LAWS - Earnings call transcript Q4 2018 | Distribution Solutions Group, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to Lawson Products Fourth Quarter 2018 Earnings Conference Call. This call will be hosted by Michael DeCata, Lawson Products' President and Chief Executive Officer; and Ron Knutson, Lawson Products' Chief Financial Officer. They will open the call with an overview of the fourth quarter results. There will be a time for questions and answers. This call is being audio simulcast on the Internet via Lawson Products' Investor Relations page on the company's website, lawsonproducts.com. webcast XXXX. available the through the of XX, March replay will on be website A

call, results company relevant this that business information. During the like statements as on an I'd and well the and from uncertainties on update this as forward-looking are subject that described. statements contain expectations, that in release assumptions point covering to cause goals, beliefs, financial materially call operational strategies, risks underlying and to plans, press concerning will future those and could out be actual operating the providing differ results to

statements point information this The the company addition, in The presented change. cause are today. company's future that based to developments the may DeCata. that light. CEO, In on made provide to during anticipates any those disclaims of the to views to but consider update made as now views over obligation call turn Products' call Please may to statements at Mike like elect the today forward-looking company to specifically I'd do so. some Lawson

Michael DeCata

morning, more financial we'll joining your our This will on questions. a I'll comment Ron of review our the quarter then in CFO, thank for and Good morning, the Knutson, overall provide call. results, progress you and our detailed and XXXX. take

year. for excited are we Before congratulate I for detail about our how say jump XXXX into wanted the full to I the thank quarter, and the our team customers results and

years of strong have adjusted and EBITDA the XX best that investments been full our these $XX.X years. year the over all results driven results. to we of committed the work back, Looking in are of teammates hard many that or achieved ago our of million X.X% we've sales It's

approach reps, our acquisitions. strategy execute to pursuing successfully increasing disciplined a three-part sales growth to rep productivity continue and sales adding of We

sales leverage a As growth were and operating strong. result,

growth in nearly adjusted in we For increase the X% a year-over-year EBITDA. quarter, sales and reported increase XX%

that point. anticipate we strategic completed Through have the resonate our of proposition XXXX. by percentage a we in addition, the have reduced improvement with churn taken continues overall Products' We value our XXXX, continued to XXXX. quarter we Screw fourth full our in acquisition in actions perspective, customers. From In X approximately

is manufacturing often penetrate to result, referred growing further to and well market, and positioned both sales Screw small production Lawson MROP the a As Lawson. Products in

in In British planned XX, of as addition, The opened on beginning October a also is new Port customers servicing suburb branch Supply Columbia. a is Bolt branch Kells, ramp we in to Vancouver. up and

in of We Lawson in support continue to dial in and both customers. Bolt our distribution center Alberta inventory

grew the Now the some quarter year. Total let's the XX% of details. quarter sales full discuss growth and XXXX for versus X% fourth for of the

Our Lawson and year-over-year facing for the a organic increase Despite grew sales every quarter. basis, X.X% X.X%, productivity segment. X.X% segment rep on achieved Sales for the Lawson the segment comps, challenging market grew a grew.

over XXX Our growth versus strategic of XXXX our we very added accounts fourth locations. strategic strategic the optimistic addition strategic XX% the quarter process and of well conversion remain new the year. Between accounts. and the future about increased We of account, X.X% account-buying for

many Beyond the and accounts program. new new the also previously, we've program of conversion This win a we support the generate strategic reps process, discussed teammates developed which to sales lead encourages across generation territories.

X.X% Our segment the Kent Automotive grew by also quarter. for

segment. year. for as government increased and momentum positive growth the government segment the growth with over the be continue the to and year We progressed. for trajectory XX% achieved pleased quarter, over X% monthly The We of the our segment built

more has government broadened years, business. diverse Over the past we several business. local government to strategy produced state a focus our balance federal, and have between a This

to reps sales several military added recently bases. also dedicated We exclusively

new, results. While is very showing is the initiative it dedicated military promising base

contracts. we year, or the XX government won renewed For

with transact several our entities reengineered also using to federal it easier GSA which We critical processes, contract. makes

Supply Turning Supply has Bolt product It grew at Canadian over on XX%, increasing XXXX. that business. Bolt territory a X.X% to every total and category in grew by currency, local Bolt and are planning group. number our in managers, XX we MRO of

Solid in the continued margin trends quarter.

gross compared for accomplishment, the percent including the distribution XX.X% Lawson as bins, productivity Our before as XX.X% quarter crimpers. gross rule, management percent margin hydraulic represents ASC effective focus profit overall and to Lawson our margin ago, initiatives a on cabinets to contributed and XXX. with associated years was accounting of segment XX.X% center XX.X% a consecutive as the our for items, reclassification was profit and XX.X% before reclassification. This expense gross between six well Several year had such sharp of no-charge over this

leadership customers' hard managers strategy. to central sales region to account work our district earn our driving us and of of necessary. as price team, also Talent successfully sales opportunity has meet and culture pass business, further managers, I remains with increases continuous every day the as account along embedding Lawson enabled to sales recently development Kent which to our improvement and strategic our government including entire managers. had when small We well

During foundation the see that that of new gain, team, excitement we orientation suggestions market improvements and process sales shift and meeting, It's to the great of the a it new of the business. real for dialogue share customers enthusiasm and was to a and the building penetration from the for significant in leadership state experience the excitement addition and for have segments. clear experienced of to me

growth. to Turning

Our three-part working. growth strategy is

sales growing First, team. our

Supply, Bolt versus X,XXX sales including finished reps X,XXX at with the of quarter, This end the quarter. we third

future. reps for incrementally on continue will We focus the foreseeable sales to adding

robust have to sales retention, the Lean of part in improved seen application more due rep approach on-boarding. signs Six rep a to to We Sigma and sales on-boarding also of encouraging

Second, increasing productivity.

versus We fourth measured This sales per quarter, day. sales per in this XXXX. rep improvement X.X% Lawson's reps achieved rep quarter as of productivity sales the

product MRO of developed very of tools categories the currently improve to adding consumable These rolling by which our I fully will enable use characterize as pragmatic would customer tools reps help serve field sophisticated increasing We simple a several these tools analytics. also with customers' while were sales sales our volume team. and are retention out to needs.

acquisition. through growth Third,

We continue broad committed disciplined in are a to but in proactive of we while range our growth. our acquisition remain cost opportunities investing pipeline to approach. management with Overall, fill

XX% leverage Lawson For reported fourth for segment adjusted quarter the for example, EBITDA year. the and full XX% the

the execution delivering of our Looking and forward, systematic results. methodical strategy good is

to EBITDA margin continued we full Our XXXX. XXXX from progress for the for expect the in of full 'XX. of adjusted And has approximately X.X% improved year year X.X%

partner gross our further customers evidence Also, We range critical confident able will Lawson were in in as that XX% our recognize to for This quarter percent to a robust that XXXX. toward previously margin. previously their us lead performance. communicated represents continued stated XX% strategy more fact excellent to margin that gain, us our is of leverage our the believe we share improved increase adjusted success. our segment EBITDA progress and feel XX% We EBITDA target slightly of

Now I'll turn into and for financial results. year it insight fourth full over Ron more the the to quarter

Ron Knutson

Thank you, morning, everyone. good and Mike,

quarters the the operating reflects significant mentioned, and Mike As XXXX, adjusted three fourth in of improvement leverage quarter of EBITDA. a strong favorable with continuation first

the financial the past consolidated organic the Products Screw our through reminder, Screw both Products performance, as business on the comment well impact isolate as Lawson And go transaction and Bolt closed October. I'll as on of this Supply quarter. results I that include a As

QX the of some share highlights. me Let

First, Consolidated quarter. sales the versus up sales million the average quarter. for were were X% XX.X year-ago

the Bolt increased ago. over year sales but X.X% Products acquisition Excluding Screw including a Supply,

organic XX%. EBITDA XXX,XXX improvement Second, result a ago, million Screw the and businesses from MRO our as contribution This an adjusted of of million increase was our year of a EBITDA was as compared and X.X nearly associated by leverage the X.X driven million increased quarter for sales a Supply to operating as in Bolt X well improvement primarily Products.

with service-related as new consolidated of percentage expectations, XX.X%. line gross reported our in in was margin, quarters, under margin costs Third, previous certain into method allocating discussed our the gross

were Screw diluted QX Excluding quarter. results. positive Bolt end the end the million the quarter. service was flows of for We of quarter. year-ago the income some working the now X.X our sales managed on commentary margin net compared year of as Products than us finally, operating of and to expense generated gross of same XXXX. some at for segment number quarter reported drove cash for the Supply, quarter cash in discuss drivers QX This the in we activities as our XX.X% MRO million reclassification, million capital, the selling full XX.X we two the on allowing days organic XX.X position Fourth, fewer our And days. also days for to provide Lawson earnings of at I'll XXXX a but and of quarter was $X.XX from the XX.X% EPS business percentage and XX

of our Supply a primarily the sales its to and demand quarter First, newly the by following: compared product driven As across year benefited XX%, $X.X million ago, sales items. an categories quarter, fourth Bolt widespread for from introduced increase of generated

sales MRO quarter. initiatives, for benefited our in several grew and Second, added to segments the which from X.X% all of growth

mentioned, strategic convert to of we Mike as relationships. instance, continue locations For existing new our

yielding the retention reps, of driven the talent new process on which In our addition, sales boarding has as benefits development rates. initiatives improved to are organization improve we

Supply XX and As reps the X,XXX a business. less over in sales X.X% improve territory an quarter year-ago ended the per slightly with day result, with quarter. Lawson to rep productivity Bolt We continued of managers sales per the increase plus than Kent

ADS, basis, remains profitably segment's was our excluding and all rep On $X.XXX million, currency. $X.XXX Lawson broad sequential was From growing on and up with sales up Bolt based November the for retaining X.X% were $X.XXX sales basis, X.X% organic in quarter. productivity X.X%, ADS were focus sales Lawson Our The Supply were increase growing the sales Canada improving our talent. force, was sales an average December while sales million. a million, daily U.S. segments October local

lower Bolt year, Automotive. XX% by million year-ago $X.X profile up strategic in reclassification, were In gross addition and of were Lawson similar was was realized growth in our MRO addition, than X.X% over Supply Products X.X% gross in Lawson XX.X% and We in margin this sold the Prior expectations, business with represents compared to the our the prior With Products, impacted segment, XX% government QX. In our quarter gross goods year Kent sales quarter segment. margin a strong, XX.X% segment to standpoint, Bolt account reported growth sales to margin the sales of XX.X% expenses service-related quarters cost for of was reclassified nearly volume. a Screw in and full of our into XX.X%. margin our Screw expense QX over from increased $XXX gross Supply year-ago to the to that million. ending and and X.X% Lawson core organic quarter line in XX.X% MRO Lawson And

expenses cost recognition been required gross Products of $XX.X increases perspective vendor to of seeing product to in million. to by this are a process. stock-based increased pricing offset from margin quarter. overall the expenses we've an Screw While proactively them total was portion stay selling driven $XX million, selling support quarter inclusion and for higher inflationary expenses a basis, compensation the to in as $X.X general ahead our sales fourth efficiency effective were decrease a and we operational new Prior standard, in expenses of the the lower moving expense year-over-year of partially Selling, revenue and were under quarter. compared environment, primarily administrative able by On margin million year-ago fulfillment initiatives $XX.X to million the through

such expenses in comp, stock-based discontinued for operation, of million non-GAAP X% million Adjusted our basis, existing infrastructure. slightly sales quarter, and Lawson as our on adjusted compared items, account operating also a a X.X% impairment an for percent comp, XX% support taking second XX%, $X.XX on was million, puts $X.X the sales was improvement year-ago and was nearly of EBITDA years. our puts as fourth reflects XX% our costs over XX%. to was million year and EBITDA on at leverage adjusted to charge of $X.XX EBITDA, a acquisition quarter severance or performance On $X.X XX%. Excluding building the previous leverage operating This focus of expenses This of for impairment for $XX.X a severance adjusted income nonrecurring for income XX%. quarter $X leveraging half basis. quarter. a leverage the the share, Full to Lawson further was above total Lawson full up our in guidance increase. and Operating quarter an best operating an the XX of stock-based expectations. charges, per adjusted at of were EBITDA This year approximately controlling the diluted million Net our ahead year $X.X an improvement our and into

For with $XX.X quarter. $XX.X $X.X of for being operating Capital cash for were year. flows that million million from the expenditures year, $XXX,XXX fourth of and in generated the quarter full full approximately we the million generated activities the

our capital $X of in range in the $X expect be We million. expenditures XXXX million to to

provide now commentary XXXX. we some me Let consider as

We few and our regarding trends initiatives Current given sector are earnings. our growth over internal economic optimistic past demand, drive quarters, further by complemented indicators the to remained strong. in

addition, we In our in to remain acquisition disciplined expect activity.

Second, we sales our and we to on rep impact third, on adding the continue And force potential improving monitor tariff improving to focused inflationary our remain rep productivity, retention. and sales trends business.

over to that stay ensure operator ahead will product the I'll questions. it now costs. for increasing of actions We turn the necessary we take to

Operator

from Barrington Kevin from question [Operator Steinke go Instructions] is Please first ahead. Research. Our

Kevin Steinke

to that in fourth seen. And had a seen just sales wanted largest quarter, you I off the quarters talking retention the rep start count a you've nice increase few by here. about the you've So also improvement in force the in

you're retention there? saw And hiring process combination as be working do you'd improvement? now you increased like was getting with quarter the we any where would feel momentum at So point comment trying along on you Or a you're then rep the to rep the some there of have efforts helpful. on-boarding and increase in the like

Michael DeCata

and say a continue is for you, we Yes, process that we while We'll onboarding. process. did combination analytics, hiring a there to improvement, the refining a Thank Six always we've both Six Sigma that will on separate of of actions applied taken. Sigma process. it, there's work room number the And Kevin. ago which a Lean previously, discussed said Mike better refinement is the DeCata. project continuous that their Lean initial on This always are we've then to Having of

continue We of both to positive effect. They're those. refine having a

sales put help alluded better. I in better, effectiveness analytics to at of that and their their tools I mean the to we customer rep And I earlier in well, location. say with As when simple efficiency pragmatic place hands look them

Still, retention it see successful. a to retention. and combination things in mature the in out into driving sales for territories, four, a figured they because to and are better it's in it's of their all as reps goes where bimodal now Once generally turnover been initially years up And lower that of way So the get has a as their continue manage higher handful past distribution how they've three, we that. five they've company, the territories. very turnover become

So it's refine. to moving will continue of we pieces a that lot

marketplace. operationally, in and other the thing think that more get and for opportunity order continuing effect I of making all and we a evolution. that's marketing that's of And and is effectiveness another talking rates, has we I'm attractive fill us do, an overarching stronger us inventory as the the of about also all communications things

to them talent get we we retaining after of they the attract So that here. we're while working want caliber on continue quality and

good. progress. remain So It in will very we're work a feeling

Kevin Steinke

then XXXX, And Bolt, the incremental that in XX% Products? excluding to about XX% MRO confidence EBITDA business is in the and for margin Lawson core comment leverage Screw

Ron Knutson

Kevin. Yes,

the So this report results on Screw try we Generally, also Products separately as the isolate is well Ron. business. and Bolt MRO both as and

or organic Lawson for segment XX% in the our So MRO business. of the Mike XX% for really the to is referenced primary

is Screw given I then some XX% about segment target Products, this our the their acquisition the north EBITDA is as that typically business of say will would well. and closer talked run And model. that, to margins with However, of actually Bolt's that, they run Lawson I calls know, that previous on we've which

segment. the the XX% is XX% kind Lawson of on more again, to So core

Kevin Steinke

Thanks look as for What acquisition the what's deals throughout does clarifying that. XXXX? year? move pipeline into as your And the appetite like you closing move we for

Michael DeCata

looking to The front. Yes, is a discussions, like -- pretty are Kevin, some pipeline coming ago larger them appetite It's ongoing be are the were had unchanged. the would that of of Mike. some acquisitions. back this is many really discussions, doing We've encouraging. We is and them while to

pipeline, acquisitions. pipeline certainly good and willing slows And any like We we have. we have if smaller nicely vice appetite accelerates for fit So I pursue have Though, larger, say, we down be than versa. feel would the larger really larger have or done opportunistically, to acquisitions we the about and stuff an fit they to acquisitions past, substantially they if much nicely. in then again,

essential And to three-part good We're about strategy we have. the of is growth throughout the strategy. So It's unchanged. committed our feeling company. it pipeline that to we're our broadly that part

Kevin Steinke

gross on margin, the at business very XX.X%. And Lawson again, organic Okay. strong

talk Just cost -- that confidence in so at at in referenced. have vendor bit strong inflationary place with levels, more and even the the initiatives the you to environment that in a keep increases about little those keeping your it you

Michael DeCata

put Yes, Kevin, our piece I'm value highly the have, let in to we will, customers customers the me service proposition for well. its on, our core, reflection the service-intensive bearing superior in is the is of average as then vendor-managed $X.XX, mind in engineered our maintenance Ron inventory, value that that marketplace. mechanic. and jump price a value gross again, intensity, the product sure, in, the the profit want the At jump And

a yardstick So we at about proposition. that sort use the highest level, the as of value

along. in from that. underneath that see done as Now And really do of no always part pass suppliers, the it there's them strategy. we we cost We've change increases

externally. on value the pull. the all of something what these proposition. that our manage a to to We feel about incremental we we it's items, operationally continuous are rather transportation, improvement than continue nature about levers centers, distribution response We going good call, of But no-charge

see to that we've any about will as that. And any don't maintaining we continue changes range to aspect we improvements in. see been kind of good drive operational of So We we them. that feel

RonKnutson

this Kevin, so Ron. Yes, is

couple a of quick additional Just comments.

the forward. with should us. really So And problem for to. a be we've managing -- remaining that said in kind not XX%, we're of past, would to agree where Lawson in relative range moving and XX-ish That's confidence I Mike margin the the

picked The are able little been we seeing our, that bit quarter so little in other vendor lift a percentage a along was call, managed we've of benefit that. items But impact as no-cost certainly as of are this Mike we on some what probably that we bit tighter, else up seeing well. a is as everybody because with tariff to we a bit those and have overall the It's manage offsets increases, seeing combination indicated, well. to which impact thinking cost some a inflationary of we

Kevin Steinke

when recoup, you're items, some just bins to that mentioned cost? And the Okay. that's no-cost like trying you so cabinets and recoup

Ron Knutson

right. That's

Michael DeCata

And value smarter mean, investment. that using focus, wisely. that just -- investment just customers focus investment a we it's it. use sharp an is in a to smart be that want on it We our value, I

Kevin Steinke

Okay.

Lastly here. you sort demand like it helpful. for thus But be XXXX environment? months remains of overall of first What sounds in are sales additional couple far terms It just any me would in the just and seeing of of the trends color pretty positive.

Michael DeCata

Kevin. correct, that's Yes,

throughout the not We any of in good of And diverse from of I we've customers, all XX,XXX from not 'XX, through see -- we 'XX. marketplace seen our with quarter all evidence with really very of that 'XX. nature, marketplace 'XX in about pleased now are across 'XX And when 'XX, change period. performance don't the any to think in progress we're changes fourth the again, really been seeing any back, we've change seeing in

market we I did about the February. deep of the good of we back was U.S. January, of bit the a any of makes the of great answer is, in seen of to that days. when me slowdown extreme evidence in think change mechanic couple freeze, a about customers months in role XX-below short of couple first will And couple foresee outside of most maintenance days and a little say appreciate see in the of considering something a and But and the the any of For 'XX, which, we we 'XX, for year, we January last the our feel I about feel nature having in what do. change weather they don't no 'XX. repair haven't

Operator

KeyBanc question Instructions] Markets. Capital [Operator Ryan from from Please is next Our here ahead. go Mills

Ryan Mills

little for the nice Can I late. hopped anything, ramp XXXX? reps Sorry, rep But about missed during in the if I expectations you on sales talk call quarter. additions a in

Michael DeCata

previous similar Yes, we I reps. strategy, think that Ryan, will to sales to continue in our been years is in what adding incrementally it's

started reps. were we where remember periods You starting There X,XXX. and XXX very reps we might over sales sales up that saw XXXX, with in significant those run now in years

an significant just would run-up the think days us apart acquisition from likely are very is do, I behind those of we employees. which acquiring

the the increases really incremental again in important number retention the and the More of analytical emphasized is that's stage in of reps, and sales continuous put processes sales of see place where we the are at this reps, sales paying the I incremental. performance dividends. process the and You'll but that tools is performance reps,

is a But it's first the about incrementally second more of third the the sales or tools unrelated, And leg of sales improvement combination to the even adding reps which of of reps. addition of productivity leg course continuous our is incremental providing acquisitions. effective. to that's stool, enable stool, the to short the be and then leg is So answer

Ryan Mills

of solid additional then productivity? the in improved internally? factor talk you productivity additions. rep process? steps are it Can during the demand the despite environment the just you Is ramp that more driving rep and quarter And Or taking what's onboarding about

Ron Knutson

this Ryan, is Yes, Ron.

both. say a combination So of I would that it's

across we increased did of see product demands all segments. certainly as well all our really of categories So our as

if productivity. overall six that quarters, I productivity in you at So think And prior last year rep increases certainly seen that we've quarter. the the look on helps versus

to refine And being market overall certainly we continue become able or points sales demand really our sales easier to if other where on And Mike's efficient answer provide information can I behalf sales earlier, it's mean, one, reps if of to field. Microsoft in more has help strong. if track to reps. been that's that's technology So and to reps questions or them Teams orders the

investments and day and that asking team out in continue day we getting understand sales is to make more of our field on rep basis. that a So productivity team those

doing on time, the we're we well. at and supporting customers same within for So everything then expansion our easier them this can that make to existing as

Ryan Mills

And Could sounds remaining then early an just it me like on favorable trends in end XXXX. you give are your update markets?

Michael DeCata

me if first, let Yes, want to add. you in then and Ron, jump

So at over-the-road we which talk the that's, broadly, be application be an it stuff again, fracking stuff bolted We It equipment about fleet, trucking we not the a could equipment. the could about just a very fleet, significant talk what construction it rental percentage floor. level, call, level. could is market at the fleet, be to not

government, and And municipal in but performance again, of GSA again, federal about solid resilience of a come to We going And of floor. and as not solid to Department government bolted performance I'm see overarching accounts. as balanced to especially continuing broad strategic we of spectrum state across see excited of now that. well that in back that We federal Defense, nicely really governments. it's And between of see some So government. Department the stuff market, government Defense the beyond the solid including just performance. drivers it's continuing diversity

resilient that provides So for a of business strong. that. orientation a Canada balance sort continues more

beyond optimizing better little other do U.S. and those in investments needs happy are are still ability the reps, Canadian the in we customers and Alberta. Western a inventory the influence things effective and hands centers continuing about needs reps, distribution And different our than about in sales center, customer And feel processes have which of We the service will does. again, very that control sales of in the by 'XX, Canadian of The in tools I distribution would processes in the me Western every And on in what to let the analytics of optimistic more the we're going own are Eastern the them through onboarding destiny that the all But argue we very Canada. -- excellence. And in one in 'XX. them positive influence our operational things has even of one the market we happened of own All great of comment every about and put our market. drivers forward. excellence, market We overarching market momentum. are the we're of we've operational result place. broad-based the about whatever but we feel

think process, I is attractive if market refine come cycles go, cycles point employer, but our more important we're So our to we're that most customers. as latter to over are a to supplier customers and more robust long the an market the partner we and because and for. critical company that important creates our as and resilient And very the term, looking able we're

Ryan Mills

quarter two good in Can color. Really days by And just housekeeping questions me. for you provide selling the XXXX?

Michael DeCata

Sure.

XXXX. XXX X 'XX. We selling in in up pick actually day selling of days all had There's for we XXX 'XX. So

And have QX. 'XX, pick XX that's XX in we quarter, we then by XX days So up in where -- we in the in XX day. QX, QX, have have days XX we and QX, in additional

Ryan Mills

question. tax rate? Okay, Expectations and then for last

Ron Knutson

Yes.

actually, that was Tax of change, a of XXXX. and low, Jobs Act the was some was at it XXXX, of what end the in result So implemented

the So our XX% U.S. should rate tax the more state And to XX% as in a weighted normalized between also. well as Canadian the rate be rate, average the that level. rate combination that's of

Operator

I'd are Instructions] DeCata for [Operator Mr. any And closing questions, back like if further turn no to to comments. floor the there

Michael DeCata

Products today. you had Thank great that. and quarter the a Lawson a call for appreciate joining Matt, you, great year. Thank

to consistently value results, proposition. We strength the customer reinforcing continue demonstrate and solid of our execution strong

XXXX. is pace to continue exceeding this in the EBITDA our revenue adjusted growth, we result, of As expect a growth and

benefited XX% XXXX made we While in inherent our XXXX. demonstrate leverage XXXX expect leverage the in some continue non-reincur our achieve business. to of XX% XX% is to that to we it from investments With extraordinary, said, and leverage in

again teammates and service. our to the call April. in to committed I service. Thank to the for you commitment we today, speaking customer look across day company joining again extraordinary forward Lastly, every day. are with a great you appreciate dedication customer Have and their

Distribution Solutions (DSGR) 1 Mar 192018 Q4 Earnings call transcript