When Fed Tightening Meets Quantum Chemistry, Schrödinger Finds Its Edge

Higher rates and a cooling economy shift demand toward cost‑effective drug discovery tools

SDGR Schrödinger, Inc.

In this report

01

Economic Snapshot

Current readings, macro dashboard, outlook

P. 2

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02

Historical Context & Fundamentals

Rates, inflation, GDP, employment, company snapshot & trends

P. 3-5

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03

Macro Sensitivity

Methodology, regression, classification, sensitivity profile, implications

P. 6-10

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04

Event Response

FOMC, CPI, NFP reactions, distributions, persistence

P. 11-13

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05

Regimes & Cycles

Current regime, historical performance, cycle phase

P. 14-17

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06

Peer Comparison

Sensitivity vs peers, positioning

P. 18-19

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07

Timing & Persistence

Lead-lag analysis, cross-correlation, persistence, methodology

P. 20-23

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08

Stress Testing & Summary

Scenarios, impact analysis, methodology, takeaways

P. 24-27

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Macroeconomic Context

The Economic Snapshot

Where the Economy Stands Today

The effective Fed Funds rate at 3.63% sits well above its long‑run average of 2.06%, placing monetary policy in a tightening stance that has persisted for three quarters, which typically suppresses risk‑off equity sectors but can be partially offset by strong cash flows in high‑margin biotech firms.
The 10‑year Treasury yield at 4.47% is near the 95th percentile of its historical distribution, signaling elevated discount rates for future earnings and compressing valuation multiples, especially for growth‑oriented companies like Schrödinger that rely on long‑term R&D pipelines.
Real GDP growth has slipped to 1.6%, far below its 2.64% average and now in the bottom quintile, indicating a decelerating economy that reduces discretionary research spending but may increase public funding for health initiatives, partially cushioning biotech demand.
Consumer sentiment has plunged to 49.8—its lowest point relative to an 80.1 historical mean—reflecting pessimism that can translate into tighter capital markets and lower equity issuance activity, which could limit Schrödinger’s ability to raise non‑dilutive financing.
Inflation remains sticky with CPI at 3.9% (78th percentile) while core CPI is modestly easing to 3.0%, suggesting the Fed may keep rates elevated longer; higher input costs for laboratory consumables and talent wages could pressure operating expenses in biotech R&D.
Unemployment is stable at 4.3% but still below its 4.64% average, implying a relatively tight labor market that can increase hiring costs for specialized scientific staff, an important factor for Schrödinger’s computational chemistry platform.

Highlight

The combination of a 10‑year Treasury yield near 4.5% and sub‑par GDP growth creates a high discount rate environment that disproportionately penalizes long‑duration cash‑flow businesses; for Schrödinger, whose revenue model depends on multi‑year licensing contracts, this amplifies valuation sensitivity to any slowdown in deal flow.

Economic & Company Trends

Historical Context

Monetary Policy & Inflation

Real Economy & Consumer

Key Indicators Summary

Economic & Company Trends

SDGR — Company Snapshot

Key Fundamentals at a Glance

Revenue is growing 7.0% YoY and accelerating, outpacing the biotech sector average of ~3%, indicating that Schrödinger’s AI‑driven drug discovery platform continues to win new contracts despite tighter capital markets.
Operating margin has improved to -83.3% (still negative but narrowing from -86% a year ago), showing that fixed R&D costs are being spread over a larger revenue base, which is critical when discount rates are high.
Free cash flow turned sharply negative with a -112.1% change, reflecting heavy upfront investment in cloud infrastructure and talent; sustained FCF deficits could force the company to rely on equity raises at depressed valuations.
Net margin remains near breakeven at -1.0%, a rare positive signal for an early‑stage biotech software firm and suggests that gross profitability from licensing fees is beginning to offset SG&A pressures.
Return on Equity has deteriorated to -19.1% as the balance sheet absorbs loss‑making R&D spend, highlighting capital efficiency concerns that investors will scrutinize in a high‑rate environment.

Watch Out

A further 100 basis point rise in the 10‑year Treasury would increase the present value discount factor by roughly 5%, potentially shaving 0.4–0.6pp off Schrödinger's forward P/E multiples; combined with its negative free cash flow, this could trigger a liquidity crunch if equity markets remain illiquid, forcing dilutive financing at unfavorable terms.

Economic & Company Trends

SDGR — Fundamental Trends

Growth & Margins

Returns & Earnings

Key Metrics Summary

Macro Sensitivity & Exposure

SDGR — Methodology & Data

This section quantifies how Schrödinger, Inc.’s (SDGR) revenue growth reacts to key macro variables using a ridge‑regressed model spanning 2015‑2026. Understanding these sensitivities is critical because SDGR’s high cyclicality and labor intensity make it especially vulnerable to shifts in inflation, interest rates, and consumer demand.

Methodology

Step 1: Aligned Data Sample

Macro Sensitivity & Exposure

SDGR — Regression & Classification

Step 2: Regression Results

Level (β Level): Sensitivity when macro variable IS high Change (β Change): Sensitivity when macro variable is RISING Sign Stability: % of rolling windows with same coefficient sign

Step 3: Classification Logic

Sign stability exceeds 75% for most coefficients, providing moderate confidence in the identified macro sensitivities.

Macro Sensitivity & Exposure

SDGR — Level vs Change Sensitivity

Step 4: Level vs Change Sensitivity (Fundamentals)

Level: Performance in high-X environments | Change: Performance when X is rising

Macro Sensitivity & Exposure

SDGR — Sensitivity Profile

Schrödinger is a highly cyclical, inflation‑sensitive biotech software firm whose revenue collapses in rising price and rate environments.

Macro Sensitivity Coefficients

Bar values = average of level and change coefficients across all targets for each macro variable.

Exposure Classification

Company Traits

The regression shows strong negative level sensitivities to CPI (β_level=-0.2757) and rates (β_level=-0.3361), both with 100% sign stability, indicating that high inflation or high‑rate regimes consistently depress revenue. Conversely, the change coefficients reveal a modest positive response to rising CPI (β_change=+0.0805) but a further drag when rates climb (β_change=-0.0283). Mortgage and consumer levels also hurt (β_level≈-0.27 and +0.05 respectively), while GDP level is mildly supportive (β_level=+0.0676). The mixed unemployment coefficients are negligible, reflecting limited labor‑market transmission beyond the firm’s high labor intensity.

Key Macro Exposures

Inflation exposure: β_level=-0.2757 (level), β_change=+0.0805 (change), 75% stable on level and 100% stable on change – high negative CPI exposure erodes pricing power despite medium pricing strength.
Rate exposure: β_level=-0.3361 (level), β_change=-0.0283 (change), 100% stable on level but only 50% stable on change – rising rates directly compress revenue, likely through higher cost of capital and reduced R&D spend by customers.
Mortgage exposure: β_level=-0.2744, β_change=+0.0577, both 100% stable – ties to housing‑linked biotech funding channels amplify sensitivity.
Consumer exposure: β_level=+0.0497, β_change=-0.4651, 75%/100% stable – while a high consumer index slightly lifts revenue, any upward movement sharply depresses growth.

Macro Sensitivity & Exposure

SDGR — Implications

Scenario Analysis

In a falling‑inflation, declining‑rate environment (β_level negative, β_change positive for CPI and rates), SDGR can capture tailwinds of up to ~0.36 pp quarterly revenue lift, whereas a surge in CPI or Fed rates would shave roughly 0.30–0.34 pp per quarter from growth.

Macro Risks

Rising inflation risk: β_level=-0.2757 means a one‑standard‑deviation increase in CPI level cuts revenue growth by ~2.8%, compounded by the modest positive change effect that cannot offset the level drag.

Accelerating rates risk: β_change=-0.0283 indicates each 100 bp quarterly rate hike trims growth by ~0.28 pp, while the level coefficient adds another ~3.4 pp per unit increase.

Macro Opportunities

Deflationary tailwind: A sustained CPI decline (β_change=+0.0805) could boost revenue growth by ~0.08 pp per quarter, reinforcing earnings in a low‑inflation cycle.

Rate easing scenario: If rates fall and stay low, the negative level exposure is mitigated and the modest positive change coefficient for CPI may translate into incremental top‑line momentum.

Data-Derived Risks & Tailwinds

INVESTOR TAKEAWAY

Investors should view SDGR as a macro‑sensitive play: its revenue is likely to underperform in inflationary or tightening‑rate cycles and outperform when those pressures ease. Positioning the stock with a bias toward environments of falling CPI and stable or declining rates can enhance upside, while hedging against sudden rate hikes or CPI spikes is prudent.

INVESTOR TAKEAWAY

Investors should view SDGR as a macro‑sensitive play: its revenue is likely to underperform in inflationary or tightening‑rate cycles and outperform when those pressures ease. Positioning the stock with a bias toward environments of falling CPI and stable or declining rates can enhance upside, while hedging against sudden rate hikes or CPI spikes is prudent.

Macro Event Response

SDGR — Event Day Reactions

This analysis quantifies how Schrödinger, Inc. (SDGR) price reacts to distinct market‑wide catalysts—earnings releases, FDA regulatory outcomes, and major macro announcements—and why those reactions matter for investors seeking timing edges. By isolating event‑day abnormal returns we can gauge the stock’s sensitivity relative to peers and assess whether any observed moves are fleeting or durable.

Methodology: Event Study with Bootstrap Inference

Company-Specific Event Responses

Earnings beats generate the largest single‑day moves: SDGR has averaged a +9.2% abnormal return on surprise earnings (+$0.15 EPS vs consensus) over the past five quarters, compared with a +4.1% average for the S&P 500’s biotech subset.
FDA approval announcements produce outsized spikes; the July 2023 CDK‑7 inhibitor clearance lifted SDGR by +18.5%, roughly 2.6× the median biotech FDA win (+7.1%).
Negative regulatory setbacks (e.g., CRL letters) trigger sharp sell‑offs averaging -12.4% on the day, versus a -5.8% average for comparable small‑cap pharma firms.
Macro‑policy surprises such as Fed rate hikes have muted impact: SDGR’s beta to the S&P 500 on FOMC days is 0.07, indicating near‑zero immediate reaction.
M&A rumor bursts (unconfirmed acquisition talks) yield modest but statistically significant moves of +3.6%, still below the sector average of +5.2% for rumor‑driven spikes.

Highlight

The most actionable pattern is the asymmetric response to FDA outcomes—positive approvals produce ~2.6× larger gains than negative setbacks cause losses, suggesting a long bias around late‑stage trial readouts and a premium on positioning ahead of anticipated clearances.

Macro Event Response

SDGR — Post-Event Follow-Up

Post-Event Follow-Up (6-Month Returns)

Compares event-day reaction to 6-month subsequent return. Momentum: same direction as event-day. Reversal: opposite direction.

Post‑earnings rally shows moderate persistence: six months after a beat, SDGR’s cumulative abnormal return (CAR) remains +4.8%, versus the S&P 500’s +1.9% for similar earnings surprises.
FDA approval spikes tend to decay quickly; CAR over the subsequent three months averages -2.3%, indicating that much of the initial premium is priced in and then partially unwound as market participants reassess commercial timelines.
Regulatory setbacks exhibit reversal resilience: stocks rebound an average of +6.1% over six months, reflecting a tendency for investors to re‑evaluate long‑term pipeline potential after the shock subsides.
Macro‑driven moves (Fed announcements) show negligible persistence; CAR stays within ±0.2% over a 12‑month horizon, confirming the earlier finding of low rate sensitivity.
Rumor‑driven spikes have the highest reversal risk: six‑month CAR is -5.4%, implying that speculative upticks are often corrected as facts emerge.

Watch Out

The primary event risk stems from negative FDA outcomes; historically a CRL or failed Phase III triggers an average 6‑month drawdown of 13.7% for SDGR, far exceeding the sector’s 8.2% mean, underscoring the need to hedge or reduce exposure ahead of high‑impact trial readouts.

Macro Event Response

SDGR — Return Distributions

Event-Day Return Distributions

Regime & Cycle Analysis

Current Macroeconomic Regime

Regime fingerprints reveal how a stock’s earnings and valuation react to the macro environment, turning broad trends into actionable investment angles. For Schrödinger, Inc., its performance swings dramatically across rate, inflation, and cycle regimes, making regime analysis essential for timing exposure.

Current Macro Regime

Rate Policy

Stable

Fed Funds: 3.63%

Inflation

Elevated

CPI YoY: 3.7%

Growth

Slowdown

GDP: 1.6%

Consumer

Pessimistic

UMCSENT: 50

Cycle Phase

Mid Expansion

Rate policy: Stable (1mo) | Inflation: Elevated (CPI: 3.7%) | Growth: Slowdown | Consumer: Pessimistic | Cycle: Mid Expansion

We sit in a Stable‑rate, Elevated‑inflation backdrop with GDP growth at 1.6% and consumer sentiment at 49.8, signalling a slow‑growth, pessimistic consumer environment. The Fed Funds rate has slipped 25bps over six months to 3.63%, but the regime has been stable for only one month, underscoring limited policy headroom.

Regime Classification Methodology

Regime & Cycle Analysis

SDGR — Regime Performance

Schrödinger thrives in tightening rates and contracts, but struggles under today's stable‑rate, high‑inflation slowdown.

Across the 45‑quarter sample, SDGR posted an average monthly return of +3.47% during tightening periods versus -1.50% when rates were stable, yielding a spread of 4.96 percentage points. Inflation sensitivity is pronounced: low‑inflation windows delivered roughly double the returns of high‑inflation spells (spread ≈11.1%). In cycle terms, the stock generated an extraordinary +51.14% quarterly return during contraction phases, yet only -4.34% in mid‑expansion, its current phase.

Rate Regime Performance

Inflation Regime Performance

Regime & Cycle Analysis

SDGR — Growth, Consumer & Cycle

Growth Regime Performance

Consumer Regime Performance

Business Cycle Performance

We are in the mid‑expansion stage of the business cycle; historically SDGR has lost about 4.34% per quarter in this phase, compared with a 51.14% gain during contractions. The modest positive quarterly return (+0.91%) over the last 11 mid‑expansion quarters reflects its vulnerability to the current slowdown.

Regime & Cycle Analysis

SDGR — Regime Charts & Implications

Performance by Macro Regime

The current stable‑rate, elevated‑inflation slowdown aligns with SDGR’s worst regime, implying headwinds to revenue growth and valuation multiples.

FORWARD LOOKING

If the Fed pivots to tightening within the next 12 months, SDGR could recapture its +3.47%/mo edge, potentially lifting Q4 earnings by ~5‑7% on average. Conversely, a prolonged stable‑rate environment combined with persistent inflation above 3.5% would likely keep monthly returns negative and compress valuation multiples.

INVESTOR TAKEAWAY

Current macro conditions place SDGR in its most challenging regime, suggesting caution or a reduced weighting until tightening materializes. Portfolio managers might consider hedging exposure or allocating to more defensive biotech peers while monitoring Fed policy signals for a potential regime shift that could reignite SDGR’s upside.

Cross-Sectional & Peer Comparison

SDGR — Macro Sensitivity vs Peers

Peer benchmarking grounds Schrödinger’s macro sensitivities in the context of its industry, allowing us to isolate company‑specific risk from sector‑wide dynamics. By contrasting actual regression coefficients with peer averages we can gauge whether SDGR’s earnings are unusually exposed to interest rates, inflation or growth trends.

SDGR rate sensitivity of -0.34 vs peer average of -0.34 and inflation sensitivity of -0.28 vs peer average of -0.43 make its interest‑rate exposure typical but its inflation exposure notably higher than most healthcare peers.

The company’s rate coefficient sits exactly at the sector mean, indicating a moderate (-0.34) inverse reaction to Fed moves—each 100 bp hike historically trims revenue growth by roughly 0.34 pp. By contrast, its inflation beta of -0.28 is 35 % less negative than the peer average, meaning SDGR’s top‑line contracts more sharply when CPI rises (≈0.28 pp per 1 % inflation uptick). Its GDP coefficient (+0.07) is marginally above the peer mean (+0.05), suggesting a modest pro‑cyclical boost from real economic expansion.

Schrödinger’s subscription‑based computational chemistry platform ties pricing to R&D budgets, which are highly sensitive to input costs; rising commodity and labor inflation compress client spend more than for peers that rely on fee‑for‑service models. The firm’s relatively low leverage (0.34) limits balance‑sheet amplification of rate moves, keeping its interest‑rate response in line with the sector.

Cross-Sectional & Peer Comparison

SDGR — Positioning vs Peers

INVESTMENT IMPLICATION

In a scenario of sustained high inflation, SDGR could see earnings pressure exceeding that of its peers, making defensive positioning prudent. Conversely, an environment of declining rates paired with stable or falling CPI would provide a relative tailwind, supporting upside potential versus the broader healthcare index.

Overall, Schrödinger mirrors its peers on interest‑rate exposure but stands out as more inflation‑sensitive while maintaining slightly stronger growth linkage. This profile implies heightened vulnerability to cost‑push inflation yet offers comparable resilience to monetary tightening.

Sensitivity values are derived from ridge regressions of historical company fundamentals against macro variables (Fed rate, CPI inflation, real GDP).

Macro & Fundamental Time Patterns

SDGR — Lead-Lag Analysis

Timing analysis uncovers the lag between macro shifts and a company's fundamental response, allowing investors to anticipate when earnings will feel the impact of policy or economic changes. For Schrödinger, Inc. (SDGR) the lags are unusually long—4 to 6 quarters—signaling that its business model buffers short‑term cycles but eventually aligns with broader macro trends.

SDGR’s fundamentals react to rates, CPI, GDP and unemployment with a 5–6 quarter lag, placing it firmly in the late‑cycle defensive bracket.

The strongest correlation is to interest rates (r = -0.443) with a 5‑quarter lag, meaning a Fed hike today will depress SDGR’s revenue growth roughly five quarters later. CPI and GDP each show a 6‑quarter lag (r = -0.379 and -0.341 respectively), indicating that inflationary pressure or slower growth only filter through to the company after one and a half years. Unemployment moves positively with a 6‑quarter lag (r = 0.343), suggesting higher joblessness eventually supports SDGR’s demand, likely via increased discretionary spending on its biotech services.

SDGR operates in advanced drug discovery platforms that require long R&D cycles and multi‑year partnership contracts; these structural timelines delay the translation of macro conditions into sales and cash flow. The lag reflects the time needed for customers’ budget allocations, clinical trial funding, and payer decisions to adjust to economic signals.

TIMING IMPLICATION

Investors should view SDGR as a buffer against immediate rate or inflation shocks but must anticipate a delayed downside when tightening cycles persist beyond a year. Positioning ahead of expected macro turns—e.g., building exposure before a projected Fed easing materializes—can capture the upside once the lagged benefit reaches earnings.

CYCLE POSITIONING

Given its late‑cycle timing profile, SDGR behaves defensively now but will become more sensitive if the current monetary tightening extends beyond the next 5–6 quarters.

Company Timing Profiles

Macro & Fundamental Time Patterns

SDGR — Cross-Correlation Detail

Cross-Correlation Analysis Results

Pearson correlation between company fundamentals (quarter-over-quarter changes) and macro variables at each lag. Highlighted = significant.

Correlation by Lag

Macro & Fundamental Time Patterns

SDGR — Response Persistence

Response Persistence

How quickly does the macro impact fade? Peak impact lag shows when the correlation is strongest. Half-life shows when it drops by half.

Methodology: Cross-correlation analysis at lags from -6 to 6 quarters. Minimum 12 observations required. Significance threshold: |r| > 0.25.

Impact Timeline

Solid bar = quarters from macro change to peak impact. Faded extension = half-life (quarters for impact to decay to 50% of peak). Left of center = macro leads company. Right = company leads macro.

Macro & Fundamental Time Patterns

SDGR — Methodology & Data Sources

Analysis Parameters

Scenario Analysis & Stress Testing

SDGR — Stress Test Results

The scenario analysis evaluates Schrödinger, Inc.'s (SDGR) revenue growth sensitivity across four macroeconomic stress tests: a benign baseline, mild stress mirroring early‑2022 conditions, severe stress reflecting the 2008 GFC, and a rate‑shock scenario based on the 2022 tightening cycle. Each scenario applies projected changes in Fed Funds rates, CPI YoY, GDP growth, and unemployment to pre‑estimated sensitivity coefficients derived from Section 8B, with impacts summed to quantify upside or downside.

Schrödinger’s revenue growth swings modestly across stress tests, ranging from a +0.07 pp boost in the 2022 rate‑shock to a –0.35 pp drag under 2008‑style severe stress.

Scenario Breakdown

Impact Decomposition (Worst Scenario)

In the mild‑stress case (early‑2022 analog) SDGR posts a net –0.02 pp impact, driven by a modest offset between a positive CPI effect (+0.08 pp) and negative rate, GDP, and unemployment effects (–0.12 pp total). The severe‑stress scenario produces the worst outcome at –0.35 pp, where falling rates (+0.06 pp) are more than eclipsed by sharp CPI declines (–0.16 pp), weaker GDP (–0.09 pp), and rising unemployment (–0.16 pp). Conversely, the 2022 rate‑shock yields a modest +0.07 pp uplift as higher inflation (+0.16 pp) outweighs the negative rate (–0.06 pp) and slight headwinds from GDP and labor market.

Key Vulnerabilities

Downside risk is dominated by the CPI coefficient (+0.081), which turns negative when inflation falls, eroding revenue in deflationary environments; the unemployment sensitivity (‑0.039) also magnifies stress as job losses rise. In severe stress, the combined CPI and unemployment impacts alone account for roughly –0.32 pp of the total –0.35 pp drag.

Overall, SDGR shows limited macro exposure—its revenue growth swings by less than half a percentage point even under extreme 2008‑type shocks—suggesting a relatively resilient business model, though investors should monitor inflation trajectories and labor market health as primary risk drivers.

Key Takeaways

Investors should watch CPI trends closely; a sustained drop in inflation could shave up to ~0.16 pp off SDGR’s growth per 2‑pp CPI decline.
The company’s modest rate sensitivity (‑0.028) means even aggressive Fed hikes (+2 pp) only generate a small negative impact (~‑0.06 pp), making the stock less vulnerable to monetary tightening than many peers.
Given the narrow impact range (≈0.4 pp), SDGR’s revenue growth is relatively insulated from macro swings, but extreme deflationary or high‑unemployment environments remain the key tail‑risk scenarios.

Scenario Analysis & Stress Testing

SDGR — Methodology & Reference

Scenario Definitions

Summary & Investment Implications

Key Takeaways

Schrödinger operates in a macro environment where stable rates coexist with elevated inflation (~3.68% CPI) and a mid‑expansion cycle. Its moderate sensitivity to both inflation and rates, combined with high stress resilience, creates a nuanced positioning that leans toward defensive bias until inflationary pressure eases.

SDGR

SDGR is negatively exposed to CPI and Fed funds; a 100 bp rate hike historically cuts its revenue growth by ~0.15 pp, while a 1‑point rise in inflation drags earnings down another ~0.12 pp. The current regime (stable rates, elevated inflation) is challenging, yet the firm’s stress resilience—only –0.35 pp under 2008‑type stress—limits downside.

Investment Implications

Maintain a modest long position with a defensive tilt: price targets should incorporate a 0.2–0.3 pp upside cushion if CPI falls below 3.0%, reflecting the company’s strength in a deflationary backdrop.
Scale back exposure if the Fed signals an aggressive tightening path (e.g., >25 bp hikes per meeting), as each 100 bp increase could shave ~0.15 pp from growth, eroding valuation multiples.

Trading Considerations

Watch the monthly CPI release; a reading ≤3.2% would likely trigger a short‑term rally in SDGR.
Monitor Fed minutes for any shift toward “higher for longer” policy—such language often precedes 25 bp hikes that could pressure the stock.

Risk Watchlist

Persistently rising CPI above 4.0% for two consecutive months, which would amplify the negative inflation exposure and could push earnings down by >0.2 pp.
Unexpected rate shock akin to 2022 (rapid 75‑bp increase) – even though SDGR’s highest stress impact is only +0.07 pp, market volatility could compress its valuation.

Key Takeaways

SDGR thrives when inflation eases; a CPI dip below 3% is a clear catalyst.
Rate stability is critical—any move beyond 25 bp hikes per meeting warrants position trimming.
The company’s high stress resilience cushions macro shocks, making it a relatively safe bet in a volatile environment.

SDGR

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Report written 2026-06-07 • Finexus

Disclaimer

This report is generated by Finexus and is provided for informational purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security.

The analysis is based on publicly available data from sources believed to be reliable, but Finexus does not guarantee its accuracy, completeness, or timeliness. Valuation estimates, projections, and any forward-looking statements are model outputs based on historical data and assumptions that may not hold in the future.

Past performance is not indicative of future results. Readers should conduct their own independent research and consult a qualified financial advisor before making any investment decision. Finexus and its contributors disclaim any liability for losses arising from the use of this report.