TWIN - Earnings call transcript Q1 2022

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Operator

Greetings, and welcome to the Twin Disc Fiscal 2022 First Quarter Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Stanley Berger. Please go ahead, sir.

Stanley Berger

Melissa. you, Thank to the pleased of participate Twin we and joining Disc, our first fiscal On financial quarter you management have extremely results us for you that and outlook. to the taken are company's call, XXXX behalf business thank of discuss the in time

the company's conference statements. results like beliefs, from or that opened. XX-K, those differ states release, in materially is Form should intentions, hopes, which was I actual concerning be forward-looking copies Before the of those of everyone Information remember cause company's certain this especially introducing would that a which management, statements factors before forward-looking statements forward-looking By news such differ by actual SEC. call, that to or future predictions important have to company report in results market for expectations the annual received that contacting either statements. remind projected copy morning It may on materially to the could made you the are during now, obtained the in are this the those from issued contained management's could the

Chief please call Jeffrey Knutson, Batten. she the you have over not Hosting Officer, Chief to John? Officer; the I call and Mianecki are and Disc's Financial Executive will Finance, received Treasurer this a time, John send John at company's XXX-XXX-XXXX today If President and you call Annette copy, Secretary. will the turn copy. a Batten, At of Twin Vice

John Batten

first quarter welcome and Thank XXXX conference fiscal morning, you, Stan, everyone, good our and call. to

and with will a As take happy we usual, then your be questions. we short summary to begin statement, will

of the will Before quarter. quarter the results, some I Jeff highlights from goes the operational on touch over

Shipments release, new for million shortages. delayed shipments delays, and issues impacted quarter easily trend in in our from press ports, Lufkin accounted cause due - begin delays This containers, through out chain to containers we $X to transocean due That this were shortages India. general most to from our to should supply the of continue labor facility transocean the quarter. second spring. continue be delayed in backlog and ease mentioned As the trucking

side, for of first product quarter an continued and strong some continued bright at aftermarket oil in were units, pace demand markets, all orders North driven the and land-based oil and On with but elevated American gas the demand, exception the their gas rebuild pace. across end parts aftermarket new elevated by

in fleet. the rebuilds and more North gas in oil North - We America rebuilds are American frac seeing

New markets calendar oil our to to improve gear and strong, manufacturing. gas to Belgium machining of relates unit should our next the and in shipments The operations not steady remain global in Projects restructuring marine see should orders to we outsourcing facility most Asia the XXXX. and of remain at continuing calendar year. increase related

manufacturing facility We and successful in Jeff production other castings successful And role capacity. XX% machining been I'll have respect while by footprint of sources, sources and in it test. X-axis now parts for been gear Switzerland, we With we some turn in our almost increasing allowed financials. the of over reduce has to discuss to us outsourcing to the to shafts, propeller have and focus and on value will other our labor assembly finding the better machine which to

Jeffrey Knutson

Thanks, and good morning, everyone. John,

quarter quarter the for first Difficulty]. $XX.X $X.X to Before [Technical the - - year million first fiscal - - the million quarter

John Batten

a little you're - Jeff. you're Jeff, garbled,

Jeffrey Knutson

better? it Is

John Batten

Slightly.

Jeffrey Knutson

[Indiscernible].

John Batten

No.

Jeffrey Knutson

Hold back.

John Batten

you don't tell try. you what, why I'll Jeff,

dial to read , your you dial can you script If I will and back want in.

Jeffrey Knutson

I'll dial back in.

John Batten

Okay.

and by our prior push causing experienced supply in locations. to challenges, across difficulty into customers, improvement These marine increase from region, a and issues XX.X% unpredictable lead shipping our year limited our were industrial in while sales improve, across challenged sales to up into demand propulsion shipments getting and down these We in was significant deliveries America and Despite Pacific sales all markets also times continues the While were flat. were were challenges XX% quarter chain into while up containers. our of transmission the from suppliers, North our Europe up deliveries sales them By were sales X%, products. X%. essentially Asia out up X.X%, sales increasingly

Foreign of to in positive $X.X impact the was million the first a currency net sales exchange quarter.

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

The $X.X in credit, well subsidy as cost increases or market from first X% primarily Adjusting in activities. targeted contributed as first have significant improvement, the the sales Netherlands year-over-year of Spending to profit these by oil on administrative increased quarter in to the the gross the inflationary credit. impact $XXX,XXX global and reflecting return employee profit a retention benefited reduction increase American the The employee fiscal a to for mix and plan quarter favorable of been a effect, impact currency compared more quarter of translation activity by would and of North the bonus gas aftermarket positive 'XX. offset fiscal 'XX the million. costs the marketing, is gross accrual, NOW XX.X%, a favorable due engineering which driven for $X.X a retention partially benefits, million and still

compared revenue first for were expenses XX.X% of to the prior first quarter. As XX.X% quarter, the ME&A in percentage year a

for Belgium did restructuring While to minimal. negotiations We the recorded announced our the were cost in last operation finalize quarter. with restructuring charges project complete quarter the the

of the savings of program to second result fiscal and We will bringing in This will the of annual drive approximately XX additional $X.X approximately book charge restructuring in elimination positions an charge million. $X.X million. million $X total our quarter,

The the a quarter. rate in diluted domestic quarter profit compared million $X compared in first share quarter. we recorded a to operating an for effective in improved first of fiscal The recognition gain tax million XXXX share Including rate fiscal first of resulting quarter. of was limited The quarter of XX.X% sale $X.X $X.X quarter, prior was gain of impacted prior for of a loss for $X.X the XX.X% was of year of the 'XX for was first full tax million sale on EBITDA in or net per our completed of by quarter in $X.XX allowance, a to the During income. valuation million $X.X facility in $X.X year production expense. per other first diluted proceeds positive the for Swiss the the million, quarter. million operating from or million as $X.XX the operating prior prior income $X.X the a of $X.X the compared to facility, resulting the leaseback net loss million the current first quarter loss was the

balance $X.X in a were bringing cash the to liquidity operating year, up able in Inventory to by for start should cash generate $XXX,XXX flow, positive slow off $X.X for Turning calendar the spending is flow in with quarter, the quarter, million to free the fiscal Capital to driven and cash the supply quarter chain we $X.X million. at but XXXX. sheet. increase million was focus on continued imbalances of

not go result and to or while As preserving we spending ongoing to we we With but severity subset deferred some the the will of the in setbacks. cases in monitoring significantly. and in universe, are we XX they on XXXX. waning least COVID some see the months, testing market spending. our the spread I'll pauses just to some quarters variant, remaining work challenging This where XX feel of - a a improved come. now a improve all XXXX catch-up People current expect are fiscal for liquidity We through final million concern, for several markets with nonessential any capital at sick. COVID pandemic very positive the to And over invest to that $X getting year. recovery supply continue million chain $XX comments. issues, just in much focused Despite Demand our should us will we fiscal be

labor, these and is final suppliers. we are you concerns are of daily. different thank to and than our supply issues everyone Our and no managing customers A employees, parts big a thought else's,

much you very resources. for end quarters respect day customers of quarter every scarce This quarter managing while continuation previous stress to the new can is issues and our a best the levels, managing with with continuing questions. Melissa, your and remarks. happen. Jeff things make concludes the now our you to That open happy show for And prepared for day take to be please up questions. every and Thank doing line I will

Operator

Instructions]. [Operator

the Our line from Noah first question comes Oppenheimer. with of Kaye

Noah Kaye

of I with to just companies, they chain. to the out basically now being - right? lot is a whether right say it's supply guess, whackable, Talking around start

John Batten

Yes.

Noah Kaye

it's containers, a Where if it's components, not else. it's something not components, if it's

out dual now? supply sourcing Some little So about respect bit confidence color can through pressure may employing whether easing year? any can you're you it's of the with strategies that the how a I chain you other we the the that what some think of in right that the look back you you're or to bottleneck half talk provide managing be gives as

John Batten

the So no, labor hours At is it's very of it's day, yes, much end John. the all whackable. related. It

get related. having as shipping product suppliers. and much much Your very issue suppliers not to enough as their demand And labor people the the is then

global ports, in the available of U.S. - ports, number and move stuff marine here on the just Foreign drivers around. merchant the staffs to fleet in domestic then

it's seen stabilized. but our we've in that is that issues what think the I still exist,

be from the stabilized So but weeks, X U.S., starting it of has container you it's India used get a bit last get over and actually little saw doubled an a average it's the it time but quarters, to for to couple to better. to basically

is moving stabilizing. getting the seems it I to it labor-related general, COVID say all to wherever to in that seems who's would be product, or better. comes So supplier all down be all

components, question the they of for time, at sourced a in dual U.S. that. our key sourcing, mean, doing absolutely Your lot one I were all on

offshore have sources. We

have from it expensive, of each general, from constraints. So there back one coming In foot India less the very, forth. is We capacity we very I go can say, in costs get components you the still would in are the and but kind can canoe. But of real, U.S. some

you can what a you're XXX% XX%, get if to XX%. Maybe of for much can't you pretty want. house So you you going get bearing bearings, -

So that on making we're sure is - all same it's page. big the focusing thing we're on the that

in actually every more worse starting - think supplier. going supply to day, at get much to least now, think stabilized. Skf same very But don't I asking right to products. casting at foundry helps. a same those is be a or those the that - a XX% units at priority XX% bearings that as we've going a the the prioritized giving - we're for that We to or list the to that So Timken - so that necessarily our least chain, and XX% we're and if that to it's completing more it's better going it's - it's it's don't get I it's predictable,

Noah Kaye

help. It does

And in so about the then question extent timing embedded pressures that real really like feel this a you are we of some of cost inventory improve? of reflects which question price your Or balances work-in-process headwinds? inventory versus cost. is to current flowing the some these you the I finished? higher into and sequential cost to about think cost turns going is, to looking that How do kind at maybe guess

John Batten

away. So right is - issue we said inventory - increase the lot work-in-process. so a actually of you an hit It's

are not lot out So finished the same the images much we raw as in but sent magnitude, for cash Ford and waited - very the We the like for for very material. key F-XXX chips, it the waiting for some of much components. components, we already waiting sitting the to

big a that's So part.

to they some couldn't customer also that get We delay had a transmissions engines. to we had because

combination improving They from we're ship. hearing of see that, better. a like our some don't XXXX, things. for But Things getting is it's of them well. as So that calendar it customers

up. say we'll would little general, and right day, but different it's more start in now, same issues But ramp It's So trends. things better. of back predictable, stabilizing, it's get a it's we - should But everything. every bit see to I

Noah Kaye

Yes.

the And cost so feeding question. into

think I that...

John Batten

X. we've July X more So say, in X. January had pricing We on across October been getting essentially the And would announced board basically - I we price increases. for

not we're waiting. So

in, is we're seeing rolling that as and us on we quickly the get our possible. costs see it as sure out As impact we pricing what the come up, making

Noah Kaye

and like seems just Maybe is It these obviously are to is going repowering of compelling still some fleets Gas e-fracking. as become around just Okay. just some final Blending a quick one. pretty Dynamic

alternative that outline of checking at in extent your you're kind us you be part fuels around mix. can where of that of Just a those terms collaborations the for of and some your you're

John Batten

out of - it e-frac. units a really lot issues there. is. about talk I starting would the dollars shortage. are CapEx There some like builds, not, be have are care the most doesn't activity we the that just done fleets. going say, of So other e-frac to unit I general. there that dual in market rebuilding what they And again, new going see labor also fuel any spreads spending technology. transmission in and fuel we're up activity be Still There's and been in more there'd in We're activity being new have more think facing a But

It more that more the us you'll ease. to to But So important you price gas horsepower as the hopefully stay is was it these phone activity, can activity X,XXX. of and lot soon. right our the is I like think gas, X new begins if and ringing high price see you're and natural looks certainly, plays more to than see months imagine, because transmission, a for But prices ago. some start the X oil unit elevated, to that rebuild now almost going into

Operator

[Operator Instructions].

comes question Baird. with of next line Josh the Our from Chan

Joshua Chan

I dynamic same where I that are equipment pumping? there guess, you dynamic actually play And a how the at would look that new and about various within customers line How forego following are seeing out? thinking inventory idle the equipment is you of field benefits? pressure guess, the customers. you as just Or of because pursue logic,

John Batten

see I think to we're beginning that.

to to some I with. rebuilt some right stuff replaced. equipment players are some we've get some think players now the seen acquisitions in either point again familiar needs happen, be to general, we also where or buying getting But they're other

would can't ago. it's a now, more that years like units Yes, just is they lot there we've So closer, here few the that for as a it but the activity of did are as a yet. can't say say seen increasing. an timing, you activities I well. planning We're stress of also stage, I around few takes players haven't labor discussions but bit getting right pulled - Definitely a issue it ordering the the quite I'd new - we trigger in and

Joshua Chan

Okay.

year, bit Is then, So maybe at the talking line urgency spend, are the some the desire point? how think I still of are the because about to about calendar time guess, there turn it customers in expectation and but time I fluid will this there's a how more they line? that talking the the be

John Batten

equipment, they're supply, looking I think parts, to at access funding. labor and

valves working are as position three good And And they're very they're there's and labor as what's on so sure the And - we're air. hard to in funding build. in for I'm they a supply. available to

can quickly. So we very react

soon So about. I'm something hoping talk that can pops that we

Joshua Chan

Right. switch we that's manage business. It off pretty started to marine base. to of things of low there. to a lot a true. it can again, grow like the That's over If Yes, but seems

this much about talk outlook year? marine could the you is growth and you could So in be what think how there there

John Batten

Well, question. good

of repowering issues, activity. what issues I lot a normal think weren't seeing chip supply we're that if chain - there in times, and is

side. that there lot hopeful inventory transmissions. over that of distributor on American at last a inventory available engine worked marine our very was have they through I'm like base months. the the Again, XX there's in North nicely That entrenched So

our inventory. of We're starting starting our we're market as for for and could and more in much America, didn't but come to see board replacement out market The was had built orders Belgium did sell as Racine there they in So orders. distributors in in activity, transmission meaning so it much North Italy. see across Europe down us the inventory for in to

So is continue. I'm going confident this trend to pretty that

vessel, inland inland of our Just is cruises. river as based lot in on passenger volume Europe, a

Certainly, overall much activity in is marine more and the the said, post-COVID all up, over here goods moving moving, pick America the that North to of there. starts activity very inland reflective in general, we'll So see still country. economy

in of demand the I year. you percentage, there significant it if So calendar can a should the our we throughout I part give don't be growth calendar in 'XX. see a improving amount but dollar know

Joshua Chan

Okay.

then that you to better Okay. guess, And I That's about to it's good spending. lastly, hear. see good feel

planning So CapEx products even spend of the or year? I increases this kind the initiatives you or guess, are new with maybe what OpEx

John Batten

everything. very rather on we cutting we're and we test. going what to machining here, with on in and and machined it we XX-plus Belgium, - Belgium years the as Racine So Racine much very here gear we just focused complex be - in as than CapEx Belgium on announced decided did we just ago. Really, similar And we In production we that gear were housings. to assembly reinvest focus in operations, would in

and we're Belgium, sources was size shafts much model a gears lower In So the find are housings. bit bit that units our volume, - and interested are the larger volumes per little the manufacturing variability. content, of volumes it's the That to able volume. our more In higher the in but to do of for to find bigger. Racine, a - are who the are the suppliers little easier transmissions, dollar workboat smaller,

we gear I on more, may some we're the in but finding shaft. assets end up the recapitalization putting investing that in think again, also area,

We'll the hybrid machine testing very for will there's up we - focus have quantity types And ramp also It's as more area not and safety things and we it investments much going I tools. stands electrification then significantly it's on necessarily like that. to be to those be deliver. and we're And being would on capability then and it's things. say, capability. - So on and able Lufkin of investing, test equipment in some in and

bit little more that those focused the right will Europe, bit And a States. around it of areas United in kind are be that's on a So now. - in we're little the

Operator

line with Neuberger comes Rand Gesing question next from the of Berman. Our

Rand Gesing

may board? sort the at mentioned that... seeing you growth are If of across backlog, You we have look the

John Batten

Yes.

So...

Rand Gesing

much versus it sort a how of broader portfolio? sense to for of is around Just get the rebuilds

John Batten

all still Asia yes, there the predominantly the the which is North America, Rand, backlog parts, backlog is board for In Jeff, for and has units. so the remains there the across to but spare increased gas, markets. in a unit precursor component big definitely oil aftermarket

look a than significant when - a backlog coming. at backlog ago. backlog, wouldn't year units I have significantly don't North but But for It's the So I better for that's I was probably - the all it yet, smile. America at

Rand Gesing

in, delayed. to And really you I you And with get steel know have is aftermarket? that for rebuild you fleet? mean is we I sort demand - there been prices guys, barges mentioned is would of back barge. know inland with inland I new steel barge put prices, Or repower the more but to benefit business if

John Batten

Yes.

- if So think were very help but I our of seeing lot - prohibitive probably to you're job a I your into more, think don't they that the happening are is point, is new and enough building lot that cost I marine go gears a it's even repower. - build sold new of explaining and if but American repowers. big or lot North anybody that of the we engines marine And that's to do - into so fleet vessels, good would market what's vessel does a a a know that

in South fleet, and significantly older fleet to vessels. general, the So is you than newer that other they than in venture at say the I guy places world. gearbox. America and you hull, their be I Asia significantly older. engine older look would Europe. Because But European had age wish much probably take on a sales I here, of when the and age in may third a XX-year-old mean American in the but it's I in the fleet North average

hulls. in North but in have You modern the American they're just fleet, engines older as

Rand Gesing

this issue across into just getting And labor your help mean insight figure and out, the trying I board. to it's Okay.

don't deal hovering the that do. and would in back think you're looking be just that I place off, of And what how different typically in effect, to because on I once like I the taking for key people you more there's up - was going term? on going sort you. something of the what's you one to go feel these the that think it's sense that your people it that leading summer, are able you to think be for Amazon And that were thesis people I or coming are What's with to structural. and are stimulus. to longer something much be going to just opine came hiring have Lufkin employers have and

John Batten

of employees the So again, I'll X,XXX Rand, just - speak of X universe, subset you us which is a know well, and planet in for under billion. our

seems in for little labor what issues the take bit more seem - other it's But So than the it's worth. painful a constrained. in issue markets. The that U.S. more

just we're landscape, those just Milwaukee there us - and are world, of in more are seems the challenging looking it bit scarcer. in seems a there shortages the U.S., Definitely but - say, would Chicago. for you're Racine, around little Although were I shore Michigan it employees when for which the Lake between the it's on

fish. you you'll that can't employed, be radius just east to the go hiring So have attract you because

something complicated. you the very west for little what lot - So the area, of that are is than complicated it's minute a you're bit you inventory, every better in can a doing things hour. more north Lufkin, do position, not that by moving And A radius. trained range better we are companies of had here. something $XX It's there's other that hour just was are much up in. bit day. the the businesses vacating an just - jobs to workforce or a do. And get And made in we double the different $XX-plus that assembling and you to machining - something, and of have There regardless in an a moved Amazon's go whether you businesses that of lot and there you're

there's availability more Racine, in more in - So but Lufkin. jobs we but have

Lufkin so And make of doing we very moving focus probably the down we find they to trying a in we've in the line on to of anybody and things. more more to salaried another to product help group things. Racine. out balance stuff can with similar. rid product ranks, Italy do to moved getting find We're can So where we won't sources instance, so competitive in lot the In other that they there's because the to be we're there. Racine Racine labor, industrial Again, again, need product can line for of Racine out

think I've other about this I been talking in execs with the area.

definitely do the an where a lifestyle I XXX%. about I people and and less something seen to less where that again, may in You've mid-management else home want trend changes making salary. choices responsibility find from in work industry a can job

shop very are guys be We our They every and much to in here gals floor. day. have

a We receive it out, have Rand, seen dedicated - we've equally assemble happen. staff you've is think But ship that it to the and last material, lot I to there XX of industries changed. that salaried to you in are can it, the it, in areas, get areas, making a got here. in do some for but opportunities got to XX months, XXX% that different And remote. everything be different positions to last work We

so there's And that lot turnover had is I overall are. that know don't much change. the of know some. been what a everywhere. I We've effects very

we're always continue to will do job better. pretty struggle. think we can a I a And it but good be doing

busy. very, Yes. HR Our department is very

answer. sorry for And my long

Rand Gesing

on what was age of natural with it. No, Is no, sort went the a that I it, just Or love out? President? that love

John Batten

hoped think, had we person, - of that. great him I I to fully we Jim I his that a supported able other for may that another wanted - that - personal that course, do some some is employee. President, would great and be things had going Jim. retire. he hope were things year, he Jim he but keep in some to always change There said life was to

announcement an mentored have next he here we'll underneath the in and coached weeks. But of fantastic So team couple a them.

to say that got do just I it he X, in in He everything X accomplished wanted done X years. to let's So X.X.

our team all the - no, and best, additions wish some management future. night. dinner But Wednesday be key we here see you'll with in So on the there'll we just them had him yes, near

Rand Gesing

through have I think what's on But just Or stuff, Okay. then new roll you you're customers? mean you labor, people to in what that the getting just and of and inflation to paying increase sort the... do the

John Batten

see, Absolutely. mentioned, our more. was XX%, has up that X rolled understanding again, Absolutely. I there's by going can't. hard we try increase no it We're on quickly. price can't and meeting I we've And increases. rate in invest I to - mean have that. hourly mean, even wanted base in. I had, efficiency, that to head maybe We've XX%, headcount look. you're hourly very hourly gone I to - my another our next We're capital again to our if probably - going obviously That's that on think XX%, week. math in as - we It's XX%, we bank

or X ticking. the centers take the place So X you're that because wave going to machining expensive is clock see us investing again another of of investing fairly in can

We in probably to retire very are have X and experienced who machinists years. very, going talented,

So we and beat have to curve. get this that in stuff

brand can doing. people So again, focus pieces of out and machinery necessity. you'll trend a is, you'll that see see just of I It's sheer - do think that the what were capital multiple on

Rand Gesing

a or printing XD role Will play not? there

John Batten

going play investing have be in - some plays the along new and doing that of it going journey coming to - is of we'll XD - up. we the we're it, yes, already I in-house a role in printing contracting ERP whether our, role absolutely with parts future, a XD or our is some - is prototyping from it that to would on suppliers. we say, printing buy But

hoping more analysis duties that effect every and to they people thinking. back go I'm transactional of of generation the so like ERP And things do step from allowing fun we to many that that that of transformational next truly have will day the into

you that not people for yes, going on just what just to you're going before. a of It's going be did can't in it's investment rely - technology numbers to be understanding So to do everyone. - sheer technology It's to you

Rand Gesing

Yes.

Okay. to gas. and Back oil

team hell because on to guy, their but there's base, what they've sort is a battling. to think the shareholders. free in they that this we number list, energy is oil CapEx biggest flow our industrial and of no religion, just of cash are you telling shareholder come left like have to mentioned to way E&P going gas, off want gotten which we're just all it an guy, the He's flow take and I companies invest me CapEx and On want You the the and them factors, up to price through grow doesn't overlay.

these are or prices seeing critical years we're versus and you think what XX% and But So would get awesome see that next it. next we're rebuild he's this no see. would sort it's that year the just way you and high, going spend for see just - to units. Disc. to we're looks going always up year the like XX% I going could be of saying, then commodity line They XX%, like I'm well, to there's your way be for if X be flat Twin And

So any have do as you insight to... all at

John Batten

said ever I doubt religion. ago way capital - a doubt you wave will - what, spending, so think that years So agree I that you we I did and see - X of highly the with we X X,

can some they but there increases their a what can seeing you think, But XX% shareholders the before. wave - Xx, comes - I you were be huge you that I everyone. doing expect see XX%, do because... versus where and point Xx think it But won't were year

Rand Gesing

Twin. For

John Batten

towards source would we power. understand significantly which shipments. hybridization and of on significant part and subscribe a understand mean could for very of we more also move - that is energy, see us and source of electrification. But their based natural For Twin. capital we that But you In transition that spending, much gas the

So X years last not telling existing right - or to going and some Rand, now, the another fleet I'm that you year is without attention.

And be replacement have It's that that you're XXXX, there and so activity. to will to not some - just won't not some see be. 'XX spike. you rebuild going But just

think you I agree fronts. both I with on So

Rand Gesing

same much sort there's transmission, position, it anything, versus if Okay. your allocation. positioned, ago, X you you better And on guys the is still to years going or if position? are Or competitive are X better a little of spend be

John Batten

kept think because we're positioned the better I inventory at last we mile.

faster doubt react highly could. anybody we I So than could

Operator

to session. and comments. floor I'll this Batten final question-and-answer Mr. our gentlemen, turn the for Ladies any concludes back

John Batten

We your you we have or to now Thank thank and Disc back myself, hope speaking your all you. feel right. your following get our call with Melissa, questions second call either look to not, quarter. fiscal as and you and we questions. Jeff the today. will forward appreciate in conference close for If And please of to All answered our again call as continuing I'll you, turn free answered interest of possible. Twin quickly that XXXX joining Melissa, the we

Operator

concludes Thank you. Ladies this participation. our call. for conference and gentlemen, Thank you your

You may now disconnect your lines.

Twin Disc (TWIN) 29 Oct 212022 Q1 Earnings call transcript