Atkore (ATKR) 18 Nov 212021 Q4 Earnings call transcript

Good morning. My name is Jeroen and I'll your conference operator today. At this time, I would like to welcome everyone to Atkore's Fourth Quarter and Full Year Fiscal 2021 Earnings Conference Call. All lines have been placed in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. Instructions]. [Operator

President this like being over to host, Deitzer, reminder, I Thank to call Investor John now and would turn Vice conference a you. recorded. is you. your Relations. As Thank Treasury of the conference

You may begin.

morning, And joined I'm and good Waltz, Johnson, Chief today as as well Thank David Bill Financial President everyone. you. by CEO, Officer.

or after everyone uncertainties materially forward-looking David. and I differ may to materially. remind that, today's We from our or this of projections those and actual and statements. factors Please make filings regarding financial will which results release would the statements statements cause Bill projections take SEC future events important company. contained comments by identify in your our that involve such we during forward-looking press that or questions call, actual performance differ refer to may like could risks Such to results

discussion In adjusted our addition, EBITDA that, to any With turn means EBITDA. reference it Bill. over in today to I'll

And John. and to on outstanding slide delivered again results everyone. good fiscal and Starting pleased record Atkore that full year. the the performance fourth report for in X, quarter I'm morning, Thanks,

truly some a thoughts today up we wrap to future. year, take the on we As share some want time also discussion our our in amazing to of

uncertainty from to environment. is of the considerably to in our adjusted forward confident of into up execute Looking August, continue in fiscal perspective $XXX million. the XXXX, and to despite to back increase a in range EBITDA This are to we expectations for we pleased ability macroeconomic level our we are million shared $XXX the

long-term week. strategy over like that believe along insights within the how $X are we the authorization conduits Included significant value share billion highlighting cash our detail, creation. three the three we we cover in over in also We'd and expect of will million to both model more of deploy amount years. but right next growth this commitments deployment beyond the two we $XXX this and to As capital term we our drive we over share repurchase Board to to David near few look some committed have and is to past made ES&G with our approved that new years. driving a are progress into Directors XXXX,

to Beyond global supports speak drive ESG I'll increase also how electrification. our the own efforts, to Atkore

we our the future. excited our a I even As want their to over you we are can. hard performance on for can year discuss we're building to hope very to with We're contribution and and year, thankful and for With this turn focus them recognize the about of dedication our customers as work to serving quarter. tell, the David amazing for I'll franchise the always more call best but employees, we from their that, pleased this longtime X,XXX each

Thank you, morning, And good Bill. everyone.

X. slide to Turning

were As as Bill prior had quarter XXXX. the and in compared to QX the results mentioned, of fourth up we year, well record significantly as we

a utility above $XX end received for in amazing authorization. product. million share the And status. million repurchased During We to patent our out repurchase $XX previous contributed pension close We to XX% was highlights fiscal to to MC key a bring our few our mention. This plans funding we quarter, Glide stock a XXXX.

to significantly both the results to EBITDA in consolidated up margin increased Adjusted XX% increased year-over-year million. year. to our $XXX X. our our quarter, on $XXX Moving Net the to adjusted versus million, adjusted drove which EBITDA to $X.XX. prior XX% EPS sales slide increase

growth Infrastructure by the selling our X. our $XXX operational recent million develop $XXX Through Net to adjusted our from operations us by volume costs, bridges. be XX% adjusted our profit marketing sales largest labor prior together satisfy that to due to $XX commercial human to resources chain Labor disruptions million. increased working adjusted and slide with segment to X impact domestically very team both of and our enable and tight solutions experienced $XXX constraint execution, to the results prices The million. customers the increased outstanding to to our year which as million on growth overcome from by our continues led we the acquisitions. input is to market. and was adjusted to EBITDA driven sales improvement segment margin of year-over-year can. segment, and Turning higher million & profit internationally, consolidated contributions by EBITDA We XX%. by and $XX supply creative XX% margins continue our and to best our higher sales Shifting that and several Electrical from above net ability increased our team In Safety EBITDA from in slide our quarter. increased grew EBITDA entire The

our loan satisfy Bill. slide we back to forward position flow Now, we've flow $XX bridge years $XXX X. With XXXX balance look cash of strengthen done as capital over past our the future sheet we this In that, We the lever amortization a also grow. million. happy in $XX cash very to operating us in required $XXX continue to to we're few invested that using all year quarter, with in in balance today. the million resulting payments. are generated million of help turn flow in moving With sheet, our to work we to and it expenditures, the million fourth to We our new free order and on repaid consolidated our to activities cash term from in I'll

Thanks, David.

in with of slide Atkore delivered X. $X.X sales billion and record results financial in XXXX to adjusted Turning approximately million EBITDA. $XXX

we're work the proud received to in highlight to places Beyond the financials, XXXX. we example is one great that certification just

and they to we place be It is received XX privileged for are to us our is that focus on core a new for our our team across provide acquisitions an an the have successful products Atkore deliver their where We that year, can to enabled for patents three that our objectives XX operate. ensuring customers. how complete commitment important innovative portfolio and is talented solutions incredibly that strengthened business dedication and and

One the is the the EC&M award. product MC contractors, MC received be which reducing of Glide, Glide of these products job. by and to the year and customers received on labor well costs time spent continues

our which was STAR going means Another focus in efficiency that talk greater core status improvement also remains a challenge. Sustainability, the award ENERGY we years the to site and in five and joining a call. the energy for the XX% both Phoenix of achieved our our received we're site, in or achiever about within products, operations later

look come to growth pleased While we're with XXXX, performance execute our we're forward excited to for in continue to in plans XXXX. our what's and

Turning into our full-year XX. outlook XXXX on slide

$XXX adjusted XXXX, EBITDA to mid-single-digits in $XXX the For to of from range million expect in million, sales to be to the XXXX. $XX, up $X.XX and net EPS compared adjusted we to be

growth to be right estimate, business. But growth As normalized now believe we an forward. beyond strategy. we what operating M&A deeper expect be the will more a approximately for And environment level estimate million expect we fiscal is adjusted our within going the of let's $XXX will baseline that contributor look ahead for EBITDA that dive into key XXXX, we our

to turn XX. slide please So

safety new three and to condos the to innovation, success, categories, we is new drive edge long-term – of to and with focused continue markets. see Starting we and leading Atkore on position we electrical product to our growth product believe As future ability for innovation, this product M&A. key remain infrastructure

solutions innovative will that We to our continue the development in invest deliver to new of customers. products

focused categories selling are gain portfolio. and across by for key increasing cross is categories. opportunities significant our Next become product product product believe that leader share We a our adjacent in there Atkore opportunities to

order, end, believe focused For example, be size. come bolt-on the there To one to our not PVC the Atkore through for a strategically has years acquisitions customers for invoice, portfolio strategy products. in for but and products our will pursuing one-stop remain had of historically opportunities Last, value to least, steel customers. we on smaller of strengthen M&A. to ability we Atkore together delivery, we Atkore to our acquisitions, conducted that our coming while several varying one conduit Both shop as continue bundle leading provide and one

the our with market improve this of what our of order underpinned capabilities customers' positioning across to Atkore. is by consider strategy, experience to we foundation and in our making All business operational ongoing our investments enhance

are Now, to at the At to that our beginning the this is do supporting increase of benefit in the of part big going drive and same. was believers to the firm about enabling I mentioned of global A sustainably talk we operating Atkore, customers the electrification. call, sustainability. I

how this about talk trend. into fits So, squarely let's Atkore

look there years, of recent gas please and towards to reduce to buildings slide a as vehicles the In XX. significant So been emissions. we shift electrification turn greenhouse has

For as doubling amount example, in Street by all contribute XXXX. buildings study The could of Journal earlier to according and nearly to this used year, cited electricity transport electrifying the the US University Princeton a in from Wall

reduce needs with towards bills will digital various conferencing, building And e-commerce, expect to action and is the is as Climate Further, in expand. energy UN over this last vehicle in activities climate as This efficiency in continuing like or transition to change. as initiatives in regulatory warehouses. for to and create This world extends the areas increase infrastructure the of take this recent to electrification, such there projected emissions. this the we've rise sources out continued accelerate efforts with alternative new Congress well greenhouse there further infrastructure these US as As require combat support continues energy and stations. connected. Change is the build believe more specific to we physical to of electrification video levels higher seen more becoming world also as growth it's a demand construction where Conference, and around year, charging infrastructure we electrical investments behind retrofitting, experienced digital solar, the are pressure the and in gas to telemedicine Whether

targets, for their I'll detail David broader about trends to framing, it help to our a to these markets. to reality. cable but everyone. more customers on our are cable tray only will armored and provide We're metal what future fittings, push sustainable conduits, literally the products support deliver to over turn Our sustainability not more in David? connect excited quite tailwinds electrification for

Thanks, Bill.

XX. Turning slide to

exception markets the water own products, of trends are of the mega strong trends, digitization. by and With mega our their electrification supported growth which some and have our security-related end

Data In seeing business. trends also we're international healthcare. terms data for of a our building warehouses and are for centers key non-residential driver new centers, construction, particularly strong

in increase to of of In the alluded the PVC retrofit in important of seen and this expecting these K-XX end our very renovations supported warehouses OEM renewable from in conduit subdivisions. end our benefiting home, growth our the of the long customers. certain Atkore primarily residential, demand is to buildings, term. Bill is mega say the exposure terms to markets As also we that business, outside through across the growing the have trends segment We're to that an of solid the from US. development schools of push over repair/remodel the but from sales new in used All will which regions our markets home majority and by is highly benefit market

to deployment strategy. to to capital like Moving I'd slide our XX, turn

enhanced been Our objective to further we've strong organic trends the investments, discussing capitalize across FY on and and our both position inorganic the can so XXXX in we drive entering our marketplace businesses. is to growth leverage make

trying processes digital efficiencies. in and First, improve drive capabilities we're manufacturing to our make increased and tools to investments

also market. will invest the We solar in support to equipment growing new

portfolio and strategically pipeline in our Second, to M&A adjacent expand we near current categories markets. those engage our strengthen to pipe continue will in and

to Third, shareholders. returning we remain committed capital to

to has Bill capacity inorganic recently directly are buyback This mentioned, ample for will funds growth program. new allocated not investments. our $XXX stock organic flexibility a give two-year either use As board to authorization us million repurchases or that approved and

roughly below. in be committed adjusted While X our to approach times at and EBITDA we gross execute disciplined still debt are maintaining to normalized or going we our the to are strategy, ratio

the to to sizes opportunities to varying take expand the consider and pipeline it our it at integrate over as with detailed criteria. With to fits M&A M&A think that, years, markets our continue of there Atkore approach discuss strategy coming commitment I'll back will of part our look We pass to whether our turn slide a portfolio. way with more company Let's ability to successfully ESG. the starts companies has Bill identifying are against XX we our to to to and Bill? we execute manage in Atkore. proven portfolio. strengthen a a acquire, and This

Thanks, David.

is longevity safety to into built the slide our strength, sustainability that and everything and Turning do. central is of we business Atkore, to XX. At

ENERGY reference, made industry, to forward. For in XXXX, us in our more STAR commit significant of XX challenge for had Sites resources order investments moving further the natural we consumption to FY help reduce we've and other

As important natural escalate, the with role of resources issues impacts an climate continue and our that we Atkore change other has know product play. portfolio and to to

what and our are. know Atkore, integral colleagues who do inclusion, believe we vital businesses' we is to equity our DEI, is As wellbeing. that At to diversity, we and and

of end, the we've ambition bias onboarding topics Directors. the across itself parts all DEI introduce prides unconscious and at To Over including our and of launched reflecting the Atkore our into training diversity company's year, program, Board organization, our on operations. of levels that past all immersion

ahead, improving not and planet own our we believe whole. operations their sustainability as which and in As goals, society we to the our sustainability people, and continue will benefit committed reaching in a our look we but remain customers only

for few Now, we're $XXX in far let on me earlier, and full weeks pivot to for so to our $XXX but first be expecting year the very QX, we're of the we've start to by the the of of million. touched I expectations million adjusted encouraged range our outlook what fiscal EBITDA in for quarter. the seen And slide XXXX. XX

QX volume volumes supply quarter. mid expect decline internally expect to in and versus the the the we single constraints limit chain, value and, maybe digits labor chain across by high However, to we year prior. to disruptions see Therefore, some in

the full factors gains value year, to expect though, volume be several pandemic, we full the we the forward the driven dependent by for within year, but Looking chain labor and generate despite uncertainty on availability, will chain. supply modest the to

million the adjusted year, $XXX is profitability believe EBITDA In in at terms estimate for $XXX this the time. million reasonable of of we to

that and of to see similar FY we're favorable could into the if some year, trends pricing However, continue XXXX FY QX is we are and level than stronger the expected XXXX. experiencing earnings that

in strengthening markets. firm do always, we I that view updated year here inherent in Driven in and at system, the As leadership will keeping on focused operations position want the wrap we will by reiterate unfolds. and we're offerings. modifying believers be to Atkore see Atkore and on just business value slide our as you to To our in up we disciplined be our our continue XX, the what

– Looking guided focused ahead, growth forward a clear to strong sustainable will organization by investments. levers, M&A. and a our financial we advance multiple three supported both organic see path and business of product our through drive by to into product inorganic innovation, the enable growth foundation, the us as categories conduits across new These future

XXXX. done open team that, excited With for for turn to the operator that the we for the thank work to and I over the Before it am up it we've over know operator incredibly line to Q&A, to talented our want questions. turn how in I everyone all for let XXXX we'll

Instructions]. [Operator

question comes with Suisse. John first from Credit Your Walsh

Wanted to as at quarter. pricing the Great question come we to look try forward.

environment math of strong like is still relative the So, a digit price I have if But maybe we pandemic. even my kind very just assumed something high-single pre think pricing XXXX. envelope percent we math about a my is for are, of where back correct, if in is to

higher to forward? price sustainability product? capture So, Or some get are ability point would really making thoughts to productivity, price. we as the structurally investments that you're the able of the spread given at your we of maybe so Just love of of drive kind a to higher price just the around availability cost go you're a of

beginning your delivery, bundle the are in one with suppositions, and higher And in more we would that to I demand yes products supply the invoice. all the with of environment above. We're say one a better to Kind doing have a automation, value-add. new productivity, order, price And are we one self-help constraints.

going record $XXX And years million have raised million. a that million, been million moment, of that. driven moment, look why million. to forecasts just things to, two say, we've we that's have saying that last $XXX profit gave to $XXX for if $XXX we lots into to in the ago, reason why, a from So would rearview And $XXX million, $XXX our quarter the now XXXX you

million, comfortable we're type internally, that's could then, And triangulate, M&A, I So was a John, to increase. productivity dynamic $XXX said, big thinking with repeat with million to a our therefore, we to still we prepared would that's But how go we will depends pretty And months environment. and last a as pathway on play back. while normalized some out. way hey, we're then an year $XXX There eventually it's new that of soon. pretty also term why around but we, million. the want And too obviously, price in EBITDA striving $XXX of a next that be several and I clear, numbers, be also I'd drive investor, longer finally this remarks, be products delivering if

So, hopefully, in I thinking it. numbers use through we're how

$X like? for some Atkore. that deploy of the just about, to could around more pipeline. you Obviously, actionability, you color capital did you that any give larger it's Can mention deals what an this us Obviously, be there been that in looks accretive talked size, billion lever

deals. and The not not We – there's have or we're probably good over it's really allude down. did a XXX always only lever literally did want whether deals we Yeah, I specific or pipeline. not may to over-read, you allude thing a robust, the doubling accretive in have to want

debt ratio three, had years back EBITDA ago, above to a X. four reflect you If we

for can or sudden only a deals to of billion to to picking when But I'm work down, trying absolutely deploy just freedom all a looking large We're we're over go million, $XXX looking we not the certain whale debt next years, one. size do. couple number, is over there. the $X we're As our a a

our believe, So, a our moving We deal $XXX to and has still customers, million to accretive it's or we're deliver we for been, to that's the shareholders. deal, for $XX value there, I or what $XXX and have if or our good value from it's strategic And responsible. firmly to. it's And it and debt synergistic it's we exceptionally customers. million whether forward. enterprise bandwidth we value your point, to management and that's allude right million, Because, want shareholders our really is how deliver the

Your next CJS Securities. Moore with question comes from Chris

I wasn't it sure if correctly. heard I

So, I in Did is digits terms you're of it's volume growth hear fiscal what for XXXX, that correctly? for? looking mid-single

Yes, little to to than some in like of with they A bit a said, lot the year. construction typically going And than do projects taking longer correct. and is just that we then last be that QX, the probably would, of labor more Chris. it's has availability of market the lower

at labor good just that for elongated. Chris. other don't be there's Dodge has walked we If whole activity if back But architectural can we electrification index they enough news mid-single growth But we products get get I there, follow-up, don't to The it's is strong. through, in, out digitization, other But, digits, probably self-evident, demand the believe, right digits. mid-single level, is way. building strong, the contractor think may cycle now, they this continued the longer end or the

we're issue performing and So, well. no

You chain. supply referenced

cause Can hurt on So, supply all terms you maybe that of a little some challenges the the later things recently. get the specific badly work chain in we year? seeing have more gotten in the you're could with of companies that

with that. that not I'm overplay to us. want us, for Not Well, concerned I

our Something materials always times. for longer happen. are almost today, But lead of can all

constraint. performing ourselves do the forecasting could the when precise else. we called almost we're Yes, but in what's like I see a Nor flexible, more future therefore, constraint. sure inventory, being well we're of in process everybody labor, in be we not all employees, have those have of But more a delivered So, it's the and psy-op more and make and categories. what use to we

a of have product with I overseas. if the of kind So, in comment mentioned as but Chris, earlier, job come everybody products to you lot David's site Atkore, just not do at I and – knows a from or more is you're think

So the and I with think ports anybody products in. getting realizes issues

– day, that's they and the the I at So, next category these most ABI, through get is is all if even for for forecasts, year, down. is this working are there, But end – would Dodge every is positive this right product, our society And by others. some say the stronger I Dodge now. starts again, just don't almost category look even of some term out. may job of slowed products on long at some Obviously, what than the think very have other trends,

the year. So we're optimistic going into

other labor one just In Chris, as general, companies. we're other intensive comment. as not

when X,XXX chain So, billion say, we're is it market. less, what look you have at our the around or our is employees $X domestic have revenue, and and for you as or you automated supply fairly domestic

So, in the region. for region it's

directly not to Bill said, an of impact like So, market. it's as It's construction really the a impact secondary on, us. much

comes with question next Citigroup. Kaplowitz Your Andy from

looks the normalized way, for $XXX EBITDA. million stay the $XXX year. saying will the normalize then like million per Difficulty] that like seems QX close which assumption behind in you're EBITDA and to after that you that quarter [Technical It

that And as the that you're setting be million quickly way will you've QX? that could of after what's gains the that the that mid sticky? of you seen more sort eventually. that normalized, some $XXX assume Or comes of you'd it back pre-pandemic, sit here to And probability step as most gains give is XX% tells basically So, then, inflation anything the like it seems range in pricing with we be today, high back that Does off? higher the margin business of Electrical you that could gradual recorded than understanding a there more down? normalize is

pandemic, This jump the sticking is price our to of can in anyone not we profits I'll were grounded themselves Therefore, XX%. start. last statement a up, before job had here. the help we keep above million. a the But compounded possible. growth couple as a their over years as And scientist David $XXX at at again, with five things. is rate EBITDA a if or stuff. rocket But long record

step we maintain saying the expect margin is to in number of $XXX the products, a we're future, To delivery, function. million mean, Now, M&A. some long-term I as which Xx. because this that, a value get and new whole of

So, going a that million. lot things $XXX of into

Now, million. million – you it's a go higher great, striving from would that we're to even not can a This year? we mean on, step That $XXX year, Andy. your to $XXX short giving would term, get a repeat look be mean if which last to and $XXX still internally be question, million year, to function guidance because could following potentially million, or number. path than $XXX the We're XXX to could that, higher million, and

or again, even over some and costs we So, and ground going we've million think we it the million, investors as we're we $XXX it it years. added But price our transparent value keep want potentially long also But value that keep gotten some just we've to term, up go more to want as as as of as possible. be $XXX previous back. always like much in of to keep long

into years the weaved I've year, hopefully, this different going our in So, thinking for and previous future. through numbers

and retail breakdown the you In weaker you trends XXXX the in hotel. sales. of talked think mentioned about presentation, of market sort the

than bill assume or to pick assuming markets assuming for of thinking the any you're data are and your the markets? warehouses this still XXXX? going the guide you're when the markets yet not those help up all rest in mid-single-digit point. of about But year I then, from started growth you your think at faster I recovery infrastructure centers in And in we've general see XXXX,

the answer Andy. repeat yes, I think as answer a I But, your yes statement. back is everything. to absolutely could

All easy enough. right,

inventory, evidence is weeks' give into I in PVC last time distributors the the were you more channel? usual to frame more And given XX need think said, are there? color us in seen that's conduit times or Where lead demand weeks? are think where have the they in out of on then three Just quarter, they the inventory can your line, any get For thinking two to you over-ordering he instead instance, you now? that strong

to I where were probably better. think inventories little similar are bit they maybe before, a

do was, to a to – you hard typically every estimate things. you But to to to is because to order out six be an different give lead it had have it it a and to weeks, of So, example trying time four went if six. now may distributor and it's again, week eight

So But it normal. we're on flip way. turns back price it the that's and to normal again, is slightly that's maybe holding it's getting where then it's spring why, to and because other from far could on

we'll be $XXX January. to totally or to where between. million hard number, able in it's is $XXX year's last where update on that's it And predict, So million $XXX dollar million it or or is

So or change distributors stocking slightly any it's product. anything. see I the really don't They getting in get better. can't

that you I it. be to in out, customers placed have should what now order January, to so have is Now to order get do have to anybody better go longer if some you do thinking, a – job

not a a longer week preordering, it – time. So, turnaround bit managing whole. just but was little of, it's a so planning through no But economy for is as that, the we're and

worried supply the moderate, One at not about buying go the some to if comment, general they're steel will point in ahead argument is some other time, that down. because of common assumptions them

quarters bit a it, supposed if in off. that steel because two steel or are oriented, to ahead, too buying wary I the so of tail little certainly, eventually much also think term, costs folks to it's So of the call assumption start are next near

are ours explained, always we've as and that, So, large pretty product.

going to So supply. extra put you're of not three weeks an

the You the especially find can't terminal, or now. warehouse shipping

[Operator Instructions].

Deane with next Markets. Capital comes Dray question Your RBC from

the back this high theme That's look, period my there go out indicators of suggested nicely. found important we beginning And normalization And XXXX of couple pushed trajectory obviously, of that's fiscal make Add quality there. a of Are to the first might the problem. the congratulations. the that here. being we August, the we've quarter, terms you I I about start enter. fiscal talked Hey, talked interesting fiscal can dictate about here in know if for would being year months normalized the be. we that it year? that what kind year especially particular kind the first really of Maybe

times are up they to to pricing maybe the Obviously, the competitor Because, number days, profit. think is scoreboard. would then, is we reason if if weeks, year's probably they're do if little more sensitive. just other tell that this put that's one-fourth quarter insights, I Dean, to bit the lead especially with were four add hold you abnormally three we that have question a more go, winter long And in lower backlog two the in bit a four case, seasonality it little hey, this that up weeks? six to asked price during Andy or I any take we months year, alluded only and have all then quarter to compared we'd which the way our we'll does again, last the repeat catch we – And could

our million you year normal year. was use in past future. strong We're also your I'm be normal, $XXX million. this than the $XXX get we earlier, the the a telling of with of problem to have. We're to normal a going assume into of down will competitors up if stronger to supposition, reason, telling baseline how that $XXX kind Again, million, we this say, that's catching that now the good So, year going Deane, to be would leverage

year And a a heck a So of August every August. giving one metric really type positive positive even from was is obviously, ago. we're of from

in my roll as We're SG&A. David for a somebody mind capital dug on here. definitely heavily, walked and our to is through future through investing the from Atkore investing we're So,

of pricing this out increases? still parse a Since factor, saw precision swing would is how much such is of that buckets material the the And we we bigger you system's buckets, how look, much supply value is, Atkore's frankly. Atkore, parse contribution, be out? that I then, demand constraints, one how ask Another pricing If there through of but – use that. influence and would business a add, how have, don't you the should of But bucket raw industry are is three XX% then XX% add price want all invoice, know constraints, quarter? supply passing third value north you bucket question to unique those and just about and there passthrough, I and if for plus Atkore's

I'll let then and Bill what start David. I meant say. is probably clarify to This

you'll to go at cost $XXX you our went X you see the our up quarter. changes EBITDA slide look for If million bridge, input and

is the that million would of that So, you could $XXX considered passthrough. that the portion be argue

much margin So, the how that the between to above. those of all products differential have say a to have added is it's come bottom what that and to we two new service, you of numbers, I Bill, And to decision line, you. of then would delivery the due the would

is also, not we team the props, order, the talked with squeezed the one to one products good the delivery, now, totally the things, new with on like half glass digitization – these by way, the and It's one about. the there's Right from thing lemon opportunities we've value the full. delivery, invoice,

here it's which again, So, – a because of factor riding everything, Deane, one about we're so is eight things. or it's not excited versus little seven I'm

how about well been incrementally the might and new slides bill, stations money as me. where making Just demand updated the grid network like burying reference create charging might for of for the where prevent national lines there's being not And to ago? It that then might a you as that the looks to last earmarked those. talking question US year we have you a of have for your power for infrastructure hardening, wildfires

the Andy think these he couple or asked, I did numbers. To who Deane. we and infrastructure was it things, Great a question did question, for any to, not asked yes into build of said we

And so, because raised not working about trillion like, oh, just it. charging that vehicle infrastructure, passed we that's our electrical on now government's we're we forecast. talked But a the dollar

two way, could better a next part upside To question, I this. trend opinion. ready. get think secular grid, by have the year, to though in that second examples. if wanted fiscal shovel the to That – the But factor part, my hits next be I hardening your for quite your and But be you for is give of great that's second of the I'll us. frankly. year, your may would the So, anything

are in You mentioned they forest fires California. And burying.

look and think ground the but we that they've positioned I lines, on ground. well we're suggested a spend out to above it's initiative conduit number. more to money way, support huge take the there lines bury electrical it's utilities input And to can Someone of out buying at below amount the as that, by than the just PVC

because I a the about Another to when happen, recently this last a lines over and ground. But perfect people did Louisiana in talking of New Ida went of Louisiana because listened decade, were but pumps the I'm this not work great Orleans in were the without by example. flood just saying senator speech because Hurricane the electrical power forth. through, will the how so not city in above all

to put that our harden those great we infrastructure country don't citizens do power electrical in have outages. and our how so So, do lines with this underground,

So again, whether is really things, we think in infrastructure things just the prepared the I bill whole happen. that is our it's things a of to Atkore going that society different as make part marks, as is, or said the many there's conduit these through so

the turn to to session. I would concludes Waltz remarks. Bill This like call now the back for closing question-and-answer

discussion. me let three key summarize takeaways conclude, we today's Before my from

a for strong beyond. was outlook we and have XXXX and an incredible First, year XXXX

Second, model in three are drive conduits deployment to our strategy focused growth stakeholders. all capital of implementing of increased the creation on value our we for and

business support and M&A. we the $XXX not for continue to during quarterly Atkore to that, authorization to interest our million that is thank today. we the be look will pursue in utilized you you This repurchase and to to cash in and for will invest call call. or being your ready to new we shareholders With return with speaking concludes stock our capital next forward Third, with deploy look

today's conference call. This concludes

disconnect. now may You