Earnings call transcript Q3 2023

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Operator

Greetings, and welcome to the Transcat Third Quarter Fiscal Year 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.

I would now like to turn the conference over to your host, Mr. Officer Financial Chief Barbato, for Transcat. Tom you. Thank

may You begin.

Tom Barbato

everyone. you, Transcat. time your and morning Melissa, good We and appreciate Thank your interest in

me we our call CEO, the call questions. with Doheny. here our remarks the up With and and the prepared President for then We'll today begin Lee open Operating Chief is and some Officer, will Mark Rudow; on call

during the the that Investor release crossed transcat.com wire prepared reference earnings we and earnings closed website Both after be Our yesterday. Relations can slides release the will our found our remarks markets section. on the in

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

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

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

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

to the With over Lee. I'll that, turn call

Lee Rudow

our drove service fiscal everyone. strength and portfolio Transcat morning, broad experienced excellent third for more expanded for based Good services growth, joining gross Yesterday, quarter. today. across Thank announced XX% on that financial revenue the growth Tom. margins call EBITDA results We XX%. you you, our of Thank than strong us provided of

particularly are in cycles. single and performance better digits of COVID eight pressure has quarters, demonstrates high Organic consistent service growth for with model, inherently which XX%. well of growth related economic been impacts, We the resiliency the pleased This through or now economic organic last our various the our business despite performs uncertainty. inflationary

markets as of high recurring execute ongoing revenue the and regulated and aerospace well defense the customers. our continue rigorous the as We in where failure highly cost the we meet well streams to science of is when are life space, needs the and

revenue XX% driven to XX.X% points the from third our margin in year to quarter grew was In mentioned, million. as both given XXX a important just third expansion increased consolidated and Consolidated $XX.X metric very expanded segments. to the basis $X.X for of growth, XX% margin acquisitive I and distribution our prior level service gross quarter, EBITDA, million. us by Adjusted

a Expanding at consistent its quarter revenue and markets year-over-year perform of our high XXth continues Our growth. our growth. service an level been to segment of driver has recorded instrumental addressable straight

from both Transcat Enterprise share services, is proactive a gains term our quarter margins service we which in the make suite advantage. reported the service which outstanding competitive of position to U.S. and to manufacturers. of quarter, differentiation mission global Asset now in make this gross critical From asset A markets Transcat XX NEXA’s investments example margin maintenance be includes compliance, and computerized we of quality to drive to reinforces is sustainable of points and basis great continues between positions Management. fiscal data continue analytics, Revenue We the and synergies NEXA meaningful Transcat serve. validation the to in Ireland NEXA XX% third perspective and management, XXXX. regulated longer the third and up

Moving revenue end to margin expanded orders. we benefit X% on our vendor million driven electronic segment, to and extended points customer buys that times growth some the year. to Distribution as by margin despite see convert gross to that executed high remained year-over-year to to open grew in it XXX to the lead demand in from $XX.X XX.X% basis strong we chip strategic continue business distribution continue as our high shortages earlier challenging rental make

the believe North and Ohio Acquisitions that located America. are specializes to geographic aviation the the capabilities at third Transcat's calibration We we the two infrastructure related an industry. in we EXB's quarter. important part companies long EXB services leverage term significant strategy can and footprint across in of acquired current growth calibration Cleveland, growth accelerate further beginning of Transcat's to in

the are addition, positioned to In Cleveland integration gone very the and activities and expect performance In the we science nicely we market first Greater since this quarter, on well to area. life in acquisition, the continue. have capitalize

is Complete in strategic Complete in local footprint a a country life Ireland, Calibrations with science Calibrations our acquisition establishes first for presence but established a Transcat. market. small Ireland. a calibration robust The acquisition

the Transcat. term differentiator Secondly, another Complete we Transcat calibration foray for robotics, over will Calibration offers into that longer believe be

and quarter were of businesses third our channels. strong all, third -- results our across quarter our portfolio in All

Our of In flow. $X.X generated cash strategy supportive times. of million remains strong third year-to-date, ratio the a acquisition with we our leverage free balance X.XX and quarter sheet of

to a into And Tom Tom? over third performance. with the look I'll turn deeper quarter financial that, Barbato things for

Tom Barbato

provides and detail segment revenue third earnings quarter. the Thanks, our consolidated for by Lee. I'll start deck, four basis the on on a regarding Slide which of

$XX.X XX% segment. million primarily growth acquisition. our driven Service very the strength versus roughly was revenue X% organically XX% strong from prior year, by of in up coming remained services with revenue the the of Consolidated growth segment XX% other and at

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

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

Slide to Turning five.

gross basis consolidated was profit year a prior points XX.X%. year. up XX% XX.X% of points to the sales the was strength Our margin $XX.X the XXX XXX segment from margin basis and gross up Service of margin points in rental from from continued basis and and our year improved prior Distribution prior XX expanded favorable million gross gross business our mix.

adjusted of earnings of Turning Slide When income per that diluted negatively metrics QX flat. to impacted important $X.XX earnings the $X.XX per diluted $X.XX net and share were diluted by six, our earnings also to per adjusted prior both share flat interest million year to $X.X and per of share third share. year, to the of increased essentially comparing approximately per expense EPS note share earnings prior diluted quarter it and is was

our year tax full We of rate fiscal be the to range in XX% to expect XXXX XX%.

adjusted use to believe gauge Flipping measure adjusted performance a is ability EBITDA, margin, because, of our performance and and it best we the to we measure cash. is to Slide EBITDA which non of seven, adjusted EBITDA show we the operating our where GAAP segments our generate

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

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

million through future automation end Slide And Year to in to to the projects. year operations including growth the to line capital and million date Moving $X.X from continued year. for of and the around eight. expenditures service quarter capabilities flow $X.X third quarter. be Cash was centered were in with segment prior to date expectations technology, compared the

highlights $XX.X quarter end, of At had our $XX.X leverage facility. times. strong million available revolving million We our credit of nine Slide a from total balance we had debt ratio X.XX with sheet.

we our to XX-Q Lastly, after market tomorrow. the closes expect file

With that, turn I'll you to back it Lee.

Lee Rudow

you, Thank Tom.

the positioned margin revenue the ahead, well for year are fiscal we quarter and to Turning continued XXXX and growth. fourth

further respect our also business expanded performed our we as develop both the make markets. in and fiscal strength very In as of our to Pipettes value continued proposition We have recently progress addressable we expect well. that great NEXA increase to XXXX,

end unique inherently our services economic value durable that lies uncertainty differentiated we our makes proposition despite business demand Serving model expect our highly ahead. with for and markets to the regulated remain strong

serve. fact digit differentiation in in competitive Along our In to the remains Strong our the to and our advantage to we we with growth expect gain single strategy. and key ability will differentiation in is range. strategy growth at the heart of organic high industries strong the secure remain our market ahead year share foster the execution,

footprint, as our with Ultimately, as drivers to pursue will current and We are expand addressable that our our the markets these business. geographic acquisition strategic bolt-on continue opportunities and of trajectory identify increase infrastructure leverage opportunities. all designed to well

in supportive remains bright generate sheet Calibration will continue ahead. years M&A believe sustainable strong Transcat's outperform We improvement our of pipeline. the We'll Ireland now active balance continue the Complete to to continuous margin the looks in robotics and we improvement, process Our with automation, to leverage in is future. future and and very addition of that

operator, that, can open for we And line the with questions.

Operator

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

Greg Palm

for taking here. questions Thanks everyone. morning, good the Hey,

Lee Rudow

Good morning, Greg.

Mark Doheny

Greg. Hey,

Greg Palm

growth. I wanted with service to start

its acceleration, were up XX% relative year that's I'm nice end curious areas NEXA basis don't can outperformance and whether quarters, of an they and standpoint, that's know, other maybe maybe a on contribution saw if prior I pinpoint, You from organic lapped you plus. a market synergy increased to

Just on want that? thoughts some get to broader

Lee Rudow

and as of Hey, year combination all lap Greg. others a it's well. with probably some We the NEXA. did things those Basically

in has is businesses, remarks, we organic board. which as across the channels the but growth, our well really numbers, of their stated kind we So impressive our and towards said across our company performed been our as

saw that in we different retention, including growth saw encouraging. NEXA. strong So We was businesses,

based broad of kind quarter. the strength really So in

Greg Palm

if an way Okay, headwind give update also basis? there you compare curious on activity. that in I'm associated good. on with I'm margin the can gross you quantify the much just What way us I a us and the there's CBLs, can wondering recent year-over-year to And of of some for any if pipeline. hear that didn't

Lee Rudow

been it land many COVID of beginning would out incremental the a as a coming And it’s to at of we is will growth. Yes, our CBLs. see. of that of our COVID, attribute were anticipate a part, our saved usual growth, percentage out CBLs years contributing nothing the good be for new, We I the years, high the factor. no But some to were in would always that, concentration which in CBLs growth we year did that when of say factor has look

has drag we land year, of that As the quarter, far the three of fourth time as they and of a that guided there's of take exist quarter. the probably probably one that -- CBLs, a the we bit more mentioned and that of the beginning during bit several a and normalize you in a in and to when and see the little drag we're sort in of ourselves out enter first coming or two we'll towards quarter as period couple quarters did

close to quarter us ones So quarter normal. to of least should out in drag going typical not of see the be, three but we come the points guide first that towards at number we that's the basis of Yes. to you as exactly landed the it's year. associated what a would sort and out starting We're two

appreciate I question. So the

Greg Palm

last give sense. the update on contribution distribution to some be Okay. where well. then detail there? maybe us attributable bit on a grow, more makes or sounded of margin a was mix just strong. like get rental from you I rental, just is as It is one, little that an But can curious guess to It And strength standpoint most

Tom Barbato

kind performance I just impact as equally quarter. Greg, in characterize rentals say, the I and probably to would buys of that it would Lee the the strategic of the Yes. referenced fairly contributed

will -- of some point and the to we end of offset call, the up on in on that those buys strategic we to impacts. the us in growth year last As business early the the expect approach as fiscal here mentioned at dry going are into those XXXX, rental continue I but kind

going and robust I see margin we on So of in view is quarter bit would kind little a normalize side the a that forward. the

Greg Palm

Okay, all the luck forward. color. Thanks. of Best great. Appreciate right. All going

Lee Rudow

Thanks, Greg.

Operator

Thank you.

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

Scott Buck

increased cannibalization rentals? Hi, good there one curious, business. sales the Thanks from Greg's for separate a seeing bit from last morning time. with Or guys. Piggybacking on question the on little you I entirely are the are was rental they another?

Lee Rudow

I -- that it separate. I'm -- not I'm never cannibalization. seeing Scott, lead seeing that not but me doesn't We're numbers Generally, direction. it's would it's any to occurred, in they're seeing mean, point not

when strategically But a and I think distribution. And there's value -- we has and place. service a think of rentals. Rentals I proposition, it's for our anything is have place we cannibalization. discrete look distribution itself. bridge kind at It's seen between of services a not if its in

So for thing business. our been respect. that's the good It's from in incremental that a --

Scott Buck

rental Thanks. That's you ago? from any expectations And for calendar if CapEx helpful what in of And there's business? Lee. meaningful us the tell could kind a are change XXXX year

Lee Rudow

year we what The this expect something kind future as meaningful equipment, $X would in not Yes, in million rental well near be a is going but to change. million the to pool and at a the is of $X of see population would range forward. dynamic

Scott Buck

helpful. generally, need hire side OpEx from That's meaningful corporate there on be any growth there? do like drive we guys And should a you here? how increase about Tom, that the Is that thinking or to Okay. would anything significant

Tom Barbato

No, seeing plan certainly leverage It's happen start think from to not some forward. way or think the a that's And it reasonable we're is, about overnight, going that's an reasonable I think but shooting expectation longer -- standpoint. a OpEx we a longer-term think what as to for. going obviously, to of our I term goal from

Scott Buck

how some far you then those gains of you into of from of should fruit we Great. -- are the the And programs? the side, And look when to on through last service me. just expect all kind labor efficiency one gross the the at margin? When be that

Lee Rudow

side, in out to between showing sort of Lee. signs are of margin in see I in on we've XXs good is improving than towards started journey. We low early XXs the this some the enhanced in and now. place mean, that more low we the I got robotics, enhancement efficiency the beginning, still characterize we're service But processes the it lot a Scott, ourselves productivity. automation, putting Yes, would of terms that end

but the say, I us in a we call, an think that's see it And get in us amount not timetable achievable place this I'm going like put on the and our I in stage talked we for in exact So this in of reasonable would past, we've have mid-XXs. there. next should to that company about the time initiatives

over Beyond what but can to detail. to much into that, premature process, we'll work on get It's too continue it's continue automated. I like we'll be see business mid-XXs, the it's percentage of think not in to the

and next we get the the in is we've to plans place stop got to we're and just do think So mid-XXs there going that. good

Scott Buck

guys. I quarter. Congrats Well, color the Great. appreciate on additional the

Lee Rudow

Scoot. Thanks,

Operator

Thank you.

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

Gerry Sweeney

my Good for taking morning. call. Thanks

Lee Rudow

Gerry. morning, Good

Gerry Sweeney

of seeing, business. the but I'm up start maybe part much is -- selling curious, part the complementary I how your to of for open opportunity or does just growth How going an an opportunity NEXA big strong very of growth? NEXA. cross for there I'm just questions. X with discussed know of you just we're

Lee Rudow

We think substantial. it's

So we've for XX coming a year been months, half. a XX with up months about NEXA now, and on

we're we that as of out work combined the how ours. better quarter four early same getting throughout able resonated And and customers some well. that NEXA seen if the We've place. that look three wins, strategic to we when And obviously, the And will, at proposition which, we're a took look table, you to so with were we now we or certain of managing value managing quarters. communicating sit get pitch, at even our are relationship, right the both really synergies, literally And and the Transcat gate, had at acquisition and the we subsequent other. we better the how continue with pipeline after each were

there's a think I of there. upside lot

thinks our that They of that, thinks is of business NEXA the interesting. versa. ways, vice that our customers up both sales and by have kind picked goes actually team think team I which and virtue

would be since It's great use substantial the by [reach] acquisition. and over question we're time. a encouraged (ph) would the I the word So

Gerry Sweeney

say pipeline to deeper? Is deeper you a that getting expand? -- and continues Would you're as

Lee Rudow

reasonable. that's think I

Gerry Sweeney

Got it.

or Second I maybe will it's more little thoughts the in out a that? just Europe. Is life curve. Complete lab your question, a lot bit any say Are of other but mainland Obviously, on Calibration, know further Europe? first a on toehold? at I think looking this has opportunities in you Ireland sciences, I

Lee Rudow

things bought two Irelandm calibration. a it's to Well, Yes, you characterize in that a ways. we're have calibration one on going would interesting. build it Ireland, foothold think I lab When we There's going we the that about two is in lab.

a We there. will lab have

in you that think of calibration you go local will have the business. services calibration We Ireland. after almost business a as to When have

of lab or call that's calibration professional couldn't Not outside that, And a alluded business, service services we can in of in Ireland Gerry, what's on Ireland, the where about the it calibration of but Ireland XX we But they're And employees of that XX have beyond consulting as to So channel, expand business. local is you to we we think side well. further from things particular and service that doing working always Ireland interesting of speaking, can out pretty the NEXA generally the fairly services. can some not Ireland say in script. easily. the the work we borders

done So in of most work front is computer. that a of

done site a You of visit work be can anywhere. your do and then most

and which, lab, in see there. being to faster rate developing at I and Ireland a at than so rate (ph) plan on business platform, our greater yes, that [Cal] we're able calibration expand we And particular, in the a

it So I at both way. look

Gerry Sweeney

Thanks quarter. nice it. I and your Understood. a for on time I congrats got it. appreciate

Lee Rudow

care. Take problem. no Yes,

Operator

Thank you. Our Ramgopal proceed Mitra Instructions] Sidoti question. Please from & with with of comes the next [Operator Company. your line question

Mitra Ramgopal

the Yes. questions. Hi. Good taking morning. Thanks for

First, a acquisition consider as on trying terms just big front. rising how obviously, balance part Lee, from levering the in might or you aggressive strategy. to it's comfortable front an of rates, interest But the you look sheet and in a M&A being transaction doing? balance environment, couple the accretion any while of terms growth you are on the of up

Lee Rudow

always about Right. the question. when X in five times us the our up mean, lingered to I allows at one times stands been to There as Well, We've think last typically, mid-Xs. interesting it seven I around it's times, more lever now. an have times. at to comfortable X.X line X today in more we've been times, we're X.X point, years

Mitra, think So anywhere range, we're I in that comfortable.

currency. ways methods mean, of get a if well strategy market, of mean it we to in -- using availability the I how that done our and just as in variety and have place. about we sense. We are the stock I the even we'd use and I made these those it's other changes there's talk and of shelf them there them on any depending different execute think it acquisitions, deploy

capitalized that So sense. we're I in think well

And dynamic as of kind yes, as -- us we far fairly the thing. market our are it's and and acquisitions, we for doing

no issues. So

Tom Barbato

businesses the well And continue I a as well. demonstrated ability to we're on the That that time. good would leverage standpoint I from acquisitions do make contributing add think assuming we've mitigates that adding impact consistently just decisions over standpoint. to we profitability that a from are and

Mitra Ramgopal

Indianapolis to obviously, just color some And or that. geographies then you. some into and Huntsville. Tangent, get acquisitions new Thank on, like got maybe at you you new for look markets, it if trying Thanks

able geography have Just new business maybe you really growing later benefit of might a local expected? year you in have terms beyond that what curious if been from the to

Lee Rudow

discipline. way off that about to The to best is Mitra by Yes. start answer talking

they are And size decision of strategy. bit a our companies a drivers. larger in time a whether satisfy fit We to the our buyer or They say by space. have on it's to company, business for the our midsize disciplined have to make we us, small little

great just kind of a to going well in feel degree execute we record so, here we're And what upfront have. doing well. track good We We've respect. have of get that success got to a pretty of

same, at I just we When the so when comment. make two Tangent to in they Cleveland. look and good territories done well have All exactly but all deals. And very in that with us. generally would Ohio, of these at deals good brought as I want characterize general them us to for I not mean, EXB them rather to we look excellent are Alliance the

see our [indiscernible]. NEXA to always idea you'd well at excellent the to integration. can integrate. done with executing. satisfied done plan They've So We've We've the parallel and drivers. well It's top you the see

working And track going to so, we're got record really going. We satisfied great a great and team a this we're and this. keep on

yes, we And satisfied with So we're continue. it the results. expect to

Mitra Ramgopal

and I then And me also for color of don't Canadian market with know finally, seeing the if great. opportunities in on you the you're provide Okay, potential what some could there terms growth?

Lee Rudow

in point. have I general Canada, expect been We think in and we've They've some a Generally out a won't expectations. there, yes, at numbers for will actually I that at set continue. as I believe and Coming of really we've year this no had Ottawa, that COVID, think But us. looking Canada environment had that their has the And them There's pleased. reason cases. Montreal. Canada pipelines to speaking, hit good good labs exceeded three They've year. their would it Toronto

Mark Doheny

clearly we've the capabilities expands last Mark, At mentioned, of is Lee, a And invested our end that Toronto Mitra. this and new year lab in capacity. we

So which that's area is up very probably helping well and going that there, attractive.

Mitra Ramgopal

you see helpful. you big you any, potential out maybe a finally, now, we And or headwind more fiscal as cognizant environment fiscal to you given look XXXX, be wind do should -- for then maybe of. down it's but have -- obviously, if right and a Okay. what XXXX dynamic that that's No,

Lee Rudow

interest we And of thinking and general. interest when always rates on in the about the inflation. we're about rates economy economy rising Well, impact eventually, you'll think the see

in the past, way important is is which more demonstrated characterize of say in we have than being before terms resistant the As the what a nice I even to probably is as recession in past, business best that, probably I we've said it.

services is business regulation. driven by take economy. the service of to Our generally have regardless, place These speaking, that

I well we're ago, this, years five I be stronger. a headwind, today the we're business, The would positioned or uncertainty. terms think think, positioned. ago our is So think years economy value because favorable proposition but even seven say I has And attribute will a better I than gotten in of rental

do. even into have For well. distribution use segment didn't sciences. service think life we our that, And I now up to Life we to business more hold has gotten tend Sciences

we a industry. for of totally I think in So where Nothing's proof. others reasons, good relative variety Nothing's our like position we recession to I are. But really perfect. a in are

Mark Doheny

And NEXA strengthens the I grows proposition think well. as the economic uncertainty value

two So we that's ago. have years something didn't even

Lee Rudow

things, all of these Combination Mitra. correct. That's

Mitra Ramgopal

sounds for thanks nice It Again, the and Great. great. questions quarter. taking

Lee Rudow

pleasure. Our you. Thank

Operator

you. Thank

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

Ted Jackson

good asked. and been questions all Almost my you have Thank morning.

excited and it's ask to because on Pipettes I great a know growth. about all going just are the business I'm see So you business, perhaps

If going color of around business going, basically kind how you you of terms how could the of of growth is how little just What's it like growth you're do Thanks. it much it? it it see in is is fill seeing, for just your where kind to that in just And contributing terms some in -- provide -- business? blanks trends a forward? profile

Lee Rudow

No problem.

and which to the It's a Ted. of margins nice where job. that reasons recurring lot life stated, we tend of couple a oriented probably for The And that business reasons focus a nice business, science time we out. got Pipettes is revenue our a stand for nice the It's is potential. all a love business we do stream. growth we So

England our run we today, New area. at the So operation main

business. As doesn't we're have to it's do it, the nice our region. goal speak, in be even reason a local, The opening though why general up have and so to it's West opportunities something brought necessarily that the we're Pipettes Coast of to working It's business plan opportunities facility. we tend on a that additional general we with growth via be that base see in work calibration our the and sciences of kind because and kind to in are Pipette. and normal this bridge is do between nice life to

reasons, So would through is of started run, good margins, that be business our acquisition an lots example really an of attributes, we extending addressable the markets. well good

that to that's well. come continue for fruition I develop really sure. business will So to

Ted Jackson

per is your se organically Or building you it a to? at that a business it along? on kind of M&A bringing Is that grow you'll look you're funnel business as that pursuing actively

Lee Rudow

I see both. think you'll

Ted Jackson

Thanks quarter. nice solid and quarter well. next as Okay. very forward to Look

Lee Rudow

Thank you, Ted.

Operator

Thank you. I'll Rudow Mr. final and to that floor question-and-answer the concludes back turn our any comments. session. Ladies gentlemen, for

Lee Rudow

Well, all us your Okay. you in thank you. interest Transcat. appreciate Thank call today. continued for We joining on the

XXth Conference. We will Annual be participating in the ROTH

to at talking after you for thanks and Come quarter [indiscernible], participating free March Otherwise, look we'll any think that's to we there so us I March the results. today. XX all again on presenting, out call forward and be XX on feel the to check-in us fourth on time. check-in or

care. Take

Operator

Thank you. call. This concludes today's conference

this you time. disconnect Thank for may lines your at You participation. your

Transcat (TRNS) 31 Jan 232023 Q3 Earnings call transcript