THR - Earnings call transcript Q1 2022 | Thermon Group Holdings, Inc.

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Operator

Greetings, and welcome to the Thermon Group Holdings First Quarter Fiscal 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Kevin Fox, Chief Financial Officer. ahead. go Please

Kevin Fox

filed Good Relations fiscal Brock. morning thank for available has you issued X-K on Thank is of and first morning our quarter today's also been which release, XXXX earnings the this the conference joining SEC an Form Investor you, on press and with section call. we Earlier website.

conference Events, under our QX at News IR Additionally, Earnings found XXXX. the IR be slides call can for Call Calendar, this Conference website

discuss will Generally we During items that to call, the conform not some Accepted do Principles. Accounting

with for items may have our remind certain reconciled of quarterly to annual in reported the We These considered you uncertainties report as make measures and GAAP Please impact GAAP. the measures in with that information risks statements, press accordance substitute to earnings forward-looking and tables those including non-GAAP like results. statements end of filed to the SEC call during financial addition recent to most should refer this be our not in comparable company. performance regarding our our the at could that measures most I'd forward-looking future release. the for more we and regarding the report a

and except a Bruce differ as Officer. contemplated Chief President opening comments may result no statements be and of to obligation we the Our information, materially we as from will actual whether With by that, new results developments Thames, undertake forward-looking Executive required any to may those these from otherwise, or statement, turn forward-looking by publicly law. future our update

Bruce Thames

additional for good We safe on call Fox, our financial conference appreciate morning. health. following We CFO, Thermon. to good hope performance QX everyone you in interest and our provide remarks. in here staying Kevin, is joining our my your details Kevin listening and you, is Thank and

fiscal the which XXXX. year. first the cost of strong growth on SG&A Gross see of the quarter to with in an XX% level pleased delivered to We margins adjusted we're fiscal in of basis. business the a quarter year-over-year reflected very realign the results were to quarter down order results. expectations team a structure for of pleased We're quarter, with the our the in to quarter the was the the over incoming now XX% to XX-month reasons. with top-line efforts first a also XX% start on particularly results Overall, the in fell below growth QX basis Turning number year over pleased of trailing and XX%

shortages absorption labor the disruptions negatively seen we've First, impact and quarter. the and supply chain in volume

combined we issues to has the have quarter. team price These higher and/or and tactfully supplier inflation often impact to XXX as points gross margins dynamic unpredictable seen negatively material due by approximately environment. substitutions managed costs the a material in basis and Secondly, in

that from or delivered revenue EPS Adjusted prior year have costs half the demonstrating from $XX.X positive have gross XXX% anticipate. year. seen actions increases offset were in a on XXX% EBITDA, quarter. of a late impact disruptions begin and the enacted the lower strategies we was in chain late margins, to in front seen a We we've address fully in note, share per the prior and the $X.XX with and combined have will As supply labor can QX quarter, leverage team second the up material these in operating put share, believe this place very in in these QX adjusted almost real strong Despite the the quarter. million to year $X.XX up price on progress in $X.X million

in I'll we note Just cover presentation. the to growth. strategic our detail drive invest later in here, initiatives more to continue a this as in

cause a now late began year optimism. We're in and our of of QX markets. is discussion positive fiscal cautious Turning in XXXX end momentum to that markets for seeing end our

While improvement the we positive year spending returned of our have not turn of yet XX% in North signs a to maintenance over prior particularly business quick quarter QX as experienced pre-COVID is America. in activity, levels we showing recovery, solid

to X we chart a look As of the the presentation, would key reinforce Page couple like on I of to points.

end and oil our of of XX% the roughly outside sector. First, markets gas are

markets. these Second, With is end XX% bridge the and tied markets to driven now power The of as growth by petrochemical, than a revenues. gas and sectors markets middle greater robust upstream our more economies. the emergence oil, are of class our the XX% in fuel, much chemical, natural of outlook than petrochemical which chemical just natural developing the gas across being represents power

a capital year execution, we on this for capitalize projects low, in shift investment seeing biofuels and capital quotation downstream well are evidenced of in activity fiscal decisions, positive in projects in currently over planning million we backlog. a expectations positioned numerous have our While also as with moving stages final various With particularly and are petrochemical downstream spending been $X by projects sectors. to capital toward number the of to

multi-year food we in significant coming years. time, projects North such and this opportunities approximately our beverage backlog favorable see potential more addition, America. of as rail to transit, diverse related in with and In transit commercial At in is markets end growth XX% and the

We a infrastructure bill Congress, if tailwind create in to in expect sector. the currently this passed,

X of to presentation. Slide the on Moving

year a have growth year-over-year. of period XX% point we orders period quarter inflection X% trailing on the a down basis, prior book-to-bill from the month up and backlog the XX% positive in in While XX with reached resulting an year over prior

quarters. sign building natural fiscal positive Texas beyond initial and execution along the of advance gas in heating next also and Uri in projects, XXXX. effects translate and that quotation We're later capital beginning begin in in customers in move cycle note, Increases in fiscal in repairs a particularly as positive into could in winterization storm likely some falling capital Gulf book-to-bill larger sectors five year a positive activity, season. the year with had to bookings the emergency address be will Coast a have the the power of a last is seeing very we As six winter that

passage year for Bill Senate more fall would Texas gas power and to quarter and now CFO, we results. now a State winterization state over to X of I Fox, maintenance the come. the detailed the natural law, positive into provide infrastructure, of this to expect mandating to of With years to activities our hand it and like Kevin? a Kevin financial review impact

Kevin Fox

the the our to to maintenance a year. see maintenance regions is we both was in by with $XXX positive got We believe constant in are of driven XX% in increase basis. in and Revenue a a in quarter starting million, XX% quarterly FX deferred expect spending while among finally an were QX. up in increase great a tailwind an continue basis. revenues Thermon on growth spending, Canada in. million increases project the the customer to the in was kick $XX.X seeing revenue And Bruce. most year. to off start first this Trends currency on Thanks, XX-month are through and we the maintenance region US-LAM versus previous trailing with was uptick

make led but certainly albeit by continue be India, lower progress continue QX. volumes the APAC, least, to EMEA, which in countries margin in not delivering we projects particularly restrictions, COVID on to Last, in impacted content quarter. lower to of Some larger relatively in business

QX in any Our during while supply benefit pricing and Those facilities. the costs summer we business that to of start this year. and quarter, changes price expect manufacturing in to exception. offset increases see for And and our in late along is should announced. typically didn't we increases fiscal seeing the results believe chain them impact we the passes the We been are our the no remainder year have first rising

impact were current there variants still as quarter start historically this decrease stabilizing may customer revenues. economy, on future XX.X%. or Commodity levels a to global last year this While year's the spending be margins around the suit. we investible uncertainty Gross are and to is following view XX.X%, promising have for that our a COVID versus prices appears around the and

As higher securing having lower one, shortages; manufacturing shortages factors and overhead. Bruce to led for delays; compensate was the under-absorbing material cost increases All in certain previously to procure shipping utilization hourly materials two, by labor challenges manufacturing three, raw decrease driven on mentioned, to three cost or and due to locations.

customer continuing congested rates. response On fixed projects mix and to Feedback a attractive. inflation and the book margins planned for turn factoring the positive material materials Quick within From side, quarter. imperative I quick and input overall two that in based, although turn suppliers. we are were reminder, a than less mix impact previously to This to continue turn which Greenfield, in base and of larger we This and stable levels. within of to XX our the points in price versus due fiscal we've of are was mix the to versus on installed our to represent see reemphasize as back business, gross are the projects indicates rolled this a the ship to than approximately the perspective, our expectations. our quarter, headwind the slight Greenfield improving but broadly, to company. have chain growth and previous in weeks one, earlier remain And time following a is in price accretive mix yet global quarter, business. sales build portion for actions: current scope. not for strategic headwind out contracts this and in that our field profitability margin as basis quick lower XXXX XX-XX, revenue our were smaller an made not want as the XXX the in larger the rate both business higher example also larger year's taken that within Typically, because typically of us period our increases the legacy a of MRO/UE the In project increases the XX supply up mentioned, compared have more is projects global is business, from rising a and costs

Last Second, standards. to jurisdictions appropriate talent versus on approximately we've supply are continuous $X labor safety improvement and downtime quality and in adjusted certain but we the to minimize targets our this believe not the proactively where track. in materials we've attract plants. key reviewed to continue secured market and year rates we for annual that raw some manufacturing so of And can million, third, our least, maintain remain needed our

SG&A, presentations later administrative and general you'll now in cleaned today, named general up changing see be figures. expenses we've and as SEC engineering in our administrative XX-Q the selling, marketing, the to and previously the to For account referred reported

slide. separately on line its compensation to will any the present was the depreciation line. of to or year. mark-to-market execution basis, approximately In is million million, a below QX that from forward, Going XXXX, the we as XX% the that also see deferred about the account previously presentation average we comparison this SG&A from reduction SEC volatility period. cost-out the offset We we believe deduct benefit $XX you On have given indicated will from XX%. can million expense a year-over-year the per SG&A we from TTM non-qualified $XX the for or a get Ultimately, SG&A $XX.X quarter nature

investments we of a driven as plan We slightly year, by cost So the our execute through as on gate, primarily the expected. more for out ahead was travel increase we reopen planned strategic are initiatives. to little and and economies which

XXXX continue average $X.X XX.X% improved leverage. were we EBITDA the line averaged quarter. to and right EBITDA flow expenses margins profitability year. in the in cost XXXX, Incremental the are this side gross weaker at growth We historical as the of positioned of ahead EBITDA significant margins, through page slightly fiscal and in of in volumes business has combination XXXX will QX sales. of Even drive on management fiscal million adjusted is operating despite disciplined from to start coming that top so closely XX% improving resulted Adjusted to cash our is or XX% QX almost the ensure increase. with to monitor Adjusted has

improved move the dollars $XX we a to with $XX debt EPS the were expanding. of the quickly will page, profitability turn press couple the year, highlights quarter over repayments the as we bit we outflows. be year-over-year of continue due but of but our performance, As ended to Reconciliation we margins adjusted balance through expect was in million, that mind, management to and down quarter. QX from the expect per highlight up A Not the declines for at wanted period the TTM Cash are to to EBITDA to share at $X.XX sheet due no $X.XX business increases for GAAP and share. just post optional reference. in adjusted flat per tables EPS year-end on release provided flow cash quick continues the year-end. on quarter in Inventory we seasonality and versus million. is weakest for made first typically We top associated March

we EBITDA. due this at adjusted last would increase the so heating year. to slightly we Net to reduction million, of XX reminder, X.X months. build significant of the due EBITDA year-end X.X $XXX the this improvement down reducing paydowns the in the times versus season, a sequential generally over half As year before our times, to in inventory a next from in is the expect point last quarter debt now again is optional to second Total debt debt advance adjusted at

We and Free opportunities allocation in expect quarter in of business continue the future the we quarter, standpoint, be for CapEx we recovery continue believe quarter normal free we to to a range the $X under growth positive million was in less was as X million continue hold. flow. with consecutive the deliver in to operating should cash cash balance we X.X annual in a conditions. From capital as flow inorganic our to times XXXX evaluate than as maintenance. And positive XXth to fiscal business. the reminder, potential takes a $X.X investments was

deleveraging is of vis-a-vis a sheet. to activity. potential and in the to the start pace believe remains top the debt inorganic priority spending drive timing of the to opportunity balance Overall, the and strong Customer of year we maintaining year the interim, importance value. continue in our through shareholder us of a paydown monitor the any ahead permutation, positive will for returning. We any Optional in illustrative

significant we We two operating believe next the are proactively managing over is there continue within our to the years. three base, and business cost leverage to

on our back Now long-term update goals strategic it turn I'll to an for Bruce initiatives. and

Bruce Thames

Alright. Thank you, Kevin.

events transitions and the decarbonization, on accelerated our strategy capitalize the and of pace have toward moving globe recent revised management major at With the is the to underway. which Board some the

on by topic Thermon focused electrification recent a positioned Conference result, lead paper our industry to of this the Europe the as at and As is highly is on effort presented evidenced this the PCIC June.

X. Slide to now Turning

markets move for we core diversification end addition maintenance we As to growth, and in of technology-enabled see key markets developing forward, as drivers growth moving forward.

is In we of addition are seeing increase our our double advanced smart new diversifying We're these and product first solutions, over the XXXX we committed years of with as outside the as Looking we With year To expand the end troubleshooting transit remainder halogen promising the new relationship growing our oil market revenues the food introductions abilities and base. commercial that forward. the to heat are product products space historically of goals sectors the zero other beverage. the software have material log are business and a here one recurring area significant and significantly believe heating new commercial, driver for fiscal sector. of as order situational that two addressable recurring capabilities, and Our from to maintenance. next with five touched our to greater creating remain XXX-volt further These growth and year markets platform. the second Examples network our objectives, nine with our such announce of markets from with heat as this development opportunities fiscal generated tracing customers the new awareness revenues for control to XXXX. customers enhances heating include gas to Shown end technologies predictive $XXXmillion include will quotation growth significantly identified Diversification for XX% that well rail this science. installed improve solution and reliability solutions and network, while this achieve alone opportunities than targeting market. are in safety, while We IIoT we a have going EU connected well as end of by applications and smoke received for to capture in new strengthen commercial tracing efficiency of in forward for excited our a low investments our Genesis revenues order,

on positioned of well a business capitalize that Going the forward, pleased realignment with to recovery to appears are are be we the underway. and

business to the inflationary are We and now focus on the increases pressures offset improve of driving will profitability further maintain price experiencing. improvements to a overall the operational we laser

are holding drive SG&A expenses in cost savings the million $X fiscal this year. EBITDA to line meaningful margin while committed delivering improvement in to through We continuous expansion on

COVID-XX and gamma are variants of growth. seeing created uncertainty, delta is the level visibility the an business, While ongoing we across improving solid demand and

we As million range million are $XXX guidance $XXX raising million a markets. of end XXXX seeing with to from of conclusion, year the for and million for a pleased a in the are we the In we're improvements direction year. of $XXX our result, range to $XXX full fiscal revenue the business to

long-standing combined relationship flow the model, to our business through our to cash customer generate proven strong cycle. unique demonstrate ability continues Our and with

the repositioning and our this of talented very create markets strategic committed to operational a business back on both long-term to growing I value Q&A now on Brock, our pause Thermon serving this markets customers, initiatives, focusing grow By our team have We to – remains to that like our profitably shareholders. positioned the for while to end capitalize moderator pandemic. our emerge well end and call. for turn portion is over turn customers and as would to from this

Operator

Scott question. is your Securities. Graham Instructions] Please Rosenblatt with Our first proceed you. Thank question of [Operator from today

Scott Graham

Can hear morning. good Hey, me, you Yes. okay?

Bruce Thames

Scott. morning, Good Yes.

Kevin Fox

Good morning, Scott.

Scott Graham

Great. a sales real margins. congrats in nice upward with Well, nice couple a questions of on and print orders. here quarter, on both have I pivot

were the their at the tell the one mix, if that us but or and tell least that gross margin you impact you the of or point disruption, unpack basis Obviously, the was three by of tell little in impacted the or I which said Bruce, mention issues you margin materials Kevin inflation. four bit kind wondering supply which hit things of was a least? of were chain labor was you can us us can that at So shortages, kind the top, gross largest just the if didn't worst,

Kevin Fox

can Yes. is I the some with want we of to color the we blanks Kevin. Maybe This and start can. quant off with some fill if in

the – think chain it the on others points Between anything we material the that, that XXX I factors. largest I to about XXX when I and points just think looking also driven Bruce highlighted. than that more was – headwind, related and about supply maybe those of of wouldn't at standpoint, year-over-year. cited necessarily mix highlighted have you projects If what the those about manufacturing challenges, call the think that's basis there's really XXX But the basis we by

continue thing is about well. think points All highlighting more that look fully the sequentially between there Margins well. as the instead and And So forward other that's told, bit year-over-year. to is XXX increase that's you relative if mix actually about a back. backlog of little probably maybe we worthwhile the headwind as

you that XX the you consistent color So I something historical reported think that bit gives standards. get how to little of looks a maybe more from hopefully, with quantitatively, of

Scott Graham

Okay.

about whether that's chain So was of anything? it the materials I was they it minus whether I what supply call you all mean were or meant? same same, wouldn't inflation, kind labor the and equal or of out XXX Bruce's

Bruce Thames

contributing first the labor were pretty I They're one the of say – shortages would probably quarter. factors evenly, in larger

Second material disrupted that would production. be shortages stopped

Scott Graham

Thank And a sort in well? of as labor that little was also inflation what separate? Okay. do to reset there pay Or labor you a you. be a within this there of shortages, Bruce, that is mean that seems bit

Bruce Thames

how manufacturing address That's we need we shortages That's for labor really caliber our operations. talent basically really attracting of some of in separate. the

Scott Graham

the interesting. Got EBITDA these these to impact at then XX, goals do your going XXXX. like new impact – A, XX% I it. least here, that? given to on I I've get I your think ask if just a margin long-term in to want you back said to getting long-term to do think number. And factors wanted right think I focus goals value long-term B, I – creation

Bruce Thames

would Well, better fiscal first, EBITDA get That leverage did longer-term correct. be A, those looking on year comments, on margin you I my of mention business, is our our into couple really goal the a are times In to objectives. for XXXX. incorporated expansion. And

in on where And goals the to so more those look where this the sharing place that's path We'll be embedded business fiscal to to of more to quarter, by really I and putting we next from really today are objectives. the in detail we and want forward clearly some show XXXX. pieces take year

Scott Graham

That's both. you, great. Thank

Bruce Thames

Thanks, Scott.

Kevin Fox

you. Thank

Operator

your next The is with Blair. proceed Brian question William Please Drab of from question.

Brian Drab

Good Hi. taking morning. questions. for Thanks my

First, gross margin. just on

a – quarter, half and these basis the point to Just be XXX will issues there to the the in first here, was think back alleviate related clear headwind those you in Bruce, year. said, and of a I then temporary specific

second least the half So of year? improvement model at the the essentially point first quarter basis for XXX should from fiscal we a

Bruce Thames

accurate. that's Directionally,

Brian Drab

Okay.

demand And then, Thermon legislation the about Okay. Texas. in more Texas to we've for Can elaborate – I you and in was been expect you that Thanks. on trying find near-term to information long-term? wondering you law or drive winterization if the how this could

Bruce Thames

Yes.

of gas was into So mentioned, the natural bill. Bill power of mandates a Texas funding. And there elements are requires infrastructure. winterization number and There's Senate mandated to currently as and early of -- underway. to they the rules look very to Railroad aspects to actually passed able the and I which X the Commission the all positive Utilities that And the and That's Public they've define also Commission be be There's requirements. with also drive drafts regulations. law,

And standards winterization will provides for while lower sell of so the also set it's order grid. has for into doing to new some the then kind draft, law the it essentially in so levels winterization occur cases. to of incentives higher and early to And mandates probability

We pleased saw will should infrastructure, this think overall, encounter February. similar really weather the we to natural of reliability gas it the the power improve direction. So lot events a future do we Texas we're and to what with

Brian Drab

that's some and So it form Or is has draft legislation some that all in form then there passed? still? is draft in

Bruce Thames

law The passed. has

but So – governing – winterization. it the has mandates rules Commission what from regulations Public and Utilities mandated been and Railroad the law established Commission the

And so that is in draft form. year. rules Those should fiscal the be not. this done and regs by, say, The have the latter part of passed; is law

Brian Drab

I got it.

would are demand is in Or which is tracing so is Or the recently the products heating the this here? And more you most thinking of cable? technologies? it heat it be acquired I more mean, some elements? of

Bruce Thames

It's of above. heavily towards It'll be recent all was tracing. weighted the really – it heat

equipment of other and our particularly. the personnel, heating well our instrumentation, but not heating for However, only be lines products a environmental as required lot Cata-Dyne, in Norseman Ruffneck will and

it's to are of employed broad a really really significant swath that future event. assets winterize So need for – to solutions those be will a our weather these

Brian Drab

and don't decline for was in sorry, that geographies growth say but Got in the the the tell you did then, you you it. – think us can revenue what this, And if did, or quarter? and major I

Kevin Fox

here. Brian, let Yes, get that me

of XX%. approximately the see XX%, Europe basis, XX% XX%, Canada a you from decline Q and plus plus U.S. plus today, will a APAC was later guys quarterly actually So

Brian Drab

much. Thanks very Okay.

Kevin Fox

no Yes, problem.

Operator

proceed next is Securities. your Graham The of from Rosenblatt Please question. Instructions] Scott with question [Operator

Scott Graham

couple there, else no so mind. if going I guys, is don't you was if you to more, one Hi a ask

Bruce Thames

No, problem.

Scott Graham

impact of percent quarter the was in sales? What – what was the the on say FX

Kevin Fox

It was about eight points.

constant So Scott, a basis. on it went XX% to reported, XX% from currency

Scott Graham

made comment of sort first taking the throwing I the And that in question you Okay, quarter get we about second Brian's half. – thank it the what didn't then, you. that guess, Bruce, to into and

– is I the wondering reasonable want of months the and of we lot come of control. have these enter half. what's supply a spreads as that that of think to maybe just put to assume Why the are more? you lot of disruptions that the stuff stuff chain that vast a would out more yourself your to you majority of back cure why what kind out there out you. I'm that a they'll three sort it second essentially in time Is need little bit to would

Bruce Thames

made comment significant feel factor is is addressed in labor I the which largely one reason the The QX. were a issues, we've I like

chain that right disruptions unpredictable. some the of You're are supply

that control, negatively so, but are offset or beyond increases And they of those our in more that things should offset comment will year could effect our the the we there basis. and future really have was that are my half than back take disruptions any price even impact cost

Scott Graham

Got it. And one last then Kevin, for you. maybe one

I So backlog gross the quarters. seemingly of up last, margin, each with the couple of the think,

impact the of it on switch of margins, As there to margin that that are would whole total Greenfield me the out I maybe at – we start they're know as the percent to starts But do Greenfield to get perhaps the to backlog ship margin be a higher the even of if smaller thing. – seem that should reduced. in projects,

gross in -- should is the margin gap that me? Or just margin So an give a actually the – in Are that? issue offset idea margin following you us of maybe is there shrink?

Kevin Fox

and higher as on changes they've they've Scott, the – in basis, right project look external before, of or of the think, you I but really, filter really to path than from you, backlog a in think get when I over that if kind over talked you might quarter-to-quarter following been I margins time those you're philosophically to about some mix smaller but going have year-over-year would own they're am and a before, too, on projects, the quicker as margins as accrete at time we those to forward lot longer But projects, maybe within period. the your you've they we've a a be If point think in. question about it's difficult they think it's mix executed also If might larger it's answered period. some I kind standpoint. an

give P&L of of the year, I concentrate mix of larger to through try the we much and as the But should as we with think positive end the, about that kind execution inflecting phase. mix as be the some we within the can. think margins on towards So, and mix closer color the get those ultimately, as the we projects

think, a there's a dealing think timing. just we're uncertainty specifically to and all tailwind. still around I So, we another ultimately, supply as of But factor of moment. alluded chain a it's your others the belief question that other And are within the lot that's that with I at

Scott Graham

And last it. my is one. here maybe Got Yes.

you have guys not but maybe extended, MRO work tough particularly was been the to your at downturn, bit little just earnings So side. just trying a even internally on what very a hard and protect

Now back-burner we get that to the pipeline this with where are because your start M&A rebuilding now? acquisition bubbled kind process little managers you see M&A that that bit daylight Do of you're back up there? that? of – business And from – And kind stand M&A during up or I'm start a pipeline kept have or has you do already you your the sure the of of to a rebuild more was starting we to do priority.

Bruce Thames

been pipeline, in sheet initiatives diversification We've see M&A be we year. of our of and – the fiscal at of in that different end throughout looking recognize this the of some in Yes, great the is around our really Absolutely, strategic place de-levering actively engaged markets. as to a light at Scott, particularly this balance fundamentally that's a we end year, question. going

able in going are that at back be is of position that year. we'll and recognizing our some our to looking inorganic on half opportunities. be And really this different to And of fundamentally execute more growth much the so, we

Kevin Fox

on tracing, well as lot a kind We've and build for what's the out of going up kept us heat factor. more Scott, about process And might if – certainly relationships of always execute. of opportunities we the I as sheet market heating, there just was There's just balance not there. is with I on. that the fragmentation think to limiting think I

an and the in balance future. Bruce in hopefully engaged and certainly we're So of becomes sheet that more as conversations enabler said the

Scott Graham

Appreciate it. you Okay, thank my for answering all questions. both

Bruce Thames

Thank you.

Kevin Fox

Thanks, Scott.

Operator

turn to like at this questions additional Thames the I'd remarks. to call no are Bruce for back There time. closing

Bruce Thames

your Brock, the of Thank and appreciate today. rest call support Please Thermon. joining of for day. you and the all you, enjoy interest your We thank

Operator

conference. today's concludes This

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

Thermon (THR) 8 Aug 212022 Q1 Earnings call transcript