Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the inTEST Corporation's Second Quarter 2023 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the form presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. for Relations Investor Southard, inTEST Corporation. Shawn ahead. go Please

Shawn Southard

your Thank you thank appreciate with you. morning, everyone. Good interest, for Corporation. and inTEST We sharing time your

CEO; Chief me Duncan with are Grant, President Here Nick Gilmour, Officer Financial and our and Treasurer. our and

After the as copy which earlier slides presentation, our for will well our If as have morning. XXXX can you conversation released quarter website accompany of the should open financial second on at will You access the this not, Q&A. a results, we the intest.com/investor-relations. our we release, that lines

review Now, please turn the to safe statement. slide X. I'll harbor

You are discussions, make to as well are may found to as filed other materially uncertainties, the and subject should to website earnings other from uncertainties session. some the be formal with These during as risks, what Exchange as sec.gov. during apply the risks at or and Q&A our that results in and These the Securities that actual be is Commission. here documents in provided as could well the today. cause aware well company differ These as that forward-looking factors can other on factors events stated we statements statements release, by documents future

we these also During will today's our call, financial believe non-GAAP will be discuss evaluating measures. We some performance. useful in

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

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

now to slide turn the please I'll call Nick. to that, With turn and over X,

Nick Grant

the for work through them take for call. hard our a recognize everyone. thank delivered strategy morning, to good team want and growth. earnings for to plan. members their and commitment our dedication inTEST and their second again, strategy our delivering to moment for execution five-point to our I to of team XXXX quarter results has and us joining strong Once Shawn, you, Thank Thanks

to of achieve reflects $XX.X million us number the This allowed performance second markets. record of our for outstanding Their a growth quarter. in revenue strength

Our market. analog had robust. signal solutions nice thermal in wins our test back-end of remain defense semi aerospace test mixed some solutions the Sales

We the also epitaxy and heating carbide growth. shipments induction front-end of our strong semi for silicon continue solutions to crystal have

a believe diversifying our these XXXX. capturing I with results innovation markets, and through of the new made market we target we the broader go-to-market opportunity success, are share market reflection investments into additional acquisitions and gained in

delivering on our to are globally. presence We our expand efforts

acquisition, Environmental was in thermal our Technologies solutions. example, promoting Automotive For division recently Engineering our for Japan the

participation value-added our quarter. ideas informs also and of us product landed up thermal America for market, market competitive penetrate new the a medical manufacturers screen Latin opportunities. precision on an Mexico a have in development, to is division opens device new customer several While new in in a Guadalajara, engineering This efforts the temperature further press. our good of The requirements example systems for

These wins wins high-voltage, manipulator. our course, equipment even keep semi reported Innovation, capital sales. have Electronic superset and key our to helped division of And robust others growth. to its moderated had our of a back-end new LSL new interface a of number high-current element is as experiencing for Test sales automated space,

further growth. Our opportunities Technologies to customers division create new continues Process that win for

electric system preparation For preheat the in to preferred example, replacing is we quarter natural and customer, announced utility its environmentally earlier welding. induction which with at industry system our in heating the preheating win the a for gas metals

facilities. for expand initial Our into and used win multiple a and production has quality in system is throughput. to the provide This green improve lines solution operation systems our additional be in and customers' potential

heating application of factories. greener more for systems We opportunities as embrace this are our seeing induction companies

we earnings well. as power our demonstrating growing, we're strengthening are As

gross in year potential as a versus XX% leverage organization. results growth growth in operating operating XX% in our profit, net we Our XX% sales the these We and in demonstrate earnings. increase contributed believe increase scale ago XX% income our to

As million. is Industrial of in both for quarter million, to We year-over-year with slight advance in improving no we and Security new needs business normal second supply a booked their Defense/aerospace, and trends. with of in the sequentially. orders $XX $XX of Customers chain ordering more The quarter lead reflection with up markets, X% demand June ended approximately quarter-over-quarter, decline tax. the for saw are quarter, of strong believe the we a returning backlog our longer

recently offering. the support it And growth enhances with inorganic $XX and Duncan, just turn I balance additional equity of our million our organic $XX that our completed at-the-market with ambition. to pleased raised sheet over I'm provides success The before over capital and to comment us I'll just million

With in let detail. over me the to that, you. Duncan to turn more review it to over Duncan, financials

Duncan Gilmour

Thank Nick. you, on X. Starting Slide

heating other as in traditional chambers test the and defense/aerospace in probe the front-end strong quarter image our was up period guidance revenue testing our million in the reflects QX technology end year systems $XX.X in and $X capture noted, demand industry applications semi, second industry $XX growth revenue to for XX.X% at as million Nick markets. range upper the a $XX flying back-end same As solutions induction and solutions The for last a in of variety versus year-over-year the million. of record million, security industrial-grade well test semi, of thermal

favorable Moving improved an to better to in Gross period, in trailing Slide the first by due quarter, year XX XX.X% product gross driven X. Compared the quarter. with and declined, basis mix compared mix prior quarter the margin margin product pricing. to the points increased especially of primarily

success profit scaling our of gross XX-month with in gross reflected margin of grew business. full $X.X Trailing for gross line approximately the million year XX.X% of million is $XX of the outlook XX%. XX-month trailing margin Our

operating slide in XX with engineering, basis, and and expenses of dollar as As percent XX.X% points by period. as improved continued our $XXX,XXX year result On X, merit marketing. investments increased expenses the annual operating sales to see as you increases on a a can sales basis a compared prior of

Turning to X. slide

diluted You can for per share We XXXX. our QX share and had which EBITDA second up $X.XX diluted $X.XX in see quarter, of $X.X or the results. or bottom-line earnings from per $X.X net million adjusted is million

$X.X $X.X XX.X%. diluted EBITDA points up million year an expanded compared with adjusted was basis, per share On per share adjusted XX from of EBITDA basis EPS Adjusted $X.XX quarter million, margin last diluted second to and non-GAAP XXXX. $X.XX in the was

basis, back reflects acquired intangible EPS an adding $XXX,XXX amortization Adjusted amortization. the intangible second tax-effected in On to amounted after-tax acquired quarter.

intangible for after-tax the quarter amortization expect to similar. be We third

QX offering an capital common such We our our $XX.X flow. the and will Slide $XX.X net at-the-market million This increases XXXX. count during our quarter. weighted outstanding shares cash equity X average million raised in that share shows approximately proceeds structure from be for diluted

$X.X million from generated also operations in the in quarter. We cash

the Given Cash modest to of at and million grow reflecting equivalents $XX.X from or second XX% $XX.X trailing capital and of from the about offering. million quarter $X.X million net the operations million the our business, $XX $X.X was million, earnings. the requirements the cash free flow end quarter, was up from

acquired priorities As remain Nick indicated, our focused on growth. organic capital and

revolver. million term with our million available $XX our and $XX loan draw available have under untapped delayed We

us considerable Our below ratio X.XX%, flexibility. just is leverage at current giving one

increase debt of million. we term debt, of repayment total funding As under to loan quarters, $XX.X facility. down $X in our does terms have repaid available that of million done bringing Note not the prior we debt

X. Turning to slide

X% other were of the security, on Our automotive, from and EV, $XX.X second in million defense, quarter and orders orders up sequentially aerospace, strength industrial markets.

Specifically, our inverters. orders chillers production traction of for were high-powered strong EV for and for testing

production our induction strong for the market, environmentally industrial needs. more out seek heating for were their orders solutions For as companies solutions friendly

levels third to lower the in become than times. million, compared Order June X.X% normalized, the the down more of have resulting supply given ship beyond XXXX, at was XX, quarter. the is of prior lead year, X.X% backlog the with XX% XXXX. trailing chain improvements in Approximately quarter XXXX the of and $XX.X reduction expected and Backlog

Turning XX. to slide

will We we're reach outlook low we XXXX. single-digit believe excited our the our remainder off double-digit strong to for full achieve review organic of quarter, target. We track to revenue about on and XXXX. growth remain second year a Coming updated high

For the which Intangible to be amortization approximately operating was QX, is expect amortization asset to second are including Third tax gross XXXX, similar expenses, to revenue to the million. we after third similar be approximately to and expected expected be quarter $XX.X of quarter margin quarter $XXX,XXX.

our We and expect quarter $XXX,XXX and effective to third rate be XX%. of between XX% tax approximately expense interest

to to $X.XX EPS $X.XX per for the be $X.XX share. range third the share, quarter should should be $X.XX in per diluted in adjusted of range EPS while the of diluted

we reminder, simply amortization a adjust tax-affected As expense. for

Looking and technology our believe across we remain demand strong further markets. ahead, will offerings

to to reach we acquisitions and Additionally, our portfolio. expand pursue our continue partnerships and extend strategic

and be narrowing million $XXX gross XXXX, includes we intangible revenue operating determining backlog results we on to to $XX by million. expected and our for adjusted $X range million asset our low This on approximately Based to XXXX the outlook end the for expenses expense Based outlook million approximately XX%, earnings. of are the $XXX for our half forecast, are of our for XXXX updating amortization our million. approximately tax-adjusted to first $XX to $X.X of raising million margin

XX%. Our rate approximately XX% expected to remained effective tax

continue our expected are XXXX sales. X% run capital to X% for to of expenditures between Finally, to

guidance our non-operating from any time. include occur from that impact the not time to does usual, As expenses may potential unusual

will Nick. back now if you'll call XX, that, With to Slide I turn to turn over the

Nick Grant

solid XX, progress XXXX On million. are Duncan. we Thanks, like we of making revenue the towards million to goal stated highlight $XXX Slide to $XXX our would

will high revenue with our years, and goal. acquisitions future in to growth our the complement revenue we reach We XXXX continue driving to anticipate our organic expect coming growth business single-digit base

to our Our we flexibility have proceeds remains pipeline opportunity on recent from offering, believe of structure execute with And our ATM acquisitions the sufficient our capital the and we with partnership net plan. active. equity

Slide revenue growth translate we growth. our expect earnings how into strong will XX shows

million EBITDA XXXX. Our of to operating power improved million deliver $XX of plan earning to over million, over over $XX adjusted is divisional in $XX and income

our Our strategy scaling maintaining the on primarily company, while margin focused is profile.

me up Let sum slide on XX.

results strategy noted have my for prepared I delivering our comments, shareholders. As five-point on is

customers their create demand. that to improve solutions high effective own are within portfolio enable productivity engineered or in more Our our solutions

segmented focus technology are organization has collaboration we Our across and driving generated company. greater the structure

cameras. As I few facility our included our I weeks flying systems videology and of to was that saw be example, a Aciologic of of one our ago, three at a Toronto, outside good up preparing shipped probe new

enables kind of to a types broader even our of supports could not value provide have growth created solutions synergistic our customers. and plan We to year these ago. us Providing more sale this

what with accomplish. our has to pleased been I'm able team

of unleash technology inTEST to solutions. supplier for on tests choice continue to journey We innovative a becoming the our potential and of process

to in presence targeted and our are offerings, industry. expand our pursuing growth, deepen organic enhance markets, our product opportunities actively while We acquisition driving addressable

let's With open that, operator, questions. for the line

Operator

comes question Jaeson first we'll Thank you. time, question. question-and-answer Street Please Lake with Markets. session. be with [Operator Our the Capital this line proceed a from of At conducting Instructions] your Schmidt

Jaeson Schmidt

any Hey guys, sounds to questions. all I commentary ease. thanks supply guess relatedly, want I any ease on sort the caused of pressures continue they unable for to the would you continue just like in pressures in those start It I headwinds to taking had were just my if was of to curious, here And year? quarter, to demand the the regarding second chain. the ship? half your you expect

Duncan Gilmour

impact the normalize months suffering pressures I quarter, is ago, payment behind of to months mean expect ligase. to and I major No XX these of us. think in XX kind continue ago the would I

Nick Grant

more resources, that initiatives components, cetera. activities a really great, suppliers our engineering to Jason, requalifying value new it's deliver it's us products, on kind allowing lot on And et focus cost-out rather than and our free of manufacturing that new of engineers Yes. or up

back chain. normalized to So supply get to it's good

Jaeson Schmidt

some if following customers? what's but smaller on wondering there? Okay. provide Is No, driving some color increasing good Any And it on just the then the it's time was know under a thoughts it it the with there. security sort does it like of comments on of you're Is I could that more additional new you had momentum? more just market. you've guys just umbrella? momentum inTEST that's pie, up sound your I to hear. seeing piece

Nick Grant

absolutely that launched updated we've of supply. improving some described some into products sensors It's it's It's new a what combination. It's there, you the with cameras.

go-to-market distribution with Our channels that. added on

to efforts So there. yes, our the it's in business really across the board scale

Jaeson Schmidt

increases sort one Perfect. then guys are a just pricing implement at And to me, environment, price the when any you look Okay. last you forward? planning of going for

Duncan Gilmour

kind pricing not of those looking and I mean, price We're I price increasing. you year kind that. a extent we've costs think, as things rotation, and to our We're always if that. about we of before, once just talked mean, And are input need I at to looking increase will. at up the our for of kind

constantly we're something So at. looking

Jaeson Schmidt

Okay.

a lot Thanks guys. good. Sounds

Nick Grant

Jaeson. Thanks,

Operator

Thank you.

of your Peter the question question. comes with Intro-act. Please proceed from next Wright with Our line

Peter Wright

taking Great. on congratulations my Thank quarter. for you a and question, fantastic

Nick Grant

Peter. Thanks

Peter Wright

you My the color utility be? quarter heating. innovation can in how Nick, induction That great this first sounds question, the some development think Any significant. color can share you quite the on big gave you on, on scale opportunity

some And you of color average thoughts bigger I've also, Global. sale. And maybe sale it well? comment the got your of then the goes that than out is in much great service follow-up. your ticket item case, around Any gave on as there, average one And then innovation side a your business on

Nick Grant

Okay.

production capacity alternatives momentum their update are screener there. they're in we're greener in remarks becoming the popular our there, yeah, noted lines, heating out are is they or trend Companies expand prepared more-and-more So induction this the and -- automation there. for the their gaining as marketplace out on that more looking seeing as solutions

size from XX,XXX to larger really well range you the much $XXX,XXX, systems as I the systems, more our green trend tabletop be, mean, -- depends as like will, So our technology positioned there. induction on big EASYHEAT to just if around to heating wind, that for for out of there. it can mega relative how sale, but adoption the $XXX,XXX out systems we're it plays of low how

systems application a wide it's So it. depending pretty sold and on into gamut the the that

Peter Wright

… Wonderful

Nick Grant

for service And …

Peter Wright

the on service …and

Nick Grant

side service things. And of

XX%? something Duncan, So X%, year-to-date, our far service is about

Duncan Gilmour

That's Yeah. right.

Nick Grant

course, to get XX% of that percent So there. of We, some sales improvement to XX%. as like we're a seeing

to we're service the across businesses. But that. underway all So continuing are drive initiatives

Peter Wright

the And question here's you've And earnings question. a around kind of that Fantastic. -- quarter of on $X guidance. my really second given XXXX in around model my number power the a is now you've equity raised your

XX%, midpoint a and If grow the million suggests gap for about $XX to acquisitions. organically you just continue at it

question one-ish Historically, sufficient million will be do your $XX there? capacity, kind And bought I years. you of capital raised borrowing required $XX.X at the that where the dilutive over the you've Can got expectation and acquisition the you think no next of to validate cash guess already of sales. time kind of goals with is, you achieve million capital two

Duncan Gilmour

to for mean, I -- we've top before $XX kind of line our Yes. million of talked to be need to the goals ballpark about certainly activity XXXX. get inorganic

raising there, of -- there. you're kind it in us balance cash from helps us right money sheet, quarter So, helps exactly you're Obviously, the a helps second our position.

we'll opportunities, down as we financial further be to envision So, XXXX, to beyond would debt kind further at to continuing just kind four increases of continue to do our acquisitive we flexibility. have lend would as mean and I mean, look continuing we and your well company continue obviously, road. of which even of look look kind to -- would the equity, as look which an

Nick Grant

Yes.

and that. we acquisitions, there out market, our in multiples remain on approach disciplined on objectives for our multiples As on market returns, to

feel achieve that sense plan right So, acquisitions make and strategic our confident our in we identify ranges the shareholders. that to support for we can

Peter Wright

last very that. on just And question

could EBITDA increasing times for So leverage think would mix tick grade debt be the ratio acquisitions capital above you choice? and an of one

Nick Grant

debt Yes. total talked out on equity, again, as number of going trailing fact of that cetera. I leverage, much we've in a et EBITDA times mean, months we'd up the terms XX as depending be X.X of times comfortable cash,

we take So, on debt. where have we at to plenty just additional now X.XX, are of room

Peter Wright

Fantastic. guys. Congratulations,

Nick Grant

Peter. Thanks,

Operator

proceed question. Thank question Instructions] Jackson from with the Northland Ted Securities. you. line Please with next your of [Operator comes Our

Ted Jackson

But guys to congratulations M&A and Thanks. wanted questions into was I what on quarter. on of I this a you other train have Yes, actually for couple the the call. thought auger with really

Nick Grant

Ted. Thanks,

Ted Jackson

your the back to you had of viscosity, On other whatever plans, any as customers is, that deliveries you bit about faster And had there's ability to to I've things the customers my beyond terms of to here, their not question suppliers seeing deferral deliver manner. you've trend One mean, finding of your your for I'm plenty your the And being their And that, that is levels is circle yourself going and you. you orders, a supply deliver get in side pay chain they backlog maybe chain out. that, two few of other to within of fronts it the cancellation your I companies for of to it other coming done the up that's in to but than chain. in able then it. want chain, velocity, allowing in solutions so necessarily supply get into are timely have issues had improvement some able is guess is are that send you're what -- thing. stuff to you I'm stuff are little maybe built to your I an I same see call in your then compensate because with it's to -- I to customers follow supply and supply -- last that products kind and the brought I deal you ability to that a saying. have to you're is, perhaps to kind mean, attention more of inventory weeks. quicker the to down, companies able the and know

way got we do people sort how into you I on bringing year any down. just follow-up. conceptual the this And ability and you rest think end orders? that? they any your have just a are of concerns you about -- to of ways, of levels two deferring through Thanks. that of roll And deliver deferrals a Do as one more a later their And are that seeing more might as start XXXX? faster that then And probably could because have of of inventory seeing things kind then you up

Nick Grant

of I that, let mean, crack kind Ted. a Okay. me at take

Lead for our out global chain, placing advance you're means come our kind the down, right, nine there about effect. lead the talk we are customers. I materials, comfortable to I your helps us improved which were the ordering where There's orders so right. to traditional overall times wanting more were So times which supply certainly with lead exactly we sentiment when raw to own reduce mean, then trusting overall -- inputs customers have material well just respect time, place more and in kind six of people of their in guess, get That's months where we're ago versus that's a of “normality”. queue in normalization

QX And many companies the that. seeing indicated, of mean, here down inventories I come that, saw a about I challenges talking somewhat We think, as And inventory help there here kind have did we increase of we to out many versus in in bit little QX. seen, you are overcome -- there.

impact our are mean, we And So normalization relatively stable seeing quarters. results have last well. of sheet say, balance as the on of been we've I been, couple as our kind actually I'd that the I of indicated,

another quarter indicates of an from of stable kind kind guidance Our activity standpoint.

So I'm -- of to. that of a there's that there talking all kind of -- lot is normalization

So I exactly, kind of right. think you're

Duncan Gilmour

side getting deliveries in lead really time with the longest our are usually that things, cetera, timings, would on customers for we're not that As line the it of there. pretty had more I items, say so et well they're and dialed delays, push in project haven't we their their -- that systems fact

cancellations never any So, no mean the any at months last or from or we on you think cancel. I shipments I in customers. delays pushouts, will, during major touched if And saw point XX really so. major you

have really something So seen. we that's not

Ted Jackson

any it's the all Duncan better get saying all before. Yes. It's of with are a for with It's kind growth are these sales like moderating I perhaps to to fall right say, don't of different like term, -- just causing kind that it's of normalize. it, a inTEST way kind now or listening I'm that as if not of not what but and ebb business, seeing -- things not but it's bit like not experiencing kind causing chains the like readjustment mean growth maybe companies, a that you through less. a of as this it's thing, the backwash off. that not and call or of softening of supply summarize a has normalize we things that to of a you're for out, lack demand maybe markets I little highway. more had even that to like kind your say, I were, an it's as flow, little are the a you just little an recession might the traffic listening your just like talked It I little going on It's -- been reset some Is but that underlying the that, of things fair sequential mean anything. It's sequential of sort have perhaps we're kind -- this sounds it's it's moving, response? sense better. -- a

Nick Grant

In ways, look for you I example, you mean, as a need at it to I for Now mean, wait ago, wait say, wanted forever. have buy don't forever, -- you months car, I right? to to XX if some

car, delivery get time, and for queue. place going not two So the an for your years' you're in a order to in place

buying seeing need oh months this to So patterns that instead be returning isn't buy get I now, ahead of need XX customers order concerned because a of to of, goodness, to I'm to buying going months my or just few when they available. equipment in we're my normal need thing I

because people in that you here book quarters, that's times, able to more So growth with the that's But normalizing, to out our improved the backlog as about as be and If anything, change. sort aren't concerned lead will where deliver. is doesn't of the to if lot capture of -- ability ship a extend and decline. far, normalization we're the

Ted Jackson

cover that like company that backlog go I I numbers mean, sense they're ago, were all said I if see you. down. three -- that me. going I people expect at -- you it about backlogs have those I'm like mean kind you at to just mean, I are years to levels not going it's worried of -- makes laugh their that. every to it's to

one on -- talk out, it's -- guessing get next gains I'll was people like question, gone worked And and more which way actually the because wage just the I'll they economy cost they up. go the I the that have. move and clearly of longer inflation about are usually people the term I kind has into global Those And and Let's step has thing probably then don't way, its of is that. and pretty around. sticky things that margin things other

had And that have do of thought curious people. call you passed I are commodity mean you thinks term in it's don't in cost in there's think kind like there's mean, I'm you that any into mandatory wage contracts ever gains. it riders from things And you a like came of kind any this cost anyone really you'll that's that up nature, that, legislation -- where a of for about But have when longer Do like European XX%, particularly XX% get of like I costs. get week of I Europe, into where a pass-throughs they and markets, build earlier kind some about. something supply never lot

And you've structured your that have if contracts, don't an them into you issue. things kind seen like of saying,

going you that kind your plan? the margins compensate with me of actually the the they within reaching your leverage to with train a in made of you regards of have? to there terms Thanks. question. that's through flow And in What's that to down ability and think regards continue And ability business thought. your people? like just stuff issues And to of any -- it on of kind Is kind that path goals how of does last to your my have so

Nick Grant

it the obviously, items, about mean, the costs. little down one little operating pricing merit It's obviously, if discussion on we being of I bit of to And earlier. operating kind factor expenses We think a our touched We one of on in the headwinds bit bigger we wages in input Yes. our in bigger line are a pricing, of talked break a expenses. cost. about big relation in. kind

we're maintain then increases perspective. do when cost So one do an we the it's overall what to and components margins, from have at bigger looking price to of base

something we're about. it's always So thinking

paying we're for sure We're making the the that our kind thing sure of you're thing shareholders. fairly also them always one employees well and right as as to we're doing of make kind

in mean, I cycle. of say around not employees. constant we a of I face mandated any there's having aware we that us or jurisdictions constraints So wouldn't unique it's I'm there. special anything any the increases where have

So think I concern. particular I have Ted. think But I any the there's that's that's it, item you don't way anything don't an for think about mean I unique there us.

Nick Grant

four that where behind quarters better more able come pass because things volumes frequently couldn't coming now we were But of price getting through, orders to April placed certain where position for And that's and we orders on more are or got a in to on Ted, I'd you. when longer, these just add, with higher XX, adjustments customers ago us the we blanket XX along months have price capture normalized, side. cetera, that and what they're we're et next to in on be that kind

a But be the our to focused there yeah, sure position deliver to on that. customers' meet out and to have board plans it's people better on expectations able absolutely out we make So there. our

is watch So carefully. we wage something

Ted Jackson

to some seeing then and this is Securities the come September. fabulous at Minnesota. all meet Anyone great including forward one questions I to plug. Northland phone companies, look team a taking and the September. Thanks Great. to on and management the shameless in Conference come you the The for in weather that wants

Nick Grant

the for advertising Fee

Duncan Gilmour

of kind that coming You we my thunder to. got up stole

thanks, So Ted.

Operator

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

Nick Grant

Thank Melissa. you,

express want August on they again XXth the Oppenheimer's And Semiconductor on Internet my be Before Midwest deliver Technology we August XX. be team participating X finally, the as Conference. for we'll and gratitude to in close, to Annual global and I our August Communications Virtual we Ideas in to continue will and Needham results. on Chicago Conference And Virtual Cap Conference Semi XX then outstanding

Conference in Then New conference Conference Duncan September, helm we'll on time noted, the here, October Street time, in hope Thank the Institutional and have York And for X in Micro us taking looking you with in since have be inTEST. first you day. participating to we'll our great the and for I into Lake We be in your these L.A. and events. appreciate Big And to the Investor a LD interest Minneapolis. over the taken join participating the in connect in as we call Northland at and early you all, today Ted

Operator

This you. concludes conference today's call. Thank

this participation. You may you disconnect your time. your lines at for Thank

inTEST (INTT) 4 Aug 232023 Q2 Earnings call transcript