Earnings call transcript Q4 2022

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Operator

Greetings and welcome to the Interface Inc. Fourth Quarter 2022 Earnings Conference Call. Please note, today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Instructions] [Operator

turn you to may now Communications. Needles, conference Needles, Ms. begin. the will Christine over Corporate I

Christine Needles

[Technical Difficulty] hosted Hausmann, CFO. by Laurel Hurd, CEO: and Bruce

which of federal During regarding laws. are any call, securities statements, are business forward-looking meaning today's information not the management within historical conference Interface's comments

our on include statements which are of such the as well or current intent, statements Forward-looking team, belief, as regarding expectations statements management the assumptions based.

that of could guarantees of actual future and with risks statements and materially forward-looking XXXX number SEC. uncertainties and uncertainties differ statements, are not to most described Any such filed in Form the on quarterly second including cause XX-K, report risks involve results quarter performance, on any report our XX-Q a from annual and recent the Form

information update consider under quarterly and You any include risk in assumes updated company forward-looking to The or additional no our we factors also responsibility statements. annual subsequent heading the should report.

Reconciliations certain this during and their remarks Management's in comparable use furnished GAAP release, Form with are today. the the explanations X-K measures. call non-GAAP SEC the measures for and contained refer to measures to earnings most company's non-GAAP of also the

being material call permission. re-recorded recorded for this contains broadcasted copyrighted is Lastly, re-broadcasted without It and Interface. be not expressed may and or Interface's

prepared participation the we questions. open remarks, our broadcasting will your for call, it. consent confirms of to the Your After on and the company's taping up call

Laurel call to the Hurd, turn will over I CEO. Now,

Laurel Hurd

the team's offset execution work which and us in really income despite efficiencies. through results challenging XXXX across business. and grew proud significantly the Thank adjusted inflation environment with XX% sales hard you, cost morning persistent currency strengths increased headwinds and based a to Christine, global allowed reflecting pricing Currency XXXX, broad delivered of these X%, good Interface headwinds. operating in input I'm and operating everyone. neutral strong and

win strategy. progress great to on and marketplace in continues our diversification Interface the we're making

nearly and last our ago, had year accounts million our to were few up in side, of just We growth sales for Today, product solid that remember a On record from which sales XXX% carpet delivered a XXXX, XX% high. record years in LVT, XX% year's reached $XXX the carpet approximately another XXXX. tile. of for

core our resilient growth with Rubber our a to we leading products. is take part continue also and of industry strategy nora share

offices segments segmentation market collaborative Notably, as the education saw workspaces the environment. segment On corporate we more up for and in demand their office grew across in sustained XX% was market create growth X%. We're priority corporate our and side, a office seeing post-COVID and elevated renovate companies XXXX.

People in are reflect returning currency neutral demand talent to we're X% EAAA the collaborate up spaces a today. to XXXX teams compete on top work basis, better Orders helping negative more for with X.X% up our strong continues build useful compared and our how and offerings. neutral for office There carbon be also and Americas to customers up to interesting and X%. XXXX and carbon were the and

today, we be headwinds And order we you That signs face as the we business. not about I and do move continue momentum to that seen continues we through may into market economic speak potential in XXXX. commercial The XXXX. realist see as softening the resilient of to are we've said,

of structure, team times. economic proven environment well-positioned flexible macro that and strong history has through balance the a it managing a management weather cost challenging If through deteriorates, with we sheet, are to a

have It our belief working has directly my strengths. At meeting we with reaffirmed the that ahead. Interface, and our customers, the so spent I've from months best nine all days many my colleagues team, functions partners learning and in out and are many across business first markets.

have We and our with relationships sustainability the incredible are leaders customers. in

uncertainty navigate in best the designers, how force, and have foundation. sales financial the brands and products, We strong have a We to market. know

We around regionally structures operate and globe. with also team systems, organizational different have to committed processes, we wants the practice, that In win. a

to order our help structural where economic In grounded create to and world most initiatives that sustainable investments investments, our profitability efficiencies, and reallocate we changes place success, prioritize be to most design, meaningful will while we our company our in the and that staying the across in recently objectives. mission implemented social, drive the environmental,

company internal I our strategy the January, In unveiled our world. around to teams new

can the performing future. exactly level in the and time next drive into propel are changes well, is to which lean that We to to the us

will strategy customers. new to Interface us enable the bring to our Our best of

model teams. one global building opportunities, world-class the supporting will our reset to on strong our global functions company, capitalize operating sales To local

margins designs entire to expand drive new big including and investment supply will And management improve products high and to will through accelerate drive growth our global chain our global bets, global and our We'll across profitable We growth. key reallocate markets growth incremental productivity. business.

in A role, executive of President formerly well In all commercial region, our effect as the new will customer focus leads Jim Officer. team. model February Jim operating went Xst as a now global as our on global leadership services, new changes functions. this and includes efforts and on support few Commercial Poppens, Americas Chief into sales

global now President Nigel Stansfield, R&D Americas, and Webb, Vice in President President execution. Anna our of focusing as of sustainability. Global and EAAA, overseeing strategy, marketing, our serves Vice of Marketing product formerly the as Innovation design Chief and all brand and serves Sustainability technical Marketing formerly now on Officer, development,

Resources CFO; this actively Chief and These roles Officer; XXXX. Greg and we'll world, to our Counsel; Supply Bruce confident leadership update are have team Chain Foshee, on new Human team are well-positioned we I'm leadership Officers round-out recruiting our Minano, existing win. this an passionate and We people that Officer Information for with Chief later the around General Jake in Hausmann, also Elson, David Chief of

also focus our With products. innovative long-term operating XXXX, we premium products, the investments markets, potential designs, into capture will business. organization we able will win strength to they of where growth our in impact brands. These the drive position the our us differentiated most we and segments, global model, better are have As profitable be of across our focused this will on leveraging to move to the new and changes must

And it Bruce. with I'll turn to over that,

Bruce Hausmann

Thank FX morning, of XXX.X that strong Fourth quarter you, Laurel, net X.X% even totaled a sales growth. growth XX% year X.X% of neutral as year-over-year XXXX. quarter net versus the sales last quarter fourth a million, everyone. year-over-year had we and good lapped was decrease fourth quarter in fourth

XXXX, to from in raw by X.X% expenses pricing. XX.X of mainly offset XX.X%, net or X.X% Fourth higher year-over-year. a partially XX% the labor the sales in due margin quarter prior Adjusted compared year XX.X% million period, material growth net costs, or to fourth profit neutral was in growth of FX net adjusted points quarter SG&A higher of were XXX of quarter net FX of million the and neutral XX.X was decrease gross fourth EAAA's was XXXX. sales sales quarter Americas sales Fourth the basis

in operating of Fourth XX.X XXXX. fourth the versus XX.X of the XXXX million quarter in was XXXX EBITDA adjusted versus quarter quarter XXXX. the operating adjusted quarter quarter of fourth the versus income XXXX EPS Fourth was income Adjusted XXXX. XX fourth million quarter in $X.XX in of of XX% XX.X $X.XX million, fourth million adjusted down was

very period. strong totaled net also was growth FX prior growth billion, XXXX strong very EAAA's year-over-year. FX full-year year-over-year up net was very at the to sales results, neutral billion strong at at sales in compared X%, X.X XX.X% neutral net also X.X% neutral X.X net growth sales consolidated sales in the XX%. at year Looking the and Americas FX was

higher XXXX XX.X%, for margin due labor to XXX was profit the costs, gross Adjusted from decrease and a basis by partially pricing. materials, offset raw freight, points prior higher year, of

As last and Ocean XXXX. [in] has we're trends inflation we experienced [ph] anticipating single-digit down of raw double-digit materially versus move come continue, lower the but at rate into we XXXX, than in most our freight inflationary higher materials year. a inflation

The points which We XX.X% the basis XXX.X significant reflect easing as in progress net SG&A. XXXX. in to in XXX key optimizing improvement compared expenses of of sales, also net XX.X% SG&A FX had million for XXXX, XXX.X were weakening, compared continued and sales or of million headwinds currencies. dollars XXXX Adjusted to U.S. managing our or are

compared XXXX operating up income X.X%, prior Adjusted the for totaled year. to million, XXX.X

income. adjusted of cost in related expenses This XXXX, related In from X.X adjusted we million in to excluded [idle costs versus and recorded in fees. $X.XX the quarter, late sold, XXXX. our earnings X.X to was primarily share the are [ph] charges plant] operating cybersecurity full-year in XXX,XXX November. the goods in For $X.XX third-party These costs included events related to SG&A million approximately direct fourth per occurred that

two and did about in impacted this from lost estimated Permanently million. event, a great approximately The at are temporarily a event team $X for net U.S. the us in job managing week EAAA through sales which the weeks

from and As response prior was team, our investments there to a impact the in result minimal our of our cybersecurity, customers. quick

in in projected is multiples, non-cash non-cash and flows, fourth value to carrying recorded conditions. weighted market XX.X capital of market the decrease intangible quarter, pertinent capitalization, and in prevailing company to average This value million, fair future market assets charge a due cash the keeping of Also a company's we due decreased comparable increase goodwill rising a capital an rates as impairment literature. of accounting in with versus the and cost the result primarily charge interest

strong. balance close As remains we out sheet XXXX, our

operating million fourth the XX of For from activities. quarter, Interface cash generated

activities, operating due is we XXXX that For than from XX due primarily which year year, fiscal inventory the of cyber fiscal November the from shifted lower and timing year cash XXXX, to to the generated of inflation events. prior cash collections year, million to

million, cash consisting by the and debt million ratio million end was capacity. million the of XXX.X and Liquidity hand of of EBITDA our at was leverage XXX.X total net cash and at million net was calculated or divided as minus XX.X debt XXX totaled quarter, X.Xx Net fourth year-end adjusted revolver EBITDA. adjusted of debt XXXX on for XXX

sheet to in our confidence have our continue strong structure. capital balance and We

XX.X Capital million compared XX.X in XXXX, to were XXXX. expenditures million in

For We a accordance the remain cash focused dividend to on business, balanced full-year excess we million in repurchases. and opportunistic XX.X share down XXXX, strategy. our Interface allocation of shareholders stock in investing returning the common capital debt, through our paying with repurchased

to continued the first We XXXX strong entered has with our outlook, Turning momentum far thus quarter. that in

our strong. remains our business for products demand and mentioned, strong, Laurel remained As

to current and It impact potential However, on predict difficult we XXXX, considerable industry. cautious interest including conditions rising the inflation, of the rates. is their duration economic or about are our the ongoing macroeconomic given uncertainty,

continue gross will first current at supply and We're we return remain a normalized our the half as the sheet to levels inflationary more also environment. anticipating in adjusted chain that balance margin to on work through profit production and inventory

managed any macroeconomic through XXXX. believe we comes industry periods successfully key way is and positioned we navigate environment through recessions to in strongly and Interface that challenging are our

quarter fully of expenses profit XXX first company net approximately approximately the adjusted interest this million, XXX the sales XX to it uncertainty, XX%, adjusted approximately XXXX, of of approximately XX.X diluted of margin is XX expenses other SG$A million, and gross As average navigates through count weighted share of share. of for anticipating million, million million adjusted

X%, full-fiscal million to And XX%, margin net the XX% sales year for for that adjusted year-over-year approximately and XX.X% of SG&A expenses full-year tax X% sales, gross XX effective growth expenses interest are profit XX.X%. the adjusted to approximately of and of adjusted XXXX, rate adjusted other of net of of

approximately foundation, products, And our to brand, ability are strong mission. we our and differentiated highly our lastly, expenditures on XX strong of in million. our leveraging capital confident deliver By our financial

I'll turn with the Laurel And concluding remarks. back that, to for call

Laurel Hurd

XXXX had and positive implementing to we we Overall, success XXXX to we're focus support strategy strong need a Bruce. the to drive We in where momentum. and year our you, enter ambition. know our Thank with right

long-term will sustainable remains, take continue uncertainty we Interface success. macroeconomic for actions to to Although position

Our best ahead. days are

open I'll it that, up questions. with And for Operator?

Operator

Research Instructions] Your line comes Thompson from Thompson with the question Group. first [Operator Kathryn of

open. Your line is

Kathryn Thompson

Hi. Thank today. taking questions my you for

outlined One just strokes, in color in changes today. Digging initiatives America, Thank prepared two or sales broad company the you or you. Europe, Just your commentary. differentiated you and strategic North operate operate, appreciate don't major either the different a the little from you you regions the do provided what between you is changing that deeper questions. which bit I Australia? a process how go in to see you namely

Laurel Hurd

to better Great. about have. excited operate our build strong as opportunity much that foundation Thanks, one our we company model. operating Kathryn. really strategy on to new to and I leverage scale. And the I'm see so

teams. will So, model one obviously our a making to global we're reset that couple supporting the the selling of company, operating local changes

disaggregated have we currently, So, the globe. resources around

have impact an to focusing we by opportunity global on strong So, have functions. greater

So, also change that's we'll one towards that bet. investments reallocate We'll our make. our biggest

fuel and is U.S. U.S. our to of those we know reallocate profitable the So, be in looking that'll and the our market really most priority And at markets, the investments for investment. our the you largest growth choice profitability as top first

and are other growth, prioritize Asia across many Europe two follow really going matter important countries Germany, have very delivering continue that for to We profitable the we're money. that to us and markets Australia, but

investments. we'll have prioritize functions local our global strong So, teams and and selling

Kathryn Thompson

Okay.

– bucket] [broad Of about Now margin, the some and where were if [ph] these focused. in a the you just with strategy, are buckets are free top And focused from more margin SG&A generation? also, any changes is presumably others as gross then again those, terms we of those to once just greater focus line profitability? think cash long-term but

Laurel Hurd

Sure.

can with – and that start you I'll I So, question. Bruce, [indiscernible] can

profitable on growth our really priority in we're So, market. focused

improved on Through Supply be and productivity, margin So, Officer. Chain the again supply Chief a will management biggest U.S. I'll focused the there. adding Also chain global expansion. be priority

happening the is and globe. sites we an of We to do really really knowledge site globally. good have have across each of work productivity to leverage attack the our that actions in and What drive opportunity all

So that us. focus be for will a

cost goal out to operating investing to in transition get then an our we'll and XX% from back our efficiencies SG&A XXXX over get be big priority continuing pre-COVID to is time. our the as other year again, also an levels, we're into XX.X% markets perspective, to of some our that Our with putting a model with SG&A down markets focus of effect. up will there ambition on to and take margins

Bruce Hausmann

with differentiated community agree on ground. said, that teams is you selling leverage our just to just how line we going can A&D competitive local and to markets, in system such with local divided between We globe think in again have margin and use our margin shared going our resources But systems the continue of customers be order and I Laurel completely utilizing with the leverage. how same margins Kathryn, and around standardized if and that, side, top like our that that one how – way. a people everything our expand expansion to key liked We're advantages. the you our margin you deep obviously so about selling I in local relationships up now leveraging leverage really to essentially processing drive we're which the

Kathryn Thompson

cleanup final this maybe Okay, more you. for great. And just Bruce question,

you in been particularly it, companies just amount raw price? are you cost so – terms Just kind the And nonetheless little bit many carry inventory there in is system? terms of mostly in of now Thank cost you inventory, that your don't are higher you're but inventory, of you in a – because different terms have have you. some have manage of through, materials. Where worked to

Bruce Hausmann

it's that you're down asking when double click balance question, the Great understand I'm glad on because for Kathryn. sheet, look on you at a inventory hard number raw it. to

Let stats. me couple of you a give

great quantity of we at We've year-over-year, job flat is managing are done inventory have. a good. units Our which the

inflation. is The year-over-year that really see increase you biggest

do that that our half be we the incorporated – inventory will have into first the inflationary in through flowing income And so, guide. statement that and will we is

other inventory meet piece that been add that around always color to The plants really that need is on they would our certain business customer have around continuity I everything and focused demands. making we've

need. – the our and or very year-over-year materials we very, you been make double-click have that XX% actually has to raw up are XX% purposeful we down I’m if on inventory, initiative certain of so, a our And sorry, everything that

supply global greater Obviously, stabilized and a state. equilibrium as the more – gets chain a into supply into

get keep hand that on to continuity. how order many business more ease [raws] into environment and ensure we a normalized will in of [ph] around We we'll off

Kathryn Thompson

much. Thank you great. Okay, very

Operator

the Your next line Hughes with of question comes Truist. Keith from

Keith Hughes

A you. Thank questions. couple of

On was the did the and fourth number? quarter, What unit growth to what can contribute price? you talk organic about they

Bruce Hausmann

price. that's year-over-year I about mostly quarter. the know Good going And Volume if ask grew that, if guessing Keith. Bruce. we kind morning. think Hey, next our to growth right. in year, on on This I'm In yeah, flat fourth you're down quarter, we components, fourth the there. you're double-click was is going you of

you where in think wraparound volume. you think based about mix, on We've put And wraparound coming year, pricing market. impact based probably – sure. But got we XXXX. price, into think XX% on a we've a impact obviously, go of as know don't into nice that the get the we'll terms XX%-XX% it I next would we If of, sort XX% can for about of I

Keith Hughes

And over there that well quarter, Great. contributions? the step is Okay. then Are there's margin margin year-over-year cost price? first another other still gross back,

Bruce Hausmann

referring – actually inflationary I the is that was it's with It's what to inventory. Keith, Kathryn.

As between that and news materials it raw raws goods actually we of hitting going flow double-digit in had in incurred inflation It's it's sold has line. XXXX. the the into appreciate, just We then cost good that you'll our eased. manufacturing flow. the The is

Now, And what [ph] is inventory the cost line goods all we're there inflation single-digit into this sold [for seeing again, if half. seeing XXXX. of mix, That's you're anticipating the that through you're that – is guide. the of you in flow our] inflationary in first put

Keith Hughes

guess And Laurel. Okay. question I for a

about XX% talked SG&A, goal. You long-term

back of but why – on a as You work plan? nice in last stepping are under a And your SG&A the will down drivers of XXXX years, the move to that? you made of as in percentage sales progress for couple XXXX? are for you lot begin What stepping back, the

Laurel Hurd

say as have the are the discipline over we'll question. And watching past of I SG&A, great great we with market we couple in years, a stepping said, that it's our will you've shown modify Yes, back, dollars. as really

we sure market U.S. and the we growth growth, driving particularly fuel make some innovation. continue make as to the to wanting We are in for investments

as new NeoCon a for accelerating preparing innovation development have we product in We long-term. make put the to We're we operating hitting said, and At invest be time, One of we innovation. XXXX do as same now. will new down. we the expect effect, step is the and into focuses the want lot for of our to that we sure got back XXXX market, a transition I the model year,

Bruce Hausmann

every Yes, your what And the think loss add made I'll Laurel mentioned. I and all of on is just appreciate – G&A progress we've There of Keith, there. around guaranteed. focus to feedback no single not we I around that's to dollar can every single guarantee on growth. dollar, that initiative, you this focused needed spend is we certain and the any don't SG&A team management world fuel making SG&A

We've got good SG&A the bad that so-called By effectively. we're very, fuel got to to doing bad SG&A. it SG&A way, people – me We've but bad so-called growth. were in finance the can the everything we like SG&A, very manage are

Keith Hughes

actually allow me if And one you Okay. more, Laurel. for

for for strategic talked of that all your medium-term? the underperformance higher time. other margin. investing EAAA, is of Americas the a maybe change that EAAA does change the but about there which more margin They've margin bit on been dollars [good of higher] parts regions? You signal signal the a is business, a [ph] at in a not Does the of long or consideration strategic least a to What

Laurel Hurd

great the a that's to markets. now we've say, on strategy is Yes, been profitable I'd P&L really country. the as Bruce said, country And And focus our by as well. question scrutinizing right

improve have to So, for helping we support there's and their outside scale leverage us, global of of to to be continue those U.S. shared resources markets certainly want profitability. more but some very that the our profitable

Bruce Hausmann

And leverage can best I'll just where be we're then just – differentially to can be we improve the these of that Laurel mentioned. help add so the what said, expansion Laurel other our shared dollar Keith, what margins. we company be reiterate next We're taking higher-margin markets, going to return. Yes, those can shared in they margin their use to to the resources going where going resources I'll areas to get in investing we're

Keith Hughes

Okay. Thank you.

Operator

from the MacGregor with David Longbow question Research. next comes Your line of

David MacGregor

to I targets under thinking you're the be clear performance strategy. Yes, kind on, good to of the cadence just the morning I wanted about everyone. respect with new guess

on SG&A the XX% as in SG&A, are then characterized the numbers XXXX. XX.X% were just The gross some numbers into the shared comments You you around transition with about margin, are a XXXX timing achievable us, XXXX how year, this? there or and you those thinking

Laurel Hurd

I appreciate uncertainty we're I in is question. next, is Great in I'd right approach years. hesitant pin XXXX on year three this exactly why happen. Look, it. there over XXXX. Yes. the a what don't that which think say, will much get to now, longer-term There's we'll a put so

XXXX in take We and probably year. us expect to make significant will another progress it

Bruce Hausmann

with we down good hey, – And numbers agree the very folks Laurel the given around we're It's really, you I the global that the the – sure got of At didn't margin that do of we criticizing also interesting. macroeconomic a expand to world. scrutinizing trying make balance a same we've David, really like We're policies said. to pedal it everything job economic conditions. strike and time, aware is profile tightening at the the the fact that, corporation.

macro margins. company to margin the on And to while we're in XXXX. being we're continue so, of be do control, to up that controlling realists structure forward as and what and going as environment. line the navigate is expand going the top well of tightening really trying aware the through also can And what's company going take we we grow we're to we to And the everything the

David MacGregor

think added the Laurel, carpet and Interface from Nora about, if company, evolved, of there carpet how was acquisition. a the LVT, – company you then Great.. modular initially you has sort tile

you point As and with Maybe this portfolio? the contemplating little you you satisfied at bit some you into talk three now? Maybe do within program, adding product how categories product the the categories strategy, now? you have a portfolio this? think portfolio or initially, further right not about these your about new about expanding are think other Are but

Laurel Hurd

going right great love is success great I market, tile space. you not right are portfolio look of selling nice We've especially in flexibility now, They're Customers to their as solution job, combination looking have and the seeing space their some flexibility tile over that with to carpet a done are the what question. really quite the sure like great spaces really a with carpet LVT. now. to LVT. that their in time, add we it's to said, We're expanding a and Yes, combination to office add LVT.

is great to And portfolio It's a diversify way and market. then been said, health Nora you our really nicely our fantastic. rubber business, in growing the as care

So, look we carpet Those and but core have our are growth for we to pillars as we we'll like what tile, opportunities continue today. rubber LVT, long-term, three of move forward.

David MacGregor

Okay. And under this new sort longer-term CapEx strategy, just of talk the about, plan here.

kind tracking million level. the $XX You've been around of

for went point maintenance You range] some it like it $XX the there as you few to up down through address year are is How probably [whole And bigger a project at seems the capacity other came make and having intensive you this bounced [ph] a the execute last capital years. level. strategy, contemplating million on side. investments?

Bruce Hausmann

saw probably you our David, guide.

Our XX CapEx year guide million. for is the

CapEx additional, an shape We would invest say, foreseeable to in having incremental not for maintenance around really, really nice I above future. are the

big we've mentioned, investments plants. done in As our you some

And made so, the past, are position be is in. chapter and those that we've optimize to going that which we're is, to in we the a investments great leverage in

achieve us think we And guide. the our our to future strategy our to maintenance being on which if long-term, of we and a a in number this hit about And maintenance model, be X.X% foreseeable being CapEx to net around were CapEx goals. put to think sales, that X% is help for pretty to I of sort is program close think able generally I going

David MacGregor

within you I you variable the My comment what to there? made And about want you debt, the debt that Are think is debt. your cash might in debt talk I for you priority in being think, just that your talking can bigger working term is that recollection you capital expected a repayment guess, mentioned allocation. you And largely the XXXX? your options in repay you as be there. about was capital debt, Bruce, conversion Okay. about and passing,

Bruce Hausmann

Yes. allocation I will strategy. do question. have capital a we saying start balanced Great by

that And obviously, its CapEx XX-ish that's that investing pay the – down order focused, that one X debt. initiatives the mentioned behind we – the and to all baked objective XXXX that's in growth. achieve our guide. mostly needs with business of we're just Number million in to sure our as business making that's However, into obviously And followed be and and and funded I again, we to that's enter is to that closely especially into where is fund

was we of again, – We going you million year – to than inflationary. it at that should I think in it impacted in of in cash cash, XXXX And if some be lot that, was – stronger there's two think kind our about be XXXX. a things there's flow had sitting One that's was inflationary XXXX. the the And balance that inventory. on $XX sheet that about end of all balance inventory the the was

of use working XXXX from that XXXX. a going to one-time was So capital

of this remarks that interesting, we heard sure if in our I'm kind cyber event that in prepared had thing other you was that's not The November.

XXXX. cash of shifted so, some shifted of in billings to from our And into November collections meant December, our some which XXXX

that in XXXX for perspective. all from help flow cash us of So, is all that and XXXX, a in of cash will good news

David MacGregor

achievable could terms, And high-level about mean, goals but repayment? at, wonder terms be what I I talked you've of more push in is sort debt a specific about little your of you if there? that I to

Bruce Hausmann

in of and what it an like more it like that be our to less about as how as our of low about we – we a Xs like – in We getting net when it in – the X it we the our We where really net about number, like to leverage this, starts about think that's below ratio think think the ratio. terms well, well, environment going idea ratio Yes. net just raw would it we of leverage Xx net I corporation. lever And that leverage. number leverage is

David MacGregor

taking for my questions. much very Thanks Great.

Bruce Hausmann

you. Thank

Operator

are further call time. for at There will Hurd back no I now remarks. Laurel closing this to questions turn the over

Laurel Hurd

day, thanks associates all of our thanks and work all world Thank the you, of their for Thanks every around to to everyone of support. continued for Great. for our customers all listening. and to their

Operator

call. This concludes today's

now may You disconnect.

Interface (TILE) 28 Feb 232022 Q4 Earnings call transcript