“But consistent with what we've had in prior power spike situations, of which you probably know you had in the United States, we tend to take an unfavorable impact to merchant and package margins in the quarter it occurs, and then we recover in the following 1 to 2 quarters. And we fully expect the same situation will happen again here as we saw a pretty severe power spike, especially in the southern part of the United States.”

In context

“ar approaches when we were, frankly, heading into 2020. We've done this into 2022. We've done this back when you look in prior years as well when we start to see slowing conditions. So we're taking a significant global efforts across discretionary spend, headcount, actions such as that to essentially tighten down and be prepared for what will happen because while we don't know what will happen, it's better to prepare for the worst and hope for the best, and that's how we need to go about them on this. Operator: And we'll take our next question from Vincent Andrews with Morgan Stanley. Your line is open. Vincent Andrews: Thank you, and good morning, everyone. Matt, did you mention before the margin impact in the Americas from the power issues? Matt White: We did not give a specific number. But consistent with what we've had in prior power spike situations, of which you probably know you had in the United States, we tend to take an unfavorable impact to merchant and package margins in the quarter it occurs, and then we recover in the following 1 to 2 quarters. And we fully expect the same situation will happen again here as we saw a pretty severe power spike, especially in the southern part of the United States. Vincent Andrews: Maybe I could just ask it this way. Would America's margins have been higher than EMEA margins without the power spike? Matt White: They would have had a free handle. Operator: And we will take our next question from Kevin McCarthy with Vertical Research Partners. Your line is open. Kevin McCarthy: Yes. Good morning. Sanjiv, would you provide your latest thoughts on the helium market, both fundamentally in terms of operations or lack thereof at your competitor in Russia? As well as the upcoming U.S. helium auction of reserves and related assets, would you expect that to have any material impact on that market moving forward? Sanjiv Lamba: Sure, Kevin. So helium, as you know, has been a market that's been reasonably volatile. I expect helium market to continue to be tight.”