school bus manufacturer. Check out the video of the case, as well as the exhibit or chart from the case at the link in this episode's show notes. What framework will our candidate come up with to solve this problem? Keep listening to find out. I really encourage you to have a pencil and paper and follow along. The case to save you can solve it. It's great free case practice. You can work with Abby via one-on-one coaching. She'd love to work with you. So grab an hour or two of Case Coaching or join our Black Belt program for a comprehensive case prep program that includes eight hours of one-on-one coaching. Link in the show notes to check that out. All right, let's get into this live case led by Abby Chin. Yeah, let's live out further and do. Let's just jump right in. Are you ready? Yep, ready. Let's go. All right. Your client is a private equity fund considering the acquisition of Big Yellow Busco, one of the leading manufacturers of school buses in the United States. It is the number one player in the market by revenue, number two by volume. There are only three competitors in a market with relatively equal share, but Big Yellow Bus was the clear leader five years ago. The client has engaged bane to help determine whether or not to proceed with investment. How would you recommend the client to proceed? Let me just wrap up my notes here. Yep. Okay, this sounds like an interesting case. Very happy to work with the client on it. Let me just play back this situation to ensure that we are aligned on this. So essentially, our client is a PE fund and they are thinking about whether to invest in Big Yellow Busco. And briefly, we understand that Big Yellow Busco is a leading player in the US. They've manufactured buses, they're number one by revenue, number two by volume. And there are three other competitors all with equal market share in the US market. And that our client was, you mentioned, a clear leader five years ago. Yes. Okay. Yep. All right. So I think now that we are aligned on at least a case from, I'd like to just ask a few clarifying questions around the objective of our client, the PE fund and also to understand a bit about the business model of Big Yellow Busco. So for the PE fund, I mean, my understanding is that they typically would invest or acquire companies and typically looking to sell it after X years for a certain kind of, you know, threshold target profit. So in this specific case, I just want to understand if that is the, that is the objective of the client. And do we have any specific information on the target, I guess, return on investment that they're looking at? Yeah, let's assume. So your assumptions, right? Like just assume that our client acts just like most of the PE firms that they're looking to exit the market in about three to five years. Okay. Three to five years. And is there a specific ROI that they're looking at in terms of the investment, like 50% 10% right now we don't have that information. Okay. Clear. All right. And then it's moving over to the understanding the business of Big Yellow Busco. So you mentioned they essentially they manufacture school buses, right? And in terms of their revenue model, just understanding. So they, it sounds like are they a B to B kind of company, they make the school buses and then they sell it to other businesses that would that wouldn't need school buses in the US. Yeah. So let's assume they do both B to B and B to C. So they basically just yeah, they would just sell their products either directly to their consumer or through another party. I see. Okay. Clear. And do we know if in terms of the product, is there just one bus we're talking about or do they have different types of product lines when we think about devices? For now, we just assume it's just one primary product. Okay. So one product for both the B to B and B to C kind of customers. Okay. Right. Clear. Okay. And just a point of clarification, you mentioned about the market structure earlier. So can I understand there are four key players in the market. So like big yellow bus and then three other competitors. So we'll get to that information a bit later. Okay. But it's let's assume it's three competitors total, including. Yeah. Interesting. I see. I see. Got it. Okay. And the last question is are they is, is big yellow yellow bus in terms of its business kind of all over the US or are they content rated in certain regions of the US? Let's assume it's all over the US. All for the US. Okay. Very clear. I think I have a I think good enough baseline information and contact for our clients. So if it's okay with you, let me just take a moment to structure an approach in which we can use to answer the question. All right. Sounds great. Thank you. Thank you. We're going to say a 30 second break to bring you this message. There's only one true way to build consulting skills. That's to work on a consulting project, right? And makes sense. If you need to add experience to your resume or just want to see if consulting is right for you, then we'd love free to join strategy sprint. Strategy sprint is a one week virtual consulting project taking place in November of 2023. You will work in a team of six. You'll get mentorship from an MVP consultant and you're going to solve a strategic problem for a real world client. As of the time of this recording, there are just seven spots left for this program. So act fast before we sell out because we sell out for every single program. Link in the show notes to learn more about strategies sprint. Okay. Let's get back to this episode. All right. Thank you for your time. So I think that the B-film should invest in a choir, the yellow bus company. If forking conditions can be met, first, the market for the such school buses has to be an attractive market for us to consider. Second, the B-film should be able to achieve its return on investment through the acquisition of this big yellow bus company. Given that it is primary objective as a P-film is to make money and exit with a certain RRI. Third, our clients should also have the necessary capabilities to make this acquisition not just financially, but also operationally in terms of being able to run the company or able to find the necessary expertise to run a bus company. And fourth, our client should be able to also manage the kind of risk that may be associated with the operation of a bus company. Such risks include business risks, operational risks and even regulatory risks and happy to go into the details later. But of these four conditions, I would prioritize looking at the first testing the first two conditions, whether the market is attractive and whether this would make financial sense for our client. And if these two are proven to be true, then I think we can then spend the remaining time understanding the capabilities and risk. So if the overall approach sounds reasonable to you Abbey, then what I like to do is just take another minute to articulate what are the kind of analysis that we need to test under the first and second condition. Yeah, that's great. Okay, so I think I'm looking for three things. First, we want to understand if the market science is it big? Is it a growing market? Do we expect several buses in the US over the next three to five years? Second, we would also want to understand if our client would command a favorable position within the competitive landscape. We understand that current market leader, but we should look at the trends and see whether that remains to be true over the next three to five years. So how would the market shares of the other two players? How do they look like? Do we expect them to catch up over the next three to five years? The third thing I would tell you is whether there's strong customer optic for our target company's product. So our buses are better than the other competitors buses, maybe in terms of the number of seats they have or maybe they are green buses, they run an electric power rather than gas. So this is what I would like to look at. And if we can prove that the market is attractive, then I will move forward to the second bucket, which is to go into the financial analysis. We want to make sure that our client would actually be able to achieve its ROI. So specifically, here I'll be looking at whether the annual operating profits that we can generate from acquiring this bus company over the investment time frame of three to five years, as you mentioned earlier, would be larger or significantly larger than the investment cost of the acquisition cost of this company. If that can be proven to be true, then we will be confident that the client would be able to achieve its ROI. So I think we can check with the client for the acquisition cost. But here I'll focus on laying out how we can derive annual operating profits. So essentially, annual operating profits can be broken down into the profits from its B2B segment and the B2C segment as you said earlier. And under each of these segments, essentially we want to prick it down into this logical cycle. components revenue and cost. So under revenues, we want to understand what are the number of buses that big yellow bus co-expects to sell going forward. And also at one realistic price point, they can sell their buses at. And then on the cost side, we like to understand what the variable cost and the fixed cost would be. Here, I'll imagine that the variable cost and fixed cost could include things like fuel, bus drivers, and even, I just mean tenants' costs of the buses and cleaning cars of the buses. But essentially, once we are able to quantify all this, we would be able to check whether the annual operating profit is in large enough over the investment timeframe to hit ROI. So this is how I intend to conduct the specific analysis for the first and second bucket. And if this makes sense to you, I'll be very happy to get stuck at and to ask for information to allow us to do so. - Yeah, this makes sense. Because you just very quickly, I know you mentioned earlier, you had two other buckets, you would like to look at. Could you share quickly over those as well? - Sure, very happy to do so. So assuming that it's market attractive and we can achieve financial viability, then we should check whether our client has the capabilities. And here, there are two things. Financial capability and operational capability. So financial capability, meaning can they afford acquisition? And even if they can afford, how are they going to do it? Is it by cash? Is it by equity? Is it by debt? Is you soon understand how they're going to structure the affordability of this acquisition? Now, second, we should understand whether our client has the operational capability. So for example, have they had similar experiences acquiring bus companies in the US or maybe in other markets before? Do they know what it takes to run a profitable bus company? Do they have executives, perhaps maybe not in a bus company, but from other companies like airline companies or transport companies whereby they could bring experience, a knowledge of how to run a transport business to this target company. And if we are confident that they have the necessary capabilities to run the company, then we should also check whether they are aware of and whether they can mitigate and handle the kind of risk that may be associated. So let me give some flavor of some that risk, I mentioned earlier. One would be business risk. So for example, nowadays, we are in a situation whereby pandemics and viruses break out quite frequently. We want to understand if such situation happens again or such outbreak happens again, close transport of kids within a close environment like a school bus be affected. So we'll get to affect our business demand, that's one. Second, we would like to understand also regulatory risk. So for example, we are talking about the transport of school to children and it's very normal for the regulatory authorities to typically add more regulations to ensure safe transport. This could either mean increasing costs for us or it could mean disruption to the way we operate our business model. So we want to make sure that those risks are understood well and can be mitigated if they happen. And the category of risk with operational risk. So for example, how are we going to find the necessary amount of bus drivers to, sorry, let me take a step back. How are we able to find the number of workers that would be able to manufacture such buses for big yellow bus vehicles? I would assume that such an industry, a lot of the workers could be on low-wheel wages and there could be an issue of getting perhaps foreign labor from outside the US to work in such factories. And if that's the case, then there's a question about quota, there's a question about whether they have a necessary skill set to manufacture it to a safety level required by US standards. So this is some possible risk. I have to go into more if the client requires but I just wanted to at least lay out some of the thinking behind capability service. Wonderful. Thank you so much. I think we're good for now with those points of consideration. Those are quite comprehensive. So like you said, market attractiveness is definitely the first thing we want to look at. And as part of that, as you mentioned, is the size to market. So our client is interested to see how large is the market for school buses and the US in general. And let's figure this regard of whether it's B2C or B2B. So we'll just focus on the overall demand side. And the second question they want to ask you is how attractive is the market? And to answer the second question, we got a bit more data. So we know that big yellow buses prices are about 20% higher than its competitors. 50%. 20%. Yes. We know that the market has a fairly steady long term, 3% growth rate, driven by GDP and population growth. However, the market growth has been 6% over the past two years. As local towns rush to buy buses prior to new emissions regulations on the answer place. And again, let's just focus on the US market. And customers are almost exclusively the local cities and towns in the US. OK, so just to be clear, there are two questions here. The first one is those signs the number of school buses that could be served in the US on a per year basis. OK, and then the second question sounds like we will be adding on the-- when we try to figure out how attractive it is, we are trying to add on-- or figure out what the total revenue of that market is. Is that right? Like, factoring in price. So no needs to actually calculate for the second question, because you currently don't have the price information. So let's just assess at a fairly high level. You don't really need to do that. If you think this is an attractive market, given the information you're given. OK, I see. All right, so I think if you're OK, let's focus on the first question first. Yeah. That's more fun for us. OK, so the question is how many school buses can be sold in the US market in a year, right? OK. So what I'm going to do is let me just take a moment to think through what the mathematical work equation was a reasonable one we look like. And I'll come back to a line with you on the logic first, before we plug in numbers to calculate. Yeah. That's good. Yeah. All right. So to get to the number of school buses that can be sold this year, this is what I have in mind. We can start from the number of schools in the US, as I start. And then from there, we could then factor in the number of students or average number of students per each of these schools to understand the total student population across the whole of US schools. And then factoring in a percentage of students that actually require bars as a transport to go to schools. Because some people may, depending where they stay, they could work to school. It's nearby or parents drop them off. There will be a percentage that will require a school bus. So we factor that in. And once we have that, then we could divide by the capacity of the bus. So like the figure out, you know, if a bus can take 20 seats or 40 seats, then the number of buses that we need. And this would then give us a sense of the number of buses that we need across all schools in the US at any point in time. But we should also factor in the fact that what is the renewal rate or the life cycle of each bus? So if buses can run for, say, 10 years or 15 years, which means every one out of 10 years or every one out of 15 years, the companies or the big demand to buy new buses from big bus, yellow bus company. So I think this is my way of thinking. I just happy to kind of refine it further with you first before we work on the numbers. If that makes sense. Yeah, thank you so much for putting thoughts into this and for aligning with me before running any calculations. So I'm overall-- I hear where you're coming from with your approach with regards to the first thing you said about-- you want to start with number of schools in the US, how do you plan to us to make that? We'll be right back after this quick break. If you're trying to break into consulting this year, listen up. Management consulted just dropped a completely redesigned platform, and it's built to make your prep way easier. No more guessing what to do next. You get step-by-step learning pathways that take you from zero to full-case interviews fast. Already have access through your school or a course? Log in. Your updated materials are ready. And if you're just getting started, you now get access to a brand new free case prep course to kick things off. Plus, there's a mobile app so you can keep your prep going anywhere on your commute between classes whenever you've got a few minutes. Bottom line, if you're serious about breaking into consulting, this is how you stay consistent and actually improve. Links to create a free account and download your app are in the show notes. Good question. I was actually about the past, if we have on G-Time debt. But if we have to estimate that, let me think about it really quickly. [BLANK_AUDIO] Well, I think that we could do one one way is to perhaps maybe first define when we talk about schools. What kind of schools we're talking about because they're with school from elementary school to middle school high school and you know, the structures of those could really be different. Is there a need to segment into that that level of detail in this particular case? Yeah, that would be one way to do it. Unfortunately, we don't have any information on the number of schools or overall or schools by segment. So instead of that, why don't we approach this? Up down from the overall population and feel free to make assumptions around that. Okay, sure, sure, I think that's a good thing. So one way we can do is to look at like you said, overall population, segment them into reasonable age groups and then focus on the age groups where we expect kids to go to school. Right. So probably around, I don't know, seven years or six years or two, let's say, high school be up to 16 17 or around that. And then based on that that that science of the number of students, we can then make an assumption of how many of them actually go to school right for developed country like the US on average, I expected to be quite high, maybe above 80 85 or 90%. And once we have that already, then we can also make a assumption as to the capacity of each school in terms of how many average number of students they have. And then that will keep us a kind of a very top down high level estimate of the number of schools in the US. Yeah, that overall sounds great. Just to simplify it. Let's disregard the capacity of school. Just to simplify the process a little bit, but other than that, it sounds great. Okay, so then let me go here to get started and plug in the numbers in our work. So let's start with the number of population in the US. 100 billion pure rough good estimate to go with the overall population. Yeah, that sounds good. So what I'm going to do next is then segment the population, right. And I'm going to segment it into roughly for. So roughly for equal age group so 0 20 21 to 40 years old 41 and 60 and 61 to 80. I know the average life exactly expected to see could be slightly above 80 years old, but for the purpose of against doing it is good. So if we have kind of for age groups, then the question is now to scope down to where this school going age would be. I mentioned earlier about seven to 17 years old, would that be a so about 10 year 10 year period would that be. Okay, very good. So then essentially what I'll do is I would take 300 million total population. So if I would divide it by point to each of the age groups, that would be about 75 million per age group of 20 year period. And we said that we aligned at the school going ages about 10 years so that we have of 75 million, which means roughly about 37.5 million kids in the US are of school going age. Now we let's make an assumption about how many of them actually are enrolled and go to school. So I'm thinking probably something around 90% would that be fair representation in the US? So let's take 90% of 37.5 million. So that's roughly just give me a moment. Okay, so that's roughly 33.75 million. If you if you're okay, we're rounded to 34 million children. So now we have this number 34 million children actually go to school in the US. I know you said earlier that we can we don't we can disregard the capacity of the school. So given this and going back to my original structure, then if we know that 34 million children go to school, then what I would like to do next is to understand how many of these 34 million would actually require bus as a form of transport to school. I'm not too familiar about the picture in the US. So if you have some information that can help us approximate that there will be quite helpful. Yeah, let's assume it's about a third. About a third. Okay, so roughly about 11 million, then with some rounding about 11 million out of the deformity go take pass. Right. So now that we have this is really helpful, then what we need to do next is to then factor in the capacity of each bus. What would the capacity be for each bus that big yellow bus could produce us. Yeah, let's assume it's about 50 children per bus. 50 okay. So I'm going to do is to take 11 million divided by 50 to figure out how many how many buses I actually needed at any point in time. Just be a moment. Okay, so it looks like if I take 11 million kids divided by 50, then we need 220,000 buses at any point in time in the US. Now given we're trying to sign the annual market signs of how many buses are can be sold. Nobody would be buying 220,000 buses every year because the buses have a certain stuff like so we need to factor in what the shop life is. I know in most places it's about anywhere within 10 to 20 years. I just want to know what if our client has a specific number we can use. Yeah, let's assume the average life of a bus is 10 years. Okay, clear then if we work on that then it means on average every year 22,000 buses need to be replaced or need to be bought again. So I think this is this would be the answer to the first question the annual signs of the school bus market is about 22,000 buses. Okay, yeah, that sounds right. Okay, great. So now that we have that what we want to understand as other than the signs is actually from the, you know, if you consider some form of high level price numbers whether this would actually be an attractive market to enter. So let me just quickly align with you on the information you gave earlier. You mentioned that the average price of our target companies bus is 20% higher than competitors, right. Yes, okay. And you mentioned something else about the long term growth rate of 3% by GDP and population. Can I clarify if this long term growth rate is applied to the year on year growth in the price of the target companies buses. So not really on the price is just on the overall size of the market. I see signs of the market that the school bus market. Okay, clear. All right, and then you mentioned the other data point which was you said market growth has been 6% over the past few years. Okay, so if I put the two and two together, we are basically looking at a bit of a slow down in the growth right from 6% to 3% going forward. You could say that on average, it's been a 3% year over your growth, but over the past years actually it's been an increase. The correct in the faster rate in the past. Okay, all right. And can I just confirm what would this the only quantitative information that you provided earlier I just want to make sure I didn't miss out anything else. Yeah, this is all the information I provided. Okay, very clear. So I think based on this information and if we were to consider information you gave at the start of the prom as well. Well, we know that the target firm commands a leading position in the market by revenue and number two by volume. So given that kind of a baseline position and the market trans going forward, they would still command the higher price than the competitors of up to 20% that looks quite attractive from the kind of pricing standpoint. And then if we were to look at the long term growth rate of the market on an average rate of 3% that seems pretty healthy as well. I guess the only question that I have to confirm whether the market will be attractive will be to understand how our clients market share is expected to change vis-a-vis the other competitors in the next few years because you mentioned that they were clear leader five years ago. So I'm interested to know what the situation is now and whether no perhaps they are at a king or at a point whereby things are changing. Do we know what's happening about that? That's a great question. So we got all the more information from the client. So in a moment, I'm going to share my screen to share with you and exhibit on the competitive landscape. And what life for you to tell us what insights you get from the exhibit. Sure. Alright, let me just take a look at this accident. Okay, let me just take the moment to go through the details and I come back to insights that you asked for. Okay, this is really interesting. If I were to look at the market share analysis information, I think it correlates with what you said earlier, we are number one in terms of market share by revenue. Number two in terms of units, but what would be interesting for me actually is how this would change moving forward. And I think we can get a bit of clue of can we can form some. hypothesis based on the margin and analysis information. Here I see that we actually have relatively the lowest growth margin and operating margins compared to the other two competitors. So a possible hypothesis is that I mean our cost space could be large but the question for me is what is implication of that? It looks like given a wider growth margin or operating margin, there is the strategic concern that the competitors could be able to price or have more space to price their bus product cheaper than our target company, which also means that they could be there is a threat of them getting more market share by selling cheaper buses, which would still market share away from big yellow bus call over time. And if that turns out to be true, then it may erode the fact that we are able to price 20% higher than competitors A and B because our volume may be decreasing. So I think that is something that I would, the hypothesis that I like to verify and understand. And if that's the case, then we may, we will have to recognize that threat in our financial analysis over the next three to five years to really determine whether this makes financial sense for us to acquire big yellow bus company. Yeah, that's a great hypothesis. So we took your insight back to the client and the clients told us that yes, they have been pricing their bus at a higher price point because they since they have higher procurement costs compared to their competition. And unfortunately the bus market is fairly commoditized and so our client has been or big yellow bus has been losing market share because they've been commanding at higher price. Right. No, I think that's really very important information. And given that, I think the key thing here is that given its commoditized market, then price matters to the end customers. And so I think that in terms of the next step that I would like to analyze, it will be this, is there a way for us to be more price competitive by fixing the the high procurement cost that we are facing with big yellow bus company. If there is scope for us to do that, then there's a chance for us to be price competitive and then we may avert the situation whereby we lose market share. But if that turns out to be unfeasible to reduce procurement cost, then from the face of it, it does look like the market may not look attractive going forward in the next few three to five years for our client. So as a next step, if it's helpful, we could look at whether there's opportunities for a cost to come in the procurement side of our big yellow bus company. Got it. Thank you so much. So based on everything we've done this far, what would you like to advise our private equity firm on? Would you recommend that they go ahead with investing in big yellow bus? Why or why not? Sure, let me just put it all really quickly together for the private equity company. We'll be right back after this week break. Every Tuesday at 12 p.m. Eastern, we run an extreme consulting makeover. What is this? Well, it's a live one-hour Q&A session where we workshop two consulting candidates resumes and we answer your questions live. Click the link in this episode's show notes to register for an upcoming extreme consulting makeover and to apply to have your resume workshop and private live audience. We'll see you next Tuesday. All right. So, dear Mr. CEO of the private equity firm, you asked whether your company should invest and acquire big yellow bus company. Now based on our analysis so far, our recommendation is no and this for this reason that the projections show that the big yellow bus company is very likely to lose market share to its two competitors over the next three to five year timeframe that we are interested in. And this is due to the fact that the high procurement costs on their end has caused them to price higher than the competitors in what is actually a very commoditized market. Now therefore, in terms of the next steps, we suggest two further analysis. One, we should understand if there is scope for big yellow bus company to bring down its procurement costs, perhaps you really go shading with our end suppliers. And if that's a case, then the second thing we can do is to conduct a financial viability or financial projections as to how the annual operating profits may look like over the next three to five years, nobody makes sense for us to enter. I'm very happy to work with your team on this when we resume work next Monday. Thank you. Thank you so much, I say. Thank you, happy. Yeah. We're the sake of time. I'm just going to go straight into the feedback portion. Sure. That sounds good. Yeah. Thank you so much for taking the song. That's like takes a lot of courage to run a live case in front of everyone. So congrats again for doing that. Overall, I think clearly you're very solid, very strong candidate with a lot of practice in case interview. And so I'll try to be a little bit more than picky about my feedback if you're going back just to help you stand out from the pool candidates. So yeah, again, create performance. So on the constructed feedback side, I would say the largest area for improvement, probably more around communications as well as time. And so if there are ways for you to come then make your language more concise, which is linked with the time, because the case did take a little bit longer than we had hoped. And we can dive more deeply into the specific parts and figure out tactical ways for you to shorten the time. So first of all, going to framework. They're solid framework and substantially. I think your content was really good. The buckets cover pretty much everything we would like to see in a framework for a PE investing kind of case. So I think the feedback that constructed feedback there is really around the time portion. I think framework typically I would say takes, definitely takes less than 10 minutes, usually around five minutes or so. And I think this portion took longer than 10 minutes. So tactical ways to suggest for you to improve on that. One, I would say when you're giving the overview, let's just give the overview of the buckets. When you are giving the overview of the four dimensions for buckets, that you're going to dive more deeply in, you're already giving some of the specific bullet points. And so that would have been one way to save time. In addition, I think you had taken this hypothesis of diving more deeply in the first two buckets, but not really elaborating on the last two buckets. I would say actually, unless the interviewer is pushing you proactively to just focus on the first two, let's try to give a little bit of time on each of the four buckets. And then if they push you, then you can dive more deeply. And so I think you, for example, on the second bucket around ROI, you spend an extra than the nearly amount of time talking about, for example, the operating profit and how you can look at the revenue and cost side. That's great analysis, but I think it is a little bit too deep for the sake of the purpose of the framework portion and also for the sake of time. So that would have been another tactical place where if you had the more concise and you didn't have to go as much in detail in order to save time. Yep. Great. And then on the marketing portion, you know, love how you took the time, thought about the approach before you plugged in any numbers. That's definitely the right thing to do, right? For example, in this case, because I did have to nudge you in slightly adjusting your approach, it was great that you didn't go into any of the math. Otherwise, you would have wasted time. So great job on that. And great to see that, you know, you're very open-minded, you're open for to steering, but also not just doing it blindly. So you really thought about it when I asked you, you know, how would you estimate the number of schools? And when you realized it was going to be more challenging and we didn't really have data to help you out on that front, then you're more open to being steered. So I think one tactical constructive feedback and mark sizing is when you looked into the age segments, it would have been because I said sure you're just assuming a linear spread across each age segment, right? So if you had decided, you know, you're looking at a 10-year span, it's really just 10 over 80 years, right? So it's, it would have been 12.5 percent instead of first splitting the population into segments of 20 years, and then having that. So that would have been a little bit faster as well. That's true. Yeah. Yeah. But overall, the math was flawless. You didn't math solidly and quickly. So overall, great job on mark sizing. Yeah. And then, um, exhibit. So again, great job because this exhibit had a little bit more information than the average exhibit. So it was great for you to ask for time, digest it, and then come back with just insights. So great. job on that. I would say the inside you gave was good. You tried to compare the exhibit with all of the information and the data you haven't given before and see if things matched and tried to draw the insights from that. One thing was I wish you had to actively told me about your hypothesis big yellow bus would have higher procurement cost. I was the one. So you pointed out how we are higher in price and we have lower profit margin but the next level and that analysis would have been okay why why is that if we're charging more but we're actually not as profitable then that next level hypothesis would have been okay perhaps we have higher procurement cost and so if so I had to kind of give that information for you. So you are you're scratching the surface but it would have been stronger if you had it given me that hypothesis practically. Okay make sense yeah yeah and then final recommendation was great. Love the structure the timing on that was great so overall you know very solid performance were sure and so I would say just working on convincing that communications and make the language a little bit more precise. Thank you so much. Thank you so much for the feedback. Really helpful and I hope it's helpful for the other listeners on this. Bye, streamers. So, Abby you would love to work with you to develop a personalized case prep plan. Learn more about Abby and book a 101 session with her today at the link in this episode show notes. If you enjoyed this live case please let us know by leaving a rating in review on our podcast or Spotify. We really appreciate it and it helps get the word out to more people that this show is worth listening to. Thank you for being a loyal listener. Catch you again on another episode in a few days. (upbeat music)