ORN - Earnings call transcript Q1 2020 | Orion Group Holdings, Inc.

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Operator

Good morning, everyone, and welcome to Orion Group Holdings’ First Quarter 2020 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 have allocated about 10 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 issued 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 this 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

you our of Q&A. some detail. with and review provide make concluding financial the state over you and these to call I’ll results I’ll times, joining our turn before given you we turn update will everyone. our the more in to COVID-XX the a XXXX during Thank to remarks few then begin current good quarter remarks, first pandemic. discuss results unprecedented for Robert Then with Thank morning, call. our Today we business on an

sites, also working the or to like the sympathies team to country. those safely affected extend at this members and who project or thank been and field around affected by have remote by support had I’d outside yards, offices family are friends our virus. our locations want to have sincerely I First, who our deepest nation

has of will on focus the been our people. and ensuring safety Our remain and health all

everything our customers, and communities. to doing keep our support are our operating employees our we and We business support can

because to supporting construction in critical critical fortunate the infrastructure, are are involved economy an to essential and services we we are Our activities business. be

market been our We’ve profitability. improvement able in and in first to sequential maintain quarter and strong delivered the position, year-over-year

We continue on to in only our execute backlog minor sizable projects with disruptions.

of and meetings, have educational and health and To the safety sanitation including employees, testing, actions, pre-ship disinfection ensure practices, our face taken use temperature heightened COVID-XX all distribution coverings, specific we social information. distancing, of safety training of leadership

instituted have We have a ban, office most staffs of working travel and we remotely. also our

reopening the execution the delays we in new awards overall and of move later experience As project now timing toward unclear may in economy, some year. we the whether the it’s of

service. Though of our this of record that level markets backlog, this we our end resiliency pandemic long-term our during unprecedented, we is productivity and near the are period encouraged continued by

safety any while protecting am this phase all we health year, pandemic backlog of as and I be first of to our We have employees. the that have to incredibly potential and future we through confident to able well. liquidity our and to will on move gotten entered position enable that the We will projects position taken through we execute navigate from of the us steps that pursuits. ensure a challenge continue and strength this challenges believe

elaborate more the detail I’ll QX discuss liquidity and ‘XX strategy. to Now in call to turn and our on cash over Robert

Robert Tabb

Thank you, And Mark. us. everyone, thanks, for joining

take business, the taken results. highlight we’ve I to into the jump and I to want our COVID-XX discussion the Before to measures opportunity related solidify QX

in the by revenues first XXXX the activity in in The increase to $XXX.X of quarter of million are were million increased the segment. Revenues marine driven compared first $XXX.X project XXXX. for quarter

times, in our We book-to-bill execute that very we the with in had X.X of quarters. ratio also a work amount pleased the backlog quarter, extending upcoming a and to substantial further first of were providing us

XXXX to XXX first $X.X compared project First margins costs. profit a reported increase in last increase project $XX.X improvement was point million, The margin of point in and gross was quarter support in quarter basis this the XXX driven year. by year-over-year indirect level million a in basis

basis zero margin drag on they to with margin period. period. uninstalled accounting an guidance materials first in to these the accordance prior in year materials resulted in with point in the compared will booked ASC million year to roughly are of of installed. the under XXX gross quarter XXXX, $X.X Also This margin be to as XX we that $XXX,XXX revenue prior the related Note recognized compared

project-level improvements Turning from over improved by points segments, basis project of support margins, points the basis impacts gross-up the costs. the margins to X,XXX uninstalled year-over-year, for materials, in from marine excluding accounting of came which XXX basis segment’s XX indirect came points

These on absorption resulting improvements higher equipment of primarily by were execution-related expansion in projects capital costs. increased fixed and margin and utilization, human driven certain

Now were of labor segment’s turn project-level support year-over-year costs. which increased slightly XX by driven came basis to project-related indirect of improvement the efficiency. by offset improvements bps XXX concrete by increased margins, XXX points, margins from The bps in margins segment. improved of The concrete project

adopted note XXX credit pandemic, COVID-XX $XXX,XXX margin. we against the we reduced booked accounting first This ASC gross by quarter, credit on In final One the loss reserve $X.XX share. reserve uncertainty roughly Considering a losses. earnings for by gross profit. created regarding our per

accrual is expenses up the of first the ratable full the incentive Moving the compensation XXXX. million increase quarter first million, of driven to $XX.X The plan. were SG&A, by SG&A $XX from in for XXXX, quarter

first below on in SG&A that XXXX revenues, may a year quarter we was basis. on see X.X%, of focused percentage a recognizing quarter. XX.X% at from of As prior down We revenues, or X.X% quarterly being fluctuations remain SG&A the

to bottom Now line results.

to income net per we ago. a a loss of loss reported or period for XXXX, earnings $X.XX of net same the $X.X million, of of $X.X compared quarter million, These first of per a share, $X.XX results or the For year share.

improvement pretax, share. costs benefit with of or associated approximately initiative valuation of adjusted $X.X process our of removing approximately net XXXX earnings allowances, quarter of $X.XX $XXX,XXX first nonrecurring per was $XXX,XXX the from tax million, After for income and

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

opportunities We’ve This first resulted $X XX%. successful of of and $XXX on win of a the million billion XXXX. bid quarter rate on were in approximately worth in

the quality work of to remain of bid that awards and quarter. execution project encouraged were and able uncertain, we While the timing future by during successfully the we win are amount

As and $XXX at of segment. $XXX million, with with associated March marine a segment XXst, of is which This record XXXX, concrete for the our $XXX was the high segment. backlog was concrete million

including end which the has worth Currently from million we of bids have increase apparent outstanding, substantial is approximately In XXXX. end currently been first of XXXX. the approximately of on $XX quarter of million has over $XXX million low bid, a the subsequent backlog and it between low or contracts the to total, bidder the company awarded projects $XXX

we COVID-XX I’ll now the have further address discussions, measures into taken. proactive of Moving some

operating As costs. always, we needs to CapEx and monitor continue our

capital we’re and and management deferring operational broader this cash mitigation. we certain Also, To around and developed risk have expenditures. executed management controls and end, heightened

to which enhanced generated of million feel comfortable the as quarter of the million $XX.X we uncertainty, with $XX.X was our end and access liquidity cash challenges current noted in the had cash in flow. and revolving first of line unrestricted QX, million credit. Despite under free our we position, availability of At we $XX.X

levels million approximately X.XX related covenants. was times into outstanding, ratio which million our charge loan. X.X fixed leverage with to are and revolver secure current quarter million our $XX We This ended We related of in ratio and and a the with comfortable times. in of $XX.X term debt feel the the $XX.X translated to a was debt

sell we we will to assets. always, In continue to access to opportunities evaluate non-core to liquidity explore position. opportunities look As Also, particular, ways working our liquidity. gain to additional for enhance are to our continue banks will with we to

with the feel to quarters. will remain backlog record the to us as projects near optimistic liquidity continue we on we new crisis. execute reiterate, ability situation, our current in to want execute to our navigate coming backlog I and our economic We we in comfortable awarded on our current enable and which are health

over Mark wrap it to up. to back I’ll turn Now

Mark Stauffer

Thanks, Robert.

Turning markets, activity see we bidding to to our our continue in segments. both

unclear the year, profitable functionality I whether and awards it’s of may as remain As the earlier, of next stated focus will to we execution the the in phase in later delays project economy, the new move some our on of pursuits. timing improving but we project experience

impacted we while as result drivers provide as We in that to have are bid both that few may there go a be market and have COVID-XX, be others of or forward. diverse we segments, will end our a opportunities expect there

on these for Our projects. the focus bids be will

We history duration market have and will select adjusting larger projects pursuit us longer end of strong a as opportunities, benefit bid go and also between of forward. we our

customers, closely with We our constant and contact are spending their in we remain monitoring plans.

project government upcoming schedules this across federal, we by tracking and and agencies, are see local opportunities space. we encouraged letting we Additionally, in bid the state are

any which which track well bid be spending and part plans for movement could also may restarting federal significant the course, future of provide will, are bill of economy, a that We for positioned. stimulus on opportunities infrastructure we

bids low solid elevated QX million we QX entered including have at amount a backlog $XXX nearly a with year bids this currently of levels, concrete started outstanding. in backlog and performance, record with segment, and our We of

on We also in bid segments. of to continue both our projects

to year pandemic are awards for on the to continuing year, full due and on in focused suspending XXXX previously our proactively improved new the remain we of COVID-XX performance, we the the guidance later EBITDA. disclosed adjusted uncertainty given While timing deliver project execution

The situation we experiencing is unprecedented. are all

are place will economy well through market we positioned and and of that the conditions the have take as be procedures from confident this we we this crisis. in team, to advantage emerges processes pandemic, to However, get

safely long-term on the meeting We and now future, drivers the needs in markets. confident our are are our focused of and we customer’s in

to who I’d like for by times. team to And Our our members go thank prayers and out virus. during thoughts their been these affected those efforts, all have again, all especially this

turn operator will call the the now I back for to questions.

Operator

coming Stonegate Capital Markets. [Operator question first Rodriguez is from Marco today you. Thank from Our Instructions]

is line Your live.

Marco Rodriguez

taking Thank morning, guys. Good my questions. you for

Mark Stauffer

Morning.

Robert Tabb

Morning, Marco.

Marco Rodriguez

a I was the aspects. liquidity on bit could you talk wondering if more little

sense what CapEx. think you might and expenses you in here? sort Maybe up in you as deferral fiscal ‘XX some of CapEx a might can us end far give be as deferring mentioned You expenses where and

Mark Stauffer

we’re Well, being just Marco. prudent,

may We’re CapEx That deferring we’re deferring spend. that equipment some needs. not mean

for may We’re just or need execution of acquire those leasing and - we means like equipment through that equipment that. projects renting certainly other projects. something - We or

sure weren’t first to where things through we been a XX we’ve phase, gone world this and we’ve entering just - ago, were as we going new were So go. here, days

So we’re in deliberate motion. about plans the we’ve set very

so cash. focused and And just on our always controlling do, protection just we’ve been on cash of as but also focused we cost,

And we’ll, when go this, spend. we’ll need determine we we to as spend through or so not

out But needs we meeting our are there equipment. still our with

like. And look soon suspension in our and full so too as-needed Right what as look to on go may and now year an that basis, we’re it’s evaluate we’ll at CapEx tell mode we that forward. a

Robert Tabb

think is Marco, the ready Another project. to were to about ERP thing, kick off getting we too,

We that, suspended we it. haven’t canceled but

farther see We’re how plays can get out. bit little react read into going to and we COVID, and a and that

from month at looking month. that we’re So to

year. get clarity the the make on we’ll go-forward into around ERP later a decisions we bit little the more in future, As

Marco Rodriguez

any in marine sort like can margins And there concrete color terms look and is segment? the in it. the provide for what then of Got the of of backlog, terms you

Mark Stauffer

focused indirects, work we with what in Well, our work we’re with the Obviously, in at through we’re margins as know, that and you bidding pleased one equation terms are we’re the our that of we’ve part performance, been last and expectations the of line been. in processes have our year. our bidding our that where is on

improvement I touched quarter, think saw in that Robert first on you the there. remarks. his

we’ve what So are other to projects, costs COGS. on to And need costs, seeing are pleased focused also book controlling on the but the be indirect not that to focused margins only been we’re the we and on work. where continue we’re with in

Marco Rodriguez

I Got was here. I guess, of about, more you guidance it. wondering had talk maybe And you the if can a suspension then little bit

suspending you’re prepared on because Just good sounded square both just what might remarks. markets, that I you’re of you’re I comments look in thought trying that It heard mentioned bid had you delays your what some to sure of seeing activity about. may term, like that not still come the like or sort longer but

that? of part is be understand there help that to the Is particular in color you later there anything pause might to for year or us seeing you the that additional giving you’re able frame any

Mark Stauffer

Yeah, what orders. about future’s market continue I right? came thing able of going essential into we We’ve backlog. I to that think, we in work. the our near orders, we business hold, this an in, even just think to under levels don’t been record the we’re remarks, been know talked various So in stay-at-home it’s as with every to virtually We’ve

been to able So we’ve continue productivity.

we nothing substantial. what disruptions, As minor know to the But but just had we future’s have stated, going we hold. don’t

We’re confident of the long-term our in resiliency markets.

We going out, think through on and remarks, after going as just project the our going And to know see, on this don’t as pursuits. with well work thing. being be coming that shutdown phase said, prudent. coming the profitable to well. We focused got be said might incredibly positioned focused is But we’re we we’re what but in we’re into this first we I it’s we

And so what going we with so point. the don’t continue road at to that down just to what’s do to it’s this, for happen this But us pull doing. to going we’re we’re down know prudent

the just knows what’s anything just in question, in we’re gives seeing. It’s to happen It’s And and who that. there’s specific fall like be us that things going to pause. later to the just it your and not on year

Robert Tabb

and current backlog book of impact can can markets this, here. That how play react in be There’s such and second array to now in that there end right work, that’s reopen. trying a can burn wide There’s cure The depending that scenarios could not economy’s slowdown. a impact the a on to so for the the wave also work out it.

there’s happen. a said, that Mark of can just As wide array outcomes

Marco Rodriguez

your you, time. guys. appreciate Understood. Thank I

Mark Stauffer

okay. Yeah,

Operator

you. Thank

Our from next Poe Noble coming question Fratt Capital from is Markets.

Your live. now line is

Poe Fratt

bit ended Good cash Good $XX You what’s Can million. Robert, morning, the over Robert. of your revolver expand, quarter now? just your you availability with liquidity? morning, little Mark. the And on a on

Robert Tabb

of little over Then the position, the QX we thought cash another over ended couple have my we in a we about In almost talked capital. quarters, quarter comments of it from free to Yeah, we $XX would million and liquidate with $XX.X returning working last million. flow availability. the

then So AR we in QX, seeing cash started year. and but up coming ticked last of in, QX QX

liquidate in. starting now that that see We’re to and cash back come

Poe Fratt

from $X your outlook idea for million. changes sort second positive of capital with quarter year if Yeah, the you an look, Robert? a rest cash, all perspective, was working maybe but the working of What’s for have capital and the of that,

Robert Tabb

couple to dependent specifically a expect much next Well, is of up. to see that the be costs, capital dependent I trend. we’re activity. really continue on level and it burn the of And to same quarters. QX expect as to burn be have costs. toll I on bit it tend we to more But upon It a working we creeping more QX, tends going to of upon little how the into able over Seasonality-wise, activity get

Poe Fratt

just would bids Mark, suspension guidance. then, have you million. with you look Maybe gave to be outstanding EBITDA talked - on of a little color at you it that the $XXX the And helpful Great. now

more on visibility or second the little Is maybe marine the that concrete it more from half side just or the about of a the the side year? you’re little standpoint the of more into cautious concerned a

Mark Stauffer

no, question. Well, good

come work continuing out we’re both for again, segments. to see think in I bid

We’re continuing to both work in segments. book

going is a work prudent affected in us to course this just the new happen, what’s now, just future. think or not I not right again, for whether be to So going it’s a knowing - is

we’re now, improved focused the right I results. delivering on in remarks, As said said I and it

forward. do out said - we there. We a after We’re anticipate affected But may others as some continue there there I that the little little some go get anticipate as a are be going that the focused may more that be now. in will there projects work we remarks, or markets is on is activity or right more,

A planning that’s the very lot already its have financing in may of place, stages stuff in that’s the in so encouraging. pipeline been

in we certain CapEx pull On the some their back sectors. people other certainly projects hand, seen have

on. what on focused we’re can we again, But focus

We have into continue been a We’ve able backlog operate. nice got this. to to coming

to see come for continuing bids. out work We’re

we that’s And all as so see. positive as far

improve prudent, the just reiterate my answer nothing to around specific really nature And is to that just It’s last doing this. But It’s the being again, to of again, just and continue we’re is to continue do macro unknown causing our our being prudent, uncertainty. given results. given this. to need the work there’s perspective, do on question from from we us what focused to

Poe Fratt

budgets is at Texas ago. follow that’s you less now just could say, on industry economy CapEx for coming the of a look was, that. - When still, it assumption energy it’s up driver a of But down, I source If than mentioned Great. concern. potential decade my a that you the

is whether standpoint helpful. some secondly, the standpoint, would funding perspective? of the or be kind public work is do you for it’s a could little just sales just revenue, of tax fiscal then at And looking lost it that on Is you it taxes, from income entities? If that, bit also of from public follow from that looking a up it at

Mark Stauffer

space, energy the Sure. and economy, if on obviously switch-off related of there what’s seen in to the with Well, will. you yes, energy everybody’s gone the

of lot do of you’ve So the CapEx. seen that there lot stuff. on out the upstream energy pulled to companies has back with where a have A

one there. that’s So thing that’s out

just energy we on couple awarded an as know, ago the say, were that out some a in you of put I we sector. just announcement will weeks work

that things are So pullback, things there. progressing are are though there. Even on still that out going there still there are a there’s

have that they our on the we’re marine the the side at that particularly sector, lot a that’s where, state federal to one of to So work government in seeing space. again, with exposure intend the is put sense and particularly from the But we actually there, respect agencies, out. level, government

been of closely next we’ve, the the folks and in stuff discussions and watching see schedule coming things various couple with in and the on So again, out agencies quarters. the at

clarity seeing nothing given bid just, So on, we’re pull prudent, it’s as will to forward. that to think address we’re work work more to that see We specific we’ll macro again, And forward we think we bid this things on seeing down. to, to it the I then for at that, to so again, throughout there’s we’re It’s and environment. It’s think going go we move right But that why uncertainty. the as now, continue nothing just this gain we as year pulling around point we’re just point. the is specific guidance still down.

far end we’ve lot out drivers. markets, diverse is, different said, what as as But there we’re of got seeing I like a

has some see diversified others, a again, in to said, you them, we in forward. While that may some we are have decades. lot last of couple Texas the think, pullbacks And going go as

certain things little a expect, the be more in go we impacted a thing of may apply period forward, will so same to and again, for time. And Texas, other things where

Poe Fratt

expanding asset recovery if $X.X just you helpful. which wouldn’t your over insurance from view just noticed Robert, That’s $X assets of And liquidity. in sales. you on assets And - little bit you then about proceeds sold a million had Great. million. I of mind on And quarter the enhancing generated

the then of other any sales? quarters? recoveries might as next are frame occur couple far Can And asset there as buckets are additional that insurance the potential there out over you that

Robert Tabb

a about equipment equipment accordance move we I Yeah, our The a little so in is business, few them bit buckets older, get a with things it as selling in here. strategy. course think of normal of

the looking over few the a around last quarters assets, about real we liquidate. of some pieces the talked of Some estate we’re non-core to few that that have things we

seeing this can we Now the when fluctuate, continuing guide that the over AR generated flow then like could our you I the see think we quarters, that in of to is from convert something timing something that really forward pressing it the won’t other cash. that But of last EBITDA of environment just of towards. the $XX it’s that to cash EBITDA, so we’re four And of timing happen. to operations, liquidate the the million and piece

buckets So those liquidity. are that the of kind think I about enhancing

we some to finally, then working the availability banks we’re add with if to see can the revolver. And

say work on we have as to we’ll it. through So that, more

Poe Fratt

Great. so Thank you much.

Operator

from The next Rygiel is FBR. from Alex question coming Riley B.

Your line is now live.

Alex Rygiel

you all hear and to very good healthy quarter. nice and Its you. safe very, Thank

Mark Stauffer

Alex. Thanks,

Alex Rygiel

Mark, you targets can what margin in us remind a segment normalized are? market, your

Mark Stauffer

digits, Yeah, see margins want us. in the the want basis, a normalized in lower would target on market, consistent double - on digits. That’s for would marine to see concrete we and ranges the single EBITDA lower we high the in a to

Alex Rygiel

you any you what-not, today year way timing levels, aren’t it your those Do from as your targets issues and planned or those impacts your there if think start dates backlog to in material you towards executed two? walking backlog today, think around or can is and a do get

Mark Stauffer

and lot have the improving done Well, processes, better focus that I and with quarters quicker the we’ve of things decisions so think, on on and we’ve a making the previous several again, year in our about faster. been we’re talked past the to,

that is again, again, we’ve is on, to we’re part earlier. track, the as ERP of and touched track and continue on still Robert that, So going been that down that

one, we’ve made couple the think things. pleased that I of progress a So regard. is in we’re There’s with there

two controlling and and is utilization, labor the at there to equipment things are then pieces know, you like and As project the that utilization, performance, that. indirects level

been focused we’ve on of those both So things.

our QX results. progress I made think on you we’ve see in that can the that,

continuing we’re comfortable the backlog efficiency. say and been are labor down focused the path, in so that on that on where and and terms things I we with would around focused we’ve And we’re equipment of margin, on we’re in

we’ve QX. moved that direction think the And on saw again, I you positive in

think progress ourselves. a yeah, achieving we for goals world, now we’re making those on normalized in So

Alex Rygiel

Last question.

how may of benefited more up a prior have the here civil first traditional As quarter margins nicely dredging Can quarter versus construction activities that in segments, XXXX? first versus heavy other talk you it the relates to mix picked mix bit the between and quarters. little the about

Robert Tabb

improvement about comments. by indirects. the quarter. dredging utilization. in really, saw margin We from what year-over-year of that in driven the margins, that equipment little a was bit in was But the the in touched increase up better A drove chunk on I good dredges. was Yeah, XX% substantial

of were projects labor the on projects opposed labor, work then being to on we the unassigned to assigned had sidelines. And things, side as were people so to who less on hired

So being really is it story was indirects. - really the a of driven by story

consolidated when you a the increase. was overall And year-over-year revenue marine look concrete from and saw at standpoint, margins, activity flat

margins But for the made better We So indirect up costs. level, the are. of with carried we see a expansion was larger but total preponderance share where did of really the margin pleased by project we’re business. overall, at it most

Alex Rygiel

luck. Good great. That’s,

Mark Stauffer

Alex. Thanks,

Operator

Thank you.

do line have Fratt, for your the I is up. of Poe follow-up a Fratt. from apologize. do - One follow now We moment end have We Poe reached our live please. your

Poe Fratt

Hi.

lot then to quick or in for Did Texas, a general, you Did companies just particular funds consider for? and see a you any is like those Just paycheck qualified that seemed in seems you question. apply benefits? It construction allocated you or did be a consider that protection that, of that. something you of the program towards didn’t -

Mark Stauffer

be looked Well, we everything. just at to prudent,

of liquidity. - on and to make doesn’t that. apply were so about us, not coming sure focus the It to our into focused details apply PPP crisis protecting and as cash we unfolding - this does we liquidity was to had looked us. earlier, As the was The at talked we

touch But to aware programs, through we that the we at that. of Robert them this. of us. just that in don’t that rest certainly available The think were have may options Main case. the be a details going been at of that’s all have looked I’ll looked as Street necessity for we We But on lending

Robert Tabb

we a take it. Yeah, at of all look

you the program, think than XXX less I PPP have have to employees.

the we X,XXX eliminated as Street and to time, of the banks. out. well. maybe, employees, operations continue to in this current our an Down think with best to lending option, that work is but squeezing particular is with that’s banks bet program, so The We be looked out point could our road, at Main our work closer liquidity at We’re bet. the that best

Poe Fratt

Great. Thanks.

Robert Tabb

Yeah.

Operator

Thank you.

session. end back the for closing comments. or our the to I’d question-and-answer turn over of reached management to have floor We any like further

Robert Tabb

for next in We look thank everybody on to August. and up forward call catching us, we joining the

Mark Stauffer

well, everybody. Stay

Operator

Thank you. That does conclude today’s teleconference.

disconnect You a this and thank for at your participation We time, lines you may today. your day. have wonderful

Orion (ORN) 1 May 202020 Q1 Earnings call transcript