Earnings call transcript Q4 2022

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Operator

Greetings. Welcome to KLX Energy Services Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Ken Dennard. sir. ahead, go Please

Ken Dennard

are and Vice KLX everyone. and Energy quarter and me review operator, and Energy's joining Executive and Chief webcast appreciate Chief us fourth Officer; today With results. for Services Lehner, XXXX Baker, good you, KLX We President Executive morning, Keefer you to Chris President Thank conference Officer. call Financial

call of a up the management remarks, on commentary my we high-level open your will before for provide the quarter questions. fourth financial Following and outlook details the

you information may know, earnings this these time be of XX, klxenergy.com. be March recorded X, XXXX, will the included features release. replay on company's transcript webcast reading. only there call of advised telephonic that that are no replay a of information you any until access at note today's As Please on XXXX. was replay that today, More reported will as There'll website by yesterday's time-sensitive a available longer of and also information March be be on available listening replay speaks or call to as the in accurate therefore, how

securities on reflect management. the forward-looking meaning contain Also, United call forward-looking the These statements the States within this comments current may views KLX federal laws. statements of of

or also These quarterly of may include risks, on X-K certain Form those various annual today reports and those in listener statements encouraged expressed measures. non-GAAP Form financial is from reports achievements the contingencies The current uncertainties differ contingencies. could and to and to report cause on by to However, materially certain risks on reader or actual results, Form read XX-Q XX-K, performance made the management. and uncertainties understand comments

which comparable be reconciliations and most website. the release, on included are details Additional in found the the press Energy GAAP financial KLX can direct measures to

me, CEO, to call Chris Baker. I'd with turn President and over Chris? And Mr. Energy KLX like Services' behind the now that to

Chris Baker

morning, good everyone. and you, Thank Ken,

will remarks. that and Energy consisted acquisition news earnings total cash deleveraging value into move prepared the of KLX with We stock, acquired an LLC Group announced million based equity million. approximately of customary on accretive $XX.X Greene’s start all-stock we of $X.X QX post-closing QX for KLX an to after consideration subject approximately of with released, Yesterday, shares The transaction. issuance X.X adjustments approximately XXX% the of in X of acquisition were as March VWAP a the acquired less of the enterprise million of XX-day

diluted stock shareholders Former Greene fully common XX.X% of the KLX. will of own approximately

leading The KLX providing rental basins. the Ford a and protection, Greene's augments is KLX testing with presence in to Eagle and the broader KLX a of Permian provider is well Greene’s and XXXX in services. and flowback expected frac flowback be wellhead acquisition to of accretive offering,

I'd welcome like personally this the of member KLX. Greene’s every to opportunity take to team to

reporting million unaudited We within management members Greene’s talented both unlevered industry segment, balance of are and a XXXX Ford thrilled to operators. naturally Southwest reputation million, and and team Eagle sheet KLX's Permian fits has team excellent supporting and has respectively. Greene’s to and $XX.X welcome EBITDA an Greene's strong exceptional $XX adjusted revenue KLX.

addition excited and growing control organizations the to our are synergistic of We surface with forward fit the look franchise about pressure the between Greene.

million to basis. full to to million revenue forward a million year million, of Greene's $XX Looking we $XX on XXXX, EBITDA adjusted respectively, and expect $XX $XX and

from dropped for to is net forma X.Xx leverage combination, KLX Lastly, X.Xx XXXX ratio deleveraging standalone for KLX this transaction basis. the a on half second pro the annualized and

continue consolidation this to enhancing as We months returns shareholder we strategy enhances our increasing expect $X in on million value. XX $X synergies to cost focus million and believe within inorganic annualized and

and quarter was proud forma fourth of We This Energy. XXXX at was an and to back QX the merger, with XXXX QES the run pro time multiyear with on and results. of that second objective extremely rate help our a objective. exited half record year deliver we're original KLX this our team's to dedication for the Moving in a XXXX. was year line

a customer ratio. the course in to capital despite and the and pricing in-basin third-party XXXX, revenue improvement From results Over into grow assets these the increased and of perspective, both net activity. rebounded adjusted quarter the maximize we KLX drive ended as an operating impacting KLX delays to with and leverage fourth margin. rapidly drilling Combined, seasonality, our reduce significantly scale back reallocated holiday operating structure completions lull drive debt net and results market and enabled to slight our we year EBITDA sequential the efforts

sequentially $XXX.X KLX end our towards guidance. fourth line and end generated of the guidance XX.X%, of quarter, guidance the in delivered million was at flat adjusted similarly revenue, and with provided of in EBITDA margin EBITDA million, range which the held Adjusted During also the previously near top $XX.X the range. top

quarter second is count market fourth in equaling pro the Our than quarter on that XXXX and results running forma while consecutive smaller basis. levels, operating assets profitability represented XXXX XX% a fewer rig a

levels We earnings net in income and also record $X.XX and of per XXXX, QX $XX.X million respectively. quarterly generated share, near generating

we and and our September, To continued our improvement balance runway financial in capital sheet. performance support providing flexibility operating further our our support terms, improve structure, ABL refinanced sufficient improved to both in in under

Additionally, over notes, million. during exchanged million QX, approximately $XXX senior $XXX reducing $XX to our X% secured from by we notes in XXXX million

annualized and X.Xx net and XXXX. annualized Over of fourth debt for in decreased leverage XXx half the net our of XXXX, reduced XXXX ratio from second course by we quarter the X% QX to

exit offering, the ratio year focus XXXX. second the leverage while flow since allowed the to bond returning KLX's leverage generation of cash to lowest level XXXX to on prior business half in net us free reduction at aggressive Our the also positive

and the forma for our that XXXX This service we've rate, in-basin line that today pro the over spent service XX% rapid ensuring levels at focus an that efficient, given and above performance every the operations have we've for which I'm be exit was second historic post-pandemic enabled years, team every accomplished. significant performing more of Lastly, highlights, combined scale operate. challenges near XXXX lines prouder KLX's our We we The return in when companies navigated. with to and levels. not looking to power two is has profitability. or of we XXXX pricing time half easy feat last thrilled are geography product couldn't of company our return our that all exited of we how for with streamlining

the extremely are have the and few over we well believe last years We hard done for work XXXX. positioned

the who results, financial Keefer, will and call outlook will review in turn to the detail. now our return I'll greater over Keefer? to that, our in I With later call discuss

Keefer Lehner

Thanks, morning, everyone. Chris. Good

and jump into acquisition, consolidated quarter then Let me by begin results. our XXXX discussing I'll fourth the

like I'd Chris' KLX comments team the to on to the Greene's family. First, the echo transaction Greene's and welcome

the shareholder We which transaction a our believe integration deleveraging that combination and value of go-forward equity-oriented are follows incentives. believe strategic, with consolidation we drives We drives best thrilled similar accretive strategy. this galvanizes accretive framework, and alignment

million per and in XXXX rig $XX was XX% a net a increase experienced increased annual $XXX approximately million respectively. EPS year-over-year, big outpacing XX% year $XXX and in share, EBITDA for KLX. in revenue, price. and and income Adjusted improved oil increase increase XX% count We the sequential

of debt. All a material into growth reduction that translated in net

Jumping into results. QX

despite slight and revenue and delays. improvement seasonality and consolidated experienced in have to pleased sequential drilling customer schedule are margins We our

and EBITDA, million were revenues slowdowns we pricing quarter, to and drilling, were seasonal fourth and and able overcome production the sequential in our EPS. adjusted to by utilization net income, QX, intervention driven our adjusted For similar activities. increases continued were still revenue, and results $XXX.X operating QX across strong completion, income In generate

a fourth line. at Adjusted XX%, XX% results $X.XX, positive income and fourth million income on line were records million. EPS the KLX is million EBITDA Net quarter intervention representing the $XX.X of and for quarter XXXX. quarterly XX.X%, revenues adjusted respectively, completion, increase On third fourth margin a and and operating were for contributed sequential also and $XX.X the adjusted services the drilling, post-merger respectively. and XX%, respectively, was consecutive production XX% EBITDA X%, to for Adjusted product quarter income basis, $XX.X and This approximately respectively. the XX% operating

of five to to note, $X.X we million expense Please lease continue be tubing related packages. quarterly coiled by burdened

we not impact this our add to back, cost it results. do does peer but As comparability a reminder,

Total approximately QX for $XX.X was QX X.X% roughly SG&A million, revenue. expense of which equates to

post levels as we while prior on calls, one KLX discussed cost now QES to efficient of from revenue. and a in the merger has scale we of we've OFS the SG&A structures As current can continue reducing integration, the most percentage industry, believe

to of reduced $XX I'll the white Adjusted was The third quarter. product the to with EBITDA million for increase in was by fourth million. third $XX.X as improved and operating The and most service representing pricing Adjusted quarter the profitability a quarter compared now EBITDA in $XX.X segment's begin our for million, modestly review driven as completion was quarter segment Rocky million $XX.X lines. margin and across to compared Turning was adjusted product fourth drilling line revenue our flat sequential result. results. $XX.X income million Rockies. space

the segment. increased in the The $XX.X sequentially, million white increased quarter and activity, generating drilling, tubing quarter. given of now fourth Moving of our of to in modestly coiled shape revenue revenue directional The increases. largest our improved entirety experiencing QX and revenue the majority reduced of pricing primarily increase segment pricing was across Southwest space product the its lines, by benefiting service fourth wireline the driven increases X.X% the by with

$XX.X was in was compared increases income across across activity of the product margin quarter operating adjusted led the pricing service EBITDA third and strong in $X.X the million services. million various completion profitability $XX.X expansion quarter third quarter the by previously $X.X but by to lines, segment million million. for was adjusted mentioned The and adjusted drilling EBITDA in fourth and QX our to increase for compared driven

program, by the the geographic the our Mid-Con. segment some with was up Now exposure wrap includes both modest drilling relative seasonal as segment discussion a Haynesville our broadest the decrease Northeast/Mid-Con This gas their QX, geographic it segment to $XX.X largely the with with and Marcellus the completion impacted activity. revenue which impacts and to the QX most micro is million, Utica. and customer driven in delays issues experiencing holiday and Northeast

of quarter quarter, segment XX% XX% Separately, For revenue only accounted approximately for accounted for Northeast the Haynesville the segment X% consolidated of of revenue the revenue. fourth and XXXX. in the of fourth

quarter labor burdened operating in unforeseen costs EBITDA quarter. $XX.X operating adjusted and with scheduling decline Adjusted fourth gaps revenue. the issues this The million, mentioned at by seasonality driving EBITDA corresponding adjusted where segment and in we are similarly previously the million driven by income income was fourth adjusted the and schedule was sequential no for $XX.X was

balance to turn cash flow. and now sheet our I'll

million and XXXX XXXX XX% XXX% to largely continued increased million interest in and sales year-end cash ATM cash program million Our million year-end and $XX.X $X Those $XX of $XX in opportunistic property. operating of in balance share $X.X sequential compared or real million and monetization spending. under by assets when was noncore obsolete in were semi-annual offset inflows, by driven million our by $XX.X QX increased capital million sequentially. The of in $XX.X cash to paid increase

it in by and and customer net was paying was slow cash capital working that modestly in continue driven increasing in working X% working We at sequential period. capital XX% slightly increase The days outstanding Net revenue the up by quickly proactively flow convert XXXX. largely to increase by to as X% driven payable up DSO year-end to the and in XX% offset end the QX, $XX.X QX same manage over of a relative increase year, our and was million capital compared as possible.

believe QX, this in phenomenon. we year-end a we've normalization of was a seen far DSO, So just so

for across expenditures approximately primarily million, maintenance quarter Capital our fourth segments. the on and spending were $X.X were focused

and tubing Going and be fleets. to quick expected spend of and electrification projects operations wireline in the ongoing XXXX Greene’s. reactivation primarily This CapEx range completions, our on million forward, CapEx remaining million, for continued both of across that's on focused growth drilling inclusive and $XX supporting payback the is of including and maintenance XX% coiled earmarked will with be spending total for the to $XX approximately focused

balance both XXXX, to on these current the year-end hope At first million to half approximately had XX% in through the we held based that primarily We're And and our of near sale to to for real Southwest work related options we close the segments. status, XXXX. term. property assets equipment in monetize $X.X of Rockies continuing assets of and in

sequentially. 'XX The These cash $XXX.X expense balance and was related for approximately reduced by by XX notes Total secured debt $XX.X our million, XX% of $XXX million December XX, compared was December secured exchange across million. XXX,XXX year-end approximately annual $X.X as as driven was XX, shares $XXX.X down decrease for Accrued XXXX outstanding was of XXXX future to million XXXX. million the to notes of exchanges as related debt as Net in September of debt $X.X senior multiple total transactions interest of roughly transactions. the $XXX,XXX million senior to ABL. interest debt

annualized results, just have considering ratio a ratio ago leverage year returned $XXX leverage is We to and of $XX.X increase $XX.X December million QX liquidity, total available borrowing we had million X.Xx. certificate. ended net This on that with consisting XX net achievement Based in the XX% of hand on ABL year almost on million borrowing capacity based the sequential cash X.Xx. the base a annualized of of a we XXXX an QX major

year-end in compliance remain forward. compliance to and in our are XXXX at covenants expect We financial going with

deployment, focus pursuing remains and on debt, growth combination net cash maximization capital opportunities. a primary organic further free and of disciplined reduction a focus all prudent Our inorganic to flow while value-creating

I'll now provide outlook. our will additional to call XXXX turn the color some Chris, who back on

Chris Baker

Thanks, Keefer.

including to I'd go-forward we some detail our of light the further strategy, consolidation like Greene’s acquisition. in more for share potential Before up, wrap on

the As I year exit forward February. carried into a and we that ended has mentioned earlier, rate and January strong on

Haynesville other basin assuming on have to we natural losses, regarding side have earlier the services. utilization existing summer, Furthermore, thus for concerns of activity believe drilling KLX rebounded. our While the regarding continuing exposure, on programs majority our restarting Keefer's active or we mitigated them far, pent-up forward gas with the most the activity backfilling headwinds operators and the have customers successfully we are demand who in intend in prices aligned recent generated gas disruptions, or customers the comments with with

to should drilling, will DUC be revenue also so towards more Haynesville reductions in KLX. elect is operators less the then Our heavily to wells, weighted impactful activity completions in

and For most the growth. solid across if continue to basins May, least our at believe drive is calendars there across we diversified are set April booked most of part, our to opportunity our into through ample opportunity revenue not

our and operational pressures. deployment strategy and will utilization focused of maintaining continue where efficient on marginally be of pricing ahead, inflationary possible ahead to assets, driving Looking higher, strong

will a seamless and segment as fit possible We as within and to will existing enable work integrate believe a acquisition integration. there is our the Greene’s quickly Southwest compelling PSLs that

high-quality loaded with our capital returns In program and are budgeted spending payback addition, on trends industry prudent throughout the projects order focusing maintenance we front-end both our on maximize will current predominantly by remain year CapEx quick spending, the in to in along that XXXX. our with execute

conditions. are market real reassessed reminder, a investments our in based As capital on time

of Greene’s for $XXX million billion Yesterday, $XXX and to margins adjusted to the transaction, of we released million standalone an range year EBITDA of guidance of we updating Pro range margin million $X.XX revenue to of XX% adjusted guidance to and revenue are of XXXX XX%. $XXX XX% a EBITDA forma subsequent XX%. full announcement the to

a is executable necessary in again, our on we consolidation area. lead proud in to and this while for the built We've strong a additional to XXXX, believe foundation additional a now organically is has and continue said we Greene’s pursuing to accretive which transactions. transactions. by industry, framework way grow structural KLX both absolutely are that in acquisition, provides which by The on

backdrop backdrop, strong of a the and growth. cash for acquirers a market conservative from successful and KLX segments, created healthy diversified well-capitalized with landscape to well-run, has consolidation. and macro forward, businesses Looking a has fragmentation consolidate for base team offering, track across diversified the to the private consolidation prospective integration OFS shareholder and consideration liquidity accretive lack high-performing platform of providing a capitalization public effectuate of various to opportunity with continue float and record value-enhancing favorable

published WTI our With and extremely questions. that, given XXXX customers we'll take are given that run optimistic We XXXX Operator? capital backdrop have favorable about now our constructive outlook. the our budgets execution, XXXX your and the XXXX, exit rate

Operator

while One questions. we poll Instructions] [Operator moment for

Ken Dennard

everybody quick. we're for will this is want real just be Sandler's later questions, Ken. while Energy This month. let polling Piper at to Conference know I Kerry, Management

March. the of it's think I XXst

in So you up there I signing hope to of person. many see

Operator

Our Lemoine first Piper from question is Luke Sandler. with

Luke Lemoine

this Chris, and and it nice like XX exclusively our morning, looks Eagle And the congratulations for Las and there, Ken. at for and in is Ford press and Thanks Vegas Keefer the guess, March deal. business. conference. Good well, release an your first, plot the XX Chris, looking I from website, Permian on Greene’s

probably the then the all that about is Just wanted that? to between pretty make should guessing how proportional revenue the or sure that basins. I'm activity split fairly correct. we And Is Or to fair? EBITDA was two think levels

Chris Baker

it really Greene’s look appreciate forward seeing I opportunity. Vegas. and Look, there we're to you in excited guys about out the Yes,

set You focused. Ford of are correct as XXX% opportunity Eagle is today, their Permian and

I provided set. split. haven't detail your assessment consistent activity overall We is probably any the pretty with the on think But

Luke Lemoine

Got And us of continued kind Okay. Can initiative? your you talked just being coil some you Keefer, of you electrification CapEx wireline. where growth for then about the it. and on are refresh for this

Chris Baker

I'll Chris. Keefer can. jump is and This in So then Yes.

field power tubing we hybrid of year, on electric the got our for units. and of better electrified units We've part coal units. of wireline We've year. last one last a of our running couple So in snubbing our one electrified have field in the packs been the

then electrification the wireline being out on are underway think which are we've got to ready that got two our the go come additional that of mentioned coil today, that in two And in of to should front. that field on initiatives process, be units late we've electrified and I we is XQ call QX. some kind process

Luke Lemoine

remind us your sneak And in now? and you I'll deal. in Chris, active where fleet are frac you here, right then are where more these working one count can good Right

Chris Baker

The similar numbers we are had XQ. in spot on conversation the to

and we have Gillette spread horsepower and to have the still still the in -- Mid-Con up the reactivate. So two smaller the incremental in or

Operator

Our next question from with is Ignacio EF Hutton. Bernaldez

Ignacio Bernaldez

for really we When things? could you as looking well. where congratulations and you great you do acquisition at you and the on and bolt-on your a scenario see Or about quarter Thank are the talking acquisitions? great larger-scale time be M&A talk consolidation,

Chris Baker

about We've that existing in consolidation Yes, platform last our to fit We the remarks. four great need prepared a talked talked as question. over, quarters provides platform. a continues I our synergistic it's very we the the think industry Greene’s think, to

So opportunity one franchise. a you flowback your point, really and third a it's, think and testing to well perspective, of bolsters when from it region the now sets about realigned bolt-on to adds Greene’s, operating

part last to to Flowback realign one into big our those we was two a scale. provide classes of So or that year asset realigned initiatives of asset asset base. our core bases was PSLs

it And protection. frac provides so this West Greene's you to then rentals addition a now proprietary tool wellhead isolation think scale third. Texas, business and provides as well as our their And monoline when about the for existing of

that fleet our kind of create with we a surface along acquired going and is believe control to for comprehensive isolation recently market-leading pressure tool, our clients. So valve pressure solution

is our given bolt-on incredibly of just that synergistic or tuck-in platform, to And diversified our so kind of offering. that a an example is

management of roadmap and equal on more merger come couple think as we've also in that We the capable has we'll past is type of evaluate those got opportunities, and on very transformative, a executing they executed and the the team

Operator

Partners. Our next Daniel John Daniel Energy question with is from

John Daniel

bit a query. little question, Luke's first guess to I follow-up

into your spoke electrification dual about to fuel efforts product to of incorporate speak other of Can on You services? any you the some any lines.

Chris Baker

dual manufacturing incremental to conversations of a onerous. had the to we it John, some around especially as stacked We've horsepower clients, conversations, couple as with the to the some had isn't with fuel of were parties. cost reactivate well that to if that, reactivate We've

relative basins with maybe will, for cetera, straight the in found, we assets, is the on ESG-sensitive certain especially the Specifically smaller are especially clients especially to frac such electrification, a electric, just spread, et if wireline, step. coil, that you as preferred going

John Daniel

Got it.

curious just of envision to philosophy the isolated And anecdotes to slightly over would your reason like Okay. of pricing course we're the in And there. is you outbreaks team hostility next flat some the if one, final out market, how ask quarters? pricing. several a on down there's and I what's then the just of I'm directive your And the

Chris Baker

question. as know, well probably as And I Yes. do It's with you have as of collectively. operators you have many fair a and course, think, you we conversations --

level year. the So last much pricing got with you're the of service market very a The market. tune interesting OFS in is just thing back sustainable to late

As pricing average are XX.X% a we platform PSLs we in regions, all margin. our only Yet a XXXX. approximately we weighted of XX% and our look basis at increased on across generating EBITDA

to level But now line pressures I Conference, just a that's we're espoused out had pricing, on there the if the you're like have And want course, people of going reinvest just do our hold And we've is we to to pressures Thrive base. getting to, chain and at a to, asset think best right, So truly there. going back the sustainable. many we're to cost our natural tension in to way. because supply but continue because we not along

you of our have travel. As all wheels can assets know,

gas past longer on we're pretty choppy However, candidly, market. get natural market in the summer once we the term, the bullish

And kind plays the market we'll have so out see we will. to assets, out. how And of stack we if

Operator

Our next question is Singular from David Research. Marsh with

David Marsh

and the acquisition on quarter. congrats the Guys,

guidance. take at So if we look could a just the

across So first updated talk gas year? $XXX we as nat a spreads of over in slowdown with to guidance some quarter kind weakness how of a the should Are acquisition top we the line the little about is you that and second Could million -- stronger for a the seasonal the billion. half? result expect $X

Chris Baker

typical And third-party holiday lines Keefer prepared to relative million across situation, alluded through very due jump in we our December. to delays drilling the last-minute of seasonally it of reality was about slowdown. the time The as some Chris. But in completions $XX QX, this -- estimate we this we jump can product and our lost multiple in Keefer to remarks, winter and then revenue that look I'll well. David, Yes, as and in is strong

when the So market demand did for the think KLX better for you in activity even KLX than and base load QX, really there about candidly. of set was we

And a EBITDA so $XXX run even better. about of adjusted rate revenue and an rate QX's think million, improved. approximately you're EBITDA. $XXX results have they run with if run have we're million And that of But rate, been million but could could happy QX's been you on of clearly, $XXX

And that our no market natural somewhat some we headwinds. guidance just so there's doubt gas QX the There's has also provided. That's QX. impacting natural seasonality to

we exit think really that talked we northern that and mid winter think in we get remarks. in especially prepared so And the we we as mid-second -- about as rough typically But should be April go operations is year gear, into our fourth what season, which think what we kick the district, very we and quarter through seasonality pretty patterns, saw and into they'll robust. is in northern the last fourth through

David Marsh

that particular geographically acquisitions a more of about may then appealing are talk and you more you terms that's the in you that in. if opportunity Got be others region it. could And considering seeing there's than

Chris Baker

sets it party wouldn't candidate geographically. that M&A take I -- on where the There's we're say M&A that outreach. we some we look, targeting think, opportunity I one-off a are the provides are negotiated comes. necessarily basis or that as But that

Keefer Lehner

Yes.

provides fact we consideration. it's Obviously, the those probably driving strategic fit, consolidation future necessarily ground on that more we're are are revenue delever that so factors platform, diverse cost efforts think M&A think synergies, focused the today both relationships, opportunities. accretion, driving a that's our focused and more than ability further customer and a to for But M&A more our about geographically fertile hunting we on probably as I geography.

David Marsh

latter mean, of spread a lastly look for different expect we do you little maybe there the CapEx the course but have of more? is the $XX obviously, you That kind makes there? $XX revenue year, with the I first the million then at When track a we part should a little to less, quarter, across million, Right. probably Or to guidance, And just in year? sense. me. that of

Keefer Lehner

Yes, it's good a question.

over more capital we On trying closely time. as the spending it capital largely are to much year possibly the side, just spending. this to associated said, with maintenance can, that we revenue our would bring returns frontload forward that track as to try With

Operator

question-and-answer comments. call the our back call. will turn concludes of to Mr. Baker closing I Chris portion This now the for

Chris Baker

for call and you, look with on you Thank Thank quarter. you this forward once Services. in your Energy again KLX We to operator. again interest us joining speaking next

Operator

Thank you. This will today's conclude conference.

You time, may thank for your participation. disconnect you at your lines this and

KLX Energy Services (KLXE) 9 Mar 232022 Q4 Earnings call transcript