Good morning, and welcome to the EVI Industries' Earnings Call for the Second Quarter of Fiscal Year 2021.
My name is Henry Nahmad, Chairman and CEO of EVI.
I hope all of you and your families are safe and healthy.
Before we proceed, our cautionary statement.
This earnings call has forward-looking statements as defined by SEC rules and regulations.
filings. to forth of release in and our subject including and filed are in set those our SEC statements a risks number uncertainties, today Forward-looking earnings press
those Accordingly, expressed forward-looking ultimate differ results materially statements. in implied by may or the from
also of adjusted includes non-GAAP is EBITDA, useful is discussion we which measure, believe a in call which a This financial evaluating performance.
earnings press additional for release information. today our filed to refer Please
growth-focused brief a We will company. that are a call start reminder long-term we with today's
of a growth, the company. finance and reasons, are not to pursuit variety conservative model, for business necessary of are in to a principles to maintain of to one our We in changing We aggressive to. growth we able quickly may plans yet it. highly our in capitalize our and these adapt others is opportunities when invested deeply to on entrepreneurial flexible circumstances which a flexibility maintain uphold be We culture and ensure we that operating
the $XX including approximately less buy-and-build Our company million of sheet, financed available the and $XX debt execution fiscal conservatively a entered strategy. for net our of of than balance liquidity million growth with quarter second
our States. Yankee of million commercial United unrelenting position we successfully derived growth, from acquired revenue in financial our distributor with Given region England Equipment the of and leading a $XX Systems, pursuit laundry over the New
adding Eastern amplify another build completion the will after the share to region. Systems, of the up fiscal Laundry shortly market by we England-based And distributor efforts quarter, commercial second New our that laundry in followed
long-term by the second X-month flows COVID-XX operating generated June pandemic, of XX, over million the $X net our completed $XX sheet, ended of second with buy quarter ample caused cash liquidity business and compared fiscal less continued the XXXX flat the ongoing as period. cash to $X flows our While a thoughtful and over operating fiscal debt the quarter healthy we to the nearly we including challenges of value-creation year the to the continue growth strategy, component execute or million Despite strategy. during fiscal of our than with balance and million during of growth execution
Moving operations. to our
continued and local, and/or pandemic. the reflect in federal revenue products services. disproportionately timely quarter, due COVID-XX business COVID-XX derived the orders to impact to state course including ability More adversely laundries installation longer-term from of contracts installations under restrict ongoing the continues delivery the laundry extension company's of industrial was specifically, limiting in fiscal the impacted to the activity of related The second industrial and results employees Our complex in of limited. is business complete the from sales, where the delays normal to states
recovery the of Revenue all of the laundry obligations. and vary end-user to the products Revenue was were from geographies on-premise of by And sale by serve. speed from with contractual for customers geography consistent multifamily across vended of nearly revenue laundry we products specific customers. continue strong
as respectively, X-month of X%, fiscal the result quarter period of to fiscal compared XX% second As circumstances, a the highs declined these same and for the period the all-time during revenue year. and prior
function activity. However, our several that experiencing we encouraged are and increased was revenue quarters after units is believe, of restricted sales we in months sequential business flat, a activity, pent-up are of demand
into And our long-term we our that derive too, and maintenance over which ability We complete will the of effective our and a design that will these from product opportunity shared, sales the we range to expand and installations have appropriate, efficient professionals a our to advantage most accomplishing believe have strategic a one relationships competitor. broader level result, greater as enter profitability. services objectives customer for we, customers. create significant will a laundry that from solutions we As of include objectives any
Although in XX% benefits growth increase the the by margin of we accomplishing and XX%, from strategy, fiscal the during our are to we in XX% to evidenced experience period the objectives, gross from X-month to respectively. XX% these beginning second are early quarter, and
margin service for shifts period each the XX% the geography respectively. benefits net XX% fiscal of from contracts to we XX% X-month and sales gross and period longer-term second Further, strategy and customer product each also to of our margin the gross to serve. from density reflects quarter in XX%, higher build This mix and and increased favorable in in
Looking portfolio products by and service more growth objectives. categories further forward, by businesses to service and our in we in product our sales expand capabilities to investing professionals support related current and to intend adding by acquiring that more specialize our
strategy, are may we our under aimed we limit our level leverage. greater growth we thoughtful approach and working certain on of accomplish much risks our mitigate a ultimately towards business and to to operations that operating optimizing simultaneously While execute such a disruption measured
and steps taking efficient functions operating of We into customer consolidate operating X our subsidiaries, businesses certain future XX and more hired and our the continue company operating we space. into with from leaders certain XX experience that necessary the technology X efficiencies subsidiaries field deployment the We accelerated X an system aimed improve eliminated advanced technology X these create fulfill service. objectives. We of We to branches. other consolidate we and of to to started X a systems. to To into necessary implemented facilities with end, moved operating our in
months of and different incrementally ongoing at ahead. optimized are our our the initiatives experience subsidiaries, these X points operating in benefits of will we all across Given operations the
margins, operation, underway combined record pursuit activities fiscal of gross COVID-XX same of periods over increased and the gross optimized impact adjusted the with offset in quarter prior the year. for fiscal the In second of X-month and marginally resulting profit summary, that and improved an the second our in ongoing investments period quarter revenue, EBITDA on the the
and invest to our in while business a grow our continue managing by meaningfully environment. In business our principles summary prove through evidenced valuable, to operation ability challenging
the fairly in caused believe run we operation, will execute to financial environment a current initiatives underway position circumstances more to Although ahead. opportunities and deeply profitable attractive COVID-XX growth strong a effectively we are the on XXXX, to calendar through have into we in result expect that manage we that right leaders the business the by
and the customers. our quarter Until This related to XX, ended and concludes in fiscal XXXX. also next your December our I would our comments shareholders time, employees continued second thank and be valued our In to EVI. to like loyal closing suppliers want for well. support participation thank I
