“I would say when you think about buybacks, Rick, it's probably more towards the end of this year, we'll be reassessing things.”

In context

“all that said, at some point, when we have leverage at our target range or below in a sustained fashion, then I think all options are on the table. At that point, we have regained full financial flexibility. In order to really engage in buybacks, I think we'd want to see more certainty around the economics, more certainty around issues of inflation and interest rates and those sorts of things. Today I think we all appreciate the fact that there is still a fair amount of uncertainty there, and we're going to be prudent in making sure our balance sheet is strong and that we are managing the business effectively to drive AFFO growth. That means reducing our floating rate debt, reducing our vulnerability, let's say, to changes in short-term rates. That's kind of the focus for this year. So I would say when you think about buybacks, Rick, it's probably more towards the end of this year, we'll be reassessing things. At that point, I think we'll be in a little bit different position when it comes to sustained leverage. Hopefully, by then, there's more certainty in the economic outlook and where interest rates are going. And at that point, we can do a full consideration of different allocation options. Ric Prentiss: Well, I sure hope so more certainty and visibility. Operator: Your next question comes from the line of David Barden from Bank of America. David Barden: I guess my first question would just be related to foreign currency movements. We've been seeing some pretty extraordinary moves in the last 6 months, the Argentinian peso, the Nigerian naira, the -- even more recently the yen. Could you kind of share with us any evolution in your thinking around hedging and how that might be impacting y”