ORN - Earnings call transcript Q3 2019 | Orion Group Holdings, Inc.

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Operator

Good morning, everyone, and welcome to Orion Group Holdings Third Quarter 2019 Earnings Conference Call and Webcast.

Joining me today are Mark Stauffer, Orion Group Holdings' President and Chief Executive Officer; and Robert Tabb, our Vice President and Chief Financial Officer.

Regarding the format of the call, we've allocated about 15 minutes for prepared remarks, in which Mark and Robert will highlight our results and update our market outlook.

We will then open the call for questions.

For the course of this conference call, we'll make projections and forward-looking statements regarding, among other things, our end markets, revenues, gross profits, gross margin, EBITDA, EBITDA margin, backlog, projects and negotiation and pending awards, as well as our estimates and assumptions regarding our future growth, administrative expenses and capital expenditures. those that in to cause our to materially predictions including and actual are differ described those XX-K from statements are risks subject uncertainties, results These statements. that may necessarily Moreover, past indicator future results. an performance of not is

obligation otherwise. information, new revise forward-looking whether no or of result update as or By providing a undertake new to this statements, we any projections developments or

the can EBITDA under www.oriongroupholdingsinc.com. SEC, net with and website release refer note risk expectations, the Investors adjusted most earnings on to of included and that the call to to reconciliation Section EBITDA discussion and measures financial actual of adjusted refer current income, quarterly GAAP accompanying The and comparable including margin be please Also, filings also definitions that Commission, non-GAAP additional materially and within this our these Also, share, at the are could cause Please the available website. Exchange differ please Regulation earnings of in which our factors Securities rules press per are results press the our tables measures for inclusive our G. found to reconciliations the from morning. annual release

turn to Stauffer, Mark? like I'd call Chief that, Executive with over to Mark the and And President Officer.

Mark Stauffer

for and us you, everyone. today. Thanks good joining Thank morning,

in remarks near and and level a Today our our backlog be we’ll will in Scale ISG. high, bottom-line update an the initiative, performance, Grow update. our discuss year-over-year Concrete from ISG today all-time with Invest, our and XXXX our or our third key quarter and an results and remaining segment, our record on provide top improvement The sequential takeaways

our our on future will and overview quarter, provide Robert comment financial discuss an in results. I’ll on to detail, come our giving of more markets, initiative, expectations by ISG and then an begin finally and performance update our I’ll back capitalization the discuss for

co-workers day-out. because X,XXX able the saying hard achieve and thank for team, which and are start dedicated dedication needs work, nearly our you company, As to to our It’s our like by of to goals. meet of our day-in the and customers their always, to I’d we commitment, show they

third the as company We revenue marine the able segments concrete to history. bottom also were highest the our in posted quarterly improve quarter, both profit. operating delivered During we line, and positive

sequentially The improved both operational performance to EBITDA, and both led increase of segments year-over-year.

segment in results, initiative operating Concrete ISG positive profit saw as weather yield begin of positive now has year-to-date, the we especially improved and conditions to efficiency. area Our labor our

executing customers specialty our solutions being healthy construction infrastructure, maintaining and for premier position a building industrial sectors, providing We of remain strategy a value. while on financial stakeholder company, our focused across maximizing the and

robust growth Our quarter operational top-line progress into transformation, and we’ve and the XXXX. remains as our results been to XXXX, end-market implementing of end improved $XXX strong, This, by with of demand backlog the third of through our favorable. supports ability is we of our deliver as ISG as XXXX initiative, for outlook our combined million evidenced through the

for results call the Robert to turn to financial XXXX. the QX, I’ll Now, over discuss

Robert Tabb

productivity utilization the of The XXXX. Thank quarter everyone, increase you, Concrete $XXX.X $XX.X quarter improved Revenues driven XXXX XX% thanks, and us. our Mark, is and in third of in million Marine for joining by for the were in compared to million, better our segment, segment. third rates

was in the to $X.X $XX.X year profit as gross quarter. third million reported XXXX million prior quarter Third compared

in efficiency aforementioned which segment, a process unabsorbed and expansion increased resulting equipment. resulted the great and in has driven The improved year-over-year improved our project Concrete yard for ISG, labor increase cubic we and was our deal, Marine of have But rates utilization primarily production assets. improvements margin decreased specifically, by from labor

quarter second or of non-recurring third X.X% XXXX X.X% million expenses compares of XXXX SG&A $X.X million of approximately other our quarter revenues. professional $XX.X the million and initiative. SG&A increase $XX.X were The reflect revenues, of in for expense expenses SG&A to fees of ISG or to which related

income Net per a we period net period or earnings For a loss share. $X $X.XX reported and year was net $X.XX $X.XX diluted $X.X compare the million $X.X $X.XX diluted to per per about earnings charges. ago. for non-recurring for per results income million of included of the $X.X net the These Adjusted other loss or or million costs million share same third or quarter, share share. income diluted of

or $XX.X $XXX,XXX Third to year. of adjusted quarter X.X% EBITDA was compared an in a adjusted X.X%, of margin the last quarter representing margin XXXX EBITDA third million, EBITDA of adjusted of

of at with and quarter revenues had to of third X% of an XXXX. EBITDA segments. $XX.X our adjusted and segment XXXX, our of to million the respect two of XX.X%. million adjusted Marine with quarter adjusted In the EBITDA compares of Looking $XX.X adjusted margin revenues results million million margin in of EBITDA with This $X.X of $XXX.X third EBITDA

improvement utilization coupled year-over-year The of equipment on projects. assets the expansion in Marine driven core primarily increased dredging certain is margin by with

segment revenues Concrete quarter of XXXX. of of quarter million compared X.X% representing XXXX the the margin negative were million, of adjusted million adjusted In was $XX.X margin revenues a X% third as an third Adjusted for EBITDA approximately quarter EBITDA XXXX. EBITDA third in $X.X million in with our to $XX.X the Concrete loss -- in compared to $X.X as quarter third a segment

sharp labor by as cubic hours man production Our efficiency yard. and year-over-year driven cubic increased was per Concrete by yards improvement a evidenced segment reduction in increased

XX% XX% private sector third quarter the agencies XXXX sector. revenues from terms In of This generated private the compares type, and XXXX. government the and customer respectively customers, breakout of from third to XX% by government in and XX% of segment's Marine from quarter comprised

versus XXXX. roughly from Concrete in revenues third The the third sector XXXX quarter quarter XX% segment's comprised of the private XX%

ratio win XX.X% in the X.XX bid For successful the of billion $X of book-to-bill quarter. quarter were and This $XXX on opportunities a a XXXX, worth of million. third for and approximately of we times on resulted rate

XXXX, segment for million September contract of had $XXX.X the As with million Concrete of under we segment. of $XXX.X XX, million, $XXX.X backlog which and a our of was associated work Marine

positions we are awarded opportunities, the the the Concrete to while of growth. been Additionally end third segment. segment from million Until million this to related worth is low to $XXX well subsequent of we low of currently the and -- backlog quarter have $XXX XXXX. increase backlog bidder between Marine of of is $XX.X the bid, related $XX.X projects for and over or of an $XX.X million bid million have million This us end apparent low

$XX X.XX over of revolver related availability. within and to ended of of $XX covenant had into XXXX, to balance $XX Now million million the cash approximately times, as the $XX ratio sheet, the a This million times total September turning of with in approximately We outstanding, quarter our ratio which leverage debt XXth we charge translated the related loan. requirements. and term well is fixed to of and X.XX is revolver a million

the strategy. ample quarter net support third the our Further, Between liquidity revolver in XXXX position. availability more and we cash our we our overbill to a expectations have than on of flow free finished generation, for

solid support our and Additionally, to is activities. than adequate our bidding program more bonding remains

to Mark. Now, call back the over I'll turn

Mark Stauffer

Robert. Thanks

and extensive we Turning continue have waterways. to segment, expansion sectors, Marine our and a public our review of and private with of Marine both opportunities the to market customers facilities in maintenance for

strong $XX see of U.S. Corps by a the to We announced for we awards, Texas, million of dredging environment recently Army bidding as projects the Gulf Coast. evidenced Engineers two on continue

opportunities. number Additionally, other tracking or we the a process in large of are currently bid of bidding

inside and pursue track existing market skill to build civil land-based profitable work the are sector bid promising. and environments. continue We foundation to other our and industrial backlog opportunities sets expand very our We for industrial believe the and execute other to prospects heavy in addressable using

the remains contracts continue In we structural Worth. solid strong in structural awarded the by our the our long-term a population by million quarter Austin end Demand throughout job Texas demand we to for including were Dallas-Fort construction and XX-story driven tower in main $X a project as evidenced $XX a million in residential for markets. concrete of growth segment, expect several work third

totaling continue to evidenced see two demand we projects announced commercial for million. work in as $XX Likewise, by Houston light recently

our We the averages opportunities Texas to strength very about bid materialize and in are we continue excited of above in well construction expect activity we to believe historical that in markets with the the year. coming

at additional Our reached high an backlog we the the in healthy of third given environment. awards are all-time for quarter and end continued prospects bidding Concrete the segment about our the optimistic

bid outstanding is over related current is bids we $X Currently, and to and $XXX are billion $XXX million the opportunities. we billion Overall, Marine million the related bids worth of total concrete future of $X segment. which tracking of over segment -- worth have to

bids over of next current With growth our picture that the and we of are the $X we outstanding, the of possibility significant potential federal is our the the years billion opportunities billion new backlog, tracking our improve may bids, and low for even infrastructure see a further passed, business. bill if the $X funding several combination

on in increasing line which we win execute work We're drive to that top and to work confident Orion. an ability expect our for

across focused this leads our However, we're consistent enhancing projects, acutely what ISG on to on me which update. work is and maintaining profitability profitability our

in management, across the initiative During project execution, of equipment areas made labor third the we management, of strides implementation processes. focus corporate significant quarter ISG all our and

to data enhancements the to implemented and we've of better to provide leading cost areas, these better efficiency of and each In and control. improvements visibility reporting functionality

ISG A a of expectations of our the has been recommitment teams. teams of to our reinforcement and main of element initiative our a our accountability

has unabsorbed our equipment year to and which improvement compared reduced Our improved management costs significant efficiency labor in a prior with the along to deal profit equipment gross period. labor has great efforts contributing

shared reduce less of our to reduce continued SG&A X.X% services fully across with sales. the and our duplication to cost effort implemented implement all We've a lay to efforts to eliminate the with and overhead groundwork platform corporate goal to divisions of when than also

term. on quarter our target in of outperformed it we're SG&A and third the focused sales X.X% achieving long over at with goal our the in maintaining We

goal initiative expectations of a and it As consistent that with provide our strategic on pathway is for basis business to our plan. our to ISG a stated aligns before segments the performance meets our end

services ISG common As process of ERP across our of embedding a processes, divisions. we to full to our we implementation into conversion platform complete and the continue work shared on will

our to under Marine In our are predictability. larger our addition larger and in segment and enhancing projects of capabilities recent visibility in to pursue execute turn areas which anchor focus projects, of these improves these awards ISG,

backlog in Similarly, ourselves the in our we into expand visibility structural and larger segment, as are positioning duration projects share same predictability. with projects and we longer concrete add market in our improvement to

move to which we into results the focused initiatives ISG XXXX. of and taken we on we pleased into the remain this are have and are improved quarter remain see in yielding and acutely fourth hold our trend We -- XXXX steps continuing taking as we

hand for Now, the call. the of the to portion call back I'll over operator the Q&A

Operator

Our At with you. conducting this session. Company. Instructions] from Alex time, of Thank Please question-and-answer line be we first the comes question Rygiel a proceed of will FBR & question. your [Operator

Alex Rygiel

Mark nice and really quarter. Rob,

Mark Stauffer

Thank you.

Robert Tabb

Thanks Alex.

Alex Rygiel

questions. Couple of

sort detail then can more bit give to views us as or quarter relates quarter third little your color early the you look it First, and fourth a on your XXXX? about the of at

Mark Stauffer

and let start of jump kind then I'll in. Robert Well,

fourth said kind think improved be we're of with certainly over the release, we XXXX backlog. quarter is in quarter going fourth As pleased to We the much XXXX.

that the in hopeful a we QX a weather a little note trend with the oftentimes of we've can performance good that pullback especially had. bit -- QX, do continue we seasonality-wise. just had be We're that We

might from quarter, last So, much move some QX improvement it. ahead over into year. as in that's going we certainly we see But fourth we think but much, to the factor pullback

the our speaking, of to on two -- performance As expectations in to just have focused we I the of And our go to mean, drive just us generally with of been range initiatives. this back the expect into get implementation again on segments that we all XXXX, we're perform. divisions implementation and our is consistent ISG

So, that's what our to that. do we're focus working is and

have that backlog we the with into going XXXX. pleased We're

the some of the projects year. will this up in schedule some already we're half in periods release noted next of back our we of fill some seeing morning, As that

positive. very that's So,

of a pursuing either we that lot opportunities we're see very excited currently about. And or bidding we're that

on focused this So, we initiatives that to our drive again the been results. with we've got doing think and good changes good things ISG with improved we're we've markets backlog. And year these doing

Alex Rygiel

and win couple of implied Can backlog as maybe relative pricing also market. comment the about talk it sort today you margin sort the of to And of your strategy changed in last rate? And on impacted has your out little -- bit has stands how that also there how the in profit that years? a

Mark Stauffer

Yes, well a couple of things.

areas want So, the there. is initiative But that for I with improvement on There's equation. the to speaking project because generally touch the of focus of I the we're kind back also of execution the or margins. pleased the think ISG bid backlog our of part

The so that obviously that's that performance other part key is we've not projects why good costs, been backlog we and that get in on focus equipment margins backlog. the is, a with by got area With of unabsorbed for think of us. and deteriorated having good, we that those we're labor pleased have a ISG that's

But we but only indirect. not that the to we're controlling that make well want also sure that we're work executing

that those deterioration projects. on a we So, execute seeing of we're not after that

far. We key a focus that's So, for us. what seeing we're like so

of We equipment labor improvement underutilized seeing in We're the are efficiency. equipment. improvement commented seeing that. and area on We in

to more that's we do on. we're to that translate help focus to there going do continue profitable those going to results. into work and two Clearly, if areas got our backlog and are We've where can

pricing, success? What you analytics And just will, bit price last perform the types those chance or about a We're better What selection, thing around on I should done have say. those on see so the us but focused we've of things best trying of it also of can always go we we just that that like And call to that last lot Which How than we things that, others? if do ISG. enhancing, the bid those the what on after? are this selection project -- projects? a of in if that at better. we we the talked really we've give work is part projects and improving we is little are

So of that continue that kind we the now. we're momentum right can generating

Alex Rygiel

then sales you sales And XX likely asset that opportunities uses your discuss or your various and position six improve real to operating cash to over months? estate including lastly, and can next of cash activities the

Mark Stauffer

touch of drill I'll Robert it. Yes. at I'll kind down on this but

And you debt area the on that's we us. mean this continued a delevered so focus of I on that saw past quarter. term

-- an as our position in over-bill -- his in noted over-bill on we As our on we're net Robert projects. position comments,

overbilling. on execute And ramping continue to particularly are want that up the the well We maintain we to side. up backlog some ramping more of and on level Marine

capital working need. we're So managing that

this. sure we Robert Robert excess the fleet. other that if focus part we're I some We optimum going we -- that to the generate an maintaining And ago, a and that But equipment as towards of make of we it. that delevering. with just have that. do touched on I'll or piece work I'm talk of out surplus we on of to things area minute let Touch parts And And of let cash that's the have liquidate size and about equation

Robert Tabb

term of tomorrow queue we pay a the file third sizable down that when There debt. on tomorrow Yes. afternoon. million disclosure morning a to generated one quarter Alex leaseback properties. be that. on I'll we answer that in the That $XX it roughly or In we used sale our executed will

up So you on can read that.

way balance transaction. that was quarter. see to There to uptick through is -- benefit current for those that going an P&L It no a we're the in this amortize sheet we'll line. other was liabilities and thing liabilities out account you'll The

we and an of manage. nature in flow in as we just activities uptick from AR the far We've cash no something watch yes, billings. it's As seen increased

those the look $XX the and we'll to out AR but continue up, expect million to year progresses end you liquidate to of delever. year If since is use bonds we last that as roughly

strategy now. working around kind of capital that's the right So

Alex Rygiel

Houston. hosting helpful thank for my Very Washington Nationals, you and and

Robert Tabb

Not the blue hats. congratulations. to Alex, see we outcome but hats, wanted Blue

Alex Rygiel

luck. you. Thank Good

Robert Tabb

Thanks.

Operator

Capital question Instructions] Fratt question. line Our [Operator Poe your the next of from of Please comes NOBLE Markets. with proceed

Poe Fratt

Good Good morning, morning, Robert. Mark.

Robert Tabb

Good morning.

Poe Fratt

mentioned is a been in follow-up to two event? a capital. million about Just of And Or that $X the quarters and the turn. start It's more start account on fourth that the quarter? that Robert then turn million last receivables to for is Will working $XX will up. negative roughly XXXX

Robert Tabb

into mentioned should to history, out -- the build that Yes. Mark and over in we revenue was liquidate this quarter so at the we'll focus continue start that leverage our debt paying highest that company start to as out. fourth position And see QX. ratio. and collect we'll to on down mentioned quarter It as start before to this liquidate driving that down I time

Poe Fratt

you the on you. and could leaseback sort term means any And sale was there as Thank quantify do savings then that reducing on revolver the using the to sale that? leaseback the of Robert

Robert Tabb

little but expense interest -- take The off savings the reduced push. and a is bit quite way interest the and debt expense a was No burn of is Yes. amortization. on obviously lease to it and through

term getting EBITDA So no what at. you're that's long impact to if

Poe Fratt

trying out was the I just revolver. the financing to you figure what Yes. to advantageous you're rate if was on to relative paying

Robert Tabb

Yes. key position. improve It debt it immaterial of overall we difference. was to our a capital. down continue for as us overall push and is want liquidity the that And leverage down drives down drive drive cost that The to ratio we an

factored all on the those continue debt. estate we execute in drive we'll And we continue our So to of as things down decision. real strategy to the

Poe Fratt

out under $X.X And revenue and one you million Can there the seems SG&A the costs, -- well ex progress it. under only the a and you is onetime you're Mark there. of target and if program about as the you're like Great. percentage ISG just that it you talked well have of out

benefits of improvement? gross that you understand you're quantify see else the going else that help the us ISG measures looking program? other there anything to at Are where looking it's whether you're Could at to margin we're

Mark Stauffer

end and Absolutely look say we're mean, it gross isn't of to why we -- the and kind EBITDA our strengthen I question. tools a basis. here use actual -- this our really consistent be the No. processes back of relates it margin to isn't expectations level performance. that's Sure. our systems the have Good performing and units on goal is to it to at

think there. of in should be division outperformance. of in quarter periods range we of And we were third EBITDA that quarter. were third said in the the with the if range that performance about the we kind that So middle we've the to before Marine think we the in we XX% with XX% We had margin

to margin we X% not there. want in improvements mean Concrete XX% With in. there that I income there we XX% made But back the range clearly is XX% generate we've the EBITDA operating to get to to in work in respect be to or the division. significant to that X% we XX% segment expect. from We've quite We us think in the range that did do positive got division. We're more

So doing are are. perform the really of our that efforts culmination we're to the the have all expectations businesses what

and there So along measure that's that target really out the we that mentioned. you the you can SG&A what metric against have with

So emphasis and that's why the and really execution equipment. indirect the around controlling around labor project

if therefore we the labor of and we you're unabsorbed see execute line and bottom -- to or of minimize in are the way in reduce control EBITDA well then should -- gross benefit efficiency margins going and expense equipment execute -- and we the executing we So EBITDA. that and that unabsorbed labor,

Poe Fratt

XX% will revenue the were much could Mark. getting was Last projects you construction $XX that the to can third if If the I figure that low-margin in or million you Or say those at some were if the Concrete unprofitable of when see on or to going business? me the or way it we off that of -- margin of EBITDA -- there can we that follow-up mean in I in give burning projects? how and record look improvement goal, at Great. backlog. quarter year you margins Concrete way construction is out that bid? look to just on we're we're revenue that that metric

Mark Stauffer

Yes.

things of lot go that. into a So different

last of of largely as the have last the this we off, impacted that of call we weather burned into challenging was the on we So had said by and some year. work burned year off again largely we quarter that first more kind

labor terms we had into to of yards We performance very that in other high in have want of But improvement improvement made terms as say there's there We there. you our things quarter. in the progress gain revenue. cubic go We efficiency rate in our had good more there per or man production that hour.

There's rework some certain of and on have flow-through the we change then also that that doing for we're the work do projects for issue the to orders and paid there. getting of

that of clearly that, we're the on this. So say I performing is progress on lot quicker at again, confident to a our need than are be make, what focused but teams have we've much more they focused on. They're pace division. to Concrete a in were progress -- We can made the focused that things

be is possible. are And to should QX, see should QX, to expectation think there. But what things be that we the focused goal see and so where that's we Whether happens performance as we on. our as and that get focused of on quickly wait all we'll

are is teams Concrete things on team focused be on -- they on. focused in the The should focused our

in so, we as we're level direction. goal is quickly should And to the at at And the as performing perform possible. our be right moving

Poe Fratt

seasonality typically booking year. up about the lower profitability? is hold in but little the talking Are of talked slowest you revenue sort quarter should bit about in that the to a the magnitude revenue we fourth fourth gross mean, double-digits. margin you And of expect I the quarter, the or Great. what of time the

give look So could as me mentioned? of seasonality you quarter far as the of how fourth you to sort an the idea that at

Robert Tabb

about talking saving is on we're this daylight what ends next Sunday seasonality Poe, week. No.

book we time which less to to revenue. cost, So daylight, a driver less how is burn

a expect pullback. we yeah, So

then and the builds, QX. the back is Typically then QX come peak, we in weakest. down QX QX is

utilization our goes As that and the equipment ability into keep really working. far to as margins is what

as would pull margins expect would not I of expect kind but that I it So as in the mirror slightly. revenue, back to dramatic to change

Poe Fratt

X nitpicky gross in a things the on there for couple wouldn't third dragged were start-up you And bit? down if -- just Seattle might then then for the year. little CapEx mind the of costs just Terminal And any also that margin in target a have Great. quarter

Robert Tabb

Yeah.

think will I three expectations, the has on been continue rate it that quarters. CapEx as on run it So, through

in think can don't spike I I expect that QX. big out. you a model up

uninstalled As that and procure and yes, those at of call do we'll we until are far we zero as as steel some raw the to materials TX, take we then margin margin. revenue those have cost P&L what materials, they take installed, we'll the

is So, through and some of of flowing in QX. some through QX that that we flow expect to

Poe Fratt

Robert Still in Okay. QX then.

Robert Tabb

Repeat that question again?

Poe Fratt

Sorry. as be the of mentioned TX a little There's from drag bit still to a going fourth start-up in you Seattle quarter?

Robert Tabb

Yes. Yes. QX. In

Mark Stauffer

very Yeah. about a And think up It's is for port what to the and thing there. other work performing we though -- still key would project add that project still that's them. we're for that I that excited the

-- think very, we be that's I going think overall that a to very job. good

that overall, of may But there's we quirks we're as -- little a move in bit POC construction excited again, that just about But some accounting, accounting QX. of have impact of project that's very the ahead.

Poe Fratt

three And other on the voter months? referendum last talking level project changed that the to quarter all your It in was the radar mid-December. Great. the there's Georgetown, confidence on that mentioned going on be second screen Has over looks project, August. big that conference like about call was at a project then

Mark Stauffer

that -- the some environmental with to the is some job -- with the for project fantastic -- that helping other and has a the team in the message of team communicate that that Well, we're we that's We done the We're that very redesigns we on our And think key we've important Islands. have some taken the at our steps for taken Cayman addressing of environmental focus that that with -- partnered us we consultants there. are gone economy from concerns. on we we in -- very we've standpoint. about and concerns the of an areas think assist the environmental team what have the around we've concerns we've a think done pleased to

So, we're benefits that see have. we've the address that people and very, the may the to project very of hopeful that they will the steps taken concerns see

the outcome that see as next I steps we're that the to pleased we're bidder. there. positive And we'll XXth. process happens think so, And the move assuming for preferred But what a on on occurs, hopeful to then

Poe Fratt

Great. And recover ability change been last any -- a Alaska. then couple of ends I guys change have up loose that your the that talking just couple you down about of order that to tie think in was for have quarters? been in to it

Mark Stauffer

Well, Yeah. yeah. Yeah.

those on no but So, specifically, the report -- had project We've positive customer meet we've to some to news up with there. is our progress. do think had team I on -- the up

that I think and resolve we've those be to for things a forward then got more might a can to think, us I to those address resolve that, good path little we easily involved resolve.

I with after we'll some meeting what again, long with our resolution. our teams before out we'll on focus that clients, made to area, think pleased And keep just keeping hopefully, keeping And I hopefully, But have too is on report with -- I have relatively the But we're soon. say think progress would we're progress that we've that. and we and have positive we're in we'll seen some it. something

Poe Fratt

progress so continued Thank to much Great. you you. to seeing company. forward the and a look Thank

Mark Stauffer

Thank you.

Operator

closing time, we conference no back turn At remarks. have questions this for further conference. the audio management to like to the over portion would I over of the

Robert Tabb

guys you you to conference and call. the on next we forward look Thank talking to

Operator

This concludes today's participation. your Thank for conference. you

day. of this You your at may Have your lines rest a wonderful time. disconnect

Orion (ORN) 1 Nov 192019 Q3 Earnings call transcript