THR - Earnings call transcript Q2 2019 | Thermon Group Holdings, Inc.

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Operator

Greetings, and welcome to the Thermon Group Holdings Inc.

Second Quarter Fiscal Year 2019 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Alexander, General Counsel. begin. may you you, Thank

Sarah Alexander

Form Thank at you, conference in this for today's section SEC and which on also the Investor Good We issued morning, Relations on the the after of this call. rebroadcast call. with www.thermon.com. A will release our form been thanks and call an retransmission is conclusion today's has any Thermon. available also be redistribution, website broadcast expressed the of joining is of filed property Christine. X-K the replay of earnings available of morning, Any press via prohibited. written webcast company the without This or consent is

do our During and these which include update materially subject to not statements today. comments unless statements, views they're We results so actual forward-looking from laws, intend may securities this the under applicable expressed required to to call, differ are may do our uncertainties. risks and

XXXX. Some our in of SEC. also these risks you release like call with statements on are to and that We today's reports quarterly and to intended the would made advise forth filed press the forward-looking annual all have the been among performance, Safe of set in business. within provisions fall and other Act may synergies profitability, various leverage Securities growth, others, aspects revenue our statements of Harbor Reform Litigation of our the outlook future These include Private for ratios, acquisitions,

that discuss items also we do conform the During principles. will accepted some to not call, generally accounting

These Executive my should considered over in and performance end measures measures the for those President now, We to, GAAP. financial tables to and GAAP Officer. measures Thames, our not at items the to call the be as release. Chief turn And to a the press reported accordance pleasure with Bruce have substitute of in addition of the it's comparable most in earnings reconciled non-GAAP

Bruce Thames

interest conference XXXX Jay call. you, your call CFO, thank me and fiscal Sarah. conference we me have second Jay our Peterson, follow joining details financial our all you continued the and quarter. And in and Thank will Thermon. everyone, for joining for the present our of Good Today, on morning,

Just start. to

XXXX see to EBITDA, of industry Heating Thermon XX-month this positive adjacent XXXX The XXXX. improved to the into we seen fiscal well. accomplish investments and We're oil our large saw into fiscal adjusted was directly results fiscal operating a $XX pro been positive forma We've true for barrel basis, addressable the market, we continues there Systems integration potential our business. made downturn expanding second and share. trailing called Technologies, translate half during Thermal CCI beginning market by progress momentum $XXX continued into not projects now offering. level On We of when since has the that impacts markets a The THS, oil to generated a now or million able very see the in in sands this continued underway. differentiating diversifying and were to of

and generating capacity savings exceed consolidation original and cost the full plan. now facility operating meet production Our that complete, at is or

acquisition. Margins Hemisphere leverage case at projects. to in on financial $XX.X and of a solution largely to for XX.X%, organic content finish Hemisphere exceeded Heating in million Thermon by expanded revenue, were a a on included volume Greenfield up saw in that originally the of XXX in higher that spending our FX. these channels we with market $XX.X Systems to with Inorganically, declined efforts expectations. Our for against acquisition. growing sales up the generate with are revenue maintenance our with track efforts, synergies pro combined growth also year-over-year year-over-year and justification with due forma X.X% beginning not quarter the second excluding XX.X% difficult base Eastern million drove strong comp, growth Western points basis were labor very higher the the outcome mix an basis initial The of Revenues

was we in and flat strong to any for in at we impact the price margins. believe business on quarter. look at the we Systems in burdened EPS continue associated $XX.X $X.XX an tariffs fully EBITDA saw $X.XX incremental on contributed a in share quarter XXXX. the Adjusted quarter, GAAP compared increase business, $X.XX impact a increases a will share inflationary the of Thermon to at adjusted volume The the share As overall growth gross of of when XX.X% Heating share fiscal with debt. EPS offset adjusted drove $X.XX the a in million the EPS

period. we debt-to-EBITDA While and the to a Since X.Xx an to flow payment see the lower slowed positive XX-month X.Xx pace, been from acquisition, net has drive onetime of the growth net EBITDA business over continue the cash reduced a debt-to-EBITDA.

to to balance period turn for X% the quick organically XX% business well reduction sustained a and prior on up Bookings grew the sheet recovery. capitalize with the opportunities. ensure to business investment on continue focus will maintenance quarter our future on debt We year-over-year positioned year the is over

down from XX% incoming trailing health XX-month $XXX a Given lumpy key forma the metric trend pro are continues business. at protracted XX were the in projects, book-to-bill to an move $XX.X and bookings a of trailing year-over-year finished organic for $XXX track million, believe organic quarter. normalized backlog the million. in business Thermon increase more the backlog resulted toward and orders of Systems for XX% months XX-month overall the the Bookings We order materialization a of the to a Currently, basis. quarter of of the quarter. rate on the as XXX% in incoming The Heating million, we for seasonality up X.X% XX- book-to-bill use to The nature resulting and XX-month the a at period. a

the with exception is the of for represent tailwind sands, balance oil believe slower to investments Canadian also have been of fiscal market though upstream that a We From a our the improving should develop. larger year. this perspective, shift

that Pent-up XXXX. Asia demand Canada growth move contracts in maintenance the we number seasonality continue in of active as moderate led and half see petrochemical coming continued the and expansions Geographically, showing natural and spending. gas We continues of America Nuclear continue has fuel cycle pipeline multiyear new choice to seeing overall drive price spending and half in projects online. first power awarded Eastern is sector. robust help BTU, fiscal transit in and fiscal globally. being a North some forward continues pace. are in generation. strength chemical be America that Hemisphere, the our anticipated Combined of steady, the projects in at fiscal the XXXX. upgrades life second we fiscal Transportation In gas activity gain maintenance America power by has are to energy seeing and related for XXXX, XXXX of led in single-digit with through to show North this pace in U.S. momentum to growth and and are reactors North backlog oil in We're project the the to to extension, projects improves the in the began to been continue as with larger see the economics and across largely the expanding see strength the projects. We of between sectors investment slow, and per improve differential petrochemical chemical

expect third into continue our We this to quarter.

invest in execution continue to of to capabilities and technology We R&D expanding roadmaps. our accelerate our product

safety, system solutions This new launched we This the addition multichannel the quarter, provide for IIoT-enabled hazardous range in and efficiency our to ability latest the platform. heating improve of comprehensive Genesis use purpose-built the the customers' leads globally. to to areas control process is harshest and our reliability industrial environments industry in During the of operations. information

Looking four new balance product of forward, we this year. announce will launches the throughout more fiscal

first remains are allocation focused but we strategy. as debt M&A well actionable reduction fit capital near-term towards with the of our number a opportunities that seeing Our priority,

strong fiscal for increased pleased four we're positive level the our to balance half momentum begin year. over The has of XXXX quarters fiscal very the year. the with last confidence a first forward, of the Looking sustained

the to to original guidance X% million range no XX% XXXX revenue result, a And for million year, $XXX of up increases M&A is while our revenue the XX% our to the year, XX% traditional over are tracing the revenue from details our to Peterson, This projections. As to $XXX Heating Thermon overall XX% fiscal of fiscal CFO, these Jay? Jay fiscal to over turn guidance forecast performance. of for maintaining for our QX for call financial to the range XXXX. a in full I'll heat we now a address change to comprehended the raising business Systems. XX%

Jay Peterson

guidance of start off will to I Bruce. 'XX. for fiscal results you, year then review discussing Good updated turn a and Thank morning. by QX our

off, orders. First and revenue

digits an and decreased revenue revenue Our quarter. over contributed in forma of XX%. quarter, grew this positive our for consecutive that's by by the a prior FX on increase double signs fourth to And currency revenue XX%. million basis, year's organic X%, quarter. quarter revenue approximately constant Organic M&A total organic we growing revenue the pro of past continued our XX.X%. by the totaled grew and revenues, $XX.X In with a experience XX% recovery

In basis. increased pro a X% addition, on Heating forma revenue Systems Thermon

orders million for basis, XX%. revenues, totaled Our in was comp. the large was a 'XX increase XX% organic million grew whereas $XX and $XX quarter pro XX%. forma for Total difficult MRO/UE And of in the XX%, orders THS of especially prior orders by a mix QX Organic for QX July due an X%. transportation an for of made totaled versus declined on to that order quarter decline this Greenfield

year backlog an of $XXX that's 'XX, XX%. million orders $XXX September fiscal ended versus at September Our as and million increase of of

grew basis, X%. backlog the And XX%. for on a organic book-to-bill the was by at declined quarter backlog our X.XX. THS And pro forma by Our positive

basis of by Moving Against Total margins on declined comp, basis. margins. gross our and to were XX% a by grew XX% difficult points. margins revenue GAAP year prior XXX very a on

have our pro have declined experienced margins a X%. lower and operating cost a expansion total typical Core of were attributable quarter, pass operating upgrade these we versus MRO/UE higher And SG&A, the we $XX.X of been to in prior dollars from by totaled And and high Our tariffs, that and labor. to compared recent And mix able is the million mix due margins. organic declined Heating Margins million corporate to expenses a is to that to than amortization revenue. $XX.X slightly Systems pro to Greenfield while for And a grew our from forma margin a revenue. basis, increased that on due On note $XX.X an increase increase to our Thermon largely increases margins X%, basis, forma million pro forma and core XX% by of the in increases XX%. million customers. for spending along expenses. $XX.X our this intangibles excludes depreciation next, year of or slightly

year these GAAP prior of XX%. as XX percent and interest with concurrent the related XX.X%. a the of this expense the increase EPS D&A, operating decline, contribute XX.X%, $X.XX for to prior And an again the decrease excluding Incremental of a And from offerings. amounted development and spending amortization of to improvement And both quarter acquisition additional this CCI improvement were of expense to totaled basis revenue was research now spending and points earnings. Thermal. of Our $X.XX, that's October organic, intangibles related product $X.XX of was a to level of and XX% to in XXX year to future compared impacts $X.XX. quarter that's

any And share and In for contributed tax expense GAAP Systems Heating onetime will our this EPS this a totaled $X.XX and in share U.S. basis, $X.XX of all interest the on the incremental to a $X.XX growth fully just a loss further be EPS, share addition, $X.XX, expense moment. a as EPS, share relative the by $X.XX acquisition burdened THS was a $X.XX lastly, incremental lack to any less GAAP of contributed in quarter. expense. a share the Adjusted EPS year's reform $X.XX last Thermon relating defined share and to includes a recent a discussed reform. nonrecurring of again tax a contributed $X.XX interest EPS year to and The to prior total. charges due amortization

totaled or amortization annualized communicating of At an $X.XX going be we high present, the a quarter noncash for our will over share XX.X%. an share total that's trailing basis increase was basis XXXX. pro on per and amortization. statement. a $XX.X approximately million through this to adjusted $X.X million, the XX-month X%. revenue million pro and quarter running of expensing by after forma of EBITDA We level our are this EBITDA forward a grew of September a for due as XX% forma income percent comparison And EBITDA $X.XX quarter, or a versus noncash as past the trailing $XX.X totaled also of this expense tax XX-month EBITDA construct growth XX% on

the sheet. to moving balance Now

cash million debt growth taxes. investments temporary the capital most totaled time of Our reduction through to minority interest an business of in we optional September allocation $XX EBITDA in business. to the the lastly, XX.X% and is a $X.X of continue power systems X.Xx, period. optional million. balance the the of through net all in significant have cash within priority to X.Xx end October delevered debt-to-EBITDA our On repayment. our XX acquisition. net and at a to use And quarter And our was debt XX-month of reduce our debt, was for buyout at Recall, ratio The the

tax Our interest our reform, income by are earnings impact is like year GILTI tax. due at advisors tax in recent And the and XX% offer. our guidance. share. tax I our expense States to U.S. an currently with would the of The the tax guidance to this quarter United ability on specifically to rate Several potentially half various GILTI the write-off fiscal reduces working $X.XX certain points lastly, per impacted to our strategies XXXX exposure. we And incremental reduce tax

fiscal million at the are we year. guidance. present, for this to any M&A off, in not $XXX are top to First comprehending And revenue million this we revenue in range planning line be $XXX

However, possible, year. balance fiscal in the targets it will is we actionable have of this

balance like our to the moderate year, and over Lastly, back Christine? excludes this net the Q&A we to expect turn of leverage debt-to-EBITDA now to to reduce approximately would over our this M&A fiscal transactions. to any X.Xx Christine call session. I

Operator

Instructions]. [Operator

comes Drab from line William of the first Our Blair. Brian question with

Brian Drab

I gross margin. around guess, the probably is main question here

It that clear that the the terms that. the half for gross margin? I is, And the in you gross the need you terms think at. of be do are expect get would most important the year gross like of I consensus probably I the we looks on year where gross this what above balance to But, first of question this guidance XX% in do pretty you big for was out What is any the guess, margin thing clarity margin? you in on backlog of margin, have think, on, call? shake

Bruce Thames

backlog, as those just essentially year-over-year. Brian, see Okay. we we look at margins and have flat been

seen haven't can can mix quarter. a shifts. drive we high So this our mix We that just you did see in - that And and as content margins. have know, labor that in projects high volatility mix overall of big volatility a had

the year given also all of been expect accepted greater And we those in dynamics see marketplace. the of of And and particularly we've the certainly, in the the we start to improve. have heating we those second year. the forward, in a Looking would half price second season, the half impact increases mix passed should as to enter along that we

change increases really our I heating with particularly, in third we see think quarter. the combined So through margin through price should the the season mix improvement,

Brian Drab

Okay. versus in third comment is mean? the that Particularly what the that even fourth, last quarter

Bruce Thames

to due the Heating really the any and heat that quarter traditional margins Well, on typically, it's more Systems third both are the fiscal products. And the that's - tracing business. well even on in year, given of mix business and season the I highest Thermon pronounced as mean, heating applies

Brian Drab

XX.X% of is half year? I then, you question. seeing you are to the then should can mean you second that - answer flat Should you I fiscal What should as flat guess, half I what by 'XX that? Bruce, you and guess, expect we think at - look just said second exactly year-over-year? the that of the something And started above do Or margin did this Okay. you year-over-year, in

Bruce Thames

my about comment. margins being were flat essentially year-over-year. That backlog Yes, was flat backlog margins comment around were my in -

Brian Drab

Okay.

done up? guess, or the I you of closer range, gross when up, better can of, half to back is Is mean, specific in And points the XX in be are the margin I say in get which going year? more up So years you to granularity half second any terms to more into past? you've it there? basis in XX% XX%, of expect the on the any what they

Bruce Thames

MRO/UE, product on the Well, we which are and again, quick we turn the as item big business, a our look margin expansion. mix basis particularly, MRO seeing really a seen, we in can have best the is within at look what impact. But we as proxy have lines for line actually our

expect of the to absolute improves. as the expect be year. favorable number. would the relative will influence I can margins the But second increase that again, mix year, half But, to timing half I that projects fiscal of second this in So would the in on half first particularly

Brian Drab

Okay, didn't okay. you million, the orders? think, rate it of you catch LTM order level And growth and I I whether $XXX that was number, mentioned then mentioned on

Bruce Thames

I revised didn't supports our the forecast provide I take organically, have we But don't look and And that upward use this forecast really call. lumpiness the we out business. at just the that with as time. it and the projects look revenue our seasonality we as this at at in it, we've that to

Brian Drab

now, - impact purchasing Like Okay, cost seeing you just And last items the would question, be okay. just are the What is you tariffs. cost impact? for you're on? on that my then can exactly what the

Jay Peterson

to readily we along aware customers, our a do biggest materials not our getting they to seen is we those increases these to talk are and are discernible pushback. And, been we largely any of again, have from when customers. we Yes, have impact perspective increases Brian. stainless. The pass raw able And

Brian Drab

Jay, clear, buying but the by domestically, you be general, pressured is not up that tariffs China? buying from price that saying are to just that you're in just And stainless you're

Jay Peterson

Yes. It's tariffs. of the impact

Brian Drab

price, On saying? you're the domestic

Jay Peterson

Right.

Brian Drab

you're stainless not But - steel not - not buying sourcing you're from China? that

Jay Peterson

No, no.

Operator

Our next from with Charlie SunTrust. Brady question of line comes

Charles Brady

gross on of, to back on, kind want question the side just the margin, circle MRO on I business. the Brian's on dovetail of particularly,

even I mix catch a your was in know so But and why did down XX% the had XX% in that I the the a MRO part guess, in MRO, which was think of down? I at relative QX to ago the have shift comment, skews a and gross quarter but little in didn't down. QX, XX% margin And the content, sounds and year meaningful those you if missed I a the MRO it it it to at lines, comps, really with on I reason business, the going business in I in guess, Greenfield of prior the gross higher the look I I didn't like bit. really margin the labor along margin much so on margins improve business? and what's but that correspondingly that, have just MRO also

Bruce Thames

two Yes, the higher expansion MRO/UE a declined dynamics they due to and margins upgrade category. to somewhat MRO/UE Charlie, shift and slightly mitigate other. there's each within

is MRO quick what that actually saw the At component. increase that the maintenance aspect, turn in the quarter. And mitigating or maintenance last However, in MRO/UE, positive component. this an we call was we actually

that but a MRO/UE, So X% a is increase higher it in mitigated by is MRO - was mix towards margins. largely fortunately within it UE,

Charles Brady

ago even as a year was to that's it in in moved? quarter UE. the get just a that or Can context Can quarter of maybe that you versus to you put even mix put what sense MRO of how first

Bruce Thames

Yes.

We offline with Charlie. have take have you, that data. that to I'll

Charles Brady

go the correctly, I back sounds that and QX, pricing in of starting was impact here I That's second getting quarter heard And full embedded to on not I results, into guess, like we full fine. If that it are pricing. benefit. the the the want

So in price thinking margin the also quarter, that not the impacted that was second by is I'm maybe gross fully realizing correct?

Jay Peterson

That's correct.

the passed of have quarter. the late second full price quarter. They We impact during first in not realized increases on were

period our have of lot a with a XX-day channel We partners.

prior booked that at We also business and have was backlog, obviously, pricing.

margins. so better second should see year, a we realization And in of the this price half much

Charles Brady

backlog is fair? doesn't heavily is probably guess to the more quarter get given the coming repriced, would realization goes, versus I fourth it as price backlog that that of it's third then out and And quarter far the skewed as

Jay Peterson

quarter. But Certainly on business. project see in through come that we the third on the MRO, would

Charles Brady

that And being R&D I'm number. understand I'm - be from it. a said, That the one is as up, trying down? what's Got significantly, you we sense. should rate assuming really it Yes, kind of driving forward? makes kind of then, going - normalized and run was just and trying me finally the expense to SG&A this And expense down just on despite, operating

Jay Peterson

Yes.

big augmented position, the invested We're made is impact as and SG&A So and we've the there the now volume downturn that research growth can we've in I really and spend. that structure, have leverage to get during - mean, we begin management a we investments in development.

of this really the And XX%. couple next as our to so that's then XX%, to EBITDA percent are that drive over our and to that objectives a - continue and down historical to back fiscal range, consistent XX% with years of revenue margins growing

Operator

[Operator Instructions].

comes next Markets. BMO of line Scott Capital with question from Graham Our the

Scott Graham

okay? Can you hear me

Bruce Thames

Yes. Scott, morning. good

Scott Graham

is the ago the of like said the that read XXX So gross Bruce, basis. towards sort margin this help of you here something had for a in better I'm margin here points why And the because we've reported then gross down jump, that appropriate higher year-over-year comparison me through - non-repeatable year is Understanding, the backlog why the you on now not this of course, part did because a have could today. the we is has plus. that year basis really triangulate hoping but

think this you negative the than, Let's that call here. some providing Charlie that of really and that think, to examples the kind was the it but I the is as more alluding gross MRO XXX-ish seems what more margin or of of I - are comp, if shifted

year-over-year turn is with there. we've came the I'm you gross on quarter, guess, I backlog - margins going quarter talked up really certainly that about. a swing just Greenfield as But factor the in to into is you I'm understanding the lot So specific not of a in and that there quick give because

as like So the to low I'm I it was why as was? others, guess, margin having getting trouble

Bruce Thames

And a Last Yes. we Essentially, script. I actually quarter. in significant during Jay this we he earlier - said go in increase to year, the what we Greenfield, the his content again, said had a less back of what and have in over supply had the that were mix changed, significantly to total very know significant And labor has a volume The and and of projects impact design largely Greenfield. content. has little had those but Greenfield margins. labor

very so XX% impact percentage, those the a And they was the were was by were decline. the - as value of even absolute to smaller XX% grew material net margins and though our and

the see did within a by MRO the basis, seeing at margins. positive And year-over-year. are seen our signs front MRO/UE But, we UE on we - mix expansion the higher again, a in a segment. we've product So line margin of actually are margin

to as we quarter. expect us related. half And end So mix in of is that we confidence the increases as second more on first the price said, it get do price of the that impact gives largely it passed the were see the at we full some realization

And half of this see in positive of the translate that impact the P&L should through so we second year. the

Scott Graham

Okay.

that getting little I think really Bruce, here, was we're a closer helpful.

XX% of wrong heard Greenfield the please if I declining and, I'm correct margin you of was think I because me, the labor year-over-year that say content?

Bruce Thames

Correct.

Scott Graham

that's See, Okay. huge.

backlog the would without margin you be one and only lot answer the only up? the and the never quarter, If into margin gross the up question, question of the why lower up backlog that is, - be right. course, a the the is standing Greenfield, be shipped So was backlog gross coming another becomes, Shouldn't flat of then now? backlog backlog margin in -

Bruce Thames

Certainly, your Yes, essentially big on flat. swing. a a point. if we have shift, our the visibility see are backlog have should we year-over-year, margins, we I see significant based But

Scott Graham

enough. Fair

And Okay. fine. that's

would say? would trying half get we here, - is year the the of expect margin some that this think second I've of getting, last e-mails of in your half gross that to to you versus flat So I what including second number up, the been year then you are

Bruce Thames

would increasing. I Yes. flat to say

Scott Graham

Okay.

and would MRO lot quarter, have with look Now Can as that assuming like but a that but suggest there gross on I've that that was, - obviously, extension but not the - then know this bookings what here, already flat my - side. a don't point, this more I Greenfield I margin, well your if I'm fiscal fiscal belabored better, 'XX we pricing we a in if flat little base asking the out gross as up to are go project is shouldn't know of should sort you see but is - margins then here 'XX, - into to the that we I or bit, margin up, I'm as unanswerable?

Bruce Thames

starting volume. is and would and a and these more I our more we time begun seen expansion margin to I as anticipate yet, and some at where just inflationary haven't there becomes seeing the planning and tipping as growth. this would seeing enter many to important It had so our But see normally recovery in be early cycle, continued a tipping price than There project's our opportunities, some expect the getting 'XX. just - would in of 'XX. point fiscal for is feel where expansion of a in some point. mitigated like We're is we really we're this Scott, margin pressures we of order We've really the will say that we we to closer positive - the overall, fiscal we're markets. our look of that our in in momentum part at are markets, we point and

Operator

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

Jonathan Braatz

Canada in was Earlier project this approved. Canada, LNG up month, the

there's you Canada? may the in are of that next LNG about what energy area, And go-ahead, couple up market are opens the - the the see and lie of is, open is other projects going guess, suggesting additional some people kind some even what business asking And the really Canada? And are projects. Canada the you - years thing opportunities in do that I back that to same if for do - I'm get be additional of you feeling ahead you over

Bruce Thames

oil so in facility, helped are that. takeaway say, additions investments an the we significant oil actually of be gas we to from need we pipelines - capacity have some The But are have seeing activity. these rail Canadian seeing the is the Canadian some with the that to some Yes, capacity, those LNG on of trading lack improve been to a sands. seeing crude to due some constructed so sands. discount really increase takeaway the with announcement constraints capacity are takeaway would the not at There I of of the in

as soon do see the activity significant we of think see oil in increase that, we'll Canada. side I the in overall a

very and work is to we takeaway activity. the So is There capacity pipelines the ultimately, these seeing that on takeaway around gas of sands from to be oil positive improve some the some and, done really are side, capacity. rail still limiting

opportunities those that we when forward, in see so And see you'll move projects our overall Canadian for big the - increase business.

Jonathan Braatz

you. Okay, tax Thank okay. your question And Jay, rate. one on

everything tax the the benefits, will - don't assuming of the rate for your stays any the same get around remainder mean, same I remain Assuming you XX% year?

Jay Peterson

whether through the not XX%. at GILTI of the in able subsidiary anticipate be half our have books. or that example, structural And to for it mitigated No, some debt, tax changes, no. the on the to We for be our year assumes is books this second debt U.S. we

Operator

management at would for over this time. back comments. closing turn to to We the floor have I no like now questions further

Bruce Thames

moment They Thermon. interest for also continued call and great to for our Thermon employees thank Thermon All are customers take day. their I'd Have us And globe everyone, commitment like a the serving thank around this a I'd like to really the shareholder with our value. and for thank, your on creating difference. joining to right, in Christine. you, just that, today to

Operator

teleconference. Ladies and gentlemen, this does conclude today's

You may Thank disconnect time. for day. And this your lines your participation. a you at have wonderful

Thermon (THR) 31 Oct 182019 Q2 Earnings call transcript