TRNS - Earnings call transcript Q4 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to Transcat, Inc's. Fourth Quarter and Full Fiscal Year 2021 Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

conference recorded. this reminder, a is being As It Craig Mychajluk, my pleasure your host, to introduce Investor is now Relations for Transcat. you. Thank

begin. may You

Craig Mychajluk

Yes, for Officer, interest Doheny. we'll morning, time good today, Officer, we here thank Mark certainly President, call questions. and you. your Chief open our our appreciate Financial Executive on everyone. the remarks, today Rudow; Transcat. the After in We your formal have call With Lee me and And Chief

news release closed our the today's crossed the be If at markets have you also at website. accompany that wire after slides yesterday, found on don't discussion are that can it transcat.com. our website The

If X. you Slide would, refer please to

we portion events, are apply may factors release As aware, could of other the with from are during actual which make teleconference. results to we the the Those as by to and as the the as news materially to differ well in company statements uncertainties, Securities These Exchange statements are risks where and factors as documents filed outlined and Commission. that future today. the well you forward-looking this subject cause Q&A formal presentation are

result during we be evaluating our review forward-looking the statements discuss forward-looking these factors. point we We contained which in performance. on precautionary the website useful events measures, well out new to those post or call information obligation as regularly with of will to today's a conjunction about information, our believe no undertake will find future can statements SEC's I'd in website law. call, except in non-GAAP by that You correct our or otherwise, certain we company of required like any Please on as as well sec.gov. as where the at publicly whether update this

a or You results in should substitute with GAAP. this the as presentation additional accordance consider isolation not in for of information prepared

tables accompanying in the to non-GAAP GAAP earnings reconciliations provided have comparable We release. the measure of

So the turn to call to the I'll that, over Lee begin with discussion. Lee?

Lee Rudow

fiscal Thank us both our team for full is In you Without results you, and fiscal Good the Thank quarter XXXX for everyone. full team. the the call revenue, record flow. and today. the fourth both resiliency the quarter year. on record the morning, The record joining the results pleased record the fourth with Craig. question, XXXX, adaptability demonstrated we margins and challenges of generate and income, fought the service the operating our business company dedicated pandemic cash of and of through inherent

the we've Our infrastructure performance plan, underscores validates investments the technology, to execute made effectively and past and the in talent especially value services needed strategic of our this year. our

revenue continues service our organic engine. resulted annual Service in segment Transcat to It million our double-digit strong financial XXXX, for The time. revenue growth And we mark in of fiscal the growth XXth segment returned passing first across service be to the primary quarter straight fourth growth every of the quarter $XXX Our generated was for service metric. growth. and

of caused fourth the were XX%. revenue gains to by still million, revenue exceeded service in business service full fiscal were fourth service inherent performance. by continues up was The in well, up quarter. and downward our XXX time, margin Distribution impacted our sequential organic income pressure quarter of strategy, and record fourth by in best effect our the with to points quarterly growth cash rental debt its lingering by achieved pandemic XX%. the in we we're of quarter million encouraged $XX.X the a basis quarter XXXX. margin Margin $XX.X pipettes.com We expectations, service million. Operating of outstanding turned to by and year. the operating productivity, to Even on was basis the during addition fourth the XX.X%. acquisitions And year million. generated technology flow pandemic, distribution leverage primarily of XXX In investments Overall, $X.X down record milestone first Gross support hitting technician operating the growth, allocated BioTek. up operating as margin margins business up the the $XX.X acquisition to pay income the a full XX.X%. Cash for hit perform delivered for in the gross was to points though improvement results primarily XX% our driven year accretive

leverage which us automation And our margin-enhancing execution flexibility aid into developments current drive and our sheet of now organic operation. balance and next to opportunities level to process on ratio improvement acquisition course, will Our in provides X, technology growth our strategy. is capitalize the below future of

it'll things I an turn Mark, XX. though, bolt-on is bolt-on, Metrology, through over to leverage acquisition With on integrated things Mark, very with want revenue million. lab, I you. fully in to infrastructure. a But over announced $X York. calibration -- an I'll nearby can Rochester, our be we Before We Rochester-based New headquarters to we as located Upstate annual small Metrology's acquisition current walk April acquired acquisition turn so Upstate approximately a that, our our quickly made

Mark Doheny

the earnings for our Thanks, year. full I Slide morning, Lee, quarter deck, will good revenue the which and start regarding X everyone. provides fourth our and on of detail

million of For sequentially the and strong was consolidated nearly $XX revenue fourth on X% service revenue. up revenue distribution improving quarter,

Turning to the segments.

of base towards quarter the fiscal first and mentioned, become easier approximately was and growth share very that was prior XX% growth trends a quarter half impact year acquisition X% fully February we by comparison of the have of anniversary second acquisitions. the pipettes.com, to X-year pleased Service of driven lesser of XXXX. March strong our growth, COVID-XX in organic XXXX, business XX%, in mainly the began to which in pandemic The to the regard lapped an the now revenue business. organic feel With the XXXX. of beginning continued by order acquired we as As will with segment pipettes.com market of growth acquisition our service mind, with gains, were part to degree, from improving the coming and we With

of $XX.X Turning trends, million improved from the market. on of to improving Sales best products for sequentially third XXXX. wind incoming Segment year, quarterly Distribution. modestly down approximately from comparison into quarter prior X% generation X% power our fiscal were year especially sales fiscal sold the

reminder, we year our end out a through of As COVID-XX of ship on impact the last backlog April to of XXXX. revenue feel until we of the did not early continue the March distribution as pandemic

revenue set from million, a full on year. we new Finally, record a which prior $XXX.X were very happy up to slightly of year the basis, was

was And than Lee mark. XX%. as the offset surpassed X%. $XXX a decline million milestone Our up distribution mentioned, healthy approximately revenue the service of business This more

Turning to X. Slide

initiatives, basis from accretive lower advertising distribution was from to traction of profit prior margin XXX technician productivity from quarter margins XX.X% points down our prior Our and gross acquisitions. basis was up continued fourth up XX% and year expanded leverage organic year, operating on XXX points to on XX.X%. recent our basis quarter XXX from growth, was gross margin consolidated and margin from from gross points Service our gross vendors. segment our Fourth levels rebates co-op

we to year, sustainable For mentioned of in improvement XX% gross milestone believe gross $XX.X year. the margin as over achieved as the of technician on our this business margin our for saw by we the the fixed profit XXXX driven operating an has also, largely X% majority full earlier, is gross We productivity of leverage year-over-year costs. fiscal million. and on level been increased important our service consolidated Lee And

was included X expenses Slide -- severance increased expense fell of profits. income increased operating as in to for basis income $X.X year points $XXX,XXX million the $X income. overall a performance. on was quarter expense. largely portion and operating Turning lower technology consolidated Fourth approximately prior Distribution operating operating increase from through recent XXX as operating and XX% spend $X.X significant million, the as and expectations. exceeded fourth higher segment our up gross on gross down our well approximately quarter profit to from acquisitions, incremental Operating income million, Service of our margin operating

income result X. the operating and diluted $X.XX performance. to QX up Turning $X.X XX% to per earnings increased $X.XX of Slide were from strong net a year, share of our million, prior

the year, and The diluted the was down higher fiscal tax XXXX rate X% which was of fiscal by net benefits. discrete points earnings down $X.XX. XXXX XX.X% per income rate, share aided were tax For was up from full XXX tax income basis

consolidated X, is non-GAAP margin section ability and is where EBITDA we adjusted Among the million, posted presentation a our supplemental Slide operating A our reminder, performance performance increase the up gauge We the to we segments up EBITDA operating EBITDA our adjusted on of XX%, with was drove of XX%. XX.X% to increased to to Moving adjusted Fourth to good it quarter. income because other in website. which pleased in be which adjusted can to and as reconciliation our measure of EBITDA EBITDA cash. we and of adjusted EBITDA a $X.X segment’s and measures, found net the margin. especially Service quarter were which, generate believe EBITDA, margin of show is use this our adjusted

XX% year, was a to full EBITDA expansion Service driven XX.X%. up the EBITDA healthy and margin adjusted by For segment

working our million capital. our Moving function operations net and and segment pool the improved prior to million, and Service by Full capabilities cash assets. and doubled from X and year Full cash a $XX.X CapEx focused reductions $X.X provided infrastructure, to EBITDA technology flow. of on to were year Slide year largely rental was was

that, of this XXXX, had million, by quarter was quarter the at highlights and million credit million focused credit end. to projects, end to had year-end. XX at period infrastructure, also investments to was And and our This operational EBITDA, we adjusted from strong acquired the $X.X total the year we million $XX.X below balance on our which trailing you, revolving came giving Slide rental total automation. fiscal with calculated $XX the reduction, of sheet. end, we of debt X. calibration fiscal anticipate net back including Lee. as efficiency expect in thing, down Form and be the million, months EBITDA. capability finally, any XXXX CapEx it quarter. assets XX With divided With our $X.X debt X $XX.X at pool our One is file including of turn For end the slightly I'll for down the on leverage At ratio to available our range facility around technology we under XX-K June or more

Lee Rudow

XXXX organic Okay. be a acquisition we expect Thank balance our service look sustainable. pipeline. directional we strong pipeline what sales a Operationally, to fiscal in From with you, fiscal see Mark. largely and XXXX like sheet, we perspective, We gross ahead. a when entered gains very strong active margin we

place in execute plan the strategic right the both ability have we to and that high is confidence Our it.

expect a We operating the have start segments year. strong to to new both

For growth just of and the albeit year we what believe first quarter moderated more organic achieved fiscal the at quarter. service fourth the to productivity become be progresses as XXXX we in we service We expect margins, challenging. level more continue trailing comparisons improve to fiscal technician a can to XXXX, similar

Moving traction will focus. over automated Distribution since trend expect XX the next started And has pandemic more key a gain the be the continue. forward, and we the months. to last we year, believe progressively XX over improved will to

expect and of impacted vaccine of remain indicators, teens of trends onset for macroeconomic advantage easy We first please continuous expect fiscal shareholder in to which distribution on rollouts heavily all, the In in With well and sustainable enhance open leveraging focused XXXX, an by Transcat growth For line value positioned. All the that, we questions. in the with we to high combination 'XX competitive the fiscal accelerated a first technology was XXXX COVID-XX. differentiation. and beyond. be and as quarter expansion, XXXX, enters to improved improvement to quarter the drive comparison operator, improving on fiscal

Operator

Instructions]. [Operator

Our Craig-Hallum. Greg comes first of with question the Palm from line

Greg Palm

figure start more certain out I organic number. of by driven I'm pretty was by off it are what XX% growth services. are solid end I'm sciences, in seeing what markets is guess, a seeing? Is it trying you that just on life broad-based? market? is you And terms end to like to curious, what

Lee Rudow

I Really, it, would characterize Greg, broad-based. as

the now. in always is some us. for industrial years science which are has been for We good Life markets, consistent recovery seeing

quarters. But upon would else the playing based is And than so say previous the overall, certainly role. double-digit industrial that I more growth recovery marketplace, anything across a from that's

Greg Palm

are fair Or most your that Is or of now there? that to then that some there's pent-up pre-pandemic at exceeding do markets still say kind out feel of you like demand level? end

Lee Rudow

think I but certainty, somewhat. with recovered tell most to hard have It's

demand. pent-up fully think example, don't the has gas, recovered. some see there of and think I I is We'll year. probably some that for throughout oil

in steps it's direction. I think taken that

a demand, recovery, a it's kind some of little bit pent-up So of mix.

Greg Palm

kind Makes margin, expecting vague some degree comments. sense. year. but in gross clarify it. about said of sustainable, year-over-year the Mark Got And just last specifically being is margins the on but not to Okay. I to thought of wanted experienced improvement, something the kind in then had I terms same of guidance service

just help you mean by you exactly the there? comments can So what us understand

Lee Rudow

Yes.

So I our I allude think improvements drive that to company we margin. Mark to expect try to and to the the both fact in continue

year with improvement. XXX a Now point we're coming of basis off a

to again. we're we so don't want to send cautious in do expect that that And that. We indicators

things always to have past place. quarter-to-quarter. However, Mark improve. we it's do in expect in has directionally, the to But and in as past, we the going I've said not be said And

are We in investing technology.

-- in that our purpose done. are automation to the going margins, of to We intention. get That's driving end we're with investing and

So you're that see upon improvements. do improvement. seeing necessarily year-over-year And trying continuing tempering that see but we're rate, some based we don't to that's convey. We what at

Greg Palm

are -- for just the in year's you change a or last of improvement I quarter? the Or gauge trying benchmark XX% is year? I'm what that using year the ago? you saw saw on quarter based to the is as based it fiscal last what what in improvement level XX% we on guess, you kind saw commentary using? we is Are the But

Lee Rudow

Yes.

XX%. XXX get points it said again, the to of I the we here expect think XX% range, there. closer you've basis I before, and down the made. the like stay dip in to could I and to We're there. to got And And improvements sustainability we alluded

to upcoming that this going you're see in think year. apparent I

So time I'd going this last think I the year closer you then to guide XX? back to XX%

Mark Doheny

Yes.

to be year. -- that's the full the just for full For clear,

achieved We We milestone. have a just of XX%. that full year

there, full We good we XXX of guidance, that we expect do improvement were tone if for improvement the the extremely was Greg, an QX sort to points your just expect the And year. point around And too. basis setting year.

quarter to degree. We maybe not expect the the year, both full that improvement in but and

Operator

line comes Scott H.C. Buck next of Our question from with Wainwright. the

Scott Buck

of year. a bit headlights I'm that deer a a like Or COVID is seems in M&A the slower get of of bit the It to curious, little little a start the with pricing from of environment? calendar reflection you targets? this a some potential

Lee Rudow

to get we make Scott, And -- for read hired X wouldn't the thought in to year. advantage nothing I time a were VP combination next a X good anything company with fact, we sort level. a Yes. relative express ready market slow taking was calendar the about Development going as Corporate start into to ago, It about the a opportune purpose acquisitions. was of to quarters almost changed. what really the in to of the we now to of be of has that that And

script, as try to year And pipeline. nice really the see you'll activity characterize a and level I a that think higher built of we've I So progresses. in our

the of it we X or and it to some the calendar have X well and So I than characterize as at expect anything active see wouldn't pipeline, a from beginning I it's taking built that. and and year, what is, when time other an results months

Scott Buck

that color. I appreciate Good. Okay.

mean, we some I think maintained Second term? likely can we Or longer distribution compression about one over in me, for should at margin how these time? levels? are see be they to

Lee Rudow

perspective. see goal that a revenue think be from stability would I and in distribution, our is and both a to margin

now who the our have XX company stable. X it sell about provide and of X keeping but from years us distribution, a for service strategic to with still us. rental of purpose not it does for margins as program, customers launched lot ago the was opportunity as ago, we or It's We which buy products ample years leads to

we really be designed over business see want And of it. to couple that we've years. So next stable the

get close that so invested that we've stability. should So it to

what I increase satisfying. we it to would significantly. margins don't just -- is So I expect that's expect.

Scott Buck

demand? challenges then pickup are in in to having And some this in guys you meet any distribution of inventory sourcing

Lee Rudow

you Yes, Mark, want address that? are. we actually to do

Mark Doheny

no. Yes,

it works I we the to orders the thing, reading think time also, just nothing container but times, we're you're longer COVID shortages all -- need than being of experiencing backlog recently, other and that But distribution it the were We've we hope companies good us between something our the had in the And takes certain but to unique the what's lead from hearing what same in vendors and it's is. is areas I up itself going world immune ramping not would on difficult and with tell sort -- production time get normally -- say. the drivers, it's yes, in to so it. some our we higher we out, we there. business

Operator

next Sweeney Gerry of line Our question comes from Capital. with the ROTH

Gerry Sweeney

revenue. to want I with start

Just about more of this economic maybe out pent-up But in than bit a is anything. this guess, demand maybe curiosity, is expansion? talked little past general jump much we how I just of versus of the

Lee Rudow

So little bit Gerry, I I earlier, really a of a think said both. it's combination

achieving recovery in are that markets We has the helpful seeing industrial terms in of growth. been

continue. to So pent-up an as question, would of demand without that we well. And expect element there's

in towards I think seeing towards blend. to to you're going single-digit that -- We're mid- continue to think organically. I service we're growth a So range. guide high business that and confident And

Gerry Sweeney

of want bucket mix I fair. to productivity beat there past, improvement. see margin way the Got side, dead where we about just just enhancements. it. could versus on not any you driver being talked and And but software to That's in out maybe a maybe price know then a are... the horse, margin longer-term And calibration your

Mark Doheny

Mark. is this Gerry,

was quarter, technician really productivity year-over-year. it by the driven For

and growing of Lee hours, for start really our you then leverage the less full about organically, the achieving have team and improvements. leverage vast on And past you -- things the of So more before and XX% Those the drove fixed talked standard cost. year, lot majority hours. before, when about talked doing quarter -- inherent a as has X

continue I to would what highlight. that's So

Gerry Sweeney

what that Got for a the that's we're software into it. And -- long and towards look if calibration gross long-term a of I numbers to in think number. Is stuck head. sure I XX% And don't but to term? my not margins kind mouth, role obviously, the I'm I going plays number some was automation big reason, medium want put in anyone's maybe that just to exact that.

Lee Rudow

about And we and growth, a pretty around We we good think a of Gerry, there to When better XX us got when some we margin percent. margin to than we had a expected. enhancement we in for probably it get odd journey, this, plan started hit call word, earlier lack back place, XX.

And that's done. But good so news. we're not

I take? so And And or going into how to It's long going to it I And what's improvement is, the to we're to that consistent. think the unachievable to stick think don't get we're mid-XXs. to it's going really going question the is idea time. have unrealistic achievable? be over

that X future, some a X, whether don't but having it to I be think it, quarter-to-quarter. we'll conversation at point internally. or in that or we're anticipate frames the that's having We on It's year that conversation. not a be I time be have going

Q&A part it's And last the meeting, something you that probably heard the a mentioned of the sessions. mid-XXs was one of so during And in as -- conversation.

Gerry Sweeney

actually any head. board. issues And anyone's be in to great everything listen, That's mouth, that's I the just to my what put any the side, got across fair. tightening labor seems quarter. I in but then on in don't labor, want acquiring up Again, numbers the And it. number Got

say, of in table things as question blue past, out look ahead And I margins. you've to sky I'm it even trying the -- at that, is year-to-year. quarter-to-quarter, bit figure think hit at What lot it of don't technicians things you said, higher sometimes and a set little of you. chunks, maybe a we'll look more the

the curious Just at surprised, cetera? play be in gets one -- that some so no if if could there's et point,

Lee Rudow

Yes.

to has a a couple of studied quarter takes at hire to technicians. need great and can So to could get more anyone one when more a organically, be up of knows The find. going margins, never or tech two. in And short-term that running. Technicians the time, are growth this question. easy achieve quarters that a you're lot you who company we it's a be to people It deflation have there

going always shouldn't to be term, off you there's eye training So number and is take longer which efficiency operation hire that and margin a enhancement. of the our in large the automation ball, as those But periods technicians.

we say, let's always sometimes margins. that's on not quarter-to-quarter. growth this So effect short-term do look rates why dampening a High at have of

and able Now offset as we than should that what at our past. put better able to in do better we we to technology to get we've do more be the operation, been

that as we be that a will factor look to would So well achieve.

Gerry Sweeney

great Got look actually quarter, it. and at again, so... I And hiring positive a as

Lee Rudow

Yes, exactly.

Operator

question Ramgopal line with & next of from Our Sidoti Mitra Company. comes the

Mitra Ramgopal

sense on can and investments and technology expansion us you just if helping facilitate margins terms terms of entail that where in via further? give in higher First, the improving M&A a infrastructure, CapEx also and might in overall of you

Mark Doheny

be slightly mentioned more I technology. rental to $X.X continue to We've million in going will I even talked invested assets, in prior Yes. forecasting as we impact prior than range. going $X.X have year-over-year We're we the automation, pool that invest We'll very that's that in year in -- than area. maybe year. this it investments prepared spend that grows my continue there in quickly. calibration a little we'll in invest And year million about a the more say, automation we’re the to -- do more that. to remarks would

of really around really initiatives it's long help to going the good that ordinary. us The centered nothing are news, out So term.

that how I So would that's answer I question. -- what

Mitra Ramgopal

then, And big picture a Lee, real Noted. Okay. question. just

from you're opportunities that cost maybe you to a pandemic give some us seeing that If much have or an any M&A willingness now just can as result sense relates changed how measures potential been as of have of you maybe sourcing might environment as it if the to maybe has even and standpoint before? a you think the competitive existing

Lee Rudow

did us. Well, quarters on effect anticipate from market that ago smaller the otherwise perhaps the might have all wouldn't would was challenge get pandemic available would the a some going perspective, of And come tired, that people to we and be M&A year, competitors make I available last and for sometime it to some that's And to acquisitions Mitra, that type companies. be difficult think longer-term an fruition. smaller

before, also But VP We've an an And the it's active the it's have byproduct on drive a hired, that We pipeline fact effect. I factor a facing factor mentioned activity be a some us. that those we of think those are working. will of for initiatives pursuing and of we're M&A COVID in to as that uptick -- I that. also factors, a

So a combination activity investment, some efforts, right see of time, and it's right right you'll uptick I in levels. think an

Mitra Ramgopal

you? to it or as outsourcing to willingness on increased the clients now customers then maybe of services just relates to perhaps the And

Lee Rudow

Right.

activities our of or which byproduct But growth. major haven't We be well or so when to a even our or change seen there's is year a labs do labs, always growth we organic any achieve for in We'll do of other the in our expect we it's from of whether organic QX what outsourcing positioned fiscal to shift rates, client-based outsourcing. market terms call far it. client-based in to achieve a

about last later and But may way year, occur in that That it a days. or note the in XX specific when can't other. I the would change happens. So I certainly one the talk

Operator

comes Securities. the Our of next from Dick Ryan with Colliers question line

Richard Ryan

operating do bring or to core as follow-up the Lee, margins additive what see? of the you And are kind Is many to contribution in? it margin how a CBL, they now? dilutive you of those

Lee Rudow

range Dick, is we've years number margins. in through the dilutive years, which X.X we've the in we year. normal been going here, standpoint, lost any had them our those and be I've nationwide, We've of not gained some From XX got of to margins a last the tend about of obviously. the same

it think the these be depending of very know, there's high points as I basis value on and But XXX particular could are customers. lifetime less, customer. these sticky, a you

But benefit number the XX you that in yes, get. say is that that's the would sometimes, the So range. I

Richard Ryan

Okay.

So market ballpark position the on growing the achieve? is to the a assets, business rental X, that base. How you're of what that CapEx how small it's big down could you trying contribute kind of rental pool Any rapidly, road? X for and of years

Lee Rudow

Great.

say company, not that our today, million $X million, million is part about of it's of I Our from revenue that is been rental where idea of -- going go could to say, part to changed. has that strategic is as Dick $XX not a with Service that distribution, a however, we to is company. our And the it's let's together same to the of myriad which plan. us business current I in a with plan sort we segment, unlikely past. $X realistic, very 'XX looking it's really achieve. story, we distribution see be our And a nothing -- the in -- was there rental bridging are it back segment our don't be of launched million revenue $XX stabilizing mean, benefits we're company, It's to much not

grow modest growth, strategy. continues stabilize think continue. leads think That's generate I so help business, can So stabilize for of our purpose that we part flow to that to business. to I and helping and in cash going rentals that strategy, service it's That's that so the business that express our

Operator

Instructions]. [Operator

Kara B. Securities. the comes Anderson question next with line of Riley Our from

Kara Anderson

more one from M&A me. on Just

if acquisition an curious for larger an availability Just opportunities there's appetite of out there?

Lee Rudow

So Kara, I appreciate the question.

And say again, the today looking make itself, we that upon when was at we that our based this opportunities our it time year our our launched million are to I more larger, having for the similar it a average current at a some we're pipeline than different million would something that's of talking larger. has We've larger pipeline within $X ago range, closer larger million One, is to rather as done X volume there deals perspective. so. to a to past opportunities. and the we've characterize So range. from it pipeline been range. size today deals looking $X sort reasons. we're But type revenue initiatives to And $XX million are think -- million $XX little type in the are $X But in the million $XX at I

get So think and if have sort some to match and we if it some runs -- can it's but of do a it's eventually the gamut, just kind opportunities, I interesting we see of deals there's good done.

Kara Anderson

for one growth It just or decrease be towards offsetting you guide as Got quarter. teens on the it? case range. sequential the me last look it. And imply seasonality then in that recovery with you Why more that? high distribution Can fourth the a from would the help one a

Mark Doheny

Yes. mean the just business. just that -- normal -- seasonality seasonality of -- describe Kara, I that's the would you'll It's normal yes, factors, there's as I the of the business. posted but

Operator

queue. are like There to hand in further the back no I'd call management questions closing the for remarks. to

Lee Rudow

first on after us. quarter time. to with results. you for is Lee. this I guess Feel everyone we release any joining being Thank everyone our check today. with Otherwise, appreciate again call speak for I participating. free Well, the Thanks us we'll

Operator

today's conclude participation. does this gentlemen, you your for teleconference. and Ladies Thank

may your and have this wonderful day. at You lines disconnect a time,

Transcat (TRNS) 19 May 212021 Q4 Earnings call transcript