Hamilton Beach Brands Holding (HBB) 7 Mar 242023 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to Hamilton Beach Brands Holding Company's Fourth Quarter 2023 Earnings Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Lou Anne Nabhan, Head of Investor Relations. Please go ahead.

Denny. you, Thank everyone. Good morning, our webcast. fourth conference to XXXX quarter and call Welcome earnings Yesterday, our SEC. we earnings closed, after market the issued filed XX-K release our fourth with the and XXXX quarter Copies on are our available website.

Senior are today Officer. Executive Sally Chief Trepp, Our Vice speakers and Greg President Officer; Chief and Cunningham, Financial

Q&A. subject or in actual Our differ results presentation are materially today during either uncertainties and from statements. forward-looking risks includes expressed the to remarks prepared that the statements those These to could cause

regarding and annual next our on at if year risks information to earnings forward-looking which release The Form the update all. in Additional is available obligation statements, XXXX. may these uncertainties for disclaims conference XX, and report ended our not quarterly call, any these until company be our December XX-K updated

now the will over Greg. turn to I And call

for you, your you thank of next minutes everyone, that, to Lou provide take take quarter we Then results. our for After fourth joining performance full morning, Anne. overview the Thank I will Sally will few the will and an discuss questions. year XXXX. Good us. our

effective my and in Chief member incredibly Senior leadership joined marketing, increasing Executive Sales. that President I Board [ President, as as February Scott XXXX results, I announced exciting continue and role in news plan. has appointment a Directors would in of Before executive XX, of as our served is was Vice of our last Scott's XXXX review will company Heidi succession when roles XXXX. company recently we to ] discuss appointed month I team. most of Officer. sales long-standing in of like our our our effective part responsibility Scott the an Global of

more. sales expand, initiatives In including and our addition in diversify chain, to has grow our aspects business. the successful our business most broad been strategic been to of of involved execution engineering, in managing partnerships, business, quality in He supply instrumental and marketing, sourcing, has experience Scott and his

week the strong on well family look to combined him when as Given our us of increases have fullest, to this experience, of Scott a company be is we he in on away to rejoin hold Scott participating call our vacation, XXXX will depth of working which is a is I results. transition to long-planned Scott smooth the place, wanted today. duties call first positioned the with role. quarter the we President. team able not forward discuss to in our so Scott we with enjoy Scott's his

results. our for Now

aspects to into year momentum progress year we XXXX, considerable the us term. We XXXX. of long the delivered several carry positioning were across for we built For strong excited over key our success business, the last

top kitchen Our appliance the line industry. outperformed small

XXX profit margin gross expanded points. Our basis by

of repurchases. XXXX to million from activities share in from XX% and profit million, and cash our considerable improvements. to compared our is insurance onetime operating of reducing increased on debt history, generated recovery cash prior of the capital excluded focus Our uses Priority the $XX capital through shareholders company's with operating a included on highest returning progress working reflecting year $XX.X significantly results. We dividends

We we successes to of with The attributable strategic the continue make are industrious outstanding our X to progress our achieved initiatives. team. capabilities meaningful

thinking we core good and around everything centered is believe strength. inspires culture We and a incorporates do. culture Our thinking, is innovation focus, good which teamwork, customer our

beyond our increase XXXX strengths on we and to as our in capitalize to efforts shareholder aim value. We long-term continue

steamers product year for year XX soft single-serve categories ovens, performance we grills, nearly we across expected blenders, a unfolded. is in XXXX our new a and a stronger full with like garment introduced half, coffee, the first As which XXXX, many and calls, in the others. high-demand discussed half solid second previous platforms We how

securing job and outstanding range placements products of Our channels. for team a our promotions customers an broad and across did

deliver strong performance in to also enabled wins share that us XXXX. gained several half market XXXX. in and second categories carried created into These a We the momentum

revenue XXXX, X.X% $XXX.X compared increased our in X% outperforming a of X.X% million to decreased For was outperforming inventory more compared which to decline. half results to year industry the got full the to industry's conservatively. first start, continue XXXX, the retailers The slow our off year manage to total than XXXX, reflected and

market year conditions spending unfolded; sales retail improved resilience. however, as the As consumer and showed

profit and onetime gross primarily general $XXX.X in and benefit in to insurance compared points year, compared the full mentioned favorable personnel-related were higher basis the earlier. XXXX, recovery million reflecting product and XXX was to a XX.X% XXXX I to by product administrative to costs margin expenses XX.X% million, expenses, For attributable mix. Selling, expanded lower $XX.X the

initiatives, brands. sales over higher-priced, presence These include markets commercial markets. home on focuses Silex cash Operating time. leverage in strategic with premium market profit XXXX, strategic focused all million Proctor of per or overarching Hamilton well revenue $XX.X diluted support health million, Four our core $XX.X compared of our and share acquisitions income our the to $XX.X on recovery. driving and strong increase X global was compared value ahead growth flow to meaningful plans our net insurance are of in our million and our higher-margin by our and progress made We per goal support initiatives. markets we expanding initiatives the margins excluding was our generating $X.XX which the or that where of to creation our of million long-term income diluted accelerate well Initiatives can $XX.X $X.XX transformation Net flagship as partnerships Beach as expanding and growth, to products. share. Referring digital

in solutions. on health of brand. is begin decades Accelerating market current initiative XXXX. XXXX of ours the a each as medical a we last created of in experience focus our on home, Hamilton the acquisition and in I like Let to use Hamilton first trusted at-home newest evolving Health to home rapidly response related We HealthBeacon, initiative. Beach me growth Drawing care medical began the our resource briefly and the month technology Beach our summarize a strategic fast to at one. would company since with of Health partner the

In their acquired to developing has services. The conditions for February HealthBeacon Their medication XXXX, and patients enable from all injectable manage is on HealthBeacon. services. with other been devices chronic focus subscription connected regimens health Hamilton Beach Health provides that at HealthBeacon home, revenue offerings

family. HealthBeacon the to start-up HealthBeacon modest is Together, We opportunity. In loss in expansion to to of phase. investments a welcome are the very Beach in expected believe planned Hamilton is have and will Beach business the contribute we accelerate Health Beach Health we Hamilton in Hamilton to operating due to as operating happy Brands this expected profit the to the business continues team XXXX. XXXX,

We an investment the believe attractive increase is HealthBeacon acquisition to value shareholder with potential over of time.

remote system with specialty Hamilton injection States globally to We adherence by management and opportunities. digital channel accelerating a through education capabilities and patented combines patients companion back focus companies technologies. Hamilton persistence and digitally tools Combined solutions, U.S. Health It program. expect Services access using spin new including with Beach pharmacy pharmaceutical intelligence-driven the companies. Health The driven with home Hamilton through product app, the providing HealthBeacon's and is sharps provides trusted medical through outcomes Beach the our exploring of Hamilton Health improving United artificial engaged innovation, a acquisition schedules care opportunities the to medication the engineering on in sharp and conventional tracks tools other disposal leadership in development the the and analytics. patients with for connected Beach brand approved monitoring growth the market. through principally Postal in-home additional opportunities convenient Beach and safe in reminders, mail development the and therapeutic in systems. actively be of with smart and more on of name is initial used is to collaboration The focused patient

Our in and next is on drive of Silex initiative core growth Proctor brands American Beach market. focused our is core North driving growth. This initiative flagship to our Hamilton the

the America consumers Our company consumers brands durability innovation. Sales trust consumer North annually core has year. XXX our quality, of on of been millions based of and years, in across for product than earning more in servicing small the appliances to XXXX on brand for kitchen units overall half #X first or continued position even hold sold. softness based the with XXXX XXXX, of despite in the Beach Hamilton the

the we gaining in a Next, premium share market. focusing are on

year, The for are agreement milk generation create products next fresh We licensed to in and grown brands to in launching of establishments. our developed with further marketing for participation account for use accounted collaborative variety of in excited of to inflationary increase commercial by last home XXXX. An small other the revenue consumer quarter, development, announce In are X% impact kitchen with from presence have decrease of raw provide premium new pressures plan and appliances acquired to specialty industry plant-based premium brands revenue of in we in to expand agreements overall XXXX. fourth product year. which the the throughout and market, new our ingredients licensing total We the and a In to of brands the new increased premium in revenue on in March the XX% has of appliance XX%. the pursuing sales. spending the a XX% premium the appliances XXXX earlier agreements. from brands market digital Premium additional half first reflected in Numilk

unfavorable The pandemic commercial leadership our of hotel the hospitality global revenue plans global overstocked commercial demand e-commerce, food market on unrest strong food decrease the becoming hotels increasing the more the market. closed. Sales our customers decreased and foodservice also Next, with service total the countries securing certain XXXX, which an XX%. in with growth several regional the accounted focus. the markets the industries XX% hospitality following In when softness sales. the in commercial demand industries international customer a we restaurants our focused prior for and products commercial rebound In was compared existing revenue throughout XXXX, robust as initiative focused to sales by were and and the in many is businesses is chains, strength and were grew year building the sales during in year are market impact increasing and on include Growth and when in on expanding XXXX revenue. of This important new world. driven in relationships is accounted in continued for service had X% prior in from restaurant

digital excel. where part of reputation, E-commerce total online to all a role sales revenue growing Next, our critical transformation. accelerate to and innovation sales. represents in driving The strong compared are a X% all areas channel brand in These percentage ratings XX%, increasing we we XXXX a e-commerce of star play business, features, our XXXX. and as plan product were

X.X or our brands and better. of ratings All of star better, X our stars or brands earned earned X.X of

favorable implementing consumer-preferred star products quality influencers. consumers, from a our focus and reviews products Our result and leading received control on and standards. experts of High ratings engineering designing are

gaining in invest to a share continue e-commerce in We channel. the

Finally, our portfolio. and to we with initiative leveraging This is are on and partnerships acquisitions. a securing focused businesses on fit identifying strategic focused

the We are in agreements, drive the actively growth acquisitions our growth accelerating engaged and alliances strategic additional including home to in trademark pursuit of markets, licensing in market. health

years, have past agreements with several other into companies. advantages provided and we Over strengths business the combining exclusive partners, entered outstanding by our the

in As Many a commercial serve to our result, of some new and us markets large fast-growing and markets. enable new markets. cases, entered retail created both collaborations we've and

in believe leverage continue outstanding of XXXX momentum carry due company to our a We all many to into are advantages beyond. positioned and and team. ahead, that work our has Looking performance, solid the XXXX plan we we the deliver competitive well to we

again work, our the from to pandemic recognize navigating through its challenges, in massive related incredible us enormous emerge and chain disruptions. we the team's I As supply success want

a took extraordinary often the above under one-team call beyond overcoming employees these of to going Our and duty challenges, approach pressures.

key focus products in keeping a needed pipeline future, of bright steps ensure the They flowing. new innovation, to on kept particular,

of building and one the firefighting and a keeping company each team. future kept every Importantly, executive for strong The our our and requires of focus their our successes. into we dedication our Board resources on to I thank On contributions and combination investing for team, and our short-term very the team strategic employees behalf of initiatives.

over to And now turn the call I Sally. will

of Great. fourth to fourth morning, I XXXX Thank quarter start Good pleased compared results. quarter our with were Greg. We quarter results fourth will everyone. you, the with XXXX XXXX. our

grew As revenue year-over-year. expected,

in to our global commercial This compared lower decreased in Net the XXXX price. in mix, and sales by quarter increased the $XXX.X X.X% million revenue sales offset XXXX. of a of selling growth consumer increased partially increased reflected growth our market. fourth The reflected $XXX.X unit fourth by in million volume markets partially average to quarter sales offset favorable overall,

decreased revenue of American compared global increased consumer fourth markets Canadian to when our market, Latin revenue in XXXX commercial Mexican U.S., XX.X%. the by and grew markets, market. decreased and our the the In in revenue In quarter

mentioned Greg in to in restaurants The in rebound strong international earlier, food As continued a demand an on commercial was closed. due many industries markets key in as lower sales. unrest growth were well the and service global industry year's decrease countries overstocked, market the the to during sales were food service and prior year hotels as hospitality when in in attributable as the was following pandemic impact unfavorable resulted that several to certain demand softness

offset XXX $XX.X prior revenue or average a margin Our by to compared expanded mostly million costs, total of or Gross gross XX.X% profit was basis in $XX.X lower reflected year. and which XX.X% the price. selling million lower points profit product

administrative due incentive $XX.X advertising, other activities Selling, to $XX.X M&A to million, higher compared expenses. and to increased general million expenses and compensation, primarily

increased average compared of profit significantly decrease in million last Operating quarter expense borrowings last compared Fourth The $XXX,XXX year, interest Net lower million to by under quarter XXXX million gross to was our profit reflecting significantly credit revolving outstanding expansion. decreased as compared to margin $XX expense of $X.X to interest $XX.X reflects our facility. year. XXXX. fourth the $X.X million

the or of of $X.XX fourth quarter $X.XX rate XXXX. for income income in months lower tax effective December XX, quarter for tax current or impact Net diluted of XX $XX.X to in the was XX effective the was year ended to $X.X XXXX. compared share XX.X% per XX, diluted year. in operations the due months for XXXX, was to current The foreign The income December favorable rate the fourth million share the per on ended XX.X% net million the compared

Now cash balance our turning and to sheet flows.

and continue flow. to improvements deliver We free significant cash working in capital net

XX, December used history For for capital cash by This provided company's the the activities was year $X.X driven for activities by million, $XX.X ended our XX, December million significant the focus progress ended working XXXX, to XXXX. our improvement. increase year cash was operating on highest in with operating net compared of net

capital Trade of prior to $X.X of timing of working in in XXXX Net receivables used provided use in of net collections cash sales. of million XXXX compared the million to to year million $XX.X increased cash provided XXXX. and cash $XX.X compared during a due $XX million

We throughout inventory, million continue inventory to our of provided payable XXXX cash reduce million reflecting cash Net by cash $XX.X in $XX.X to was Net by XXXX. compared management million actions XXXX in million provided inventory and net was provided XXXX. $XX.X used accounts XXXX. compared in cash control in $XX.X to net

cash issued the software through primarily We flow $X.X were of XXXX due stock. in we million dividend million and value strong XXXX, shareholders compared million expenditures In primarily in our quarterly to repurchase debt and to also to internal Capital to return use $X.X XXXX, reduce HealthBeacon. a allocated loan costs. development secured $X.X to

debt December cash and December $XXX million XXXX, to net XX, minus XX, was cash or equivalents $XX.X million On XXXX. debt compared on

the XXXX, aggregate of For and stock Class prices million $X.X prevailing XXX,XXX $X.X full for paid in market of shares price repurchased an A we year million. common dividends purchase at our

performance. modestly retail The XXXX. year with kitchen our revenue progress the that will XXXX. deliver us below to believe initiatives is turning marketplace outlook our to full Now to of appliances strategic enable for small continued expected for be above-market We

modestly expect than somewhat the comparisons of and we expected based to first of modestly For for be full half prior the remarks. second XXXX both mostly our increase year. Operating expected the concludes Revenue half, to is to half moderately to XXXX due stronger profit to second XXXX increase half in compared is with the full XXXX. first expected to XXXX, the on to profit revenue margin. That gross the year prepared total expansion year increase to year full compared

We Q&A. line operator over for the will now to turn the back

AJB [Operator comes of line the Adam Your first question Bradley Capital. Instructions] from with

flow Really more income like even record good looks a cash impressive. quarter. and QX is for It

see X and I'll good from of all shareholder few X then or for So to a them perspective. have questions. with minute. start I a pause a

dive opportunity to you What see longer-term HealthBeacon? is do into like like of HealthBeacon a bit would opportunity. with the kind I little more the commercial

-- Adam. so subscription HealthBeacon, Sure, really The mentioned, a as we is services business.

help device it is to So their is folks different manage is the rest ability business very than certainly our -- the on of current the it on injectable focused medication regime. and focused

attractive are very and come increase And in. current on based on monthly more subscriptions will and more as coming that a current so the be approved, we customers that that opportunity feel should it uses subscribers like

we regimens And can or medical expand expand over additional different further. if time that customers or it drug could

it's of HealthBeacon doesn't brand-new sort we exist partnering we're So have and where or area, now implementing with -- a that them acquired right now. something

or could And very different we month goes certainly there we year base So drive it's a build and that subscription each and unknowns unfold feel should way subscriber profits time. we opportunity. over than but as think, are attractive additional a that on and the in revenue it

Okay.

it physical the any revenue So Or also subscriptions? all getting is you of are of from the selling devices?

It's all subscriptions.

So pharmacy subscription monthly -- return from for specialty users the a provided companies end the the are to in or pharmacy devices companies.

companies. the a opportunity really to help pharmacy the their patients an well as user So lot regimens with of better as it's stick benefits to which end provides specialty

it getting So the not monthly and a subscription. device really than purchasing rather placing it's

I know What helps. The least And this the on I channels, you're Hamilton ground finish mean what for plan here be is in selling they pharmacies. Ireland, the That Okay. some in in distribution the distribution specialty -- U.S., like, mentioned with new know what's well. can U.S.? you at but look this the in to then access the just HealthBeacon. that may Beach? to market for HealthBeacon is items there, is

question. That's very Sure. good a

really been team job doing has a great and for -- fortunately, start-up done So company the the HealthBeacon launch. had positioning

And here with of specialty in the the in number so while a U.S., with they of a Ireland, and there players. headquarters pharmacy relationships have based based there's are employees building -- already relationships and number strong

by the going the has already. and that contacts relationships So the as in arrangements be taking U.S., primary both to the we're exist, the U.S. focus the group but already basically, and overseas as well that business been

place feel consumers' we person is to unit they be that units bring become can program. So required as to shift that We'll well. able the homes. do the sourcing like into in the we'll strength very by We onto person

Fortunately, the the the HealthBeacon patents the with with and it, IP and software -- team customers. already the and the not also on the had the all relationships know-how relationships only goes but

now So really, one our team really time, other. with we -- together we we're strengths lot each we'll learn from had. strengths here, both when I of And and bringing are a already over get think they we'll

not is Beach building team, growing think access to the those and I Hamilton and and new of just and HealthBeacon to to understanding over team, the learning time. keep So customers it we'll new is

standpoint, the then you and accounting charge impact of is we subscription? and upfront should actual there what units start sales will like Or understand to an recovering expect the be investors through? amortized from like from look Can expensing So the will that that P&L we see might you over be help when distribution? the cost the an

to want take you one? Sally, that Sure.

Sure. Absolutely.

type the would be was see. yes, of So up fixed assets lease cost then the the of what more approach sales in and of will capitalized placed a show are you It service, expect amortization they'll is as number. accounting into in to units the

Okay. That makes sense.

you as the you you mentioned from out break on of loss Are business? that this, of the that so to separate there be finally will going 'XX the business. a can kind investors build rest So in

Sally, do too? you want to take that one,

But Health as we to point, don't we and business. grow, will this it business Beach more the significant not certainly, would then be a to. At It's out Sure. plan meaningful, of portion as a I be Hamilton breaking would whole. the

[Operator with from question Adam Capital. Instructions] Bradley Another AJB

Yes.

for has a this is $XXX in million financial to years So predictable SG&A over of line -- number better. reporting has performance-based moving aside. to the -- help that that number P&L that pretty down from couple range the standpoint $XXX me been COVID to more baseline that's million comp the that this line, this just should of understand million volatility $XXX grown for expect $XXX 'XX? little that And the a the Just be maybe we variable? from much million how last year, was

Sure. variability little you Yes, Sally well. a some think have I I'll as jump you But we bit said. color of and in normal give as

be putting goals So through our there little incentive than of our as business. investing really, a we We're at into expect more we parts modest a customer one heavier think We in things on investing [indiscernible] I of -- of beginning other, money now, a year support. year. I on SG&A. the the growth might consider comp phase the go depending think, more in some went And we like forward dependent

from line think it's I But where or don't flow on down pretty other Sally. or good that a bit advertising bit So on incentive I this I it based dramatically said level based a results the changed down don't Hopefully, it flow I level. some or up up investments. believe comp -- of predict a little could is okay,

mean Absolutely, and the I talked personnel absolutely. growth drivers, was when do we costs comp. that yes. incentive I about there certainly some Yes, think

then We us kind -- also also expect I our in had advertising And M&A costs. drivers, for costs to past. additional had in we haven't of that growth the this we with year would see

the and then So for to right XXX XX%, the up But us think for now. to to maybe that as future. comp, are And up. level our baseline M&A, look XX% as we is XXX, right could to look XXX strategic I a number go at go then that these continue maybe expect year, -- be could place advertising. And we from that, continue perspective, believe of like that probably maybe in I investments, to it going like this as round numbers, XX% XX%, M&A XX%, think you

looking kind And helpful. very, Okay. of capital very at is plan and allocation your broadly strategic more initiatives your

your guys You have been on reporting consistent it. in

of help we I the They're When has initiative, better give and it to is each little you understand a opportunities stated financial are. a the deeper specific of of little premium, understand today, -- you of a plan? restate could the like just you one the help you a diving us but if think us a there to could little of understand which -- bit them, impact understanding think more of would what if on help health each greater performance specifics we could understand core, each dive quarter you bit some P&L? I kind what into us think we for I market I it. the just the do and think

that things core Yes, our I core all making of product business -- engineering our sure talked mean just innovation, of quality, the team investment the the members, new our received given products. we magnitude sure. lot in a about

supporting customers' We're products. in both online. new fresh have our needs, We brick-and-mortar and

share amount. a stay So our that but a And of raw market receives that high sales, in dollar our if business in portion. keep growing should can grow will we net percent close definitely as

opportunities other we the area. The we're the could our focus consistent investment then some percentage that in maybe certainly, hope additional some think from Health. And is on premium digital see would drive that core, come as our like standpoint all dollars on but underpins I premium only things see of increasing the of when large on, the as other come launch. Beach a come home -- along. increasing as higher does HealthBeacon, about we're sales, HB a percent goes Hamilton as be of and working closer could increase will would in market a spike larger to pursuing investment Health considering acquisitions think time and in and I thinking net health, certainly other areas in things things area in a then with But an not and with will Numilk and investment the

is are we're like, opportunity phase of that speaking, investment sales So generally it you Now sounds through you am a general, see in COVID, you entering because more and correctly? accurate? profit maybe I hearing that

Absolutely.

I we expand think, percentage. mindful dollars our to profit -- want operating we're again, and of

we it the or what will additional if our were of slower that supported to the really so HealthBeacon in money think. going goals business business if to can but will we're than help And this -- over HB both a is that goals is Health be happen we support turnaround into or sort thought achieve results. time than slower the not grow by still we pour We're not rate it, at going invest to investment

back out. that been walked some from work. they I or away hopefully will we these investments, successful what in because pull see we don't and lean the a So think past tried as There's are in is you maybe little work we or take they will or more time didn't or take off

to them, that the very We're and have. impact move us on all we but you'll will the P&L we're all So of these. of I be the think as continue very, forward of very see hard optimistic to on pushing investments going mindful

looking the Multiples then consumer goods Okay. like what are front? space have seeing been cyclical keep a finally, forget And at back like on M&A but longer over -- you lows the look or COVID, in if further. back over you near period, the

on Would a do Can just ones? to pure maybe thinking of standpoint? one? opportunity acquisition. you're big a tell seeing bit from a a Like little you Would just a acquisition deal your us help you without little you having be good if bunch a specific with smaller So there's saw like out about bit you what there. to do

during is small in was we're a -- whether shareholder very please. COVID. but or And our X, long-term if medium, good that it's I appetite Sure. been I'll light, take it's the you been think been Sally, pretty been It it's opportunity low. pretty -- it very, hasn't than of flow build but value, lighter to I But think interested of first has actually much that. and there's opportunity chime in, half

grow its sort, I say areas, these to a Hamilton work. lot very deal, that we feel are that definitely very capabilities. number capabilities one, lot we really think all additional of will investment also are there, make that a really of like for open initiatives not often So companies -- of potential funds, out hard interesting a acquisitions. I strategic There's a a area, But the those don't those we an but things in there have all opportunity is there's have we but number are only some just found because of times to from Health but a standpoint probably also the but large interesting have. to there's Beach position

And like we the a together, come pretty opportunity it HealthBeacon so make opportunity. can when attractive

we're of So careful. as don't too be is but think think early, to I to there's into well. I something a we opportunity that We lot get think want going in space

but right our we would our think in one I initiatives. and very, are now, support hands with that full have along of anything programs, comes our we So interested our that initiatives very analyzing

Yes.

now. always then commercial have in deal, take and approach do consumer but us to always nothing And future. an Greg, certainly brands, that right? emergence exactly pipeline and the and for a looking but at along, think So possible pipeline we're an opportunities Beach with folks as and of absolutely area as we'll one a for that's Hamilton assess right different opportunistic in is the go the could we we think our other I we that each talking looking right, Health, of they

Okay.

to only a performance for capital quarter COVID. you of that, a my in great kind of flow all cash and back so but of thank good and very is, coming really long all its -- it So coming see good business out not around working in great good, thanks my for been is and given just in cash-producing This view, life where cycle job. line. answering questions It's

Greg There this back time. at are over the I no call further questions turn Trepp. to

you. Thank Okay.

experienced continued demand to We has with history advantages appliance long-term in our consumer long which So industry, competitive today, and kitchen our a value, our leadership supported many efforts industry, the we strong of strong by build benefit that knowledge. has small from initiatives. our durable and customer shareholder strategic discussed team our

a We proven are innovator.

and group span omnichannel of in and brick-and-mortar Our e-commerce-only a relationship customers broad retailer channels. the

global these XXXX and asset-light today. of for call. joining to beyond. That report an our all plan Thank We concludes again our in have you leverage We infrastructure. strengths for

call. This concludes today's conference

disconnect. now may You