AZZ - Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the AZZ Inc.

First Quarter Fiscal Year 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. to Partners. conference like Dorame to now Lytham with would turn over the Joe I ahead. go Please

Joe Dorame

Thanks, Gary. the and XXXX. review fiscal Good morning, XXXX AZZ's today joining year financial to us results May for ended first of thank quarter XX, you for

slide the Communications Ferguson, Executive and prepared the latest of Schlom, are a IR. for Officer; Nark, Senior questions. AZZ's remarks, Tom and Please today's presentation note, Financial which will be After today's at Officer; open the can David today is we Vice call call, Philip call Joining for Investor Chief there Relations Chief earnings azz.com. presentation President, found on page under Marketing, release conclusion

certain this Except exchange by customer-requested and and to adequate in of AZZ statements financing distribution Private statements availability employees changes process; team fact, that of Before various experienced of call are the zinc Act electrical conference of and vendor management of made XXXX. of contain opportunities; supply hot-dip I'd conditions offered begin costs, of and we the everyone prepared coating the during with company, forward-looking Litigation Reform including coatings economic the remarks, chain this meaning material domestic; may the statements natural growth in shipment; constitute the transmission Securities AZZ conference within call by currency historical remind like demand and of strategies. metal to prices and statements by acquisition February for risks some the are serves, time delays, the on documents the uncertainties the coil XX-K customer involve the in report process; in services and and power which to year Securities and raw fiscal gas, limited management political demand generation time not the to are and changes Those detailed implement rates, filed markets which galvanizing from company's annual forward-looking and the the with markets; industrial Exchange including to, the of Commission, risks Form and markets, products stability XX, including but foreign the response by XXXX. the used ended markets delays AZZ uncertainties, and that markets, include, and

to In These AZZ's can as adversely company give could its customers by or AZZ. a of update statements, ongoing prove information, the result that future and such will statements addition, hereof, to COVID-XX that on based forward-looking me as operations assurance impacted are turn information Tom? Executive The be the Chief over potentially the out correct. Officer statements no new to of way, and the AZZ pandemic. be date forward-looking any no let whether call obligation Ferguson, of events assumes otherwise. Tom With of

Tom Ferguson

the outstanding first to a the we joining predominantly quarter. commitment this Welcome year have well fiscal I am results progress earnings made morning. strategic thank the company, quarter the Joe. businesses as call, us as our to to coatings AZZ to Thanks, share XXXX and opportunity our metal for become AZZ's you on legacy have of for excited first

to decided asking in rather divesting stake of combined sell know Stovall, June During many XX% Solutions we we to segment, majority entirely. segment, the I our be than revenue venture $XXX entering May, Metal in definitive Russell. Group a first over estimated to participate led for Precoat our Metal announced by I proceeds a quarter derived of Precoat the have coating quarter structured After sales as When by Bryan it Metals from led we second agreement why we completed businesses. closed of on LLC and to to AIS Fernweh are all XXrd, options Infrastructure entering bode cash acquisition joint are income Kurt dividends AZZ's million Coatings - AZZ industrial anticipate numerous success. with XX% into AIS. metal joint million. our an for can we that all and joint financials investors, JV will evaluated ongoing capital and Infrastructure equity you well and approximately assure customers. I a will brings that cash benefits the AZZ the Solutions' also receive assure stream the reduce success employees venture. the into can and in venture allow to We of process $XXX The expertise for cash will have to offers joint Fernweh of potential of from which all resources quickly venture. JV, the future before optimum we AZZ you improvement believe this deconsolidate debt,

So let's of the performance that corporate in transactions. from of operational talk spite about these disruption segment concurrent our businesses and transformational the resulted outstanding

the in Solutions million during of solid segment posting Coatings into for had what quarter a Metal is Most balance in industrial segment part X this Precoat Products of with platform, Electrical generated for Infrastructure our quarter. the typically markets With addition great next. of AZZ. bodes for million, bookings we million being $XXX of $XXX May, sales is weeks active revenue which well of $XX were which a just And middle platform. and our the the of year record contributed another slow Precoat and even AZZ we the The generated million for $XXX almost

Our also amazing through wave they COVID an of up first year's level. chain income a more reported another prior the Coatings on their quarter. up EPS AZZ care with on kept to their customers momentum. took cases, pleasure care operating DAAM were with businesses results full adjusted Net Metals of nicely on versus results In up Metal first safely. Precoat through record which company XX% some almost basis, to legacy income and strong, basis operating and increase of XX%. and had on of people but a organic joined $XX operating drove supply margin of still sales reflect take shortages, delays EPS congratulate of to adjusted issues really XX% another Creek great XX% labor an supply me Galvanizing, XX% shortages $X.XX up team quarter. growth and year's customers spite another will quarter referring provided prior Coatings It Operating over and we XX% of their battle sales quarter Metal and were and an ongoing basis. EBITDA, versus gives safe, million zinc and the is which but of over well labor while increase. to XX% entire Steel a managed was of going The or forward, continue of be

primarily same up closing get the Coatings electrical strong. results as electricals platform and shortages lead forma quarter. income lead quoted the margin. we growth at of further million, it We labor even due the through strong, delays, great over for result Electrical with to but bookings dealt margin XX% over last with AIS AIS $XXX diligence year-over-year times push operating pro see to with transaction. $XX.X Metals on with format XX% a wanted Philip year lower as the discuss team increased the disruption and a XX% was as were COVID, million, results sales team Fernweh quarter out, first million, first chain longer most due outbreaks particularly income strong Philip? XX% XX working supporting the had to I'll into at $XX Industrial XX% quarter. over the - to of to on up $XX On sales battled EBITDA solid X.X% operating almost in projects to a also of Backlog I and Precoat execution. bookings over our Metal quarter, The posted as of of supply basis, that, improve but next for operating did million longer continue on were Precoat some at the X.X% than up continue quarter sales, while With and times. their in efforts Precoat remain detail. how products to had doing of grow but by component will slightly turn margins you AIS first

Philip Schlom

busy with funding acquisition structure. Precoat definitive Thanks, debt modified the first then in agreement Solutions facility of stake the a a significantly to that Tom. Infrastructure to AZZ segment. quarter, sell entering Metals our finished And closing acquisition credit subsequent and in an business new end extremely into quarter, We majority announced the a on the we our

reported of the in As million, of Tom last million reported first first than noted, the quarter quarter year. we $XXX higher XX% sales $XXX

basis on offset operating Excluding quarter. great Precoat prior of for sales, margin May, increased transaction-related to increase in half the Metals $XX $XX XX $XX.X were the quarter $XX million, costs, we the higher result of quarter XX% supply reported SG&A a operating quarter. below was XX.X% points, in margin by businesses being directly due were year gross by to of in inflationary about all a transactions, our almost a This the The the The the pressures, sales roughly significantly the Today, impacted million. divestiture profit XX.X% the above the was income operating quarter, quarter over related XXX corporate basis. first Gross comparable able first spending of was XX.X% of were and sales providing finishing during of sales year of points margin higher at basis sales last with XX% increased and current year. results. which year which operational prior still disruptions reported prior compared million acquisition contributed last million to expenditures the of same in chain income

of margins transaction-related $X.X year's or first XX.X% having X.X%, to Reported the adjusted for of income Operational last $X.X before basis sales quarter the adjusted the refinance expense the first $XX.X increased quarter existing quarter. XX% to year. EPS income would for facility XXX the Precoat prior net $X.X basis, incurred of year which On these fund to above have for given $X.XX Metals million Reported performance $X.X the over was the quarter. quarter transaction-related million an the EPS the same year acquisition. quarter $XX.X last On million Excluding was this due the million the was expenditures, quarter basis, is during million higher last million above quarter been year. for or of $X.XX points above than an above finished year, the was credit billion first or the our adjusting Interest prior operating expenses net last X.X% impressive. expense first during quarter. XX% $XX.X EPS first interest

We acquisition expect costs will the more than interest incur. offsetting we that the accretive, be higher to strongly

$X.X and fiscal 'XX was year for expense tax in income quarter million 'XX. fiscal first quarters First both

tax last year rate rate our the to XXX% XX.X%. year million While recorded million improved operations over last basis the of reserves. higher tax tax reported expenditures flows with year. effective $XX.X Capital The of was quarter prior compared first in year, first million of increased were $X.X earnings. first on million, XXX by prior Cash primarily comparable increased $X.X quarter the points of quarter $XX.X impacted XX.X% the the of was from in in the to quarter

While million we $XX invest still million disruptions are investments, in from to capital on chain supply our impacts current in seeing to fiscal capital year. $XX the we expect

our the reduction. we fund and During dedicated was dividends, in shares to cash that excess did during to were acquisition $X.X the as declared million funds quarter not and and quarter, paid used repurchase we recent

Coatings initiative the strategic Metal As of already significant our discussed portfolio adding on we Tom to offerings. coming our predominantly impact and Precoat seeing a earlier, made positive company progress are

quarter, Precoat of expenditures transaction-related the acquisition. primarily the to $XX.X million we During incurred related

purchase the over go-forward completing and the we have assets than are on evaluating Due expect process acquired, We higher price accounting. the in historically purchase tuck-in to on our acquisitions. a to record we realized excess incurred net amortization and basis of

to will associated forward due our Precoat new as debt going expenses with the lever position. well interest our [ph] acquisition, Additionally, higher as currently higher be

tomorrow. We which X% preferred existing as following ratio first leverage X-year include entered part lower zero at $XXX During notes CIBC Highlights XX-month and new million $XXX entering by had new notes June of convert Meeting, our should that and outstanding into senior credit by our our trailing On Bank, being X supported our new leverage X-year America. quarter X.X than Shareholder Blackstone, we subordinated of the X, times, our credit of quarter, Term held Loan Wells and a end million an the Bank billion facility. into our and we credit credit $X.X X-year of quarter, modeled point. a the repaid Annual XXXX facility, U.S. is equity million revolving Citibank of Fargo Barclays B, we with $XXX of finished facility facility led

quarters down strong our on and We cash to typically we QX. enter our QX focus continue generation debt as will paying in

the our Our be cash first year. tends quarter to of quarter low generation

the cash plan to loan outstanding utilizing also transaction debt. We on term reduce proceeds also AIS received from JV

call Before turning and back turn to take from welcome Tom, Tom. who that, to With transition I'll the I to in transformation and moment Precoat to thank now to participated a our would efforts. the our it just newest like folks supporting over teammates have

Tom Ferguson

Thanks, Philip.

Metal focused levels pass through, are on in inventory, to is for. is is are readily have which most to been inflation. has For been continue to Precoat service inflationary shortages LME and its covered solid, strong, does stable offerings. and production carrying much customer dropped our focus customers steel remain and been but significantly, available, our increases are share their there and steel expanding seeing there we prices they on aluminum market existing to PVDF, to growth. this have team pass through costs, have Coatings, of with although Zinc of delays. They alternatives offering of few supply Zinc in team which profitable stability. able year. been experiencing costs continues paint, have will higher-than-normal is coil interruptions a inventories. increases shortages conditions customers kettles price have which the the our is Paint rise in experiencing provide and that which Fabrication or markets but They offset some activity taking some

the strong So much while meeting Coatings, challenges generating the and market overcoming AZZ Metal team is Precoat results. them like operating

good front, opportunities. a backlog, enclosure platform capital to distribution lining up to of strong AIS the opportunities. debt, storage is providing new is pipeline a energy and project, deploying strong completing productivity industrial great joint have For businesses outage large quiet due cash Solutions a in and and and backlogs solid all Corporate Electrical opportunities. are safety management but Infrastructure venture our international segment, The relatively project summer large the are bidding renewables on a season, Transmission is on on including and focused fall turnaround effectively reduce but and particularly transaction. has battery and investing some

While guidance. second not purchase close joint quarter. do accounting venture not we be end transaction, completing AIS we anticipate will and are the issuing full the year AIS will finalizing before price joint the We venture the of transaction

million be So in We and provide financial range. to we the outlook will million $XXX for second million the to the a quarter sales EBITDA. and EBITDA believe $XXX in $XX sales million range $XXX should

a to can historically and previous AZZ recessionary the variable, due to during they very Coatings AZZ so costs Metals necessary. being Metal Precoat both quickly, is proven XX% resilient about This As be shed if have costs reminder, of periods.

of on up complete and it the time Precoat beyond. we'll for complete AIS the And with provide to we color we will balance more the more that, and questions. price As open joint fiscal this have purchase accounting efforts, transaction year venture

Operator

first Please John with Our Instructions] Company. go Franzreb is from ahead. & [Operator Sidoti question

John Franzreb

Thanks questions. for guys. morning, taking Good the

Tom Ferguson

Morning.

John Franzreb

on that Just the I contribution to based how to basis The there guess weeks Can I company my of? impressive time part sustainability? show color here little more you a start a here. book? should the want go-forward very play little bit revenue be talk about two current we order of a something Precoat bit on out the with the in as cognizant is Or to is in going on view. that's

Tom Ferguson

four strong multiply question. quarter, construction of that is not quarter good in the as be quarters. with - first first second quarter. a terms us John, Number like But typically quarter will one, those their Yeah, let's into

generally, similar also higher customer been going customer than see this of be of So coating been space that's opportunities to to aluminum, season, steel our having a galvanizing more which normal and business. kind is - high We're But those absorb carrying forward. to stable continuing. We're to coated. that inventories. they're lot add able carrying We provides

for bodes that ahead Hopefully, you bit why to our go which of that. color. outlook a and it gives we well give So for is QX, decided little

John Franzreb

the impressive Metal a of little a that go-forward least, seems be Fair year, carrying at carrying for like the we're business, pricing despite pass-through balance on zinc fact And this of at another zinc a going reconcile it foreign for enough. [ph] looking you your like with maybe you looking higher on you're we'll Can boded quarter. kind the Okay. the Coatings basis? about market, prices that talk bit environment zinc, -

Tom Ferguson

things and John. digital customer there's think we there, with service provide I galvanizing done Yeah, how we jobs. lot couple and one, a It's manage we've of a how customer

I is as years the what far significant several think AZZ we value So we delivered probably bring to ago.

been given have face and of other customers going facilities. cost We our it, even are going let's every other And network though have is every is up. pricing value to able seeing zinc provide our we down, cost

Consequently, wire, through you So the to by and labor, provide those we we've fuel, been energy, ensuring increase prices whether so kind of name to transportation, value. able it. pass it's continue

but can't of deal the guarantee surcharges. going with we the have to still that's to also But tried value continue most the we're part, some from increases, just overall for which - we've I but have did that reflects So the price way, moved that. We're doing higher higher we cost delivering.

John Franzreb

market AIS we And that there until And kind you on of years. since of stake to profile bit going a kind a [ph] be a fall? the margin? Do there's suggest flattish anything that business, to in is the drove we been has in basis best Got of get Is particular that? in sustainable margin go-forward maintain it. a the how little

Tom Ferguson

or couple could it's cycles, X you major cases, significantly. business. a of there XX component pretty out just have even X some there's One, would we said ask out month of electrical we'd projects lead and book know, delivery ago, would think laughed whether things. is years of component every from times, But I I because virtually with me of breakers steel probably and if you be to the panels some Yeah, in supplier to

what that had advance in booked projects of they well we've customers do. lot of normally a So have

the improve utilize because allows forward supply has going sustainable manufacture available we we electrical produce delivery. scrambling predictability us have significantly. supply that's to side And flex chains our us to to everybody that labor is and which we that pretty to So on of how the think manage our and margins allowed for

the margins nice ramped engineering able it I what Then - our sustain surety we've to early opportunities, Fernweh and on that consulting for even using up very and particularly of And XXXX, so we're So significant Because done to been a season. 'XX to the of with get out have beyond do. jobs get improve industrial improves fiscal for where be we deploy oriented. skilled more WSI or and when had their then some us. maybe and up side, And also lot stacking pretty help the the third I us I labor the cost and to continue some we taken as fall expertise do we think are them We mentioned, contract so nicely. more the is on think being COVID, margins during, look in quarter international craft where these sustainable. to we then well, of can that shortages.

John Franzreb

get Thanks. the queue. I'll in Okay, great, back guys.

Operator

The ahead. next Noelle is with Stifel. question Please from Dilts go

Noelle Dilts

trends for and more business was us the the seeing both on could markets details legacy through you're the exposure about Coatings, commercial in the end then legacy Precoat hoping about of those of guys. then Metal you of I how sort walk Hi, that impacting more Thanks. interest And how side, the the higher with thinking some residential and rates you're thinking and on you're markets? business? also the

David Nark

I'll Yeah. It's Hi, take Noelle. David. Good morning. those.

construction, seeing on including markets, typical in So solar. demand off Coatings general renewables, end still particularly legacy as as business, the strong particularly from side, T&D Metal the utility, the starting markets, the well we're

markets, like those. to we Precoat markets So served When the really biggest seeing we with take all and to over markets commercial, about that, at we're a the excuse and industrial respect XX% you holding general equates of up there architectural switch me, Metals each is of well, which their what market or to construction look – those are volume. end and

market, demand XX% is container about coming of volume. good seeing out the as of still as there well So which their

I'll your half I for to about turn the that's seeing half a demand, said, like strong of we're business, collectively, over both. So your and still question. other it from Philip

Philip Schlom

On the…

David Nark

Financing.

Philip Schlom

will us good what mean this looking our rates don't Noelle, a I interest specific we're On higher, that. sulfur Noelle. cost is visibility you lot – have obviously, should cover yeah, the have be - at to cash year, the I based. to going financing, We're know we're if we our questions flows generating and

Noelle Dilts

That's then just Thank guess you. fine. And sort of one Sure. I question. housekeeping

seeing and amortization, of out adjusting treating reporting are anticipating thinking Just in about from higher which talked - deal. curious a adjusted Is levels that? keeping thinking including you're You is about be you'd the about something how you perspective? that after EPS? that expected Or

Philip Schlom

Yeah, a the evaluating number. we accounting it purchase big is as still that but we're Noelle, finish

to we've much earnings been different historically. a will an significant so and number it's than or And basis in look that our where presentation cost, either because adjusted highlight in we

Noelle Dilts

Okay. Thank you.

Operator

The Please City ahead. Capital. next question go with is from Kansas John Braatz

John Braatz

costs. back rate the Phil, time, the to this debt? borrowing What's on just what $X.X you're outstanding. got going paying billion you At that

Philip Schlom

equity is X%. Right around Blackstone X.X%. piece

John Braatz

Yes, yes.

Okay…

Philip Schlom

is right B X.X% running about And then Loan Term our now.

John Braatz

Okay.

used that would formula rates too? the that up number points, XX Fed the Given going basis see assuming XX rate, basis in raises you points

Philip Schlom

would. We

John Braatz

Okay.

solar with market you back of it strong. fairly right. all it was because issues all the Coatings it as little tariffs. see of surrounding you at though a tailed you All mentioned Okay. you maybe But off of Metal David, stronger some possible the know, off bit and tariffs? markets Did seemed still the the in right, imposition said

David Nark

imposition the of with possibility that always tariffs. There's

has were that galvanized there's And and have year, Those this steel then panels. in know us, to get with and that see, support For is starting there course, shortages. of to we back earlier a some are to market. lot to come and I subsided what the panels into respect issues the fabricated panel of particular, largely

So we look around still seeing we're solar. that's what why in optimistic pretty

John Braatz

Okay.

through most the higher Precoat costs? through costs the delay are On quickly. the Was paint business, there passing of passed any in

Philip Schlom

the been with has they're hit paint as from are - along. paint increases able customers pass Precoat No. the us suppliers, quickly to

David Nark

usually, they're customer, by because Yeah, specified the so.

John Braatz

okay. All you. Okay, right. Thank

Operator

line is next with you perhaps from The question open Josh, your ahead. Taykowski Please is Josh go Suisse. or Credit have muted.

Josh Taykowski

Hey. Can you hear me?

Operator

Yes, sir.

Tom Ferguson

Hey, Josh.

Josh Taykowski

Good guys. morning. morning, Good

a Just for me. couple

First, more administrative.

at Just totally acquisition contribution, the looking X.X. the But reconciliation Page get in costs. the the Precoat XX.X XX, on negative

I to contribution - that, is with trying of the from quarter? you're understand it looks $X Just correct? like that I Precoat of it guess, year-over-year base But show, compare it does And how to then that comparison X.X like looks the business. stripping this out million guess,

Philip Schlom

is what that Yeah, it was.

operating Just then income was out million attempting $X the one the was to for strip to businesses. was And and - the it that legacy comparative be EBITDA.

just since doing they were onetime for that X also stripping that picked incremental it costs amortization the was reason was So up only weeks. books the we the that on all - were and because for we out

Josh Taykowski

it. Got

the I curious, but of so and - figure a So differential is million this know just between “GAAP difference I I that is look if we're talking - like adjusted apologize, at EBITDA” EBITDA? is the between $X difference - here,

Philip Schlom

It is.

Josh Taykowski

Okay.

kind comment little What's on you go? you the a I was could for are zinc. currently the me. you - and what long - have one procuring further of in getting I you Okay. some bit can issues wondering if mentioned the in the it. last you that, just Got how remarks kettles do much prepared issues know then seeing? just And how

Philip Schlom

Yeah.

supply. lot there the of - a was LME mix was I regional of it depleted. a warehouses the in it think So And smelter were around things. or Brazil more a And just was

So also to around our for carry that plants remain ensure move those the we ingots that them this so keep about and we and transport can but kettles some kettles talking inventory just we full I'm in eventuality, functioning. our certain full,

So able part having several that's talking just and around. to shape. of that. benefit were we in locations were over inventory having was I'm we good the can about. It in the inventory of that move move And them of XX We

Josh Taykowski

the in kind I guess, but seeing purchasing spot And to consideration sure. where any in holding behind, bulk of prices on just of there given is it? today, mean, just you to kind extent zinc find Sure, thought and I it, can any we're

Philip Schlom

don't we large purchase want quickly find across to the it as as We and has. don't - in we as don't look has typically but We availability pricing bulk, we but can the inventory and load on as purchase typically down come facilities - up inventory.

Tom Ferguson

But kind this situation. unique of a is

But well, just But so in on So quickly. try look we - and at this focused looks dropped things case, we - do, are it's availability. look are we day. at team every we're it it these the primarily we at and to -

every with our banking every work advisers we quarter. month which we'll So and do and

want the of as preclude possibility. not moment, I [ph]. we're But Just do that it - kind right so don't it's at always to we a to may that continuing let

Josh Taykowski

Got it.

I then you any more? actually starting already, know one in. on demand market but seeing one could end touched And if I maybe just weaken customers of pockets you're last to sneak it a Okay. bit where

Tom Ferguson

of the follow on a - anything And different know for things of That non-residential country. will analysts on and Metal the the into while, the even construction. Coatings a side, fabrication I we see yeah, I there's no, cellular But like Precoat obvious think of we lot really. can't parts saw things not as side, move geographic

well. within areas we performing construction play in the particularly quite non-residential However, side that on been the have Precoat

particular not with end markets really seeing any slowdowns. we're So

Operator

go ahead. Gabelli Instructions] Please with Brett [Operator question next Funds. The is Kearney from

Brett Kearney

the Hey, the business guys, moving all good base as morning. pieces Congratulations as on execution strategically. on well

Philip Schlom

Brett. Thanks,

Tom Ferguson

Thanks, Brett.

Brett Kearney

highlighted how forward. whether of of on business great them. I It know think maybe even past, operationally some - in for you growth from speak had that guys make investments business had there. of and this they directly you business partnership you Just I kind anything like and can't of going know in JV And the one dedicated sounds know, for a XXX% with the funding? to like Fernweh. benefit would fit question you that kind you terms could go-forward incremental in would be that XX% But investing investments about guys understand someone

Tom Ferguson

put we there pretty there's kind did focus the of there. fully But COVID do believe consistently for things on be that a much of and to think a has that streamline years benefit. and of that since been if thing some last that more I couple X could hold. processes would We

guys still Now of interestingly is with enough, were I they when had McKinsey. known our the firm

in So engaged of our potential fairly pivoted why became quickly around we with is improvements, one that pursue which them we'd to it opportunities to it. discussions of as these actually been process some

around where it means or rough So product best enclosures like cut quoting I in the including place, best location, streamlining you've to capacity which one think makes switchgear, planning sense from that. for moving have the stuff S&OP, it's processes got like product to

things all I to are Fernweh that think these quickly. So bring can the table

last teams. able are been We the good have really, focus on of ideas been the serving years, but And up we to these couple mostly that they've really operating haven't it.

we'll major an either have decide for there would those obviously, like decision things of each if by or on required the they for investment. additional acquisitions, But that, we'll a capital and not to investments growth if its contract. could of those a around one and acquisition significant, In make it's whether be one required to invest, each do capital or we're surface to tuck-in look of at terms

have call not at couple we ball them. that. to We'll We're of So the seats. ready board a look on

to opportunities. we seeing those look So forward

Brett Kearney

kind that the convertible if Okay. shareholder to upon of preferred expectation just with Terrific. convert would it Blackstone, that week? this approval, the then And just equity on that, timing-wise, is would,

Philip Schlom

Yeah.

I a think I it's window, if X-day correctly. remember got

meeting would we it's go And tomorrow, shareholder we'll our exchanging. so approved, X-day window X-day approved. and of that at If that or into anticipate then be move ahead

Brett Kearney

Terrific. so guys. Thanks much,

Tom Ferguson

All right, thanks.

Operator

back like our to Tom concludes session. for to over turn closing question-and-answer This I the remarks. would Ferguson any conference

Tom Ferguson

our about we for We you to and that presenting thank what transactions. quarter look look in, a major another thank like to seems success of quarter another completing Well, of And Thank logged you. to one have - attention. employees so you. all thank we just right. All here time. forward strategic appreciate listen just also and We weeks. we few results the second of talking the and forward your But your on

Operator

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

You may now disconnect.

AZZ (AZZ) 11 Jul 222023 Q1 Earnings call transcript