TWIN - Earnings call transcript Q3 2020

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Operator

Good day and welcome to the Twin Disc, Inc. Fiscal Third Quarter 2020 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Stan Berger. Please go ahead, sir.

Stanley Berger

Valerie. you, Thank management that of in Disc, are we call. On have of taken pleased you participate the extremely behalf Twin time our to And business outlook. the to quarter joining X-month thank XXXX and and fiscal third discuss results financial you for company’s us

during management, management’s made to intentions, the expectations predictions conference I hopes, certain such introduce remind future, that those company’s actual materially the forward-looking differ projected for statements. that important would beliefs, remember I Before call, It are to especially like everyone could statements statements. this state is those forward-looking that or results from in

materially factors that forward-looking statements those contained related concerning obtained materially crisis. of in in Additional differ are Information either report be annual SEC. may the copies also by differ could company factors XX-K, that results contacting actual on the from to global the which cause Form COVID-XX actual the to could company’s cause to or results

you should morning before By this of opened. release, market issued have news copy now was the which received a the

please you and Annette received not a call have you. will copy, to send Mianecki she at a If copy XXX-XXX-XXXX,

Executive today Vice Treasurer call the and Disc’s Jeff Officer; Financial Chief John company’s Batten, Knutson, the Hosting President and Chief Twin Finance, of are Officer, Secretary.

I over At to John. will call time, turn the this John?

John Batten

Thanks, Stan, and good morning, everyone.

world dog Before in new you remotely. person operating or barking random by I walking just apologize, a begin, the of should hear I but case

Before on financials, quarter. the Jeff I just a go it turn over of comments to couple to the over

calls the continuing transmission, not improvement. it reduction our frac identified lot although And have area. ways sequential made on had transmission would of improvement, cost margins XXXX on and is there in performance were quarter more very in many marine operationally previous our good a The we’ve the was third products in gross that for issues We in headway very if operationally.

North in and Veth and in of applications America a developing product, new new made lot products. customers quite headway bit a industrial also of for We projects our our for

ways, quarter many the normally. very third off started very too In

working were becomes issue a transmission and is, and and the clutch is need field, alignment the we more to we rig led used that we increased before XXXXs the Our in hours, leak becomes more steel a issue. to extremely out charge. or the – hard failure. have a of The as then that And change have

So That I’ll been couldn’t is belief that back hard. dramatically there has we as there happening could, – all the third quickly very doing we’re in come what as was clutch very, more there. them changed is using as so the what come halt, get the a We to rapid and has were quarter failures. has to pretty everything used much transmissions to being of

good with X for country, at March, Australia, X distribution in all sometimes Italy, halt. that point, late weeks. minimum in late in extending longer basically a were or all America, to upon everything, our rotated up had they’re again, North March shut weeks. a the Belgium, factories depending But a happening rapid quarter the the things into In – outside everyone whether of came April, operations, of and to weeks. it’s down operations and of Singapore In some X to week,

up. all starting is the here, slow right with a But our now of Singapore of exception operations, back open

slowly are see need is suppliers to in Belgium, coming up what up working hours, we order. working back as and on ship we how many back We’re that Italy, in

we have necessary offices up happy everyone and it remotely operate remotely, XX%, that infection that can globally rates. by in could then very was in before North XX%, employees and Very ramping our that includes back had work our low deemed of remotely. are today. We All corporate that me Jeff working started to American COVID-XX March, say XX%,

date, And albeit office, the at later all in operated months, for down. on The know a cases that fewer people, recovering certain probably only only lower finish paused has Lufkin in necessary shipment is crew smaller Racine place nicely. people Belgium, facility be the put track one construction with for and there, a also we’ve but much X summer. we this rate. should X shut we only operations couldn’t are because We never To and been the back plant, the that – – North American up

In applied loan. PPP we and April, received a

gotten we small Are of I audit the other the PPP and most the could Definitely. seen we Act? in we Did should CARES funding? we prepared process vastly laid Do improved? have have the Yes. absolutely afterwards? faith. Absolutely. you in Yes rules think press we businesses follow that that think good for be that think acted release. this Do out

process good we legal certification advisers, other and Finally, all researching after faith our options. with reviewed our advisers funding Board financial

we’ve received, of back in some the have we the are on scene and funds working those XXXX. PPP people the brought With

with So third that part the service charge of we took repair of doing distribution tech. the is our work reflective in that quarter

internally More internally. not are needed are to the doing and going production necessarily people of work be this for is and going in areas, repairs we to with be done other that

ends this that a that this that loan understand We cost once and this of late loan structure also recognize in need place we fully we in funding – June. have is to temporary

to it with Jeff, over that, you I’ll now. right turn

Jeffrey Knutson

$X.X the the marine market, the third the the activity result numbers. run North of the the quarter $X.X up XX.X% XXXX a reduction Thanks, in primarily as year from Sales just significant third along I’ll in XX% American new-build briefly over from The of softening or or through John. the market. million fracking declined aftermarket but and in morning, and prior million fiscal Good industrial prior year’s for $XX.X everyone. quarter from with quarter. global were quarter down million QX,

towards we’ve fiscal XXXX. And sales. of a the quarter slowdown in gas The decline reduction continuation started $XX of approximately of as oil the million and end really which accounted for third seen,

Through exchange to million are the sales down the million with the or decrease. now XX.X% X $X.X to to $XX.X contributing compared quarters, foreign prior year, first currency

margin in the quarter compared The year prior percent third third quarter. was to XX.X% XX.X%

margin performance fourth continuation impacted with in demand aftermarket quarter the drivers. the product was, XXXX new of which primary gross by the unfavorable fiscal and for again, fracking began demand a reduced Our lower mix, quarter construction the severely rig for being

initially In addition, first we issue recorded in to related the quarter. the performance an additional million charge $X.X product fiscal identified

of margin is reduction improvement. have this actions third on This cost improving for gross targeted containment margin gross XX.X% the for mark quarter on result products which Adjusting of overall would key production focus percent been quarter, consecutive charge, the sequential performance Xrd trend the and and operating cost the would efficiencies.

we margin anticipated continuation we in have year-end sales to improvement. of been XXXX earnings fiscal As actions mix difficult the on cost focusing pricing the and drive call, this reduction discussed and

and spending, happened Spending million fiscal Log reduced of third professional result to for the fiscal during the compensation stock-based The fees decreased on of third XXXX decrease nearly administrative engineering along or bonus, is compared XX% marketing, Mill last sale, quarter quarter which the costs with year. impact of and marketing $X fiscal XXXX. the

the market anticipated With profit. pursued to along for opportunities decline past over quarters, struggling the compensate the and the cost aggressively gas with have COVID-XX, downturn reduction we in oil associated with X gross

operations. cost recorded at related to European the reduction and primarily $XXX,XXX third of was A in actions productivity our restructuring ongoing charge quarter,

third of our With the million our uncertainty third $XX.X the global impairment which a and fiscal totaling unprecedented combination prices, review oil charge the the in resulted recorded we in COVID-XX impairment in decline into accelerated quarter, noncash quarter.

significant impairment the third With profit a fiscal – operating volume, with third mix XXXX loss we and charge, quarter reported an reduced quarter. of million third the $XX.X compared quarter to in the challenging in million operating the a $X product

$X.X $XX.X the loss for positive a million an $XX.X these million sales. the the includes year-to-date first XXXX in items, profit been would the from the of on impairment. or result million income quarter. a reduction a the profit and been has million profit product X operating fiscal Fiscal million $XX in operating $XX.X operating X in roughly declined quarter restructuring impairment Adjusting charge, decrease Adjusting year-to-date million to first $XX operating an charges, X of $XX.X from million the million quarters, XXXX for performance $X.X of XXXX million a quarter. charge breakeven operating have $X.X Through would have by fiscal

and closed fiscal rate to The it for current million charge was third tax $XX.X significantly a the effective prior significantly XXXX impairment decrease for the X.X% than the of we inclusion year-to-date credit date position. year provisions XX.X% rate the foreign quarter, by Act, of in resulted effective in in The current impacted was by lower income, domestic year current just XX.X%. year impacted effective which rate but a which deductions certain rate GILTI inclusion year also by decreased rate. Tax Cuts The Jobs and was prohibits X.X%. GILTI the rate of foreign The requires loss on the

The loss $XX.X a compared compared loss the diluted profit $X.XX per of per the for in or from was fiscal profit year’s diluted fiscal of a third quarter $XX.X million third quarter. XXXX share $XX.X or share to $X.XX share or of per $X.X million million Year-to-date, of share net $X.XX million per to net net or prior net $X.XX XXXX.

quarter for from million charge, million quarter. down EBITDA quarter impairment year improvement million $XX.X million would been have the million third quarter. the in $X.X EBITDA of positive EBITDA the is $XX.X previous $XX of Negative a or a from for $X.X positive adjusting for prior the Again, the a

negative $XX.X EBITDA X fiscal EBITDA quarters, the For first is the to in compared million, X million positive XXXX quarter. first $XX.X now

we January the relief worked intended temporary agreement we facing quarter, provide during were reported This were to the to that was amendment with we time. the call As our on BMO at able complete we amendment as last through credit covenant to challenges XX. market third

debt-to-EBITDA third revised the covenant with of with revised in Our requirement X.X. X.XX, of results is were the covenant ratio within quarter compliance levels the which

be market are Those encouraging. and recent alternative for very reviewing more even our will beyond. arrangements development and quarter we challenging have fiscal BMO covenant with the and been discussions fourth ongoing With outlook,

reduction the Inventory the in million the million] positive end good to XXXX. the capital from the working third improvement results, gain was finished inventory decrease and in X-month quarter quarter, contributing is quarter million, With quarter the and down flow of traction. in which [$X.X $X.X a $X $XX.X in debt was from as free started million fiscal backlog quarter. at solid cash efforts XX% down X% previous to [ph]

completion. than $X.X relatively flow and better was equipment. positive to X million significantly reduced Most in earnings. remained year machinery levels ago first and year-to-date $XX.X we on in quarters some nearing levels similar several quarter key high ongoing Operating the the quarter, approved been million CapEx the as prior prior execute CapEx year in and cash despite investments is quarters had

to and spend million continue reviewing year. current market projects given deferring with But to expect between we million We capital the capital $XX outlook, all this are $XX spending. all non-essential

it some turn back for I’ll now comments. final John And to

John Batten

Jeff. Thanks,

quarters, on Looking their as we customers X are. be and out couple very that as the working and feel actively distributors down the into months unpredictable. are next will of We that we know challenging inventory well next

could couple the of quarters, So us short-term end markets, markets for – mean rate. in down it to looking could at a order downturn next be XX% incoming our XX%, the

our continuing our Veth one market and objectives our team. our this focusing acquisition products diversification to aggressively on industrial Lufkin We’re of follow through strategic investment and

acquisition for comment at right time of at our that Veth This is final a just And way indicative absolutely in impairment the right was no us. confidence Veth. the a on

Just charge given was the and COVID-XX the market length pandemic, the the decision. the impairment right of of uncertainty recovery

Finally, changing questions, we for feel fast. so things are before turn it I over like

customers, distributors. regular our have with with We calls

feels now we that calls, the week that of which have would it’s update with another August. only have our and We be Board. our quarter call try appropriate in results calls sometime probably between you, fourth Management with regular investors, to call, first the

away early So timing, I press Obviously, out around weekend. or sending stay so July in month be late next on will probably the we’ll from but July. and we’re June, Jeff release X a somewhere the the anticipating

market what exactly talking changing about. but We be we’d to audited fast, know what results. seeing. be going things We would conditions be I’m are that about, on have It financial we’re something and we be talking won’t feel over we’ll any more so don’t sure

Valerie, it So with questions. up that, we’ll open for

Operator

ahead. first of go the we’ll [Operator Kaye Instructions] Oppenheimer. take Noah And from Please our question you. of line Thank

Noah Kaye

Well, taking for the questions. good morning. And you thank

are continue employees of And that it’s First to good that in who your very hear all, path and to recovery. of those we hope health. on gotten their good you the have course, infection

that. So, let me just say

John Batten

you, Thank Noah.

lucky how been lucky. recognize we’ve We We have so been far. extremely

Noah Kaye

so that just tax, impact net for off, was to of impairment I have to get the start question the it just guess, quick A EPS wanted was we everyone. actual it us $X.XX, but right, charge what figure of

Jeffrey Knutson

impact so we Yeah, think $XX.X a the on was, about so net I tax $X.XX. million million had $X.X $XX.X million,

Noah Kaye

yeah. Okay,

commented tell years, impairment? us of any You the Veth not and being your how drove just how the too? Can impairment confidence change actual you that in relative are considerations the kind sales, be [indiscernible] acquired figures, prior on that’d What in indicative what to in were business. the of great year-to-date,

Jeffrey Knutson

are, Yeah, I some from prior flat has would performing very say, QX pre-acquisition. guess Noah. Its through can essentially I I with that, sales of take Veth year, been the well. up

since business acceptance sales. North They’ve seen incremental America. in growth in a So their strong we’ve is very sort of the had market to That acquisition. of lot

very was, strategy the So and performing. strong it’s

was a impairment we’re very faced those doesn’t – look at exercise. the when conditions it market at And might conservative goodwill So looking all that our particularly a be. and and what right? and in best estimate that what we into I we’re analysis, impairment, become of really can impairment, in forward going in, the of play we think environment

an So through you then market on you’re maybe a lens, ongoing forward – then that evaluate looking different at we basis. conditions really strategy

So of it’s different X it. kind of views

very that is continue demand. them certainly, despite X, they well. difficult of very strategy be terms that will performing what strongly that company in So quarters in front a X we feel and of X, might And

Noah Kaye

Right.

talk on about business? cyclical for more expectations some challenges. you parts that, overall So say, their the the resiliency, your demand compared just Can to may up just some be following of of there

John Batten

it’s John. Noah,

entire they positioned kind also the well other be apologize. force, should in I they’re be reductions meaning think the the was remained had of coming They to most everyone They also, I They stayed well. within they company to the as open. were – but I open product the resilient. exceptional, not add, line time some the in,

never I and in going how far COVID-XX. charge have And the North what until take, of very going – would and this we’re acceptance customers. still the Jeff impairment was uncertainty But full really led recession any that take to to been never I’m would the and the on length share. be amount. long It’s as America, aggressive as – Veth to it depth we market taking to the – dreamed, is dreamed taking would really, have on exercise

seen I mean, slowdown some things we’ve we see like activity, sightseeing project, definitely with in are in – that vessels.

going Niagara So on that, all-electric we And they hybrid of just like overall, have future just did a vessel We in are the and to – coming Falls, incredibly are their relying be markets amount an that those on with positive undetermined think very strategy, tourism people for vessels. ferries. us. think an for with But that time. all-electric, markets we’re I bright hit or It’s that. together,

Noah Kaye

right. all Okay, right,

cash – we least on in Just come press well. as and get thinking If release in [indiscernible] of you low-end what at of million, is kind flow basically generate, for the of CapEx, goals fourth of get free quarter, like operating the looks positive at about sort the original $X you’ll cash breakeven. kind you to million of $X it, commented you flow if

now right talk you there. you about just ability [ph] get working that [is What are to [fetch sure to to doing of in if [ph]? So need possible] confidence capital out] kind make

Jeffrey Knutson

of this Yeah, obviously, on and hyper take cash. can part Noah. last generating Yeah. liquidity I we’re that focused environment, in one,

of inventory we down momentum oil reduction, What’s challenge confident through fourth and North with in more the inventory think – significantly, inventory of see reduction in on still good was what gas American the reduction. puts markets to our particular, that to QX. little expect, quarter quarter. I see be know but is and start third We we’ll terms in we’ll hard impact we’re kind our volume a down, of

normal. that’s QX. to be in a right in see cash customers what QX that uncertainty flow. out But in we’re be free what cash we’re lot slow in might continuing in getting forecast orders, so pushing for make we uncertainty certainly obviously, around with pushing black projection Our more than now a have free be continued positive the very might variables difficult numbers But suppliers to products, us would –

John Batten

John. it’s Yeah,

Noah Kaye

I’m go and sorry, Right, ahead, Go – ahead, John. sorry.

John Batten

Yeah.

again, from should are, continued We reduction inventory the We see continue. hyper focused. and that will plant,

So we feel to pretty pretty the we not did we’ll have good but a third comfortable that maybe we’ll quarter, be replicate result. able what in

Noah Kaye

think be unless saying XX%. initial it, quarter with, missed kind next of you I I thoughts were about to the that’s that down And quarter, Yeah.

if question I feel please last situation But just mischaracterized then. guess correct free on liquidity that. Although to me I the

You gave number. leverage a

purposes mentioned as on some constructive impairment, included needed. or that leverage is agreement the further of dialogue you’re kind leading you calculating First then amend of excluded. for And to having

you just that Can of, just [ph] And bridge for facilities say, thinking companies be might increasing expectations other what as period make you’re understanding you for about increased ongoing] [with options talk time? and sense between things especially for ultimately a further about like might that interest doing optionality of any in that? expense liquidity terms

Jeffrey Knutson

Yeah. the The All impairment. the right. quarter add does EBITDA back –

debt-to-EBITDA the assumes So that of impairment. add-back X.XX% the

X steps in down ratio a Our to to ratio in covenant QX. X X X QX relief to from

with market going recognize in what world yeah, to happening conditions, is not that today, So to the that. our operationally we’re we get probably

to really increase that you So to in whether I have covenant have guidance sense. of we’re – enough would make we might I on it deep into kind discussions. not interest give detail result or what say would don’t had initial enough any an

it’s I are right working bankers something that through all think now.

we’ll and are we be I with both us. happier is come will And sides. They’ve for that relationship a work that strong, where with banking some The solution I’m in to couldn’t our great very works right now. and us, confident – been with quite BMO

Noah Kaye

Yeah. I sorry, John. – go And ahead,

John Batten

just I add. Yeah. wanted to

said markets have if evidence concrete when to to ready say XX%. down, that I a reality. don’t cost happens. plans happening, that and if in structure are that of yet. down any So that see that could place we be we need will I to react was with just we in be we If That that

Noah Kaye

the as I Coming cash of are sheet flexibility. guys it well Yeah. generate able to balance point now something positive capital would you And working managing at free to side close and Yeah. that positioning should there to be other be the flow.

luck, the right. So obviously. and Thank all appreciate updates you. All good

Jeffrey Knutson

Noah. Thanks,

John Batten

Thanks, Noah.

Operator

[Operator take from go ahead. of next We’ll Chan Instructions] of you. question Thank line Baird. our Please the Josh

Josh Chan

Hi, good are morning, staying John and you all guys Jeff. Hope safe.

John Batten

you. hope are you I Thank too.

Josh Chan

Yeah. Thank you.

Just if and oil I revenue the start Did can of hear million quarter itself. gas I that with contributed off correctly in decline $XX the quarter?

Jeffrey Knutson

the compared Yeah, quarter. Yeah. to [indiscernible]

Josh Chan

Right.

means guess I at fairly the did well, that within least quarter. actually your So business rest the of

little you had bit about could know, were that strength? but So stable kind strength, pretty of or more talk good, was relative a I – Veth areas even some

John Batten

Sure.

in water been the again, ARFF in the had well. America, legacy parts our similar river then also market a I and push And fairly think industrial. type in And brown and applications the push remained aftermarket with along has fairly did has Asia uptick an component spare units North sales. boats our military transmission and stable in boats then strong

Asia. until oil we now though, in and said still had were I have shipments into – oil really, got as feeling still pretty So gas, good and about and and into you we we gas smaller quarter, the the March, Josh,

was March. quarter, in X.X everything along or the third than planned better until going months, planned, as the So changed

Josh Chan

All that sense. right. Yeah, makes definitely

are as Or that release. think, some the cancellations, timeframe? got more So oil gas? limited in April it order into mean, we and I you press those was mentioned I to in broad-based

John Batten

of replace their party industrial, customers to push more oil some cancellations, in lot third and was I but of deciding buying broad-based. some But – say I was not think, inventory marine, is in most it were work of it. distributors there some It marine. order And unit out. gas and again, Certainly, work it, would Yes. primarily down advance a off in and projects,

not may with still they But new lot on. units. our the the the distributors inventory of a units So replace projects whether will go sellout

So X. point deciding their could come to distribution work of yeah, in orders back a inventory. cases, down those or lot many a Josh, our than other quarter I partners can’t market But any in X to

Josh Chan

Right. Right.

decline, I you guess would certain XX% geographies or being potential So or handicap better others? verticals worst the than

John Batten

Asia, – orders, out cancellations, new I and would most yeah, North America is you the what That’s you also order see or say come to quickly orders don’t the come – see in. of I push activity but just our back. concern see you

could markets down History potentially shown double that So us. for has well, mean XX. you’re the like are that,

back resize rolling it and and XXXX. staff got back, and We just wasn’t oil So and gas XXXX some North other for back that, that it’s you America markets in in had but And it coming too. short-lived. came we caught – oil

– and that’s to because we we have continue regular why So with customers, other what they’re principals our our doing. calls and distribution know to want

on So downside, on and overreact way there not don’t we’re for the the upside. we one them

based don’t that I – quarter. chance So recovery a if Josh, the as But have because that contraction structure – if to like. look a be. row just X quarter make quarter, at our a Is I anything V. second And a XX% a going know a unknown side next don’t on like next we’re trying U, clarity our what U that it in the like X quarters down a – comparable, don’t great that. I to in to everyone. of there the X quarters we will I absolutely on first will But to it’s guess we’re bottom chance? But how are this don’t best is long there on is X decisions the ago just cost or think certainly to be that is compare right year know left year think or from going it’s could the there’s unknown, if quarter on for it’s and the I that like we trying we side. be – think

Josh Chan

Yeah.

I the kind low we dynamic have. question if but I CapEx can year of spending appreciate mean, side, of the there? ground on last the limit I environment we guess discretionary you really how some there. covered liquidity the next sort So be

Jeffrey Knutson

I million million $X as the low range. to been we’ve as think $X in

about we I where we drive think would would expect that’s to.

Josh Chan

color environment. through Okay. best of the and managing luck Great. the for Thanks

Jeffrey Knutson

Josh. Thanks,

John Batten

Thank you, Josh.

Operator

take Thank our Wong from go you. next question We’ll G.research. Simon of Please ahead.

Simon Wong

Hey, Johh and How are Jeff. you?

Jeffrey Knutson

Simon. Hi,

John Batten

doing? Simon. How you Hey, are

Simon Wong

I’m good. Thank for like this down and that $XX you. at new and oil million year-over-year your looks equipment that It oil $X revenue is consumable? gas gas puts million quarter. How much of versus

John Batten

have in XX/XX, don’t I front the me, numbers XX/XX. Yeah.

Jeffrey Knutson

Yeah.

we We’re Asia, making that through equipment. deliver many be would – how to units new right, the

So, yeah, that, something in maybe XX/XX.

John Batten

Simon, the quarter Asia. had And shipments pretty healthy Yeah. we to again, still in

Simon Wong

Okay.

of to How to along – Okay. And customers long have you and pumping terms big extra the is are how in the to related the is fleet pressure in that costs then much incur you gauge, repairs? issues? these having how and far

John Batten

a it because a easier pretty has to we closer say lot stop. got just maybe and XX%, come would everything to I much are

take to to you got to the get the to as need to the repairs [indiscernible] just is clutch, still all goal transition on quickly. rig a rig. off can the we buttoned bring hours, here out – of that the couple our many have, you up that in again, So But – get that do pretty of light the the

brought we to that of We’re much as that work back as PPP. do from people the possible going internally with

Simon Wong

Okay.

be up so? fourth So quarter in or should the wrapped it

John Batten

man-hours than and – for. charges, it’s paying just No, just now that’s labor been no, other no, accrued

Simon Wong

the for a spread after down with maybe in work Okay. rig about There’s terms for...? and And get per lot this the to opportunity probably return a down process XX, parked – latest that’s year ago. count consumable to then, to quarters. inactive for to next of business – week spreads that’s X the from frac of What’s or them XXX going opportunity

John Batten

it’s all map, over Simon. Yeah, the

are a or ones spreads the of stories maintaining I going the more. think older relatively in up that you’re to and lot read about cutting people see only frac

people happen cash ago away. X didn’t do were manners which necessarily in years putting X them years available they not hope, and preventative right where the to the that my So ago, the maintenance best stored now, have

do So maybe the maintenance road frontend? people on because answer it on the could where to It’s any it’s to anything not but I significant. do changing beginning outside, see they’re I is, can would, The that we breaking cycle maintenance it you stuff get where don’t oil, just work overhaul of yes, and just the then all and new – a the wants but of time. everyone overhaul ahead pushes down apart work. wish units some

But I I but of calendar significant to is year. predict, know scrapped a a this number. begin have can’t amount I don’t available that what be will considered horsepower

Simon Wong

back CARES my Okay. you? then, for final coming credit to opportunity to And question is any related Act, tax

Jeffrey Knutson

that, Yeah, we’re we’re certainly, reviewing are all Simon, and there opportunities.

impact I interplay between some think we’re the still us. might programs. they working different through what they how are There’s and

that deferring of PPP forgiveness of you’re do taxes, loan. you can’t payroll to terms in if going instance, withholding the request For

foreign the to all programs U.S. we’re balance even that the and So different we’re the and not CARES making just trying the and jurisdictions are our also pursuing. of programs benefits interplay but sure there that in there, – between Act

feel possible. make spending to at and point. sure of from taking we’re quantify I we’re time some getting a you I like So our lot it though, good for this advisers can’t advantage assistance wherever really

Simon Wong

Okay.

Okay, all That’s have. I great. Thank you.

Jeffrey Knutson

Thanks, Simon.

Operator

further it back for or remarks. are like Instructions] appears no any at to closing that presenters the this [Operator additional you. It time. to turn there questions Thank I’d

John Batten

late any go to our you, mid-QX Like sending we audited earlier, on seeing us call, the have Again, world. markets about we’ll end-markets talk issues regions in June, July, our won’t over, we’re valuable in everyone, taking time for call. to the out early we’re in your And suppliers results just different the All seeing. what that of the to financial thank right. with have be Valerie. you, today said I a join Thank notification to

thank very late look and So to June, you forward talking we July. much to you early

Valerie, over you. it back turn I’ll to

Operator

Thank Thank concludes today’s you for This your you. participation. call.

now may disconnect. You

Twin Disc (TWIN) 3 May 202020 Q3 Earnings call transcript