Q: Can you comment on what percentage of Propels sales are US domiciled and what that is likely to look like in the future?
5i Research Answer:
Its Canadian division represents about 1% of total sales, whereas its remaining US operations represent the other 99%. With the launch of its insurance operations in Canada, these could move closer to a 98%/2% split, however, we feel in the near-term it will likely remain 99% US and 1% Canadian. Over the long-term, the split could move closer to a 95/5 breakdown, however, its US operations are growing fast, and so it may continue to operate at a 99% US/1% Canadian breakdown.