LAWS - Earnings call transcript Q4 2019 | Distribution Solutions Group, Inc.

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Operator

Good morning, ladies and gentlemen and welcome to the Lawson Products Fourth Quarter 2019 Earnings Call. This call will be hosted by Michael DeCata, Lawson Products’ President and Chief Executive Officer and Ron Knutson, Lawson Products’ Chief Financial Officer.

During this call, they will be providing an update on the business as well as covering relevant financial and operational information. There will then be time for question and answers. Please note that the statements on this call and in the press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results and underlying assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those described.

during of are today. made company’s on statements as views addition, this based call the In The cause change. those anticipates views company that to future developments may Please that presented consider light. the information in update at point but may disclaims to obligation so. any statements company The specifically elect to made the some today, do forward-looking This the by lawsonproducts.com. company’s Lawson call simulcast Investor Products’ Internet being the audio website, Relations is on the page on the of replay the A through XX, XXXX. be on webcast March website available will

Products’ CEO, the turn will Lawson over I DeCata. call Mike to now

Michael DeCata

Good on results the Knutson, will continued morning followed more for This call. results, your joining Ron financial provide by and thank the you questions. detailed morning, I the review our progress. and comment CFO will quarter of fourth our

strong Lawson Products fiscal had a solid a and XXXX. fourth quarter

structure, results, cost management the adjusted margin, X.X% fourth $X.X or fourth the in ongoing combined XXXX. effective margin sales were of sales including XXX sales, by by XX.X% in quarter leverage results MRO including increase significant Consolidated year-over-year quarter at X.X% a strong adjusted Bolt for of an with an complemented million of with million point our to compared MRO EBITDA growth in $X.X by factors, EBITDA Supply. grew a These Our EBITDA Bolt in this the and several and Lawson performance margin X.X% segment X.X%, increase basis at Supply. increase operating supported consistency or quarter of driven

XX%, to of ability million, over levels consolidated existing XXXX For our was EBITDA adjusted the by increase primarily XX% our year, representing and a adjusted due increased leverage with over $XX.X sales to infrastructure. X% our EBITDA leverage

A execution while our growth to investing the to that year broad-based and our over improvement cost the in to year identify our teammates the also both on the and in resulting successes results we’re build This the productivity pleased is quarter, with to strategy. effectively reflected progress, the enabled continued fourth as three-plus of successful ability has theme full manage Overall commitment continue us achieved process past the our well confident commitment in years. future. performance structure In we’ve of opportunities to as quarter our the improvements. our recurring in very sum, we’re

discuss the let’s of Now some details.

Our trends for gross adjusting the favorable. achieved remain for fourth core standard. gross quarter, recognition profit revenue profit flat Lawson new the essentially XX.X%

proposition. For differentiate there value consistent theme the of us, Lawson here, a This ongoing to is appeal Products. continues our

maintenance shop our which on performance label XX Lawson This including blends products, been customers importance every For to the to designed supervisors, shortages, private maintenance are These labor XX,XXX relates and continue of example, customers parts welders mechanics, proposition as of mechanics. experience managers. which average value it to mechanics the products, XX% especially visiting meet the including our superior and have days. strengthens service, superior needs

strengthens Our our value also as the more success. barriers customers’ Lawson approach to part of proposition Products integral becomes entry

invest in sales in and to to customer growing past, We rewarded initiatives customer very share retention. of approximately been have retention we adding We’ve while we’ve new wallet with increase retention discussed the and XX% customers. continue strong

XX% business XX% quarter quarter to full increased fourth versus government Sales for achieve the XXXX the growth. Our for of continues fourth year. and significant the

grew year. growth will end going market us forward. XXX% win the help for We The the military fuel government level proposals continue our that to state at business

news Congress. a The a was Defense good see fourth slowdown did is Appropriation by and late to quarter delay we December, Congress However, in this that reauthorizing the reauthorized the which budget. during attributed

past which process earnings accounts and Our execute to I’ve calls. continues strategic in business conversion the highlighted

within added total to year-to-date XXX new we fourth XX the new accounts, locations. the quarter, existing locations During bringing

accounts strategic and the opportunity. of solid of and of win our indicator continue to share new when disproportionate strength they into positive proposition we through value our grow a several us acquisition, the bring Another large execution, locations of

to existing within continues XXX% Our goal accounts. be share

We and integrated have and industries. of five also this were supplies by customers. X.X%. strategic Overall, gas year quarter healthcare, accounts slowdown impacted construction for added services, new the customers in environmental was the two the strategic oil Growth account

I important excluding still to, two just It over would those that However, XXXX. the customers our we growth versus that yearly retain referred mention been customers. XX% is have to

their slows also their maintenance as machine utilization time have However, slowed. processes

versus dollars the fourth with second growth with broad-based. on quarter this quarter year-ago XX% another strategic business Results quarter. XX% achieved Supply third in quarter account growth of The during X% the and quarter top Canadian Bolt quarter. a growing were remains great solid over sales had in of XX%

were addition, several construction strong. in particularly Calgary companies In

expect continued area Supply in the also pursue Bolt XXXX. continue improvement we trends in Operationally, process of We from to positive company. every

This nearly an character the For optical embracing is example we’re how technologies one that other employs throughout company. recognition matching example, automation the we new project are productivity. to improve complete with just technologies AP of invoice department’s and

Stepping quarter to growth back continues our deliver. the and from takes the strategy the is our year, of that three-part message puts and

finished First, to X,XXX future. reps a rep also has the sales plan sales year including growing retention team, and our to improve. Sales incrementally for continued foreseeable Bolt the Supply, we hire with

productivity. increase Second, in

growth sales quarter rep X.X% deflated XXXX. in versus to others, sales This of December quarter, achieved productivity Lawson soft core improvement fourth the this rate. late sales in reps Similar

MRO X.X% the Our grew year. daily average XXXX full fourth by quarter for and the up sales were versus of X.X%

part be pipeline acquisition, through our acquisition strategy. through an our Third, very on Growth and the executing remain feel good will important continues the plan. in disciplined about of we growth acquisition to

As our are Bank as sum, added banking JPMorgan, with September, XXXX. completed as Hoekstra, relationship VP efforts, well a of Brian CIBC M&A recently a efforts in these M&A October. in our and new optimistic we In reminder, about in of America to support we

leverage previously XX% a moment middle focus exceed even EBITDA of we As XX%. sales to single-digit and stated continued management, on mentioned with able growth I ago, cost to were our

XX% proposition, further disciplined and range continuous improvement leverage compelling capital to We our approach MRO through operating of XXXX. drive to allocation in commitment well-positioned We XX% feel to acquisitions. executing to accretive are previously the including value our business for communicated confident

and As year execution day-to-day demonstrated, never the tactical stronger. the has been quarter

me business Let on environment. comment the overall

nearly overall December forecasted, weeks with is flat leverage on that did the last couple us soft. slow while when of use everyone’s We of It hold mind believe note to continue due quarter were topic continue amortizing EBITDA other coronavirus. also will costs the to Process continues leverage close of improve. from the XXXX. infrastructure. the was in supply to capacity. large the One particular, customer of fourth and is to we holidays impacts distribution G&A technology, and environment In to fell. As excess part our also important this suppliers enable relationships successfully our and to the reengineering, in productivity-enhancing

have need have any We our days experienced Last team purchase stock. leadership customer shortages. the sales we supply the they associated said training in any XX% will that maintenance have three not us week, for situation on that, we and situation. been China also we are closely and with impacts our arise, experienced in town regular our little Today, products Having product extra approximately of hosted safety of have not products. should we and monitoring our of engineered the planning. very with from of also have import assured hand. contact and today, Suppliers suppliers we ample We private-label

about very is making the team marketplace. we’re company of progress in Our state that the optimistic the and

turn I Ron year full over Now, quarter results. to the will the fourth insight into call financial more for the and

Ron Knutson

and Mike morning everyone. good you, Thank

generate of The solid out XXXX leverage fourth our the mentioned, of adjusted was strong solid maintaining in reflects to quarter growth margin very favorable Mike sheet. execution, year-over-year, while a our quarter operating completion with results As continuing a balance fourth model, and strong strong to in XXXX. round a continuation a EBITDA business

wanted in on on for Before the our GAAP I comment item quarter, I comment results. reported results to the an

required were $XX.X million of record we quarter, stock-based the expense. compensation During to

in reported an adjusted on of strength the large bridge cause and over the included in of and type can the manage this the of over Given $XX.X year. stock that from $XX to ensure the at market the organization. and the be between with the full provide results, shareholders, reflects quarter fluctuations results the how of our beginning a require our management to feel expense which us GAAP we directions, million reported my instruments. utilized our the $XX rules year, Since GAAP largely fourth we expense our Tables record type business million is $XX.X for mark price both we’ve adjusted X basis, to better and our were Since morning press increased will these this accounting we and in alignment the required quarter X to comments release results. instruments in past the for in

highlights. Here are the of some financial QX

increase for XX% as and and of the First, million EBITDA $X.X improvement sales. $X.X was point adjusted an of EBITDA XXX a million or percent year-over-year basis quarter, margin a

Second, same $XX.X up and the ago. days, a for sales were the X.X% from million selling XX quarter, year

margin into Third, with flat credit closed in The service-related a EPS line the classifying of $XXX the $X.XX XX.X%, compared loss Fourth, on early facility. expectations. in reported diluted of XXXX. for with organic quarter gross quarter, with in $X in the Fifth, per of cash XX.X% consolidated we our prior segment position $X.XX ended new margins. was we business net share quarter the diluted gross borrowings fourth of million. quarter, We to percentage adjusted margin was year MRO income costs million quarter to gross essentially of the adjusted earnings of ago our

well organic growth well extremely as are we to acquisition result, a our further initiatives. as opportunities, support As capitalized

was of provide of quarter commentary. I X XX This some will million the generated same of number days. the of We selling in on fewer QX some days and XXXX quarter now the selling sales $XX.X additional of XXXX. discuss the than QX as and days drivers

year sales ago, fourth quarter As from our a compared to following. the benefited

customer the the of generated favorable First, construction trades. $XX.X XX% development categories by of Bolt and an sales million over broad-based of increase for across relationships, the quarter, in primarily primarily product its new demand driven Supply

the by Kent X.X% and Mike average Second, as growth MRO mentioned government sales sectors. driven daily grew primarily in

Bolt Third, continued to quarter per rep ended the in the We sales the sales X,XXX improve year-ago with productivity business. Supply over including day territory MRO reps, managers XX quarter.

the $X.X our daily on growing sales million and focus basis, force, Lawson $X.XXX talents. $X.XXX sequential December sales our a was segment From sales retaining average was sales million, October productivity profitably were improving November and Our remains million. rep

in at couple slower and of two gas primarily we primarily weeks for customers segment and to of due December, standpoint, slowdown account were From last a saw in strategic Lawson others sales of quarter, timing mining to the oil space, sales industries. the the a due the holidays. to Similar our in down X.X% the

Government customers. continued approximately Excluding these be two Automotive as quarter growth for customers, the X.X% strong, strategic accounts expanded growing to a XX.X% existing with in the relationships grew along our we XX%, Kent sales. with

Supply gross Lawson was margin was Reported gross Screw lower expenses gross organic and for and XX.X%. operational The initiatives organic into XX%. this Products goods that to effective was Through of process, in Bolt continue impacted excess to consolidated the our margin of by Similar Lawson margin gross in XX.X%. pricing fulfillment $X.X service-related classified cost the segment. than year prior product margin drive million addition MRO in margins of were core profiles quarters, we quarter sold MRO to efficiency Lawson

margin total a EBITDA as trends sales leverage and prudently our We for and the of infrastructure, full and operating quarter to evidenced efficiently year. existing manage percent continue for expenses this by as further quarter’s the also

result quarter increase million driven million, Selling, compensation quarter. to a of $XX $XX.X The $XX.X were which year the increase general and fourth higher in for compared of million entirely ago the by our price. a stock stock-based administrative was is expenses $XX

and stock-based X.X% total operating other compensation, Excluding increased severance non-recurring decreased expenses items, sales. and

share per of loss the non-GAAP income an the to the severance $X.X adjusted $X.X quarter, million ago. On fourth compared a adjusted million operating compensation inclusive year non-recurring year excluding reported $X.XX XX% quarter, was diluted quarter of On other Our year an income million income ago $X.X of a was operating million stock-based $X.X basis, for adjusted to $XX.X quarter. operating stock-based increase. ago million of compensation, was items, basis, a for versus $X.XX and earnings in compared

improved EBITDA adjusted by $XX.X For $X.XX XXXX. resulting million, versus EPS in $X.XX of in year, adjusted the to our million $X.X diluted full

quarter were putting $XXX,XXX million. the year $X expenditures for the at full Capital approximately

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

XXXX on such the commitment our of strong results. Let me now make for their to make year really comments just few Lawson. all XXXX a It a a and effort Bolt year Lawson, you and Supply for Thank to full success. Kent’s members team was all

year. Sales governments, managing and sectors: all Automotive, finished Core in Supply, great sales million gross year. and up million X% a our on improvement for basis $XX.X margins had XXX We Kent return realized accounts, a the Bolt This which our Lawson growth EBITDA full XX% XXXX adjusted strategic point a operating of $XX.X represents increased expenses, ago. from to our sales. also a year Through as

some into slower current show rate. Now, in XXXX as thoughts at we sector growth, a but indicators economic move our

We as focusing our initiatives our internal such presence. on our into and and growing continue product to drive existing through strategic expanding growth local categories, customers core reach state government

year over and of for We actions basis of increase our increasing to to we two take we’ll product continue sales in necessary and costs. EBITDA XXXX trends ensure We stay year exceeded quarters XXXX inflation year. ahead full an points X.X%, monitor and the XXX ended tariff to milestone at XX% the that of

expectation does have our operating seasonality it, to and our particular to While XX% to QX business achieve leverage, some in is XX% QX.

will we our initiatives with fully our business. and sales XXXX, to continue operating During leverage

turn now operator over will I it to for questions. the

Operator

you. the line Please Barrington instructions] your Kevin Thank comes Research. with question. from Our Steinke of proceed [Operator question first with

Kevin Steinke

and Mike morning, Ron. Good

Michael DeCata

Good morning, Kevin.

Ron Knutson

Good morning, Kevin.

Kevin Steinke

processes to is have costs to – continues leverage decent what’s and look flat you to continue outstanding. know continue opportunity continue over the across a but years improving or can I to holding that forward? of We here, streamline the the next talk think you about the do streamlining improvements, Six have process you operating in process Sigma at few So them runway company, as broad-based to out costs, model initiatives that just be the through continue amount least you Lean going there still you

Michael DeCata

Mike. don’t whether I also productivity, Lean use another By the Sigma off is processes. class again, end the Yes, but Kevin, G&A Lean here Six the Sigma improvements, activities, out turn stripping process way, our attention attention corporate. in use This am through sales sight, an technology, to you. and turning at dissecting We of cost, see of thank tomorrow, our rep hiring non-value-added processes, Six sales to teammates for kicking we

there years short in improvement, So always be don’t is, There process an will we will even sight. new now. the see end from be answer technologies

is about day. future. and more to it process very the deliver So, our ability continued every have to continue we you to work foreseeable costs at very, manage a for optimistic But and more and it are productivity

Kevin Steinke

sure Okay, are you that operating Ron, reiterating great. for to XXXX? And to XX% make target XX% just leverage

Ron Knutson

I were That’s correct. Yes, flow XX% to we XX% for the still a feel comfortable with bit that, Kevin we leverage outperform was standpoint. even though XXXX But able of that guidance is XX%. year to for feel we operating north from little the all-in think this through it a

Kevin Steinke

looked in said accounts, strategic of with on terms great. ever adding you goal your as your continue base accounts XXX% you okay, of Okay, still make penetration Mike, the you your to and at deeper are And what to progress locations account strategic of with take a well and then locations sense kind percentage runway new strategic is new a accounts, us of Have tried adding strategic now penetrating strategic to exists dive across continue your to I and as we get that give accounts? think, said but them. capturing

Ron Knutson

Yes, absolutely, Thank Kevin. you.

hunting the of accounts and locations worked they map a have though, of our strategic cases, in XXX% all way So through and over the range for most within a XXX% to license. refers us history, thoughts the accounts yes couple strategic it’s the

strategic is accounts that sales you one operational strategic XXX% talk is which help location a whether broader broad new our we start really reason to on relationship company, locations location, When And location, I a reps a competitor. to are count, location, more is of usually large corporate at had, our bring there just wherever to share that visiting of can service or sales is it all a develop because headquarters the that averaging that days, what they we fact then customers, in one in-servicing performance account. a our it’s local XXX% all we XX bit, want every it’s one mean XX have days. want rep customer our and categories, is very be the to statement number XX little excellence, I the that about and we of do when a the within superior product of every strategic work accounts, but but small to than want on as or the displace every week time with week that that we other So, with we to we average moves

have and about them. but We reliably want and never not they reach strategic company customers underlying These they’ve product had heard the mean customer, huge us potential never relationships. overstock with to also value are consumable run invited say, proposition there and we so when within the of the our dialogue products. excited talk to us we begin share XXX% we recently, reached consuming very all let are customer I XXX% There a I never more are bounds us about we broader today, out are the large and and frequently, and a say the so me of invite ever we’ve there customers, of out potential, XX,XXX into accounts number of let is because out broader share state to been I us our really, even

been this more moment. I our cost of whether company, that am management, company every of confident Six this Sigma, at sales future dimension Lean in rep I the never supply costs, on and chain, suppliers productivity So dimension, every the have it’s

Kevin Steinke

to good. hear. Okay, That’s good, good

sales of continue and there? to do multi-quarter kind seems the little at you a see assume sales I So modest you improve. improve more That retention, looking much trend bit of adding would forward a room a continue been like the more it’s to how to they reps rep maybe talk is plan there XXXX, to and mentioned pace, about kind

Ron Knutson

is. It’s continuous in small Yes, it incremental improvement retention.

us. here to falls systematic course, it and the we retain the a rep. able ago, retaining, curve little business of way, sales very But to hiring track of a managers, less initially a retention. and about Sigma so tracking the reps started the We growing along coach Sigma you’re of can has continuous will you help when the they years talking monitor Several successfully. reps, Six pressure number on the to them, By of work they of then and Six continue profitability Lean hire on our district book project are the incrementally, is help and their growing as helped sales gets weight trained this of and but Lean in most start board of that this them, way and improvement

us core are And and you is of profitability and long-term far the are sticky our relationship customer place relationship to products, have on retention the the the products bedrock extremely with foundational They customer if we higher. customers. is so, very recently initiatives those have build. these our and are the core important other to that starting which rep they of foundational Now, customers we customers, from sales a products year of pay the that a focus, will think to focus are in this there dividends just for real

retention, sales profitability to customer retention improve and serve rep of All specific of customer. that these things

Kevin Steinke

operating Okay, you Maybe now. to it it. as switch the see got let’s environment

strategic you particular you and how overall with the and had among Have see customers or two year? plans throughout your two a that shared XXXX customers, growth quarter. mentioned for You as their impact in oil your outlook this the move fourth do impacting slowdown you those customers, gas of they

Michael DeCata

Yes.

course, can’t they the all customers in Of to and specific industry. we gas share the are details relative but oil

important and industry less it’s However, that than the oil to represents gas recognize X%.

of more than total X% it’s our think business. I

of way, because as it’s our and total small small important customers their those It’s likely are a hard out customers general goes as really we mix. them running whole is recognize specific percent those by how relatively machines. are but percent. in customers, to that as industry they about call The relatively – their down retain we So it’s a large demand they the they’re relatively

goes don’t year. up They they probably As because machines, maintenance move but don’t sideways. this down you cost are move idle two tip them break. to you might going likely run sideways the Those customers

very However, accounts there we are so that many opportunities have for new other excited. very, strategic are we

Ron Knutson

that seen October, on Kevin, eight call the remarks, point would we we of of first December. as a add November ADS top prepared sequential December. weeks I increase XXXX, at In it over other look commented have for and both the on is I my

and a and of our going into from strong seen up. than QX we the off as couple So also ADS our of gotten Bolt the higher first ended trending to daily have nice average well. months February, a increase in year, start in where are sales January December full has

have continue couple QX though XXXX even we customers, So over of nice year. to continued in little see softness out we as start we of increase of this to sequential a bit see these

Kevin Steinke

that’s you’ve couple a Okay. at maybe But it to as the not year. for it indicators was next now, sounds mentioned seen first you least helpful, sounds actually going months what through be my impacted the though far question the rate Well, even materially it at of it industry has thus but of of about show like? slower growth like that because you

Michael DeCata

customers two industry, specific the not in It just the to goes customers. those

Ron Knutson

well. some I that that here first think We that saw that month ticked it was – we some of in was increase XX.X months had in January about the of up ISM January and lift as the saw five XX.

Kevin Steinke

all taking the Well, questions. for I now. had for all great. Thanks that’s Okay,

Michael DeCata

Kevin. Sure. Thanks,

Operator

your next from of Carl proceed the question. Schemm [Operator with KeyBanc. Please line instructions] question comes Our with

Carl Schemm

morning. good Hey,

Michael DeCata

morning, Carl. Good

Ron Knutson

Good morning, Carl.

Carl Schemm

kind looking areas you expand you are to looking get curious specifically to? pipeline, you could kind first, the what on leverage acquisition you mentioned of that, and are what am are targeting, just at of I what if you

Michael DeCata

is first up of this part comment pick Ron the can Carl comment, Mike, that then me and part. the let on me second Let

range let continue up capacity, financial much We $XX of feel opportunities pursue we revenue. more now to call million that. well million it a over larger broad about we And much, have from, good me much, too of that revenue $XXX even of

have Certainly, M&A having vice pleased very approach our We his developing of years. president relationships is been impact a we for number very positive of with. very, a and thorough are

feel we pipeline that that dimension. about So good way will during the the along we optimistic are across by succeed that we spectrum XXXX very and

The other thing is after that as even we us leaders and have gone in enabled process through and has the the our way acquisition. integration doing acquisition participate process that prior to succeed. team that’s to behind analysis all the us, that the integration the Even functional we an by build

So years great the our acquisition will past comment hard here pay on XXXX. the after ability all to over We about dividends here integrate work successfully. leverage? to feel did like in of you couple we feel want Ron,

Ron Knutson

top would on I add that. of Carl, Yes. just

those combined we fourth with the mentioned wherewithal putting both comments our Morgan acquisitions facility our be in base America in that those throw CIBC a acquisitions. make to the Bank in MRO good Chase quarter or to are us off new our position and to forward make that puts I going really of free gives us the core cash business credit looking at. and Mike able really, J.P. place in really the As on we that flow That and with

to acquisitions. not finance feel those financial to but able really pipeline be also the about good our So only we wherewithal

Carl Schemm

of the a just of And business questions, are then number Great. by for housekeeping couple you days year? sales what this quarter Thanks. expecting

Michael DeCata

Sure.

to going one an XXXX, and up going pick for day. picked up day. additional we way to additional XXXX one up pick So that we calendar XXXX, day from The XXXX we from fell the XXXX

here So look days, out by quarter. days actually lose – X if XX to and day quarter is first the again. calendar but has Then then days, the XX out extra into QX, further days, XX XXXX, we days for XXXX, you that picked so QX we up QX in business QX XX

Carl Schemm

lastly And fiscal your rate your sorry? Okay. for for XXXX, expectations XXXX what’s tax –

Ron Knutson

Sure.

at So carrying that year. most is for XX.X%. is fiscal are of well. as XXXX, the expectation XXXX. will entity say we The I What forward be for that moving where we about will were our we those XXXX in in NOLs into XXXX. were We would expire a throughout tax-paying That’s

cut taxes So be pay some we of our to not using we checks. where historically have had will cash to

tax I that XX% XX% want the still effective do in to should XX% rate to be but So, highlight range. the

Carl Schemm

Great. I That’s all Thanks. had.

Ron Knutson

Thanks, Sure. Carl.

Michael DeCata

Thanks, Carl.

Operator

Thank you.

We have DeCata, at would comments. now no turn this you questions to Mr. to I like floor over further closing back for the time.

Michael DeCata

you quarter especially in a Thank had gross XXXX. true Products are today. customers. Lawson you Share potential value the increasing customers value This gain recognizing much. positive productivity. proposition. Sales, all call of highlight for joining trend the and the year. Thank customers very leverage potential great ability customer account and continue and strategic another began great EBITDA, on is retention profit late that place that our to their improve and our More customers

teammates. and you work work thanks dedication to the teammates. while again Thank a that first am day to like joining are grateful wonderful that for XX,XXX earnings today. customers again. I to we produce improving with the will service Thanks We productivity-related I speaking the again our their their and release for would when knowledge to quality prosper. is growth We day. quarter the customer shortly confident the Have continue enabling actions extend you for of to look results. call our forward our

Operator

today’s conclude this teleconference. does gentleman and Ladies

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

Distribution Solutions (DSGR) 28 Feb 202019 Q4 Earnings call transcript