UFAB - Earnings call transcript Q4 2021 | Unique Fabricating, Inc.

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Operator

Good day ladies and gentlemen, and welcome to the Unique Fabricating Fourth Quarter and Full Year 2021 Earnings Call and Webcast. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Rob Fink, Managing Partner of FNK IR. Sir, the floor is yours.

Rob Fink

Thank you, operator. welcome XXXX Unique earnings to and fourth like year full conference would everyone Fabricating's to quarter I call. Fabricating's and Hosting Cain, the Loftus, Officer; Unique Doug Officer. Unique Brian Fabricating's President call and Chief today Chief Financial are Executive

XXXX Doug, risks the Before remind like Reform Private this call Securities everyone I statements and forward-looking of on to will discussed Litigation I'd include over that matters as turn to call conference the uncertainties. are to subject that defined Act in

call. future to factors or performance events the future from to relate those results, of today, Form with by XX-K those unless this section and risks, differ statements Unique achievements include, present and to, XXX(b) update the other those These of are statements. law. company's All but statements on are management's known activities, in may subject any expressed uncertainties release, that Fabricating reports Risk Rule involve and to company's and including are based performance to such statements for risks does forward-looking or intend to information pursuant particular, limited by entitled levels and this uncertainties in unknown quarterly different that or on press All performance report made financial are call, the not and the on expressed today's be performance and Factors. on in required Forward-looking afternoon's and cause or not and the annual the are expectations materially Form achievements SEC certain XX-Q results, outcomes filed discussed from materially this cause implied to future actual that uncertainties results, may risk to actual factors, on statements made

is and non-GAAP measures operations non-GAAP In are the the results to by and their addition, are of decisions, these investors performance. for in the used to yours. measures non-GAAP the ongoing These it in during assessing will financials of call. financial understanding Unless forecast non-GAAP are prospects the after make to future it be this core basis. to included reconciliations be like the Management discussed any that With believes evaluate assumed company's release now presentation and strategic certain on otherwise management the GAAP be future. this current turn discussed measures financial useful company's a that Full over to was all in call said, stated, today. Cain. Doug press GAAP close that call call Doug, is issued I'd will the should

Doug Cain

and your continue associates team each results. impacting Brian everyone. Rob afternoon, financial markets. for outlook, I to and overall company's issues and through diligently The work Fabricating, the good Unique and time industry-wide operations tirelessly appreciate and our all our management you, of Thank investment of update of the our

markets business including benefits issues of delivery we well-positioned to we financial While ongoing more providing Throughout products, and we to the the been with new results With additional as we challenges space have quality what winning increase. each normalize approach. realize and these earning to we of the in service, are date our timely of excellent supply QX not serve. our capable aggressively and continue and stronger competitive would customer volumes a chain in completed to customer prestigious company's maintaining like, actions this one suppliers navigating and have are committed initiatives, certifications, the been Ford comprehensive and period, the the

slightly to QX above were shortages levels the have our the the the Unique. continuing challenges production negatively million call, are or QX results, of already many to all materials and supply As of for and the challenging of supply highlighted by resourcing operations base chain, Like leading for of reducing new level who business raw impacted last QX in labor, $XX.X leading million. opportunities ongoing suppliers $XX.X communicated the and revenue

of financial of the results, flexing low to with demand the continued loss changing along the resulting volumes our the to contribution effectively levels With margin, release costs of significantly complexities impact production schedules. negatively reduced and

supply the and above levels. side, labor, supply QX costs to labor our On material packaging chain, increases cost availability in to the with including some related continuing challenges QX raw through logistics, and COVID increase persisted

from Over the affected notice order the our or margins, with no inefficiencies operational the of months, along these impacts customer fluctuations. ongoing factors negatively last continued short resulting

While fluctuations. that the existential challenges we other see costs from and the head short-term to and we experiencing by challenges team XXXX customer how outlined first chain. of inflation We supply do availability I expect and to seen somewhat improving demand have been higher very entire previously, persistent see proud are factors these half shortage throughout has volumes increasing have the chip of exacerbated do continued through remain less met chain the our supply higher continue with on.

respond of the to on taking customers. effectively continue with care We focus

We our our are position can a partner strengthening rely. whom know they upon as customers

and Unique. that augment we taken the have to these remain customer conditions necessary steps We increase. continue satisfaction, performance focus create drive volumes confident our capability on we as to As to improved opportunities for

cost comprehensive previously As have XXXX. we activities highlighted, of sustained initiated recovery QX our during

these have $X.X and margin, a when programs costs, higher basis operating annualized logistics more have activities pivoted most million specific of QX, We the improvement annualized material fully realized increase. to focused targeted specific an to the higher approach in inflationary negatively impacted On on which continued and continue raw will we costs partially by an have now by offsetting see. approximate thereby additional end to

in net reductions reflected reduction of primarily XXXX. capability effective actions $X.X minimal increase These customers, and plants our of a and smaller our price will the efficiency productivity higher cost and with salaried March implemented completed of savings SG&A impact. in initiative minimum These and improved more reducing we commission fully a significant order by complexity costs. increase and certain We are million approximately with annualized be quantities. our For revenue of savings

our and In through costs $XXX improving have our robotics a customer laser we a COI, tactical market utilization. transportation secured in industry-wide for due We continued cutting labor vehicle production much microchip raw in intake, price our increases their sustainable improve million order through during customers, reducing in material margins to commodity delayed investments difficult and operating in sourcing manner navigating shutdowns spent material who to year and shortages, of time delayed very majeures, launches resulting activity. force XXXX,

of XXXX. million $XXX won we reference, during COI For

supplier on consumer historic XX% sales and transportation, of XX% goods medical being XX% With cycle. XX% in wins our incremental the these and medical. with We been X% struggles transportation new of With outside growth normal customers also for diversification sourcing and market. able continuing, split goods consumer long-term market, to like consumer appliance our business wins basis continued and our in focus the business a Key Jacuzzi [indiscernible] and markets. markets, we the win of market with in X% have XXXX set appliance the takeover

on activity COI, this conference quotation rate and sourced continued, our we million Our has have of improving XXXX, approximately approximately success we last call $XX on mentioned secured we with are the XX% and opportunities. non-automotive. Year-to-date quoted

realize have key with suppliers. We medical additional to wins targets device identified

Lightning, additional incremental collaborations in EVs BSR, noise films of exploring The rattle current shift with emphasis for RXS, including climate and the In market demand optical mitigation efficiency, control on films. which supported Rivian and all Ford new by impact vibration parts formed addition, products, vehicles opportunities F-XXX has and are areas LYRIQ, we models. all be adjacent parts Tesla Unique, Hummer to transportation Air, awarded weight reduction harshness, Mach-E, for been product squeak, buzz, EVs, can IDX of as Unique and we multiple manufacture. NVH, Cadillac Lucid presents expanded EV, suppliers offerings on VW electric

to X% XXXX, that we grow in our sales total forecast to attributed X%. be to EVs XXXX. of We number to expect In

is through forecasted an Going for above million million years. XXXX. March XX.X prolonged the for approximately Unique's hand forward, on industry approximately North Light-duty percentage volumes. with and months with indicates has produced, with March par levels the as each automotive favorable to historically the February's XXXX demand, over approximate X.X units compared prior four continued to dropped that through approximately forecast After than of providing million million to than to over production XXXX million the previously a XXXX. as sales month vehicle of five XXXX The announced investments. is XX the production believe million recently footprint XX production exceed OEM XXXX forecast volumes million units the pre-pandemic XXXX XX.X from Based shortfall the the American million rate, was XXXX, more date, and XXXX outpace at QX. EV of longer versus SAAR levels outlook. XXXX very North of from from holding sales lead to positive term to growth units last Resulting of vehicle of expected new XX% low pre-COVID. than continued throughout X X.X last in shortfall X light low and million units automotive XX.X This XXXX million inventory XX months, will we pent-up the average inventory manufacturing positive the data less in to annual forecasted, the approximately approximately America steady production or or SAAR, sales XXXX. X, low a units independent X% to outlook more units low adjusted U.S. inventories, supporting QX seasonally dropped additional an QX With from available be combined XX.X QX The average on units upon

production, these production the supply Over been with shocks forecasts have we the impacting that optimistic. quarters, most do recent note third-party

more in We well and have few are the as Asian However, proven production. Japan impacts negative updates stable. the upon months European recognize earthquake events the having accurate impact and a that of substantial unfolding the be as to Ukraine last

forecast costs. yet specific be from not production these As revenue million. now, to increasing utilizing first Including of in $XX and we see issues range do contributing the for affecting XXXX, material years raw to except logistics over within XXXX America be positive our impact of units to North third-party two last the our for a million produced to $XX and XX.X million COI the the quarter appear

and range We improve and $XXX $XX an customer million between pent-up of and to $XXX continuing a for $XX XXXX and million $XX demand sales issues now million to units million $XXX forecast through between we're are year average million forecasting forecasting full production overall million second the QX XXXX a remaining, levels million. for XX $XX supply XXXX, of to With chain approximately $XXX between and million. for between half end million normalizing

also we in the term chain While we our chain and markets improving demand for focus see trends conditions, in supply communications, tend positive and higher on we our transportation other similar to where longer supply near-term market see both cost.

the of weakness team Over months, to management worked the remediation has successfully findings. entire period's material complete last prior work the

and income the few United IRS As timing the challenges completed filings related million over subject carrybacks we're months we been is months, from government to also next last to currently tax exact facing, the credits the retention causing delays. employee expecting the a appropriate which combined $X.X over with loss the States myriad have

a now collaborative continue work to with quarter syndicate develop will our maintain financial sufficient plans. continue we times. execution framework longer term the our in enable bank full these Brian us for and year results. an We of our liquidity our XXXX to To fourth growth operate overview date, as of to provide challenging we

Brian Loftus

afternoon, Good Doug. Thank everyone. you,

$X $X.X loss the million same sales is approximately an $XX.X slightly efforts consumer quarter $XX.X Turning million products at cost XXXX The was the mask to face million related was XXXX to XXXX. place fourth Also XX.X% remaining of our primarily period our appliance XX%, in our decrease was SG&A same the to market. last in of semiconductor decreased decrease from of X% of to our decrease reduction last million the XXXX. quarter quarter fourth approximately to operating $X.X market for net for fully for some as to year. with the to reduced and expenses and as million debt administrative the This quarter results. and fourth for in million speaking original declined XXXX. sales $XX where decrease shortages. we benefits, the impact the of XX.X% were $X.X fourth the to the partially increase shortages amortization sales to compared Net costs, to million put sales were million, the including result reoccur net that of XXXX The have percentage and Of operating the of of from was XXXX. compared increased over year. canceled fourth $X since cost demand down became XXXX in expense efforts compared as $X.X same and fourth higher sales recovery expenses due slight quarter off-road the period intangible environment profit million compared the to primarily of of considering the of planned as loss the XXXX Gross encouraging the customers salaries offsetting assets $X expense, quarter lower lower $X is bad to for compared fourth the compared lower The Interest for equipment mask quarter in for increases the fourth period or in XX% lower profit million quarter the revenue amortized as XXXX X.X% in due manufacturers Partially employee the sales the reflects certain profit Operating or to of was share agreement. for borrowings net tax Net diluted per million a approximately to for our the per manufacturing or million sales fourth operating decrease and income net of to of project, $X.X quarter tax fourth fourth Selling, of in attributable the of million million line lower of rates year-over-year loss of face down of primarily in some driven of we jurisdiction. tax $X.X both an basic benefit costs, quarter by valuation benefit as is The XXXX of recovery sales or XXXX. fourth loss XXXX not which gross automotive project cost $X.XX foreign $X.X diluted quarter $XX,XXX of compared the all an for the in last $X.X our supply higher contributing $X.X impact to for through offset year. in because or increase sales share quarter, in of compared quarter million of the quarter U.S. a XXXX inefficiencies XXXX. to due to tax quarter and benefit did of forbearance increases. approximately our was the fourth passed last volumes, income the our basic to in net NXX revolving net production approximately of and sales the allowance our $X.XX NXX higher cost our of The credit $X.X fourth fourth of a supply net income year. price have the on from to and in million or net transportation from the quarter accounted fourth was we the by addition because general of primarily the of leverage the efforts. position which We had million subsidiaries were gross interest other

net Throughout our XXXX our efforts year, of our million material and million is of costs and revenue compared remediate to to in forbearance compared or expense our or profit was to gross and control reporting. previously we million million efforts the million financial our $XX.X prioritized or gross the was operating remediation SG&A our these margin our And efforts. legal identified over internal throughout of or sales Gross lower $XXX.X XX.X% amortization third-party XXXX. despite $XXX.X compared sales year, million $XX.X last million For year. $XX.X we margin related to of reflective XXXX, profit weaknesses SG&A efforts. engaged to the a year. Included agreement was SG&A to fees XX% net in XXXX. last in $X with in us XX.X% of challenges, $XX.X firm earlier assist control of gross XX.X% to was professional

new XXXX, controls. over redesigned assessment, risk and controls performed of or implemented financial GAAP During analysis internal reporting completed a a we our

Form of our internal the previously when XXXX, ended to control designed or as been year effective on firm, XX-K on also have hard they everyone XXXX XA especially annual With to XXXX, assistance remediation the reports ensure that over and Form assessment effectively. and financial third-party was Later the December for that XX-K work file reporting our contained we for include were completed item of weaknesses XXXX of in new I controls and XX, today, will report contributed the material December annual are remediated. grateful redesigned the that an the operating identified commitment we conclusions the management's Doug XX, and efforts. of that and our

on results. Now continuing our with full year our discussion

year on XXXX, $X.X cash will as position update XX, Total million since $X.X an and credit. net interest to on financial of loan. line as $X.X was of million which of to accrued an $X or XXXX of restructuring share XXXX the which $XX or and included share. $X.X of the equivalents availability PPP our to our compared loss approximately a is Net gain $XX.X revolving to provide was $X.X non-cash forgiven year $X.XX and $X goodwill operating loan. principal $X $X.XX compared loss cash per now December includes the our PPP Our loss and of of net impairment with forgiveness million million million, a million of million million related ended the December $X.X debt liquidity. per included last in net the which for of compared loss expenses. $XX.X We I million XX, of of million operating million year, was our the Included million loss

amendment with Contributing first of the not By compliance we in default of the of end week As as as we was term agreement the and withdrawal of constitutes forth this set XXXX, on which because than more no of to minimum principal and debt. double this entered default. extends into XX, unable amendment were some revolving we with which liquidity through prior X, We've we the December forbearance of borrow $X an our minimum default. line to XX, recently, of default. interest amendment were amended, of the our million group, by our bank our credit completed waived XXXX. on to the February an to agreement, At covenant a million this $X.X January covenant had forbearance liquidity. it time of on required our worked May which More

a we contain as when disclosed opinion our ability an an includes will our today, our related audited accounting Finally, firm concern. registered with XX-K annual that our financial in continue Form report independent as later statements on today, going to explanatory file announcement XXXX to our paragraph audit

a doubt agreement that as We defaults, amendment with under been we have sufficient those with been an amended liquidity do operating substantial an not the that as cures have debt full, we and Nevertheless, continue repay forbearance are we which not to credit April raises in company credit since still have about under a our restated Without our compliance in going concern. not ability our and a and our to have agreement and and waiver. XXXX. lenders waiver cured amended restated agreement amendment defaults by covenant

as our Doug liability. XX, Doug, debt will You provide to will that some sheet, December you. a classified now balance has closing XXXX been remarks. current in back notice all

Doug Cain

Thank you, Brian.

industry-wide of challenges, Over navigate the releases, continued low the continued we and impact customer chain higher months, costs to input demand have COVID. supply volatility, last

in of business, and on customer markets. focused of have supplier We our relationships including our each our all aspects improving

supply over all the volumes some next that are poised Now improvements improved across quarters. in increasing the customer and results seeing markets, availability our chain we are to generate we topics overall operating

benefit Our volumes results and enhancement focused which all identified as sales operating team remains margin increase. areas will on already improvement continuous opportunities, realizing further in are

in about our positive the position we and markets are the We longer outlook term mid-term serve. for

that operating structure. We income that sales vision will providing of We delivering the for growth path our innovative, remain will committed that, value improve and profitable reduced call we from our clear our increasing growth With as to brand shareholder overall we leverage fixed to cost follows of have open customers. Operator? increasing sustainable a optimized solutions above for market our questions. and

Operator

open coming Certainly. John is from Ladies Your Taglich the and Nobile now questions. for [Operator first question Instructions] gentlemen, floor from Brothers. is

live. is line Your

John Nobile

the know Hi. Good I cost on put far and wanted have for and efforts. you Doug as to you as best the production you with afternoon, I in forecast. the the and you actually call thank guidance doing focus recovery Brian, expectations, thanks the that you're the what for call what -- forth.

you pass you as pass the you're that But to on? do quarters Now of those Or really feel along of order be to input of going able to to able be your more by, you're to all somehow you all feel have go be to in able that that those absorb costs may higher do customers. some not costs? maybe it, that may you competitive to pass

Doug Cain

thank John, call largest have That one for you're trying and hope that you definitely is process. that the right through is well. work challenges to the now of we So,

you because going steps increase intended the cost across this So, we're to relationships remember. again, started having -- the our that with sharing the was to look long took longer board, in issue intended basically in if maintain increases was And be XXXX concerns was again, started all it what we like we with for this. term early customer because to doing a the not was haul. about to it cover We cost early customers

there customer which a we've year a that Europe bringing those and actually places through sure and our certain specified As to is container over and with cost those that are through we worked went where go container rates for $X,XXX we're was able specific make at at I'll up looking that are we this which programs raw time. XX say, cases, some what very and recover in got to seen to are material closely, in frequently this of nuances from we process, customers items. the months in now $X,XXX container we just $XX,XXX And ago period from to

We a cost that couple XX% XX%. materials and our seen outsized are including price few also increases, have of have that raw or a

the programs So, million we've all confident mentioned, that's I and think nor we no, recover -- number intending targeted $X of But the John. those are could that we and part the were actually try higher of we did cost. not -- to to

the investments to So focus that's ourselves business. while been in continue trying having and reason been we're also that to work a the that balancing on the And winning same for. for labor reducing tactical time, act the making, improving we've material costs, utilization new position at the that's

John Nobile

Okay. Thank that. for you

Doug Cain

I again, thing other hate or step on to I sometimes the forget. you. interrupt I John, know

input that long margins noticed, just in basically operating the mind partially in cost higher cost your goods than inflationary of raw you're margins revenue go or or look one higher margin The bit whatever, keep margins what a we historic bit, is numbers, as cost different so looks this material the other or will offset P&L environment. as some by we're will as inflating little with a again thing of forward and little this when at that higher

John Nobile

prior significantly a of quarters fourth quarter, the Okay. the you. in versus if versus quarter talk SG&A the $X.X bit the was million it And XXXX. in little last could with year and Thank fourth I expenses even lower about

March, I'm level. it. expect you have be you Is a SG&A even if I the from than forward believe amount Now you put that cost. that you handle what get said to reduced sure million not costs quarter, further right what for reduced $X.X on correct? SG&A. this a trying into lower QX I'm Like would going to on mentioned dollar

Doug Cain

What we that that would Yeah. some been outlining finalized have say last cost time. for is reduction some I we of activities the

costs $X for a expecting, the some of there's again, nuances approximately including quarter, got for and of say, finalization these -- a for forbearance inside that, we've work are time the And ongoing the been okay? I'm salaried And to going are for of we million accruing first some material okay, what So, since is of got on a other that program. plus-minus we've weakness instituted costs some bonus of of I've we that some inside numbers. here, the level are

reduced. program So, But point, now of won't costs least inside put call them yes, having cost being a some the well we've were I this core these at as going at accrued, while be other as we've a so sure bonus little on because for made -- that one-time salaried non-cash longer. they'll

some increase. provides this upside other appreciate effort And longer been So, million and is leverage to have over just the quarter term bit as work the a reduce expecting I reasons basically of couple of us and $X then able agreement we're plus-minus complete. that you is run when established which quarters revenues we first more the recognizing be for there's that this rate hope done, a a to per that substantial that little we've

John Nobile

total saying you from that slight I vehicles? in electric sales I full say on American electric rate production would total to a that just to up, Yes. X% production vehicle remarks, market, vehicle you for your And Did the that if wanted rates, that's did sales say now. a the overall going electric of vehicles of even it to North of X% a to that like Is could the correct? if higher going be instance outpace North it XX%, increase, bring be what increase was there's talk about prepared American

Doug Cain

Yeah.

figure bit to me was difficult that. a and little Let to try exactly that -- for out frame how me

in which vehicles produced. So, part of what of this were you amount have had lower when we've production

production the whole relative an of a but example, as we're on lot other was So XXXX. some OEMs Tesla, running in Tesla of to

see in some more won't non-EV growth of XXXX are building you OEMs the the into other that while So, vehicles.

a place business of on kind I funny that we focused communicate volume, but you show because were in we're where here. winning we is that your of be it trying increasing little to doesn't particularly So, are bit of a may factor mentioned. What

fit for Our this. products

based is our reading sales the from supply that business winning issues. are these press, overall and own the production programs upon the increase We having increase the EV been you quoting business that have we market What our delayed these know have in will programs. that little we believe chain in They're bit. we've their higher in a than won what been lot is. of the be And a as

I words. So, market we to don't expect we see the year-over-year. but slightly and Hopefully, it. higher XXXX of does. what the explained that XXXX, into this outlook this rest increase That's an will than number of increase lot number a have

John Nobile

no. sound the than And I I a say gas go know mention vehicle I'm typical that over that of if more. vehicle you vehicle vehicle, depends And don't how of typical a what gas any powered how certain cetera, typical No, more if an that gas or on could much idea be. vehicle average idea That electronic much a say a roughly? understand. a product indication versus of you et -- the powered take you about vehicle. get dampening, -- greater vehicle. have your electric did that percentage vehicle would or you into could But like know to in powered your product I vehicle electric trying of need the

Doug Cain

our America, we'll our kind vehicles. car is, with content is just non-GAAP What as give our produced begin we -- a per of targeting value of you this experience is phrase lot do a metric different is dollar I'll and I'm to I'll a sense years estimate, to number COI it so give ballpark in are which you start communicating of maybe overall, and North like of What whole going to that get way. what that a we in share trying and another

that's both past ride on have that What vehicles number a that to a as these and upon lot become But number begun you're of of would sort average things and depends be comfort comparison or to sense deadening the I sound computers. ride of mobile are kind factors. and different a basically important more number, kind we've of talking but So handling internally XX% XX% future. makes tell something work on a would for is maybe and you about likely

reasons And all for sense. so, therefore, it makes the

in and but So couple ... on that's more the a work little just a I provide of that next can ballpark,

John Nobile

Okay. all in powered. And of to your go would typical increase product the see versus vehicle the market only into I come. a gas to being And just for feel I more could prices, given deadening and a years the sound get electric much rise in that wanted gas how on it

Doug Cain

Yeah.

John Nobile

take whole which outlook production. has it's the the the know rates. this But up appliance automotive call. production in vehicle just about that's is to impacted your this shortage, impacted want shortage But chip degree? And business one final news. current for not your with what we're current any your -- Obviously, I don't business year? in I have talking chip question. adversely I

Doug Cain

Okay.

necessarily transportation, impact what by had availability. was is, So, in the believe as impacted I on And in it It impacted COVID would what some say greater did also than was the it and material of some appliance certainly a petroleum or products impacted by labor it yes, they based not. cases, was raw particular challenges.

GE, locations. their to plants get was we for is their market produce. They've So, customers, volume That one a appliance of communicate with ability now the on outsized indicated big labor able there. head he production. this I an into a my earlier increasing I to seeing the this. and major was call that availability their our negative week. been can growth of are And substantially

increase $XX number. of And that in would appliance that the we and north sit so, right, is outsized want get some upside the have today, the to that we're I business the I an business. expectation seeing year in million I is And to make as number sure say XXXX. for

John Nobile

Okay.

the actually a but say from do coming revenue of you could revenue I percentage -- total appliance that's that math, would of higher -- XXXX So, in automotive?

Doug Cain

as Yeah. XX% back to a the clearly again, yes. in little, business. look wins XXXX to to COI, percent there, as COI goods what basis. being if increases XX% higher If in it -- of Slightly increases And so doing appliance Because business percentage I you higher, as with almost our that that date, in we're at our outsized the seeing the And before overwhelms EVs. what challenge we're the But XXXX, on about business. We're an business also same transportation our both consumer conversation depressed, basis. had I seeing, there, when we're well a something a even expanding was it percentage appliance is our is your a of lot. part mentioned it's as

So, that time ago. continue, which to diversification we're seeing is some we something had committed

John Nobile

questions. all you. have. Okay. and I That’s the thank for and Thank taking Great. you Brian Doug Well, my call

Operator

you. gentlemen, for Thank you. I remarks. Doug Please conference hand and President and go the Ladies Cain, back concludes Q&A [Operator to our that closing will Instructions] Thank ahead. now session. CEO,

Doug Cain

operator. same you, script XXXX, platforms management customers comfortable to this and the of made in the in back locations Unfortunately, are providing maybe out I just say some afternoon everything specific But business reason our earlier appreciate positive And but I investment the And as has our for we that this team, see realized. others, quite to and of That's other a and positive felt, we earlier. somehow took everyone's and We earlier, it that little would as but marketplace our that realize guidance, actions with didn't been challenges to difficult sure, than time appropriate. I token, the in we and be more a is the and forward of again, than Thank time. QX we'll mentioned the going we for our more in questions. the were it negatives the we were there severity earnings recognizing is to sense, it revenue, the happens are Ukraine whether business, production. are believe America. negatives, earthquake, reduce happens way we which potentially something basically committed perverse challenges North American if to are the resources, the scarce is we challenges no America, we're exposure see was a may our least a But continuing that the North North to there believe of and and of exposure may it's certainly there at Unique America. that's with find positive. There And issues the whether that challenges to issue the more the Japan offset some to be, shipments, it their shipments whether And because and with an North North call of America to it what outlook do, outside Fabricating we'll predominantly outside limited that we chips or other be to else there. will in into whatever shipping

are you you the So, we'll or if as Thank much. short again, a need talk of look with investment another about to time. very you reason forward not, this is in few a future. we talking call positive be, your individually on to appreciate And And I why weeks.

Operator

Thank you. Ladies and gentlemen, event. this concludes today's

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

Unique Fabricating (UFABQ) 25 Mar 222021 Q4 Earnings call transcript