P&F Industries (PFIN) 10 Nov 222022 Q3 Earnings call transcript

Company Profile

Participants

Richard Goodman	General Counsel
Joseph Molino	Chief Operating Officer & Chief Financial Officer
Richard Horowitz	Chairman, President & Chief Executive Officer
Andrew Shapiro	Lawndale Capital

Call transcript

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Operator

Good day and welcome to the Q3 2022 Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Richard Goodman. Please, go ahead, sir.

Richard Goodman

Thank you, operator. to third welcome call. XXXX and morning P&F quarter Industries conference Good Officer Officer. us Richard and Executive Operating are from Joseph Chief Chairman, Chief With management Chief Horowitz, today President and Molino, and Financial Officer;

any uncertainties subject Before we differ like to of are management, discussed company's made I'd cause to based get the expressed which our performance and company's today's by current those and historical expectations, and forward-looking for outlook, to could on the company's risks periods in upon you and materially results call actual are behalf estimates by or to on statement the including statements remind various started, those that plans related company. any future and performance the future forward-looking from

and on in SEC including most company's our release risks today's as as find uncertainties recent our statements, Annual These on described can press the well you are Form forward-looking under XX-K. Report in XXXX website, filings, which factors

statements publicly or Forward-looking company to information, result developments of obligation new which on forward-looking no undertakes and date update are of the made revise whether they as the any future statements, a only otherwise. or speak as

question-and-answer responses any the of conference length are today's to XX respect portion participants on as would also like the question-and-answer or together of this earnings to calls, minutes. stockholder particular from the portion to with remind other have with with conference call conference I the that, been limited call, questions call, several this all the we caller, past for doing of respect to management's

that company's the relating of directly adhere not session, three any to procedure. of ended will be management nine to related scope month XX, entertaining must operations the and this please Additionally, to beyond only will question-and-answer the call. insist condition We during answer XXXX. that that the September periods you questions and Management financial go be questions results the aware

turn to Joseph now Joe. would Good I morning that, the like Molino. to call with And over

Joseph Molino

sheets, press XXXX, release, operating for as was out Thanks in wanted statement the regarding this error cash within was session. XX, loss and did actually September Further, shortly of point company's comprehensive amount operations, This any shareholders' change equity. of I liabilities in totals during consolidated for the Rich. the of correct call. typographical corrected value of or period to was the income will presented affect ended liabilities for lease the press table The yesterday's the typographical balance release nine-month September the period this shown sent not incorrectly operating $XXX,XXX. specific statement the this the in consolidated million. $X.XX flows. did XX, error A change XXXX, in nine-month answer out questions error affect statement consolidated the the I Q&A not typographical lease before

that, over it hand Richard? Thank to Richard. you. With I'll

Richard Horowitz

Thank ended and morning, you, results XXXX. Rich, three-month September P&F you this for to XXth, Thank the for discuss and us thank joining Joe, all good period morning everybody. you,

the country as this with supply side ongoing pricing you in economic in well the crisis and pressures, are now, issues, all of hope On world the geopolitical doing Ukraine. I dealing chain

peaceful we pray this the in -- will for order. short end to pray conflict We will

September sheet attention XXth, cash and the company's your I would and related that of XXth, flows periods statements of XXXX. ended includes like to compared results was September release results company's the in to three company's statement released which and to the direct XXXX discussions the the balance earlier, same to the nine-month operations, for press period XXXX

third quarter factors key results. XXXX to wish I that Further, few our highlight a impacted

business first a revenue significant remains factor to of acquisition Gear during quarter growth. Firstly, our year the the Jackson completed this

impacting negatively Florida Pneumatic at margin while customer our division. mix high-tech our and at Secondly, improve gross gross product margin helped their

Thirdly, economic a before, growing to believe as lastly, which but ongoing are consumer spending. continuing. is recent we certainly supply reduction not delays in And extent continue likely unfortunately, uncertainty, cause to the continuing, to causing quite chain and is

better purpose Finally, time of remind be yet to you here a conference in everyone's the to mindful I this following. of of use all like of today, make order would call, the

release. as what First, practice, move cannot has calls several is the morning's adjusted our we already session, conference to in press in standard question-and-answer restate become directly will and a this previous we press

must please of adhere not secondly, We operations go only beyond results this answering company's directly procedure, scope quarter of any entertaining be that the call. the of be be to And third will the this questions relating you to financial to related we aware will questions insist and XXXX. that condition management that

within Joe And time have mentioned Rich mindful questions, have. enforce to the shareholders XX-minute XX-minute limit, To Goodman pertinent will questions previously as we session here. be move next portion questions of any the to finally, we please that, answer you of we caller, be your your me-- would then per as complete with that – callers happy plan multiple noted, excuse Q&A always. with pertinent other on limit extent -- question as the please the and which or And to may

you. Thank Operator, up may you open the lines.

Operator

Jamie Management. our Thank from Instructions] Please take you, We go [Operator sir. ahead. [ph] first question Wyland Wyland will from now

Q –Unidentified Analyst

you as if do per for nickel just dividends -- quarter you where in sheet dividend, P&F, to dividend call going balance but special to been any you're wanted you a do recurring philosophy of have the a quarter. per didn't couple a capital a a declaring strategies a I about the a after just to a ask at money, and share make you're dividend yet Hi, questions decent on fellows. of a what's doing opposed special allocation Haven’t the while,

Richard Horowitz

that? Joe, -- why don't answer don't you you why

Joseph Molino

to lot A some Obviously, sheet. factors of cash of into have with return wants Board the do to balance go to Sure. the them whether shareholders.

walk a think are availability in -- basis, on uncertain our our trying do feel relatively quarter, Some economy, this how eye expectations a much to relation wanting time, our in shareholders, operations. certainly good with we money about borrowing go-forward the of balance to we having same them I we're towards have while while to to to a return between at an pretty

We're many are things by control. affected our of that outside

It's be which a we felt the we things the have we meet the share, quite on while possible at -- next quarterly with that as ready think dividend is returned quarter a to in will economy, Board was regular comfortable comfortable be every So we enough don't that cash to But relatively make the that Board why moment, our yet. decision. and $X.XX of will there still to a could commit situation I review quarter. still quarterly but a weak flow that may entirely with And quarterly dividend.

Richard Horowitz

Yes. that, And our on returning is focus to just say that to our I'll stockholders.

good and so, the consider And people what or it, we we're for to a reasons understand. trying it will doing are, that's It's call what be, what here. thing to whatever we do we're some proper not

be said cash about giving want afford just the that. trolling back to around focusing all quarter our because effects prudent and our just flow we we're to And to But that, But on us be sheet focus still able around trying Thank we're it. on the our having balance all. stockholders, you. and the world

Joseph Molino

shareholders to you're a your do tremendous deal, for able much with share term, looking as it to opposed -- the value if to for special create Logically, dividend getting seem as but to credit the special at to no dividend. be incredible buying one-shot longer would to stock reduce an to discount doesn't book, book, dividends, ability be base discount opposed logical, tangible a to to back

Richard Horowitz

understand. way, second We quarter understand. is right. All did by This, last We the one one. well. as the We

yes, understand. I So -- we but --

Unidentified Analyst

Okay.

Richard Horowitz

review And it. we will

Unidentified Analyst

of that the hear the on Board. can of that. we're the is you buybacks the is not at regarding now, discussed discussion quarter but you We're that that with that, option. the road, absolutely right taking, But every board we we're level. at promise I Jamie, ignoring end as table

Unidentified Analyst

most look to so be small with have, you company, are got to the a desirable, of for get kind And you of the got are for balance you're to public, pay involved? large synergies are be the you forward what you've bang the multiple biggest to the you as EBITDA there that are acquisitions. with you've going What make And expenditure where larger be areas sheet looking a that to most company, a Okay. in areas? -- buck, you where these

acquisitions been to sometimes you a of And do steadily -- you the cyclicality going a lastly, that as kind in the acquisitions. do How checkered to ensure making are immediately with good, bit forward, opposed bad? moving little more where and sometimes to accretive be it's just past

Richard Horowitz

what you not going to lot I'll a able asked tell we but questions of You answer to think. and I them, be there,

We We you are year, acquisitions do and earlier know, always did continue as looking actively to Jackson one, the we this at Gear one. that.

that pointed things what of -- are at are in into looking fit sweet our looking spot -- we not expertise. So Not our making we're our We're with businesses. go a our existing that Ferrari. to within not acquisitions that and

directly do. buy businesses We're office at and things or business supply our or our related the we what So are business. in base. don't things that We that's would look looking in ancillary clothing to the to customer businesses

we what that's to So do. look

just of and as was last our a This because of This divisions, our We've one. did the acquisitions not well. that's we as what one, company into generally made are, years. generally we're picking exactly up them and putting a most is we're couple recent in few most challenging a them here

takes which Gear time taking and do that Hy-Tech time. moving it's to and we enhanced putting it our I customers a have more manufacture, into guess than of it the before, we product it than So getting but revenue to into the bit used what thought parts different getting and moving PTG to slightly used Jackson we And the new is group, would little a it -- take. idiosyncrasies factory

if the at to want we that for we've year, answered part expect further good again. of next return do we there's And your or be don't what business. if that second should another other question, Joe, for quarter companies. I that, consider take know, your by we very add it basis anything you question, to to if continue Jamie, look a we please But to

Unidentified Analyst

first would Well, the part. do I

had You that an level? return. acceptable mentioned is What

Richard Horowitz

our on businesses. we in good we as Well, at, as look that least other return a get at

So number, kind line, to for I go bottom we of want -- look we a this XX% further. don't mean, XX% it's a I of don't if do. range, anything? you're kind to like add If know what question, we XX% you would that but Joe, that's look the net asking to

Joseph Molino

bit. just a me little Let add

of years acquisitions tool a and our few areas we acquisitions international of that national few think So satisfying UAT like ago, those that companies, currently and category, Jiffy years And not we're are I add we're business things of and of could there. that and looking the all niche the in for the AIRCAT tool knowledge that a Europe the ago, out other there into acquisition fit reach.

it. that's So of side one

pandemic. then a a one, integration. cost of squeeze the the And slowed got. then Right facility unfortunately, the we Gears, US see to We dramatic adding just here made in environment been that ahead And squeeze down real just I Richard labors has for we as target-rich materials, ahead in which made the of said, now, one of think, a and us. here. got of in another very a in as in we we've caught increase we've terms And acquisition Gears

very QX. on. just comfortable in large taking we longer. think our some We It's things capabilities parading But there. hit Nobody it's the nationwide. the heck in with business. to I'm But lot you'll a by much very range we serious market, right I style Gears And headwinds, we that those stride very just said, seeing and in our right would across target-rich analysis, internal have even we're those that Richard much environment we a be of expecting, what still that now a and believe going be foresaw still more a feel of of believe

would I seller, the to add, but of be that's effective have can pay then, multiple terms to we consolidation additional do the a or paper, in or idea. the additional goal some really sort to acquisitions two multiple That's like value multiple, a a fair fair on that of customer and either what but And is returns, in base add reach so and that is bit quite an two less. pay five,

Unidentified Analyst

Excellent. Thank colors. you,

Richard Horowitz

You’re welcome.

Operator

[Operator from instructions] next Shapiro you. Andrew Our Capital. from Lawndale Thank go question Please comes ahead.

Andrew Shapiro

you. Thank Hi.

back coming receipt XXXX of XX was retention for current On the the visibility What's or the $X.X more in prior the the in credit on cash tax of refund a a that call, there the timing than approximately and course to million the employee months. ERC next over $X.XX share company payment?

Richard Horowitz

Joe... let I'll

Joseph Molino

the true does It’s a government we're when us tell not getting check.

Richard Horowitz

said call. in But had Right. this we

we government said the I next to government what first in the is, but us believe from I know And but we expect as we think you year, our earlier. which we point, in don't of sure they got quarter is it expected will last us. when didn't date it remember, last the some is send at it to exactly send call, still by what that early at and a getting I'm we be to check quarter when, came

It's government. So up to the good. it's

Andrew Shapiro

discuss little a spending you more amount million expectations growth CapEx? in that's benefits for Well, $X the payback your CapEx normal. of a nice than on Okay. the quarter. that says Can the release of is you're in current in money bit This this your

Richard Horowitz

let let the I'll dramatically second. tell what our just let answer I’ll is Joe Yeah. were But I'll it. CapEx in let pandemic, a you, - Sure. lower normal. me Joe during than

remember with but XX, I a dramatically So, less. I bell I correctly, think mean, bring last with from $XXX,XXX me year if

Joe, normal let And for that very ahead, so now doing and Joe I'll almost back details. really more the but layups two you us Go million we're give getting $X go good, through see times, it, are the I'll let to that but nothing it's you but very, Joe. now right than

Joseph Molino

related environment or at it sort creating hire Reno the has So very are to where capital of an in been expenditures employees, the both in City. machinists we're to – skilled in and and Cranberry capacity difficult automation forecasting moment Carson

equipment allows additional or to work add unattended for machines us to other allow ship if can we've a getting throughput month. our frankly, decided in to that what So that to machinist supplement do time of efforts hours, days run at is not hiring more just on that a

get limited Our door Orders the solid out issue have product all has to been more quite been about around. actually orders. ability than due year to this resources

we internally it's So because struggle, used and haven't a to been we also are had supplement resources strained. outside more of have resources the

also things are to come. a are lot there going that So, good of

expenditures our return in XX%, minimum any the of after asked probably return, You a in about excess capital cutting and on half sort of estimates. that's

those of chunk got to some on we the things and So a the feel benefits very table good for about we've generate good expect XXXX.

Andrew Shapiro

Awesome.

here note on the that, revenue cash Okay. I cash the that years. positive EBITDA, And think two quarter's expansion. is of And generation, over and while still the focusing best growth, necessarily this I the most margin flow not it's is you've had in the

So wanted color bit of on better little a to get this. I

back. is you in this in come the due off, – of mix about first sales starting to lot Florida the improvement is a The Pneumatic, to aerospace line the Can being your types you customers. some and of demand? aerospace it in commercial programs of are or Can creating which was the in each defense-related both expand and and you defense that commercial return on talk

Richard Horowitz

Joe. ahead, Go Sure.

Joseph Molino

Sure.

we've and you're improved, US there many while those were So we've have Boeing near have were their times, world, throughout saying, production that nowhere recent the the they the numbers XX discussed monthly reading get stuff while. aerospace XXXX for customer. sure months are better customers they're major that as But not pandemic, prior commercial they I'm but certainly or XXXX. increased were we ago, we and as said to won't they levels and they where know, as the than They're is Boeing a articles to slightly a in you same and

has in of and lot Boeing tied aviation commercial other really general were projects Airbus. a been things, other military and it into outside So of that

lot for great of into a offerings locked those got were programs. programs. We've those those So

Jiffy So the has business improved.

having very is categories. business good are Industrial margin those our Our year, a and generally highest two

retail, So of falloff we up and even of and with make a for bit generation little out a a in lot can Jiffy. industrial automotive

Andrew Shapiro

Yes, like looks it that.

quarter continued the even or And into activity so has aerospace of the current picked up even as level further?

Richard Horowitz

that's think statement. correct I Yes, a

Joseph Molino

if place don't we've time. better year, a to mean I we last very to, it -- than but know in Aerospace-wise last you're you're I in you're a comparing been what quarter, long are Yes. it comparing

Andrew Shapiro

absorption in where say you're you operating initiatives of And overhead preceded now, provide terms shifts from where of declined to that large and grounding pre-XXX products other you you would slack in recovery, half, historical these your half, you even to or before filled terms volume if with new pandemic, less a aerospace have even closer some plane the were than are than the range of while quarters Boeing, were activity any where more the where of and crashes? from

Richard Horowitz

half about you that? guess, we're I guess, do be think with would that disagree I my Joe,

Joseph Molino

you when say what say mean? we halfway when back that back half were, Well, -- you is where -- to you

Andrew Shapiro

Yes.

Joseph Molino

Yes.

I think absolutely.

would non-Boeing sure Boeing, with larger But say suppose I steadily. do the think have stronger, spot that has military to has business there had a some much crash not but I I crashes, we before I was spending, falloff the on, I'd that. say, half. Richard's mean on of I'm aviation really temporary and also grown a portfolio than in

And as we crash. other areas sell no the said, I we commercial had into,

knows, that air down. back. just So as were rebounded has has down everybody probably being well, they pretty And from once that come travel rebounded,

a but it So Boeing, exactly everything you was about Richard's right than I else give pandemic. but percentage, before is couldn't the higher

Andrew Shapiro

it have put Florida it Awesome. headwinds, Florida in some later quarter to of are Pneumatic, full in the reflected the in where and you was And Then at price they was quarter place beginning your Pneumatic? been and when increases moving the part impact, at product lines where on across the QX? there did or other broadly the

Richard Horowitz

various in But going can -- increases. about I they QX, some price -- price Actually, that. in -- really, believe. pretty then Joe QX. initiated but And increases them I we boat they timing focused QX of we're it -- into QX, and yes, at in on QX, into on it in confirm times went into the expected but those but were we're sure, point, start all to was to the I'm pretty implemented that are got full this them

right. Okay,

go want further You to Joe?

Joseph Molino

contractual be April, is cases We in. they got started had commitments layered Richard in that some We to had in and right. run through. inventory Yes, but

place. QX were July, So through of the say, is, almost I but think in I April XXX% would increases

Andrew Shapiro

market have And maintain been some Okay. give to able customers? you up to or share have

Joseph Molino

a ahead, made Richard. cut go We --

Richard Horowitz

No.

to Go going you're ahead. say. Okay,

Joseph Molino

any would intact contribution is I I would I or higher. channels same the I it's our are gave didn't would customers. think overall say this, our lose -- think We we the say while sales, that area, but distribution unit some automotive in up not

Andrew Shapiro

And products did go big from you Depot? stocking decline on product Home or reordering And to pace shipment, which just the from they of with in through? and here a selling initial loss price going Depot is is the did line initial normal Okay. above their other new the Home And in Are or occurred at through the get there these increase? your things attribute adjusting increases QX. its front-loaded price what do it your products, of

Richard Horowitz

that. been these that believe, It's things, last it's and not to it, hard -- kind my but anything supply into us. saying the we've and me, to extend inventory losing but but Joe told we and as they're they products, nothing like It's correct, probably basically chain are. Joe, stuff redoing just of know all readjusting it's can like anything they No. with I'm not correct have delays else... to or That's -- do they're can what there. any like about that They that vendor overstock me they're to now on a nothing call that. -- But it's their

Joseph Molino

always because of, demand seems for down, buys where are Depot a I directly is just You definitely into There's user And end softness do industrial by areas we're a themselves. tools both corporation the in in doing used Both some launch. seeing sort also walking Home adjustments it stuff there correct. that's those areas our a be some, our buys think buys more person that two tools. after to the An an our tech whereas directly. being fine. tools auto consumer

to think a It's out a the that there's at little of I So going little moment. on. hard tease bit both

I think we more that as we'll get QX. into know about

Andrew Shapiro

to occurred. nicely on And Sure. Tech, big bounce let's where then High move the

can whether Regarding use these major or you shipments of activity on this continued quarter? product for? your kind increased to what And a products expand the into customer, are case has level OEM of current

Richard Horowitz

the But good ahead, But Joe. will Joe. continuing reasonably at is pace yes. and you answer customer Go ahead, customer, go to yes, give a is, still. order if details. the Joe that Yes, That

Richard Horowitz

with Yes. that's It's engineering we worked a country with we've they've don't of to do want some codeveloping, a number channels that say wide and team very them I for had we've I for And got specific them. needs, their their years. on worldwide. closely to and believe, a very work of but closely and product range product,

-- the got to big that with to reach, them. for we're a we with along next relationship far anticipating for and doing work be they're they've and really continue a we're and some it. growth and year And So ride beyond. pretty think And continued well happy

really in place good know we about think. to feel else say. we We're there, a And I what good it. don't So

Richard Horowitz

-- to we're to guy very him, mean team very there. while top quite he's them have customer is his They for now. a a The dramatically of and he's vendor management be a and it's very to on our grown I business, keep and we're Yes. we're good principal doing happy best a and satisfied.

Andrew Shapiro

Okay.

customer any Engineered has success? Solutions an areas, particular segment products there industries, encountered the OEM additional a worthy of elaboration? are call major And out this Beyond

Richard Horowitz

Joe. ahead, Go

Joseph Molino

on. new any that think right one there to particular couldn't we I That mean I but opportunities, niche continue satisfy particularly I in wouldn't there's of. come I there's mean doesn't Yes, don't that know. I think don't anything one now. can say

for looking I to think and we've that recently best begun deep maybe a places are bets. the make dive business into

right now, they we're as quarters. about say to more have might come. taking that But in we opportunities future So

Richard Goodman

pointing think to but now Andrew, have I'm more interrupt out more X I minutes you, just you but that don't questions, basically. you Hey, to

Please Okay. go.

Andrew Shapiro

thanks. Yes,

in weakness better ATP, continue just it and taking to customers into strong quarter? factors offshore a providing industrial the suppliers what what and the pressure this compete? seeing Is you or are And at pricing markets steps Regarding dollar that from that are here? certain are are you

Richard Horowitz

-- don't I if don't question. know I understand the really I

You understand the Joe? question,

Joseph Molino

Well, I think issue industrial there part are some that that tools imported is cheaper of been the affecting business. have definitely

absolutely that a So is factor.

I also high, the -- price you was of rewound years, think there's as call of even oil five think the nearly we been so the related and and turnaround I the I some if is just there what gas mean robust though peaked, would just and could shutdown especially it's I I be, hasn't move business a other it oil away exploration. this be of oil, you think that of activity. oil energy. more clock as to I has be being And -- would sources think to think seeing price

factors, can't of think well. that's bit it think a else. of I Other little economic that, as I really So than general anything

Andrew Shapiro

more So and an is ATP gas oil product? used of

Joseph Molino

might portfolio. No, the of XX% it XX%, was It's business years part it's what I always ask our of of business be It now. is. part the mean, percentage question ago. not. business. the of of it's the I five probably It

Andrew Shapiro

Okay.

other instead? things compete better the other you here? offshore suppliers gears are steps and regarding Are and from pressure weaknesses pricing to what you just the taking so emphasizing And

Richard Horowitz

the a We're other more, business parts the of because emphasizing it's Yeah. much

business for part. most dog the dog eat

say much it for not not still, more that are, because And doing are areas, just fruitful we the priorities but it -- other we're that us in so way. a it's

Andrew Shapiro

it its the And regarding transition, over progress course still Power was quarter in that just Jackson -- the most this but benefits for current and call, thought put we're Okay. in completed and synergies acquisition there'd of QX. then opportunity Transmission of the on be the the the was tangible Group, you great and Gears Gears a place with opportunity in the last

made Was quarter? into progress be manufacturing continue next release progress is costs absorption This under that quarter's year. would at last during made highlighted this overhead continuing of least? And to

Richard Horowitz

you into made yes, expect. the latest further that? do the and at Joe, go rate and level is The answer progress been has that to we not want

Joseph Molino

we I as been a are mean There we this it's -- machinists for some quite them. front people bit had Yeah. lost a Pennsylvania. require It a struggle that on, a of the of activities, of earlier, in brought we turnover. simultaneously in seeing And the to we right in alluded integration, new had has training. got add some there we've is bidding people I needed. war with we that We to people

lost we momentum. some So

have addition, be we outside, do number to processed of the these In parts because a on don't everything.

For example, some do we don't heat grinding. treating and

those firms slot. that that are out So with help

what delayed almost months. they're to of products normally mean to get taking so take times back And by three and get that us. four things would And doesn't it mean a couple days; I

schedule. have the we it production So, with

and a have a that metal that it two and -- is years all since the was year dramatically said, ago, bit. has higher cost ago little lastly, Having us even we then than And of hurt

Andrew Shapiro

Given that timing...

Joseph Molino

said, better we're Yeah. by a going A nice QX, order book and I place. to much be in we as think

Andrew Shapiro

you question, if question one more grant It's... I here. one more have me

Joseph Molino

All Go Sure. ahead. right.

Andrew Shapiro

the the and So report when when more it these And address importantly, expand we'd timing steps issues? remediated it, us? we the this margin see can of then quarter -- behind be here? on the you a what would meaningful kind amount to unabsorbed pickup to is cost that is Is or you

Richard Horowitz

Joe. ahead, Go

Joseph Molino

to as the in on XXXX. the got customer going confident Yeah. strains you address run stronger staff. QX, or we've basis, some saw a with there's And issue said, unless are fairly I capital I'm the demand see feeling will a in that a rate base PTG dramatic much expenditures some that on of than you

acquisition. big new think I it more. out of We dump And probably little customers took we bit -- the had base a then, a from we'll customer sort the by

some them of more others. are I attractive than think much

to there's generating a degree have be So confidence customers of culling going little greater sticking herd a of and where bit there with of in we profits. the

Richard Horowitz

XXXX, to meant you year-on-year, supposed XX. it Its

Joseph Molino

XX. mean I'm sorry, XX%, Richard you heard I to

Okay.

that your question. answers hopefully, So

Andrew Shapiro

Yes. And I'll just…

Joseph Molino

tell also question, for a I leadership, to We're was that very that the but job remarkably just that the satisfied of doing another at point good iTEC, he's change I'll your we're made our with happy very, add very that. with us. top you with very,

Andrew Shapiro

thank Great you. Okay.

Joseph Molino

Thank management time interest. your your you for and

Operator

[Operator Ladies are the no Thank you. there currently in Instructions] gentlemen, queue. further questions and

Richard Goodman

you holiday stay to in in your And Thank all. with to part year, forward wish We families and and your you much first say. so year-end well all And time you speaking good you of our look early today. a Thank results next the we for quarter. season. the

Operator

call. This Thank Ladies now you concludes may you gentlemen, today's Thank disconnect. you. participation. your conference and for

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