BTN - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Ballantyne Strong, Inc.

Second Quarter 2022 Earnings Conference Call. All participants are in listen-only mode. [Operator Instructions] After today’s presentation there’ll be an opportunity to ask questions. note has also recorded. Please Instructions] this been event [Operator call to John And like the over Relations. now I’d Investor turn to IMS Nesbett of you. Thank

begin. may You

John Nesbett

Good call earnings ended afternoon. Ballantyne XX, the June second quarter And conference XXXX. to welcome for Strong’s

the management Ballantyne is Officer. today of Relations Cerminara, website. slide There’s Investor Mark Chief also from Board; available Todd and that are Executive Kyle a On the Officer; the -- will Major, of Strong that Ballantyne call Roberson, are in be Chairman referencing the Chief section presentation Financial Strong

those differ available discussion also of GAAP in and is the some release required subject I’d made the terms definition and non-GAAP forward-looking filings. uncertainties presentation may to described disclaims expressly cause Today’s section call. Before on to from are Relations earnings by also are view to company’s and as we begin, to also to under like obligation These and any to are company actual and as Investor nature. of SEC materially contain this remind measures based and described are today’s reconciliations in forward-looking results law. be financial no everyone uncertainties will obligation expectations the statements that management’s The statements risks except current today and statements measures. and call on These non-GAAP update Risks posted statements references on on the website. of in company’s the

of reporting making At I’d the measures other to to understand used like you call decisions. review by companies financial this Roberson. may and ahead to before all encourage non-GAAP now not Go to Mark. those investment Mark time, turn Our we and over any comparable be our

Mark Roberson

Thanks, joining John. afternoon for and today. thanks Good

for company. three is details we’ll the throttle starting and context four into step quarter, and Ballantyne a on we jump holding slides just back the of the Before PowerPoint.

Strong a the we’ve our has performing Forest by our for holding primarily $X.X and businesses Overall, estate business rebound equity well, Financial, operating post-COVID real in Entertainment We portfolio over consolidated seen year-to-date Group increase quarter revenues to driving on includes strong record the to holdings to quality space, million been with in basis. XX% both been million in office with industry, Firefly. results the revenues increasing the have studio GreenFirst and of $XX for really our This FG directly and and a has in our particularly Cinema box just and recovery customers. our the in Entertainment increase XX% content in correlated breaking Products content

if walk On you three through the slide deck XX, refer business. Entertainment will to slides the I

Strong largest Entertainment of business North America. Cinema operating supplier the is in screens Our

we We’re and a leader the launched market services recently in division. content new managed

laser to announced project from seeing And movies a and COVID Number they’re Xenon we’re climate of With particularly beginning build to now and Cinemark, them relates laser distribution is industry projection, coming to to projection as started continues, the projects. laser favorable phase this next of The our projection backlog too upgrades the they upgrade revenues. screen capital well example, cycle two increase our rather getting and upgrading becoming catalyst business relying macro be we’re expect be and starting Cinema to as the of both years. seeing upgrade capital for cycle to to seeing was two, investments they’re prior drive for and upgrade positive the those customer it cinemas exhibitors seeing the least laser. investments, industry laser our Xenon, a at as laser this the XX-year accelerate catalyst without technical restart other for for the their spring experience. into to in the starting AMC of starting that on several all customers service up the heavily as increasing, we’re hire recovery versus what their and laser services, technical summer important than would on support to And things. we’re one, outsourced and a more do first to staffing Cinema positive deep internally. aspects more we the very deploy just like

to projection recurring seeing also for increasing, demand monthly up demand are our revenue pick largely see we’re now, we equipment project maintenance starting to with and and as service installation installation back As and pre-COVID increased levels contracts revenue audio well.

the quarter increase year for as Strong opportunities screen started upgrades. on installment adds the for half content in started releases, sign believe from and military Studios, line Our of opens Safehaven one Group. to Entertainment in business new first exhibitors our second projects. heavily more half projector prepare Cinema up the summer. screens in is Avatar quarter, was slate of eclipse towards we results, product and second contributor larger mix their acquired production to next the eclipse and the growth shift screen investments a new project business see were this the good The primarily those which of portfolio for a contributor actually the immersive significant and for large We projects first the of including of the a and is we which the a

as revenue, credits value. both which capital for as as other library, well at overall from our well tax Studios distribution refundable risk Strong and adding minimizes out several term as portfolio, utilized is build acquired and projects, goal the production model as well longer on business we creating working of as pre-sales, content as projects. co-production a We’re new funding, the near-term other the both The

companies projects, expect nimble Group. Entertainment a meaningful ability production for to staffing. production which Over companies these with time, minimizes risk capital be services fixed and other business early we with our at producer partnering minimal to and on evolve We’re and this our execute revenue the increases into

and hold or approximately XX XX, its slide the common FG its this of has invest through Reinsurance on outstanding. shares we to continued X.X increased SPAC holdings quarter shares in stake equity platforms. our to FG Financial and million our XX% Turning and expanding Financial

We year FG Merger Hyundai contracts is Firefly, post-COVID. this and They acquired evaluating is year. as be Strong right digital Toronto [ph] a which in outdoor GreenFirst their new and from Firefly July, analytics, two advertising advertising is result their the fleet completed leader will and the purchase business the purchase which and market transformation transactions equity for the Corp., recently, Reinsurance So and equity and the Corp. FGF of shares Firefly where we using far strategy. Firefly patiently the Outdoor point in drivers FGF’s entered FG earn hold they’ve announced Acquisition and which announced vehicle. capital professional $XX Ubiquitous and of deploying acquisition into also have of enroll has Firefly, and European traded helps XXXX. drivers has shares SPAC with operators the the UPSI is two U.K.’s also year. and a in effectiveness can on of been targets. able FGF currently and new advertising this In advertising company. improves Hagerty private Ubiquitous, revenues completed at and IPOs, hold in company entry to subsidize leading We VC-backed their to Exchange. preferred our taxi innovate been to fits into million with its a SPAC which into technology on over advertising through sale years focused those grow digital last which data million XX.X in continued has a of acquisition XX just program

acquired GreenFirst feet now lumber annually and million last Canada produce transaction in assets Canada. a lumber it the where from over summer has and Rayonier, Central producer board sawmills the to capacity Following the X leading in is

as in GreenFirst is our cinemas current in have This We American result. the opening is rebounded announced industry a quarter acquired lumber that both accelerating, and of XX% in revenues the had market, player into cycle, the well the Interfor longer backlog approximately well movies term. position, for GreenFirst. stake another they unprecedented coming as Overall, Entertainment large North as the believe

upgrade and major Strong well looking of the on spin-off over will to side And Eclipse in the both next years business. upside the And as file the as planned positioned our a screen, the on and registration we’re Group, drive well increases SEC. the that of further growth the our the Studios addition entering Entertainment statement with internationally of We’re XX regard services is to to ahead With years. on S-X opportunities. domestically share cycle capital spending five gain Form

terms of on should do there be we’re IPO, an timing to timing will In for evaluating Group, we so market the continue appropriate conditions, and basis. of ongoing the

it Todd. over to Now I’ll turn

Todd Major

Thanks, Mark. Good afternoon, everyone.

than prior of services revenues XX%, the when revenue the in increases prior year-over-year meaningful see both to increase than more compared year. products the The continue was from sale to higher and year. We with

as year revenue relatively margin dollars gross While margin a prior flat percentage to were of was compared down. the

important it related point However, a gross credits. nearly prior employee is out year $XXX,XXX margin to that of included benefit to retention

were As gross adjusting credit, year-over-year. for as flat XX% the retention the recognizing margin prior table presented employee revenue margin nearly gross of in lower was up the after a year, dollars and percentage

including line. and to one, upward. two, costs the can materials, equipment bit. a that seeing corresponding mix, and tradeshow some increase first Strong we’re and our labor, number Some down quarter And in pressure SG&A efforts, on to and shifts a and sales the the packaging audio of projection raw investments of percentage business and and teams, gross the inflationary -- make higher margin continues on are had credits And ramp the product sales part also pulling contributed marketing industry full in marketing be primarily freight. prior to year-and-year to was other XXXX as year up Number retention and increase also the Employee year-over-year operating with of items. the recognized an activity Studios impact the rolling across The comparison in we of continue second a SG&A. quarter associated our $XXX,XXX two the seeing

improved and $X.X positive the the loss Excluding total consecutive Strong XX% reported over of its year, fifth employee quarter in prior generated income. Entertainment operating retention million operating credits

combined during payment cash broader the Shifting with bit, year, declined sheet the down the of experienced with the of of half building the fair for we as first over Studios Chicken Moving GreenFirst from million the markets in receivable. the working our holdings, were prepayment value now, as year, a the payment decreases balance the contraction we flow during a by projects as every Strong well connection a half in acquisition and some P&L the mark-to-market used Digital the first cash note Soup, on offset quarter. Ignition operations of which of purchase $X.X the partially capital down in in equity the

We quarter. deployed for equity common second the wraps maintain some our capital we That believe addition, stock the Kyle financial continue we in remarks I’ll take additional to to we offering liquidity. the our participating Chairman, turn over FGF closing up In before review in call late Cerminara adequate and questions. by now holdings to the

Kyle Cerminara

Hey, am everyone. my our best us But hope is to up I you’ll the before answer company, do and This about you we going to get section. to ask question that question. the we’ll this, a if is Q&A tee have Kyle. for it your

I no the it open And to you doubt largest know many company, are well. see there’s I’m Chairman of the up, either I’m prospective current price and we want also shareholders Before or its do the I while stock of shareholder.

we depressed to opportunities levels, just fact, few position the if in open the our to continue quarter I important and to things will company remains to look these our for windows during that position increase in are it me. A company. In last that at anticipate added

Stock additional able us the gives also we if listed do money. company. consider transactions New York on we to It currently doing the were some otherwise Exchange, be this that private America, cost We’re wouldn’t opportunity to and

believe as of currently in So we that a listed a of being favor there’s and benefit and company. of the future, we’re can down change every but the public benefits weigh quarter costs the listing. path currently in continuing We

capital. a over of this. ago of a our little strategy. that two is number was the in and grow years only best a little years holdings a [ph] people a tiny investment ago, few were It have example GreenFirst with prosper that can struggling tasket We with focus

I is more. example, special. into can we a think many $X our are GreenFirst it there million demonstrated company cap turn take little team and one something that but market

created and pain business that And lemonade grow told was But Digital several put With was for and if a net Firefly in be business. that value the on back that reasonably a number in company today, Club, some to we of to odds Signage sold become new equity turn -- over defaulted started go Firefly screens their the from have we’re a created would ago, we our a years legacy what exchange company probably the would There Strong had it Strong for is prosper amazing a to to you lemons watch we and company you me back customer to downtime, was we grow continues it’s some of business. our of and result that going that the excited really If suffering. into see to Firefly it down as is our into inherited what But then. we it’s Outdoor. to road. turn inside years I that and workout convergent, that shareholders

Strong. So we’re seeds like Firefly planting Ballantyne and inside of GreenFirst today

shareholders. Ignition, that to new the will out have not planted. plant is seeds and them other want we’re working that take FG into you Digital this we be than down Strong that business, will very nothing the of decision decision is Strong and which hopefully a out we for work someday Ballantyne we seed thing value. make But account that Strong is about road. hopefully the we’ve turn continue We and like hard hope create one value I every Financial in and that to heard harvest promise going long-term create Firefly. to to can You’ve many that will every we Studios And -- all to perfectly, but more

open will and questions I away. to with fire up that, it So,

Operator

[Operator Instructions] from question EF will Edward Our Reilly Hutton. first come with

ahead. go not may You

Edward Reilly

Hey, to typically the cycle, screens upgrade With guys. for taking Thanks my question. replaced? how wondering to was regard frequently I be need

Mark Roberson

the after Good in. a years, the varies should you other The in optical most years time, calling generally of and for and as of to tell environmental conditions rule, of would five that some also within depending we degradation going general can on after the on depending things, it quality question. it like of Cinema. screens Thanks be accelerated, Yeah. a lot answer you’re factors period to that be Hey. seven each replaced see kind coatings screen temperature exhibitor, greatly

vary. the a as five-year a than would a who does But lots of it that of there that rule things, mark, I out longer So that. rule seven-year good exhibitors But them is to folks like do certainly standard that’s number of of thumb thumb. use stretch kind

Edward Reilly

cycle. more was I Got wondering, recent you it. was about AMCs of I to this wondering the was expect on wondering the release, cadence given And come the laser I business year? later from projection if upgrade in

Mark Roberson

Yeah. period. some made upgrade They already We that that on had AMC, as this with to other intending years. during COVID started March, exhibitors, XX-year or pre with an cinemas starting underway a starting to side. upgrade was is back, program be already. their to Cinemark multiple see it going upgrades were over before of we They runs they do. believe to with reaccelerating have I And their they’ve pause we and started as both in Actually, projects actually COVID. cycle first they’re over summer. wave their their announced that were We and already that is kind Yeah. this AMC of committed believe of contractually announcement all well COVID.

do half ramp that years, already over really of in year, those to of We’re probably three some and in the five continue the up next back seeing years. and year four expect the

Edward Reilly

this revenue Got be case? maybe that’s forward margins to lower going service we should the majority come and if of you. Do the revenue from expect expect

Mark Roberson

the I’m you sorry, repeat that of question? part first can

Edward Reilly

with maybe the Cinionic. services revenue should with it’s if mostly breakdown about forward? partnership the lower I wondering, we margins Yeah. going expect And was revenue, basically,

Mark Roberson

I would service expect margins. our business reasonable carries

margins screen business higher product. we than have our where We the manufacture

our partnership larger play them of margins. a does I supplier positive margins. preferred business. depends as it margins mix becomes screen expect see Service forward, in basically revenue customers. of that the margin deployments not product portion provider for So the or a services would have flavor we’re our a to impact That’s increase, of our preferred on going that part increase with would service, a mix low on Cinema their and product for Cinionic, our actually

negative at doesn’t really a our that all. on have impact So margins

Edward Reilly

on Great. Okay. and then clearing update Belgium operations? for And Thanks any the that up. China

Mark Roberson

made Yeah. new back In a was the May, announced in March, I Belgium, that’s initiative that we that we April just actually, and believe in announcement.

now. up We’re right cranking that

be -- shipping that to facility. but have a of quarter, end I and already in want of already, of have out the say expect by the to slower third third may out that little we’ll certainly, actually maybe they of facility process may a wouldn’t quarter, if shipped in even out we bit start. We’re It’ll that, be some the activity

ship market. our Cinema of And there’s but similar it, market, In screens. first American there the large that, same a of of the amount probably and to American little we batch of terms -- important. where we’re the XX,XXX North and very We’re doing the represents what market. getting backup market, the to it’s of why the to XX,XXX markets There’s fragmented North we’re size. inventory European quick purpose can very screens doing There’s just in in a market, kind approximately Europe more U.S. in approximately customers

America. We and market U.S. Canada have a the and very share North in

share a And to that importantly, in terms in we in screens becomes when more little have shipping a We of reason customers have in Europe from part screen. continent. never to presence small you’re water China, a it market a we’ve share also shipping screens into our but even service issue such the able cost market Europe easy, in of supply over is pretty plant it being a you’re issue, had and small the quickly to Europe. local when And extremely an of more U.S. the Canada that’s with and Canada, becomes the across really

back really that’s those us So markets. in held

And to there, -- to provide quick and finishing provide so the to turnaround, start ship China both plant that objective our the share. increase can products Belgium able are of to we so be customers quick the to

it’s we there, second the slower into entry on I shipments said, the restrictions in start up well that’s the QX. in China Europe, as continued expect other a up and running, also and country, seeing to things. as So -- out there of of running, China’s little and we in half primarily as because expect

we’d both and are out So forward, particularly see as volume XXXX. into of operational those those expect of to increased we going get

Edward Reilly

point, or Got the exclusive final Cinemark, is me, is AMC one for then you. relationship with for one only of worldwide? a is North And because America the that and that

Mark Roberson

North primarily… is primarily America. That’s Cinemark really

Edward Reilly

Okay.

Mark Roberson

North. … North American the exclusive. the is AMC

Edward Reilly

Okay. Got guys. it. Thanks,

Mark Roberson

Yeah.

Edward Reilly

Appreciate it.

Mark Roberson

Okay.

Kyle Cerminara

Thanks, Ed.

Operator

[Operator Instructions] Janney Scott. with will question Brett Our from Reiss next come Montgomery

now may ahead. You go

Brett Reiss

Hi, gentlemen.

Mark Roberson

Brett. Hi,

Brett Reiss

doing? you How Hey.

Mark Roberson

you? are How Good.

Brett Reiss

I going quarters, revenues that Good. Good. seasonality service the kind this or now? is sequentially guess impacts Good. the of good to on is with all things the up were pick in in industry subsequent that going quarter-to-quarter, flat that

Mark Roberson

and number. to much us and that too service tick a that But seasonality our little see not there depending I customers management, There’s real installation doing up There’s revenue. Yeah. start product and sales very in expect project to isn’t does what calling more on they’re a cetera. would work, up. much seasonality, down for are et it how probably, and

and seeing upgrades busier Those come get we’re increase upgrades laser the starting get to things to time, we’re now. are going over busier through. As certainly

Brett Reiss

Okay.

by the Firefly. acquisition Ubiquitous Now

Mark Roberson

Yeah.

Brett Reiss

of How it what public was and big knowledge, were? an is the that Ubiquitous revenues acquisition

Mark Roberson

significant that private believe numbers don’t don’t may what any I are believe of make those I about -- public parameters in in, the know, chime actual terms you if I from that more do public. in can the for Firefly’s so market can a know and may I’ve in of or public, deal those I’m than of major be U.K., But the their wants incorrect. Kyle seen what to is, increase that that U.K. I the can’t Yeah. of players I revenues revenues company, history believe parameters. very a acquisition meaningful I in they’re the What the don’t in that’s in enhancement so really say scope of I are share a player reach or significant afford and a so one them.

Brett Reiss

acquisition the think you forward is Firefly integrated and own puzzle made to that’s piece move after Do of that that their that with see IPO? this needs the to

Mark Roberson

it’s Yeah. a of puzzle, certainly of one the think, -- pieces puzzle. could step company. several I I certainly it’s piece know positioning for But I their of or probably whether and to growth of don’t their speak the positive mean, necessarily that’s the

Brett Reiss

by would when what give and Safehaven The Studios, successful Strong If sense production, long a Safehaven gestation period the is the you some of how can for is production me burned? that it’s kind me, make around of very moderately it to it’s my can back I that… could color Any revenues we successful? what to flow put give you If so us? successful, arms would

Mark Roberson

Sure.

Brett Reiss

it. …the piece

Mark Roberson

I productions project Yeah. certainly, as and production we’re huge for a we of back this, is services terms on these to along really And decent, Safehaven production, producing in in, but, mean ways. the than the of comes as just not Yeah. couple that’s our top. end. where would economics a one, made, those the upside, to upside come we’re receive certainly, in broader But way project. have life one Number going the like off this probably, of fees apply, on changing the being are Safehaven, kind

the of, of -- the we of IPO -- fee We’re end project. usually share the is back production in profitability the have the we successful,

if some moderately So, it’s back then successful, make end. it’s successful, costs. we hugely We cover If on good. make our the fees. it’s upside We production

Brett Reiss

a million, $XX million, there? you any out can Can you -- -- $X $XXX,XXX, throw number

Mark Roberson

us. for a of Yeah. line This is new business

Brett Reiss

Okay.

Mark Roberson

necessarily now, back… terms a of going to may that expectation number throw setting and be not prove I’m in right wrong brought an to And out be

Brett Reiss

Okay.

Mark Roberson

turn Yeah, … be didn’t to right. the later. out that number

I’d tuned. So say stay

Brett Reiss

Okay.

Kyle Cerminara

Mark. Hey,

add me me -- let some Let that. add to

So, Kyle. hey, Brett. is How you This doing?

Brett Reiss

sir. Yes, Hi, Kyle. Yes.

Kyle Cerminara

a asked questions I few just and some you notes. taking was So,

done asking of sort additional too to them. -- wanted So address questions, before far you go just I

like they strategy to on acquisitions haven’t stated has assets. Ubiquitous a the taking But of what both, higher the adds them digital had converting in than which New acquisition York. On non-digital just publicly are. great is and that made the assets by on digital, a revenues multiple assets They’ve they significant dramatically revenue the Firefly, the to non-digital revenue

that a revenue in significant buying just they’re Curb So they has Ubiquitous, like York. in with business New did

Brett Reiss

Right.

Kyle Cerminara

And with to times, our strong business business even these the more outside York. in from in of get York, digital it. than times, times though, New cases their able New non-digital and or to sometimes X that, they’re assets in convert And -- vehicle X per X X that, some revenue times,

the going cost. So when had of thought non-digital it when that, representer market for well, revenue or we be of just $XX million to from over involved from dollars of that in Board. fun to profitability And they and been either the Google Firefly public public, our few Firefly that few be XX a a been in many, them I to in And XX prudent some the since been think, event for to of would digital. an thinking that would that. in very a more long of have one -- have we having approximately about that months. But GV, Board terms a going million both sheet might have as SPAC really of Ubiquitous a from some to terms the when a and… revenue about. a representer Ventures excitement or grow at sell like in the many and it’s it’s market others Board many, they acquisitions we’ve a time, assets acquisition convert be beneficial or they only had and attractive we last organically as through well has even and these may And realization or is have hold the would and now of I’ve I on Firefly, in to multiples IPO balance they or consisting addition a IPO come the adding months in terms SPAC to them extraordinary talked great by NSX watch Firefly I’m

Brett Reiss

Okay.

Kyle Cerminara

that and doing I that, I’ve over to continues has observed that, what did and to mature … well. time like a the growth it company been extremely a goes we two it it’s look time three its -- that of company not growth, even completely years terms ago continues than as does to or Firefly it by think in public, actually than I different years But mature, think going it is today.

the keeps is not think that money a watch years. few of know, very us to trying focus several could So we’ve millions to going next losing dollars see over of to thing excited didn’t these for grow I’m probably the and per any movie. to of movies, lot it in really I on making movie amounts Mark, the to value some one dollar up want I making Yeah, on little commit in movie. like a been you the But but

Brett Reiss

Right.

Kyle Cerminara

this on go things core we’re project been not right, -- project, thesis if of So a to that’s like into the it’s significant a upside. sort that when have massive that the loss we’re that confident business go is, underwrite where we we going then and let’s

blockbusters. So of think why which Mark certainly will was will trying sort saying, dollars matter I hard millions and when it matter putting will a being that’s those. and just the $X ones But millions rather. predict ones suggest, of limits of downside to predict be around get Mark was do it’s It’s to when to we conservative on on a blockbuster, we it’s a be hard which make as and which blockbuster, it

Brett Reiss

on color you million could additional there. that questions corporate I may, Why added listeners invested, these is good you cash? FG thank use $X of Financial? I Kyle, the my I -- tell if for guess, an Great. questions the you in a on

Mark Roberson

So it’s asked glad it. I’m question. a you you. great Thank

that. So not offering. that had it the of at we before stock prices, FG planned on did the investing right the financial in sure I’m pricing declined the higher actually fact why

all, terms thing think But it when to as we’re position. guessing presented to in as our I the terms the do like itself, in that opportunity anyone. of, seemed adding good right at of

couple business what focus We banking of a of that over pretty management is FG we FG into evolve that the day. assets ago, We much you’re the asset up value have building as And one Financial, of products. every good we and we’ve those than been what a or think idea we’re merchant platform time, two on as is intrinsic the to Financial stated know of adding to a going a of more see each inside going is. assets sort singular sort of years to just an business of

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U.S., the terms and us smaller So in flow, is it’s of unique SPAC. which a deal in made pretty in actually one Canada,

some struggled the pretty have So that that did of the I’m when happy that their Square more like for they larger compare necessarily that we’ve very moving been think monster and that. you more SPAC like in headliner deals not with SPACs forward SPACs that famous Pershing get transactions able were the to I they to flow done, have some our not the of SPACs have announced some to sized of SPAC close with all and deals of deal other amazing

bit the But months I see of that we’ll platform be and XX we’ll Financial. really asset FG a XX do will platform It’s over strategies months, of months, just going be new that SPAC think of to exciting. inside those of to growing one six continue initiatives doing that time is start a that. management banking to and some the you’re will pretty over think I next merchant be

So excited Financial. I’m really about FG

inside it of it own and large We it. buy Strong. a am my I percentage only I well bought very Ballantyne not of use shareholder think, I Ballantyne a obviously Strong. we as capital to large own of

and it Ballantyne I for for was thought our good as good own well. So money

around other to our of that. sort any happy But that’s have So that. on answer thinking questions you

Brett Reiss

Right.

level down cash Strong Ballantyne Now, to $X million. around is

to is done ambitious things that on the your get tasks to to With enough agenda, get want done? what

Mark Roberson

position and seen have for I’m a us very… very sure large is you we’re GreenFirst as Well,

Brett Reiss

Yeah.

Mark Roberson

of in in lumber deal GreenFirst M&A But probably activity the particularly that there’s in both about optimistic long you’ve the the and the in short run industry been great run. Canada. … and -- seen in a

recently saw people to the acquisitions. industry in a looking may for premium be not you expecting buyer So Resolute like think been that have a XX% for I something sold, that to was

that thought I very interesting. was So

XX% recently is also FG. Fraser, about Ballantyne it’s certainly in had -- took was Strong not position some Interfor recently any a West by You speculation by think I of welcomed us, which which and anticipated GreenFirst, but

XX And months we’re M&A months XX bit happy in certainly I more that to going be there’s about the to the next their So position. activity industry. quite think over a

point, you’ve of can’t a will sources we’re see will we’re find these other of guess. prices, -- would monetize can Strong. sure capital my does have and I likely when on to substantial and stock we the need where want right very issue meantime, the occur, we liquidity we M&A Ballantyne In -- that So, we scenario do. I’m that but at certain the be to the to seen buyers that common we stock if imagine not us we we through would this at at certainly time most some things provide for execute for when that, but will occur transaction that to it that prices

Brett Reiss

and Great. going you Kyle, in Todd, thank and questions. for my as I’m jump answering back to queue. thank well Mark you

Mark Roberson

Thanks, Brett.

Operator

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

Mark Roberson

you, Hopefully, Thanks, this for Great. Anthony. Thank call. this and productive. dialing was joining everybody, in

this is call. a think I good really

of additional ask both that other think you’d to things are Kyle have like you Todd, us and questions myself talk or available. about, If or always

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Operator

Thank The presentation. for today’s conference attending is now concluded. you

You may now disconnect.

FG (FGH) 3 Aug 222022 Q2 Earnings call transcript