LAWS - Earnings call transcript Q3 2020 | Distribution Solutions Group, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Lawson Products Third Quarter 2020 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 questions and answers. Please note that 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 via 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 November website available will Products’ CEO, the turn will Lawson over I DeCata. call Mike to now

Michael DeCata

our Good on and the Overall, drive will will of the we’ve and improvement morning continued well business your for to-date. This call. the questions. of from more detailed Knutson, joining our largest to quarter COVID-XX, results our as execution Ron with our and and thank second strategy the results. pleased acquisition quarter, the a CFO, you third followed review our as acquisition morning, financial I of growth provide the quarter sales taken organic I actions of by comment we and third earnings, completed quarter impact the third that solid three-part Partsmaster. saw am

the to global show have results we recovering of good pandemic. effects continued that in progress from Our ongoing the make

are before response to to demand. Our and sales increasing their reps of of as majority in business able customers service increasing our customers the level are gradually

distribution centers. We have our seen consistent at order increase count in line

machine an slowly. utilization line albeit count to is count within at customer slower This However, increasing time indication piece a rate. us that is is recovering,

cost quarter. strong quarter compared sequential our EBITDA as and quarter. And to we XX% improvement. strong recovery XX.X% were XX% the a second second third X.X% of consolidated in balanced adjusted adjusted to the sales to as as For last average sales up demonstrating the in quarter, the quarter, achieved approach margin of control, sales to compared up daily EBITDA With was compared

compared before the as the we’ve for year $X.X for adjusted accounting came for which new third primarily past, margin Gross margin second higher third This the quarter to by the for Lawson and was to freight core quarter XXXX. ago. is driven a applying gross percent products decrease $XX.X in product XX.X% Our million EBITDA costs discussed standard, compared quarter million for at and the in attributed in quarter demand PPE. mix and to XX.X% XX.X% safety of lower-margin

permanent to the a costs while actions, XXXX significantly savings. from the in we pandemic, Over reengineering. Customer the actions several over of stated period. previous an to nearly Lean have will of G&A we center to XX% Process from prepare environment. past of recovered work start XXXX, result has we discussed commitment bringing our uncertain actions for the progress downturn. holding some the result same EBITDA back Sigma and demand such returning And as Suwanee our distribution flat. margin years, milestone revenue, as took employees reversed our aggressive At publicly grow as to in Between some we the furloughed and X% as, well including sales, online. grew our of Six the Other reengineering economic initial continued effectively have

service, have taking work number extraordinary Our actions. Lawson to commitment demonstrated teammates with of customer an earlier associated on additional

Lawson’s productivity. customers division go-to-market has a of enable to $XX and sales On with a in XX,XXX companies the inventory compared XX,XXX generates Partsmaster to very NCH. differentiated customers. acquisitions. core blend model, largest service-intensive Lawson our discuss strong million to vendor-managed customers now and that August private their very label both of similar our Partsmaster we products improve held services Texas-based me approximately privately XX, business Let purchased a Partsmaster, model annual

acquisition, the in of whom and Lawson’s, month majority retain XXX approximately of to million the sales $XXX,XXX reps, similar in us. we in are margins to over Partsmaster $X.X Partsmaster sales EBITDA. the full employs Partsmaster expect Importantly, contributed September, and with first

integration We has will within of employ DNA. the become same successful and process that reengineering Partsmaster part us, for been has methodical and systematic our approach through

and on well with We outstanding is working XX quickly. into at now on to opportunity their I take all for excellence, integration, like Partsmaster and are days closely success professionalism we’ve our as has as to to that to worked the I’d ensure established thank our and leadership well. as Lawson you acquisition, thank The of hard team integration integration this the the plan. team team commitment senior team, alignment initial the

and ahead I to our offering. believe the we of have have that be to reps work will us, Partsmaster work full as customers beneficiaries combined enlarged of our acquisition. product Lawson We sales to enable this all primary access

Line been increase, count to continues look Now the core now in approaching centers detail. more Overall, has distribution to pre-pandemic able inventory let’s pandemic. our the model our and sales before levels. at business deliver in as our they did vendor-managed is team service-intensive

However, piece increasing Ron sales a in discuss sales line pace than monthly will overall a count. at count trends moment. and are slower

perform to Calgary a business the EBITDA open, XX% of and Both after Bolt customers. meeting the and for reopened has center remotely. well, Our Supply period office out administrative quarter. sales in Canada distribution are very continues returned branch our working The staff locations reps our to achieving have remained

since which continues and and strategic accounts a progress, segment, oil versus ago. was year month to first grew September the struggle, Excluding are strategic April accounts good that the gas achieving

realizing integrated and growth. Our manufacturing customers supply solid are

for During added accounts Kent new new we strategic Lawson the quarter, locations XXX for and automotive. XX locations

and accounts strategic new four Kent. added we between Lawson addition, In

September our for Kent year XX% compared month grew ago. strategic since the Lastly, automotive that to increasing month customers, a April the account was first

was XX% the segment, our government the of second XXXX. overall segment government quarter up to Turning versus

our XX% educational, sub-segments: However, government customers of third of and two government approximately represents still local down sales. XX% federal divide represents as SLED, business compared SLED with XX%, into approximately and the quarter federal primary customers. XXXX. state, called We and the

second second the compared of quarter, to in quarter. last purchasing attributed when versus been have XXXX XXX our to third XX% agreements SLED change versus military quarter quarter, the and change the logistics By sequential quarter, This declined is XX SLED from year’s another military of contrast, to and in XXXX. a Year-to-date, quarter compared During XX% X.X% third XX% which primarily pending. by grew the Federal third the quarter and we XX% platform, civilian segment sub-segment grew the uses. growth sub-segment XXXX. the of versus the agency Defense awarded XX% with as second

the refocusing purchasing market efforts channels to through military are sales multiple of in process the For the our new segment, we platform. also and

in a are doing job brought the our Georgia value. by extraordinary of distribution increased line In partly centers an circumstances difficult under Suwanee, coronavirus. very teams back center Our company-wide as result the operations online produced we August, distribution

through rep of Partsmaster sales add to in productivity productive strategy After growth pandemic. We impact underserved unchanged, less sales. eliminating Partsmaster economic efforts including some under area the with company. the key in of quarter, to sales Sales the began rep reps reps. three-part Our quarter the timing nearly although quarter. of We X,XXX remains in combined that continue reps anticipate drive by territories, reps the this XXX remains second a we sales will COVID-XX. focus these all approximately component positions, impacted our the each continued been have sales reps increasing third has ended

sales productivity, the reps, M&A per we day per sales improvement second Partsmaster the we to realized a quarter. XX% reps sales perspective, rep potential in continue the pipeline acquisitions. From Excluding with versus an fill future

of our this leg acquisition will slow our not recent growth of Partsmaster to commitment the Finally, strategy.

We have flexibility management financial to ambitions. both strength bench our the M&A and support

saying remarks hard accelerate good team are my conclude Let a sequential recovery. that seeing basis. to progress on me by is we The working our

still put strain overall the caused economy. our on our maintenance has than mechanics productivity. and economic proposition it acute ever an of customers have on shortage drivers business certainly not pandemic and this maintain The a us to their the customers that While There depend and changed. more value of overall has impact and is

Now, to turn over to more Ron it I details. for like would

Ron Knutson

during our for some also quarter. quarter. and and everyone. of A will comment Partsmaster the highlights Mike you, on business. and acquisition our will the provide I on morning impact Thank first takeaways business recent good key few its trends I

over sales Partsmaster $X.XXX million and also throughout consolidated On sequentially First, a average September improved the quarter. from in million. month-to-month XX% average September. of acquisition were the and $X.XXX the daily daily million million sales $X.X August second million sales quarter by in in basis, third improved sales reflects $X.XXX $X.XXX July, in for

September $X.XXX were Partsmaster, sales million. So average for excluding daily

first the $X.X of X.X% the for and cost continued QX. in our represents both and million million XX% implemented sales the we of adjusted of $X.X actions an EBITDA The in quarter versus quarter improved that adjusted over earnings discussed on XX.X% the or of second to second quarter majority EBITDA Second, This improvement calls sequentially. for the quarter. mid-April

between to structure the business, sales managing cost growth. in that We drive areas while have our struck a continuing invest balance particular, in

$XX.X on strong to customers, $XX.X and quarter, in an our million to acquisition financial very an us our in balance the pandemic our be We for sheet. and maintain of working managed an proactively opportunities on cash excited increase continue in be to and our offerings to customers. quarter has we ensure the cash about results. that of basis. let fourth, million allowed to our with We year-to-date enhanced commented of overall to Lawson Mike early position ended Third, together, million which progress liquidity our to-date, accretive we our essential serve the And to and Partsmaster have the the $X.X already strengthen continue quarter our a we a representing companies capital Partsmaster, and business me equivalents, sales to second reps, and both also say ability deemed but were bring increase the exit with for

to been centers our have We we’ve current And of the since corporate working March. the our to structure, while have continue distribution orders. been able to our remotely and adapted cost adjust environment customer end fulfill functions

bringing our rep back ship see improve, all in metrics, aspects cost the we business. sales we productivity. online. have service reflect the some almost as us center our employees to to of distribution does third Sales As of locations, and of reverse our as our previous on has Suwanee This customer our allowed month-to-month to improvement continued number certain such reinstating furloughed to quarter, and continue actions,

approximately acquisition, prior Partsmaster our daily average weeks the sales September to the at ran pandemic. of the XX% Excluding X

while our on driving made cost our and have and great progress environment in focus all of We controls cash this continue safety flows, ensuring the sales, teams.

For compared a was September and excluding August up acquisition, year monthly perspective, by to ago. was daily from average X.X% over over July was X.X% sales the From July, sequential June. quarter, up a X.X% XX.X% declined the up August.

new adding customers. driving stay incrementally continue We existing customers sales as as focused to our on through well

mentioned, As remain previously our our revenue while ensuring this in and on supporting safety Mike generating environment we the focused of customers teams.

We are visits now customers. of on-site the able perform to to also majority our

cost through continuing a for the came being reclassification, primarily QX PPE decline internal XX.X% the shift and the XX.X% stand-alone freight but On toward versus categories. product lesser communication of sales have to support net business. at service the effects service degree gross customer year our margin was quarter customers lower for higher sales mix expense margin a outreach, over e-mail margins base, are We representatives, distribution basis to and a additional de-leveraging driven center MRO smaller costs phone Consolidated for by than in our fixed a before XX.X%. reopened ago, with a offer website, quarter in as the

sales For the specific acquisition increase partially – our by actions structure. to quarter, was and were year expenses adjust Partsmaster, primarily cost offset million stock-based taken million The a in higher ago. expenses compared driven severance, $XX.X costs $XX.X lower partially compensation, to and by operating total

a of primarily compares During in XXXX. price the stock-based this the expense an million compensation recorded increased $X.X third expense during the quarter, $X.X associated with quarter, we and quarter stock of million, to

and stock-based Excluding a XX% expense, or costs compensation, ago operating decreased severance $X.X adjusted year Partsmaster, quarter. acquisition over expenses million

XXXX. of an $X.X Capital quarter, and to million second second we the in flows. to lower the QX of ago operating was our adjusted sales. to year of XXXX, other percent for compensation diluted the for basis, of compared stock-based inclusive the an manage the third quarter to $X.XX adjusted was of income a and approximately income in for non-GAAP a for costs expenses the X.X% contributed $X.XX third were quarter. and million other as $XXX,XXX of quarter nonessential quarter of XX.X% were operating ago quarter the in expenditures cash adjusted quarter. earnings million. and operating $X.X on basis, quarter versus million $X aggregate share XXXX On in Adjusted nonrecurring $X.X $XXX,XXX, as was nearly sales $X.XX per $X.X we EBITDA On compared the adjusted year excluding million as of XX.X% compensation our income the in reported stock-based nonrecurring CapEx eliminated EBITDA quarter Partsmaster items, and Our

As approximately XXXX, Suwanee of total we billion the of previously $X remainder we to manage $X future. of our expect million $X liquidity be versus for allow the guided for XXXX for volume to in capital million. includes This the expenditures range in upgrades to range the to increased billion $X our to planned infrastructure our

areas business, an we on the As organization, that a in sales. in investments particular, have impact make direct continue to

regions. were individuals back brought certain drive segments have that in previously sales to and furloughed We specific

against the investments in sales and trends. balance structure the we still cost continue make in to is business our there While current marketplace, uncertainty

our net of cash by of million as to end continue the judiciously We $XX.X our manage the quarter. evidenced balance position at sheet,

$XX While acquisition on quarter The of million million – $XX million of debt $XX the credit issued our to to million under we credit acquisition. the we related took secure ended credit with letter net $XXX is $XX the availability facility. from sellers, of the million committed of the

sellers the by of During quarter, the to $X.X of payment closing $X.X cash which on million, the net the our acquisition. position Partsmaster date million improved the is

a and will we a are position this stated, of time have through of entered I environment with managing As as out previously Mike it. both in expectation we that strong this the we come challenging

strength the remains over to our has along Before, to teams. Supply I Lawson, to environment, the members continued let Partsmaster over requested commitment now comments the for has long-term work them, up our the plus turn me for acquisition step the team turn leader X will echo I to about taking committed of it and questions. Thank to In months. on past more entire integration. related questions and from of the Kent, team as very with and organization. Bolt stepped Mike’s the success Everyone difficult additional we’ve Partsmaster up you over it and operator a

Operator

line Markets. comes the of Instructions] Capital you. first Thank Our question. Schemm question with proceed [Operator from Carl Please with your KeyBanc

Carl Schemm

Hey, good on Congratulations everyone. the quarter. morning,

Michael DeCata

morning, Good Carl.

Ron Knutson

Good morning, Carl.

Carl Schemm

is think margin for mentioned business. Is to and side in dynamics couple of your sort there think mostly I the gross around the a that going prepared Just remarks, questions, forward? profitability operating of of Partsmaster kind here, legacy there or you margin true we any both similar about mix should that is sort of

Michael DeCata

of is really of products a benefit of all the Lawson products. course, excited the of this Yes. private that get Carl, are existing And product. new the This team here for I second, but the very little are that margins going bit am – about the yes, gross large a Ron is into we similar. label Carl, the detail number gets team. a in will say legacy to of Partsmaster

reps. gross of all as want and product profit Partsmaster as be So sales product, upside because the certainly very label well, that unique, course, profiles inventory, to the high-quality products potential, to did of access get sales some of in? superior integration to private of service, very service-intensive addition the similar. reps. sales product. XXX the addition the possible in And will the as reps in vendor-managed But Ron, well two all But as significant Lawson we the as available of are you of jump the soon see Lawson differentiated

Ron Knutson

I Mike, quickly. will jump really just Yes, in

couple rates, mix. our then really And little related percent achieving commented Not quarter. that of here of to a actually Carl, I did a been similar and third say on last milestone sales, XX% secondly, we Mike as about that just to has see bit a have and talked of yet. product gross accomplish you’re this, on the would on I to the a So Mike that margin EBITDA higher, over margin able to years. the side, get there path Partsmaster to XX% quite And in

would that pretty was the I comment strong. September However,

feel as tremendous about acquisition. good Mike we really upside feel, there’s said, our is together. we bring the plan, The So as integration think and we on organizations we

Carl Schemm

Great, thanks.

line – fairly that sort dynamics from – we with understanding, different? similar seasonal maybe a basis in seasonality that then, set any course, of from just aspect of modeling a is trends But top the quarter-to-quarter? is on have different on of sort Do Secondly, there about product they should is know Partsmaster. from taking any maybe

Michael DeCata

spectrum similar broad XX,XXX and product Carl, beyond Yes. again, Mike. spectrum about not normal across really broad don’t. active customers, seasonal broad this the of to portfolio, No, Lawson It’s is a a of very really a they products customers, profile variation.

and for in really summer, that summer any You treatment the way. variability the see surface winter, snowfalls not in fasteners but products and

Carl Schemm

contributed, And sales then I one said you just think Great, XXX thanks. I more, Partsmaster mentioned reps. you think

XQ So just if have here, end. correct? Or something? I rep math at – sales loss correct it forward? you missing actually thinking going looking what my seems of on count like then for down, based core adding sales the that I’m in reps sales for gone then are and am if And Is would period reps the about kind is

Michael DeCata

That’s right, Carl. Yes.

of so, reps, June. sharper we even but We’ve territories. the have performance removed always a of and focus And QX, on – underperforming through reengineered April, an some it, some We off little well, of one, had coming management. sharper May the

And a little so, continued that bit.

we reinitiating fill month, the efforts our to territories. However, underserved here and are in last untapped territories

the in for Partsmaster. core sales as on Partsmaster side, as sales aside We Lawson the the the adding to rep ourselves see putting organic ourselves Lawson both see adding reps, the sales – well do count we reps. core So on territories

completely future all on the integrated, But the reps, have COVID and on some the on the and Lawson but right. been for reps and we based future, in the along Now based point side both adding back a that those has be that the to sales we There all foreseeable side Lawson and month. will you’re access sales effort did time, will just on all having lines. last Partsmaster at already take some started what they initially products, step in be we will side on

Carl Schemm

That’s all me. guys. Got it. for Thanks

Michael DeCata

Thanks, Carl.

Operator

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

Kevin Steinke

Ron I about Mike good on couple to quarters can their Maybe the and Hey of to bit. last color have of you provide any how a the morning little wanted Partsmaster talk light continue here sales pandemic. in trended

Ron Knutson

Sure.

Kevin, is Ron. this that. So jump I will into

You a minute over pretty a just really here are they in even October had few nice they mentioned the that have strong through Carl’s And we to so well. would September. I And last continued or that on as trend say question ago see a months.

sales the that, So seen from into come anticipate good from we with basis part, XXX – really the for combined their sales have Lawson. reps reps, a over productivity most we which will approximately on everybody

they they from have Lawson much have so, a than been few few they upward But nice they’ve the saw as the a months. little end their of did here that bit and months, months. this base reversed government nicely for earlier then customer a year, over as, couple I trend trend a certainly, ours in substantial the there the would business. last side last probably say, They did. overall, downward not – see on is And quite, the pandemic a impact of different

are the be as sell So through opportunity where good they the work about and forward, again, Partsmaster and and getting for Lawson the able to some of we ideally the at, the be are where reps sell of we product, going integration. to to feel some product able sales to the reps them Lawson performing really

Michael DeCata

augments other local The strong Kevin, the alluded beautifully very and loss. well educational for should say just business and Ron – with government synergistic to state, as thing, very markets the military I or is very, strong Partsmaster

and results. in as a producing time is another strong for core SLED, I comments, agreements been nice well, state, about both. local has we with focus relative have XX which XXX really ratio really in the education, think in some hit is We business great hopper area of prepared this producing an Partsmaster’s quite year SLED, Back as very, with I in Lawson been to of very to particular, been mentioned the high military And results. success. But for have awarded

combination year the the fully along Partsmaster integrated. be both of with will say and the military nice for So state, local, very very Lawson will a when are really I growth this strong synergy strong non-military companies federal

So all upside as market deliver. product, really wallet segments about excited potential of share are this kinds as will well we that

Ron Knutson

that and just quickly really one May Mike, maybe Partsmaster comment, additional – maybe timeframe. of to and jump able was pretty PPE in products or June type in Kevin, on April

category. which We were So other that was a pretty of the a to offset have seen those few similar months, that to in and the well the – declines saw in during that some did continue thing, happening increase same us. They in nice as business. we jump that category see good help

Kevin Steinke

great. Okay,

military So theirs organic some wondering kind and mean, I of business mentioned platform held business. had purchasing Partsmaster’s up fared? the the okay, has that of just is I you the how am on military impact transition kind

Michael DeCata

under new were little Those a well. getting Very They fared the well, military ahead in are very Kevin. platform.

of getting We same before onto uptick. that are well done that same have to the platform, as getting the military it but – platform, about last very they over very relates out optimistic ourselves Lawson year this

Kevin Steinke

a versus seen mentioned What you of trends October. Ron, September? organic in the business? trend into great. Okay start the you in What October, Partsmaster Lawson seeing good about have terms

Michael DeCata

Sure.

that for really side, top on well. on really QX So third we of month see, saw in same was the as Lawson we quarter, nice as remarks, prepared which sequential top sequential of did a growth mentioned the every that during in I on increase, my –

of as strong well. flattened up some to are ago Nothing numbers overly in would what describe from we a pretty us. out maybe here been And that as Here year concerning a we October. bit have October, against I a little is it’s kind in uneven little or

and focus so, existing and the on on So our attracting volume customers surface. but is well, reactivating little alarming in here work drive previous us sideways base continue October, within is nothing to customer that a as our to really movement some

Kevin Steinke

good. Okay,

Ron Knutson

way of are strategic account have on We excited the the segments, of much stuff stuff agreements and really accounts the working multiple accounts, of we’re – the excited across about customer kind and existing penetration excited looks agreements like about, in of we in that hopper – strategic we’re agreements, about horizon.

Kevin Steinke

Okay, Lastly, I wanted the to ask about loss the – there. MRO and again, margin the segment, core gross

Just the guess, level, the lower I of a below mix typical a into also the PPE XX% think you factor expect would margin mentioned the that effect Should continue, PPE from quarter? significant of you that and sales, bit in about fourth products. there we gross to being de-leveraging mix

Michael DeCata

a QX terms Yes. little the piece even ago, about of movement a bit and QX. of overall from I year points from XX the yes, would the of it in – into PPE mix, probably basis is

almost at So nearly seen which many we think to quarter well the of is range. and so XXs, feel between really I our And good forth over quarters. of XX% ending XX.X%, kind guidance XX%, within variation we’ve high some about many, XXish down the pretty

pretty the X In fact, band. back, you for years, narrow X been I last it’s it’s a go if think or

leveraging on effect costs. those forward, about distribution sales good to center feel our still get we so the move – in as continue – XXish particular, going and upward, yes high-XXs we So

going Not a It trying So would products that dollars and by then our certainly, customers, little and Kevin, additional be as of our customers been dramatically, as guidance might gross add profile. a and we’ve new PPE dollars historically through dollars bit apply get at as well. I on part from as the well, forward is us, for focus product well where focus sales is additional that mix. certainly to as think margin to also able our impacted existing

Ron Knutson

are of has has enable eye share then opener add primary that, – been are nature, PPE the of other more in doors SKUs could more products our kind of you When Kevin, for really thing There real and build emphasis. if more a the ear been PPE some door consumable as that durable masks wallet protection, open about with that but always us gloves in or broaden door PPE. will which opener us consumable I think is us, that’s products. And about as government PPE. just in or protection, nature. particular, schools, with the all the as new customers, relationship And to PPE – traditional customers, with that many and our for

– opener, is a see at we will products. core center very effort we and lead still of tremendous It is to not PPE our the so, And all. our door PPE about and door the while are with foundational opening in excited more what

really has a is you PPE thing, though see we even good So it this that effect about. are talking

Kevin Steinke

and thanks congratulations environment. results nice great. this helpful. the in Well, That’s Okay, on

Michael DeCata

Kevin. you, Thank

Ron Knutson

Kevin. Thanks,

Operator

and turn over Mr. question Mike to I would the conference answer our any closing for remarks. back DeCata concludes This like to Instructions] session. [Operator

Michael DeCata

you with topics Thank this with thank covered wide like few of We themes. would patience you We certainly I our range provider. us appreciate morning. issue for operator. for And to you leave joining And today. And all with a with first, your our thank overarching patience. technical that a you

are We First, EBITDA made are we integration experiencing the have growth this Partsmaster we believe excited made us, sequential and and plan. for in sequential fit downturn great good April. the a on today, and about very we with the is and excited and that is in are strategic progress going sales future. very have well progress we significant since

demonstrated quickly situation act business, when always ability taken we to and growing balanced to cost control that have kind the have our our our a We our approach action. is be of and part DNA, of assertive requires

strong We solid cash continue have in generating solid this flow. sheet and – cash balance a environment, and to very even

of suppliers Lastly, our safety paramount. is teammates and

and you the we’re team. our Thank all to customers that the our place, new of to business in our mind. teammates, managing including in suppliers. protocols have and We with Partsmaster Thank you

for Products. dedication your and loyalty to grateful Lawson are We

strong. proposition value underlying Our is

the on look of with a great conference us. We ahead have We a next wonderful forward day. future you to call. Have speaking

Operator

now presentation. Thank conference you you. has Thank The today’s attending for concluded.

now may disconnect. You

Distribution Solutions (DSGR) 31 Oct 202020 Q3 Earnings call transcript