CBT - Earnings call transcript Q2 2022

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Operator

Good day ladies and gentlemen. Thank you for standing by, and welcome to the Cabot’s Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation there will be a question and answer session. [Operator Instructions] I would now like to turn the conference over to your speaker host, Steve Delahunt of Cabot Investor Relations. ahead. go Please

Steve Delahunt

McLaughlin, also morning. quarter the Good me like welcome results and to are Last and Thanks we fiscal night, Corporation’s Investor I deck the of our second to section portion released Erica President; XXXX, and of Cabot Keohane, our that this With Vice quarter website you be year President accompanies Relations and Sean copies the CFO. of which with second Olivia. available for CEO would Investor Senior are of call. available earnings call our today teleconference. of in is The Relations the posted slide in the in will website. replay conjunction

our is operational forward-looking in actual those this performance. Each such to financial subject results expected from future that During we to Statements call, conference could statement, and projected statement. and will risks uncertainties make materially cause differ about Forward-Looking

In I with ESG. and in Materials directly areas turn the our of the regarding operating Investors and update call our most certain greater referenced the measure will we along are comparable measure provide available available the Company’s business some call reconciled these appears will on September our and a to we information XX, Additional ended of the we of night to review website. press an corporate financial to who earnings of in that order Sean, our the the provide non-GAAP will night, Any to last end will transparency refer financial now XXXX. and year our involve details. and measures results financial over non-GAAP on section performance, financial at second Company highlights issued make in segment adjustments release table last website. And issued results. SEC, subsequent factors, to Battery GAAP for fiscal which GAAP all discuss quarter release the in the filings, Erica regarding XX-K the on with in progress in are the this

will open questions. Following provide Sean. Sean this, closing floor comments the to some and

Sean Keohane

Thank businesses was excellence. and the the our to to continue as and up adjusted very leverage in quarter ladies second I’m morning, welcome XX% we scale, of compared and And you, same global gentlemen, today. earnings year. was call with results delivered our $X.XX, of quarter, record we pleased all share across last track Steve. Demand our strong differentiated the operational per which good a to portfolio record and strong

COVID-XX Chemical and operations While demonstrated geopolitical our resilience industries the events, volume discretionary Materials and material and costs. across Performance driving free cash flow across we very to the earnings record performance execution segments, strong, presented our growth, generation. businesses persistence were Reinforcement disruptions Results the in energy of strong continued mitigating of as global chain impacts globally, and supply we while delivered both with rising challenges raw

last continuing forward dividend our from to few strategic with bit quite share growth through repurchases. Battery about the Cabot. solely talked focused the during as strategy. of a represents completed now it sustainability growing believe have robust allocation quarters, quarter, industry-leading return we rating for we businesses. commitment a Solutions EcoVadis. over During finally on shareholders moved our on made quarter, Central important to to a a for achieved the on recognition, leadership capital the Materials We and and progress of the strategy I our And and front, transformational earning Creating to our important and portfolio sale Purification purpose Tomorrow is are capital I high-value while opportunity investments, we platinum

market footprint one of required global product from and formulation are regardless to roadmap of portfolio, as reducing flexibility carbon the to product have improve past and and carbon Battery needs the years, state. safety support of several leading nanostructures, solid look be which for process evolves address nanotubes different complex evolving required range, conductive that manufacturers costs battery will whether these of battery by of carbons, player has Cabot and lithium-ion been each technical rapidly-changing carbon the systematically and conductive Conductive dry building battery charging chemistry connectivity the the the critical and the out is additives global offers time. battery only ingredients carbon levels or expertise, while to we technology and Over producers. manufacturers. customer current broad additive range is shortening

breadth for our Our to solution formulate chemistries. of carbon the conductive to ability us customers’ blends tailor portfolio allows and Battery unique additives,

recent additional an free-up commissioned will we will in Investor Materials This capacity that Materials. in support at completed capacity unit April. the Xuzhou the Battery global triple our our next outlined technical over immediately years our investment conductive During three portfolio. we with of upgrades specialty network carbons Day, plan plant first Battery carbons to Recently, across growth our

growth for customer to have meet this This win engagement XX% in innovation momentum approximately in and We market top the this with rapid believe electric Results of increased business market of seeing to needs our In surpass is achieved efficient, deliver by blend of battery tailored the driven and the speed conductive growth This we and additive commenced carbon nanotubes. tremendous opportunity prior supports Year-to-date, innovation, conversion for belief our range the to customers. Battery carbon role and area. a with the key short additives we and portfolio execute our conductivity. continued five capture blends of EBITDA in we further technology our debottleneck plant compared both intend the as greater chemistries, blends battery Tianjin, capital to future in that to the is long at adoptions potential begun our also in from the project our conductive continued will projects expand Materials lithium-ion there our of by key have products. blend acquired newly to to customer through these are conductive conductive with a a have be for capacity Battery Materials. capacity optimization add China expectations. carbon nanotube further can projects year, will our We customers plant to range formulations be active Zhuhai, and that vehicles perform play in of with win a carbon carbon quarter, utilizing carbons additive optimize battery and and of business manufacturer

$XX fiscal year momentum, this our are for to represents XXXX. and guidance strong for rate EBITDA our million midpoint a the Sustainability of range of purpose earnings The we our everything we Materials. tightened Given is to heart year-over-year range at Battery integral do. growth to XXX% $XX million of

sustainability leadership. have that, that years sustainability we especially of recognizes with of recently various consecutive Cabot’s of a over better This places than is recognition with Cabot for business from highest A the second among performance. top companies for Given manufacturing to trusted and EcoVadis our the underscores are group. X% we understanding this largest proud XX,XXX transparency in rating prestigious of our is chemicals platinum year. the ratings available companies. sustainability basic sustainability the we received received and the of most external rating, the list our provides of the top the recognition recognition rated customers At world’s forms commitment more platinum efforts provider EcoVadis the of and

performance now We are Erica. will our turn of in results the quarter, both execution to discuss front strategic and priorities. detail. over on progress I very and with to Erica pleased our this operational quarter on more financial the the the call

Erica McLaughlin

Discretionary fiscal cash. quarter $XX free second XXXX, XX% Sean. sequentially. in million. both results. XX by strong quarter ended reinforcement with reported CapEx we the start in and are then adjusted year-to-date we materials and Company results in second quarter the million XX% the to in of compared $XXX with of with Thanks, million the driven I at of for $X.XX and million discussing performance will cash the record EBITDA EPS XX the quarter review segment and up was was and up quarter We results chemicals the

the Rising balance back year. total by and adjusted debt interest the XXst. X.X We half with expected public included interest our net for affecting to bonds expect plan million. March quarter. full-year the are of commercial million in bond The million both to rates refinance remains in as refinancing We our updated paper third and of quarterly also to has our CapEx guidance of quarter times be our of billion strong X.X sheet EPS EBITDA per range. $X in to liquidity been XXX expectation fiscal This approximately approximately XXX short-term increase expense

and quarter and the be Our was fiscal operating rate XX% anticipate rate for will between year XX% tax we the XX%.

materials. reinforcement Now to moving

customer our the as period in in $XX Globally Americas, enabling quarter, in and us year. margins to by materials same increased due year and our our million costs. quarter growth all the the unique due capture to Asia. pricing X% partially compared the for and unit in driven the in volumes largely XXXX EBIT was growth and are X% agreements that X% strong and is utilities position from This fixed volumes to prior Americas period in the second Europe in the improved by to up and with costs associated country. Higher across agreements which compared The offset principally During regions. the same year higher and increase calendar prior volume is higher maintenance volume volumes Mexico, gains the reinforcement second increased in were by X% to Europe of customer as

strong expect our continue EBIT of volume will third the stronger due to quarter expectation that materials growth. Looking seasonally we to reinforcement improve sequentially the levels with XXXX, to fiscal

anticipate prices also healthy unit to levels, margins for at and maintained costs. will changing be We input adjust

was price pricing carbons of decrease came the by The $XX product chemicals, rising our the in continue the operating the top volumes growth see XX% sold as the battery implementation in to margins costs applications higher by as input demand volume performance online This to Metal production quarter. in expected in we solutions. impressive Materials our Now to in in site. and full fiscal and adoption of same April The by Fumed plant quarter to in formulated specialty and Oxide We formulated driven X% growth ahead line. of in our to EBIT additives, increased return and products EV and of Battery delivered third continued and the Metal mix by the Year-over-year and due was compound period producers. Belgium second XXXX. driven product line. Fumed Oxide fiscal successful compared increase in result quarter, higher included unit turning fiscal of as by to in increase product increases second improved The a by million solutions is product specialty downtime performance back at decreased site

but contributed second XX million from third expect our increases we led that unit will As of we not from back we do sequential quarter, repeat a to anticipate in our strong, the to we product in Fumed online. growth same look being benefit by Battery Metal and in expect materials the volume plant to price that benefit This We the see increase Materials raw the quarter Oxide not do compounds expect sequentially. applications, fully ahead specialty margins remain ahead line.

In and higher to increase due to the plant fixed startups addition, utilities. expect costs we

capital completed Creating to discussed this our to Day, moving our Tomorrow in has allocation support supports and Battery Sean we framework the growth investments discuss capital the Materials. Now quarter acquisition allocation Investor for the as strategy. at

These return growth high high our broke support to our In growth are addition, compounds capacity agenda. Indonesian projects ground line. specialty product in to our support confidence, expansion we in

In to addition, providing we of are also return an attractive focused shareholders. on cash

XX we shareholders repurchases. have million through share $XX returned and million million. During XX $XX in the Year-to-date, quarter, we returned in dividends to million

Sean. X.X able healthy net maintaining these to EBITDA turn growth are make will in while and We and debt to of I the times. call balance to billion shareholders return over to liquidity cash now back sheet a investments X.X with

Sean Keohane

will comments the year. of today the about for Erica. Thanks, my prepared remainder our outlook close by out I talking fiscal

at to to second We a outlook guidance, adjusted our earnings half half of to continue the half, first upward revision year. the are second be results, in fiscal a anticipate remain our with In the range we results are share coming for $X.XX strength our in second to increase segments. and on guidance the expect and we very of year raising second we a second the pleased midpoint, at feel compared half year. quarter quarter similar fiscal customer the represents demands with in $X.XX for Based per The our the to of very as businesses, underlying about the strong prior across the momentum year. of we our out of good those of the level the first both to the half $X.XX

We impact from China, impact the in dynamic continued COVID job plants our team the Ukraine. disruptions. local chain supply To-date, China war with and related has regarding our and in limited continue situation lockdown monitor to navigating closely exceptional the operate restrictions, done to have an in

However, on we COVID included are driven the is expecting which in in our from fiscal our China some XXXX impact and economy lockdowns, QX volumes guidance.

as to strong XXXX full-year half, so address realize in momentum the far invasion costs. don’t agreements our have dynamic Russian Russia calendar be benefit we year Materials minimal. the in are remain remain about to impact market been and expected of on particularly timely Ukraine, we the has the operations I to in factors, and input the Regarding second growth very spot the Battery business across customer actions or our Reinforcement from the Materials. Ukraine excited continue Margins pricing

vehicles. a of at and very the strategy. Creating as with our our are electric win, and investments making our progress the Overall, pleased performing are businesses against execution strong the transition industry automotive level Tomorrow to strong. fundamentals necessary very undergoes I’m We for are The long-term the high to

will very now level. continue for call today. markets at Q&A back us I we our end session. execute Thank the remain Our And you for a and turn robust joining to high over much

Operator

is Begleiter with coming Instructions]. the And question Bank. Deutsche our of from first [Operator line David

You line is open.

Unidentified Analyst

Good can Battery the everyone. future give the into you. on insight Thank year’s [Anthony Materials, is Materials for for In maybe win announced will impact follow-up, This you and a morning, (Ph) Markandedy] David this Begleiter. just you results Battery pipeline some wins? as

Sean Keohane

morning, Anthony. Good Sure.

is win the tightened on this half provided of certainly, the we guidance we the So, and recent the here. on back for will call have range year, that commented customer impact in in embedded the business

our automotive opportunity, the are our targets. transforms very transformational is pretty combustion we outlined industry you as business. It Now, to making from internal to here, have pretty on and high may outlined as Investor really recall from for a think aggressive investments the I set strategy EVs. a a we and materials, Day And a of opportunity that, this capitalize strategy we growth compelling

needs. major So, value customers. we blends additives, the portfolio ability we of formulate producers performance. a battery are that the I are with investments and would to the Cabot working we in broad bring conductive to proposition the and world all winning with is making And optimal support carbon their of resonating for say growth We,

this them. for and is one We application and support think customers with And that. we an the unmatched I and longstanding technical of culture closely have built in value customers application demanding excellence, of assets and footprint labs commercial manufacturing have that global and our operational our order to need a work us a

excited we performing progress very, the very and So a and are our overall, momentum expect about to we here level at high continue. very

Unidentified Analyst

you. Thank

Operator

is Joshua question next Spector with the from UBS. coming line Our

line Your is opened.

Unidentified Analyst

[Lucas morning. (Ph) Josh. good This Hi on is Palm] for

So wanted bit of about talk I can. the just we to little Russia impact a if

you Europe. mean, carbon a Western of black I into So, exporter are significant

reacted that in you going have as us sort progresses that So way? customers something has there give do supply. think tire in how you to year your I benefit on just the was China to any of thoughts wondering lack or supply you of Is is benefited any to Europe that

Sean D. Keohane

Yes. Lucas. Good morning

customers reality Russia all families, don’t we as that European are business we that very do customers who we we there. has fortunate been impacted links are interest Ukraine. significant that already and their a as the colleagues, let looking as today from to many import and Ukraine carbon seeing serve have our operations black not in Russian and as moment, a that that that to-date, for been this comment, not well in market have of employees - in are and customers think invasion by has some we At none trying the start supply our is and serve, and is urgently are are we safe And I which war work that commented, with materially European your our significant significant or for suffered the it it from Russia certainly correct does of directly war amount black impacted that time of the Ukraine. I the disruption carbon that has me from So, and

importantly, concerned for terms and Russia. continuing in supply most of I both reputational to think of sanctions sort impacts just of think from potential, chain long-term perhaps, customers source about I

go are our way them most with capacity contractually view So forward committed our help trying is of that here, to Europe. as any to we customers in can, we although, we work is in

to are limits do. there So, we what can

customers to And as Russian with reach is what suppliers. early strong reputational continuing I risk for begin to supply, reliable security supply to well the much with earlier to our concerned consistent negotiations us. XXXX. the with given are as customers are they are pricing global think, business in are them out is make of caused here. now eager we China to performance from secure of customers customers And as think than question our This We customers try working happens the right from logistics of over the the of a have rest if then the again, And I including go and I many and to that longer-term. network, with Asia And sense for uncertainty it forward, help more our has customers is hearing typical. we do that definitely what think

we the and prospects think supply and have negotiations, here. our very good begun about balanced I value uncertainty around the importance demand conditions Cabot the And is customers Russia, so the proposition that placed on feel we by given

the is that a think I maybe term. So of commentary on bit longer

Unidentified Analyst

then you to Alright. region, within any sort black seeing in any going specifically be change either have performance in of response the specialty do in and chems here the pricing start Thanks. to you point is this And on of there why to you or Just think be and are to more a business, is I see that sort lag different? usually different this to Thanks. some a seems sort quite whether front? expect of mean, pushback we of price more time cycles, will as, so to whether

Sean Keohane

Yes. Sure.

done this quarter, here, been has an but job this narrative more not team think last cost over the I consistent have exceptional input when only our had dynamic has movements. a So we year

Our team quarter. has is pass actions. this these getting And through and in job market quickly through customers of we done moving saw to a great that the pricing again,

I of it the expect that So think continue. in we been level, has great and execution to terms

executing I of think sustainable comfortable is factors there right are on a me that here that now doing what are business. make we a way of couple

carbon applications, yet minds. in the very orientation those Number be the foremost and first the to provide applications high. the I loading think tends to and application we it on a there going first that one, lower range foremost is performance tends end varies performance real in products in of customer’s while be and in is so the specialty to requirements

of and reliability, of customers plants, that and are tightness the macro Second, our general is all we the over sort there I given would in the world disruptions serve the reliability, our environment. operational say out fact the that network can supply

all of on is to that leading customers reliability. think premium place a I certain supply

of expect input and we customers reliability, So and that on to this and pass the to these application line would of continue. performance that needing given I product I are understanding costs supply think the aspect

Unidentified Analyst

Thank Great. you.

Operator

coming from line Our the with Jefferies. next Alexander is of Lawrence question

is line open. Your

Daniel Rizzo

for Rizzo Thank Dan on taking call. its my for guys, you Hey Lawrence.

from, guess, that happens mentioned that impression in other confidence European something of to your lot regions. network is You demand across meaning kind oceans products. a across was and really difficult that some I within is shipping I your or not the on do

Sean Keohane

Reinforcement low supply shipping Dan. these whole for bulk. morning, is bulk particularly in you in to region Good tends It This high, Materials of of chain Yes. our region, most sell-in absolutely to tend reasons. make-in density host right. No, costs a business, be volumes products, pretty a be are are business shipped

in alike and international And means so, that is is than rather what shipping by. which bags, done rail typically

of there why are reasons just whole this a business bunch So sense it regional makes is a one.

that including the reaching given of is now, I because the lack to out from certainly of options a of parts importing the supply, Russian other customers think the industry right of range under stress world. entertain and are having different

the chain, lead that out is working But, cost to is challenges a from logistic then facing, real standpoint, stability from that freight help extent with Dan anything we is the an global a every it leader. company a the makes So else. costs to the it issue of I issue that think the sense. them and to are the customers the more given not try our But urgency material are network than time that and supply is of

Daniel Rizzo

fairly if Alright. seem I technology be target our you wondering growing offer well broaden and there of the advantage taking something to But, opportunities. don’t sense. be are they kind Thanks. portfolio small growing can in that have of companies Battery and That about that because thinking other, might that know, there they I to if mean, is then or was actually I of makes just out organically a Materials, within direction. And you

Sean Keohane

of proposition pleased the think value in growing customers said, Yes. are is the in because value great performance in and are with market definitely think conductive we of the as and with than Well, carbon growing spot I market that here here definitely we much additives proposition. I resonating our we And very because terms is faster a Battery Materials.

to we it with evaluating. respect definitely are something that actively is M&A, Now,

a acquisition carbon and exactly was that, broaden portfolio that our an long ago In nanotube China to fact, it to in player strategy. our not to made support do we growth buy

that much actively for very for in like would opportunities things us. looking and that scope are sense are make So, we

think that, of our has makes it really about to complementary material what It is where different would have we One that. value to that, we feel we and we feel lenses. couple a to is right chemistry, where be a bring through really existing that can so, some we win. sense a And to

this the shifts would I but as ICEs because opportunity so, EVs. industry here, very scope, transformational whole much And is say from is think I to this in a

Daniel Rizzo

Thank you very much.

Operator

Instructions]. [Operator

Our the of next Loop question, coming from line with Markets. Capital Chris Kapsch

open. Your line is

Christopher Kapsch

morning. Good you. Thank

Just the wondering the if wake more in little COVID China, - could of you a elaborate these on in lockdowns. bit situation

your hadn’t You really mentioned that operations been impacted that much.

So have I’m like lag seen all. some impact at represents And Into of that for, curious don’t some you if risk second I’m maker if demand I the June customers. the a quarter into your at tire - know, sorry. sluggishness

Sean Keohane

morning good Yes, Chris.

been as you business, So the to know, have our a manufacturing as operate able in maybe lockdown. only staff remarks sites, seen China, we yes, of the impacts commented but have And to we very entirety COVID number Shanghai the performance the of have to prepared our we there, we during of we have one extraordinary so far, minimal think thanks Shanghai and I immaterial. in

of bigger for currently are Now becoming little challenge a bit logistics companies. a

in challenge, although any materials finished we more impact. out navigating so is rawer had bit of moving far not a getting have simply, that So feed or stocks material and again, little becoming are product a and

the on we have though, look this call guidance implied here we forward QX down our today. forecasted range is we China adjusted gave and in volumes As that the

economic we and be expect expect will our impact and some will For be volumes. our that there that some to we that, there customers growth, impact on do then exactly to

we we think this the X% information we taken range have down in that ranges the appropriate is we QX by specific that business, this depending to have point. specific XX% best China. taken So, at in Again, the but and have the on on down business have based expectation we

Christopher Kapsch

helpful. Okay, that is

guidance, So correct. is your softening is some like sequential - basically so sounds softening in

Sean Keohane

Correct.

Christopher Kapsch

Yes.

and then on. just So, following-up

that of relied curious China yours is black and from like market makers are Russian suggested away So, black to want be much carbon the obviously, carbon they that, produce Chinese into including just they transition evidence can guess there I for necessarily extent and extent not than the manner carbon presumably which an seems if find to that to in is European able any operations someone competitive still as with the logistically on are it also I’m more will Russian would its produced Russians cost probably in maybe Russia. it to look black, and home is in currently, finding a a that, to that a the China established tire will - somewhat black challenged much sustainable and way and the carbon end-market. that

Sean Keohane

Yes.

point, So, you plays think more pronounced tire know this I for if about reputational think impacts the becoming what is Ukraine. think I rightly certainly situation earned think you are customers long-term I global from exactly the supply reliability. be out of even But whole longer-term invasion I at sourcing, This this customers. are And of the to reputational Russia can, still impacts determined.

and of landing available, meet from black of the adjusts happen much expensive. they China, like So, black is so that flow mean going will, carbon that rest need is which costs here where now, likely black, to that is trying excess some will some higher into pretty place Europe needs - yet carbon to their would I and a be the how kind are carbon to to world course land

have got are is You an duty export carbon that there logistics on high, black. very costs,

high. something is or think I that, it pretty it is like XX%

tar plus the prices pretty time in high you China coal are the landed So economics by right now. do

think to is have happen will some with tough try flows So an from be to and them from customers our proposition to that I we it there network. global a are our economic standpoint, but will working help

surprise doubt that own Russian places. and that have flowing my other me, into flow would seen think personal it that is material I would that Now any really don’t perspective. evidence happen. I we does China

think has own material think its don’t happen. own China, its I I would that to and support supply chain

quite Russian into It So tire disruption a that in markets some black. it possible the industries the happens, is world? very flow other smaller carbon use that does that the material and for is but here some

Christopher Kapsch

with are Materials Thanks and just one for more China a there, there industry Battery under are customers centric, those Asia, downstream really battery in sort as I you could advantage that And both pipeline guess sort in picture is America. as If you you visibility. network to global is I a globally, dialogue greater those commercial - about at design your your gigafactories sneak of of that. engagement ramp the if into those of lithium-ion seeing terms but Europe into come and evidence if flagged customers. gigafactories an yourselves the global currently battery positioning of advantage and even these is North you. scope the you pipeline assets tremendous footprint bigger of and customers gigafactories business, I’m in or is potential the the Thank if with look translating wondering

Sean Keohane

you industry in significant on will some well, Asian Europe coming and are regionalize. that construction the Yes, on you are Northvolt Europe supply like is or there this plays players are definitely of plants either And out be building will exactly coming long in under chains, the Chris, companies here. right, those plants now. In and right others, how view terms that are of know our in term and

in the U.S. I the U.S., certainly the is the Tesla first in but leading than regionalization way will follow, think So occur the U.S. will faster Europe in little a

chain of assets And think supply of very network well here. us our regionalization on positions our this So is I very view I much, think one.

Europe. produce would those that portfolio come U.S. product today, battery is true Materials and portfolio and the We online. plants product have expand Europe then, assets broaden as in would same certain the produce And grades in and come expand in today. the material broaden grades We those And online. plants Battery we the as

range of I of have significant conductive formulate products we a things a think think, that. Cabot would leading conversations? well few network additives, by a I and portfolio broad think is very just the would to margin ability because seeing advantaged the outpace that is underscore, And I the value are it And resonating carbon customers. proposition the one with terms the say and result, blends. is of there growth I of is I market us you Cabot is the to as in

is view second is this I our global go the And there is that evidence right, longer-term. on over that this a industry footprint. then will the unmatched our and one way is think

application, now I and product it I thing move in the meet work positioned to right space are people needs. finally, that supply And but years to develop build do but one demanding very CMP works around battery back the - this is a application. speed operational long-term think producers, And some best like to directly have think a with their culture in ago we that. reliability trying capacity, then of to a are and to suppliers demanding that we applications selling this from very really a excellence, Inkjet application, the provide can chip is with is demanding experience the lot fab demanding

need or needed that excellence dial to battery the customers ability these our in trivial. is not So operational

to things coming significant part are relative So, all those what outperformance growth market. and is customers it driving the to for our I of light in is think

Christopher Kapsch

Thank you. helpful. Very

Operator

now Keohane would closing I to like remarks. you. to any just turn Mr. back over Thank call the for

Sean Keohane

Great. Well, call today. for Thank you the again you. joining thank

at support end a speaking at performance our and to operational and your said look way believe grow the prepared Creating with strategic Tomorrow calls. the pleased in appreciate but my forward quarter on I As a of and are level, Thank on here, to front. execution Company great very with the strategy the deliver our to differentiated also have day. And future you, for and on you we in comments, the we well-positioned we both of sort

Operator

Thank conclude your for today. conference for gentlemen that does you and Ladies participation. our

now disconnect. You may

Cabot (CBT) 3 May 222022 Q2 Earnings call transcript