SSD - Earnings call transcript Q2 2020 | Simpson Manufacturing Co., Inc.

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Operator

Greetings and welcome to Simpson Manufacturing Co.

Second 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 this conference is being recorded. to with conference Addo like host, to now Orlando Kim Investor would turn over the your I Relations. Thank you.

You may begin.

Kim Orlando

and laws, Company’s a today at is available at Eastern Time. the expressed XXXX available estimates on and or of a Relations Any Company’s Today’s statements. Such Good Company’s and based The the simpsonmfg.com. the pm on on replay new vary call expectations Except those SEC release number Please statements the website. and undertake the Company’s press we to page ladies corporate and gentlemen, are materially We the was reports are to statements. no not extent obligation we of Company’s will note on future uncertainties. welcome afternoon, risks and forward-looking the as Investor are which facts Investor Simpson issued approximately that also the read by being that page second the may are quarter results implied result encourage risks applicable of make press to Actual made webcast in release based public earnings call to forward-looking Relations are statements call. filings statements the subject whether historical website. Company’s by update earnings or any or available X:XX conference on the forward-looking this earnings from and Manufacturing you otherwise. is publicly future today, on website certain events a described required revise securities that or be to information, here of of

Colonias, and turn would to over Executive Simpson’s like Officer. I conference the Now, President Chief to Karen

Karen Colonias

results. improved today. Kim. begin been improving financial $XXX.X we’ve second a Good our to to detailed with resulting management, level on COVID-XX significant I’ll you our the maintained XX% performance pleased with resulted a costs XX% of of overhead per second quarter-over-quarter afternoon, sales our along a and income summary quarter we’ll material gross combination the We macroeconomic expense strong a key increase year-over-year, a discussion a strong on discuss taking more operations XX.X% And challenges, $X.XX then drivers share. the pandemic. despite of mix Thanks, high of million, absorption. in margin to COVID-XX. and profit due We X% results level year-over-year with from and in of This, actions on coupled turn when I’m sales $XX.X our higher to diluted effective with from million to volume, strong with executed response everyone. of our earnings in quarter lower

which associated sales stores. during more I’ll center quarter, relationship customer demand to of the this Our the home the new a in primarily initial higher give customer details rollout momentarily. product with significantly volume return improved due recently into those on

operations to which than Europe, we declines result for employees at near in France and the In take Partially running shelter-in-place capacity. addition, late and shift volume in Kingdom all specific now Simpson the our in their as March, facilities like from commitment and renovation, their dedication toward extraordinary thank pandemic, our behavior shutdowns government of COVID-XX this challenging to United in this sales improved consumer following are up a time and repair believe were strength associated anticipated, affecting These market, time. we remodel which stronger to were a home offsetting and back full stems through the there. saw orders. I’d

essential in We’ve been priority, all employees including social enabled addition to safe when remains of possible. deemed temperature and improved shifts to to diligent we’ve These and pandemic. us an working, facilities, staggered screening, to safety during place ensure disruptions is number our the a safety our with remote being actions, extremely in health, Simpson sanitation protocol the have measures, efforts been operating As business our work. in business, one wellbeing our minimal of enacting mandatory distancing, our schedules rigorous continue

not supply COVID-XX key discuss performance Importantly, chain now to disruptions able we been related during and have of our I’d like quarter. to customer our second to experienced continue meeting the any the have needs. driver

XXXX, connector and may again supply have and opportunity some relationship delighted had we to Lowe’s customers back recall, you solutions. product of prior their fastener with industry-leading the mechanical to we As anchor, with once a are in our

the our volume our both that to trends fastener expect to note current forward. QX indicative products Please this quarter. required sell-through connector moving quarter, ship not During Lowe’s be products the inventory we in the mechanical anchor and of and stores of into initial Lowe’s stocking for and will QX second shipped selections in

the In addition, year. Depot of the be were in and These but all, we the anticipate not throughout out mechanical phased of Home will Home Depot of some, some our fastener anchors remainder locations. products products

has Next, on implementation, our on continued I’ll which to track, to an despite progress turn COVID-XX. travel to SAP update interruptions related

and transitioned format to working a virtual rollout have been has training for quite out being, which well. efforts We the our time

of a transitioned still quarter As as near of the been anticipate goal of end completion XXXX. the organizations to company-wide of all end And sales over the of of XXXX, have U.S.-based SAP. we today, first our

However, and time. travel to extended international we our of an should will period continue impact update for monitor continue to COVID-XX timeline,

on than customers announced business starts it service housing impact to significant As associated said, to the implementation the from operation. our in adjacent we’ve was XXXX ensure our achieved far our product we’ve our the when of That enhanced historically. and our been sustainability to many investing to has be made leading markets, on of and the aware, changes publicly our first of and back products strategic given suppliers. profitability long-term reliant are plan, our offerings, withdrew progress in we business with surrounding By plan in April, less U.S. and of financial diversification you operations, COVID-XX targets uncertainties the

third in reducing significant efforts current the to XXX our also performance, by environment took of of directly environment, the in our as in for to more XXXX, with is sales second steps the highly continued evidenced compared our of the we these a expense basis-point that expenses addition cost very-pleased operating The into quarter summary, financial structure, our were We percent second to of order and In volatile efficiently. second improvement quarter quarter in rationalize outcome XXXX. has the discretionary quarter. unpredictable total operate to despite

increased weeks our July to XXXX. approximately the in far, July, of of compared first So few XX% sales net have

solid deep-rooted financial position. base, level expected quarter model which of the We I’d in solid discuss and of and of provide on to Thank markets to quarter sheet financial and very and the commitment will best-in-class strong from the execute continue through to in continue believe many a healthy employees, our serve this us results many, construction. and term. Brian customer Brian an which our loyal the with in quality XXXX high again we our trends repair our shortly. detail. and high business regarding demand for trusted talented industry our superior health, the forward balance enhancing to standards, service. our customer like outlook industry-leading reinstated in been products, has continue offsetting second to for XXXX to operational the relationships, our XX our you efficiencies years, long flexibility pandemic Lowe’s well-positioned, well and given ahead, improved outlook experienced to we their I additional to details look will housing reputation year our weakness greater full emphasis over cost savings, will remodel customer turn liquidity is believe Looking and a Brian? safety service financial and second addition the over built our employees now call and brand

Brian Magstadt

you, Karen, and second afternoon, with Thank results our discuss everyone. quarter I’m pleased to today. good you financial

mention second comparisons comparisons discussed today prepared Before and year-over-year will stated, measures the in otherwise of to financial XXXX, all that all I of to like XXXX. versus quarter begin, be quarter the my unless second remarks refer I’d

to turning results. Now, our

increasing As $XXX.X Karen strong, sales were consolidated X% highlighted, to our million.

XX%. to to sales concrete Europe our XX.X%, a to $XXX.X $XXX.X prior represented North resulted necessary sales XX% still concrete compared and volume. by compared sales currency, to On XX.X%. of United our margin XX%. compared declined Gross shipping further negatively products higher in translation, to our points, XX.X% $XX.X resulting foreign In weakening Lowe’s partially products by million segment was XX% the support construction decreased government material total primarily in Wood sales wood increased products to XX.X% warehouse volume primarily into from higher products currencies total product quarter on resulting XXX gross to XX%. the of against and margin second margin in due States from XX.X% and the which gross Europe, due offset Europe, Gross XX.X% And XX% of gross products the their stores. the corresponding to basis by perspective, America quarter. local net to were whole. to represented compared to Europe gross XX.X% year construction quarter million, was prior impacted million, From costs. sales decreased to on increased dollar. return currency Within sales due improved our XX.X% to XX.X% compared $X.X the Europe America rollout to margin XX.X% profit segment, a costs, of the which margin North sales by were closures, a increased sales basis, million, of year mainly COVID-XX-related in the compared improved while in in for In mandated to lower

were partly profit and level, in decreased decrease to expenses, in software professional Total operating consulting Europe, expenses million, and primarily by fees, Europe, cash travel or expenses, quarter to travel, and entertainment expenses On personnel in segment costs. second in to operating increased were in expenses expenses increases which expense, our XX.X% entertainment personnel to cash promotional and offset were engineering fuel sharing, segment North X.X%. by compensation and in approximately computer expenses. stock-based of stock-based expenses down they depreciation expenses, decreased sharing to general and due professional which million, expense increases XX.X%. turning amortization. basis, sharing, a decreased and XX.X%. G&A On General and in to and due increases million expenses administrative X.X% and declines partly and and by primarily declines hardware $XX.X were in million administrative America and selling Now, million, costs. cash profit decreased profit and a America development North to fees compensation, due in $XX.X $X.X $XX.X X.X%; a X.X% and X.X%; decreased offset and costs Selling Research $XX.X

operating basis As total a points improvement to million an adjustments in to XX.X%. compared shares $X.X second Stock-based percentage of of of sales, included XXX were expenses quarter the XXXX. of performance-based expense XX.X%, compensation

foreign increased diligent of consolidated expenses million. Our million compared due in million, Accordingly, XX.X%, share, to compared a North In to XX% income of and gross operating basis losses strong costs points. $X.XX margin from management basis, increased to to rate income tax Europe, the expenses. higher diluted approximately The operating $XX.X million profit share. or operations gross income consolidated diluted combination and totaled to per and and operations effective reduction valuation our reduced to margin In to our or margin $X.X sales XXX strength a from per to America, On $XX.X to of operating by million $XX.X operations due $XX.X primarily decreased increase slightly a fully help $XX.X lower a XX.X% XX.X% $X.X compared expenses. $X.XX income with fully subject XX.X% due million, operating of net to from million drive allowances. coupled from was income

balance sheet and our flow. to cash turning Now,

March compared sheet totaled remained operate the liquidity of cash ample at and operations. XXth, with $XX.X June cash healthy day-to-day balance XXst. $XXX.X to balance million, million, Our our to increase equivalents At an

the March June to XXst, million of Our at in line and position our with increased $X.X $XXX.X months, typically seasonal the million we in experienced increase increased from in inventory at fall construction inventory XXth activity. summer balance due

million, in strong We purchasing purchases, $XX.X second flow inventory We goal million continue quarter to improve to management generated for a of through or with careful decrease our to highly be and our of $XX.X inventory selective in from cash XXXX, practices. XX.X%. regard operations the balance, of line

in XXth, July on stockholders second million used dividends the Board be Xst. SAP October On our for payable to capital quarter, for XXnd million During of implementation In which of stockholder October cash record returns, we stockholders of included our expenditures, regard which we second minimal approximately share, ongoing the of $X.XX quarterly Directors $XX.X project. dividend a as to to $X.X during quarter. paid declared will a per amount

the up like XXXX opening to Before I’d call outlook. financial our for discuss questions,

earnings we on primarily in the indicated reflecting believe visibility the of restrictions well pandemic-related a issued actual we restrictions press provide that as position operations. to As those are better and in full-year of our our results, quarter on release outlook, impact as an progression today, improved additional of now a

ended of expenses such, in December based estimate estimated approximately of of the December be the the X%, XX%. to income follows. rate to percentage be and as and be to on to range range fiscal to estimated Operating tax business including federal X.X% to full a XX%, sales in year is compared Net conditions both, to our estimated XX, As approximately sales of to range estimated July XX% And state the difficult focused improved XX% ending and the material are of unable today, COVID-XX-related in XX, visibility, improved effective the a we we were XXXX XX%. outlook margin net to customers Gross of to marketplace, is vendors, increase trends drive note for taxes. be our despite related as XX% are year the XXXX. and XXXX, to XXth, on broader in who to In operations, COVID-XX full very-pleased employees safely as Notwithstanding across executing We the strategy our second time, our financial summary, to thank may like this of the supporting to outlook. our adverse that forward. remain dedicated results the potential these costs, all predict operating the impact which important quarter to our have raw material it is with challenges are on globe moving performance. our in on under financial performance we and suppliers impact working are at consumers, to I’d circumstances. economic again range

support geographic industry us operations position Our and I’d liquidity call updating to Operator? combined strong to confidence leadership our in our and Thank the to like and forward this for our with open on current product questions. quarters. look maintain progress reach We position, trends. our gives balance and you ability demand attention offerings time for you the in sheet your coming and up diverse today. At time, future

Operator

Thank you.

Brian Magstadt

figures Actually before earnings stated jump like I’d as into the flow Sorry. prepared we questions, is to The press my in correct cash in our I corrected from release operations remarks. noted follows. figure

the million decrease the second from flow million quarter generated strong of a $XX or of XXXX, of XX.X%. XXXX operations cash for quarter For second $XX we of

I’d Now, for to questions. open like Operator? it up

Operator

Moore question comes proceed [Operator line with Instructions] of first Please CJS Daniel your Our with question. from Securities.

Daniel Moore

afternoon. good Brian, Karen,

Brian Magstadt

Dan. Hey,

Karen Colonias

are How you Dan?

Daniel Moore

But, soon, If environment. Lowe’s, I’m And have to in the well. side still of trends extraordinary guess the anytime impact and either note. in we you positive talk about, exceptional America, experienced overall I revenue Congratulations obviously first in remind North growth with wanted I North poker quarter. off, year-over-year exclude of QX? America would play not in on quarter me to

Brian Magstadt

no, No, not quite.

Daniel Moore

end-market helpful That’s much then, reflects of of possible in terms the Okay. Lowe’s magnitude. inventory from order of pure revenue stocking? to versus how estimate demand is And it

Brian Magstadt

at through orders quarter. stocking Dan, versus the inventory replenishment this refill Most, is time or

Daniel Moore

opportunity many Can QX from are benefited XXth? is connectors And give a you to Understood. to a relative get was anchors mentioned sell-in going relative Karen, magnitude of think, how for as those of from QX way the a more if to actually categories? of and little stores I a will in the trying you or ask size color smaller? across maybe better But, benefit June I it’s while potential fasteners. sense Just each larger us QX, of stocked initially on opportunity you order

Karen Colonias

will just connector the locations. with a a product, similar and We we’ll the product Dan. although doing be our locations mechanical X,XXX substantially fasteners And set anchors, in be set in both, the It’s Yes. great or smaller. our Lowe’s price set QX, little over question,

Daniel Moore

it. Got

a and material that would raw margin was perspective It assessment, Okay. from to fair you more a it sell-in appears more the mixed in strength and or that appears be Is neutral quarter costs? the accretive. the gross view margin favorable

Brian Magstadt

was line That was higher connector both. and of in But, product since the that wood the that had primarily it being part quarter. mix benefit category, the

bit a So, all of those.

Daniel Moore

ask back half -- jump guidance several, could from I’ll revenue one it. Got back. the year. and in revenue And but a I slightly of flat more ask perspective, the to the implies lower But,

have and do recognize thoughts going revenue getting be any the or would of the little there of momentum QX, lower housing just reasonable clear middle there? a Lowe’s to the the Given into we’re we I environment COVID-related we in bit see expect the you year-over-year? conservatism pandemic. it’s rollout is And still a tougher,

Brian Magstadt

Definitely a last latest lower sure. COVID starts the figures they for from than census bureau housing be to year. environment were show Also,

were guide. there utilized So, considerations that that those of I couple in think, we

Daniel Moore

Okay. That’s Thank in back any it will for follow-ups. jump queue me. with you. I

Brian Magstadt

Thanks, Dan.

Karen Colonias

Dan. Thanks,

Operator

question comes the question. from line of with your next with Please Tim Our Wojs proceed Baird.

Tim Wojs

implies second -- Maybe of I start Are if half? margins. considering maybe kind gross could to of in kind we And XX% the gross explicit gross that margins headwinds in second there the kind profit any you’re profit just half. of think, just on the to XX% guide on

to you’re in I the think really half. XX% closer first

would deceleration? there such trying understand sequentially just material if to is drive So, that a I’m anything

Karen Colonias

potentially benefits the year. higher back impact of absorption volume. the half little in little material A overhead bit on And less so volume-related, from a the definitely

Tim Wojs

things take on about to saw? any channels So, know you R&R if areas of then, that don’t color any expansions something business, room just you just is product SKUs or outs? I build actually and the you higher outdoor of much you decking talk Okay. if -- want concentrated and kind -- your and and more to And maybe in seeing or your categories, just strength color activity are just like

Karen Colonias

to Well, and difficult working you certainly, of Tim, as for some it’s are us projects. little you a these shelter-in-place, granular. a lot on people look that But centers know, the the as get of at home

thinking too the [ph] and But, solutions get to same to for room garage fences is decks use deck. used and I’m room our things so, product. And outdoor there a because additions, addition, build tough little on they organizations, are granular because it is

Tim Wojs

I have And a the today? your Okay. levels you last if guess, inventories what’s I than relative guess your inventory in distributors? And or maybe characterize gave the then, that if assessment I normal wondering just shot. are would you best one of to just things I’m for I consideration? is, have heavy wholesale normal how leaner

Karen Colonias

mean, of increase all of inventory an from for keep I distributors. normalized sales time work people this with normalized close closely a kind our in say, all track, not holding Yes. standpoint, of or of our sort they’re just what of area decrease, I’d we’re a year. we of very an

Operator

the Davidson. D.A. comes with question next Our line Chercover of Steve from

Steve Chercover

the in to legs sequestering folks going first decks cetera? repair and temporary is have Europe remodel. consumers question going projects a as growth as a and My did do Disneyland, that were on or who vacations homes, it’s et you whereby invest you to and And, in on to their think fences, home it’s opposed phenomenon, like do think

Karen Colonias

question. Yes. That’s good a

specific numbers it have certainly, the like we’re on of -- than, or that be look projects. products us at certainly mean, market are see being seeing of to solutions builder market, again, people home more their that focused the can our that home are and for And to is working I we’re at I we’ve they uptick, portion outdoor some that number. is not tied housing for contribute starts as those think, that specific center whether developed we’d and projects larger and you again, projects so you homes. homeowner some

get say going continuation, to but to that’s focused certainly something if piece a a So, be to of. on trying it’s that tough bigger we’re

Steve Chercover

second be quarter couldn’t mean, quarter lumber, price wood covering the really as I entering well. mean, pressure I third space, for treated had the Yes. any just and in product the

it So, of seems were guys to honeydew a the it lot I projects do got was I’m that saying, something. home

it’s have of almost persist. I if July? to wonder the any just into I you complete as guess, Do going now month in trends, So, we’re the views,

Karen Colonias

-- use decks when don’t new your starts. we the what view R&R pressure we your you your material to versus make for of potentially into projects. or Well, fences substructure have triangulate sense outdoor could It any any you’re that on does home or treated think the about going

seeing So, R&R shortage correlate treat the pressure connector sales we’re on a on space. what would of with certainly,

Steve Chercover

maybe way. Well, asking same the question different

in they into Lowe’s the they noise do ignore of their as they a Let’s Depot? up inventories. But, and how put initial are QX? to lot Were remain because Home up there’s volumes substantially early

Karen Colonias

but Depot Don’t know through we good QX. into QX, think about sales in some had Home I

Steve Chercover

Okay.

Now guys switching gears, it you any shortages or had doesn’t sound like QX. outages in

in So, inventory lot steel, are your also goods, move laid have a surplus for any level what for you to because is finished of steel? starting like higher, but commodities

Karen Colonias

Yes.

I as the impact manufacturers. shut certainly look when steel market, you that down the some automotive with at had steel think,

we As go have as of have we our that can be well always we the material sure far ensure as and price that looking as take forward. advantage needed we steel are as availability best any to situation,

So, lower normalized in typically year. higher you or I don’t than are think our any have would steel a levels

Brian Magstadt

comparison for bit up June XXXX purposes, of from Just and we’re material on from raw a year-end.

detail out, materials we’ll when in more June were have our prior XX, But, bit that. period than obviously, year-end. comes year ago or So, little the of more a the and XXXX as higher XX-Q raw

Operator

of Our the comes from & line next Romero Julio with Company. question Sidoti

Julio Romero

your on mentioned were out from call to the Can I last and July. April up in I down sales you now talk sales year-over-year you calling to March guess the sequentially about throughout you’re trend XX% know, quarter? XQ quarter maybe sequential

or throughout steady step upward. I kind kind that June? trajectory guess trajectory more did you quarter a I a mean, implies that strong trajectory? the was So, you talk function maybe pretty a about of of see of throughout Can it just

Brian Magstadt

we called of were was that initial shelter-in-place, the we you pandemic April. May that noted, as said, quarter stocking, versus for as in sold or April those the figure June. parts before, But, early and largely as That in days. we in that the we happened -- out the uncertainty and Like of stocked had a latter product Lowe’s lot

Julio Romero

I it. of that, asked trajectory, sorry. other in kind of have step saw of function? more I’m if like ex-Lowe’s should Got you your steady or kind businesses, a that

Brian Magstadt

think, was More steady. it I more steady.

Julio Romero

on to Has just But, And lumber, on lumber. maybe you’re affected that Steve’s that maybe ask follow-up I is the mean, not direct question most maybe maybe maybe product margin of or offset you user at by in point, trying I users there are there’s way. price a this that lumber trying downstream mean, so different to demand all? of concern? everyone at kind much your wouldn’t that out be a a concern -- still just all, at to up to not wants make that of

Karen Colonias

Yes.

on issues We lumber standpoint any haven’t that from front. seen the

Julio Romero

are business, And and maybe appreciate you guidance to your put I mean, that what business as standing talked your about the there. do having of today? we the clarity biggest where I I out as you guess, view more today, risk to you

Karen Colonias

be considered essential unknown. economy with change All of we pretty will that on certainly the Well, I to uncertainty businesses dramatic those a we that still hardware? shelter-in-place, everybody to the again, will are I’d the in be. going that COVID-XX economic provide still was mean, is what and say we conditions when happen saw

Julio Romero

I it. questions. the taking for appreciate Thanks Understood.

Karen Colonias

Julio. Thanks,

Operator

[Operator Daniel Instructions] Please question You Moore the Securities. proceed with of with CJS follow-up have your question. from line

Daniel Moore

for the ramping the half. it and was strong Thank the control you, In to to OpEx guiding guide, year, XX% given again. revenue revenue, relation for first XX% cost below XX% the of

big pretty a component might does than second perhaps, end be or case held And anticipated? legal implies ramp much in HX. revenue what just softer in back you half? Is give you compensation in, more an that the room there incentive in expenses it higher So, maybe the coming

Brian Magstadt

revenue so balance large from the that the had lot not that expectation of And the of of due working it’s Dan, team the costs year. lot like. not I travel, think, a out a the -- a thinking even road, partly fuel Also, through revenue sales are the quarter, or to a bit of the to a they’re little if home, part the relatively it’s due back half the mostly will the guide, imply throughout would balance a for there they think year flat on the as there. and of X% growth year, be to more that year. But, to today, of I because we get

that relatively amount expense the So, the on what is to is that framing OpEx. guidance

Daniel Moore

Okay.

unusual G&A out nothing terms anything of or any call comp maybe incentive in that that? So, you would of part or an accrual like

Brian Magstadt

QX, No, should not add really. stock-based significant in in anything would that to shares that What noted that that in we not we did -- we based the We that category. to continue multiyear adjustment an -- had taken If down QX. had as we are in track, comp on performance periods.

a to it’s relative So, spend revenue. more current trajectory flattish just mostly

Daniel Moore

co-marketing And question, their Simpson much significantly Lowe’s it. of naming starting I’ve more heard campaign to more Got curiosity for into Pros this as a all but that more in. deep content I’ll getting is a is of sneak one a campaign. the obviously Wondering curious one advertise Lowe’s weeds, spend Lowe’s in that’s directly. that if venture joint that’s kind concerned? a too and direct Without as or marketing far

Karen Colonias

Lowe’s Yes. own their does marketing. Dan,

product location. that marketing, our how in their is So, fact we appreciate the they’re

that through the spend really the think, pull out specifications distributors start for I on then new to it construction. we the the to job a product site. goes that of the fact and product lot That’s getting time to

that it’s program they’re marketing think working I our -- So, strength that and they’re specifications why partially that on. is got

Operator

with next Wojs of Our from comes Baird. question the Tim line

Tim Wojs

Hey.

questions. clarifying frame of June of reference? couple a Just what sales tell for were, Could you just us

Brian Magstadt

It No, we’re break out. that going no, we have -- to don’t to not was provide that.

Tim Wojs

to the in a I in quarter, there on And then, QX? impact the way guess, Is just just Lowe’s. more quantify specifically

Brian Magstadt

retailers, not which necessarily we that sales center individual than would would customer about home we classify the not we don’t But, co-ops expected Lowe’s, channel, would line. increase on going Depot amount like as pulling say greater including Customer, the Home despite some it, the comment As box the to we and into provide Depot XX%. think customer on back big product the unless they’re True Home Lowe’s. we’re be for Value, to individual

Tim Wojs

that Okay, comp, you $X.X of long-term you’re that that see did in fair half? second enough. you one-time then on the adjustment back the is say? a million what trying the And kind that -- Is doesn’t is to meant build incentive what

Brian Magstadt

in, and That’s down QX back in -- right. took in then brought that We we adjusted QX.

it So, is normal level.

Operator

the questions There queue. in are no further left

as Q&A conclude well So, this today’s call. as today’s does and conference

You lines have at and you disconnect Thank participation may a this day. your your wonderful now time. for

Simpson Manufacturing (SSD) 27 Jul 202020 Q2 Earnings call transcript