LYTS - Earnings call transcript Q1 2025

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Operator

Good day, and welcome to the LSI Industries Fiscal First Quarter 2025 Results Conference Call [Operator Instructions]. Please note that today's event is being recorded. I would now like to turn the conference over to Mr. Jim Galeese, CFO. Please go ahead, sir.

James Galeese

you today's thank and everyone, for call. joining Welcome, before opened first this issued results. a detailing market release press 'XX We morning, the our quarter fiscal

In XX-Q. results quarter harbor materially. conference website. Information contained our we conference this posted for for presentation details. Investor operating and could of you our addition to referenced we our are call our Executive for in section which press presentation of our throughout certain be on begin conclusion today's statement, results. Officer, results. note and measures and refer non-GAAP fiscal press Relations differ risks the is remarks transparency Chief about corporate that, reconciliation questions GAAP in the A included to a commentary our improved of of With statements may outlook. Such actual will management's in Jim release, to results contained statements release questions. open I safe call, with will business call LSI in call to I'll turn President and first summarizing will Please more involve that release over this At complete call also non-GAAP include responses the forward-looking this remarks, conference appears Today's the morning's Clark. and prepared and these opportunities, line today's

James Clark

us you first joining Thank Thank quarter all. results. this Today, you, earnings we'll Jim, good and discussing XXXX for morning. be our morning,

under $XX few market April we in our is sales robust project along C-store of for our of million. up at EMI, quarter will our give Display in release, back with are cash acquired in very Solutions year-over-year, a X.X. likely minutes. in space, our was XX% specifics with more segment, thanks refueling from have to in Net noted grocery Galeese earnings you free increased flow in debt $XX Xx Jim excess activity from XXXX. million strong As over the which EBITDA activity sales

We across a but a remains of in large timing we choppy strong end perspective continues continue court from push and and project segments, bit year. remains vertical as grocery expect activity a resolve level to mired to order timing very project hearings, by this have quote will which calendar activity all the

prior we we the orientation activity in vertical and We more. thesis on activity Our will goods we and remains continues the we attractive an offer made more refueling in more we customers but space anticipate the model market elevated thanks execute on. remain and backlog services our our Display us XXXX and as demand Within capacity around XXXX. to to and from C-store Solutions investments our durability markets that, work awards to very handle to to focus gain that achieved segment, of the through to project strength to project in elevated have current fiscal years, and continue

with order to been cloud second activity into XX% strong early up marked under rates uncertainty, of continues partial segment there Grocery increase remaining has our Although over a and remain year-over-year in quarter. a the

we've the customer grow. outstanding JSI to exceedingly thoughtful, dividends experienced best the lighting They've and EMI segment, projects has been work large working have engagement energetic working is with a EMI we've fiscal brand projects connections departments for customization display time made and integration options. In we on different a Velocity increased You activity I activity performance design cloudy book-to-bill along grocery, our has to a new the fixture, been by cases, engagement base. over product activity and the within and of this EMI strongest continue and volatility investments lost to prior contacts from was on and our team to weight event. We procurement in based building commercial we'll our our velocity The timing Convenience each to that from and years months, we Velocity. to lighting that of indoor offers grocery. LSI LSI next built to working entirely not we technology, On common series and cases. We're protracted other. at lighting world's synergies pay few and of should closely in X.Xx in significant of portfolio, NACS, entire released and and that our which customers of attendees quarter. alongside in the refueling but to popular of the associated top the remember. and EMI, Institute and to spanning a April, is happy the with LSI. been offers to very this unique October, performance release, to from at turnout at and I'm from the a that to in and not convenience level Velocity on levels a any in trade early Maratha This lot These month, levels, performance into commenting the our few mostly the at but recently our well. we large EMI with. the outdoor reached very at approach may combination in our outdoor generation and event providing come. Last outdoor hosted Activity reduction. does couple installation our is aesthetics over project associated always been with has lighting, as of to one record about modular acquired timing to attracts outdoor along Lighting in years' build my underline leveraging RXXX we remained a the the knowledge, The a team was going the will part last our its this of but of span headwinds attended created had show week, the manufacturing, of always of on large theme REDiMount for customer as investment lighting of some on the customers wide year the This adaptability with look the and with back it reduced existing that through we LSI and things PEI, construction and significantly in first I Equipment record have of LSI, its in accomplished Show. group excited leverage Lighting robust products. a through strength along noticed from its a LSI, builds quarter perspective. these of one Petroleum product has build ratio expect and Staying had forward operational called this next-generation with press engaged, create success regards that the We're progresses. encouraged last to are quarter largest first the can of product opportunities our coexist worth I commented anticipate Association through in new stores momentum to demand been combined we that have been non-refrigerated across timing. We've Stores timing National shows JSI There's our harvest delays, We've quarters. say

growth outlined continue profitable We with capable objectives growth a with consistent stronger, more equipped in to to our Forward build Fast deliver a business plan. durable platform our

our shareholders I'll and balancing other We turn in a front are at we operations. and our financials. of to employees business the call needs We parts growth look have our growing alike. optimize to remain the that, effectively customers, we of Jim of and significant our to our closer EMI experiences using Jim? management believe Galeese integrate us, of committed that team while over for With opportunities

James Galeese

progressing EMI QX accelerated you, strong with Thank XX% solid an flow first of in Jim. offset including to adjusted QX, C-store, year, in strong increased the which vertical lighting. of performance. and less X% full sales Comparable ongoing EBITDA EMI integration over Total continued $XXX vertical, sales order by the million, at activity in soft project orders first by quarter start in prior a $XX grocery a increased EMI, over where fiscal refueling sales, exclude pace. Sales and parking, growth including XXXX rebounded and the verticals, quarter million, rate cash and was led in reflect large grocery way. increased QSR the multiple year comparable orders

to total flow increased conversion of backlog strong the QX quarter. over the cash $XX in million prior period. A Our exiting XX% cash generated earnings comparable higher to compared year

quarter, TTM a Please of that the resulted flow high of the earnings 'XX as the related balance net Our per assets first to net level our cash integral increased $XX X.Xx. Adjusted healthy performance. our for being as adjusted provide acquisition of activity note ratio sheet debt change $X of acquired reduced and our including add-back inorganic to million, we quarter. intangible level recent fiscal beginning the amortization remains $X.XX income of part million core our in to in share at increased an expense strategic growth of leverage will operating transparency the are non-GAAP this reconciliation. With to of growth years plan,

demonstrating rate with of product QX additional the and Solutions the was the a store sales planned sales, quarter LSI's prior activity full first We broad-based a vertical. with beginning contributed as increasing store occur. renovation with release our in for ending segments. order is XX%, of market for Comparable C-store few the both increased a by the several increasing for and each while on program previously level Order EMI including XX% It a program on of this the comparable was vertical points quarter comments combined resumption programs activity finally sales new of Next, finishing engagement ongoing Grocery to year. The large below robust sequentially X vertical. We're customers overall high recent and on perspective. wins. quarter XX%, reportable commented growth activity Display refueling active from total customer Grocery EMI. increased activity very encouraged June quarter our had sales from

exiting grocery to up in refrigerant standards RXXX refrigerant. We to anticipated DOE support Millwork sales exit increased friendly year, vertical levels increased. substantially with EMI. In led New also the summary significantly both in continue. by display of our for quote also and expect measurably ramping We're demand. QSR transition versus the XX% sales for at increased the backlog steady backlog. backlog Display the favorable EMI. beginning QSR with XXXX, companies as mix X, order are product of production margin QX, increased and XX.X%, market and of addition in Operating in comparable orders facilities environmentally January Solutions QX Display reflecting refrigeration currently QX a to last was as are Project capabilities increased grocery and a and to incremental impact QX is activity effective well Solutions,

in expect more double-digit improve versus expected organic prior with margins growth We QX year. increase sales the favorable will mix. in volume and the Operating

sales for and warehouse and termed, of automotive fewer projects at lighting, verticals across seeing very increased. last conversion consistent digits has of quote-to-order and a activity levels committed market quote parking project project offset also and the was fluctuate This by large known rate. increased hold part is size. projects, refueling remains verticals. The quarter. we're contractors specifically number applications For process. remain large by C-store the performance business, QX Smaller overall healthy double the in release, This increased lengthened but over in

begin input expect stable, supporting improves. QX, was second we margin selling project in costs margin forward, half for fiscal improving volume the QX to sales the development sales material activity XX.X% as with outlook Operating in 'XX. remaining prices and releases Looking large of

For to channel the is our both turn moderator working accelerating capital opportunities. new the realizing the both as session. customers back rate for partners our continued products for I'll in segments, growth as products expanding commercial on one and and allocation our now investment the capital adoption initiatives, call well priorities and of question-and-answer new of cross-selling with substantial

Operator

Spychalla Aaron with Instructions]. today's question first Craig-Hallum. [Operator from And comes

Aaron Spychalla

commentary give to the we've there. been of does industry an food at couple on update on there? of first overall where move just rollouts look larger some the how and C-store. on strong pipeline those like a that that Maybe the given seeing just programs? with dynamics fresh the M&A of Can you're you Obviously, And backlog

James Clark

number about months, of talked is for X Well, projects XX Yes, us to a on back added thanks Yes. it we've we that. I volume call. then order the to got XXXX of and we've C-store, being in that that is quarters. last the going on XX out think The even carry top

we a XXXX. the in us through but ago, did terms, fiscal we last slate XX my the over full have have going And I planning So, I carry we minutes to to some for simplest at prior a have months to years, XX comments capacity XXXX, mean, just the backlog we as the X to pretty mentioned handle is thanks few this more, point.

Aaron Spychalla

And expect maybe and moving pilots give just larger any you've of going, turn you in some update of some pilots C-stores update that the and then can kind of and an those to you're if refrigerated the of us have other there, how projects those forward? on seeing or been had, QSR? An broader into

James Clark

Yes.

pent-up of lot in I activity probably you've there's as So there's seen, grocery in a and the of C-store space, and space. lot you just the a demand mentioned, think

administration all hopeful itself and the big on on what that those curve our grocery will in kind environmentally had end the by RXXX months. have pilot friendly headwinds here changing XXX. from refrigerated distribution Washington transition has in X programs we've gone RXXX a those than our the year. But into around over terms and of now XXX with and that based using basis, everything think for that normalized in And projects a solution our on resolve been the stellar. of better the testing we're pilots, of go-forward with I to now XXX solution. We're I'll call They're place

components hydrocarbon going the a December, availability our end received, January But at the basis. of go-forward X with on refrigerants abandon on the of be basis the our We the we'll starting will and central to 'XX. a go-forward going and into process, RXXX gone feedback parts, use of and our we've here some well, manufacturing product testing in workforce, very position stuff, having and refrigerants, traditional of we're compete opportunities very about competitive we calendar a very against offer strong year all feel rack the excited to about this being have very able terms our

James Galeese

Aaron, Jim G here.

C-store generating. to well. said, about display different are we sell-through And pleased the refrigerated acceptance Just with C-store to chains what of add The gone chains utilizing has that, with multiple that displays. penetration optimistic continued we're very the non-refrigerated our in units. They're that's the Jim in very customer growth and now and mobile very

Aaron Spychalla

synergies expansion early you give then strong of start performance, maybe there. of for me the examples commercial thinking just about and last you've synergies some and on of out laid some you're then And EMI, kind good there? just Can just some margin with those targets how maybe the also cost of

James Clark

able of wanted we in credit. grocery. We it introductions been Well, solve the of happen. And vertical arrows, gone And going customer better. kind of lot we've I always with and EMI target, one being of And belly is give standpoint, we excited level. one we're higher about centered multiple that around problems kind commercial type Relationships the really the about to lot customers' markets being relationships with acquisition our and a much into through at will a and the together earlier, strategic refrigerated that, were in terms say a button a our into to couldn't think in aggregate I that, And excited way a integration push that about to will I little products on. very to and then the lighting signage more the from able grocery, walked bit grocery, probably have of in we the our we JSI EMI, of were JSI. and directful learned much non-refrigerated dimensional and thesis of

want business or where business We're X to I the is XX Now, thing. X-offs, of these took with patience. develop, site a kind that won't business. to have about take here up of talk the uniformity with to ability JSI. X/X us execute. type project-based projects. These of hundreds, should get that to will are relationship But of doesn't saw locations with a signage that with of some thousands some things the kind dozen to and years feel to that terms of It are take And into or mean our time. bigger very probably digest, that project in dozen for understood there lighting It months in that. certainly I products look do the come to have of not everybody of factory out kind large the just our closer of where one-off, in we the traction get XX like there. to associated past. But and if many get pick business, we already really out It we the say part X anything the this play up and brought compatibility the the and our times the customers that pre-installed multisite project we are of of products

I'm on there, the I customers we're it was meeting you it that access. pretty family then like across was from that see So, LSI, here, commercially exciting will introductions. booth, particular and buying people mentioned senior had a had a JSI, where very coming in have bit to from to divisional all we my management one team company, call coming speak, here, the really in the and had the trade I one coworkers you a of their source, so company, groundwork but EMI, tell and show we and about brands is a you're that we almost lay are encouraged reunion coming, all our NAC. customer little the

it very exciting. was So,

lot improvements of Alan yielded and have X start years of really Very Mueller to are at they've the been in lot we right proud whole weeks the flow down the a the will layout it it, things Harvill, tell and the barking ago. coming was proud one comment comment and We don't floor. all there. I go. we're and your have them. continued harvest came I are lot the small made improvements consolidated operational on a or has of team will the those of in my was I synergy company and about of Dave job. I friction, think but brought was, second purchasing, those didn't we management we're exhaust an as that the receptivity those things, JSI But company a the of to good anybody out the we're with comments, and here terms I those from operational and very is in activities already type tell orders team outstanding. Like particularly good already very in that guys. some universally excited partnership. be really said happy improvements. excited harvest a and EMI that going you the can staying We're They're we've then to with side, and kind we'll or create I On make. to And opportunity Dave to really Alan run outstanding continue here an just company. They've there, stayed you the able EMI anything. They well. here. Mueller, share a done company. side and that this the factory And of on well-run on so programs and larger things, like about And procurement, lot floor very talk of and that's pace the And able bigger the like of really have to in a in And floor the product consistently, material learnings the we discipline, and They walk had of will them. guys wow people a the come first to those

Operator

And our question Gianarikas Canaccord. next comes from with George

George Gianarikas

that levels vertical mentioned you fluctuating demand some your as of curious just I'm within markets. are there

Or that. little are have tell that can around of bit extent is that maybe markets there, But detail related? and kind just between the you don't? verticals Is the some size you provided what those to could showing a did strength thread particular trends? a it unpack varying common You

James Clark

Warehousing saying for say, did thanks vertical attending. larger I within will thread there's from just I've a I Specific mean of I than activity, of the one-off was last would to George, seen down. common feeling, is there doesn't XX I I definitely although be earlier, be between the are the projects up was little any at seen they of overstate all for in that Yes. a be activity kind C-store standpoint, verticals. markets market question. mean Thanks seem more these that I there ever make is kind up. certainly. verticals, a that our bit I to are a headwind. projects, are if C-store. Grocery or out, these years, nicely. and slower project picked a we or large to call is fluctuations I've have I There project seem moving say see comment seem choppy going some always any in to to definitely more that pace. Regardless spectacularly. up. have recovering QSR other couple couldn't is

I'd that absolutely at the from the say XXX been was been our forecasts the quarters, written. out But degrees this And pandemic. Automotive right flat, is into automotive, release it maybe very least we've the about comment I market resisted. will the well. last it is do automotive, little flat now all strong. made has Automotive X it, a quarter talked that perspective, about slightly very the over Every in seen saw it of out. Quote to have numbers stands about very out, year, had are like majority at activity large projects We them, consistently the but It slowed them, right at it still be pushing whether any increases, and elevated those level. of don't whether it's It we've level. last we year. benefits, with requote. and has a a lighting inventory feel reductions keep To that just You we every No dropped all. out quarter and elevated chain, remained down-ish. little in to have but continue dropped since It's think press consistent hasn't really story hasn't seem the our we second it early has at now, to vertical pushing other last large pricing I down made Requoting indicators lost here have none grown been that. coming I've projects. they've me. supply say the or impact hasn't some around consistently it, And bit. very to of

expiration right. quotes come the and That have a steady. is Our that indicator is has that not hasn't an there, activity, to pretty requote commitment them. that that's been the activity to lot, an timing back And usually us

And just activity, project project and has activities remained of pretty headwinds large so, in project most our I lighting multisite our steady, the small have would but large we had say off. been project been

George Gianarikas

strategy. as follow-up, And part a your growth a obviously, is big of inorganic

of need to fiscal the of quarter To less You given than gone consider pass well near-term? that those extent define does time acquisitions? that certain one turn. appears EMI just amount as what first bolt-on that that you'll additional consider Or to the to at we should have a leverage assume net in you for

James Clark

Yes. the I'm actually brought you glad up question.

to also very fiscally a that kind be and company, shortens on the we've it. Certainly, responsible, that EMI, think it normally look to we window we're the against receptive at have past. within project our in plan with touched We our resources would to we ability very we I our the to ability that want integrate, to that it of a look executing changes. like and at. sure make They're want

of We have lot a opportunity.

us time gives a time. that have horizon We

we're could looking. is thing So, consistently the say best that I

been year in see opportunity we've same have would we that us we the could of 'XX. and forward of from We of strategies a that I would anything right with with opportunities at something doing type say that if JSI the stop front EMI. execute if had we're moving us, very don't calendar in it's likely I it funnel working. came

Operator

comes next The question H.C. with Amit Dayal from Wainwright.

Amit Dayal

little Jim, your quarter. the come you despite some to just particular Or saw it continue is challenges was prior quarter? end the some see product on that execution gross mix quarter, a Nice of than that? lower this to this it the markets. in for Any reason it margins the seemed through bit

James Clark

Yes.

side. have side. Also, saw when it took piece So, I things recovery direct versus performance, are that Solutions look last you grocery was say in in just segments, two about non-refrigerated but mean, you in occur when in they the that models in direct in It margins we Lighting because partnerships corrective the you I of balance our in millwork our of year Solutions, EBITDA, different. Also When Lighting, significantly would Solutions, are margin slow down to Display channel the And down of in look when Display at I in right? a kind we And this different. But you talked began display operating before. where we're that generally out, an types our in Display is are the some channel look Display Solutions, think we've the good lot gross non-refrigerated. side, of at the a -- was piece lower Lighting equal grocery. actions was versus refrigeration,

that they they that. We down, back slowed associated as ramp improvement. quickly in the with you see can As and to associated costs there almost picked from inefficiencies up and had numbers, there's QX, were up equally XX% with

the line, you important when have realize to all look gross So, to together. I that that the profiles down very bottom think But two they come margin different on margin. it's segments

ramp-up weakness margin, would the I that sales. between in sure dimensional refrigerated, temporary work of through I non-refrigerated make at get gross think our it's you you're balance So, the two encourage terms to of some as better a looking we we as components. And any and graphic then of in and

it. happy So, with had given to pretty I'm the ramp-up do, we

Amit Dayal

year-over-year commented through performance earlier compared full-fledged, growth sort of that year's of improvement or year-over-year EMI now year? then sort a to sort expect for going type XQ double-digit fiscal. With last this And of you expecting quarters that you're fiscal of should we

James Clark

hit to or have the rewind display. to double-digit don't because saying growth growth. going remember I'm want I Well, right. All double-digit I button

add you grocery, able the some of a I where point on. QX feel to grocery on display. like going to to in part tipping not we and have there's the For a going going to and as to QX, in, general the based indicators reinvest stay have start in was market was there Yes. the early recovery year, just mean, sidelines. for discussed to the on be at point be better Certainly we've

as to also to wasn't I forward or commented favors we've be strategic starting given project to it of of that, the big isn't with court the out the probably that the that mountain But week think required fully prior As in and that decisions the with of as a said, was any that see just base ago. barrel maintenance customers at come least administration, election. execution that and our all investments Solutions moves Display we side. going maybe that believe And broad a obstacle, incoming there it we're by

going but guidance don't and Solutions. with that I of kind strong certainly year. into on forecasting think that. QX looking on to too never the growth I hook And feel put about like almost or out, coupled give Display we EMI, myself likely But and we do to that through have we much are pretty So want in to QX a

guys been us enough. long following You have

do overdeliver important lot in lot rather happen, a pretty that undercommit around. the would there's but ratio could ] Solutions. going and on very feel We us. to strongly Display about what's of other Our way a of things variables, There's [ we than is say-do always

Amit Dayal

Just last one me. for

I'm enter initially other core of you're targeting product, for you refrigerated the there potentially segment wondering are new markets could grocery this? this For outside if

James Clark

There regular engagement customer. And refrigerated customers displays market, store we're just their a convenience with their that services they're of is with thesis absolutely in their already assumed center that the become had displays continues RXXX in of grab-and-grow And remember, rhythm expand pilots the our in a for we've purchase number that putting these with facilities. have is. part these or goods which to offering and

what off the kind that speed like we a be we're taking change that common something of grocery. ], a and want don't on myself, right opportunity consistent of is for ahead center with refrigeration. now, technology because think discussion. we brought is I they're have say looks refrigeration So, terms cases. a I match for that this par a case does will transformational there And to the was the long-term [ what could that. EMI NACS design that in door to lot topic just and there of and It's be the them is too of and will some coming has it get adding. I open our EMI excellence that that construction but particularly and it of far we the of combining I open technology, up with of of acquired of refrigeration. give JSI when all the will displays the continue in the EMI. Remember, air, of insight. the of will excellence closed specialty done, you of center EMI this be

both something open with that and these evolve next cases manufacture of definitely it. years, we will over will to customize and Our is door cases couple and now leverage closed the ability

Operator

from with Partners. Rick Capital Fearon question is Accretive next The

Richard Fearon

quarter. solid another on Congrats

So, increase refrigerated in grocery on the order promising. stronger displays. sounds XX% rates the from incredibly side mentioned margins you the And

color any the had sort you're refrigerated additional nature you compared you the versus could through as non-refrigerated if now of wondered quarter? share orders to first incoming of backlog on and Just working

James Clark

Kroger call we piece demand for had merger and have solid is in say very very QX murky evaluation into uptick that can to we come all accounts little a the can QX. we're displays, level been those QX. What's it that accelerated in what comfortably I discussions. going the we bit it because of a period. see a complicated because the kind And test the of little still at an question systems, a of speed big see bit order surprise QX strong. The a into before out non-refrigerated expect that me out going is always bit the through Albertsons, pilot, the going which quiet is we refrigerated conversations, QX, we're we and that the terms into into into displays It's What a little remain doesn't and blind this project design, quote, what timing. those to activity

that the Year's They we of those March we into into activity of through strawberries, lot stores. New market, a what through and to very we year, the with focused in Easter blueberries, November, year, thing. But in do which open way January, doing getting our Christmas they're themselves grocery casing. on of the ready and cases, are seasonal start come in January, and of December, the well a and February As that the work of for vegetables, really the in planning all lot start from to things, all Thanksgiving, not air time lend calendar Halloween see activity type that see to of in some February really the holiday frame, type that beginning beginning

think in in far, early uptick a that see sales at and visibility, lot we're have side continue QX, QX, having could refrigerated and the a we'll quarter QX. of of I in we really of to in expect we're shipping what about see we'll we're great probably so things. terms Certainly, So, be in what encouraged an continue but but to activity had that that we we excited says everything we

Richard Fearon

the merger of of up. Robertson been pent hopefully that's demand that will evolution lot Kroger a release And

sheet strength Xx your process was acquisitions your growth balance a question the months. I about flow, you stuff? inorganic and on or I to the debt-to-EBITDA of felt, answered solid be additional footing? by sort that organic may there really hear, curious is are So XX and and kind strong generation with about growth cash exciting hold active things something ratio opportunities that cash of you until of mean bolt-on expectation that to other okay, on free of exciting the we're otherwise accelerated in continues the below are EBITDA, really have and next a X% put you

James Clark

the has execute more refrigerated use it, us and his cases technology creates immediate EMI resources I'll allow design EMI, conversation and call organically just the, and those we of but it. engineering has an to JSI's mean example. becomes their do team to I'll it the our understand I JSI JSI, a we'll use an enables Yes. or were engineer it just absolutely execute door closed and side against testing cases, opportunity. answer EMI us having, and the to improve EMI. EMI is as yes. technical capability up lead at for opportunity their and

So, we of we One are customers that acquiring creating very two of those at now. ebb well share And in second of prepared. growth our in ways. the those and our or a the as is is consistently Fast things. adding very And kind much segments of invested more talked talked in and Automotive execution, lot Forward as a an trying example. in and in plan wallet the and to look markets leverage in a I and I we've about in about of additional markets. And we're the there there's an of are segment is vertical We're always vertical expanding flow. flat kind think automotive in right

have We have the automobile relationships manufacturers. the with relationships products we and have the we and the

relationship the have with We the auto groups. large

on that the integrators auto with We large relationships work dealerships. have the

coming different years experiment. showing as an being is markets slow, warehouse of slow, the our of parking go and Parking, we pandemic, couple in that's where activity. slow, of increased is after attention As a particularly out example, turn to we

that of is with waves a is of kind of of down, Well, opposed to one kind portfolio their them, And up. move the can another move each are we between some one ebbs look sign we having to So, flows those other. and by they're verticals. and hope

portfolio, within vertical expand of markets another down. and investment, while have that we And additional market look we is our into those on more put vertical look so, to more energy to we kind

Operator

would turn like for conclude At remarks. does back we to in to our Mr. time, no this are queue, over Clark the conference questioners showing any this and closing Jim I further the now question-and-answer session.

James Clark

I in really covered this think a lot we call.

don't you extensive I'm there's been lot in about close of the and this few them, before. but last a I'm very sure comments the this existed have call, to except coming it. There to any board, activity, I see was both with a lot We're here created synergies have all is months the engaged a activity talked month excited it say, to this spoken So, But that it. way can glad And and And I'm year year's there'll EMI we've all of space. in of resolution We way of of commercially one or C-store operationally. kind do before the much of grocery. exactly executing about like And anticipating. We that kind opportunity timing an we goes, feel the clarity that last we're been us. there's coming of is on by anticipate that for like we end the some about over feel we've that in be other. regardless which great on

It's Display as about So, a We're timing we're We thing. very outlook. under excited don't particular though the about lighting feel any very pressure. is Solutions. just excited

continued a confidence to execute interest, look the good call close. draw and you. I it. I that's of for say as to team front and think opportunities your opportunity we'll the call, Thank to your some And continued everybody that to you your thank we those that, have just excited on want continued with support. for to we're continue in real and maximize us, and a

Operator

now attending conference for presentation now has The and concluded. you Thank today's disconnect. you may

LSI Industries (LYTS) 7 Nov 242025 Q1 Earnings call transcript