Myers Industries (MYE) 7 May 242024 Q1 Earnings call transcript

Hello, and welcome to the Myers Industries First Quarter 2021 Earnings Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]. I would now like to hand over to Meghan Beringer, the floor is yours. Please go ahead.

Elliot. you, Thank for everyone, quarter results. Good our morning, first Investor Meghan Industries. Myers Senior of Beringer, Director Relations at I'm

Joining is President Officer; a the and Officer. me first Chief this press Grant and today Earlier XXXX. financial Fitz, Mike release McGaugh, quarter outlining Executive results we of Vice morning, and our Financial President Chief issued our for Executive

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call. earnings welcome to everyone, XXXX our Thank first quarter Good and morning, you, Meghan.

in begin, to everyone or event, prospective who joined next current able discussion strategy and either a us I March New in City have for our rolled we like XX. with and this Before plans I'd on investors. to event years, thank X York virtually the for we're great person Day several out Investor our At and

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Slide to Turning X.

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military. for agriculture infrastructure and Investor handling As and markets and Day, storage include the current food, at consumer, I industrial, protection highlighted

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most hence manufacturing for maximized Solutions, and have to consists products, This must we marine a markets, heavy and end for the our vehicles model. now in as but of includes exposure RV portfolio are be low to efficiency be a this business we mostly operating lean outdoor some repair for our experiencing as and high-quality placement parts contract leisure and cars, for and portfolio. Similar also has What operated low aftermarket think equipment. softer automotive of well Engineered This as strategically, result, branded time. focus we at demand this cost. currently is refer to it's value discussed, of to business, portfolio business. distribution the And cost, passenger replacement commercial As as as its portfolio which in this

As actions our later of growing to recent has business some also I'll the is model. we're talk the businesses facing the maximized about this few taking to headwinds. acquisition and of faced some quarters, the value in pains past operating demand the related improve performance

additional will turn we Day. I portfolio our I review number power accelerate share growth. an future see Signature mentioned Before The message to growth represent pivot the first and above Investor platforms handling a an our that portfolio protection XX% approximately X particular, for to company. our Slide power brands, illustrates help our storage, from in important a highlights, we point quarter and of of X these faster-growing, into want attractive a key this Within profits. story forma pro brands In the transformation of our higher-margin represents across in and acquisition

a Now first to X Slide quarter our please turn summary for of highlights.

Our see acquisition discussed near-term helped to deferring discussed our of in quarter has and markets. end end demand from we Handling gross quarter the contributions Material defer We as segment. due that can of anticipated weeks first At of said, in in the in margin the purchase Day, trough drive declines end revenue. X in on product discretionary. where Signature's Investor purchases. million the Signature which other that challenges quarter, strong sales our roughly first a during offset markets, consumer consumer are are X levels delivered discretionary pleased Signature's key market. some of tailwinds to And infrastructure strong Signature particularly equated EBITDA indeed were to closed in in February parts and I the margin RV, in high-quality had We seeing or a reported $XX.X Systems business our marine they we The results. expansion results results of and We for of item,

a both distribution. are to quarter the we slowing in in wound declines to handling close, well. total, material further and and these resulted aftermarket X In below immediate markets some improve taking our automotive quarter additional in was our with in are sales initiatives performance. costs expectations, we demand and performance seeing also actions Weakened as end reduce self-help first As

the of in the for grow improve plan guiding to year the adjusted the started to lens but outlined operating the now are to using range. term maintaining year, we share, as we our of EBITDA, $X.XX plans model maximize we road model. actions Although to earnings near With we while full take slow, of per our end value map X guidance the the I'll are to lower executing and year models to at progress $X.XX our in X in action the Day. X-year additional speak Investor remaining quarters

visibility. challenges, improve key data where described during talked ERP the into momentum as model, doing declined Tire I'll the and fourth and Turning to taking the portfolio, shared with we transition. sales personnel also our regain anticipated. that start are reduction. we merging on into cost our actions is and improvement aftermarket our quarter integration tougher under Myers X. work customers as our such value to I and these better I as efficiency system at this the I've a about In as provide the integrate maximized focus portfolios call Mohawk Investor has systems with with Day, In that acquisition than well our been to to the we the single are communicated automotive to continue Supply Slide

We still work are underway. but progress, making is this

$XX that part also to with one build of to to We million When make tuck-in learn business scale. so acquisitions acquisition The a our was was a acquired business $XX the scale in EBITDA. value, those business bought before deliberate a Mohawk, while our our small create impactful for capabilities the more bolt-ons. and recall, small we designed we of revenue key acquisition and larger, approximately Mohawk had bolt-on small one we in build you effort million. Horizon $X million was As advancing acquisitions. strategy distribution and It give approximately

of attempting confident years, is business higher when taking had that performing past a lower a just the fruit and acquiring the expected. bear we've acquisition will to it rapidly convert than performing often we We're many the X Over into that more occur still challenges work one. experienced requiring and longer

I year, to the continue in we into experienced spending seeing continued into are also level, a deployed and inflation, the bringing deferred. supply tire we pace and turm This products, together and purchases EBITDA this continue across well challenges the can be the an as X. Slide to journey has consumer expect slowdown retail expect improvements indeed that This improvement as Supply, speak. With turn are compounded through at Tire for Please XX. is will both margins. throughout the deferred automotive the as disposable Myers business, are have the they year. the level at tires board in true we right of aftermarket. commercial team the Slide consumption We now less Unfortunately, slower being of income, to Mohawk Please making also the in

We are efficiency. managers We At our we taking say with must operate action. Myers, businesses manage.

in Signature with to about cost $X the cost initiatives. deliver cost margin months, in million as million in cost of annualized synergies quarter-over-quarter. more specific the us service and $X I'll additional $X the In year-over-year $XX targeted is and integration of level. annual In improvement addition currently our believe the $X these million million This expect an million expect evaluating. million maintain achieve we from of improving we to reduction reduction are cost These to can of reduction We in combined coming total, result to our while gains we $XX actions million efficiency we $X improvements. a say Systems. to reduce to efficiency have allow We to we're

Now Slide turning XX. to

efficiency the Moving also handling model. our we storage cost In operating portfolio protection aligns on improvements. this that and on to grow model, with and focused

However, is and focus new like several product development to have to grow acquisition. here the significant overarching and recent highlight. I examples through through I'd that

Indeed, business This The of we we a Signature February acquisition people quality to progressed and and leading performed protection integration be manufacturer excellent the and strong acquired of protection On X, Systems, deals, more at team. of on made differentiated XX. Slide on horizon we X leadership the smoothly, where like price. potential, closed to the has all enabled Systems, we us on great to turf has ground into growth an and strong impressed caliber with transition the our of Myers bolt-ons and successfully with brands, technology acquisition continue well. companies impactful solutions. learnings Signature First, attractive the the leadership,

Scepter to over use, to I've militaries replace around and cases. new gain Myer's will transformation. now through Please promising driver the number the have they we as an X believe our team a I around be accelerator traction point a before Slide and Signature wood development to be Scepter to to they military of cases with to innovations for for businesses. the continues containers XX. existing the to continue The Scepter we advance is gain will while metal that Slide that military world. in we Scepter propellers. global growth continue XX. And and XX of anticipated a business. pursue believe containers The believe in turn that innovations X next We traction militaries lighter highlight and continue will Today, Please years, in in to our growth ammunition product want in spoken easier pivot example acquisitions, also and U.S. One growth to under We world. will military our the with are rearmament

I provider Go and fuel a know, station you site, other we at current is on the a site March. construction our Several Last power the a or at across container have is of consumer the gallon we market convenience market. The product consumer a for will believe N' pump XX sports. of these our Flo Duramax gas company. the station success we believe The construction power many work is portable sites, in a winner of Go and offering. development Scepter contractor launched new or home. month, As or on complement fuel is containers. gives that a reviewed product power job leading fuel a be Day a N' were Flo examples ideal research, product will that the landscape Investor our Based in of

focus branded, as as products. a We differentiated through on will to grow continue well organically acquisition with

as the outlook. first quarter our our Now call financial Grant well a for I'll turn to results over of review detailed as

Net Thank Please first declines signature flat you, the profit dollar Material the the agriculture for costs consumer lower with as the the $XX.X the included XXXX. by a million $X.X results. or to margin summary asset the volume and XX% segment, a RV segment $X.X orders. in decrease were by million, a profit primarily increased year-over-year and million addition sales X% On to declines pressures XX.X% the from partially the $X.X acquisition. to lower quarter turn contributions and to and XX.X%. was in and result acquisition mix compared in end was compared XXXX, the Systems $XXX.X sales decline as to costs due Slide basis, Distribution markets integration from higher for inorganic XX.X% volume compared the to offset material a pricing as to with of expenses $XX.X Handling gross a year-over-year million in Handling Material margin lower primarily key XX Mike. driven Marine, $X.X slight decline of Signature, intangible financial the of segment decreased in SG&A complete which of and basically which and XXXX, as was million million Adjusted of million XXXX Signature cans revenue were amortization. X.X% SG&A well was of or million, secular increased increased gross in and percentage to compared acquisition which by offset timing gas $XX.X adjusted gross with

XXXX. operating $XX.X First to compared decreased million quarter to million adjusted in income $XX.X

XX quarter which quarter last of margin million, in year Adjusted compared quarter. year. increased from decreased EBITDA to first was XX.X% basis points prior First the XX.X% EBITDA X% adjusted the $XX.X to

of compared of Lastly, well our to interest per sales which $X.XX share loan finance as to new $X.XX first the and The acquisition lower our was compared year by in variance XXXX. adjusted to driven earnings as used quarter last related A, Systems. to expenses was increased term was margins Signature operating

XX Slide for performance the segment's quarter. first for to of overview on our Now an

The EBITDA result Material trough markets, dampened contribution marine or was decreased by to prior other by adjusted the lower For decline offset volume This positive sales the decreased $X.X by market offset compared margin adjusted year sales were infrastructure period. continued of performance $X.X units. the was a to conditions pricing. the volumes. due to prior the for to deltas recent in the in by the X.X% sales partially year volumes primarily decrease X.X% ago the million order net $XX.X largely business compared Signature's lower compared Handling's EBITDA adjusted pricing partially EBITDA $X.X QX in segment, variances Handling million and year-over-year, margin year decreased secular for volumes, Net RV adjusted and acquisition. in of driven in $X million. EBITDA as year. to Distribution in that can basis increased of Signature agriculture, in million decline gas to XX.X% by XX.X% the million the timing in quarter. X.X% million vehicle million or increased or XXX was XX.X% points slight The by sales to Distribution's Material sales X.X% driven the or compared driven higher margin EBITDA sales end sales in and as were and Distribution Systems segment $X.X by decrease last or the to $XX.X segment

first expenditures XXXX at Working net target Capital XX. the totaled of a first XXXX XXX up $XX.X quarter largely ended to System. our Slide with flow of $XX.X acquisition, approximately with previously the new a is compared basis on in of and debt first net our for leverage new agreement, of of Free loan major to under acquisitions. of cash the for line as with term quarter EBITDA Signature to to finance adjusted our to end million took quarter Xx points is years communicated Systems due acquisition percentage compared we X.Xx time a leverage strategy of quarter X to loan first a quarter debt which ratio was XXXX. be to the the We capital million. having sales with quarter $X.X cash the of was Turning million ratio a the the due A. no million Under the hand $XX.X were Xx our acquisition for at acquisition of of X.Xx, on Signature assuming debt XXXX within first of net terms the of acquisition to

Now please the for turn year to our Slide XX we've fiscal where provided XXXX. outlook

guidance, earnings we are For quarter guidance. year XXXX and share low are communicated per likely diluted the earnings growth, while at for of ranges our previously adjusted we the outlook incorporate full the to be net the the current year maintaining as per sales adding that full also outlook end results into share the first

Additionally, to had headwinds initiatives, mentioned, $X million to self-help to as by some and of our term, million the our help near of in end DNA previously maximize $X we continued value. additional as markets, of efficiency are to these headwinds Mike of our actions increase cost annualized in given identifying key the part mitigate some driven

rate. of structure to an annualized working by to Myers cost X also million current cost the basis $X signature are initiatives, $XX when We $XX combined million are improve from run annualized the These the on to anticipated implement synergies. million

Day, that drive profitable at strategic our and are about direction to continued discussed future at the Myers growth. are we taking Investor positive very was we As the

over turn closing to will Mike? call Mike I back Now for comments. the some

weeks used I'd I results close a disappointing. our Grant. doubt, to you, ago. a our Slide quarter were at summary Without to Investor Day the XX. Please first turn Thank with slide few that like

trough of trough face to conditions continue light in few end markets. our We a and

said, more that impacting hidden can We're and going action over yet. expect As are we've concept specific on I into the that and aggressive take this the point. of gains capacity will taking of reduction. we spoken out I efficiency We tap factory cost I the level. speak the a to said we're we don't woods made at to past conditions in persist Investor can Day, these that. That near or cost sites the service to at the not the years. unearthing being out I've specifics want without to or term do

We will communicate that later.

term, why foundation ask strong guiding the though focus based end addressing are of next and the quarter lower over built results. the our guidance, are years the keep we X. upon The range X that's We company has our I'd short manage in while the to through the Horizon first years quarters. next past to on a during we maintaining you

to foundation of against driving and we We into the points With in We self-help of X, a when catalyst few transformation now our will Industries. place, markets seeing company. have capability proof block the levers a cyclical the believe the impact for Horizon turn end early Myers Systems are and meaningful of accelerating be our our are us. Signature that

future We important of of company. direction be will and cornerstone a also storage the portfolio Myers believe part and our that the of represents protection handling an

confident and We and solutions be services the and shareholders. excellent turn aftermarket our these the our over portfolios. Both people. are our in questions. customers, like also value about communities the for I'd the to operator sustainable to competitive of our for positive to in opportunities And to excellent I employees, and enthusiastic have our company the continue products create automotive Operator? for advantages, call that, engineered with

from KeyBanc. comes with Christian Zyla [Operator instructions] question first Our

gives I Were range, confidence what the XQ? given of seeing you time you more so pronounced? of you are maintain at Day? time your the low of the the seeing price in the at And current range? you a Analyst guys XQ's results. was know slowdown Or seeing to you Were slowdown far but What -- end the that

Yes.

largely quarter. was And Christian, or in a we Investor occurred pushed ag after. think, later to the -- about, that of first had that order impacts, was after bigger the that Day I meaningful an of the out year One and

gives again, the distribution businesses, confidence also slowdown in to the the Day. that and shift our the miss, On we're of some And have continue recognize post-Investor in a you see want saw sticking we us to military. But through. come as What gas more to... of to ag, is also the some business more to as was to namely why the that's results have lower we a business, of side, can range. the guiding the end. Grant, upticks quarter we're consumer do well That's as why we first you high-profit add

mean I answered do that Yes. to see year the start question think the -- back of Mike ramp I where about of orders half military we talked some the really the Investor The the Day. about. with we've is

start We see just get those we ramp to starting then are that throughout business. is continue orders, X other opportunities for the now and in should a that of lot production to next grow so we quarters. up, on that inbounds with to And

our we So ramp up growth really longer-term be, catalyst production. start as think we could to as mentioned, a that, that Mike

activity see as have in then storm hurricanes. significant issues been and well. resolved, year continuing don't did some a that we had thing we see for demand is, in taken general, continue first bit just stumbling where our of have some with in had point We due was to we we since e-commerce to has offline throughout of range up our pick other the current some to Amazon little a guidance that pricing that The the now strong demand. And quarter a we

$X.XX storm. can a As that before, meaningful we've with from share drive $X.XX anywhere per to talked

would quarter be for issue XXXX Then would that customer a do as more any be do we that pretty was when Mike have the half firm significant those see and part lastly, the don't that So of first as -- we into something agriculture year. of problems. in typically that just of with see year have wants this of into the to the said, It's delivered delayed latter us from orders. being move we timing the the latter

That Christian, to seed if in the GMOC. later on big it's was ag boxes really add, for can year. push delayed the a was I

larger of also GMOC Some their trying to those companies CapEx. control are

And so there. was there a deferred

scale pushed have part the military, a quarter were of quarter into that that second and first And other of third The quarter. orders is a as piece did up. project scaling on we the is significant out up, and

So chunks. really X are big those the

you revenue a just, Since And I just confidence or growth maintained guess, more guide, range? EPS double-digit visibility or you the in in follow-up. do have the the

the say to would equal very -- confidence. it's I

does obviously us. have we in the given we the guiding opportunity see the we end at more bit EPS opportunities helps I we the little do of we have tailwinds. be seeing, the -- aftermarket drive first a to to falls although think -- that just it just we improving I a of we're market do do that that, over the automotive range overall business. bit the the wanted helpful That's term, we're do really end automotive seem see on that revenue continue lot for we high But But taking performance. trends has an good the a that range little everything be pause very frankly, a to see quite talked quarter, we on play. about But Obviously, towards conservative overall long one have the distribution -- lower think Mike of talked focused the on that a range. But of the lot here. been see

So...

distribution handling do and to you growth the expect what Is material mid-single digits year? in guess down reasonable. for both for organic flat I

growth with our to I that team will business, continue to our business handling be provided. there. get and are to Yes, of on distribution a core maintain in I the XX% looking at really Signature, back probably annualized have, in the an opportunities we we've basis, material XX% low Signature, we've outside we of to that guidance kind potential mean, general, pushing think the single-digit we growth lines growth up been

So...

is in this with because our around business many it right. it. exposure challenging year to much have we that's the early markets. get learned so It we've what arms We so Yes, -- end and is to different

we new again, volume. at could very it's number end mentioned, That's to Scepter well Christian, a to of But season. But looks got are for be bright end. like innovations Grant number going it as continues delivering. range. about to the that of conservative business. -- get military a wanted spots we've and on be good thing. Now get and of That's got traction. to our We've guide The a product high the we talked good be more robust lower the qualified We've a hurricane

And We then dealing sales and However, boats. tanks discretionary RV for meaningfully. RV mentioned about Marine I high-ticket sales. followed we slowing their in items. continued a also is where 'XX into talked we're make And is discretionary purchases now I've off the they make as sheets, down saw That's with the 'XX. consumer discretionary, that consumer still seeing are trend flower water items. that we what have and we're fuel just can. before, pots, tanks mailbox hardscape

mixed of good in We bit numbers a shoots. it's given and revenue green accurate overall spots So numbers The bright bag. of Grant that are a on had a numbers. number see

reduce fixed of do. gives going we're to point. output next this to can and specific to exposure we've lot end I that's reduce months, don't talk plans why it footprint We we cost our of to think the have really and Again, to want focus got to that's plants. spoke have taking going We of that. at that for units and our some X X costs, our to more market out, the opportunity get efficiency. a I also And what we're But on out about us

a have And we're as on mitigating just experiencing. that end some with Christian, the continue these is markets, to factor we of well, headwinds that, that too,

guidance We into additional we a extent cost large initiatives of have yet. incorporated that -- our range have the to any into not yet these

getting still initiatives on timing and So of identifying the we're to ready work that. those

So...

think looks flow Signature, had in addition cash it based the then Or don't $XX And but I $XX of about flow? like we there know Signature flow, is Myers million core free on cash something reasonable? is year. for you million to should free about cash free and guide last

a sure... Christian, me just just quick at a here look Let to take chart, make

I think probably that's reasonable.

to just have this at kind to of you that calibrate me some as questions, I'm take if make Let look sure number. other with comfortable a

So...

the Christian, that point, up mean, Grant I on as number. looks just specific Yes.

Signature, place solid results lot the The being it X,XXX. bit a growth the where plans various has decade, acquisition, We're will been -- ones benefit about size small But the X a tailwind acquisitions and like investment be and objective that. businesses benefit, have pleased in those -- They we as government from key the million. continue infrastructure those place. look, bringing We to our processes very as to $XX Signatures challenge acquisitions a magnitude some are next The that know move spent small of processes prior said, million, when acquisition. from we is into Signature. not Mohawk of excellent There's said, improve or X really just in is million. We we'll $XX We're our get benefiting of seeing I a programs. we over allowed were that of together. with intermediate really culturally. our did to in through lot really the we learn that's we're from $XXX to put going working through and was capability the spending And We a continue us to I to there. with learnings

margins. a a bought I with I think frankly, growth, And reasonable quite very think we a we've of got it great company price. great at lot

Jolly We Anna now turn Gabelli. to with

This is Carolina from Gabelli.

bit in ag doesn't surprised can of this side much, of So the little repeat handling business prior you about the the this a you order question outside hopefully, but more too the talk what just material and discretionary to items? about kind Trilogy you're that what from Plastics of what learned your and the -- also talk can that of you then in Mohawk secondly, than applying Signature? you And some quarter expected

share some can good shifted Carolina, order, A box year. question. anticipated. to was we by through the shifted March and came But is the in learnings the effectively guidance the On there we weaker cultures sales the to in need and the why integrate that's QX. of was of the order expected it in it Yes, seed -- later more of that's fast. swiftly it agricultural another to and was lion's the integrate of the and the than piece gas large to key stand And distribution, ag just the of need the part that shift seed sales March, were we

belief as and ultimately percent we of a fact, learn I'd Myers the X/X doing a business. the complicated what quite And the our work uppers hands and we have the bring And concurrently, learning in We higher session branded the bring and is, Tire in rate bringing we lot some the would it of run at distribution the several up that's Mohawk some at it other a you has and a and products. in level The Q&A now do to fixer performance Investor level we Tire margin differentiated of time, as about we in are EBITDA work. -- our was what that thing of with systems IT in that rather smaller with what when of and And company do or focus -- frankly, trying cultures. short to them And what well to running of is I acquisitions, capabilities buying said the very as Supply. -- the not full. where businesses Myers. will Tire a doing is complexity is was the that Day, particular, and performing some buy we knew other small performing lower to Mohawk much convert up of do Myers it to quality to could Supply. your period the company them centers, that just bought believe Myers

XX% we barrier give businesses the Day, now low Those We need molding right to as contract some things bought as And careful in businesses. the that businesses, where the EBITDA and that's Buckhorn, Signature model business taking cornerstone fine the distribution. larger that profile company, have I ultimately do. your and to low They're have of we to where are being as a we're seek our of industrial why more And scale. plus. business a and Akro-Mil, is said but the much manufacturing the and they're businesses to But about the that's are are larger well Acro-- scale in Scepter EBITDAs company. say we not more barriers -- Investor going that's at we to rotational entry entry Those to distribution.

to hopefully, anything that So Grant, question. the add... addresses

Yes.

You we making But our can may apologize That's that to visibility for consolidation. across have get you infrastructure to growth is just going ERP for I I think the with piece too. businesses as ERP technical mentioned, sure a piece just well, that good did. an also of continue something be if us provides

be integration clearly not issue. it's It's business. be effectively. to the us will so to and It just efficient the within help the Mohawk run business more also more And [Indiscernible]

on were an feel that the fact, to about. would easier approach. which right -- able focusing low and good a That's moat still lower we a Yes. the Carolina, margin a them the is businesses all of are have your differentiated expect, Xx buy we they barrier-to-entry branded as competitive lower with get profiles. And can you point, to us at we've for we for integrate with matter while price multiple, businesses really learned And Signature as

Dezellem We now Management. Insttructions] with William turn Tieton Capital [Operator to

to how savings that target? jump referenced you have get here. identified? to you're $X those And currently the cost some do you there? Are of general is to like savings million Or cost idea I'd million to a going $X that

can be have locked want reduction footprint not because spoken we Bill, we level the last it's point, actually improved little those X the some the idea impacting yet general because confirm scheduling, to I and years, activities. operating service all our footprint, to efficiency. cautious a fixed this But of be I've decrease because employees. decrease And over X we ultimately, we've without on a believe down going those our improved at cost these do things

have thing then it's fixed It to business reduce it to costs. do assets. capability We company some assets. simple. more is makes us more per our streamline to and allows our And now also the right And those

of So some the maximized particularly anything we value side time act where we the house, less there's there. these of differentiation, efficiency on those, and the your in we more from on gains, think it's some to side? Grant, think have opportunities areas

would is for I provide provided. important maybe provided be I have that when it's initiatives more a on just would we essentially general we're we've this, the information Bill, that think what that Yes. number philosophy going we've my than

this. discussing got percent tried XXX be some the longer, a So I of we just some typically that pipeline we've of have of will because fall take numbers to off will might make sure

And so those. and we on just those truly identifying are working

going say these that it, further the some coming back that don't would just but to yet. be I given information comfortable able numbers that are track -- we with have are record be so not identified feel that fully And on we I will very just achieve. to we We

So...

Yes, we them clearly, disclosing we'll that's be We've right.  Mike. lockdown soon. those actions. not Bill, just and we Once do, is will confirmed -- this disclose actions,

million $X Signature, And were referencing synergies, new? then I savings a not of would there? Or that change you're lot a because stand-alone continuing cost that savings is there the there I cost just did was not of Because be front, on just and essentially all relative be any to something thinking the Did remember that going to Signature, cost and correctly? weren't business. --

nothing's changed. Bill, No,

if synergies, cost on there's our them. we So And they're we've question have asked buckets. only recall will -- synergies. said clarifying X back believe Investor think around X $X arms Day, those or you We Carolina in we to million really largely have do I and really a

a If affirmed Jeff rate in those synergies run in who business, runs you well, his confidence XXXX. that that Condino as and having recall getting session from as that

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Meghan closing hand for concludes to Q&A. back Beringer And I'll our This remarks.

information for everyone our Thank quarter you, additional questions up We to requests. on using great first please XXXX contact and Thanks have Slide XX. and To attending day. call. with again, follow me for earnings a Elliot found you you meeting time, schedule or thank the invite

thank Ladies We'd and gentlemen, like you for today's concluded. to call your has participation. now

lines. disconnect now may your You