IEX - Earnings call transcript Q1 2020

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Operator

Greetings, and welcome to IDEX Corporation First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the conference over to our host, Mike Yates, Vice President and Chief Accounting Officer. you. Thank

begin. may You

Mike Yates

Good Chief This Corporation. Accounting Diago. Vice Mike President and Officer morning, you, is everyone. Yates, Thank for IDEX

our me financial IDEX thank a saying issued a highlights. start joining outlining we Let for our release be us company’s The company’s be Last you night, discussion with the along operating the months three release, can quarter www.idexcorp.com. performance first for the at webcast, ending press slides XXXX and website press used to for accessed today’s on financial March XX, of XXXX. by during presentation

Joining me Officer. and Silvernail, Chairman Financial Bill and today CEO; is Andy Chief Grogan, our our

durability assessment finally, for our to current date. Andy through impact as addressing format second will We’ll company’s the liquidity response call overview then walk operations, follows. and the and the company’s framework drivers as begin providing discuss pandemic you financial several COVID-XX our as and results first of The remarks. with of with well closing our on the financial today of quarter will our conclude XXXX Bill is through scenarios. an for quarter an IDEX and Andy And performance

for remarks, Following open our your we questions. the prepared call will

toll-free webcast may the or homepage company’s replay. XXX-XXX-XXXX If approximately XXXXXXXX, a the on complete reason, and concludes the two call number call you replay log entering ID you hours to number should you to need exit for dialing by beginning any conference for may access simply after our the

IDEX’s with language release subject Commission. Exchange a that may the to Safe Before Securities in contain Harbor filings brief in and we certain are call press this night’s and last statements begin the reminder, forward-looking

our call Officer, With over Chief Chairman that, Executive I’ll turn and the Silvernail. Andy to

Andrew Silvernail

earnings call you, I QX the appreciate everyone today. Mike. IDEX Thank joining

to is you about this on you thing, off crisis. IDEX feel The uncertainty. this through today, certain to X. and great one leave thrive I survive call starting COVID-XX But with well-positioned is Slide world spinning as want I’m

have the we the quality businesses, have We wherewithal. of financial people we and have the

invested organization. built company incredibly culture. that culture years over who build We’ve important, we world. a We very with to built matter to businesses great the special run aggressively the the talented our a teams Most

has crisis. Our helped react to very early culture us this

lives, We’ve an to made never smart in can and our we been do keep making four COVID-XX decisions has that more and safe, businesses important solutions, swift ensure we people that moving, to to mission keep mission capture this improving IDEX words, our help sure has important. we fight. everything win our liquidity, trusted

the safe plays In to defeat physical, healthy, financial impact a in world consumed it. of emotional and keeping role critical people with directly the IDEX helping and while the fight a COVID-XX,

in Fluid that industrial supply is I’m going to to move this There many & Slide are so we X. chains. segment, food, fight. enable IDEX In Metering our ways now energy and

Safety/Diversified, & cases. hospitals, surge of Fire quadruple we’ve medical they acted the as the In struggle handle in swiftly used by our production COVID-XX to tents mobile to

mobile produce compressors hospital making Health air it’s in ventilators, and grade Technologies, available, & compressors carts that And in disinfecting used where we’re for Science not mobile sprayers.

are and hopefully, we’re an coronavirus, as bring company, across course, need. the of vaccine. the enabling genetic dozens of essential where the of the decoded well examples And, a RNA for in tests a therapies and enabling sequencing we finding more critical supplier, to that also COVID-XX development antibodies, products the eventual market its There as

presence that moment here pause our manufacturing, X. for turning all now shipping, in our across I’m to I roles require and want a people thank of in facilities. Slide IDEX, especially and to a those other

continue in the protocols worldwide our be people most jobs. essential as environment. performing new safety The protect safety robust to will this our we sites people always have We of at important our consideration

In a and I’ve acting. sign the of this, one problem-solving From prouder been the as COVID-XX have people of been values the exposed. crisis, IDEX. as your true our never especially of first crisis are devastating collaborating, China, teams in

strategy of the great we’re is this crisis, are. who in we seeing also a While product best

Slide now crisis. I’m investors, steer same. successfully a view of On our X. March in I priorities our point weeks, our with moving changed remain the out priorities XX, through has on operating where to context and call conference held I laid but our five IDEX this and to Much

challenge Phase operating be crisis. into built believe phases plans We four acute this of which phase X, our we’re the I a we period quarantines and based on economy all moving the and will of Phase a to restart gradually our work and evolving There’ll little be X, months. ongoing now six and strategy out safely. uncertainty as three lifted to are significant of for next the visibility

and demand to this we as During impacted shutdowns significant capability phase, production and expect a shortages. drop regularly and see our by own in teams are suppliers, customers,

with will and solution live This will people to confidence work this fear. much do, professionally The gives what until extend without that engage to changes is COVID-XX. learning there significant third to a be and will of and phase we require period socially

our phase easy, rebounded we’ve which approach. not from China, seen be will our have in quickly, that this can successfully we While businesses pivot

as that phase predictable War, look I some economic yet redefined be X/XX and Second when significant normal economy will Crisis, countless the permanent will Financial to and however, lives unknown. all world. and The Great World be shape has there societal and others our know The will coronavirus our Like and another returns. changes. ways, the day we easily Depression, I’m normal convinced, in forward final be severe the it crisis. just will been The this virus post

it transverse months, three to thrive. is to that with we move through X organization as to the our through phases, Phase that’s XX these Over as strong enter XX and a and one next financially is successfully company job leaders an phases positioned

to way better that I’m our now outlined future. We’ve XX. a guide turning to Slide strategies four

serve essential to is are as our priority top our to open teams to that society. remain safety, Our protecting customers try we

While included the standards and cases COVID-XX have shifts, processes temperature highly carefully when and coverings, is of face exposures. are at all this from a normally we a These protocols for addressing and practices mandated have of scenarios guidelines cleaning possible to variety sanitizing worldwide. checks safety we decentralized, time weighed for certain beginning

have contracted health, virus, for Our and our place good well-being we of only if any the COVID-XX been coworkers it’s handful quarantined. issues employees. incidences of in morale this because the few employees great where response business, and but guidance is Not sites have the procedures arise. for issues our to led local And strong team regularly and the have provides and has as of the way

the we to far that developed each contracted recovered. I’m report ensure COVID-XX the which a to our who smoothly IDEX of prepares way business glad has handled that site ramp quickly employee second and for every priority, has are is to in use to To down plans a have of event these operations. in We return ensure operations. so to continuity, business want

also chain concerns. regularly supply addressing We are

While travel we than issues our restrictions. many are generally shorter our and manufacturers, supply chains of have lockdowns addressed other from quickly global

support built security we’ll our planning we’ve disruptions. us In we continuity business So far, avoid be like months expect our our should and more the well. ahead, serve businesses structure business plans, helped This significant have choppier. planning, extensive

of this with cash beginning remained position crisis. and Our time we flow a strong third have cash area IDEX of since liquidity. entered focus the the positive is

to our our so Our and liquidity goal is remain balance throughout, protecting sheet.

daily our has our finance Bill instituted their in the We’re Grogan, to globe. with that period is them CFO, careers. a across help businesses working leaders anything our through of practices working he unlike cash all and leaders manage they’ve with seen management

Finally, of in now some we’re we need, essential as it instances, customers outside meant Bergamo in of who helping on are like just closed. means in booming businesses offense. they’re business. means our selling that needs things instances, to In in playing that’s pivoting different the focus That Novotema Italy was products. did different other areas it’s In

Our and acquisitions manufacturer approach struggling. a means repurchases. sister the seals produce stepped offense share Novotema accelerate thoughtful in as prepared and Playing to PPE to a was when company, the ventilator being England, also market unfreezes medical for in

With that, financials and you I’m overview is of an to turn pause Bill, through and going over he here. I’m liquidity. to our to going to going things walk

William Grogan

consolidated Thanks, pandemic Slide million financial of overall The results organically. that were and slowdown our with by our was markets. we in discussed and on during $XXX XX. down in our call Andy. previous of markets of end QX the orders compounded X% impact start geographies I’ll end industrial our the most

backlog life and expect sciences was businesses. the The built fill in pharma orders we However, decrease will positive in in help we’ve QX. our there momentum

our China. better-than-expected First overall outside in and quarter million areas the of a COVID-XX to X% of of of business of sciences the – X% life drove turn were negative impact $XXX us and of organically. the pharma, early Results and as But most X% low-end with guide. the were were businesses, in took our of exception most ramped, sales quarter down the

margins gross expanded up capture, negative than strong more productivity continued initiatives volume and control. primarily to three These all in discretionary basis offset XX.X% and price XX QX margin actions leverage. were points driven lower by segments, the impact cost of

in by from the and points volume X%, SG&A mainly Velcora This our actions but margin year. year, offset the quarter was XX% of last op we acquisition, XX driven margin and by which EBITDA had down lower fourth margin XX.X%, dilutive took prior margin the cost impact leverage. of Operating was basis of gross expansion of the

Our prior in share-based QX benefits compensation. to was tax effective XX.X% than related a in the rate year the excess tax which due XX%, higher reduction to was

down X% compared $XXX was $X.XX, prior income net quarter resulting First or EPS. in EPS to $X.XX, an of the million, year

million, flow was free net XX% to but income, year. compared of Finally, last prior to the compared X% cash down $XX XX% year, was

liquidity. XXX% our ending XX the net Turning Free million, was Slide of XX flow months March $XXX or to cash for income. XX, trailing

an has We expansion, to excess net free flow working capital and IDEX positive continue income philosophy. margin allocation consistently through in current environment. of to generated weather effective be ongoing capital initiatives well-positioned cash the

leverage the we adjusted in our slightly fund capacity short-term in drew in pivot times, to increased late sufficient March to markets. revolver needs our $XXX million allowing on economic improves. environment as of temporary to the X.X quarter us quickly LTM response Leverage challenges and was funding all to as the business providing in offense

$XXX equivalents the Cash the end quarter. totaled cash at and of million

on cash available notes make credit With including relation of under leverage, to of our obligations, also markets. investments our We business. are we in options, we confident currently conservative $XXX availability end In $XXX critical ourselves have capital potential availing revolving fund and operations to and of are meet financing to continue ability hand, the million due at to exploring million the $XXX the year, the our facility. in million

and customers to in on have to positive we’re mentioned, conditions and our working put flow maintain we focus on additional ensure and monitoring that As we challenging mitigate place to environment Andy actively liquidity, a of capital. cash the processes suppliers able enhance are and with cash our impact

actions effectively We’re to we’re necessary make this period. taking sure during to positioned operate appropriately all

Moving to XX. on Slide

While a and are picture expect of reflection monitoring operations we of our scenarios. in are operate this durability, examples a our full-year believe we suited well of to of meant COVID-XX the to environment, impact a are investors for we’re our what sales. continually on we These that modeling number possible give not

to in results. at Under decrease structure, of flow, generate to $X.X the structural actions took is our point approximately reflects billion, revenue, continue XXXX, our annualized the sales cash that break-even we we our current believe the fourth cost positive quarter or which XX% XXXX which we

To would a actions, which break-even point. break-even of other eliminating we to actions revenue include be We’ve million supplies reduce and in discretionary that to marketing items. this cost and approximately drive worth proactive This uncertain with additional closer reductions, $XXX identified will our bonus developed down XX%. have playbook cost travel, environment, many

million warrant in we’re resulting actions conditions and break-even of down point a take $XX an of additional XX%. revenue structural to the prepared If cost generate reductions, it,

on break-even intend it, Lastly, annualized were although to point as fund XX% be suspend dividend, we basis. to an low down would if we our our as

to not are At this we’re actions to end actions the steps manage necessary, of to we this and if as spending, that additional necessary. do volatile and chains but all taking prepared closely structural supply markets further believe tuned point, prudent environment. impact continue we staying discretionary into are take We’re our gauge

the view that, it second our With review back I’ll Andy to quarter. to on turn current over

Andrew Silvernail

Hey, everybody, on slide Bill. XX. Thanks, I’m

will the COVID-XX we opening reopen be to three as operations I my are challenging. economy the and in Everyone where impacts six going potentially remarks, As same months safely next uncertainty exists to waves. mentioned and the believe in execute extremely face environment, we

that challenges and model acknowledge While business IDEX units. very the we believe well-positioned, we face across the we strongly business we’re in our

challenged, that the markets to mission-critical somewhat XX%. headwinds down know will We much some customers our expect deliver offset quarter XX% essential continue those to be as be We second significantly we as revenue in of could to be end as will worldwide. but components

reduce prudent than year. quarter fourth our in taken us to we businesses significantly our started that the of a steps have the actions and We’ve positioned expected the to react discretionary significantly challenging to across took we we more market cost when XXXX is

monitoring and we and We to are react businesses closely our markets our quickly changes. will

come To conclude, And will on us, for how stronger extremely will and to we proud out other XX XX the I our even I’m know to next months that responded be side. crisis. though have meet of the all employees challenge challenging this this of

questions the it over turn With audience. that, let you. and me pause to Thank here from

Operator

time, The your this At Dray RBC. Please from question. comes you. question Deane our conducting [Operator be question-and-answer first session. state Instructions] we’ll with Thank

Deane Dray

Thank everyone. morning, you. Good

Andrew Silvernail

Deane. the morning. where I’m IDEX Bill Page those the details all I it’s the to appreciate picks off first Hey, in And really potential team everyone morning, the question left scenarios… the – wishing Good the on XX hear great scenarios on terms this up, best. of and

Andrew Silvernail

Yes.

Deane Dray

I the recession. want for normal say to the year, playbook a about you’ve for asked past Andy, …because been IDEX

Andrew Silvernail

Yes.

Deane Dray

because I is And beyond we’re it even what that. anymore, – don’t that like really feels know far

Andrew Silvernail

Deane. we, do Even

Deane Dray

progress said, we’re it’s just So the – it here, just get if like there. as worse, idea you things already feels or

Andrew Silvernail

Yes.

Deane Dray

a you’re I then And going – the What’s is out, that So you’re some – to cost talk that on $XXX to know about likely but deep have that is here? the conversation, is maybe cuts like and deeper of million are comments take, that this it, decrementals? enough? tough looking milestones for what

Andrew Silvernail

bet. you Yes,

in of. some So, we our million, at the those putting first of benefits obviously, impacted are because we quarter, that that very and even first taking in there’s that are see and all, out the you of a actively started and positive the around way February into that can to And stuff March, coming as first some $XXX arms really, we look part degree early so there. actions cost

lever and we’re aggressively, it So Deane. very we’re grabbing that grabbing already

thing. the So first that’s

the this talent of that to and I One through main structure we IDEX as appropriately. priorities is going the in crisis the of that have much maintain can

and incremental that time maintain some to willing of company a short to I’m for the period position so And of to eat the costing talent base well.

you we’re decentralized know, very a and being as business. That said, diversified

the some And have are and it so you some are companies that environment on – companies absolutely growing in taking this chin. really

priority And so to much as the deeper to much the how our and footprint appropriate And first of this places, – get in integrity goes. keep much intact the appropriate IDEX possible. how we’ll longer is as certainly but upon have depending

we as that that that to, have if we actions, look group $XX steps incremental at to, I Deane. would will take not prefer So secondary of million the but that

sequential contribution think, we’re that’s a versus a at on very decrementals, Obviously, margin it year-over-year, basis of at way a to probably look good look it. high you terms In company. if I

have we’re we low-XXs. – contribution the in So, margins

so a cost you’ve offset end up have short-term. make so appropriate having and massive XXs we to longer-term, the structural in the of the chunk changes And structure. to in company, XXs, or if the got the good can we that obviously, But within do to would without

Deane Dray

I don’t you’ve these to phases beyond maybe – and when to new start appreciate the much want to idea will just all normal shift I But into that then And pain you lifting of phases. helpful. that how out. frankly, laid heavy offense… four through And looking really get of some I That’s the minimize four to and

Andrew Silvernail

Yes.

Deane Dray

sheet now. balance …and you’ve got

here? deals when flip We markets of expensive chase make couple switch know bit, a sense? to years. does you to didn’t M&A When offense have You and normalize the last but do start play

Andrew Silvernail

Well, some control and some is of that in is not. our

terms doing now, playing of Deane. we’re it overall In offense, of some right

products those where are We places are our businesses, to look – if essential booming. across you

Health is we major which be markets, So, trend. think of disinfection, going our to a & many reshoring, pharma Science

We’re playing offense now.

foremost people also redirected fight. things making this are with owners. can doing and shareholders, the first our right for investment sure have that we and our that help We our sure we’re make But and

so And happening some now. of that’s

really to challenges are regards M&A. two it M&A, As with there

First second to own the in your – one the in that enough have sheet. is confidence that, that sellers. situation having willing liquidity is first And deploy balance you

We are both doing an equation. on sides awful lot of work right of now that

liquidity let So me talk the about side.

the want and lot So circumstances. That utilize. to will this, our of a to having don’t there’s people is they I very And that survive situation be of liquidity have sheet it situation. that stretched at a not a difficult our is balance end in to are

Our cash the balance I want itself. much focus world on flow so have deployable, to aggressively starts as that a is, sheet is of drive we level – why this and settle break-even deployable because

so And flows cash and doubt become we this billion markets stabilize, maintain aggressive, no $X can that. about as will if more of get the we north certain of liquidity,

the side the Now sellers. equation is are that of who other

And are so, – imagine lot you and a frozen you a can of as marketplace. frozen guys just that’s it’s folks, to now, right talking

I take a families look of little think at it this bit for will while But to think take of it’s this make going it going a or that will marketplace when might price in to take Deane. Boards start situation and through unfreeze an sense. to that Directors a and recognize and at I to are quarter so attractive time,

Deane Dray

luck to of everyone. best and you, Thank

Andrew Silvernail

Deane. Thanks,

Operator

Thanks.

Baird. state question Halloran comes question. your next with Our Please Mike from

Michael Halloran

everyone. morning, Hey, good

Andrew Silvernail

Good morning, Mike.

William Grogan

Good morning, Mike.

Michael Halloran

So a couple of things.

XX% initial using shock to to of to on? context down of kind that logic what now? there downward? the what’s to down? based on you’re XX% predicated Are of seeing get you’re Any what stability kind that look at XX% when XX%, you Is on that First, signs after that

Andrew Silvernail

Yes.

the is what both downs, our terms certainly unfolded early the quickly, being experience is – And first we reaction that things XX% the of by a the and are say seeing I’d pretty I’d here that in on cycle what saw the we’re short and as business, in March ups the struggling. way, April. So

taking The the chin, businesses. are than industrial on it certainly businesses more so other

So if be there. going you to more look at FMT, just that’s painful

coronavirus what’s combination the of world and happening that’s then, unfolding. the in got that course, of You’ve the energy impact

of a and say, is energy, the for, weeks, that you’re view you’ve we’ve have My really here more worse likely what see six, happening those we been kind Mike. that seven experienced get up. XX%, So call is, it’s are transportation, XX% in in to number it, in than and got, if especially pounded places impact are you’re getting in if holding of places, particular, others slippage

range, So pretty I feel Mike. with that comfortable

Michael Halloran

pharma you earlier, things just guys talk thinking What then to what like obviously, are maybe you’re alluded that medical stuff structural And changes look but how here? it you’ve of about rotate thinking might the mentioned? of the you about to, some already you some are the could

Andrew Silvernail

Yes.

Michael Halloran

Anything other do for have the as air? else then how you and things up in in you the the here you’re that about? thinking with bounce prepare it all And short-term

Andrew Silvernail

Yes.

of favor one response in decentralization how our we really terms on, in knew structure. place different that that, our team knew end this worldwide, we’re kind we up early It kind we XX an in is of answers. environment with put of works and that could because structured the of We impediment. that rapid think I things be that very could in our

able very quickly. couldn’t were just there to you and we’ve move things And certain so on, different XX been have that answers

isolate massive you this case, struggling can specifically them resources start to helps playing with that the example. because are really of are ton, an terms us give in that offense, structure I’ll you can places Mike, a exciting. falloffs, and redirecting demand things In you our

& from & now that significant Health in help and of the rescue it’s engineering demand seeing a to are PCR take for all off have in that things we which in Science. with, we new Science, engineering the we testing, our right business Health because business our developing, actually tests helping needed whether from redirected we’re you’re engineering world So of

And so like Mike. of doing we’re that, things a bunch

So opportunities people we’re and resources. moving definitely moving to and those

a they’re Health Science that changes structural & going lot big – they’re the of think our of to terms touching happen I things world. around In

about, a out going impacted. of I to think food, think talk think will terms or things that an chain, if I I more There’s more of that’s lot of the moving be in risky say, supply difficult of area reshoring environments. be

was that I it’s boom, relatively but not slow think a a big I it’s already that will happening, happen, think, phase. like

opportunity and feel to be likely like and we’re But structure away really harder. us be the move helps from and positioned overall, are where I hit places well to our likely they’re move demand areas to

Michael Halloran

on flow. just And Thanks XX, the clarification for Slide break-even that. one, then cash

Andrew Silvernail

Yes.

Michael Halloran

free a that CapEx? before or cash Is flow after CapEx

Andrew Silvernail

After. Correct, Bill?

Michael Halloran

I it. All right, great. appreciate Thank you.

Andrew Silvernail

that’s isn’t Bill, right, it?

William Grogan

Yes.

Andrew Silvernail

Yes.

Michael Halloran

appreciate thought, I I make so it. I great. just to sure. want Yes,

Andrew Silvernail

Yes. Thanks.

Operator

Our Please Scott Securities. next with question comes your Graham from Rosenblatt state question.

Scott Graham

Andy, And morning. clarity. thank usual, you as for Hey, your and good frankness

Andrew Silvernail

Thanks, Scott. Yes.

Scott Graham

Oh, sure.

to decrementals So that, about make at that what I’m want I we’re correctly. thinking about – just you’re sure least saying

we’re minus So I XX% this for say to midpoint and at if if XX% the sake… decline thinking quarter’s in for example XX%, choose sales, just

Andrew Silvernail

Yes.

Scott Graham

decline …taking in and that’s simple your by that XX% quarter, it this is that, as number, right? income it operating as multiplying

Andrew Silvernail

or plus Yes. minus. Yes,

Scott Graham

Okay.

Andrew Silvernail

Yes, that’s enough. close Yes.

Scott Graham

that, other million how what trying the are to that… about? to I’m discretionary words, In of within get here much talking is And we $XXX

Andrew Silvernail

gotcha. Yes. I Oh,

Scott Graham

on, could quarter, that would $XX million and be quarter, …if it’s next this so $XX it helpful? be million

Andrew Silvernail

Okay.

Scott. here. me right, reiterate just understand I if out But question, think get your I or I it, don’t help

take is that and a $XX time our basically that’s number, And pretty So the an $XXX out be as that’s on, little now. coming more that might darn that’s you – It but up right? a seasonal million And of going out we’re goes fixed pretty the rapidly. that that to come coming variable, structure there. bit quarter. much – not could cost And million because isn’t annual doesn’t

from time. kind to that’s that flow negative to what XX% over of what a of having or XX% that’s you be ratchet you enables helps through, instead down And or go ratchet

So, Bill, is there you’d anything add there?

William Grogan

it’s be may ramp the No, a the some bit I but would of close. in little up, second items that think less

Scott Graham

That’s… okay. Okay,

Andrew Silvernail

Scott? question, your answer that Does

Scott Graham

Yes.

the right For quarterly now? purposes, rate million $XX of is and intents kind all exit the

Andrew Silvernail

we’re of That – I aren’t clamping not that that hard we’ve clamped really spending here down mean, so is direct things that don’t million kind It’s down. on a $XXX money have that Yes. essential, right?

Scott Graham

gotcha. XX% questions. it $XX sales? structural? sales, decline for the Is of XX% would the in Two What for Okay, million? that’s this trigger be trigger other What the level to the

Andrew Silvernail

degree, an some now like, just amount. company. to it to $X.X let’s more Scott, what is the anything say, billion a going example. is, But than to longer billion no the just is So use And we going right? as XX%, it’s There down company, an if a look think you’re let’s else, reset business, duration we’re $X that number, just you’re

You have going time. be period to a for to think structure, sustained different have cost of a if you right, that’s

ourselves what that’s and so combination is, trying likely two that it’s the and be look duration we and some think like today. really should $XX that the million. buy the to We those to the with would evaluate have at like depth to trigger is $XXX We we us a what And we’re of time, felt didn’t we to feel we million. do had

big $XX we we’ll which and here. the had so that, another got. and we’ve a evaluate continue chunk as out In obviously And know, $X took million, we gone fall, you million we took to out

we we predicted predict So – we did year. although, a were hadn’t this, tough

million got And that so out. we and proactively $XX went

the $XX other and duration depth decide we’ll want figure million. whether take so out on through we as go we out or this to here to quarter not And

Scott Graham

sort I structured declines, the was numbers, and answered very in XX is just which way then of question, XX%, these XX% XX% right? answer, That’s And my in third that think higher both was actually depth clear. that do you duration that and to revenue and Gotcha. Slide

Andrew Silvernail

yes. is, It

Scott Graham

XX% the ends it here up there an to you’re about organic that it’s talking even minus Right, is, you’re here XX%, if would XX%, get be quarter because numbers? annualized duration a for these at what – us would your second thinking if to basis, on

Andrew Silvernail

be want hears said very clear Bill just Scott. so but remarks, right, That’s this that And I his in to correctly. everyone

guidance messages world is couple example, think landed, and world we’re we Message across have not issue. do a the And use probably for as a a one for are get is we think they’ve this these before issue. can just where – This here there’s not trying don’t going. we – to only, before we have I We of really, in flow a happen liquidity was, case. but in therefore, and that lot cash become

we’re but utilize liquidity, to tons to believe going I liquidity really We liquidity don’t want to I we’re stay not play to going aggressive have have to – offense. that that of afloat. to utilize

pointed playing hopefully, a cash number so, And is liquidity the number that and one, came a position two, standpoint; from really flow from aggressively. our we’re moment great correct across being towards offense the is

Scott Graham

Page clearer to Thank you, is me Yep. XX now. much guys.

Andrew Silvernail

Great. Thanks, Scott.

Operator

from Our state next Stifel. comes with question question. Please Nathan your Jones

Nathan Jones

everyone. morning, Good

Andrew Silvernail

Nathan. Hey,

Nathan Jones

the working side go here, expense little could flow at on I’ll capital guess, I a further changes. Maybe of this. cash we and the side. changes look revenue Slide XX, we’re at looking

Andrew Silvernail

Yes.

Nathan Jones

should inventory. of you cash clearly of have guess, I source out some

Andrew Silvernail

Yes.

Nathan Jones

they’re expecting that side give what changes equation? on or getting collections If Maybe in you the Any customer more about, talk slowdown you’re can you in or DSOs, any changes us in there? you’re receivable color maybe any can out? seeing of stressed behaviors,

Andrew Silvernail

let on comment From – Yes. this and comment in terms Bill, of I on I’ll we’re how I’ll you a then think also. ways. managing it couple this of this, in

right? The comes out move gets that for And got that is – winning in slowdown first a We volume been to make one us. sure any inventory. affected, is as naturally, it has

of positive effect a in have and had kind out slowdown. historically, any obviously very that’s And taken inventory, we cash

sheet. that the off balance to to us sheet, expect or inventory take do should in the you – cash So balance continue on and cash rather out an

customers can’t be of and same bank, terms meaning, here. and my the want philosophy we not don’t I be in payables receivables, time, suppliers In customers the careful very is suppliers. about caught and At here damaging get between to

neutral I that strategically, that’s think, really end can important. regard So that up play if in we and

the to we’ve beat on struggling, are this time, time healthy, suppliers they’re we we a want at can’t to partners, not when that make Obviously, finance same them is got sure them. they they’re our

coming capital are to relief, against we’re working customers across And can for us so, and weighing what do really the we a spectrum. that our as asking

levels, being got times lead we’re firm. pretty so, And competitively. service excellent great We’ve we’ve got

to the going not We’re bank. become

Nathan Jones

Okay.

inventories So receivables, net and cash the target, at and source? neutral payables

Andrew Silvernail

Yep.

Nathan Jones

Okay. question second My is on pricing.

You guys I as XXXX. net every have can remember, positive reported including as long for year pricing

Andrew Silvernail

Yes.

Nathan Jones

a thing, still steeper here. this environment? little or neutral can in be in short-term This is net Do positive the different you price net little you least maybe think a guys kind at price of clearly

Andrew Silvernail

the price already – pretty can that and in beginning we going. out I’m the is The that we was put out hopeful positive. stay of year

I don’t stick. see so why And won’t that

think – be to we Bill, challenges whether there. you want to not some give topics, we do – about how there be can will pricing want your about two your view? year those as I aggressive next can we on you or think

William Grogan

say, were supply capture there guess, relative only to was I Yes. stock my buffer of in that with comment down. our shutting some countries line in build what chains for the target some some in we I are certain first to on experienced quarter price is, the most capital businesses to actions working last And piece would that year. took selective

the second that to Andy’s impacted some So still off And first upon quarter But is of based here anticipate those the point, across quarter. inventory price we fully slightly in capture good, strong to bleed performance builds. was portfolio.

Nathan Jones

about unfolds? what’s view think price year of your Bill, we as this here – the

William Grogan

of think potentially, our we through will we’ll portfolio positive the But obviously, customers the come as challenging the impacted. are I us. still positive. more it balance have pricing more core for but mean, that across remain costs initiatives Does overall, price as we I slightly year, hear down go

Nathan Jones

Yes.

pass it Okay, on. thanks a I’ll lot.

Andrew Silvernail

Thanks, Nathan.

Operator

Allison Poliniak Wells your Our next comes with from Fargo. state question. Please question

Allison Poliniak-Cusic

good guys, morning. Hi,

Andrew Silvernail

Hey, Allison. morning, good

Allison Poliniak-Cusic

maybe higher level. talked want to that. foundation a IDEX, I you really solid So, just talk here, about build you’ve Andy,

Andrew Silvernail

Yes.

Allison Poliniak-Cusic

organic to particularly there some that’s for then but of to to pivot is phases, new you’re sort portfolio mentioned as through I’m here these direction trying some get a And you coming to a IDEX? it’s the new to just of of these we normal new near-term – sounds applications. starting temporary potentially or if investment that sense of if It here in go that’s terms that growth? normal, like really light anything

Andrew Silvernail

Yes.

think And things mean is, want what a that come been bear, – that relative had us trying long, do matter specific we’ve have shift your it to bring with anymore. in we’ve what bunch something lot doesn’t people where we to COVID-XX and when to – us, so and of where a very out help And pretty those, don’t the crisis. I have of effectively take that resources time solution careful. is lead I come we opportunities on to to is things you the by as So to terms them Allison, people of evaluated of

wash they’re so – are effective they and a no And and boom this be effective then because of cycles are to there of bust longer and they different both particularly bunch very needed, just they’re away. going in market, coming things weren’t that or

can avoid are And those ramp really so a we’re trying to helping where quickly. have that things about capabilities move And we’re to kinds to things. we the really trying and of portfolio we fight,

our sold March, of sold of of out we more tents much as month all the last year. medical March mobile the the in sold we in month the Vetter use We in I and Germany. as unit of And

of And overall so literally we’ve quadrupled go They’ve rest with their ramped the we – here up. through the as this that year. capacity

And that so any of doesn’t we major or don’t that sense. capability It a take makes investment ton have. that,

of things to very those sorts moving we’re aggressively. So

there think very that trends I for some think are we longer-term, are here As us. natural

was Health IDEX So it I growing to positioned what an we obviously, Science, that indefinite. going had and a around was accelerate, testing trend that global already & that’s behind that was ourselves and think, is

mean going grow analytical continue anything stuff is is and equipment to very I is aggressively testing against testing position we’re everything continue going and biodiagnostic for. just used that. kind is of that That used testing and And to for what to to to by ourselves

And real then I pharma the is things the reshoring like, think deal.

that that. to all But a going a so our some happen. think process trend. frankly, will into going so take get change their that those I it’s absolutely these lives kind to have to trends. accelerated, other be you move to are much, going easier because had have And play for is that’s going be material I to that long of believe as I business, going example, an think of And sort And that develop. time long-term thing in to then of to trends to It’s people

say, pump, and I’m information-based things more customer digital comfortable how viking impacts those and think lot the faster. and like that become results going thinking a expecting digitization, where that mobile of even, a is trends to I forward communications, and utilizing results, move will some

Allison Poliniak-Cusic

and out it’s And you going coming coming Great. into phase… the through this then recovery sounds – mentioned of That’s it it’s like helpful. China,

Andrew Silvernail

Yes.

Allison Poliniak-Cusic

what’s going has as this your region As or approach any through lesson differently hit you Any there? China? each on based globally, in been on rolls learned color evolved

Andrew Silvernail

of we’ve Allison. Yes, moving along think we’ve great has crisis kind East terms been has to And West the that’s done a unfolded, in question, – learning and things. from way how this a of this few I

they and everything’s creating single businesses, up Chinese one have working. our Italy capacity, is protocols we at really but now. full our And way So of in places lead up are plants working. for every our here Not safe in the even Northern right

shared the their & of that give for of learned very the And Mapi protocol playbook the with and of environment, to And them with how because we’ve we the created on members. ramp an how I’ll out in to Innovation, with a to Productivity changed how back where We up we down, work that, for to augmented that Manufacturers a early Alliance and actually is then that virus very parts actually that we of shared a And we they shared different you. it world. lot that. Group, with and all ramp soon, credit and

a just job team great our that did And together. putting

to learn. that continuing basis that we’re And so the that’s of and

managers We was general here, site that I through a did had on people week, general taking call, we general it call managers experience. Italy our managers call, and their also a last from of managers global guess, and four we

it, a through we of keep what a did kind people And the safe, learnings. they’ve around of for experience to everybody side gone how I mean, of the emotional those physical virtual lunch learn and

and network And people’s best the the we’re to where so around share in sites that and effect many leverage things so learn get is hands. trying one out the practices can of here having we world, of the

been that do really intently, to trying Allison. we’ve So

Allison Poliniak-Cusic

It sounds Thanks. great. everybody. Stay safe,

Andrew Silvernail

Thank you, Allison.

Operator

you. Thank

state comes your question. question from next Our Giordano Cowen. Joe Please with

Joseph Giordano

guys, good morning. Hey,

Andrew Silvernail

Good morning, Joe.

Joseph Giordano

energy in deal. closed markets? I know specific kind energy technology. it’s So overall a about way in exposure you’re just niche you guys the seeing your guys the talk play you a of an What there? Can you just

Andrew Silvernail

Yes.

a player. you think principally we So, I midstream as Joe, know, are

part, an get wellhead, not total for have we’re across which Look, portfolio, most here things that’s hammered that today of we really have business, expectation so near anywhere not and the we to energy really is the but some And going a ton. there, here. the our sub-XX%

haven’t been of are now as it – be, expected we those had seeing we on hasn’t far to but severe we order So that indicators front. the as all certainly

to so make overall And cost sure sustain have can footprint to right structure we’ll get our right our we that and there.

our to be seeing like that’s thankfully, obviously, businesses these overestimated, economy economy think some We going right? to going have the it go And everybody – the that on we global XXXX, And impacts But see impact the capital will just sure learned overall correctly in exacerbate It’s we that seeing it’s whole situation. the make and positioned not – forward. as are declines. be ridiculous in going of spending – won’t we’re we’re energy wellhead but to and I can’t we’re that upstream. the declines, be of lesson – the this how to XXXX

Joseph Giordano

When to about at mean, now to time. But… like it’s you you’re to have new I when same the trying investments think think make costs rip out hard you about,

Andrew Silvernail

Yes.

Joseph Giordano

and you does think make to the look up? your set back facility have global does you different Do step Like have the footprint, in your have way to… have we something like even …as about workflow this future? to like you rethink the

Andrew Silvernail

Yes.

Joseph Giordano

to of …the headcount you be kind how automated? coming plants how it different your has totally be – to and do what Like look has more about out global just of think this?

Andrew Silvernail

more as that, with, assembly facility, one manufacturing questions most when think, question and that’s that X, principally be unusual, to and foundries test move that is of than that. a we of I I that do think though. and couple we we’re assembly you I mean, especially businesses because But a that we now what is going important Joe, call the tend we be have the that wrestling to about Phase one test, obviously, have and have pretty like through machining, businesses are

with And today, of we’ve output constructed here is people world way natural distancing lean not the obviously, the lean which decades. social all does cellular work six-feet manufacturing it’s are like embraced not manufacturing, that, many In a manufacturing for apart.

those elimination is process elements see waste And keep and do And to that you do to distancing how the not that lot of a of batch we’re people I elements, something know principles we’re doing on. the you so of of already you in bringing is in place, times? social lean we’re of having how manufacturing, How going keep the while the do which and down are. the move working manufacturing. lead that’s

of that work. three decades to destroy sort do not great thing and of We’re going

environment, going and the change to we going customers. how change just office in work not interact people does to it’s in change manufacturing it with it’s it But how the environment,

and together things people going closer tell change like be many comfort again. to So that are to that have

Joseph Giordano

for Thanks the color.

Andrew Silvernail

Joe. you, Thank

Operator

Please Thank question. you. next Instructions] Our your state Buscaglia comes from [Operator question Andrew Berenberg. with

Andrew Buscaglia

guys. Hey,

Andrew Silvernail

Hey, Andrew.

Andrew Buscaglia

If I’m you sense you because partial worst Would gets worst then the with for hit Science second Fire there agree third are factors. some and Safety talk – that? then the Health probably year, directionally maybe FMT & maybe could and getting & the worst, offsetting

Andrew Silvernail

Yes. would. I

Andrew Buscaglia

there in anything we’re are there could any a two other else that & – positive? segments? Science. go talking Health as way seeing there Is In other factors, you’re in segments, the Are some maybe about Okay. the offsetting other partially those

Andrew Silvernail

Yes, yes.

at at, look FMT look you first. as say, let’s think, I So

handling process as those. trend I put about play beaten you really been Ag both I there. that where really I good Banjo. are be to that’s for a terms of do think an that in material both up. space And be whole we that, But business, business going talk for obviously, and in supply And the believe the has critical. would chains overall of be I to agricultural material continued think food the

or – ABS modeling be and not, I there’s seeing for whole are some ability systems. can in of that those incredibly going actually done analytics to monitor allowed benefits some strange. of know it sewer we there’s can bunch happen business, to very or our that – Our interesting that believe analytics are on But sounds that what’s systems, of a because

of positive. facing, hold that probably our I pretty to kind in bunch by of pretty And business, are offset small things more industrial industrial the So up will think there. we are things a going that general that ABS think well then negative, is have

So, around chemical you that large you’re CapEx that are obviously, chemicals industry, going really some are into are like then absolutely if that disinfectants selling and into things that, likely other And are to the struggle. there example, have booming. things

few over trends diversified. are there a there So and

disinfectant. On the use side, the enough, some a that there – you interestingly can of Fire technology for where are number applications, of

of that. some see you’ll So

the business backlog. got of – really in in a U.S., year of got long fire very for pipeline You’ve trucks – – very, long you’ve over a for particularly the

or is, we’ll see don’t whether not What cancellations. know we yet

aggressively. but pretty yet, up then that we’ve up The China to pick rescue the slowed down we’ll monitor closely. back have – aggressively back down in as business slowed has We seen have tenders has not seen picked that and

think parts short-term I here for chin and the got one, exposure and well. but so dispensing retail take then to because and around in the both, on some think, dispensing that you’ve other will I do for their and up. And of it gas hit, exposure quite hold transportation BAND-IT get those space will the and BAND-IT, oil

Andrew Buscaglia

some color. good good that’s yes, that’s – Okay,

Andrew Silvernail

Thanks.

Andrew Buscaglia

get but in If not that safe got question, but see? like would related you maybe seems okay, one some hit made same FMT FMT. could to margins. the would you’ve you’ve there that hardest, last – I think say of in or Fire it than – maybe we’ll Is & – structurally, are question better to on some decline changes fair and okay Safety, because those just terms

Andrew Silvernail

will will Health – the and most and FMT I then challenged diversified fair & then Yes, think Science. be

Andrew Buscaglia

yes. Okay,

Thank Okay. Got you. it.

Andrew Silvernail

Yes. Thanks, Andrew.

Operator

Partners. Vertical with Linzey Brett from comes question Research next Please Our state question. your

Brett Linzey

Hey, everyone. good morning,

Andrew Silvernail

Brett. morning, Good

Brett Linzey

mentioned to down wanted running on you’re your seven to comment come the I past six back mid-teens. weeks, you to

Andrew Silvernail

Yes.

Brett Linzey

there? pace Europe? between And geographies, thinking how U.S. commerce, complexion return and reopen are range the of the you do then across the the the about does we as What like thinking just about look

Andrew Silvernail

Yes.

to Just you Is like sure to of you’re kind the that are how business-by-business, question asking, good? understand, make asking of how what I Brett, bad the range outcomes you’re kind of asking?

Brett Linzey

– mean I things around saying on mid-teens. Well, yes, average mean, you’re I

Andrew Silvernail

Yes.

Brett Linzey

which does imply I there’s XX%, – some mean, in probably some down right way? there, the growth is there’s businesses XX%, that

Andrew Silvernail

is we to have exposure, really so couple. a And going XX% do so you couple don’t – think Yes. are that don’t have businesses of again, we range. – to that Very hospitality are few down but got we We’ve severe, be that. in speak, have it’s transportation a they that energy, exposure,

we actually much. have has it’s we’ll do to think the that down have China our experience probably snapback we’ll kind are your aggressive in very, there that bifurcated. long. And And but your of businesses that don’t quarter think – I We that question, impact. stay will been very we some that a But next two, and or expect in

model businesses think that don’t are of businesses a of of are that kind got to that come really and actually I few of pretty rest kind for COVID crazy. but the back a reasons. the it’s And then in for like growing world have the with you’ve speak, the number so are that that You the are facing, helping dumpsters, quickly. fight, that’s

circumstances have in manage cost and the to how democracies some able a good of cost. I don’t just businesses very people and think, that’s is, And tools. China which they those are unique has Obviously, democracy,

get figure starting and but so family. it’s have to And going you’re think live look how to you to distancing, how I still to back get seeing out like virus is, work, a Europe, can and we’re to which social friends in to people lot going out this back more with see figure

that that’s into to takes here. and certainly a what fine someone be clear, means, just that that’s aggressive, here fits Italy longer, everything seeing super and and this to I’m in in has so And we’re And it fall be is our not going just of gets what starts. expect expectation bought thing. is who I sort the

crazy I talk. think that’s

front think else that. I have treatments. or And is or we lucky think, of goes vaccine some us. if the away what don’t found anybody expecting have than face very for to reality bank I the certainly Great that’s quickly wouldn’t and or this And effective that, should company get we and a on manage reason, whether very, you think I in more we with news. something

Brett Linzey

great. No, Okay, that. appreciate I

Andrew Silvernail

Yes.

Brett Linzey

I could one moment. you just one. hoping then was And spend a last just

portfolio. what’s terms a the what going portfolio, product in mix from the so earlier. looks gave I On of impacted examples be service the is a like look good is of mean, that new you lot elements service or evolution the to here today? much But standpoint, in a near-term. recurring of alumni obviously, kind just of normal, But not like? that recurring the of

Andrew Silvernail

a never And like-for-like sort that the a so but very speak. don’t the we that, in classic into a company high business, sell revenue, very, been have parks we has percentage Yes, is say reason applications. of we’ve of tend I to that high our big to recurring

would sort recurring? total your Bill, characterize that? what’s so, of you estimate And I don’t know, of How

William Grogan

than greater XX%. it’s Yes,

Andrew Silvernail

I that. Yes, agree with

was total XX%. over when after down look, you year during our right so, that business crisis, the year. financial And that entire the had

think our were off. down, environments, set business say, Our industrial which and businesses Health itself X%, & down was Science in those XX% I

it’s and better the than meaning, have did & mix. cyclical We Health less Science in we there’s portfolio positioning then, a more

feel And so I good about that.

is So overall, of couple that our there be our will Albeit, a and places portfolio positioning hit think, get I really hard. will good. pretty

Brett Linzey

really detail. stay I hope Okay, I the all everybody safe. appreciate great.

Andrew Silvernail

you. Thank Yes.

Operator

you. Please question from Liptak Walter [Operator Instructions] state comes Seaport Thank Global. with Our next question. your

Walter Liptak

right. Good guys. Thanks. morning, All

Andrew Silvernail

Wal. morning. Good

Walter Liptak

about businesses. a I wanted to the ask municipal question

have think far I so or the sewer could muni? municipal There’s how maybe wonder if about picked different, up China okay, comments financially business businesses wonder that you could some talk pretty more we time? Your the this Fire do just either think benefits. quick. I mentioned benefits? They you anything will challenging

Andrew Silvernail

Yes.

the XX world. businesses really come the in, months time think by have compared budgets. receipts receipt, you the historically, had really that as especially municipal to right, in other to The – – capital overall operating that’s businesses. I as the lag sets two-year And Western driven

And financial so XXXX that to then held where – That – quicker obviously to make little had municipal saw I a excuse well, has that in time you as overall had for to you – took a – It crisis, there – in way me, went crisis. bit crisis. I the took expect really be that strong financial that run. time, businesses into its into that then as well that – the XXXX, remember started And than up the reaction we really through some they struggle XXXX. had and got pretty we

path, follow a expect it’ll although, that be I more. think will generally I similar

everybody’s the little system global and I to a the their that economy. see do people think mind to of on but spending. quickly are overall think top lag shock because I faster act been still I will just probably such clamp municipalities more to a it industrial going down expect it’s that,

Walter Liptak

for just if And much just Okay, the is left… me Thanks. I how can wonder then us one great. last buyback. about share remind you

Andrew Silvernail

Yes.

Walter Liptak

and the you’re authorization? in the the second-half? in And how …on quarter share about repurchase second thinking it

Andrew Silvernail

bet. you Yes,

liquidity than So just uncertainty were down, did the looked of so XXbX-X the incremental $XXX over million. shares. we just place in shut into we We that at had buy in. did valued buyback. value as $XXX share we of We we buy million a this, this did XXbX-X We and did we more over and certainty going the that

pause did we that. So

those that chain a people think one, don’t are number I the I in so going we category I turned we’re really don’t of lot food too it’s are low about kind worry here, be in that. on there’s a going overall much football. to that some to Look, obviously, of pretty visibility political be buy know and looking hard I at know who – shares into back ways

not back way restricts we’re to see I company then takes will to from the shares, best do cash we way that And finally, all stakeholders. look, do if going the be a going us we to are our in that way liquidity we to our of to utilize can’t going in Second, that to buy a so then that appropriately. where what is we’re And can government, our behaviors. any help means

think, we ago, In back only plus what total, got say, terms Bill, $XXX the in add what about? have on, of we honestly few million you authorization a weeks that I can we to have that I for

William Grogan

It’s over $XXX million. a little

Andrew Silvernail

Yes…

William Grogan

….yes, a $XXX over million. little

Andrew Silvernail

Yes.

Walter Liptak

Okay, great.

Okay. Thanks, guys.

Andrew Silvernail

you. Thank

Operator

Thank you.

Our next D.A. Summerville question Please question. comes from with your Matt Davidson. state

Matt Summerville

Thanks.

a answered. life mine been one. But pharma, Most have just with the Just there… and to quick you’re of respect seeing strength sciences

Andrew Silvernail

Yes.

Matt Summerville

overall I could …is context plays $XX out that COVID-XX-related, of else? or that that And backlog? you the is How you in that put in believe, something looking million forward? the component improvement, saw

Andrew Silvernail

Yes.

Matt. two got in – You’ve there, stories are there

business no that is So activities. very of the sciences. in that. doubt the some really have first yes, had But relative and about quarter COVID-related that important seeing have we in nice pickup is substantial programs are a have to that also, ramping. we’re There’s And won customers we there number life some we from here one that, a absolutely orders

And been strong. so that’s

And, So I don’t does total, of know got COVID-XX what it’s to going and are both that – two you’ve Bill? the at in million get the once. programs what make of of things that Bill, backlog, really $XX important up impact then ongoing

William Grogan

$XX little million HST. over was It a from

Andrew Silvernail

Yes.

that So Matt. a sense, you will give

Matt Summervill

you. Thank

Operator

Thank management I’ll turn for at no to remarks. it further closing are this time. back you. Ladies there questions and gentlemen,

Andrew Silvernail

with call. on couple in a for I Great. you many Thank all a comments. the you us like very that shaken we’re time to ways. I I’d that know of being has much, in close And and sitting think thank

be handled teamwork this. of news one team sometimes really is I not said how have first I just level that, and when warms – the It’s prepared a in to my I IDEX could the seen down. at see incredible. and it you My And get positivity here more the remarks, collaboration you cycles that, of that has heart. a have proud as tendency

believe you And tackling see it more purpose together I’m just – is team real and of better, in world how remarkable. I why business. they’ve that and and what I It’s are people it’s proud this, business to of the done. not could but when be is make the life awesome, at the in for IDEX coming

trusted seeing and that that crisis who places interest at is. consumer is we in your live mission well-known important I while here – in you of to, really like is and play the to role very on this the IDEX this a brand say that matter. lot And improving that about in call that IDEX. with solutions important do world, IDEX. We COVID-XX Second, everybody, we’re I’d lives, in thank we not this how in fight talked And a

side through to well. positioned strong will partnership people we And and I the move the company this we move as want investors to very prospective have your and who get will are and we your thank will the through in we company a investors extremely and other this, support, that’s for

So go forward. appreciate as and everybody. look we care. I it forward discussions thank Take you, to

Operator

Thank concludes may conference. a disconnect. parties day. All today’s Have you. This great

IDEX (IEX) 24 Apr 202020 Q1 Earnings call transcript