This Thank New everybody is to operator. Year. our Happy Welcome call. Brian. you, conference third quarter
With our Matt me, as Farabaugh, as usual, CFO. always,
course. you this more to morning. we also instructions in have through view that how as our our meaningful either of So access presentation, webcast In up are the announced to to our earnings call announcement the website, of make there the earnings or you front want
note, want of too presentation. don't one much about out Just to freak I you the the length
think what of we I it's presentation, for did like the from perspective. But XX QX number we a and even QX slides. context incorporated prior and is slides
So its the third quarter stands presentation on own.
check quarter those or at We'll You much the over. in -- probably have we to presentation pretty over get But picture. second we first go items full that that intact. skip the just start, and over, to skim quarter carried least back
lot of XX minutes, think quickly. to say cover through probably it's it's every through to we'll that, going And it's when slide So not relatively not move to slides, that. -- but going it a go able I be I we're to but
presentation, we're to done of to So when course, I go Matt through will your going the questions. and answer happy be
that's And I it. think
So why don't we get started.
Here we go.
So let's move forward-looking Slide X, language. on to disclaimer our
questions language, let please any us that have about you If know.
course. we're through you during it, our about either to Slide then questions go But through going The X. supplementary that know, let presentation. us if to that's go X is the Appendix financial not of please about We're table presentation content. the and have information, that
earnings This least little Slide X. results, level. slowdown bit Slide X, is will a at we high for the
remember, in we But at look gets to we QX we always have profit, million. get highlighted real which we be $XX.XXX yellow, below of If it higher. Gross as unhappy are to And like XX%. easy XX%, column, million. results, number Gross $X.XXX when margin, the sales, these course. quarterly you right-hand said, going
did have QX, XX%. at below of look we XX%. below go quarters it And you couple If actually where it's gone a
to Now was pandemic. that you of the 'XX go and the fiscal year back beginning
where we lower. of were quarters a number margins the So know
So adjusted do What estimate investor did QX sorry during we XX.X% what million, about our what say million the to it? EBITDA our during percentage $XX.XX did $X.XXX sales say EBITDA, [ph]. million. current we $XX.XX We said our say we about about QX, -- quarter call, was QX,
then to for range of the estimate in So there. we The of And said top adjusted EBITDA. as adjusted million, tad I range so the kind is came our $X EBITDA middle of $X.XXX in just above the a million little $X.X million. EBITDA, the
every we just you, remind they what beat this That's kind We consider you have almost when our what We heroes. we're happen. the employees, you And will I'll forecast to you tend doing. low our giving of briefly a philosophy, a is of game we we're forecast, then give number be forecast remind philosophy. targets. play you about be what quarter saying to to can that we not don't our same we and think a
hard we normally do, easy objectives numbers. real we are work what to happen, not we're are us. the do And think we objectives. you telling they're make that These for again, these assuming what is So very will
to want mention to that just you. I So
-- so a that our kind we just to our and was that you the low, that time it's we numbers, not the it prior quarter in to think of number we was that Street. game. make play call, I So That's your beat in of was our when guess waste forecast, gave Wall fact a something time
most people this us They us. is is know have we that to really honest they're you. The tell really don't is being not other think thing do, it. going for that, they with believe you not when to what I that's -- happen. do They people And
telling others. of So reminding our We're we're philosophy. you, just you not judging
checked $XXX,XXX. easy numbers. for missed the to to little reason exceed not those in still approximately things. QX to disruptions, people our shipments chain Those to An especially make staffing carry QX, Let's with hopefully QX X. just outstanding that freight We're with was QX challenges in the job And QX. make shipments three Slide our estimate by on bit missed EBITDA to significant go considering total items these Park's a struggling will disruptions, over and unreliability, It estimate, sales by shortages. supply are
affected our QX. which margins in Factors
So go number a of to about. factors factors, bunch the we're a page, talking be is of into we'll going next
So far, top how about line we're we in much we of the $XXX,XXX line. missed -- talking terms top
let's bottom Now about talk line.
other not Let's probably That's away for costs, supplies, you inflation. on go Slide Significant to costs, expensive. supplies, us people out, in, freight yet, name material utilities, going X. freight shipping or anyway. Raw it, more abated not
Some increased passed form lag costs to not the effect. selling increases, is QX in price of item customers all. and through is of but the Why were our that? First
we so on our POs. commitments honor our And
Some companies don't do that.
that. of surprisingly suppliers done our Some haven't
expectation we confirm the process, PO of based in And that We're customer going go from raw PO that we're PO and upon is the there's up, supplier. our costs. going have and told our with to confirm are then of even a to though cost material middle going that we the ahead our
make great that. burned we So commitment we area. discussion, it. do with it's a to a live live -- up But we get commitment, not not even our don't to up We that. We it's a
So effect. lag there's a
we to until account into to need increased this costs. time wait customer take the quote the next in we So order
is, talk up other very don't our forget that. going about see for a the gone other thing We up. the And just inflation And are second, They moderating. people about quickly. haven't suppliers costs
it but us. away anticipate quoting, up. we it's hard Sometimes from to sometimes We gets keep when little inflation our a do
up curve. we So just commitments. we to the power behind get But our live -- we
lag We'll until a wait in the factors. account quote time to next that's into order take effect. So the inflation we
that customers one we of LTA like And about other with pricing which lot big then the presentations. these a factor MRAS certain is talk
fixed have fixed based could it's pricing, be It adjustments, We but subject inflation often upon not long-term pricing. to factors.
inflation an It's that's a becoming So a issue. burden really for also burden us. is And us. really for
of our of that because real with. And kind finding overcome burden. pretty day. we It's are It's burden rounding burden to is And people, a I not and error live continue doing special it's a that real a with we job think, ways just to live every kind something burden. a there's
I moderating. We in don't say to it's go see Like our said, people little world. We are it not sure when it's going away.
that Let's our go way. margins, our margins, that -- not put it what X. what let's Slide to on Still on but about things happened margins, talking impacted happened
Somewhat lower in than mix margin expected. product QX
we So my gave why back anticipate comment gave we you last for did when planning? comment same we When you forecast think world interesting not fully this the the our is announcement, time, in chain chaos. a mix? we why of QX anticipate supply is, don't QX I we did our And in product the planning
we supply It's have drawer, nice we the then because plan. chain in freight plan of disruptions. the So great. happens put But so the and chaos disruptions a
we're not to nice, but do. plan able what it's we is Whatever
to shuffle. We have
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to have We scramble.
of our Herculean numbers, kind that's as to have involved effort to they because make We quarters to our That's happen. make out we work the not make planned, just went too if things well. would
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what very and it that's mix terms margins. to in to exactly anticipate in why anticipate going the we're to sell any of difficult exactly So is product difficult it's quarter
good, planned. is may end the we in but what we we fact, been be What has during not we up quarter up in And selling actually planned. what it plan
continue in cause efficiencies chain operations. our significant to manufacturing Supply disruptions
is have things plan be like people manufacturing one to the of If that the predictability. you to kind building manufacturing with you the know when of really the run some they best And operations, operation operation scramble our had opinion an of this people Again, the overcoming and my to in it it. inefficient. job adjust around, manufacturing did outstanding and another that move thing makes They overcome. is things very
not obstacles, to at the end outstanding the job get $XXX, person all pulled Park challenges under our But Each difficulties his great or bonus, They our didn't got $XXX each her very $XXX,XXX, make quarterly together our day, done in Park people and numbers. job of person, challenging QX quarterly notwithstanding the of circumstances. get thousands. the a for QX to bonus received they
slide us that historical reference. provide about -- X. discuss Slide to the very but our much, this a questions won't know. presentations X, context Let's we continue annual is historical in Slide and results, let Any annual for we
to to on this sheet, here. Slide a some Park's balance buyback time go skip of cash, dividend stuff. authorization. share and history Let's We'll recent cash just X, little through save
we I investors good it cover every me. to this was We of thought it recommended key our idea. One quarter. a cover
we're So doing that.
we newsy. of of that covered Some the going stuff before. over not It's things is kind
million reported our in was see $XXX.X QX. cash Let's
XX look What's maturity risk. risk paper. interest as our governments, such months. investment We don't credit treasuries, take securities, We liquid do take because commercial secure invest any philosophy? highly average high-grade We in is rate our
the means up of spiking So investment you ends value temporarily down. at have, that the because going interest up, least, rates don't
rates Our happen, maturity, is investment if to the interest course. basis hold them value is up, mark-to-market. which of be is are but We done is they of practice, to way, report reporting by going going this the accrued how our to depressed on
$XXX.X value you and value, million. not it's reported it's investment with that securities the market investments our that are of the to So
was I been Just you amortized of so cost want the you end what securities million. way, basis that the is cash decide we'd and in I of these think maturity, as case securities has these have a more $XXX of out, marketable present average to If you probably but maturity, number. know, When that $XXX.X and to information a put you QX about figure our you to million. you which of we just it million. value closer got XX-month mature, $XXX.X the get practice, relevant our securities hold
not the Again, value spending want we're We rate wondering, our don't credit reporting just purposes you're in we happen case you by for cash, has is take to other rates. been cash is I recklessly. that The know affected like of what the reason any The interest take well, cash the interest -- risk. it's cash to risk.
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spend ask more how about on, explain especially We've about we that's Let's go of and got on to XX. questions maybe Slide tax call our please I installment as report XX. about Matt Slide can payments. the as that, $XX because them Any later about much million cash.
again but have. a how million. really on that you the like because to This years with share we'd like the thinking liability if So have, It's we $XX.X something does over our that's we books, you're Park that three or cash is about have IRS that, next still to pay much relevant.
we Cash dividends, every quarter cover this.
Park million that I which always in Let's the cash last million And like for go of company lot of a dividends beginning the that's you small to Park, XXXX. item. give has a you, $XXX cash now that paid comment I'll give is since hell $XXX dividend. a money check my
Board repurchase common to our but of didn't trying. authorized did anything stock. We late. our X.X of hot million XX. announced stock, purchase purchase Share of for in And -- authorization. No, anything not in of go topic been purchase on companies a Slide QX? we This a May we XXXX Park not of XX, has kind that shares Let's
making we market the that was an couldn't offer maybe So us refuse.
our stock. buy your don't we been stock went blackout, the us we've something I since to told the making little we an principal in your than decide you last or think blackout the point, job like be job. offer It tens down November, period during job to but refuse. know, they in middle the QX it's time, couldn't remember, like, was of our I think to job while a might don't felt not. We you we At stock, think trading were don't to or We where that. have. really it's want not buy for to Well, we in whether $XX.XX it's market the stock buy that
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that when day. petty. we're making couldn't tuned too the level, But about you X,XXX So we or refuse. the market excited of shares in time offer kind like not buying waste felt XX,XXX your was It was a to stock suddenly an we seems maybe
They're doing of Worked [ph] job. amount an a great through buyback.
buyback recommend and but wants told them really somebody we do you the And find sellers. more without program a If know reservation. big And blocks looking we're to who institutions didn't ones, are ever anything. all not for that were I'd buyers, we
anything. find couldn't we So
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to XX. on go Let's Slide
kind check gave we're you, the indications just prior first on number. this you the of just just item, we updating item, So --
be total product Park update, approximately an and RAYCARB million. of fiscal ablative currently is forecasting to $X.X 'XX As materials sales CXB
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XX. Slide
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XX. keep Let's going. Slide
news Okay, some disappointing from recent Airbus.
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So in we won't any go through that detail.
kind half meaningful know end the October XX, shares, out we're XXXX then just of release, a as Remember, had And we said, news This ramp XXXX, matter you for AXXXneo if what the of that some Airbus, program speculation what, staked don't way of you orders. XX.X% think going is of support a Pratt, share. I the are over XX.X% look, you. to story. and rate orders. is. matter not no so And the June will. our CFM We with that's the there firm data CFM statistic firm ground,
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lot quickly. orders of it around in bounce little that, month-to-month, there's a move probably not a mean so change number. that share bit existence but many is can already that firm that there's So so I going to are in
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Slide XX, okay.
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