MPAA - Earnings call transcript Q4 2021 | Motorcar Parts of America, Inc.

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Operator

Good day. Thank you for standby. Welcome to the Motorcar Parts of America's Fiscal 2021 Fourth Quarter Year-End Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. reminder, call a being As Instructions] this is conference recorded. [Operator the now to like would call to I Relations. turn over Investor Gary Maier, go Please ahead.

Gary Maier

us you, everyone Thank Thanks. for joining Thank today. our you. call Charlie. for Thanks

There the affecting and These Parts differ the forward-looking in future no by Company uncertainties, America. included begin the The will provides remind Chairman, be and XXXX from conference the everyone Safe Joffe, result Company's Actual of Company. we forward-looking that Motorcar to future significant a to David harbor Officer. those Financial risk Securities statements Litigation future whether beyond publicly results are of statements Private subject and may update their statement involve anticipated projected of effects assurance statements developments some can those Officer President current today's Act forward-looking and call forward-looking the be statements. developments certain during Chief the are Company's are Before potential obligation factors. including based concerning revise undertakes upon the over in events on various or or any Company otherwise. call. which safe turn control I'd statements, The release. Selwyn and a the Reform for to Chief forward-looking and beliefs Executive expectations today's information, and based press Lee, of I as Company made of like of change new Harbor on no Such to statements

some of the turn the would With to and refer of like some with Exchange for I of Commission. a remarks. the to ongoing the to the discussion and filings you the For I Selwyn over and begin more uncertainties Securities risks call call business, that, Company's various detailed

Selwyn Joffe

available. everyone vaccinations safe I to more Gary. readily out joining call. healthy as venture everyone year-end are is and and you, I our today appreciate us for hope starting Thank

able be customers to with We to members. are resume and our excited team interaction personal

position demand our replacement Equally strong products. fiscal the address in we was significant, financial for our release, in will fiscal then this XXXX. and press current and are outlook now periods new noted off notwithstanding and As the both quarter market. David for our start morning's of and drop to is fourth record continues for for the Company's our a first fiscal the positive quarter with net be income outlook results year will full the sales sharply I to up year and we strong The Company's hard excited achieved in in then parts our for address detail. position business about sharp

the In evolving benefit and substantially vehicle electric addition, the is should electric vehicle momentum. from fast our marketplace subsidiary

for our to people strong hard getting is as are multi-growth benefiting platforms business. hard helping our Let it for these return investments some normal vehicles Overall, of The dynamics. the back the in appears travel. Demand from are to provide and we rely activities their automotive parts everyday roads. me and on from parts drivers is routines availability vacation and more clearly that across to vaccines color country

We demand expect increased in the all to product on focused grow meeting each and we of are our categories. lines

current aftermarket parts traction XX.X the product growth of XXXX. than XXX an represents category. fuel brake with well average and business. our focused on in the industries States line, engines in combustion market million the more about which will opportunities years fuels United alone in for the calipers, to at optimism The billion level. the are road retail replacement hard newest approximately vehicles continues beyond our age growth the parts This aftermarket brake meeting categories increasing in gain $X Our our demand we on internal There are for

miles the say we me aftermarket car that for And levels industry months OKVs, this sales bodes our parts keeping in replacement heard are at vehicle. are news in that increase. well increased and offerings. kind nondiscretionary Obviously, vehicles indicated record by are before product seeing resulting used In longer. reports their driven people have recent demand our You've of fact,

cars should for benefit generating vehicles parts age, rate at of rates X.XX% a these car of resulting age parts than increases car the to in Though and in scrap age the the average the of replacement compared replacement. As rate group. alternators zero new XX-year-and-above year an group because in age point, cars return have increases car of used X.XX% to sales, in the road, further some the we are new in with for on substantially; replacement expect example, number three lower sales increase for demand

any replacement course, the will new aftermarket drive Of aftermarket -- car in after sales future. parts

lines and As complete now our I across product emphasized expansion quarter, utilizing are last this to on Malaysia dependence productivity reduce facility we is outsourcing. multiple increased on capacity and in focused

In to consumers. supply Asia, continue chain to Malaysia and we channel and parts been before related and customers. in and While see our throughout parts strategy our support leverage our significant since challenges superior and our leverage aftermarket has to short, pandemic, opportunities our tremendous customers COVID Malaysia in offer and and relationships presence solutions for the

opportunities about We the are our equally EV in space. excited

the space in is momentum. Our strategic EV gaining position

electric will global collaboration exciting to Instruments, in global our test sales agreement products and systems. also by hardware-in-the-loop force D&V's production integrate several test recently It Orders has of developments and beds -- electrical as supported Europe NI let a technology with advanced market vehicle and a announced. for highlight China technology. two offering power The establishment known from me inverter electric example, National seamlessly strong global for of and which For manufacturers development vehicles. we

Detroit electric a our solutions announced recently for manufacturers area, also location first center onsite the state-of-the-art testing providing We support. the automobile in with engineering opening convenient powertrain of and technical

utilizes shareholders In a businesses position Delta In needs short, pandemic-related We US Electronics' spearheaded presence and division our hard the sponsored these and automotive while electric growth also facing within provide the supply and including We charger our our premier the chain, continue aftermarket our the other evolve. initiatives automotive by Certainly of EV freight vehicle industry by valued markets. as that of as and driving technology. announced leadership believe with meaningful are us of an development to headwinds. North options enhance all EV extremely emulated believe there aftermarket market. short, exciting today, America supplier Energy with transportation opportunities complementing in we our challenges of for parts automotive subsidiary our rapidly-emerging aerospace both parts the provides program and opportunities fast Department

experience price that including our supported solutions and by top and summary, overcoming our and challenges think strengths. for mention working are rational our contribute challenges. on to Market and economics, while few entire team semiconductors Company manage these chain production steel, today In and continue to parts suppliers positioned our increases, issues full well we to to advantage is logistic customers, hard supply dynamics with address the these a growth challenges short-term of for continue line with as we move focus competitive tomorrow. our to world working for global will We are taking providers and packaging We items. and to bottom sustainable

the a footprint Our future become has reality. for

our from operations, utilizing margins ways. We sales Increased the are the of due transition capacity, other growth the benefiting of opportunities are this product brake gross scale economies due focused continuing on about better pricing to and launch, to short, In consolidation caliper now from in highly-efficient we following initiatives including higher line and move activities. footprint. excited

the As believes noted and ongoing not Company today's considerations, global prudent it the related specific is still in at time release, provide this annual and sales earnings near-term to margin guidance. given gross pandemic

to are experiencing aftermarket this strong parts solutions. customer the evolves; however, fourth quarter fiscal turn review the for and our XXXX results the I we call reevaluate will will and demand our currently as to fiscal We over now year-end. EV XXXX policy for David

David Lee

Selwyn. the I XXXX for respect our X-K the everyone press March of you, to detailed read To earnings this explanations Thank result. XX, with begin more encourage release morning filed to

through results, the For exhibits see X X of information the that the release. press about items impacted

Gross costs cores was with new Let XX.X% impacted fiscal expenses quarter sales for fiscal period the for by brake XX.X% earlier. year. customer earlier. million $XXX.X impacting caliper fourth fiscal 'XX X.X% related a fiscal and including million me margin a our X.X% $XX.X transition fourth and premium costs an quarter to impact of and for profit 'XX fourth with customers' on moment fiscal and $XXX.X a 'XX the sales, earlier. aggregate the non-cash increased take X.X% review XX.X% shelves from to the for the compared fiscal Net and million start-up year business revaluation negatively the highlights, and percentage due for non-cash a was COVID, X.X% financial both the relocation year the to million expenses, following, year record freight sales for 'XX as X.X% profit fourth sales a by $XX.X Gross for to fourth quarter related same quarter core higher tariffs. net quarter Gross of of to was amortization X.X% allowances of 'XX compared

to part provide footprint more caliper the in and transition Mexico. are gross relocation expansion start-up me margin. costs little color factors our a Let impacting of Brake expenses

including focused costs current Mexico this production of and sorting core these the on will construction buildings related demand. and to recall, current significantly in first you calipers, in completed As expenses year the we meet the may and and of year. that brake anticipate our are We fiscal fiscal future diminish increasing half activities of past

shortage regard freight safety also we by health due addressed to also additional Selwyn We the have COVID-related expenses, a COVID as -- costs freight With of earlier. noted higher that freight initiatives a impacted incurred and shortage margins. to gross caused

revaluation been COVID-related on non-cash, impacted that are premium expenses have margins and amortization slowly customers' non-economic. these gross cores of Core decreasing. shelves Fortunately,

morning's gross summary see Exhibit of earnings in For press a X items release. this profit, impacting please

I higher also also offshore incurred supplies. wage should results. that for impacted further costs experienced which materials we mention and inflation, We raw

realized The costs of higher that these expenses $XX.X non-economic Mexican million a primarily This a and fiscal the $XXX,XXX. million was million for expenses will and million net decreased lease the interest with mitigated prior-year in lower tax for interest net rates price income forward with totaling the basis. gains, Prior include was fourth higher or such for last for year-over-year loss compared to million. related expenses quarter $XXX,XXX been share decrease the $X.X of liability liabilities Net was and share have approximately year with due a Interest Total as quarter relate period. of $XX.X of $X.X remeasurement fourth lower quarter fourth debt. with $X.X per are fiscal quarter net This exchange $X.X year million and impact of with fourth expense $XX.X was foreign contract operating the along decrease to $X.XX unfavorable forward We compared peso expense have ago. for by compared foreign quarter which currency COVID-related Income and implemented $XXX,XXX or on expense benefit year. million was increases tax freight per includes partially offset be diluted $X.XX 'XX lease expenses results income fourth contracts. shortly. the

impacting Additional for items by $XXX.X details due fiscal demand press earlier sharp with in year earnings to the Exhibit 'XX compared net income X $XXX.X release. April pandemic. impacted drop in were are million sales this a in a global in of million Net morning's

year This 'XX by current million was product a $XX.X XX.X% negatively centers gross A higher are impacting fiscal of for by year diluted X.X% $X.X two impacted profit XX.X% was expenses In million margin a or share supply a caliper Gross transition with inventory per pandemic sales I changes. Gross in million future discussed. factors loss profit were $XXX.X of as ago. profit mix for Net challenges. realignment of partially costs, earlier. at summary offset including costs as of Exhibit million in share start-up was was compared to benefits earnings $XXX.X of and for net 'XX was addition, million benefit or compared sales release. $XX.X as with with press by with net previously distribution a earlier. chain X fiscal $X.XX customer income percentage expected 'XX impacted compared $X.XX this related sales Gross relocation a due the a year brake morning's net COVID-XX per fiscal to

provided fiscal in and impacting press sales items quarter quarter. record net fourth compared Company's with prior Exhibit cash at by March the year business X with XX, during XXXX. March of release. This provided 'XX. by by during to earnings $XX.X million working anticipated the prior compared in million XXXX XX, in for the cash activities activities debt for was fiscal 'XX was during year at Additional support operating year inventory fiscal for at XX, Net XX, -- $XX.X $XX.X net cash details operating income morning's million to requirement $XX.X million increases year. Net fiscal XXXX. prior operating Net in used $XX.X compares was the reflecting are provided activities capital $XX.X at fiscal 'XX operating reduced March $XXX.X million 'XX growth debt this million, cash million with from $XX.X activities Net of fiscal of million was fourth XXXX December

are to return there calculate capital. methods various As invested on you know,

million XX GAAP average We back to the to $XX.X management metric a across metric, and XX, approximately return the with and net the by capital. balance on months and income expenses. For capital. which in which Company's million In invested regarding a return calculate COVID-XX equity for provides take our fiscal debt this the useful and included first believe noncash as certain purposes, expenses the of extraordinarily $XXX this country quarter we operating and together an of on shutdown taking onetime we measures, XXXX result weak considered March information short, divided was invested investors pre-tax XX.X% by resulting ROIC ended adding

expectation the benefits of realize We both new strategic are from launch are result operations product lines. higher to the in and categories new more starting of brake existing the returns our Mexico with benefits just expanding increased ROIC This should our as fully of the and realized. our expansion of

the as ended $XX.XX. XXXX, of $XX.X of $XX.X quarter common an repurchased program the shares. March XX, XXXX X.X fourth has million of share stock to available approximately Company million repurchase authorized Under March million million been remain XX, $XX at of average the the During and repurchase authorization shares repurchased price

the As at Total I March net credit total debt million on March approximately million. XXXX, credit revolver was XX, cash March based on subject facility revolver of XXXX to facility XXXX At XX, a $XX.X XX, $XXX.X our mentioned, million availability certain $XXX.X and was approximately at and limitations. Company We its the Company Bank $XXX of announced May for amendments had which million current XXXX, that total further recently increase were strong and facility through years approximately assets. $XXX credit Current $XXX in Company's assets PNC million the were the including liquidity million. liabilities extended base. with five

refer of some in items please results financial Exhibits impacted For I five call the and that earnings reconciliation and the Selwyn non-GAAP then now closing questions open morning's for through measures, release. will provide will this one to press remarks.

Operator

from Instructions] the CL comes of Stember line [Operator first Scott King. question with Your

open. now Your line is

Scott Stember

taking Good my Hi. guys thanks afternoon, for questions. and

Selwyn Joffe

Hey, Scott.

David Lee

Hi, Scott.

Scott Stember

supply Coming I of of the quarter, million was out amount; some caught issues… chain third of up was worth because a like $XX the there sales fair kind of got think that of it

David Lee

sure Scott, on… are you faded you if out. I'm not

Scott Stember

into QX? QX

David Lee

restate and your faded But you question guess Yes, that. I'll I'll out.

that the revenue about of asking deferral talked we You're about. the

Scott Stember

Yes.

David Lee

deferral on. continues That

Scott Stember

okay. Oh,

David Lee

continues on. are in deferrals. are deferral chain supply That challenges there there significant the mean, industry I and

revenue So is despite is the the continued that still fact strong deferral. there

Scott Stember

it. Could it's going Got at thing be being much us tell is deferred this [ph]? how an that you to point, ongoing or just

David Lee

It's Scott. because deferrals thing. hard additional gets ongoing It's an up in. thing some and caught then going to ongoing unpredictable. right an now, to It's be It's measure come

industry. think I So fundamental right a in now just it's the

this. the catches and I is up. should when catch that the think supply these chain industry the up, industry needs But whole experiencing we parts

Scott Stember

all is customers comparable I their their the retail about Can miles -- talk have general, -- just your sales that you what They I seeing improve. Got look continue to that do-it-yourself? continually. what know definitely we it. at in know sale do-it-for-me numbers. improving, look you're at could And just driven versus

what -- of Just that pockets the seeing, now? are right the strengths you seeing strength you're

David Lee

Yes.

boom the seeing as and we're well. in in So DIY DIFM recovery it in big the a out a DIY, but the started it as now

and now more driven got that busy. professional Used being their just lot people lots stores you've relying in were So vehicles. are parking the a that on cars are

Just come and professional doing happy. well. a off stores very Professional of store conferences they're are couple

it's both So right now.

Scott Stember

for before is Right. now, the that just us But high-level expectations XXXX no And growth of margins, I lot just the the sales business? back -- expectations in of perspective, earnings, we as high-level of run you volatility in of just queue, from with right hence some give lastly, I a that kind can jump there just can a guidance. appreciate data trajectory anything

David Lee

year have margins in the the to increases, as mentioned chain. we'll is and expect chain the the accretive price stability supply we our call, We things very progresses in supply on The based be more unpredictable. hopefully

in Southeast there product know ships COVID is re-outbreaks there you is As in not manufactured, of is Asia. ports, stuck being

demand So supply be The strong demand. the very the strong. predictably -- enough -- very up is significant question is to going with keep to

great are We to the months. enough great to how can we'll if demand inventory meet we're we see position our position. a unfolds few But in in a -- next get have over it

Scott Stember

Got a Thanks it. lot.

David Lee

you. Thank

Operator

question Your comes from line -- the pardon next me.

Your the of question Oppenheimer. Nagel next comes with from Brian line

now is line open. Your

Brian Nagel

guess. afternoon. quarter. Good I Hi. morning, Congratulations. Good Nice

Selwyn Joffe

you. Thank

David Lee

you. Thank

Brian Nagel

first my So question.

of as very at your levels? pre-pandemic we could is relative demand this But And partners. for help seeing market a as are getting of you guess, I your think color standpoint. but the to results seeing to again more asking from been are heading the sustainability do got opening a towards think demand what that What basically retail now at this question, I'm post-COVID business, about world. trends? to we're a I'm it's by strong I we But obviously, this, and market follow-up the like bit far what economy the us particularly hopefully has see prior -- you

Selwyn Joffe

XX% specific prior cross-section over without with suppliers and various levels. revenue is, announcing market them the again, professional some to What's pre-COVID I Yes. had customers, quoting of interesting of installer a are conversations gains

with of morning's it's where newspapers were to but with statistics I average average think about Number This car years the have age half. covered slower hard been. aging. on XX.X road; cars they little than new you, the Some explain, of been went we've be the for from everywhere to cars the talking a and year honest up are in last are to sales, XX.X a

are that getting these in so car think cars were being driven. weren't I a population road, the of lot back on cars the perhaps used that

a miles. the don't anticipate of like levels know softer level. sustainability being it demand than Whether at record. we the resurrection that. I are are But see looks It So a I fundamentals strong. I really current don't the sustainable? that mean, -- Is pre-COVID

do on the spending even on across I and money their So cars and -- vehicle the see more dependence board. more just people

Brian Nagel

Selwyn. helpful, very That's

Selwyn Joffe

don't I out -- gives the that the statistics, don't because talking stats color you hope more haven't you much demand But I'm can't color, I turn wherever I seen consumer just -- I just give I had and of granularly people the marketplace, I the I whatever and in Brian. -- with any sort any there. up. conversation is

Brian Nagel

Okay, that's very helpful.

mover portion? talked The the of EV I we've more nature, what about At a talked second a portion this does to real also have, point a and part of for today turning is your Company this the about bigger but become picture MPAA, needle that in little it. bit EV question lot

Selwyn Joffe

the it in XXX% you, in move growth doesn't got works. But this some not it's tell needle. we've expect I'll exciting Again, that things -- business the I year.

announced them We haven't publicly.

opportunity us. evolving brand it's unpredictable that of away we a there reasons. it's little and think I'll one, the specifics. a brand market any It's more Number that keep growth new for global that's So two; going. new But rate is number stay on basis, because two to an from

a So are mode, have we look-and-listen for learning very little bit positive. but mode, are indications in we what

Brian Nagel

pricing but it. topic massive was didn't prepared this And And consumer one talked the inflation I final then, about at broadly, cost right your or I either -- Got you now. a for customers looking and perspective just in of to business in you've from is made your your are your question I as mean, if comments, What me. catch changes your what reaction inflation terms to any you far seeing that? potentially or as

Selwyn Joffe

Yes.

look you that mean, I are affected this lower tell quarter I you when So -- will our it. margins bit -- considerations the at even little various than

one up the honest. And be to it's are expectation more so some price -- part. there'll their going price And inflation, to and we've my we're little there everyone of the -- that's increases. consumers it's real have Costs real implemented implemented mean, increases and cost be are real I it's a for to that's and on pay think certainly pricing. I Index now to fairly is mean, is taking we eye on and for company inflationary to has no keep a Producer evolves. the But how the got choice. price our we I taken and our our keep And industry -- just as see increases. outlook intend eye that is Price

Brian Nagel

And again. Well, you. thank congrats,

Selwyn Joffe

Thanks so questions. much. the Appreciate

David Lee

you. Thank

Operator

Your the Sherbetchyan of line B. next with question Riley. Sarkis from comes

Your line is now open.

Sarkis Sherbetchyan

you're -- and and it's afternoon looks Selwyn, for that's like capital drag on like to Good flow. -- it question taking you're building like working cash operating look my looks you clearly it a here. going thank

in and appreciate providing the you for here you're not -- year. anticipated near fiscal guidance growth And business in and kind I term the inventory increases of So this have highlighting help if expect to growth business the and this expected that. understand to free reevaluate that, will But you cash of us also the inventory year. generate fiscal magnitude flow you linked

Selwyn Joffe

cash this year. free will Yes. flow. We start the a cash later the free little flow Well, come I'll year. in expect definitely It with

see, As inventory we quarter. in you significantly the in can invested fairly

Our receivables are sales. of because growing increased the

now, have it'd ports, between tied units States closures ports, I be up happened all is to and it'd we would for We say, going I'd in this mean, Asian the year. Malaysia the got, have is accidents to mean, in mandatory right I two-week and United we've million Sarkis closures. just going that whether concerned bigger mean, love unfold. to guidance. how -- of in give in whether when I the demand stuck in I'm X of be unpredictability over happen ports ports, expect this I

and So unpredictable it's is fast are that what very demand. said it demand unpredictable. there. that Having is but that, if numbers, could could doing -- could how much is all we be predictable What's meet well, be these based meet demand. can we are I demand, strong But but meeting stronger, even is we mean, the most of numbers we we on we have

I for should I'm additional some which generate for I plateau confident always we the think flow and sure still. Hopefully, positive So inventory big year but… cash barring we ones, will look I'm that specific, color. very not gives was you

Sarkis Sherbetchyan

that's helpful. no, Yes,

a should another right? I think point of, wins. any maybe gunning talk I you're inventory larger of Probably I barring guess, open some is, like of categories business of calipers and more your to interesting big business? be and said aware related an you're a you on brake I more diagnostics, kind story, that bit the but core certainly win what you share plateau little opportunity. can the market which traditional products some think of pursuing we're guess there about -- comments and from it there? seems more magnitude maybe could

Selwyn Joffe

that Yes. I categories have growth. all, opportunities first all mean, I the of for would big say

at XX% growth calipers, year. XX%, for I brake we're this think probably looking

So going a there. lot on

there but the of ramping lines. lots in There up. in the opportunity was are product We in lots beginning, other all the busy ramp-up and inefficiencies

more to we can again, feel, tough we got We good demand. a again, But pretty out it's make sure one -- just the predict. just always, get So, hard about supply. market time, as we there to

can closely we're get and on having if right little a And our it countries hands to Malaysia, on we're has some eye our of because of still, now. but all just supply make sort going got mean, so expect We -- don't we're resurgence to Thailand, on. inventory what's our Asian cities a a we've more resurgence. I -- certain happen. having it of to giving in getting and going to less COVID certainly mistake whatever is on year seems be I the inventory, than the and guidance make type a Taiwan, -- going know China. may I there mistake issues a in we But and to be positive now, hands difficult There India,

Sarkis Sherbetchyan

worries. in Thank no Okay, you. queue. the hop I'll back

Selwyn Joffe

Thank you.

David Lee

you. Thank

Operator

comes Your Matthew Capital. from ROTH with next question Koranda

now is open. line Your

Michael Zabran

Hey, guys. is Koranda. for taking my This Mike question. Matt Thanks on Zabran for

talk the on First, could color in you for the rotating momentum maybe guys the specifically? the about revenue electrical seeing category build-up provide you're and some quarter

David Lee

So, allocation I of later the today. all in the product This with filed out by can the XX-K sales be line. start will available

For X%. wheel was and the XX% fourth products was quarter products rotating about electrical, brake-related about hubs XX%, was other was XX%

Michael Zabran

product in saw And at the great. we Okay, fourth quarter new start-up cost $X.X million.

the that to Assuming item soon? move Mexico we how line expect and mostly so this move should complete, zero is to if

David Lee

Good question.

be -- prepared new diminishing as as in So, I prepared the in I said the going to remarks, in this fiscal significantly. they're year

bit definitely later to a year. in down the zero little fiscal will go it So

Michael Zabran

Thanks, guys. all. that's Great,

Selwyn Joffe

you. Thank

David Lee

Thank you.

Operator

of the [Operator with Your from Management. Matt Tieton Instructions] comes question Capital line Dhane

is line open. now Your

Matt Dhane

Great, thank you. That's Tieton Capital Management.

XX% calipers grow know to you wanted expect rate to -- to at I highlighted ask I you So that brake just year. this XX%

do the take were look ask look at you growth? dollar what biggest product as at or step wanted dollar to back to expect expect you what Just in this growth drivers and lines you year, fiscal to if be revenue offerings we do driver revenue the a biggest here

Selwyn Joffe

-- the the Again, XXX% certainly in categories. growth year. we hard be again the But growth I predict the we calipers, I expect and to for mentioned our mentioned that's other business EV solid in going to brake

Matt Dhane

time, expecting this at you're growth that in not category point any there in Selwyn? Is

Selwyn Joffe

No.

Matt Dhane

Okay, that's helpful. you. Thank

Operator

have we at further Presenters, time. this no And question please continue.

Selwyn Joffe

health remain countries family the and some virus in. these more firstly of excited employees get We our for that top and of to global during team working especially team third-world focus their extremely members members their ongoing Great. are Well, vaccinated. even this challenging vaccinated from vigilant to I diligently incredible into on I'm want our service and priority appreciate thank and the about commitment are number safety of people interest. and we to everybody's protect all I our that our been as move times. we're horrible customer-centric have Their and we

Pfizer we clinic, In fact, to vaccine XX, will and neighbors our a Friday, encourage is this which be hosting to attempt. open everybody June we mobile employees,

For as continuing to remotely team corporate is to though committed part, returning our to the work most safely conditions team the gradually our we office and remain permit. back

summary, of have As continued extremely, fruit. our largely of am In are contributions, uninterrupted proud extremely investments our a everyone's bearing and operations result I Company. our

value with the solid automotive earnings industry in reached cash aftermarket have points electric strong debt enhance vehicle dynamic billion emerging industry. and meaningful opportunities inflection and We to important positive performance, shareholder flow, reduction the $XXX

are for us person, in our speaking We for the forward of to than excited today all global future. leader being we and look your you our conference more the parts August, our tomorrow. to continued vehicle quarter and our XXXX the move industry the proud and space of fiscal conferences, first Thank support again, in thank We at hopefully, with when call you. investor and of solutions are host appreciate the you, our in joining on sometime in call. and committed and that history are in We electric XX-year presence world emerging us vision about aftermarket and

Operator

you Thank participating. Ladies concludes conference for call. and gentlemen, this today's

You may now disconnect.

Motorcar Parts of America (MPAA) 14 Jun 212021 Q4 Earnings call transcript