KAMN - Earnings call transcript Q1 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Kaman Corporation Q1 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. I would now like to turn the call over to your host, Kary Bare.

begin. may You

Kary Bare

and to the Welcome and quarter earnings Vice XXXX Executive Good today Kaman's are Conducting President Senior Coogan, call and President Financial Ian call. Officer. Officer; morning. Jamie first Chief Walsh, Chief Chairman,

items, including that begin, statements economy information differ to those forward-looking statements discussed of described we company revenue, future future any forward-looking statements included plans Form and statements factors. first the our and events. and forth in Securities many company's quarter in materially current call the the financial Before These yesterday filings filed from X-K respect of some consist statements and the current results of XXXX our to business. the together business, other the evening Exchange today's company of the management, these earnings results its regarding and will which performance with due on indicated the of objectives most with The release. its and note earnings please The important of setting XX-Q the during Form company's projections expectations latest economic of report are Commission, with our company's assumptions and underlying on could other on include or future actual

are defined measures We also GAAP SEC applicable in rules with as in that expect the yesterday's and release measures company's filed to discuss Reconciliations non-GAAP certain information financial the measures are X-K. regulations. to earnings and included

and earnings on additional our an for on provides XXXX. context Finally, website, financial call our supplement we performance which outlook our posted

at presentation this earnings www.kaman.com/investors/quarterly find calls. can You

Ian turn the Now I'd Walsh. to over call to like

Ian Walsh

our the Good earnings today It's XXX the to earnings and and timing sales, JPF all with due on then of expectations and and Kary. start to some EBITDA for highlights you by with XXXX. last for have nice quarter you, and quarter to quarter everyone. sales I'll sales call. XXXX basis share improvement margin guidance both Gross K-MAX operational us quarter of year. providing morning, relative mix results. first for respective margins more Engineered by Products of for each the Results driven lower passing discussion our of Overall, innovations along full the sales. segment for on financial This a the our with meet company significant was to business first in our quarter detailed to were over in the primarily in points Jamie some line first before for updates the with target Thank XX%, and increased segment. we remain year-over-year to the the call

quarter aviation Our markets, commercial strong bearings, saw meaningful springs order and the for products. general demand and first business intake across our contacts by led -- seals we

quarter the that sales over for activity to the XX% anticipate and Engineered the row, indicator in of solid first and year. confidence Products demand in third fact, and order a improvement the encouraging higher year. the is were backlog beginning the airline is our to Airbus quarter have the sales rebounding. contributed a margins balance for in improved The These In Boeing seen gives higher a since in of us we increases

working while streams and of our cost rigorous grounded to value capital. improve Sigma which inside with capable excellence function our best-in-class pillars the leadership implement executing strategic have such workforce Lean They of we our the every quality, highly our the and of become model, as tools. business I day is more team model. units, of am our operations our what improving to to against safety, of do of One is several targets delivery many and efforts and out for a as training deploying pleased Six worked our in

segment structured In to be have where for focus progress There fact, we significant we our performance. the still third made delivering sites, one of we row. in achieved have is quarter seen promising a EBITDA as progress margins double-digit on at improved

let also some help innovations continue respective our us their and the grow organically. share Now for that will performance segments of each me of to highlight

delivered commercial Our by margin continue Engineered seals, expected we results strength have with in in Products contacts recovery medical year-over-year EBITDA and demand and confidence industrial springs to segment outstanding first the increasing and XXXX, adjusted in aviation. quarter, in sales, This incremental growth in driven is and our products.

such Engineered highly provide durability, about provide titanium diffuse such required, coatings. industries our pumps. laboratory a analysis wide hardening global in and high-tech and our Our science boundaries end like this have These that vibration, push or and of we're markets aerospace and production of aspects and our for proprietary vacuum, such process, alloys, those application titanium quarter segment of in for which as are customers. profitable technology solutions service improving where to and to applications specialized material One ultra-clean leader and sending innovative dissipation power. benefits to bearings solar the is and for quality the solution of of precision challenging high as last be range miniature the our characteristics environments highly employees engineering application meet superior defense. decade. dry panels, customized hardness using provides service semiconductors talked bearings high the a molecular customers thermal inspires They used Products equipment in superior of that of continue We Kaman are this those outside limited low needs and in with within market turbo for

medical to such of and racing. markets surgery, orthopedic continues even Formula X industrial in make as technology a this weapon variety applications exploring for accessories team and meaningful Our progress

to from springs seal and Fighter their ball neuromodulation the and continues to growth body. in therapies business to coil with their Strike expansion Additionally, in internal F-XX records our break proprietary Joint applications the human seals used candid relative market

to pivot and new to we transform, technologies markets. Precision Products and Our segment continues

and time. Regarding mix lower JPF, sales we expect impact over from

are on are focus that and the filling and funnel pursuing We extend DCS of opportunities meaningful life to several continue the expected our backlog increase program. our to

organic we of as offsetting our acquisitions. reduced the growth quarters, have accretive well with areas volume anticipate we said as business other during As in prior

We XXXX working cargo have autonomous logistics U.S. vehicles this autonomous for with of investment increased of unmanned funding and progress air aerial system support government substantial as in new UAV, with part technologies, logistics segment, primarily on K-MAX for We're aerial our are closely and within the R&D our recent system. making funding and are the $X the pleased package. our million government system Titan

box. the second a hauling vehicles full-scale medium a the for This of easily track UAV, system half unmanned fully autonomous, logistics year. to purpose-built, provide be and on of are cost-effective standard cargo aerial designed lift demonstration inside in We the deployed Conex cargo

is as search commercial initial range humanitarian Our and servicing special operations the platforms, applications military the commands. relief used longer market and mile oil term, of And vehicle such logistics can addressable and U.S. a wide in middle be rescue, companies. for delivery

seek initial through to and with continuing customer, several this for military we partnerships evaluating are our program other are orders companies. We commercial

the and scope were segment more Results XXXX. Our our Structures strengthening lower to core the the continues profitable operating and last than work seeking quarter margins fits quarter capabilities. that both quarter for new, first focus of on

the improve of and sales the margin year. course over to expect we However,

further our I and sites one enhancement. significant As positive signs for seen believe we of opportunity there mentioned, have improvement of is at

Our noble down on X optimize order floor manufacturing consolidation team to Jacksonville, flow. in space to in progress capacity, make X, continues the to example, manufacturing from for and plants

medical for major a prototype the new panels partnership communication program contract imaging to During equipment for manufacturer was facility next-generation facility composite a Wichita sophisticated company. through expanded Vermont with demonstrate new recently our capability quarter, the a their our and our medical satellite awarded

aerospace rebounding. Looking ahead, we market feel the confident that is commercial

durable continue in and aviation, in expected are benefit Precision especially markets, key Products We segment. end transform. medical high-margin industrial, to our will demand are which Engineered Products to seeing

our improving precision We efforts autonomous are product equipment flight. sophisticated advancing new development manufacturing, streamlining in processes fully and the and measuring organization,

Our the excellence Structure of begin segment our focused benefits healthier, will model. where is operations see getting to on we

company of performance. innovations we are enthusiastic several the We for position best-in-class new our for as

approach our allocation. and to M&A Lastly, capital disciplined we remain in

our We are a April, XXnd million announced program share year repurchase in of And new $XX replacing authorization. prior consecutive in dividends. we our

from this structure. provides strategic the employee investments We repurchases, return stock to in coupled to and compensation and dilution dividends, making on for path for position the great that on now with of focused continuation priority highest Kaman new issuance remain shares our puts execute program shareholders. plan is under first limit share the for future Our of the optionality a

more over call the for our financial turn I'll Jamie detailed discussion a results. to Now of

James Coogan

first products. the quarter for blade was springs, compared $XXX first Today, margin a due program. for our and quarter $XX.X This discuss first like was to Thank would our $XXX million and in XXXX K-MAX Adjusted our quarter offset composite lower the sales increased programs bearings, by an basis, timing a update Ian, for contacts in commercial as first bearings JPF of in The and I good On sales mix $XXX provide impacted $XX.X seals to markets aircraft and million in largely of results and of of sold the Results XXXX quarter in of medical morning, partially military fourth was volumes the quarter EBITDA quarter AH-XZ XXXX. our fourth of compared commercial sales net XX.X% by of the sales, or decline mix applications of margin you, in JPF and million the our consolidated for well as on million for our program. outlook sales were our everyone. the and X.X%, or a our XXXX. and on X.X% into year. were year-over-year million to lower to the

the comparison, bearings, aircraft decrease markets. and seals commercial mix the K-MAX medical timing by offset blade K-MAX XXX aviation and and JPF sales adjusted springs, EBITDA and XX% resulted contacts strong from declined our sales basis of exchanges into points. the year-over-year margin The partially unfavorable of decreased sales, For

for the COVID-XX contacts our aerospace half were well on sales commercial points. of the for and markets against primarily recovery. spring products This aerospace bearing The margin the end million, quarter impacts beginning significantly of products a Now markets. Adjusted quarter EBITDA results higher with serving Adjusted industrial with military was for each increased with EBITDA walk than markets. in through to I'd and improved Engineered increased for springs and basis contact first the as improved seals, Year-over-year significantly in of and segments, gross higher and applications end bearing the demand first improved backdrop and margin by was the fields in and and has for medical driven demand for aftermarket Sales fourth Compared XX.X%. quarter, on XXXX. economic our commercial parts. XXX profit of the XX% to first decreased of medical more ongoing $XX.X primarily Products. volumes as like aviation

in the Looking ahead, full strength quarter Order robust year. XXXX. XX% The since with was beginning the we us in for a rates we expect seeing intake continued outlook of during markets these are development in gives the of order the increase in year. confidence the backlog

the Now a with in this in unfavorable X.X%. $XX.X the K-MAX the sales and to moving for declined segment sales, our to to margin fourth quarter, profit XX.X% Compared first the first results and segment. associated quarter mix. decreased of K-MAX lower Products an due sales JPF margin of quarter EBITDA Adjusted million quarter million and results gross for XXXX, for due from primarily Precision exchanges adjusted of Year-over-year blade of EBITDA $X.X JPF SHX to our programs. first and was lower

Additionally, we increased cargo spend technologies, UAV. for R&D new primarily

JPF to As orders and secure we in calls, additional the we've discussed current managing pipeline are term. DCS our on near prior looking

infusing family sensors, existing for we efforts height-of-burst make patented to devices. technologies our developing progress in of continue sensor are new and safe arm and our We R&D with

fourth margins Adjusted decreased lower program. to our quarter composite X%. due our Now in in moving the and our EBITDA of with blade partially an declined in This the Rolls-Royce X%, volumes first Year-over-year and improved to program. our AH-XZ Structures. quarter, quarter, to of million EBITDA sales offset programs. Compared first lower by for third from the was in mostly $XXX,XXX volume segment, primarily results $X.X sales results margin to and a was adjusted due margin of AH-XZ

and our enhancements. operations operational We beginning applies to Best throughout the team model. further organization, see for for we identify are our process will practices from be segment applied opportunities the improvements Structures continue excellence to will as our

first was to a XX% leverage segment. Our long-standing Boeing improved On quarterly for we us, quarter, solutions margin well and gross springs XXX focus Products aerospace Engineered will for over our as last reduction for the with improvements additional our to Sikorsky and financial higher are and and contacts to in driving medical and in consolidated lean segment, for we through year. basis, a benefited profitability continue performance as important basis first imaging the order in our this technologies seals, quarter We to efforts. in increase point relationships will on customer the those cost continue initiatives drive performance from utilize

In as us of that a inflationary to of addition, the or of of SG&A pass million these we net will going XX.X% forward. were mindful pressures amount have and increases first $X.X compared million certain impact able to the $XX.X relates on sales. it cost increased quarter to XXXX to remain

XXXX to quarter seek of and in quarter. basis, manage were quarterly R&D of per $X.XX quarter Products Diluted As first continue share. share an per our diluted earnings per per resulted from $X.XX of to XXXX. an we These $X.XX The segment discussed reductions on and an were opportunities this from for partially impact the share quarter $X.XX decline increase $X.XX share performance compared we strong the earnings organization. On for $X.XX spend which increased cost per of compared offset to the JPF earnings share. first in fourth were the in of increase fourth with and the from was to $X.XX across of segment, Engineered Products within prior Precision share quarter per in efficiencies our quarter in calls, the adjusted by segment $X.XX primarily XXXX

cash had million. we $X During of the usage quarter,

the over cash on focus capital months, of of as we've strong driven XX generated cash free by collections management function and $XX flow improved last However, working million, a operations our excellence.

discuss for our like I'd outlook to XXXX. Now

the mentioned towards the on weighted As XXXX. the earnings expect half quarter call, of second to we fourth cadence be earnings we of

into margin were our aerospace markets and improving quarter with and first line K-MAX demand. the for programs, with sales for medical our results and partially industrial with offset end lower JPF expectations Our in sales strong and

increase now are maintaining guidance over I for the the strength turn segment us medical Ian the orders our the confidence our that, in our performance for will in With remainder remarks. back and the in to year. for markets We of year. full The Engineered for Products closing give industrial call

Ian Walsh

Thanks, processes game a performance. foundation Jamie. plan workforce a leadership and a with Kaman for improving talented our has solid team and and

aerospace in greater future. improvement increase that reach challenge near will deliver and and basis continue have The sales. and Improvement industrial is on markets and to and will programs to medical, of lower drive Kaman ourselves will market promising, the priorities. well We is expand solid to targeting in demand to our we more cost in is share. win achieve positioned profitable advantage performance been top quartile the we end significant strategy a take margin we our opportunity in as that

focus As on continue a to strategy, our reminder we X pillars. of overarching strategic

facilities in people. and will we through our products, innovation, First, investments accelerating grow business our

and our in disciplined be to approach continue capital will to we allocation. Second, accretive M&A

on top conversion to our our strategy Third, excellence us to greater. customers will question, are making thank for can helping of continue first in performance all to Operator, each vision please? one dedicated our EBITDA operations returns. talented are exceptional and improving to a invested like our become around quartile and flow of lead open financial we every free capital until at Executing the I'd driving line world With have employees cash shareholder all lead reality that questions. that, to aimed best-in-class. in I'd and our who achieve this the will return like are we we margin, on segments,

Operator

[Operator Instructions].

comes KeyBanc Steve question Capital. from Barger Our with first

Steve Barger

so on talk just a some guide, I call quarter rest prepared year. But of the to of some million you hit revenue little wanted $XXX average comments. bit the missed late, guidance. per I To the about the of Sorry, of to the the jumped the midpoint for need

million? the above year to So revenue other? each year to similar you're to the Or see ending you expect putting for Just do sense quarters how you a ramp sequentially, up progressing. get are X $XXX trying so you more still

James Coogan

ramping sales above sequentially in year see year the that we be the the as half. we in Steve, to half back $XXX of the drive million Yes. back higher

Steve Barger

increase Would the expectations? half? Or what's XQ back a set into quarters then level just magnitude sequential much in expect modest and of you to bigger the kind

James Coogan

to will mind fair revenue the as also Steve, just as that's earnings that of that, the cadence keep of And say, well, in Yes, for year again, to and sure. I cadence kind over again, of want you the okay? course remind timing to But just deliveries well. impact the JPF

Steve Barger

XX% I contributor the you top certainly Yes. is Do through that, strong line a And see. in thinking expect segments, to Engineered that double-digit mean, the year? coming is about good just on revenue

Ian Walsh

Yes, It's know Steve, with so got of far improvements execution I We've to year ended high really do the continue kind really to confidence they this degree on that how kind see in that. of performance that. group. We the of backlogs. And and year, do. we along of a month-to-month record focused

So we do for anticipate higher sure. margins there

James Coogan

add talked to prepared mean, about for backlog that, being remarks, just in the we And that up to XX%. segment I

year-end. it's So from

So had higher increase we've that Engineered million what business. backlog Products, $XX which in initially is planned a seen we than for in about

filling that strong for continue. that second the of segment of quarter, quarter signals course first very So part nicely some in over will the that, and first rates in order we're here are the the seeing

Steve Barger

what there either of effect. about when talking something about confidence one in that's I think didn't standpoint, necessarily seeing you of results Jamie, in, Structure improvement? From that you, this into through I flow sequential I quarter. said or that you Structures about And I talk in just mean, you you're can financial giving you a to And heard were -- signs that improvement What dialed the Yes. segment. just tangible

James Coogan

again, mean, restructuring I the last quarter workforce number at took a take we first end including and those rightsizing to to continue of proceed efforts to the -- facility we some items, of quarter second of and number in Yes. includes year, continue through of which efforts capacity. and this the year, consolidations a -- into relative

So therefore, quick. remarks his pass to Ian real that again over maybe And had in him come brief to in we're section. his through some in prepared better it situated. We're on I'll those seeing you commentary pockets.

Ian Walsh

Yes.

really with structures mean, those improvement. forward and the deployment, up year, really I seeing effort think about on the operational aligned categories, now we're last will, I mentioned as focused to excellence what a there's of our I the we X of piece. lot you the businesses kind in projects training excellence One if all seeing is very initially looking we're and operations speed we're getting carefully, that and tracking side.

seeing shifts whether XX%, to reduction it's improvement. a we're in of example, margin some gross mentioned, rights targeted XX% for So for like time in cycle we businesses, improvements, metrics,

is the and management. talked about programs talked We And some performed is We more it a is and And level which of had winning new great. routinely third new double-digit We've profitable has EBITDA. higher. quarter we've fantastic. that and legacy that's second the applications, to talked medical that our really The about had won programs is of party third program, part at program business that programs. restructured customers satellite which we've fixed. -- has the Vermont And gotten

guys. recovery nice see those really that to it's for So

folks And the type in healthy. we're kind in talked high us where should business, really single-digit, get strong I've performance. be those of before, Structures headed an the double-digit about Structures confidence of that is which low So with to businesses gives

Steve Barger

you night release referenced you about complex profitable structured more you Are last just had programs businesses? what in talked into Yes. press when the expanding mentioned those

Ian Walsh

Absolutely.

about talk price. it's other programs Structures our in The businesses longer-term and that, along pass other things we pricing harder things and to like thing, and too,

has short-term So those team to again, think winning in margins at something with And outstanding. there the is businesses. new that's nice going see recovery done really job programs a you're better nice And that hard at. some the working I

Operator

Our next Seifman question comes JPMorgan. from Seth with

Seth Seifman

Precision environment time so regard now, bit And about discussions? it little think for opportunities we already I there up if changing JPF? you're and at on is And late, discussion. how think slowly something to when safe arm? joined do all, specifically and apologize came landscape about that the spending you we kind a over think evolve it's that's or global something Products the going is the the But maybe business defense about during this to something having where with of where I

Ian Walsh

signals The some it's development as department needed. in reference landscape, how communications. that we've throughput we existing We're really definitely predict, defense sure has direct our on our they out. think it's systems. let inquiries them some will play changed. And levels, that if to are and certified, to inquiries demand are just well systems to or in when if everybody to Yes. from hard understand stuff support at those and whether And capacity and all knows, definitely seeing made ability TRL and had make the know high quote quite same that inquiries to in and are JPF, I respond, them ready we've involved the But those as that frankly, we stand made to we've

And see so what we'll happens.

Seth Seifman

international side? the on And

Ian Walsh

Yes.

entire business as the Defense side On think on ironic, person well I the the international Department the Putin best it's becoming mean for as as I development side. is international well.

a can supported the at Ka-XX had the where side, requests Defense relative not on from K-MAX capability. K-MAX relative commercial when talked just programs you and And some no happening nice to role, that about we're also give me helicopter to Department over longer really our Titan our we've Autonomous there, just so -- a think have getting to example, another you what's several let it's not customers We've JPF, and like already that's but looking play inquiries.

are how to yet. things play I going work. know out in just there some don't all So they're

Seth Seifman

Right.

Okay.

that, current of program is term. and And there Okay. programs size back Structures stepping it to near business that the what Or scale little In be, a a moving from content is -- be current the order kind and sufficient? the for to to certain you reach? Cool. has maybe bit to on structures want

Ian Walsh

we our Structures So is I'll right more dependent. mean specialized the highly that in that business are I tell is, by in structures. And that what capability you scale now complex have we not

dimensions is work whether it's performance, the very high-tick of And examples, we so depending or composites, margin. going Winglets, can satellite long-term on it's higher proves, CH-XX period that type refueling I to give much it's that's well. do this you on panels, the arrangements of tight drive And

So It's of it requires requires tolerances. we That's work the in. composite what not more work, specialize more matters. engineering, that more the big type scale standard build-to-print think I

I the the is cost which which strong in It's really think it's team is very which those few high very -- -- about whether I structure, so them, And driving performance a is executing teams, we've those there. and doing. programs SG&A of their against mentioned and think,

Seth Seifman

All right.

and to for in then a on could in largely a decline Products was decline aero. seems due and like in up. it like EBITDA one. driven last bearings And Okay. were if that Engineered sales It sneak the I Boeing military based looks Airbus, the release the sequential commercial

like or so year about how that's seems it of implication total of that that military, either was if outside bearings, that where since you commercial Airbus of the or military driver commercial and it And the a could key the talk aerospace profitability. through And Boeing in is sort migrates side. maybe and on

James Coogan

seeing there, quarter had came the year. last of details good that of some year to the sales some packages larger technology at regional some the And for -- are out We the down. go aircraft into in in a we Seth. regional question, bit fourth higher it No, of is volumes end support last aircraft dug bearings around as really Yes. regional we sales the in little

timing the that On and are anything I in order rates We just across of fact that is to else. a business. the of the course number over up think the areas relative up that it's military backlog for year product significantly side, reference did again,

that the be more still we is relative weighted even and half really where expect side, half bearing XXXX. that we to a on to good So bit going, of about little first the do business back feel

Operator

from comes Capital. Our Steve next question KeyBanc with Barger

Steve Barger

these year? an about from, once Yes. Do some for you this say, Or expect in products? new you that how structures any inquiry programs you general, take benefit revenue to of talked a that long it revenue get does new medical recognize program will

Ian Walsh

it's Yes, mix. a

will we coming work, frankly, since think like 'XX program, realize very that's opportunities I talked some been we and quite of program starting this will, year. in even about just Others, feel we win beyond. if satellite which And in because they've now. the year last that's those larger confident in we

Steve Barger

Got it.

new what for backlog, I in, basis guess, so as you be think will about can you you on in a And see up coming year-over-year the programs revenue do Structures expect XXXX? for

Ian Walsh

year, do. yes, we this For

Steve Barger

Okay.

positive. So should be all three segments

Ian Walsh

a way think that's And Correct. great to it. of

Steve Barger

who there are is kind new at in the market this is Or looking And of like of is And a and the that something Slide mini developed? What size pumps. space? -- of that these XX, you opportunity? highlighted molecular that's bearings competition for lot being turbo

Ian Walsh

this our these It's is miniature cycle again, team what's in and about work development parts around with sophisticated complex very segment, been The these nice are naturally. longer. really

well of it is as sophistication, just what fairly we market industrial. crosses in. really by again, what years size, it it market, Addressable of this we've a quite medical the And a develop customers I of of because with substantial frankly, certain applications. to several the off miniaturization but these these working in pumps specialize do lot my it's been for head, So as the don't technology have the top the nature

very the with team turbo is molecular pumps. opportunity So potential about this the excited

Steve Barger

kind the you've but year, creep, stock Understood. your is know a as I there maybe talked but $XX And $XX Jamie, I cash the share think offset you remarks, to versus you prepared guidance -- around that said to cycle? of it there to where million right was of use million million. is view and And in we about capital pipeline $X relates buying about in talked are but this buyback M&A now allocation this

James Coogan

Yes.

making growth. So are allocation, in So business to to to capital organic investments -- on drive we're focused going again, we relates right? as growth, still base it the organic

continue We the are designed the creep accretive support the relative right? to and authorization as share plans, You going offset plan. we're share recall, well And we views to to which and transactions dividend. focused make M&A the really executive structure that is did better again, on to issue under may shareholders, the also aligned revamp our we with shares increase inherently of long-term equity-based it to the that number recently of repurchase compensation

say, a under Given to good of we we of the going a of shares, number the authorization would that that amount in plans. expecting would aren't to material our position relative the purchases Board. to a those underneath using us I offset we prior be this awards put the cadence received program that initial of purchases, year. some to from make had done forward able We expect But

Steve Barger

of Like focus you it. diminished? Have time. across It's or just books you long get Got circling but to were that line. interesting, Obviously, back side a the increased the been haven't seen come any just we finish your And the seen M&A desk a things. has for couldn't pipeline activity. across

process any -- give is you unfolding? on So more can color what's how that

Ian Walsh

increased talked seeing across But about. last activity, with things. our it things of we'll keep we're very took got what last joined, we the and and a now how certainly were of at is evaluating activity you SIPs The of Board, we're -- certain come kind saying more and that guys and hard I we're unfold. slowed the when more as targeting at SIMs together, that and criteria, decent. end we we desk, as and high were we when And our year. same. The kind was posted start down year really Multiples revamped shared look process really about those, I'll and is by they excited the

Operator

Instructions]. [Operator time, at showing closing And further remarks. I'd not to Bare for turn any any I'm back questions Kary call this like the to

Kary Bare

Thank call you, and all for you thank the today. joining

for quarter, we for the be with second adjourned. will meeting quarter having later Consider this later talking third -- call you or We the look then. forward and the sorry, summer, our to

Operator

this does gentlemen, and today's Ladies conclude presentation.

disconnect, now wonderful have a may You and day.

Kaman (KAMN) 3 May 222022 Q1 Earnings call transcript