From a cashflow perspective you should be concerned with shipments. Not only how many but when and to who and by "who" I mean PLL or SPOT market. PLL shipments are invoiced when the ship is loaded and they have a 30 day pay window, whereas when we ship to China the full cash may not go into our bank account for 45 to 50 days. So planning and timing shipments to maximize cash at the end of the period is something that needs to be monitored.
Q4 Earning Discussion Area, page-42
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