Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, greetings, and welcome to the Helios Technologies Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce you to Tania Almond, Vice President of Investor Relations and Corporate Communications.

Tania Almond

Thank you, operator, and good day, everyone. Welcome to the Helios Technologies Fourth Quarter and Full Year 2022 Financial Results Conference Call. release results press afternoon. a issued announcing yesterday our We

it have on If not release, is you do hlio.com. that available at our website

will there today. You slides accompany find conversation our that will also

Matosevic, for progress On with quarter reviewing outlook Officer; Tricia providing spend and Financial our the Fulton, our the with results, we strategy, will Chief and Vice our and They me Josef fourth and President line Executive our Officer. then Chief augmented our XXXX, the questions. are next Executive our to call President discussing will minutes several open your

If will statement. harbor you Slide turn to X, find our you safe

subject As you as well risks other during session. today. statements the from and factors may forward-looking as Q&A actual are cause we that materially be are aware, These differ statements make future results to some presentation where to to and will uncertainties this apply could we that events

and to in factors uncertainties will These with other Exchange provided and filed Securities be be and Commission. risks XX-K upcoming our the

can our performance. point documents in some believe our at useful financial call, today's measures, or on will non-GAAP we are website these that during also which out evaluating I'll we sec.gov. You find discuss

substitute information GAAP. You in in prepared the this presentation as a should not with of for isolation consider additional results or accordance

GAAP We non-GAAP have that measures reconciliations slides. of with accompany provided comparable in today's the tables

With my to pleasure it's turn now. over that, Slide to call X Josef. Please reference the

Josef Matosevic

strategy. to again. Last and environment, like Even quarter, challenging the top everyone. in stated briefly would flow. delivered recap good our I Helios is you, cash business, day, team the Tania, and thank protecting I priority margins our our this

critically to dedicated As innovation an in are leadership. customers organization, focused we on our tirelessly

a enables an on holding system is I strides strategies us. hydraulics to the year amazing pure-play how we great we this runway teams share. to unique values operating our company year, us our and ahead global this with our as am guide position true and integrated utilize of work This have Helios hard a It company transformation our for the We very a provider. family to core capitalize made electronics on to long a challenges. We our tactics. testament [indiscernible] grateful the and business non-stop in people from navigating

been has Helios This operating new as integrated announced the our year for approach. and flywheel an closed acquisitions, through we important manufacturing centers best on to for of leveraging and technologies and world-class our a excellence customers plans service advanced

while Most We in and on Our acted team continue globally the business. our of We workforce. and to makes challenges, solid global and develop the and health up business softness while top-tier navigating in our full our and talent executed chain diversifying revenue our the markets that the our protected XXXX thought augmented impact ongoing base. strategy importantly, with earnings wellness for and quarter. fourth delivered margin we build year FX supply

QX year. to continue up build with strength prior flow financial XX% versus on free our We cash our

to so build year. Our be the we flywheel XXXX, this expect upon we In additional remains on balance can acquisition. sheet progress we flexible made have opportunistic very

we on focused North that and in America our control excellence execute centers and operating manufacturing and of We will Hydraulics. what stay we [indiscernible] strategy. top we keep times innovating, end, maintaining our announced for operational creating can To X are

brings hydraulic opening our Combined additional capabilities. We With solutions efficiencies, this the at operational Italy and we manufacturing create of automated for advanced enhancements great enabled and customers our to quality expect Faster. We also drive customers. technology precision warehouse that with move, closed Schultes just another Flywheel year. recently in greater announced for Through acquisition, control not will incredibly and competition acquisition, reach run XXXX, rate are tough including top-tier with acquisitions electronics and milestone that organic hydraulics innovations, on margins $X entertainment growth our basis be our expect this to business acquired our revenue pure-play ending organic follow. our creating a to we any we billion a that additional

Slide to turning Now X.

matches further Aerospace, Grove, our in and well our hydraulic future XXX,XXX solutions dental diversifies communication, brings in foot end It center in shortest Flywheel to I medical As with trusted Illinois proximity close facility. is in products, device companies Hydraulics, CNC and prototyping our service, Damon the and expanded markets food of the excellence. industries. highly a machining, square engineering mentioned, strategy acquisition a newly manifold assembly. The Buffalo acquisitions specialist Schultes

components customers. Schultes the value-added has acquisition in Faster Slide innovative an demanding America's year, in We precision wanted we process components global -- midsized year high-quality is hydraulic healthy past a turning hose X. were long organizations. full approximately machining for and named as producing of a profile, with revenue the best coupling. accretive million by exceptional immediately a trophy to This XXXX for choice for by one manufacturing engineers APC and third-party recognized now have reputation company margin its They were Forbes in and Faster strong history several systems $XX electronic XXXX. companies

in employer for the the this Sun year time. was ranking choice. a named Innovation a third in controls #X one named XXXX manufacturing on and of the Florida in row workplaces XXXX, manufacturing best list production of was

and day. of recognitions, few the critical marketplace. us believe to enable highlights are workforce proud our our great keep any in here top and engaged for accomplishing these a risk are are strength Having success is extremely people talent, organization. will there driving ultimately compete We things for notable minimize highly and to every the productive and just winning companies We a many of single

discuss final to the to She back to Now our outlook. hand me then few please? Tricia it review over will financial call for the Tricia, results me a turn let and comments.

Tricia Fulton

X results. fourth Joseph, our consolidated XX, you, XXXX On hello, Thank through will I and Slide quarter everyone. review

inflation, rapid chain, uncertainty, fourth significant executed supply our a health consumer past challenge experienced quarter rising As the market. the environment. we rates, wellness demand, Joseph our constrained augmented interest navigating in in in we year rapidly team believe this protected on mostly and and restrictions and success lower well noted, China our despite XXXX, We and our strategy Throughout macro difficult business. had

End very power recreational past oil markets specialty handling, market and equipment including vehicles this machinery, Mobile markets, marine. forestry quarter growth strengthened. grew off-road in construction, saw percentage gas Industrial and in material strong and and generation, including sales double-digit markets, mining. vehicles also

comparably lower $XX and the health FX regions Geographically, Overall, quarter estimate in fourth this market. sales year, and quarter. We had for compared from declined Revenues full from year. wellness sales FX health sales, reflecting primarily both of remained chain and to demand demand million delayed contracted. the quarter region in benefiting and XXXX Our in we and sales increased pricing XXXX, declined regions and EMEA impacts. while markets impact to acquisition-related revenue APAC Americas the to the in in that supply the in the million all million last on $XX.X $X.X wellness unfavorable an constraints our

related As the conditions and in gross impacted sales our quarter the and you expect, in economic would softness profit margin.

was challenges versus volumes, strategy operating prior our benefited prior Profitability year, XX%. lower the from declined but margin Adjusted integrate $XX.X implement and strategy. from acquisitions, environment. and continued operating the reflecting and while was manufacturing on benefits initiatives the EBITDA cost rates were SEA logistics, and adapt million, supply chain and constant pricing manufacturing EBITDA macro expenses with our and to realized initiatives quarter adjusted FX we management and in

For year, the EBITDA margin XX.X%. was full adjusted

provide We continue top-tier a to through demonstrate can challenging even very we margins environment.

of full tax year. quarter tax by and Our fourth The rate the local effective the +XX.X% tax benefits. the for decrease versus income effective X.X% -X.X% state taxed at tax a different and driven rate year prior primarily XX.X%, was in is a down rates in the rate and foreign year's

for acquisitions, includes tax of FX. rate recent result U.S. Diluted our a the decreased. year cash $X.XX effective in EPS as a quarter of full Additionally, non-GAAP $X.XX state impact

in of overall Slides chain hydraulics was million XX in This The our taken trends one delayed quarters the our within half heavily almost several XXXX the which to quarters. estimated FX areas constraints Hydraulics an X the this for the provide shortage. and conservative segment. guidance. impact demonstrating in a Hydraulics coil have past the we over the that a to by impacted electronics is we due past experienced approach of health quarter, market. Supply in decline visual wellness Most the for affects softness were of $X.X revenue sales few growth and

certain. We Though believe that believe many in the of wellness yet health participants recover start begin spring. market and the will out to bottom market timing XXXX. start exact not is will in could it recovery and The when

in $X.X sales also to a We recovery start it delayed in build materializing. we that see estimated of will this to once for electronics quarter. way stronger million in Supply constraints chain signs an wait

in This commensurately XXXX. quarter of while and semiconductors of end the the during our over production Index, to margin, operating gross in is Production level fourth Industrial U.S. fourth the electronic Reserve's XXXX, economic since we We peaked demand quarter believe Federal XXXX. that the the the and normalized quarter second improve. see margin declined income of the to lowest uncertainty market more general levels, and time According lifts other components return net output as will of

protecting of proud this the and past team managing year. are for business the We well costs

in constant of million FX despite by FDA was impact and a $X.X quarter on expenses over discipline was with line. million, to Sales XX, highlights to currency $X.X resulted as top basis fourth a revenue X% decline a you XX% find on in dollars of results. will the constant Slide organic the gross revenue segment percentage along Acquisitions currency related unfavorable segment unfavorable grew added prior growth healthy basis. grew and in a year the million. our On Hydraulics FX Cost $X.X the impacted profit in for Hydraulics and a inflation. sales

Please for segment a of Electronics results. our turn review XX to Slide

is had and segment minor more on of U.S, is less the revenue impact concentrated $XXX,XXX. Electronics revenue. an We foreign profit has of gross FX million on wellness Electronics margin $XX.X in Our a impact the by of gross segment currency and the did so as expenses. XX.X% a in of reflection though direct million, adjusted marketing of IT expenses competitive wages, driven labor market, managed $X.X the by current health we increase FDA business market the environment, were market. and they slowdown to a

up generated Slide We flow in over flow. cash year from to strong of generation. period. review for operations, our a cash XX turn XX% prior we million had Please In the QX, $XX.X cash

Our cash for of year up full the the X% the at in equivalents with line and in ago for and year, quarter over came level. expectations. were CapEx our X% sales XX%

up cash cash paid million during quarter rate quarterly recently of with XXX%. XXXX. conversion Free was cash million flow $XX a from we free cash returning XXX%, in And $XX.X shareholders. to our We dividend, XXXth sequentially in sequential the generated

the region operating earnings efficiencies. Our to It strategy manufacturing leverages and help the margin for protect operations productivity, and flow. enhancement is region cash also in and driving

XX $XXX end liquidity sheet You the strong we see financial a our execute on at can that flexibility growth. million. of Slide quarter strategy was the have to balance Total and for significant

Our leverage net debt to adjusted ratio X.Xx. EBITDA was

have ratio for acquisition leverage Flywheel to we strategy, or below on the last stay been at been target While able executing quarters. we our our have several

to Turning outlook. our XXXX

Slide by of year-end XXXX, expect target XXXX our to Investor long-term originally June go the than billion to originally reach a in couple at earlier XX. revenue Please Day years $X anticipated. We last in

than locked on year Of been world over the major world remained has supply yet has war for Russia-Ukraine time a then, complex had largely has stretched have and course, years, now. at chains not the China history. more Global for time, in many that recent unfolded. events persisted any pandemic Since down,

the that cycle And of we contraction rapid achieve. and chaotic to since able environment. been inflation wellness performance growth through we proud we global our When very are have time since look have such dealing with are recessionary the XXXX we through the a annual combined to would grow XXXX, believe the in market last a a to our the and businesses at our this Even over can seen That had expect have other and to with in year, and years XX% world, health we flywheel over would imply with in XXXX last X% on over XXXX. over growth $XXX run $X million we annualized acquisitions, X% year. compounded approximately exit billion growth we rate since basis million of X revenues the XXXX We recent $XXX revenue. boom to

mid-single balance exiting during These upside. year, QX year, of anticipate We flywheel do ramp acquisitions include might through the by million quarter grow we digits additional the revenues complete to sequentially be top 'XX fourth would QX the the not targets line. incremental and over 'XX $XXX of north which on any the

roughly to of to second respectively. XX%, half We expect first the half revenue approximate to split XX%

the protect margins EBITDA holding levels. to through We top-tier challenging adjusted have been business able our this time by at

of would the will as XX.X% be actuals. For the XXXX XX to as XXXX, points basis well which range the end up year trailing period over XX%, we over X-year in think we

adjusted will We a basis. exiting we on XXXX, believe rate approach run EBITDA approximately XX% margins

still Importantly, our X-year a original at growth achieve of a the to see to XXXX reference $X.XX EPS like your approximately it Slides path we we deliver XX XX% Day per to target Please closing in and some non-GAAP for our I cash to CAGR Investor XX. last hand of expected before $X.XX at our range of now for to back take share. over Josef comments questions. would midpoint

Josef Matosevic

X together integrated we Thank of pure-play you are pieces billion company. Helios nicely electronics much, puzzle the Tricia. All and fitting into the hydraulics as over build

at last of XX world strategy XXXX our well. how and over the so expectations. look As years. perform think augmented and Tricia of helped our our proud against global about described, us Vision I in much it teams Slide I'm so executing has the for When changed couple has

We through has much have businesses off way a accomplished track. period taken many that

to growth. and markets operating which innovation and industry-leading of We products portfolio have all and as implementing our our we and acquire acquisitions, manufacturing of advance been significant accelerated our business make strategy through flywheel progress diversify technologies our margins, able has tireless solutions, revenues while protecting high-quality

long-term we the to as and the plans. unchanged, our remain believe So earnings business, discipline cash execute XXXX, will to visioning continue Helios and the provide system our goals and we that we protect business structure can enter flow

let's the up With Q&A, lines for please. open that,

Operator

Thank comes you. time, first question-and-answer conducting session. question this [Operator gentlemen, of be Instructions] line a and at will Mig Dobre Ladies the our RW we from Baird. from

Joe Grabowski

had little for wondering morning. on the was see on say Very all a maybe Mig color and the Grabowski expectations if bit could on just for year... get I if more to color by this anything guidance. you helpful. Joe Thanks It's for sales the segment I

Tricia Fulton

for Thanks Yes. Joe, is this Tricia. joining today.

are is of I that from parts growth minute of at Electronics Balboa. Hydraulics the Balboa we that we've this side, is discussion a the and think an one the the forecast of at at of Xx which we lot we the a said areas as from segment market that organic organic for from is least where the conservatism looking mid-single-digit if we That but what exclude for, organic probably we built we're XXXX areas into on outside in segment growth believe year are. an looking the perspective, growth perspective the right growing

and able think where that the are I businesses continue relative grow the our So we're and outpace with growth to are market. to we that pleased to where market

Joe Grabowski

last time, ago. at drilling stabilizing close And $XXX million into it to then. I million ago was quarter, months and X-plus maybe health that know at wellness kind of probably the months X $XXX just to or

can in give So what for are a Is assumptions that for the kind Balboa range of you there similar XXXX? the assumptions? to

Josef Matosevic

cycle some the feel into is the But [indiscernible]? stabilized we direction. that clearly pattern. visibility we see in and business improved is the right recovery are a where are we order Joe, it with No. order Is in the path pattern think, now, going we a I --

when of really In and inventory will levels, personally the locations gone lot in and North up that understanding me we areas. the terms back with starting see time America really, what recovery, customers of including the and in spend geographic a have it

the think start level of by and are will start a the to World. world see answer kind question specifically, Rest we improved points to and North -- clearly Rest Europe following of pattern able North Europe need and in we that's recovery and that by But terms in feel order your following with I structure will we this So by of in The of recovery higher the a here. America, Recovery supported the to be stabilized. have more improving. discipline orders data few we America, of in then

and that wellness this there and of the America. or two one get sentiment a largest three And to going Joe. start And will in clearly very joined we of be be this our one also kind are very seems in North to recovery recently, out in the XXXX. have health We France, shows will good

Joe Grabowski

question, mathematically, half And take If stick line I year would and of of year. questions. above second I'll that say than of XX-XX then literally, I along I the guess that my in the the sales in split first the kind here of the last the same guess, are more sales sales half XX%

and walk I a half. the half kind step So second first from of -- pieces of up but kind there's lot maybe through to here, just in of maybe know us just sales moving

Josef Matosevic

Yes.

a we into on toughest can particular, in the from add -- our this, little was the then strategy numbers. XXXX, start a So quarter supply Tricia bit the part of color I by on of just we in Joe, what probably half the more chain. latter experienced standpoint and can virtue in going QX been

business, coupled have new are last approach derisk point have done And on what the and the product we investments mentioned. have is portfolio XX% we business, product comfortable visibility taken our We at years rollouts confirmed by and rollout innovation the delivering with that the Sun a over we where a the then timing our products the and half to additional our our very really QRC customers. of conservative are now in heavy Tricia the in clearly X business, we first

our that we can We data destocking can we see inventory have now say enough comfortably in business. there's in that no place

bit path improved more turns current deliver mentioned. little there feel be we clearly sheet bit we little on and investments or conservative an on based we with allocation a But more protected to upside. see and market just we in order So improved half as a we backlogs upside the a and will a we balance health we our we have if pretty the just half. have elements bit we new if improve wellness continues information in and position and then, and capital health our obviously, the second have have Board had to put be ourselves the more, that continue that that second based if and wanted the to acquisitions, if downside currently very we a the of all couple see a potential be I the little products, just and And good in a with turns just scenario flexible our pattern, wellness the should

Tricia Fulton

Yes.

a add to we that most as just We're the of as items. hit looking prepared we improved roll chain year. supply the on to of to Just still year. the we had in little are going the through throughout think of remarks bit, mean we I chain lot supply issues, out flush to a that also number at noted kind

on order how the visibility see out book innovation for through orders businesses, can year. faster good We the specifically and have and the the OEM rolling at are

We opportunities take to help can of have that would from us and in share. continue they have indicate kind that market discussions year that later customer the info are

On of the time September-ish manufacturing and those will completed operating center strategy, most by the for be moves of excellence frame.

able that So things we're to going believe as that relative up to we well. to ramp be

Operator

the from next comes Stifel. Jones Our from of question Nathan line

Nathan Jones

$XXX to back some fourth go million 'XX. I'm XQ number from and quarter to to the help 'XX bridging try going get exiting the

the the from $XX.X have of acquisition. in million you and said Schultes revenue million-ish quarter a if $X.X delayed fourth So you

So kind about you XQ prorate if 'XX, million. that would of I give $XXX

of Is the growth exit rate from improvement a building You quarter Balboa are 'XX what which you of XXX? needing quarter to guys outside leaves get 'XX. Balboa, the of you mid-single-digit that in fourth to to talked of probably $XX the out fourth about million about of

Tricia Fulton

your range in we but seems the That why in $XX such range be a that that. yes, the million built top have. reasonable, think look numbers accommodate at the ballpark, big at that very some end But if to are of to we you that's able I

Nathan Jones

out like have Tricia, orders you to on cancelable with are visibility then. are easily that that and firm that. things those orders How you year the made far? a And the by OEM half of they just said comment how -- -- back

Tricia Fulton

tight because We that of have the at pretty can in seen confidence good time make constant to we're orders year. especially we have historically But large communication, will They least within range always within where certain level pretty frank. a in with they're the those OEMs, stay a frames. changes them pretty

Josef Matosevic

In the contracts. fixed-term

Nathan Jones

I the just you wanted the to inventory the was a the us revenue Balboa And difference the the one relative then quarter midpoint all channel, Balboa on range driver right much of guys bit 'XX on in bottom where sell-through. in result give expectations mean the color was the was? pretty of in of -- end fourth number guidance was came destocking you there. the what on ask Is your I question Can to there lower more quarter of just maybe 'XX. fourth

Tricia Fulton

Yes.

was at know there of channel. least in the think I we in inventory little Balboa, destocking bit a there's because

-- that the that things more with of are the through dealers starting seem distributors and be. is gotten of customers to the now quickly than starting inventory wear One manufacturers we've to out discussions are that

with from But we going roll So that to is going in are come channel we're we that that spring. back we're the Balboa getting, think some verbiage to year. to pretty during happy I of to that through the out start flow in the this expect as that first start orders

Josef Matosevic

line. with how good folks at also and of the worked but not just point with have developing good, a level feedback, show, which strategy, excellence we data new received remember you over we of And And to that innovation engineering other has certain commitments, the on more our products, have is product our better switching folks best announced.

mentioned and that And leveraging half. other just combined, current why level also products, Balboa offering. traditional earlier, second a products product is half in back diversified a the the there but first is that's not all products in reason markets, it but confidence I So new so

And pretty good so about feel it. we

Operator

Kansas City Capital. Braatz from comes the Our next of from line Jon question

Jon Braatz

surrounding that. thoughts you What the on your you drag, are Tricia, And your how for revenue currency here and like impact What year, again, are this $XX your couple acquisitions? a something was contribution questions, thinking foreign Last it from of are year? assuming sort year? this a here guidance. about million of

Tricia Fulton

single those around revenue, acquisition at of million pretty small, we're we will an closed Schultes somewhere out of at the in what Damon. to months to announced. of forecast are a there. digit Schultes FX end full rolling Both the is XX mid-single some $XX we from FX. over already for because the rates So we've for year low but of January, have we made try Damon perspective, From where We current year don't FX assumptions are. based on only

kind if number, we impact, as going forward see I if think that don't year. we we're a euro in , steadying which USD especially much to we're the And see last our FX guidance. So going from biggest of euro, don't anticipate a impact I steadying saw as using has current we to rates see

Jon Braatz

business talk the would price how growth you do How ex mid-single-digit for and between as Balboa, break then down that? about that see volume? And you

Tricia Fulton

increases most component through last large the put We in such year prices. pricing are seeing we because of

pretty by much it's increases. driven all So volume

Operator

next [Operator from Hammond of question KeyBanc. Jeff the Instructions] Our comes from line

Jeffrey Hammond

kind end back looks loaded. the of So year

half. in wanted in seasonally is are building like and are of thing most to first Hydraulics, deceleration. front stronger I second I growth half weaker see and kind half, the I to the people seems second some hydraulic look hit the of side how typically just peer think want as in kind it was on one of plays saying kind out, the in historically And companies, particularly better we at half

speak maybe of So just to the seasonality business. Hydraulics

Josef Matosevic

why up patterns. X Yes. -- is, that drivers and starting and methodically have centers this and inventory terms now new announced levels in is wait structured biggest Jeff, is we are what the again, process here you it order see excellence, we of we of structured we

otherwise, virtue in current So times is by it just is but it But [Indiscernible] when began. that one in lead reason heavy right Obviously, segment, so other our to -- get in to really lifting, the on quite would there's -- to or get I and to by we're drop one closer to we launched, at that's existing Hydraulics any a fast many piece. the America how main look improve processes factories. pieces off no the suggest get the going do to with products no that's Schultes because North our some at just out way the that of assets and say, second virtue backlog stand going have continue leverage, standing of the nothing up Damon customer,

executing very just approach in So a the it. way. right That's methodical of

Jeffrey Hammond

back-end And talking some having clarify just know that's more the I dynamic? Because then backlog I you don't times, share. time clarify the know lead lead Okay. can your been about But drive you've like better or is and dated helping comment. of if just that

Josef Matosevic

Sure

Tricia Fulton

Yes.

ours, our ramp like I through out still think times probably you're that that to are. our to from to Xx and believe we the what the in distributor lead X have seeing going more the initiatives that lead an have believe first time ours. -- perspective. half so with up a we backlog half and significant lead still we -- because relative they're back we're see most flushing through that of They through our orders in And than start channels, times competitors, information we

Jeffrey Hammond

And and that's to tied programs of some new products? new these

Tricia Fulton

China Yes. QX. I now, right programs, the release, pretty you was as saw low also products. us for new in think new in

a bit to China from going in -- see back pickup start And that's do the down half believe APAC. we're We of long. to the been little year for that Asia of in has been probably particular. so shut

Jeffrey Hammond

like a is the And two to more to XQ was then electronics segments, digits? XQ XQ trying see the just just kind pretty back wondering XQ on or look like to just off Or do more stark. electronics, you XQ similar XQ -- think profitability should between of this pickup? like And of And XQ? -- we mid-single I'm for profitability I'm does sharper drop

Tricia Fulton

that We we helps QX, it's the on we line a have revenue that little expect don't there. because like anticipate XQ more to going which cost leverage top bit to in do the have look

Jeffrey Hammond

is to So growth XQ electronics? the sequential in XQ all

Tricia Fulton

Josef Matosevic

Tricia Fulton

in growth anticipate We No. [indiscernible]

Josef Matosevic

[indiscernible]. Yes No,

Jeffrey Hammond

final -- then I thing So guess on destock. and

in some distributors pretty another destocking end on and of I you on their So destocking was the of and pool of XQ. days more saw just the talking space about they're in kind sharp hand. call lower levels kind to taking

think I are destock. in channel? more products in -- Are you the building so building of destocking your you they're you rightsized hearing a continuing? kind lot do And Or are that in

Josef Matosevic

weeks this Yes, the and had of numerous Jeff, wellness very on that matter that global with the see our fact, council we of hit meeting We did question health we folks A and occasions. hard. ago there I just X some and repeated only. was

we have has the of Balboa, worked second year gotten the at we that half system. feedback the of saw out the that is that So at but

incremental with seeing to in improvement and the has are December see currently started nothing January, we to trend the that do and have So stacking.

Jeffrey Hammond

So done. of kind you're hearing that destocking is

Josef Matosevic

Yes.. Tricia? end... our [indiscernible] On

Tricia Fulton

Yes.

Josef Matosevic

Thank you, Jeff.

Operator

and conference no Almond since comments. the gentlemen, over there to for would Ladies turn further like to I are questions, Tania closing

Tania Almond

to a look you, you. Thank free our me joining interest Great. with and Thank and Please operator, quarter results to We on reach to today. in May. updating all out everyone, Helios of first for follow-up great forward us day. questions. appreciate Have feel your you, thank any you in

Operator

Thank of Thank Helios your Technologies concluded. has participation. you. you for now The conference

your disconnect now may You lines.

Helios (HLIO) 28 Feb 232022 Q4 Earnings call transcript