- Earnings call transcript Q2 2023

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Operator

Greetings and welcome to Transcat, Inc.

Second Quarter 2023 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure your my Chief Tom now Officer. Financial is to host, introduce Barbato, It you. Thank

begin. may You

Tom Barbato

Thank good me operator CEO, Mark your call you, Doheny. and is Lee interest time appreciate today Chief in and Rudow your and Transcat. Operating President With our here our the morning on and everyone. Officer, We

We we'll call the open the for with prepared some call begin up will remarks then and questions.

transcat.com found in wire after Investor markets yesterday on release our earnings be website, crossed the section. Our the and Relations closed can

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

forward-looking whether website in or contained statements otherwise, find our in SEC's law. we We can conjunction no a sec.gov. website our publicly forward-looking factors. or the new on with the precautionary this as statements where well future by of review of Please on events, call, these information, those about at regularly post result the to obligation undertake except required correct company, as any You update information as as

our we be believe performance. call certain we will Additionally, measures in will non-GAAP discuss during evaluating which useful today's

With results provided in as Lee. I'll additional non-GAAP turn call in to this compared reconciliations a GAAP tables earnings accordance presentation the with You substitute should consider the We've release. information the in accompanying not isolation the measures that, to over of GAAP. or prepared for of

Lee Rudow

prior quarter rental by results and our by decline margin margin. earnings we Good to revenue growth, costs revenue organic our that growth Distribution expansion Tom. $XX second Consolidated in expanded gross our solid generation. morning distribution margin, XX% a and with slightly revenue was of everyone, associated primarily business of of today. Yesterday, result trained new service several service service basis driven offset number included growth. up the joining XX gross basis new revenue and thank XX.X%, labs in support to was announced second quarter. the segment million, the in cash point fiscal year on X.X%, consolidated with and from for million to a client margin grew based for call XX% on-boarded Adjusted significant XXXX you, the XX start-up to future and you points significant $X.X quarter X% strong grew Thank us technicians service EBITDA

service at to Turning segment. closer look a the

expected, generated strong service As growth we macroeconomic despite revenue uncertainty.

We a service which cost continue and life industries ideal to the for fit among Both inherently high value proposition targeted to makes aerospace of and benefit an significantly industries. from regulated a them failure others Transcat. defense have science highly

gross by reliable have markets gross continues consistent acquisitions XX.X%. Strong of and stellar grew streams, our footprint. margin delivering Service increased $XX.X the solutions for growth expanded or in geographic adjacent be Our service services strategic recurring quarter our on remains North XX.X% reputation to organic million America. while and revenue fostered profit across second inherent capabilities,

foundation strategy foundational focus continues -- to Our as integration. acquisition to strategy our on outperform our

uniformity, engaged This So with. Transcat continuous allows improvement one entity for lab portfolio customers, consistency for over they're or of time. companies the our acquired which become regardless and process Transcat's of operation

pipeline out has training operation well lab as out a anticipated number service current a new of number In technicians support the organic center. service continued perspective. our of synergies, calibration new includes to -- our client-based second growth, we traditional both allows The as opportunities. also and an cost turns Our and center focus that turned impressive successful to significant of capture Transcat quarter integration sales Transcat the a the from both our new on

center A New achieve off out center the levels differentiation and business coming to believe will they relative as of the we our critical productivity workforce our experience start provides new training of technicians of clear technical is in to gain and Transcat great continue have the training gotten competition. expect to component a a higher we they field. trained

Complete our from to small to grew growth a very on continue supply is local to revenue of robust open segment, are chain it lead strategic acquisition. vendor orders. Moving in and up points distribution we and long-term calibration the calibration the Ireland also shortages strong. gross we expertise and our science deals quarter, in year distribution customer to as presence Acquisitions quarter. brings of support Transcat to Ireland challenging third progress to close field It convert the Transcat's a but part XX.X% XX% quarter. capability expanded Cork, demand strategy backlog make despite important second basis right two and located in second that calibration and after of be provides times X% $XX.X the market with to through life continues robotics. closed Order million margin Distribution is prior XXX

and leverage and with additional the US our we in in improvement drive to and in both specializes national vision can calibration customers' aviation EXB's believe and North Canada. capabilities efficiency footprint EXB Cleveland, located differentiation, robotic have the throughout services instrumentation potential ultimate taken we is related the automation, further this Ireland calibration across to growth our in to in Ohio gains, When accelerate promising industry. America. the uptime. infrastructure technology together Our to leverage We that

attractive capitalize of pleased now fiscal there Cleveland Greater all, All to performance is In positioned solid which in we second quarter the area, with addition, in are science XXXX. we the an in nicely market on. life are our

that growth objectives. see longer-term for of to continue and management demand services our asset strong We levels support calibration our

balance a with remains ratio over X.X leverage times. strong of just Our sheet

that, We our strong deeper very acquisition financials effectively quarter second and into with strategy pipeline. return currently things well look a our execute to and Tom's a of to narrative to are our upon I'll discuss for With to I’ll over positioned turn Tom through outlook. completion acquisition work

Tom Barbato

from driven year, coming by the strong organically prior growth in our growth Services services Lee. X.X% segment and I'll XX% the other the of quarter. start very was revenue revenue strength on versus the of XX% the Thanks, XX.X% our second and detail slide of with segment deck, which number remained revenue provides basis segment. four for million primarily Consolidated at a $XX.X up acquisition. regarding consolidated earnings on by roughly

to up Turning the prior X.X% of year. $XX.X distribution, revenue the million was versus

our reflected is which We continued strong demand to $X.X million, our prior open second products, year. of backlog up order the for see of XX% versus is which in quarter the

five, XX% points profit declined was gross year. gross million up of XX the from to prior expanded Turning XX.X%. margin consolidated to gross XX Service and $XX.X year slide from our basis prior margin our basis points

rental segment technicians to year earlier, XXX was favorable Lee up a based support is result As labs future continued growth. this prior with Distribution and of trained our new points XX.X% mix. business and basis of sales there number associated mentioned -- and gross on start-up a strength new on-boarded several from is significant the costs service client of in margin primarily

up from in six, partially prior-year. by operating in slide million the operating consolidated to in income of distribution $X.X X% the offset Increases was declines services segment. segment Turning income were the

earnings earnings our diluted accounted all share. from quarter and share. year-over-year share and Turning income per diluted prior prior decreased year, the When of million $X.XX to per share were net decline the share second increased for per of the per $XXX,XXX income net comparing QX tax year the to down slide seven, interest and per rates of of $X.XX $X.X $X.XX of

of XX%. believe of the best segments, because fiscal We and XX% adjusted and EBITDA, gauge is rate expect is We performance ability show performance Flipping to a to to it non-GAAP of use EBITDA in our which we we EBITDA cash. be where our the generate the to our full eight, adjusted operating our tax year range measure margin. adjusted measure slide to XXXX

our of does highlight important as even Additionally, well costs, acquisition deal transaction related of $X.X as strategy, more as EBITDA level acquisition income continue hit the this from the it that X% one-time million will adjusted our statement expenses to accounting. prior consolidated to increased execute for on we was as adjust metric from non-cash purchase becomes in up mind, that With year.

income the net As of adjusted found in of this supplemental operating EBITDA can and to a be always, presentation. income reconciliation section

inventory $X.X to our is fiscal operations and segment had during million both chain of XX Slide the expectations end, line capital revolving slide had of million a to prior in our to including around strategic quarter leverage balance the in and sell vendor million that $X.X to sheet. supply largely end were to the year At the was service Year-to-date growth of million year, X.XX times. capabilities projects. credit the cash increases expenditures buys nine, the challenges. quarter apart flow for year. time lead second This Moving balance ongoing from made to counteract from inventory price through were expected with through date centered and be total quarter with from We ratio highlights automation continued facility. $XX.X future compared technology, available strong debt we $XX.X of

Lee. this file With week. I'll to it later Lastly, to we expect that, our back XX-Q turn

Lee Rudow

you, Tom. Thank

business deliver our the we our a short value. differentiated Longer service fair growth to are to Transcat. term is strong in margin, unique our demonstrate expect long-term growth. a continued cash consistent amidst uncertainty economic heart model. sustainable for In positioned our At resiliency we drive execution and to forward, Looking term, advantage expect shareholder and the strategy ultimately of flow organic the drive of continue of to competitive of to revenue, strategy proposition we rigorous value well performance strong amount

XXXX the organic balance the expect fiscal of single-digit year. We range growth the for in high

pipeline time. combination of business. We the markets. strength of improvement automation work we these we our process there's improvement over as done continue operation, will to geographic to generate additional continuous margin addressable the time. on increase sustainable The our the acquisition still leverage capitalize Operationally, believe be expanding to the over job has and and team to broadening improvement have to and into of continue we drivers capabilities target acquisition terrific We footprint plan done our service continue will expansion great driving trajectory margin a our will margin a

has ability mentioned conditions earlier, Transcat's our to over the perform years. of grow in moderated and As well economic been a hallmark I model business

With year, have Management moderated now another deliver of of services economic growing Asset strong both that performance last we inherently and the in NEXA acquisition suite environments.

growth. has by Our both and flow cash organic strong supported balance supported healthy sheet acquisitive

into and the operator, We expect And this the through for our to line with continue as end that, future. the make year open questions. way XXXX we can of back we fiscal

Operator

this the and question you. Thank Craig-Hallum. Our conducting Ladies gentlemen, Please [Operator Greg Palm comes a at line with of will question. be from your proceed from first question-and-answer time Instructions] session. we

Greg Palm

on Yeah. congrats Thanks. everyone, results. Good the morning, and good

Lee Rudow

Thanks, Greg.

Greg Palm

acquisition wanted into I first dig the activity. to recent

maybe opportunity used growth as specifically the in first, the within point in new starting region, So other opportunity Europe opening you an maybe talk as to the expand, countries across standpoint, the start then of maybe but organic like about obviously, well? Ireland, from labs? the So as and -- a can with inorganic what's with

Lee Rudow

Lee. Okay, is that. This take I'll

becomes we and lab. it out a that One, general-purpose so two we So in that we acquired, Ireland to will build good nice really question lab continue that ways. look at

We a lot us efficiency complete in pick to our improvement with continuous ultimate and them of it's our and business also United that of discipline also we a differentiator and be the that US and goal But some ultimately to and expertise us on States, the up and work have efficiency it's help can Ireland to robotic can and in of programs some time, be United service factor. process do be that in capability the customers in brought robotics think and our margin. able to acquisition the there States, for a at of that will one customers the Ireland we work also virtue our so with with that goal then by we calibration, some of

So we've there. kind play of got a dual

NEXA mean and I XX Ireland, of provide services basis. in really Europe employees to they their kind able are Ireland throughout on beyond expanding as XX, a project-by-project far over has ultimately As

our sense, calibration a that We immediate going and today. So to getting in term. that the expanding plans or don't have lab running imminent any we're up prepared in on focus That's for we're really for focus. activities, our short really

Greg Palm

technology robotic dovetails of because Yeah, kind that so my the Okay. makes other question, automation opportunity and significant. and it seem into sense just

either any help you not sure margin that into that employees, different can a probably but revenues there's able understand incorporate more everything? it like by is, metrics So incorporate I'm become the how efficient And to give if you us they're us, kind maybe the is, guess how efficiency they is, organization that into what much technology profile when business. of my

So I can would anything be upon know, expand really don't you helpful. that

Lee Rudow

to overtime operators, that requested, calibrations increases human at the really drives robotics more I to of the always us of versus in data the cost but always labor. expand a the use and of I'm the you calibration day, the right? much of of end allows benefits, down say to labor terms like technicians of able improves versus be of it availability and that you've not calibration general if will, going quality -- will have couple It improves the in

have from going lot of some And run happen it's we're benefits to savings efficiency These over the getting you've a its that a on but the quality days in are a of potentials. to beginning over not we all time you're hours and significant being So overnight. we are benefits. early should to margins just they time to theory, some would And doing right, labor understand anticipate calibration day. and got XX of impact time, even potential

into stay we That's the say, our it respect be very would robotics, term our tuned that small, to I operation. will So Greg, goal. with over theoretical to today, long driving almost but absolutely is

Greg Palm

sort incorporate centers the Let me calibration any couldn't States? different maybe structural is in why or way. you ask here some I there you of of all least a reason in technology mean at into that

Lee Rudow

is goal our and be the in the years it the it's That enhance goal over bring next our of United Ireland, to we States. and express No, develop to technology doing technology, that. couple that's will already

Greg Palm

Yeah.

update guess last many too? the How are on just what any just one, It ramping just to go-forward quick a Okay. CBLs, in were sounds expectations the pretty Thanks. quantify quarter? margins on And interesting. way I any currently the period impact And up? for the

Lee Rudow

high, put first had have -- quarter new margins short-term Yeah. expected. very these drain sure the there that's And make there the as lifetime we call but second a they out. it, the want value number is worth We but for always on a are size several do, had that The of that between and we CBLs to is because efforts, CBLs CBLs on it's been material well significant pipeline won't strong. also of quarter somewhat

through. work that carry is us. the had margins see we to this but COVID in drag out this up what quarter on is and when do usually so one Coming you And two itself would quarter, environment, of about several expect to the good or news a on that prior pick to to we going land COVID, momentum you're for takes some

right schedule. we're on So

Greg Palm

Makes Yeah. sense.

Thanks. Okay. Best of luck going forward.

Lee Rudow

Take Okay, Greg. care.

Operator

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

Gerry Sweeney

and Hey, Tom, call. good my for Mark, morning, taking thanks Lee,

Lee Rudow

Gerry. Hey,

Tom Barbato

Hey, Gerry.

Gerry Sweeney

is answered way You service other it's everybody But pipeline CBL Or and seeing be seems you're I but interspersed doing good you how on this? warnings this long just the going economy? interest rates is curious through. on just its the well, my of higher mean about, the hiring, talking to we're are seeing thing a on got I'm question any -- work cautious on economy. the CBLs, about to

Lee Rudow

to economic our sort I've I us, always indicator the a interesting? mean, business. seen to distribution this slowdown for almost impact we feel in leading real-time of Gerry, first and it's would of What’s expect, That's I of so held kind really that, distribution the business surprised I'm are honest be it's And years. well. holding grown, XX margins is up. mean, business far XX, expanded, up that over so

regulated where is some see that talk a of model. which have the softness life if seen, on in Secondarily, impact, service service even and environment in an of that's is we time the our a there it's business, lagging the slight just about that we environment sort it because softens might enough kind remember, we over economy usually with not our This a the sciences. affects resiliency business, effect

aircraft we're normal we're are are affected aerospace, talking So on slowdowns. pharma, not talking biomedical, economic engines, that medical by devices, areas these

our we that's -- And foundational and about our to so that's again the business think business way model.

you So not softness expect on through it's been service the some might a bit, little very but business. impactful years our

that in So kind sense. of we're recession-resistant

Mark Doheny

heard Gerry, customers XX Lee. is getting then a it for the And our add the Mark, NEXA now I'd times. as there of business, This more uncertain economic XX, into we're might thing you that other have inquiries some months, lot we is heading owned of

We have held macro up. I has what well another ramping which also could up that into is be and guess going uncertainty,

Lee Rudow

to of model decrease It’s business whole and that a calibration NEXA point, increase operates the great is cost efficiency the program.

valuable tightening a of So their in sort become inherently services and after. environment, sought more

So that as I well will think play well.

Gerry Sweeney

a And about I aviation, opportunity semiconductor announced plants talked et sciences, you life seeing being [indiscernible]. is as We're cetera, How manufacturing up Syracuse bigger States. well? but this that? Is theme a for at you've United do the it. in in of chips cetera, sort you et look renaissance emerging an longer-term know one Got

Lee Rudow

Through be good that's increases anytime regulated less the output States, environments United the and for be think in can good going news. that manufacturing our regulated I to business. only

any So for we'll growth in sure. be for manufacturing prepared

Gerry Sweeney

growing. become Got it. of been then question, final distribution has And the business? how It's rentals much

that? good even that you view break give think Or break Or a you out? that growth of little Do out can very bit will -- towards you out? called you some area. I in that

Lee Rudow

growth numbers segment. the of distribution specifically as in out our break the won't I Well, percentage a

of done a done has well has number now. it well for years rentals very However, and

that the time. stabilize when to maybe in it business was launched I back the first distribution we timeframe goal. business That was XXXX think over

The service. second distribution bridge to was goal between create and a

continues those an strong, And think differentiator it’s as important it going rentals also a business continues of to part fund our it unique, it's both continue makes that to do conditions and economic in a initial It of variety well. be and we're and so I us so value to goals. to has accomplish well of proposition

Gerry Sweeney

Thanks it. appreciate question. my I it. Got taking for

Lee Rudow

problem. Take Gerry. care, No

Operator

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

Scott Buck

lot, the segment service about Hi, questions. good morning, the for gross distribution the on ceiling We Thank what's on seen you we've a my last side, wondering taking guys. I'm the if margin gross ago. curious here come year talked of the Because can versus range. it percent the margin? this quarters I up higher just into few get a kind you but XXs

Tom Barbato

now is which things as margin should little boost but where the think well, nine the bit Barbato. Tom vendor we're that's we're ceiling at the in I ceiling. a little it's I I get margins. -- say the as mentioned the Scott, to able months price to ahead and that are mean, probably time giving kind Hey, we’re to increases, would near as allowed that six be do of is but buys distribution to going growth strategic moderate of to of kind over my of I dry up leverage the over of you think continue some able or rental, in of to us some to of past commentary, us bit to on able kind the we a we'll

Scott Buck

I I All then growing? think spending saw this but terms of in what Tom. anywhere, you of keeping don't on guys CapEx terms That's rental business, are right. Thanks, the business in that helpful. annual And

Tom Barbato

towards annual generally of target we million our to million I $X.X $X Yeah. mean, rentals. budget

Scott Buck

on looking helpful. if just larger kind any guys what little attractive Thanks. mean, some a in Okay. acquisition terms now? last out more in of opportunities more I Great. there you Europe color color give of there pipeline you're the the the opportunities at would there us deals be And or in Are of one, kind then US?

Lee Rudow

is meantime, We've of arises, the the opportunities characterize the transformative as pipeline we are this not large and business -- our past, implement. and with in will in that are all got our have this acquisition acquisition for markets business at the our continue addressable United kind Yeah. geographic opportunities to so runs that, it. think if States are those, point, and NEXA adjacent did to which and been to like strong we for opportunities. that pick engaged of of has the the they some expand that can we're and is looking and Lee. three strategy would that drivers our up there's to in say always to opportunities for as we'll a increase drivers for opportunity we're our it they our a small, our core be something where we we capabilities, really footprint do we in In be they looking medium, I US variety we're size -- mostly ready strong. will are Scott, Europe, the with, It pipeline gamut services calibration, would main looking opportunities, of I footprints

Scott Buck

Okay. Lee. you. guys. appreciate the I Thank Great, time

Lee Rudow

care, Take right. All Scott.

Operator

comes next Please Northland of line question. Ted Securities. with with question from your proceed Jackson Our the

Ted Jackson

Good morning solid a on and congratulations quarter.

Lee Rudow

you. Thank

Ted Jackson

fun asked, my questions the financials. is your to going be questions most of All around so were

a those calibration, Can the out, little break-out business, you of like you percentages? typically in regards give I'm start with third So have just going to and terms freight. services to party

Mark Doheny

you're right Tom, what to I'm not Ted, I the sure those think, the queue you we think quarter. referring now if I put and for into probably handy [indiscernible] K. the have

Tom Barbato

it'll close we're to Yeah, file market Q, actually in afternoon. be which at the targeting tomorrow

Mark Doheny

a any in expect we the quarter, given next in Ted. from huge change what report wouldn't typically I But

Ted Jackson

of And what's your for for year? Okay. the CapEx then view remainder the

Tom Barbato

expect to for in million year. $X we to there. full at million halfway be the were range about million $X.X We're $XX We the and

Ted Jackson

Ireland back and more going then And something the over Europe maybe just and within opportunities Okay. fun, such. but to

up as to, tackle kind are into have a an I you what that to opportunity. snuff, it can that within putting hold that region, you bring some Now -- already Ireland obviously, that lab commented you that so total guess, of investment you've

US, do to that, assume of people, in of -- an done kind put do that? need you of clearly to similar the here grow kind of place strategy is how you infrastructure is what in what investing to the longer in there run term in Beyond you've Europe that over terms you business what that equipment, as kind opportunity of business skills? a successfully long -- Just kind consolidation as talent see do to there in need that over haul? the yourself I

Lee Rudow

mean, we why our functional the can't reason lab here labs people, no a customers confident that's of right we've pretty calibration some establish is part our which US and in be to into really highly train the them, that successful There's increase what in done and in to and your kind question. I of put doing past Ireland, between ability capital connect that the we're hire the in the capabilities. we that with do Ireland, there,

down and we on there doing focus getting lab it we and are for road, is we're NEXA always -- would The going don't if say a we're also I there ahead is, much get to once second of expand out beyond in clearly of to your ahead now, what Ireland? but and terms remember of right foothold I be plans. us, to that, running laying I open will there. mean, our business, opportunities business have to that, the expand part question the want plans up long-term that too too to of ourselves

we run-way I to time they why lot our beyond Longer So that and services of between we reason any a focus to the got offer core be that. and term, certainly attention see calibration, don't expansion open would the on.

Ted Jackson

and great All the congratulations right. to Well, I'm on out, going again quarter. step

Lee Rudow

it. you. appreciate Thank We

Operator

proceed of line with from Ramgopal comes question next Sidoti. question. Our Please Mitra your the from

Mitra Ramgopal

for and the questions. morning, good taking thanks Yes,

First, I just service side. curious was on the

at probably service we from or given potential comes look year, the business? revenue business of most next your life recession a defensive As much stable that's science, how or

Lee Rudow

low XX% Today, the it's in XX% 'XXs. range, maybe

Mitra Ramgopal

seems far to but given And I an new Lee, a of you. of to the issue as so looking not ago two labor Thanks. growth. sort employees for quarter from new know hire even shortages the today, future CBLs believe It I a especially still commentary, quarters tax, influx much or were ago, and support of Okay. maybe concern the it's you're

So we about maybe can investments employee think and how should additions you if there? help

Lee Rudow

staff employees having and technical is the growth really strategy. to Well, key our

put in narrative, guess, so why half my quarters. -- center up I as and field in XX people the I are labs. the through the We their training we that think that's XX Of working first, training I we two set XX a at respective center. And mentioned in people, and

So news. good that's really

their even built couple it's from but own. quarters couple of productivity in what the from running, a going to field be years Now isn't they're or a they up, now we've of now, they're our and

building process lower from -- technical and labor on so labor will cost be We're operator working find the for on automation, several to automation working that's a and kind we'll profile continue technician easier do think working and an tax. I that, improvement, because right? we're to us news. that also the fantastic own our of Mitra, Longer-term of longer-term, angles and is important, the once, it versus we're at more requires we're

the a reputation we think industry. in really I have also great

being hard we've for the we're on great grow attractive to place for, an position got really work so is if engage this a would and we've like worked are we always that to -- in. so I techs And view, sort tech develop and in, an always in, of a workforce in, a available, but maybe think land desirable we've culture, want internal where place technical

Mitra Ramgopal

a you again, of name what cost but to there, labor, now That's for No. if inflation, can out raw it, you looking Okay. any? do as lot warning year, see headwind you, great. next about the maybe materials, as as that's concerned look out Thanks. pointers year biggest to And a something for next you out companies you to recession,

Lee Rudow

I everybody mean Well, else. we like

that optimism. sees, calibration lot and just of spend you cycles been the for think through years time I We markets, every of and model see we're a degree everybody XX but but or It to the economic you business economic in a else is cautious other, slowdown. that see and We slowdown. for way positioned same business and in have business effects the against hits headwinds I the that efforts -- well sort the one in hedge regulated your business I've normal good pretty your an from a our this

I should that slow the I and a we're in Mitra, So like we're think position running good down. model things

Mitra Ramgopal

That's great. taking the for Thanks questions.

Lee Rudow

No problem.

Operator

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

Lee Rudow

on call continued in this -- the Well, Alpha at person thank and at City, be all the November Transcat. interest New York is which XX. Craig next for XXth will the November today. joining in Conference is day in earnings Conference in for We Hallum presenting Thank you is Lee. you appreciate which Dallas IDEAS us all your Select Transcat

feel you're feel Otherwise, attend if with up our to check to sign So or free for conferences. to presentation us in time. going be at those free one-on-ones any at

you, from look everybody hear to we forward will our quarter We with talking results. third again after

thank us. you for joining So

Operator

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

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

Transcat (TRNS) 1 Nov 222023 Q2 Earnings call transcript