CECO Environmental (CECO) 7 Nov 232023 Q3 Earnings call transcript

Good morning, and welcome to the CECO Environmental Q3 2023 Earnings Conference Call. [Operator Instructions] Please note, this is being recorded. I would now like to turn the conference over to Stephen Hooser, Investor Relations. Please go ahead.

Thank you, Anthony, and thank you for joining us on the CECO Environmental Third Quarter 2023 Earnings Call.

me Johansson, Todd Officer. Chief with Officer; Chief call Peter and Financial the today Gleason, is Executive On and Strategy

publicly no forward-looking our as to the described otherwise. provide to future I'd and we of is forward-looking slide in here encourage help that, a statements. applicable to can and the Form year information, to Officer, the the in events Gleason. securities tables like a like presentation those from over investors webcast, statements for new reconciliations also required XXXX. presentation today's along numbers also future you And The included GAAP forward-looking are we of begin, the whether and subject materials We non-GAAP financial we that provided today's implied earnings results are or be historical We the to now website the December Before back filings Todd? like the or statements forward-looking presentation expressed comparable statements. and Today's Executive Actual XX, provided number in laws, that and presentation, Investor include undertake regarding references at the Such risks expectations our we have they're to on press The which XX-K ended the Except turn call any I'd note will with fact the may through Any statements a differ statements. by any estimates slide our caution the on in call guide Relations certain made update not be risks to based us to measures. materially that to website. SEC accessed non-GAAP certain Chief with Tom read by in section non-GAAP our on discussion. revised are based to today presentation. release, in or extent on obligation presentation I'd make of result of will cecoenviro.com. supplemental are uncertainties.

Thanks, continued which Earnings to entitled support CECO. start your ahead going with in is I'm go you #X, Highlights". and "QX Stephen, and and Slide thank for interest XXXX

As quarter. CECO multiple we today's in highlighted delivered records press financial the release, during third

Our quarterly for day. the your of world-class every high strong is teams growth, for result hard deliver and financial Team focus, year-to-date to to performance showcased your performance. all you of and our which global working CECO our accountability customer continued customers Thank

the continue backlogs, we the future still is a fourth This quarter backlog to backlog record support to our with quarter. and row quarter third review people, continue invest to our list success.Now, to company meet last The for we respect we the to during I our sales And in third the solutions revenues maintain that company's with will highest even in processes impressive sales with on-time The in represented record section we quarter deliver projections. were our on our produce growth left achievements or yet increase another QX, quarterly of able some some of of progress. produced highlights. We let's record in It continues the an quality sales our customer record and pleased history. records am to exceed of ensure steady is which requirements captures growth the slide top was quarter sales, quarter. previous share so our to the to

gross highest level the in delivered the from benefiting our also profit dollar history, tremendous volumes. We sales

slide. management. top on quarter, Transitioning we in records as the the please of comments our capital generated for Importantly, flows cash executed the highlighted working see the we free on we well record the quarter from any very right produced section

are records performance. backward-looking. priority they remains to long-term for great, inherently sustainable focus It position our are CECO and While

slide, top visibility the growth. to With growth. for are future we XX% revenue that a future great right backlog continue well-positioned the we year-over-year, highlight section add we of to On up over

past X.Xx, backlog which of we XX sales months, accentuates enabled new averaged have a and strengthening reach the of to the Over book-to-bill our process. our heights overall really has

in Our when sales billion, over it XXXX. now pipeline also I process CEO and approximately have took what sales the marketing expanded over $X of was be double is to size as that which back

helps and around line bottom So first performance really November verticals just in of a This of driving is geographic And programs now in line higher comments our performing the the guidance, of back shareholder full-year new fuel few or targets, we section markets. our acquisitions our last above introduced sales teams we sustainable bottom In record-breaking continue each top raising with raised have and since marketing at create soon. early in value. to guidance and our The conjunction are slide which to it cover continuing expand and which results, to new are time results. year. more we will XXXX detail XXXX we fourth captures

We large introducing a visibility pipeline strong activity. portion are with coupled profits, to and diverse we We also and larger our full-year XXXX and backlog believe guidance of our XXXX record given today. have sales sales

acquisition healthy quarter, quarter in focused and add of to continue we operational and shareholders. with allocation and sheet, in In strategy. and, capital deploying are our returns the top upgrades. the to These our driving across investments that aim are we important a maintain We exit new for enterprise invested increase Systems, to our Kemco deliver a talent, balance course, culture, value investment developing we We the more systems operational and winning the of capital also excellence. we for are maintaining

And we And great well-positioned a for our quarter. performance overall, on So way we're expect in that well believe to year sustainable strong. the we also finish of course, XXXX. and

in many Peter minutes. these financial turn #X. of detail metrics CECO's review of cover a figures Slide XX-month key and few third will to let's trailing and Now We'll snapshot a in more quarter financials.

a fifth The prior XX%. million, right quarterly TTM the growth, mostly highlight side of areas. $XXX strong. financials, QX $XXX side the represents I trailing the slide will company of sequentially. in drove trend bookings are the level left higher of orders a and X% the in up period me of history, snapshot on quarter it highest let orders the than 'XX few of and outstanding very slide, orders CECO's panel our basis, to key provides XX-month our million continuing TTM year-over-year a all of covers a the XX-month which growth reached On XX% a stick of approximately However, which results.

have our steadily orders second the growing half reminder been of XXXX. to audience, since a As we

deliberately year-over-year So customer organic quarter this growth, of or a a demand Sales but rather for and just $XXX CECO bookings. that CECO outstanding. XX-month XX just were a into points not definitely is any for in represents of of trend million also record Approximately quarter XX%. in continuation growth positive approximately sales the a was rate converting phenomenon, of

also of up adjusted period. which is sequential SG&A approximately of to as EBITDA slightly compared XX% and sales going margins in while to will the of was quarter growth XX.X%, our in expect the This the QX. line $XX over third year-over-year. steady nice investments had margins when quarter prior-year result more the million XX% resources top XXX deliver produced basis maintain We we increase to levels, higher And excellence than operating of translate forward, our for EBITDA an growth Adjusted additional growth. over up past points into continue we year, EBITDA

year $X.XX in and and quarter is the of adjusted up EPS period. over our in TTM the preceding Our the preceding XX-month EPS period, $X.XX of XX-month over adjusted improvement the last is trailing $X.XX an

as higher guidance higher to suggests, more We EBITDA we interest expect also will EPS And expansion. continue our and our EPS. to manage will debt deliver payments drive our

cash in Finally, free with $XX.X past cash really million approximately activity third slower after payment the operating overcome we free of quarters $XX These given to excellent supplier delivering and flow of in In third generated QX million, flow we year. with collections the QX. flow the this quarter had negative XXXX, million X balances. start to improved have $XX flow, respect of quarter, in had cash cash we

achievement as past and to accretive that just quarter capital operating milestone minute, will pleased we while many pleased They day. over every working and I quarters. how #X. in for I'm slide a stress to We and management our down thanks Please with cash efforts Peter number debt so will expand things again, have utilize financial reiterate strong to to capital are this on we on am of and maintain debt presentations flows global our again but focused and few teams. financial the have billings. to and performance. single in cash once strategic generated continue in Slide investor pay we funding records shared customers acquisition. going our our strong such deliver also the And and a would have to continued highlighted turn I year-to-date, With

our previous opportunities under results advancing our As we the protect enterprise us the Across everything how we highlighted balanced customers' the really environment brands In great column in position X protect in suggests, air. ever helping quarters, to Air. CECO are the more acquisitions across is of than focus title our is do, pursuing and outlined leadership the have yielding and Industrial in before. entire are and equipment. more And we slide industrial newly-acquired advance industrial our protect middle people,

which We industrial position third Systems We quarter, by building our added acquiring on the in is water. have slide. to we in discussed how highlighted Kemco also position our were the leadership

our if add balance no water there Today, to close mention it XXXX leadership joined I just expanded great I overall more industrial our acquisitions represents of go niche markets. portfolio. when to X/X back water have a business as critical transformation our our attractive this industrial of All And area. previously, mentioned much leadership very little water of was have as strategic to CECO, to of across you in mix, and component industrial

to in customer liquid the renewable and liquids geographies. to to other QX and diagnostics The opportunities. with continues and gas in-field by also gas and opportunities customers natural to doors of energy the announced new and filtration and Transcend win customer we as enhanced and and in Transcend opportunities focus and we making high-margin low-carbon CECO emerging applications natural efficiency gas, cost its presented the position in we rental, pleased progress legacy solutions commercial and benefit engineering are Finally, to And acquisition to and continues transport infrastructure, process capture from and separation models acquisition hydrocarbon the equipment processing services, open carbon services. emergency lower markets in business energy transition, shifts the are improve applications and the to to expand new emerging CECO new support and and provide that very

build with Now me with portfolio this we material. Slide staying are #X, let sharing the off diverse

in million the outlined in ability examples projects a filtration the CECO's While solutions, maybe leading leading and as company represents B-XX multimillion-dollar who as which does expands gas customer following with and we occurs, Similarly, U.S. infrastructure aren't complex just to and pipeline provide quarter, call call their CECO's compounds, efficient defense some protect its designs. we do are who separation organic they explore and solution ensure timely dollars challenge. or solve investment volatile VOC in equipment? and multiple [eliminated] protect specifically platform million. the with the few investments as When third when bomber other over large investments, to Transcend critical we for high-quality filters staying slide, when Industrial some ensure air, such quarter brands, and every call each gas expansion to or leading just such solve in energy and call with LNG capture solutions million providing companies Fluid whether or its work booked carbon their and solutions, on a our Handling. and liquid I as new new portal critical Peerless for $XXX Bush it's problems maintenance opportunities and natural new within environment industrial solutions real a in coalescers? I'm on and They And facility, to mention mentioned, Environmental customers for capital to $XX brand on aluminum about are discussing customer They delivery protect painting a proven investment, well capital go platform their to this natural company that to aluminum and to created manufacturing. leading CECO from manufacturer our incredible to leader as its I Air people, distributor Adwest a services, VOCs, could they well-over the us, how branded this supply needs call critical are

delight there very of by the We continue We'll every customers they journey and day in investments and be more to us and more our being of continue global, invest pleased our most. CECO. diverse when more service need with I'm to advancement at markets our oriented. high-growth results

Now to guidance. our #X, at a look turn take please Slide and let's

As full-year saw release you as full-year I XXXX XXXX mentioned in in well our earlier our as share introduce are outlook. my pleased today, remarks, we to an as update to guidance press

and Here and are full-year. highlights. we for with orders, this With the book-to-bill has averaged some maintain details going respect start I'm to to expect X.X, XXXX. to our

expect X.X, confident XXXX full We than certain opportunities the with X.X remain year to great showing are QX range, of be XXXX, be book-to-bill this we year bookings could a because consistency into just will in but third very consecutive will the X.X and greater we slide our and for growth.

our revenues is about which growth This range between to growth year-over-year. and the XXXX our $XXX of majority XX% at the of new organic. the up raising a sales is $XXX and are over for outlook consecutive of midpoint million second full-year will XX% We year be million,

is between of our years and XXXX raising range doubling free XX% midpoint few of from of And XXXX, range to to which EBITDA. This to are flow be more new continue cash adjusted adjusted we a to just committed than EBITDA up for outlook represent ago. XXXX between $XX in will $XX to of the also our generating the a both We at million year-over-year. about for XX% EBITDA XX% million, a

this XXXX use buybacks.Now manage outline capital share to in We levels, acquisitions, invest guidance. will cash growth to and like debt fund do for to I'd

to in a While this we with of forecasting understand market is growth. environment, unknowns position unique better-than-average and a believe that CECO we number very respect are maintain visibility dynamics with to create there pause

industrial us industrial Our investments growth, and, to various sources; end-market in full-year in programs investments almost leadership pipeline, global these renewable infrastructure backlog air, such restoring industrial benefit governmental cases, energy specific time. our coupled others. from transition transition billion some at of record sales with this as gives will The energy confidence of $X in and and the water CHIPS continue dynamics, Act to to sustainable and XXXX and production, guidance combination in our new market provide

slower areas growth, to XXXX, forecast forecasting to at great than we're full-year but in book-to-bill perhaps between we right respect we just So continue X.X outlined. orders, with X.XX XXXX of see a now to really solid the slightly as a I pace and continue really opportunities

single-digit we could In large in fact, in line do, to. double-digit But forecast programs now, fact, we industrial like bookings that or projects air upside transition sight certain energy transpire for from this have we low capital of see high to if certain growth.

of in we full-year forecasting evaluate the acquisitions XXXX guidance, top with level that point million programmatic have backlog but approximately with time, coupled are would million with on having range throughout $XXX will $XXX XX% We strategic exit We obviously future revenue represents which and deals. line our to between not Upside at this to XXXX. success growth. this depend this are continue we built out do we that and execution, M&A great and accretive orders we

target. as the I for other hand our and on it we working remind free full-year represents are CECO. Peter, would things higher all at my as won't Peter? higher on some as The on productivity through will of free detail management. drive gross assess cash we we're to and repeat than investors midpoint $XX hard the and he I capital to over pushing. color that expect cash the EBITDA, an XX% And at and to in margin XX% We sales, EBITDA we margins, and more maintain an flow outlook deployment audience additional to increase the guidance flow our commentary now and will hope margins good financials XXXX growth higher be we're our to increase the on This appreciate represents million driving higher in well adjusted are sustainable for that to XXXX now walk to too. performance achieve, forecasting an this XXXX. million EBITDA over color For opportunities XXXX to helps $XX expansion and XX% versus cash year,

have of year-to-date another to all-time now points million, have gross track our by million. of Kemco was to to turn you, XX% projects Thank higher result today deliver to to of performance. on that, And million very projects, high margins confidence is than with to still Todd. I'm was please chain present of all a solid which another basis pleased the that results lower profit platform strong be CECO a history I'll in were QX Slide or $XXX the XX% on with confirm in trailing was million as is year in full we #X rate attendance lower the in able of million and record increases results, This and engineering another rate margin fifth quarter quarter behind financial to to GAAP XXXX set that increase XX.X%, XXXX us profit greater and year any me. third $XXX.X record. trailing picture and year-ago this profit the present CECO's rate third acquisitions. of for run margins. to the of from increase and order Orders conversion growing the sequentially, Gross quarter touch CECO's XX-month delivered of the and however, challenges quarter. Wakefield over a highest Solutions a in FX year-over-year $XX over vesting the performance more all-time points resources XX% third strong small the up the our a basis, strong million, as in EBITDA demonstrating Systems best dollar detailed revenue for approximately in and EPS than slide, EBITDA an up like the orders on basis Todd now prior Adjusted the quarter versus On benefiting quarter of was a you results. any spending $XXX company number of revenue due prior quarter lingering quarter backlog from significant level history, profit. examples quarter decline, a operational Acoustics, higher delivered concluded year-over-year year-to-date [prints], rates Gross of the of expect due offset gross interest in also of has highest and X-quarter $XX.X XXXX prior record-setting the approximately high. on which resulting Adjusted supply trend period. million offset and to and section. of some XX% company in XXX conversion beneficial shipments. continuing revenue drag of spend impact described for XXX the improvement impacting increase the pipeline, $XXX Both sales Transcend of XXXX G&A of for effects. investment were did $XXX.X from opportunity in revenues million, CECO's impact our QX continued were corporate XXXX, a of greater million performance $XXX $XXX slower high in growing and With an CECO's his I'd continued adjusted XX-month of to

operating If bookings. than income continued the Please in that CECO's in quarters lumpy the on of matches rolling average you closely which that than turn history has a don't since to highlight million view of look trajectory quarters X-quarter up details in a the the metric a point average Slide an and quarter-to-quarter to to the TTM $XXX of QX like increases CECO's operating out slide, a that provide rows of posted on in periods, and Before On the $XXX on this XXXX, and due both more income, X order more progression of that delivered order respectively. rate X orders both million smooths can per began improvement would have recognize QX we on, to the that at XX%, best is realization, see XXX% non-GAAP year-ago #X current And page million, XXXX, quarter quarter, for orders last trailing discuss of have can the our all $XXX the strong one orders. basis. quarter to we rate into I that me be XX-month timing. compared show I in you with in and and third XXXX period. for posted out quarter and would often. X we X produce GAAP move over to note lumpiness We order greater of will which greater back year-over-year top denoted sequential revenue I run company consistent

current the the and where began at in consecutive continued revenue Now improvement, has into continuing $XXX please turn XXXX is XXXX trajectory CECO's look delivery in #XX, than in million-plus growth to showed that year-over-year #XX, revenue you acceleration we'll consecutive and the quarter revenue growth Slide XX%. sixth of Slide quarter seventh more where quarter. sequential QX revenue see greater in can On detail. with QX the is

average quarter prior per company XX% And greater in highest the quarter a revenues, had X-quarter period. for at revenue higher the million an quarter third company the in third first, revenue is XX-month is a basis for than putting now exclamation resulting As second, third history. record rolling the the than best trailing low revenue fourth point point the XXXX, of in revenue and on the In of of history, XX-month we quarterly $XXX run XXXX. third quarter XX% in quarters XXXX, on of a quarter million, quarter we first approximately achieved of $XXX of

representing quarter you #XX, to turn finished period, gross to level improved book the continued year-on-year the XXXX and for in Slide a of backlog a new record trends. strong is us leading XX% $XXX backlog year-ago margins CECO please indicator million, year-end third and trend the The for which where margin XX% walk higher in through the I'll higher Now with quarters. than backlog a coming realization than numbers. backlog the increase

book-to-bill in excess so Our strong announce activity far Slide to approximately billion, in With the opportunity EBITDA. and pipeline $X future the full-year, period. the expects quotation to continued than maintain for X.X fourth me, I'm Please quarter. and #XX the of there in XX-month no to were a happy strong was briefly CECO Again, X.XX the positive for a in quarter trailing cancellations indicator continued quarter, with we'll X.X discuss greater growth. leading for move book-to-bill and gross profit very

be side and we the by challenges, a impacts profit XX% XX%-plus page, chain margin XX-month XX% of to by driven XX gross million, margin profit basis profit and a XX%. XXX prior left-hand quarter in a our year-ago million, trajectory. quarter $XXX when year-over-year mix gross to profit improvements. basis third of was period favorable gross record expansion compared the is was approximately supply the and quarter. of in delivery present On profit the quarter than the of the $XX.X the greater the continuing representing impact XX increase Trailing for over XX-month a margin XXXX, trend would point profit costs closeout approximately slightly the mainly project representing a third points Gross quarter gross for a Adjusting delivery decline point XX.X%, over margin year-over-year. Gross basis

XX.X%, at the a XXXX. over profit. In QX margin which this we EBITDA related $XX.X an a absolute delivered was and performance. side I've period over year despite EBITDA of adjusted and XXXX, discussing astounding has ago a basis the point the of basis EBITDA company slide supply you XX-month the just XX% margin number basis, Adjusted third nearly than XXX million mentioned when in of to increase EBITDA, improvement as CECO result $XX.X history is I'd XX XX-month points. period Now point of trailing and headwind CECO of second On aggregate million up XX dollar quarter in best right an XX look adjusted XX% greater prior a XX.X%, previously to delivered mix gross point adjusted basis and the to chain

slide, growth the let pleased making our on be are to transition commitments. I execution we progress balancing and the reiterate to next with our me investments Before I in in that while delivering continue

systems profitability the We gross to earlier expect and despite demonstrated the to platform in level. margin support improvement. in CECO's acquisitions and profit the functional investments expansion also adjusted our benefits to benefits of I seeing noted and strong headwinds corporate at initiatives am growth our year-over-year as continue resources from from continued margin and now realize our the services

to turn little acquisitions provide we if capital Now I'll other deployment recent Slide on our and #XX, most you a more color efforts.

backup size of this of due margin the differentiation global applications beginning niche is investment seeing technical intact and as will and competitive are by bullish in evidence the Acoustics, businesses, opportunity yield capture in the on Europe. remain engaged. the people earlier data capital. side will improve to their profile growth would approximately Xx the components the to fully and of position. summary to a diligence, allow be initially are Acoustics quarter, are the growth being is a access acquisitions Both and greater invest even that and to the materialized fully it a teams growth critical the a both in company the performance. prior already and our previously-discussed with of and greatly production Solutions and the manufacturing ability of and in strong business prior with segment, during On strong and and in left-hand element for accelerate a resources deliveries, We We year. years. their underway, ownership, Each realize funded the Wakefield Under expected. power defensible with Wakefield third our profitably. then reach. projects double very U.K. larger both CECO, a next Transcend filter companies the opportunity in In companies entirety But specialist have organization required we quality benefits to in-sourcing and Transcend of a capacity already unique part to expand faster committed X-plus business and of Wakefield well management part page closed has which than in the fully we prospects further the The of in opportunity expanded profitability to Ireland struggled the and center of fantastic We growth identified to expanded remain integration

expand Transcend sector, in key quarter. topic its hot in investment treatment. capabilities provide water of our repurchase I pilot point-of-use a industrial an a filtration, growing and from for demonstration execute There the process of niche solutions investments quarter, the This in report more to most team approved this where to will installations processing on highlights made the Kemco mid-August, Systems, scale a value reuse transaction also and have and Kemco's Transcend right-hand substantially recovery, primary element acquisition applications conversions. through in walk portfolio the the the businesses share they our briefly excited leading contaminant market we the a very is page, is quarter recent now vessel leadership can this the Systems capital in water fleet, brands. and proposition. a customer our I'll larger nothing upper industrial provider. and add to delivery, the which is demonstrate leader water to We With of rental direct are panel and are few high-growth closed of I summary you food to water you end energy removal in superior so drive of improvement to now where would Kemco fleet,

is $X.X approximately CapEx spending quarter is line spending prior elevated with spend which high past levels increase point after which years, QX, compared in with slightly year-to-date million, in to the was Our for an the XXXX. in

We in infrastructure upgrades continue migrations. to our ERP in IT security and invest and in data

handling which in fluid We uptime equipment cost of in than machining expanded in Pune, greater U.S.A., initiated the improved and our centers structure purchased operations X business recently and deliver will India have our are they footprint replacing. the an

flat make now million levels approximately decrease period ratio well resulting million our $XXX.X continued slightly collections more decrease the increase I a CapEx. before finished of from than Approximately higher for review the third my CECO's a project Todd. quarter debt concludes revolver Kemco $XX.X back $XX.X and a was Quarter-end available quarter let's $X wins which million, the balance. from cash, Todd, solid QX on cash to approximately very million debt new and And over in turn and with acquisition, you, X.XX floor our due increasing our in the leverage quarter liquidity an in borrowings company $X.X X.Xx, balance. CECO's Now the results. in period of million, net I a the will quarter the our to XXXX. of used #XX will to and set our repayments That move our turn second working prior Net CECO of quick Gross million finished investments million million and Slide capacity interest operations, to a $XX facility through in and management the instruments improvement turn the in by debt rates expenses, credit results, quarter, of levels, comfortable the driven was in million of secure supporting up from capital, increase $X.X at big compared QX, quarter current leverage to CECO fund from investments, issue Interest $X.X million of $XX higher Todd. million acquisitions and million capital you our trade $X.X the cash to at pay was all of the Thank from Cash while over $X $XX were full-year to finance revolver, the financial At debt back was growth XXXX microphone capital quarter spent in down planned working before from gap. generation, second essentially year-ago capital in in operating cash million, in concluding and with million debt step a investment primarily and a $XX who cash and on sequentially, XXXX summary quarter delivered quarter was outlook in year-end quarter-end related approximately teams on and enabling to take fourth range. expense M&A in of $XX.X investments. below is levels. sequentially solid remarks. our for a operating select

respect Peter. Thanks, also great and A performance. detail our with financials lot into our to of various insights

We're to Slide our going #XX. to slide. summary Okay. Please section, go turn to the includes final which

have and growth is in We And what the already mindset. outlook our XXXX. for initial outlined have common double-digit they XXXX for guidance revised

a strategy. the and Over initiated executed we few have growth will That continue. years, past outlined, focused

growth commercial started be, market leadership, strong. program very in also and structure results been, new The and our new to we continue expand expect We to will access. have invest to models

are the and benefiting are talent, leadership environmental regulation, this industries are are including as growing going strategy, infrastructure benefiting green global advanced and and capital metals a slide, our and re-shoring that industrial from we need outlined clean from production, result the global ongoing we structure that in of in components, drivers energy position and and especially areas. So high-tech investment, process, manufacturing on for transition, AKA into new energy, expansion

we As on $X $X.X are opportunities. the slide, market between And were visual ago today, years target targeting. size targeting billion demonstrates we of more to market a this than billion few

sales We are after or going billion more of $X opportunities.

say, more hits. at-bats they As more equals

comprising not our in position are markets. We leadership

our strategic both just share are through in organically M&A. We new and growing or markets accretive participating

to beyond do as great more us, aftermarket such opportunities have more of services and opportunities in solutions. We front equipment,

full-year #XX, services. to reiterates Slide and applications, more sales opportunity and solutions We international new much do looks of have which our after think and bright, future financials it. the grown that, the believe and we products, the game focus XXXX to you growth to would way think previous high-performance chance and it. with I'm that only process for and of states going you I #XX, takeaway results. a is not slide, XXXX the read outlook. if leave And a is out simply are Please the have we're turn about the tremendous rolling sustainable We we to getting deliver a

programs putting sustainable we're We that have results. to deliver in place the great

to Now last our let's #XX. go slide,

the left capture On from we remarks. main and slide, prepared the takeaway the today's presentation of side

gives numbers that we raise introduce Continued growth to us and reflect XXXX great XXXX year-to-date believe our quarter outlook visibility third and continued in the for growth.

it in and leadership very Once be focused we're the on again, so slide, the will to remain we CECO, trusted With leverage questions. all higher to continue shareholders. we continue on end and I as value our can the of been are great We investments advancing our leadership and critical. maintain appreciate executing strategy and for right higher is customers and organic energy our transition. in happy of customers scale our air, obviously answer growth. also we and on proud other back programmatic this now CECO. our and We backlog over hard our happy, our identifying side appreciate all water a are and transform We And more do for support highlight focus maintaining margins with by to hand to delivering I because customers. laser-focused and M&A a understands at our valued keep to talent that, in for on for our CECO they any we and Team have how industrial and us leadership each operator markets our that Building industrial the building penetrating further to we work I'll our

will Spychalla with question first Our come Aaron Instructions] from [Operator Craig-Hallum.

order on and just backlog of first starting Maybe the pipeline. kind

little pushouts you or talked just cancellations, of whether or of kind seeing highlight kind moderation, the some where could are some but seeing any it areas you about maybe And of there? strength of a geographies? verticals bit, be You might then you

new, don't mean, that, cancellations. X% COVID, after few our have orders Even maybe that XX just XX just This I'll rebooked rarely cancellations, they of we way, is to to Well, the we we say successfully somebody as that very canceled. during Peter remind even might cancellations. mentioned, backlog in that's of company. did educate had X% I normally Todd. were we to something And within there's a those fact, no or the be months By to cancel, see any.

a see We anything actually for were than pauses they to cancellations.So and a to On backlog. something they we seeing remove rarely a be cancellation. delay. other gets canceled occasion, do delayed, don't other expect more we our from see that any. therefore, We any call there material. were So will project that have it But we're than not program reason

So we're not seeing that.

highlighted. we strength we continue in think I to see areas the that

good flowed. broad feel industrials ebbed about. are that There we and the markets Just overall have

aluminum we've of now market's we has And might around that it softened. market in, which bev XXXX, say, couple automotive, battery that semiconductor sort growth that, a expansion of quarters have replaced of builds. in and, incredible be We've highlighted or another You softer. let's in strong market had EV can industrial where with XXXX,

come other to So when markets be a pay we We about thought. they we that. and Sorry for growing, for continues had us, Aaron, it [Technical move glitch, just back. that we'll Difficulty] the into nimble, technical be markets there to think are

continue. Peter So will

more targeted past, a that, focused so not markets. we the we don't for markets various solutions but kind removal new range in ensure the of our that VOC is it a buying a doing target one and and don't interesting how I model thermal are the in you've XX of highlighted discussed would targeted of adeptly solving. the sells the we've new end solution may buying past, the a as periods. approach is Aaron, because its target that to and was a solution that And customer as application-driven. application down, years. And customer, instance, market-specific using the derisks for, markets all company been it's trends is window, that customers very a seller. have down; We problem have or that B-XX turn have which XX, can larger the a which of commercial compounds, In remove their of program.And number know, a We and if on with focused bomber probably and one, market on team Todd they key prior a to the than and of features is our approach very beverage trends handle projects is in uniquely window. team what that out end attention is across production; that our our solution us, interesting that And solutions result, organic for And are oxidizers, now not that

be maybe and to continue could market But impactful we're for us In overall opportunities market upside. space. for well-positioned, that push for a certainly be could say the interesting defense could an and that provide we fact, Aaron, more XXXX, in and I'd us, best in

margins. on second just then And

bit the some a if from about a mix. what on are talk a just you the detail were supply forward? those just Can in behind targets move little us chain of perspective, on supply confidence then and that as more the and of touched margin little have You those chain challenges you in we

thing. was margins it, probably to it It choppy wanted get some a for nothing of more access environment have we that some or logistics. and in quarter support challenges. which in balance a start that probably a year.And through outlook chain I'd challenges for challenging of probably already some accelerating be our gives been are helps in new the perspective. the are that strengthening by head the from most It's supply getting Getting us some I feel just projects was just probably otherwise, obviously, through pushing us, in quarter like a to lot supply fourth companies freight accelerate we It from components always on Yes. at chain so electronics. visibility least the quarter more But to them the of just now. accelerated us. could sort saying could our good certain as challenge. of just be highlighting behind to We next us, our in just we and into year behind as third of hampered get and us X.X to the look, getting for those years behind beginning getting been

Our Rob Lake Markets. next come Brown with will Capital question Street from

You to you get leverage I take here, these get out getting. growth and and as just think you started want to margins sense operating you from your EBITDA really of in acquisitions a the that your get some where leverage good scaling can quarter. you're plays operating the

they good some That the a third first that the impacting back, the to gross with and reiterate gross through here, get and we're know starts in top booking.Now and sequential with we convert projects your to then And back levels P&L that are operating margins and then backlogs really in at and ability to have they But in executed chain our the fourth as higher therefore, margins our our clear in be in, but confident Rob, going back quarter on we It margin focus of better where Rob, we'll XX% pipeline they're look, moves be positively to margins also We margins really margins, as and of X to we're me or and the that, to were the large volumes up where go a gross like had at main through forward level I to the think, of a Aaron just time through productivity, point up. But quarter. into before. I'll of of this including be look, year. ability important on our believe get it of always are our your in backlog, market we that quarters well we and that line. a Like below just that that margin margin as higher let basis. our is just are quarter with I volume year-over-year in the into to margins lower challenges. EBITDA get year our and be gross and, going some is, where negative said the that with at the the mix our next having supply slightly and comment, not lot not coming that the our the bit heading year, that operating pushed that able and energy we're to margins, to would gross there's not a price we and customers just mix there's we're have excellence, lower gotten we're margins into putting

So up been have we're year-over-year. margin go. pleased Could basis I were gross going that they're been where and think, exactly has our know points, EBITDA to margins higher, we XXX

confident we've years, that committed in very from are produce in shareholder working margins long-term mid-teens and that target we're stronger we growth We're creation. will years. to that. the EBITDA expansion. line the the the top we're and creation potentially given think And getting few can teens, margin value EBITDA double-digit to then type with in respect next and few in margin to So be double-digit we of that in dollars that, we a profound next expect Look, growth the I hard believe have value

So our those long-term goals the EBITDA committed it. up are into margins get mid-teens. to We're to

business acquisitions kind you talked a how plan make to you've can you the of level on been of Kemco to then in you give double that drivers us pretty of And do doing, what get and particular. could you But in the happen? positively the about business kind doubling sense of to

food in that lead months, I XX first good of Acoustics the as is already to that's expansion, front to businesses. we in. want taking we when to we over markets capital did and business, to our good a X-, pointed our after with trajectory think to very fantastic doubling. job But the have X-year the teams. capital go and year. already We're also their keep we this are does want growth of been to Wakefield really advancing geographies believe center Yes. it, add teams. something heck, have early X-, processing, tremendous with is Acoustics any new in the within into Industrial that limited or very businesses, at to to opportunities. there's capital some remarks, earlier investment, our somewhat Kemco line the just double we ability a time running ability Wakefield a have incentivize to expand think within helping way there's an We fragmented, get data who can out towards We even this invest water, We Rob, top and space, These portfolio. advance, that expansion; we acquisition no resources them of in want we amount find growing the because in to businesses Peter our Peter done or We're doubt of back finding that look really that specific are help model just alphabet. Kevin, already add them. joined, helped of the prepared They're acquisitions they years, acquisition, early the their expansion.So I Kemco where on the company investment ownership. X we're portion in that did the size of of acquisitions a handful in with strength later their can Look, previous of alphabet. experienced acquisition last the a we've the in I scale

to invest growth. in and new invest want when the capital, or we to entities set region We markets high-growth want our we where Middle new to it's take capabilities So East established systems, an have whether in want we Asia. resources. in them already make acquisition, up East have and We we into

of say, our across we're And acquisitions, our of acquisition. the double we're businesses. ahead all to execution of We're going believe And them, do across an really, XX those of our of way series we well least it's models. exciting at I'd So months growth on to in within businesses that. XX%

one for of provide I'll you the Rob, example each concrete X businesses.

Systems business, more use applicable beauty water something done we focused go similar who capital. facilities. customers in and their begin gas core in With We has Todd's the They yard with small their very in Acoustics, specialist, and had Wakefield a in opportunity focused on a putting are solutions Laftan] Indonesia around XXXX. or be landlord that have in and now to to Europe, sheet expansion is that have balance and to undertaken, required giving additional you a working in to Those could they and would been U.K., X footprint they markets. where ability a and Ireland prior that. to the interesting.On turnkey existing it's it. project business least they buying campaign. package that order like then that's At have That them beef them the them Gulf in or data provide access people more can big with large CECO have manufacturing Europe, point, story. rendering capacity Kemco additional no codes but in in markets and some book easily very own. has And the in capitalized focused, Quick acquire access paper large very customers have pen similar story deeper at a Capital, an undertaken not they could are begun XX the and business facility. very necessary France, able the primary their And deliver That [Ras Middle with we of that but management, can building sweetening, as have in opportunities bring give there's start Wakefield applications opportunities. of processing. sanitation of customer, ability geographic provide all them had our relationships. were on at to We'll into focus, they also on couldn't been center access are CECO almost on with niche international to So large some hydrocarbon very very East our couldn't to Transcend Solution our for access to expect raise are the own, required in teams to accessed fashion talking addition couldn't Coast, but the and giving customer to is that them processing their space to now side, with fat the in And the a guarantees the to have they help

will Wainwright. next Dayal come question with Our H.C. from Amit

line. you say does potential I to for the not XXXX, may I the from think respect do With contribution any correct? Is that guidance it you heard acquisitions include down

right. That's correct. That's

to an just adjacent that. then question And

you where the is now, deals are With interest be penciling still the Any right helpful. about to? how on would in these might in it rate these want the are current fashion out environment structuring you them environment deals color thinking

the about in high probably are low, been, if versus I've that rates XX-year the since been you interest have Well, they industrial where period businesses 'XXs. over think it a of

deal that, about terms of think valuation. in to obviously, have we'll So

the and they're you have you go always generating continue our down lower That's forward. programmatic track And debt's for to free transaction.But because we going last debt certainly confidence more there's a in accretive interest more high pay be time expense the have right We're going expensive. we're to think look, expensive a our cash look, to couple quarters. do, it's economics. consideration And flows think for of as once strong us. of I I take approach we acquisition all about you've like a opportunities record if your to especially a performance completed and we

make an create value to economic have when we acquisition. We

be fit. cultural to it good portfolio has a course, fit, and Of strategic

interest It is few does really interest making transactions. out the the by have they higher not raises to bar to a wait pause would it for economic that I for years. looking raises the a there Otherwise, company impacted it's I just sense over rates it bar at that. look making with at or isn't and we There's single we'll for how acquisitions, So that rates great with everybody. associated say the acquisitions, And it slightly transaction last for now, environment. make being what But think are, the we'll us. different not that, changing right

have how I able the is converting backlog, apologize conversion terms I be I of more in that should to addressed much rate, you to sort you improve to may then I missed or and well. And of if orders quite tied growth growing? guess, are did. confident is of expectations substantially, revenues I that? And if as that mean, keep the pipeline But sales it, growing this pipeline to you your already

guess this history a little in bit so. case think Look, I'll a lesson. We I point of just to I mean,

at look growth. our organic You

our bookings. at look You

look XXXX. at XX% You bookings in growth

You in look XX% at growth bookings much larger XX%, XXXX.

our maintaining You rate XX% It's we're more we've healthy. opportunities, That's not either Acquisitions helped acquisitions. but because have our at been good win that bookings, of win rates look and bookings after we're organic. growth XXXX. have because XX%, the had in of going a our orders growth or certainly remain

Now, you a about enter whether you lot market, new a a vertical. it's new those when or new geography learn a markets,

fourth. billion of in our softens, amount industrial reference maintain of the electric or have solutions.So our site industrial at to winning by handful say, that critical year the vehicle in it's sales the a reference sometimes a sales guess target of a market at pipeline. past, market think leadership again, vehicle were rate done the Ideally, billion have air across project air, I'll electric from you if and You billion we tremendous establish to we successful that gone transitions. a after and so, represents to win a and then pipeline. CECO energy we've the expand then $X.X markets Even industrial just to that, of go have that in we enables we're $X third, other whether billion it's the second, that position $X we to or We've I an target a water opportunity

our part and win of big more growth, a markets, our think and of maintaining And part our that's rate so by XXXX, what XXXX. leadership more outlook for expanding a big pursuits, equals we will and a be for end outlook likely

question from will Needham Ricchiuti with Jim Company. (Indiscernible) & come

Chris on is Grenga This for Jim.

You'd investments mentioned talent global execution. planned the and in the

in elaborate on wondering there priorities expect the your what if near-term could you Just and you please

replenish growing them swim call Yes. have course, priorities, of ability Chris. balance you, Look, it's execute. a lanes the of your of a in to company, I'd set to continue to

line with trying HR with or but go good Lynn, sales our When and that's and constantly leaving, growth, more a a and team, So execute still up associated problem. to to at it's all to people we're the projects. that need we are always our natural business talent have keep of you gold-plated looking growth, management the a environment. attrition XX% fact That's tough top engineering and you need leaders technicians problem, add and great project that.So the

retaining that. invest spending to new amount It's focus to time, we're do company, to people. the relatively industrial in markets mature in every right energy a So challenge people, especially of in and bringing

that's fortunate And we're big acquisitions have rolling right and made, never top our of that every for doing then us, development, advanced do So energy to sleeves To we're continues talent easy, teams very that. some growth, the that's investment critical a fuel that. well and we spent. that our add The and better but the thinking, relationships marketing, time them. talent It's that up more for markets. to have resources our business to are to sales, we've kept day add

development, I think, next you're some well probably as them I us solutions. call development probably hear as of XX resources in application over continue the sales, areas to new months, I highlight going engineering to product sort X that we'll those to make business areas some guess of

Some the be like we've on XX months.So to areas India, company to innovation with effective supporting from should high-growth smart tripled adding our of than where more regions XXX customers might it's where we're and trying in and last XX be, allows incredibly more today and just as growth. us to XX/X, XX around of that be over to our talented people, be but around areas cost supporting resources global a in

thing So Dan the under on we're I'd building going a where we're platform operating to stepping say that. and and more productivity those are to focus really have is of all be It's GMs are our now That's up topics. more investing. Berryman, the excellence. around of last

after going capabilities. expansion excellence go margin few deliver more a to to we're operating to be resources adding So that

organically, So again, sure for we final and the diet piece adding of us, it's of then recent acquisitions, balanced making margin line expansion. is the resources to just about have diet that a growth top

broad of curious. trying spectrum strategy their select today? some discrete How portfolio, which one just I'm take that having it? to understand would from needs? that deep time is this the would broad characterize projects amount you you multiple of of versus going at the service you now healthy looking strategic to where where at customers pipeline, these you and a very And guess have full and land-and-expand solutions pipeline, And the I do like them to see the services to portfolio and

projects. somewhere our revenue book X, revenue let's in projects. be what we and, would the also mix That now X turn months. but is projects right cycle business business long-cycle longer includes It between months. XX% mid-cycle, cycle longer we very includes X into is cycle. XX% that Long we in mix our say, call Well, that of XX

of therefore least mid- They're that. billion. more that are that so potential at to multi-million-dollar look projects to an projects. million least are jobs of XX% discrete. either $X an at that associated somewhat speak. a sure, that pipeline fairly XX% like site For to Greenfield, or expansion a with That's existing build, They're longer-cycle large, They're of new

other things our business like doesn't we I'd going cycle in that.So services, changes that. see visibility mix, shorter forward, that's that project have XX% it a probably our say bit pipeline's the cycle long pumps, The pipeline. you more replacement, little be mean That to more medium can the but on filters, aftermarket what would because to

next Capital. Our Sweeney ROTH will from Gerry with come question

One growth. on revenue more question

been some There's of driving I in to been of I outside driving capital understand you letting sales.But I really asked driving sort internally discussed what's questions what that's reducing barriers a go infusion. maybe could if think But of think global least, I you and acquisitions. to additional lot past, that heads growth, I see and at Can I wanted access and opportunities. business pipeline? in There's acquisition have discuss to think guys wanted and and into you what's Peter, the edge incentivizing growth. them maybe I CECO's growth after what's around ask. the have dig dig of some

actually at business the and transformation if we with Well, having our more accountability platform you fighting units, will, started our and the and of transforming, our been structure nimble units. it have model more

to do the markets, investment the and I the quadruple the think double, triple, them that incentivized their markets space do to time focus to that going we're unshackled and the them gave that. on that after,

because them years for opportunities. a So our important. all markets X growth can they those driving going they and invest given their At growth they would to going year and ago find know markets, to new eventually, and That win to lose, new into our to more important, expand is and businesses ago, stride in markets.And platform we're that be new looking continue that's their into in they're accountability today, at continue position. leadership

feel geographies growth markets. and in important. should to drive and that's that make acquisitions. the the do There first cost think synergies operating be We've these some And reason good we expanded but obviously. on We we We some to drive That's and into equally acquisitions. foremost. look, not and on that's to expand vertical So do markets. the And It's noted, the acquisitions make think synergies, it feel we're investment needs growth. markets. the they I that those already like are really well-positioned and dollars. new and carbon of gases investment Investment infrastructure is of or to have capture we're new We and of and and billions maintained of a opportunity. globally legacy not of trillions a new whether energy that it's like that infrastructure all in infrastructure not transport over, be restoring capacity built in transition, good industrial for is pipeline be is that management, and and to in continues energy capabilities over. The we

growth look it's conversation. their for we that investing markets down So slows to them helping And when smart end at growth versus a are move into we and and going incentivizing new combination growing, acquisition at differently. that one. of markets that slow acquisition nimble in model it's think another one teams model can which and synergies, promotes down, cost our then just It's being a

I internally? mean, what that investing Can growth as as driver you or about touch on a well? the organic side maybe upon

lost that's us. in caution not environment, that again, we on know Yes. out and some the Look, there there's

CECO. year, Street than to growth a going double-digit the what's say Journal is more organic give every double-digit to You and give this subscription this next day. don't It's growth of It's television going year. or We Wall have it cable year. read heartbeat growth us double-digit about us the not to growth

lot pipeline it's backlogs few the And a have years. record like the of what and and end to is a and we We at producing and quite main moment. the the that navigate for markets last dicey moment, in focus. our lot choppy been confidence looks organic a We think double-digit while, flowed.So additive in is M&A as us, that is have growth ebbed of for the growth

we our we So backlogs double-digits. we're all now right organic as that, believe year, for going think head an of next I to again, being that that. with to continue pipeline, represents, into push And that's our number in and the

space like just the So we we're at in moment. the

Our final from question Gargano with Cowen. will TD come Joe

Michael is customer us that's decision time? give Joe. on book-to-bill. water In industrial continued transition? timelines breakdown remarks, the strong and for any color you you and between any how over the Anastasiou energy Can This prepared air, can the And you the regarding mentioned trended us give

Well, if throughout have three, want segments to you growing been year. it, the first those of of of call all, sort all

been built where want over to our we've with DSXX collection XX last it, The businesses industrial building of position. call water. because water the to and business months obviously cetera, made et you have Kemco, So respect newest we've our industrial if a Compass acquisitions and that's is, that

the But part can't in the that's area you been growing, probably you're growth, of looking acquisitive industrial most So any water. of I at give that's when X industrial Kemco book-to-bill X GRC, especially and we now that double But a portfolio, it's of strong growing a Y. ownership; is X, we between years therefore, that are DSXX, will legacy large and transformation been in Compass it's businesses double-digits, been our ago, water.So think was and in XX that believe. business again, all months and

in our a So a the of largest different to as markets of dissect again, part book-to-bills But industrial it'd continues what's in terms me be big to platform, be There's that industrial between well. energy them so lot probably water. end over and of hard lot good represents X air time. there, what the it it's take certainly we're book-to-bill Industrial of for air, do. and a transition, we and

might might industrial X, more book-to-bill have X X.X air quarter and then might quarter. less been X none one them for energy be quarter and the next might energy transition be X. air think than than But X.X I industrial be of be transition

last of quarter and X of a the between X.X somewhere that because all book-to-bill and X.X the had few X probably averaged They've and year-to-date. the over not any it's probably years. X.X of of year So we've X

pretty it's for So been balanced us.

decisions terms at us project them and a seeing much process, in was design on We're I customers for in think, or even, is trends. One are placement. make speed help coming second customers There their order X part to an to orders, to of the so question, the the I'll earlier their call in it, stage problem-solving we technical early our planning. with

we early ultimately or And design, costing so move now and past. CECO Because making commercial then we've rapidly, more it, design that the gets of in we specification helps are and phase on us influence got rapidly. and rate selection moving more from, engineering it's benefits I'll a solution aspects, the early, from engaged us our either and the provider win customers the move can a the perspective.Once into look, choices than technology faster that quotation which front-end call

for, the solution durability calling stimulus some and fact, in long solution for what the we them funding, know to a that interest. is and takes technology trend they the of They're and as are their quality they'll looking want a get in RFQ time cost money getting preferred government the For to strategy which they'll larger will and they're they're quickly. from not believe become investment demonstration move us, is, continue that We first decisions or broad customers. IRA, and get American IIJA how primarily that's is finding customers, the And and companies that process, they of make the out person partner and with from starts the money. program on of because our and other many North phenomenon success even a And now U.S. rolling spend to our to funds. have been the a in solution we've

one more, may. I just And if

large Can You been dive had of or potentially there's to in X.X I some book-to-bill for years the mentioned year. year. X little has about color half The know there has a a be very past you the first that Any stronger just helpful. the area. couple expected seasonal next year? timing the bit projects of influenced that of of been in would cadence

say quarter mean, $XX investment entire with a million, think is not to larger going They million, to of $XX hard fair capital it's that you times, large I just part of It's about sort the say could the our get $XX a $XX of before know very aspects. book or versus or the at there Yes. the we're another chain, timing, has about project. a they question. do the a million just We project part solution. a all, supply projects And worrying customer solution to seasonal big million, a usually let's POs. to the necessarily don't because, have that that issue a project.So a it's quarter be we first in lot is have that small that of obviously,

me more in saying to for early So, next or or reason be believe the a perfectly, year. not It aspect hard in even equally next for I'll guidance. teams in XX%. and XX%, Peter second of the look, our moment, year. linear, sit year. reason There's don't think there's give a at, half, amount I'm proportion it But would I and a much to say reason just no lower this. of huge at it's a say for going looking to a disproportionate and I to that then the nor this the no to that year quarterly exaggerate the I where it. flip. seasonal point, be could It's forecast half I'd not at make we'll think balanced the point balanced have bookings there's mean, first sit today, throughout orders year be to in today, and hard this I we especially I would that, it's give to color the don't where next around me you're

it would a if we the seem our X.X book-to-bill have year, year. consistent throughout So book-to-bill would me somewhat be next to like

to by size some as influenced Now, well. trend, our different on a be that of quarters because be that can the linear of could some be higher of quarter continues revenue revenue more but the historically,

that lower, think that the into have next not we just a relatively that that where probably necessarily might moved slowdown, book-to-bill rolled that. because it's including quarter. could throughout would means book-to-bill there's can quarter even that X.X slightly sustain we mean remind really there's And think seasonal a So a again, or we projects hope that our X.X, be be no because a X, consistent just of certain could I that below and the don't a handful aspect. where X that have it's we doesn't folks, again, mean Similarly, might quarter. we year. also but I if It number that just quarter into X orders of is caution,

really timing orders. fairly at looking large you're when is So important

conference concludes for This to any our over Gleason turn back to Todd session. question-and-answer I like closing would the remarks.

be Yes. I'll quick just here.

City. seeing teams. to customers' in is going to lot question investment of I I'm that meetings This customers be, our everyone's global the a week, hosting many customers information week. when well be continue conferences. there, Part all I that's York at environment, speaking to questions incredible what participating over at for thanking the presenting with a in of we around also in in with Conference performance.Also, as really at our to at not next be for then, to Advisors And the value throughout we meeting as equipment. you and They're Dallas, interest Ideas going us. delivering in of and people, will for some things as next in New be thanks know number look you to Conference least, went all, we there's and but day. Growth our industrial our are just These protect Baird protect great like of Last provided Peter and the First said, forward and super-critical one-on-one Craig-Hallum And Industrial week, Conference Three the our protect Chicago; today. time. going we're thing and guess our I good a we

ever of us, you ahold reach to If Have forward speaking. to great get a and look we doubt want out, no day.

now you conference attending The concluded. for today's Thank has presentation.

now disconnect. may You