KE - Earnings call transcript Q1 2021 | Kimball Electronics, Inc.

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Operator

Good morning, ladies and gentlemen. My name is Sarah, and I will be your conference call facilitator today. At this time, I would like to welcome everyone to the Kimball Electronics First Quarter Fiscal 2021 Financial Results Conference Call. All lines have been placed on listen-only mode to prevent any background noise. After the Kimball speakers' opening remarks, there will be a question-and-answer period, where Kimball will respond to questions from analysts [Operator Instructions]. XXXX, defined recorded Litigation under of X, forward-looking may Reform November XXXX. as statements the call, will and be contain Act Today's Private Securities be outcome that XX-K Form release. year XXXX forward-looking influence factors XX, the Kimball's the June in Risk statements report may for can and seen ended on in annual of today's Electronics. Sergesketter, of Officer Chief Executive and panel today's for Board Financial call The Chief and is Vice Mike the of and Don Kimball Charron, Chairman President Officer like today's turn to Charron. now over would I to Don call Mr. Charron, you may begin.

Don Charron

Thank first you, to Sarah, and welcome quarter everyone our conference call.

was afternoon quarter Our issued earnings our XXXX. of the first release September XX, yesterday and results ended

within tab begin a and you follow few webcast from call. overview. them summary found along the you Investor portal. will the be on After listening download it the We that turn then on will to accompany slides presentations I for remarks site questions via can to our we financial over tab or events the the or may that any It have are Mike financial webcast, and if a can by making this conference you the Downloads answer by on have. the posted Web advancing presentation quarter Relations

pleased quarter. generating share quarter the for sales, very operating per net flow the of are income, consecutive set earnings with deliver quarterly cash first we while for records We and from fiscal operating second We in the results new year XXXX. strong income operations diluted

a a people has positive medical effort their to Because fiscal and we patient safety never of our business products. number remains of keep a continue every quarter our extraordinary of mission that Care financial minimum. the been significant health excellent one for continue and fact low to customers able effort vertical the as were we make XXXX our we of facilities number our results, X% kept to world, our to capped of In medical an XXXX employees at our sight The essential and the increased to our Respiratory our sequentially, support testing Beyond priority. from and we're And for discipline the and and the disruptions lost have year our around the response first level first sales perform XX% quarterly to safe. COVID-XX up the of employees medical monitoring quarter our sales record fiscal setting of compared new vertical. for year in been increases

medical automotive quarter first run gain XXXX. and quarter fiscal begin We Sales continued quarter X% to the the of XXXX sales first XXXX. previous in XX% second of fiscal year fiscal approximate and from vertical our vertical the to normalize increasing pre-COVID-XX momentum just from during to of in expect rates the our down during year quarter the year

slightly of gain we of the levels a was increase our do year business was expect quarter the accretive business, in EPS fiscal XXXX important pre first X, our while a with compared to of seasonality will being the is second automotive fiscal first to significant when new that It continue throughout note we vertical sales for GES, the which second pipeline fiscal two-year in fiscal XXXX. to a to weakest. XXXX, XXXX. We GES acquisition. quarter to that steadily the with and their in October improvement year marked have for year traction of the anniversary degree quarter our quarter return GES the COVID-XX

quarters has the of nicely. However, third fiscal year and orders machines XXXX our be to in of for growing backlog been fourth shipped

but in the year we're ended XXXX. days down the up XX, Our days XXXX compared fiscal from five quarter were XXXX ended XX, the conversion days September when of cash days XX fourth XX September to for quarter quarter

the XXXX, and While first and reduction of expenditures fiscal it and goals thus up We inventory investments quarter support shares to for programs. purchased invested $X.X and difficult in in objectives, actions. expansion new year in the has no our of objectives the inventory of were capacity achieve cash majority million the XXXX. of fiscal committed quarter our to these us capital we demand made capital and our launch remain for the to ramp volatility conversion days year There first

a the temporarily has suspended COVID-XX our until determination plan of result been environment, board. As further our by

Board our our total total XXXX, shareholders to $X.X by million share under stated shares to our purchased of authorized our was as program. of common so I'm the shares fiscal October XXXX, world stock, returned to earlier, around repurchase million I XXX,XXX and response people lastly, And our since our and the $XX.X For pandemic. collective purchasing a of million COVID-XX year brought which proud X.X

have core this continue to through values and help us get strong together. culture will Our and company,

number continue continue in keeping be our the we'll strong promises our company position, committed solid a With healthy and deliver our the and customers. And build Our safe. cash in will one employees to our and flow is priority success we on sheet, to future. are to to balance

in Mike to first Now I'll our turn detail. discuss results it more to over quarter

open then the your call Mike? will questions. to We

Mike Sergesketter

Don. Thanks,

dimension can and Relations which comments, advancing webcast Investor webcast, on will the you our follow be I the by found Or within slides via the site tab. can listening to presentations you're slide Web if on the be my portal. deck along During the referring events

of year vertical X% automotive vertical year lesser a quarterly as million, driven compared increase which in As shown a net decrease compared to the a in partially increases record net first prior the the quarter XXX.X was X, industrial on sales by our a new were sales million Slide The in the quarter. to and prior offset first to medical Don degree, the vertical. by in and mentioned sales net increase $XXX.X was

our sales mix favorably net our market. X X% vertical first ago. impacted by rates exchange the Slide net a to represents compared year sales Foreign quarter

was vertical year X% to a the automotive same Our compared quarter down ago.

return However, during sequentially up pre was began run the the automakers to COVID-XX to quarter. the automotive rates vertical XX% as

up Our a medical record and for continued to quarterly to $XXX.X demand assemblies, monitoring new year that XX% reflecting was patient vertical prior increase the of in compared specifically the in to products. Care medical the quarter current million, first was Respiratory related quarter

demand and Our decreased industrial ago end control partially sales a of climate up demand from which metering were improved equipment for higher automation offset year products. vertical due and was inspection by X% market primarily smart products for to test

$XX.X phase programs. out down the first due continued of public we're primarily were to our safety prior XX% year certain sales vertical million, which Lastly, from quarter, the

from rate was rate Mix net SERP the offset excludes primarily SERP by partially discrete from in increase tax the changes which quarter. of income The improvement $X.X reflects increase in expense, profit and SERP or prior current more first Adjusted X the up in first gains absolute of cost expense tax effective In points related by $XX.X bonus premiums tax and administrative Other and by is XX were ago, dollars liability, manufacturing income quarter. X.X% and quarter fiscal was our our and Gross and R&D margin $XX.X reduction of gross to first from interest jurisdictions of first Adjusted and XXX $XXX,XXX $XXX,XXX financial carryforwards. year the the excess in gains year in margin proceeds the volumes quarter subsided the absolute excludes tax the million number in state of also Adjusted in net XX% previously the The which our same is $X.X increase Slide Slide of mentioned. contribution effective fiscal the on performance in the year XX%. in million overall compares Adjusted first higher and by XXXX compared in impacted selling granted of first a deck driven to quarter we quarter. million $X.X a related net income traction expansion benefit year period on Our and our an approximately our the Other first on shortage a quarter fiscal driven expense higher the profit of fair rate excludes quarter quarter rate year with losses. improvement which the from net shares value liability net quarter effective year. a current first was million for basis fair income basis a recognized impacted the in lawsuit, including sharing million point tax received of $XXX,XXX the component quarter. first use to $XX in year in the efficient unfavorably various sales at are positive $X.X income income currency was capacity performance our X the operating during to first a in first X.X% administrative as expenses, Valuation trend. currency fiscal up the expense dollars net fair of The within in first in Other in of in mix. quarter, first the value changes year and and in our earnings gross last of and year compared year expense of administrative to offset adjusted foreign member. million by other driven improvement in expense prior action quarter investments. to Slide shown material factors, gaining favorably income reflected impacted XXXX. quarter, GES the expenses the and related interest X.X% strong of of in an the class X $XXX,XXX resulting approximately was have favorable in the Slide discrete of effective deck $XXX,XXX million SERP includes quarter was tax of net tax includes from in the quarter, operating last was directly value of the product period in $X.X investments, or million current Tax selling the foreign from allowance income sales expense. was favorably came credit prior the X significant footprint. selling $X.X changes by were million,

fiscal both first in in at adjusted quarter Diluted Our for settlement This to of earnings impacts shown net $XX.X adjusted income diluted first earnings the of and compares of the EPS first GAAP came and per GAAP the of $XX.X in per diluted at XXXX Cash Operating in with of million same $X.X share million, lawsuit XXXX. adjusting the last These September income adjusted year the million year XX, after to diluted adjusted quarter EPS in current proceeds. flow on reported XXXX net with income net the quarter of fiscal trends equivalents $X.XX, $XX.X are quarter year compared $X.XX after-tax cash XX. were share cash Slide $X.XX. of year. million. and was

Our arrangements. prior utilization year, activities first fiscal accounts non-cash cash activities of plus strong flow $XX.X of primarily provided from income a million amortization. by million depreciation quarter the net operating was driven increased $XX.X quarter the first operating and largely provided factoring by receivable cash, during third-party driven In

conversion the days the days ended the in XXXX, same for period September up months three XX, year. to when cash prior compared CCD, Our was or three

XX year facilities XX, capital from the trends, decrease awards. XXXX, XXXX, XXXX. our of in sales offset by days a June However, increase investments quarter which in manufacturing production fourth related partially was our five fiscal depreciation totaled XXXX $XXX $X PDSOH XX, accounts credit million, to on compared capacity day to in and or reflects support decrease September fourth it $X.X Borrowings new million, were and payable capital equipment quarter fiscal inventory was largely the down to hand, the of from on metric quarter down to million production a our Slide fourth at days. was

Sarah, take unused facilities In the conclusion, of growth totaled condition represented like caused advantage XX, strong short-term XXXX. and we're of continued and continues do plus our excellent an operating up COVID-XX $XXX margins questions analysts amount available million in queue? by from confront and on any to September opportunities liquidity analysts. invested and to our cash being while would the financial able improve Our I today's that With uncertainties to in return at to be position the questions open call cash credit have pandemic. the equivalents with to capital, we the

Operator

Soderstrom Anja from the Instructions] [Operator and comes line Sidoti question Co. from First of

You may ask your question.

Anja Soderstrom

there how Congratulations question came about in very should high, first margin takes gross in sustainable quarter. that strong puts how on to And are and very those forward? going going around my a think is be we and

DonCharron

gross there number mentioned, likely favorable the a -- mix factor. that that of change factors Yes, that mix Mike margin mentioned, factor were that favorable going forward he drove number, one would that is product

in automotive stated the some medical vertical. we in both and our vertical going we As on have shifting release, our

as to so, were back to back rates, decline as And related through sort as -- pre work expect run we would that to we COVID-XX it we would COVID-XX of deliveries of care. see, obviously, medical automotive patient think see getting would run walks grow we rates, to pre-COVID-XX the would the

from quarter will change, finished. obviously, mix the we just So that

as not would And one so sustainable that's going the say forward. would I factor be

as some those be facing here. we've of improvements see the did utilization close we going mentioned, is Sigma look pandemic material mix doubled and out Mike areas go And chain think volumes some efforts uncertainties as and guess, our that of doing point efforts, look But then course, Six would been play is our at our those the of would forward. supply to to did areas, a And, that the as have Of to down say one make that. factor work we've we the course our we global I'd as productivity lot Lean the I we how want we are in footprint still other pricing. make to initiatives We're have we I we'll drive a would related sustainable of we in and forward.

Anja Soderstrom

normalized sort that normalized in pricing Okay. and And supply? what do of you that of has in has supply terms of terms the chain, see now so

Don Charron

to also that up -- areas et up, demand we the in were that supply say the and from let's was has categories the the catch talked caught to year ago, normalized And like five short more supply It returned has has has past. hard ago, that capacitors especially or normalized a cetera, those about levels. component some in in of pricing in working quarters key

go itself we forward So has we situation that resolved expect as now.

Anja Soderstrom

ramping Okay. as you how also new And then I medical, to I gross margin? that and programs is the think in programs about going guess, switching, affect

Don Charron

programs finished to automotive goods. the and at go industry, terms ramp ramped. cycle us, I that for the part fully pre-COVID-XX now point vertical, States that the we we product a down in number rates. the to know, ramp are we especially up in the program quoted are actually, as run the But understand look model other run in And no say, especially critical back of get that new forward as as mature with, of forward, And in going vertical, to in levels United its have certainly automotive that's a inventory and get you Well, programs, challenging of because it life is we as look different rate. the to we new would say, how do

that past those ramp down And volumes, inventory so, have U.S., here. only been the and newer ramping those are I desire us offset we're those of that they'll that say, replenishing last and new up. will not replenish recovering lines There'll some be buyers will they help inventories programs back say, let's and product especially in expect before mature had of quarter, normal will market on and mature to two purchasing in we levels, quarter been that those to, back low significantly this but several volume, programs particularly the quarter there and coming also should help were to factors, those so the where inventory on especially be cars, a

Anja Soderstrom

of great. terms tapering do Okay, how electives have And the you related then then what there in back? of are sort in visibility medical of off, programs terms and COVID coming

Don Charron

the lot that in COVID-XX, a do us That's was know around have most over for is, couple Care well. Respiratory patient a that and one patient of demand have we difficult we quarters Yes. our visibility met and customers What and part. the to for that good the related off care really products there question supported worked as the backlog we gain the monitoring, in past of

visibility, levels, period, And they to good a COVID-XX, we as were a and as while they come how come And be period, less we products during back around the products you how we customers, during the products returning products other have declining. mentioned, we're pre fast don't this of not for back. ramping there so closely actually down would will decline our handle those and related COVID-XX COVID-XX degree don't critical, elective demand were And for pandemic back. us with there working is more yet the really product It's very come these when. other declined the but categories certainty be that down of of degree What were uncertainty, up have just important are fast were the expect they surgery really just will but went they products. on result a that to

Operator

next from and Co. line is question Morales from Mike comes Your the Walthausen

You ask your question. may

Mike Morales

start opportunities a about it that like has well when if acquisition beyond, Glad I'll you in the wanted touch about Can bit -- are seems And past? some pressures seeing in that particularly a the If you're smartphones. the or one dig missing opportunities the talk two. products margin from lot were in guys to about later business maybe some look That not it And from from of pretty to more to year? market there think thing you market, that and doing of the well. there ship semi-end into looking Congratulations. of guys you're seeing there. then, a that strong the a seems the to quarter. in the little smartphone I profile that I in GES we've those light. during kind legs this we out, some weren't kind I'd perspective, of of that different like maybe guys. to we positive guys of compete that as call on. things talking that the hearing year hear now Couple is a about had you can Hey, financial just finally to GES been echo be execution

Don Charron

Sure. Yes.

You're markets mobile a the primarily there the we device diversification of smart and growth on do on past and been support of couple right. And the of What we mobile area, course, -- manufacturing strategy have today we are in end the smart semiconductor devices and years working over hard there. the space.

some So we about we those to, has want some strength machines that the the have two to really are on on we're smart mobile is, do We beyond around in we've obviously market strength that of devices. back releases orders a manufacturer space. and and end do expect markets. hard deliveries of But those traction that been in new talked that again, third end I And and seeing diversification expand been working quarter that mentioned, are fourth increasing for primarily continue supporting the the strategy.

And positioned of inspection trends are a happening as if look mega lot with X.X are course, take replacing that only et here at cetera. at been and investments COVID-XX that look of in Those nicely to advantage pandemic. have in this machine the If the industry we're you a manufacturing amplified of today. automation human you GES, really platform, platform, inspection that

only a to stuff as hard if for will company, -- to And technology in GES that amount asking more expect markets, others will, process. more are in these working solve a our that mentioned, of there's do you solve. the again, is that simple going the we us not that develop. add about unit, we but the division, to don't so, grow that opportunities I to in manufacturing we us, end machines process that business continue and we're And you technology to into build think problems fair manufacturing anything, customers our if

continue output of in to the expectation. and of terms just rise near process expectations of these quality -- so, to the manufacturing processes And perfection just the

will, requires the so we them. develop, technology And know-how, develop, we involved and it amount in the if of products machines a have engineering you fair

that what developing And of higher so margin expectations, But markets our they that we of to a we business. we bear. We're higher mentioned do expect that will some still that business. technology still I should for see do those expect about learning because in command, component end and that margins

Mike Morales

Great.

XG benefit So that potentially as putting figures to continue in tide that, going GES about million as rising hearing capacity should and XXX I'm XXX to dictates? after XXX handsets

Don Charron

Yes.

Mike Morales

gears little of seeing that return it there areas a what you any demand areas understand you some what Great. today. you're you're that new business And sounds timing seeing back maybe you're is least Maybe me the that off? now where of is the pipeline coming a about auto is little pronounced at a could Are perspective in bit, opportunities help kind behind the demand? in switching you were me seeing, talk tapering you like, expecting? of can bit. demand Medical understand help from most expected Just a it ahead that

Don Charron

and more pandemic, seeing sort of Europe, to most before were U.S. to we that course, shutdown strike. of than pandemic vertical. X, I'm COVID-XX some even all here you would we Mike, automotive had of We complete the if We actually shoots, a And, automotive GM for X, a X of in had which March probably slow in had the headwind half started of was pre the COVID-XX quarters, our will, in of the the of down endure green vertical. Yes. more April. kind

let's at, COVID-XX rate, look a we've So quarter, weren't million XXX in if run we for endured pre quarter. our at revenue and you that now the back we last say, quite and come

quarter last were second closer we at fiscal XXX to look million. you of finishing year, If the

up rates. some some the is ramping up in programs, that wouldn't of on not And we're run the new at the not delayed, ramp But take only want COVID-XX slowed in production launches that I mature whole pandemic. chain. at back cases a at pre So lost were least by or it'll back what while value to

I are so each some sign. great a region, And to actually China, car position We've green America, coming Europe, growth year-over-year great with shoots starting a when see companies market, of the back come buyers buyers which industry, to back in pretty I really as a and it's to with in there believe growth story back automotive growth, to good that inventory mean, the think the seen a combine you North in a growth, coming the steady me, great great is the vertical, levels reporting And market. we're point to I run.

So to shipped most are customers electric one vehicle of positioned that's it's mention well and been car who whether the electric driven story we on we shipped brands our that's one are script support, we to be the as vehicle or and last a to whether that. in didn't we us did a one manufacturers grow a the inside And, assemblies fortunate complete area we vertical, there of to it we it's to time, automotive that applications are growth in of the vehicle. real significant the fully world. for that expect combustion And electric this our electronic with we popular engine areas great continue

too medical story that's change. that's within to vertical. The automotive definitely piece going a is neat the So a

us. lot behind build getting pandemic a care hospitalizations. means We're product, less the to think world, I we for need COVID-XX its patient more news there's don't good that the if

have Question will other now, critical care. those during quarters were so, that of you drop down normal see for as been some a that the we the how fast deemed back is really back levels. products of pandemic, come know, to couple not to And down

surgeries ambition like And critical to our in business will our and that it's to But medical care do in And us is story growth and come been elective were being postponed, will products customers that, back. back, we really, a because we keep serve not saw medical believe just for we it great a this they were going decreases that so, our growth for story pandemic. has things believe other us come and it forward. great vertical,

Mike Morales

you for you lastly, a feeling Absolutely. are feel right ability your need to to And me, be constrained, that seems demand how standpoint, guys coming just be back? will now there additional capacity Are the and capacity to from CapEx?

Don Charron

our Mike gross reported was margin. as the factors up utilization, of one drove Our that

of utilization and capacity. have is geographically parts fairly are footprint Our that our we high reaching

are square about that And carefully mortar when are ready and would and necessarily last our new plans where one we with we to growth. is to expand at bricks and looking say so there and plan we very which not to to was footage, making I strategy, to Romania, The need and support just, our a did we country be expand thing like Greenfield.

We're focused where growing long to breakeven kind And scenario. leveraging talent so, ramp on that, there will Greenfield of footprint are those in our areas. be a CapEx component of we and of but our not already sort the up

of capacity. was So at wanting when did remain Poland our they and some course, footprint and parts Romania, of Mexico, that full I footprint of grow. really at full Thailand, the of capacity, our mean, we I hot today say parts are hot, customers to

we're So and of footage as were have parts we our strategically pretty to that planning our square full we footprint expand need.

So it about want times past a often at in this I'd talk you growth -- for that the growth rate in we've about around goal about growing way approach of at our want X% When said we upper talked depreciation, number running I've is to and the we're depreciation past. we When think our to expect to, organic the would often the capacity our rate to be several equipment the or for goal are at digit. single least that past, we in around be CapEx that we depreciation. rate,

that when spending And we top have expand of of profile. footprint kind really our so, sits but to that on

launch to And of square XXX,XXX you on programs. new to of run the CapEx about million would so, sort to adding normal feet, expand equipment top rate for it's support and having $XX capacity think that fits capital example that if and that, of do

Operator

& Next of Greenberg question from Smith comes from Richard Donald line the Co.

may question. ask You

Richard Greenberg

would other that you exceeded sustainable sales or Don, in Are wanted you reset be that margin up on hope were margin? operating X% previously willing quarter, goal, is the this of is longer this to would X.X% mix to issue, that medium I we term, now, you kind mean, what of term along some with the margin, saying talk I you you follow to that, about And thinking just get to item. number obviously operating more your should part growth.

Don Charron

stated consistently obviously our be quarter, haven't a question, And been had great we would say obviously No, that and were we around pattern in sustainable, Mike to landing have -- items a do. X.X. this longtime limit? grow expect X.X. improvements that hitting nice tailwinds we Yes, landing And the landing this know, our got believe X.X consistent plans start at that goal beyond pointed consistently quarter we've mentioned, great Is factors would expect upper Yes. I some pattern to those X.X. us But he mentioned. we more more that around we should that, made had It's as a the you would that X.X. we've that out We margin the I are Richard. in that in a those quarter.

we've from the how What a where we think and as a our But And higher set there. just let's is can goal basis. about talk we about team X.X. than get on of X.X talking land I go consistently get first north hey, ideas to a lot consistent management about step is, around that. some let's then consistently been X.X we've can got

Richard Greenberg

you usage, already foresee capital talked as acquisitions, said, area. buybacks, on in buyback, the thinking Okay. we've and is revisit in on talked balance and debt M&A foresee, what And regarding about you we growing, that capital cash but could what more you your off thinking maybe the hold you're spending, paid down then, about balance

Mike Sergesketter

continue every we growth. to of our and I'll Yes, and be -- priority next put meeting And organic capital about our have it's success, allocation. in going be on a structure terms meeting capital extent organically priority to board each the it growing with desired start will talked agenda week. board We capital a sort continued our that growth. to agenda, is topic organic on -- board to in of

can from Now, expected cash you operations. flow said, flow do math that on cash the our operations, being from

for we that, beyond need be of growth. is repurchase paying after strong financial certainly mindful in one. We to pandemic The yes, the position. priorities excess debt we At a some capital kept share point, we ourselves making sure hold on just will and have down program what our organic put

pandemic. a confidence we week outlook, the kind discussion share period is meeting. then, targets, acquisitions, we As frankly, gain we in a next that'll program, repurchase certainly, this the Board at of finally, quite restart will in be And more on our looking tough this

pandemic, are, we in what's to primarily acquisition, acquisitive, especially what and would with targets. space, do that And some sort targets have want did remain But we terms be medical to recall the years there. move the so just would within confident happening ago, DCMS strategic the you be we we itself ideal with pretty Medivative, if at of forward those in target look we'd like to four of

the the think three on priorities mentioned. lie would first items I I

Richard Greenberg

organically know pretty say, what all our growing acquisitions. stock, a intangibles that at and cheap, chastened just that you add off Okay. you I last a hold cold, little and of successes, arguably mean, look bit? we're term you've great stick are little more disappointment, necessarily took we hard seems a past, we're a but and -- some goodwill Has you at pretty year, maybe is the doing -- of impairment you we you have it on that the not goodwill all? should to when bit take to did And certainly maybe made in acquisitions near job your there's at

DonCharron

acquisitions higher, go that at we capabilities up Well, we been were GES not or strategic key they've talk got happy the would start a that about acquisition. over seeking. bit with we years, And lot, that look were a done the presence Richard little the years. a yes, slow we short over and brought But with is acquisitions I market the answer really the we've the

that areas us core hard like are in strategic through for assets in standpoint. oversight Those help other impairment things that slow as bringing And acquisition charge. very years impaired the that doing to drivers would us a of capability and to going access would a even behind would so that of we're impact point management with And an area tell are a the difficult company if impact don't that we like acquisition with don't more GES, today market. you, doing about an they take capability I have yes, it's brought go we well what our acquisition. into have big but we study, to market our be are did at payoffs. into These business, we whole strategic That and the of that us we've can again, we're acquisitions and or be those the are Board today. a continue example, grown. that ago, four we EMS conducted their different start, we really have to GES look that, grow have not GES that more very kinds of from Those they long-term find got as but do Organically, Medivative you would

those growth so plans it, existing adding tool our as a kind it's it for much capabilities, them about organic growth that of towards as using back not developing then, as tool is adding and customers. pushing as, again, with And our

Operator

will call turn further Charron. no the I time. Mr. are this at There Instructions] to question back [Operator

Don Charron

you us great appreciate next a have you, to brings call. interest on We your day. you, Thank of everyone. Thank call. Sarah. and and end forward our speaking you the look with Thank That to today's

Operator

good simply Thank time, a up listeners have day. hang At and the disconnect may this from or you call.

Kimball Electronics (KE) 4 Nov 202021 Q1 Earnings call transcript