Culp (CULP) 5 Dec 242025 Q2 Earnings call transcript

Good morning, everyone, and welcome to the Culp, Inc.

Second Quarter Fiscal 2025 Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the floor over to Dru Anderson. Ma'am, please go ahead.

you. Thank welcome for conference fiscal the and the to XXXX. the results company's second to morning, call Culp review Good quarter of

will of the As this the me let company. financial contain call business, prospects we about forward-looking and state condition statements start, morning's that

or historical are events fact. that about statements are otherwise statements projections, expectations or Forward-looking beliefs not or include future results statements of

uncertainties. the indicated of the performance on of SEC company risks and by various XX-Q. Form forward-looking actual materially regular that XX-K could Form are The from company's uncertainties because the statements risks our filings described These and differ and most in recent including filings,

Additional or our also risks presently affect not currently that operations immaterial know do and financial may that business and results. about consider uncertainties we we to be

to not as speaks statement undue to update revise place each forward-looking or undertake obligation reliance only and today, statements no cautioned to are statements. You made such of We today. on forward-looking

the be the measurement release is website measurements an the call, directly the at as financial to GAAP this financial filed to during to and X-K the comparable yesterday tables company company's the non-GAAP exhibit financial addition, discussing measurements. included on reconciliation these will included In most of A posted press non-GAAP culp.com. in company's

plan presentation call. today's of also A website the available of restructuring slide webcast the as is company's on on part the company's

of Executive turn now Please Officer Chief will the ahead. I Culp. and Iv call to President go over Culp,

the and Ken Fabrics Chief and Mary investors. business. Hunsberger, Mattress to our Thank call analysts quarterly you me President Culp for our President business; Officer; us Tommy on to conference Fabrics Dru. joining today. I you, morning, of welcome Financial call would Bowling, like and Upholstery Good Beth you are Bruno, thank with of our today With the

review the information half the Today, Relations that, discuss and of refer introduction, some completion, presentation which second It have will the questions. to After covers our as for timing our some results begin we plan for restructuring the briefly Investor to financial Ken take call then of the website. business in our the outlook updated progress fiscal 'XX, we the will detailed and an I will on we with And quarter. to mentioned today. comments. posted slide will I'll

second the plan even on For restructuring, consolidated return within post demand we made the environment. challenged currently quarter, continued our progress profitability to to

We are segments and our to making changes both our platforms our market in business. improving position of

expect in segment worsening quarter, our the we upholstery pace to While pressure fabric of headwind were an the recovery. added demand the certainly in the conditions

softness our sales Specifically, with growth we in approach, fabrics environment. an normalized business we remain saw accelerated expect leading share our strategic encouraged we Nevertheless, penetration with process restructuring and lower-than-expected comprehensive eventual residential market our upholstery along the for performance. to

revenue consolidated In and industry We quarter, by the spite pleased higher year-over-year quarter. our sales second X% first position. performance were driven growing in of believe we of levels, outperforming our of increased the compared order for in we for X.X% segment the segment during to fiscal with the indicative the mattress average. fabrics which decline sequential quarter we are Sales improvement the from operating believe 'XX this especially market are

fabrics opportunities chain. supply and product thanks strategic securing are We steadily new both development robust a in and sew to covers,

and second solutions are fiscal we our profitable are making progress and operating serving for year. loss security. and this half rate expect segment reduced the to We with the with supply also sequentially with restructuring quarter, The this activity, Mattress run we a our to the return customers solid reflecting functional to in of by long-term Fabrics market them providing speed its XX.X% segment innovative and

we quarter. production have third The be of November, in complete will Canada. And the restructuring fully majority of the ceased in our end vast at

in of chain for supply and we model, U.S.A. the featuring located an on Republic the With location cut-and-sew fabrics, a completion improved and sourcing efficient Dominican will have and manufacturing Carolina in which is North border. Northeast initiative, preferred platform rightsized Haiti, this a

Haiti installed an quilting opportunity which to platform additional capability, an recently CHF opens near-shore includes with Our equipment, service also for product new offering customers. our and additional

for Our as Asia, cut supply. and in high-volume North capacity growing well has Turkey been strong in as covers a for supply operations a American sew Vietnam fabrics expanded chain by and long-term including platform relationship fabric

continual inefficiencies expect covers of this associated are sown of this in Despite activities, half as process initiative, And operating the with due we improvements. the restructuring of with Fabrics restructuring executing did back fiscal affect Mattress the year. information, benefit to expected performance the the the during knits, margins operational and all We increased wovens of on QX. positive scope

to were residential weakness furnishing in Upholstery by segment. Turning Fabrics our for home residential Sales fabrics dramatic more affected sales.

their the residential and during While a to important expect have align inventory levels market in included quarter. during ordering noted we to from customer during first Show. this Point fabrics adjusting reduction customer Fabric It during potential strong experienced large is a Interwoven after with significant sales period, reaction the second expected of quarter. the did face our High to we This impacts furniture optimistic pressure, is from in pressure the recent orders at which remain third demand a customers about strong as also note the both period affect that our temporary larger the we and we quarter,

and are presenting stylish, chain Our customers consumer-focused supply product our in is diligent with varied line and diverse, we strategies.

of options. preferred offer by products operations with it extensive that while Asia our regulations, tariffs parts via With developing a increased Vietnam, is uncertainty in focus the reviewing also doing other to around chain and are important to enable And we supply world trade response.

new brand recently Show Fabric fabrics. unveiled We performance accentuate our to also LiveSmart strategy Interwoven a the of at branding

this offering on come of but ahead, we performance, strengthening focused to look well-being are and we products. More sustainability as our

an becoming many functionality for of expectation our increased customers. with of fabrics manufacturing As

building the CUF's contract total of treatments. XX% our solid we quarter, sales, business for are representing window affords particular and Additionally, margins, with of Read a model is we diverse and under fabrics are supply a higher generally range. window Window commercial to with making platform. increased note sales are part business treatments the potential we hospitality contract remained realizing the our Of This improvement during fabric and product hospitality strong

of producing profitability we asset-light week. currently remain segment's the by Tennessee supported are the and by Carolina target window in window roller are is pleased our improvement of North second blackout an 'XX. Knoxville, with treatment platform. our for business We treatments shape fiscal in half an week expanding continuing important Overall, Burlington, production fabrics profit The portion upholstery we

with results rate China Our in associated in pressure foreign a exchange operations was our to QX. operating

be supply a are The to rationalize our us for lowering our navigate manufacturing finishing a seeing tailwind We of business improve during variety which currently a the is quarter. our to expected profit our It impact QX. we and in to for last through actions confidence operation have taken chain environments. us favorable gives costs over year currency fabrics, the are upholstery

I'd now restructuring more give actions. like of mattress to circle progress back the our detail to fabrics on

grow us more efficiently us wide-ranging announced will operate focus early profitability current is on This segment. previously, returning discussed critical As ability level we May adjustments and the announced mattress The have its with a restructuring business. enable a with our pressured in fabrics to primary restructuring to in lower fully profitably of costs to the plan once we consolidated fixed without and initiative to environment. limiting our implemented,

we of on As second second in EBITDA and sometime actions already half a are quarter but consolidated we operating results operating the 'XX target by fiscal in were believe mattress positive return achieve adjusted the pressured positive adjusted quarter. discussed, fourth fabrics to consolidated these restructuring to income the for

to the Fabrics consolidated our critical Mattress improvement recovery. is catalyst

market fixed illustrated growth to capacity, recovery. example a in make restructuring reduce our efficiency, improvements costs rationalize Page deck. typical updated significant of increase our a expect without financial This we point is from X the hypothetical sales results and mathematically on As to even we macro

have fabrics with our weak people, and equipment Again, despite meeting successfully cost that customers comprehensive grateful that employees, support confident we relationships strength impacts and this I plant that helping we to and improvements. process, these we our do are are lowering valued we the our a from restructuring undertaking of during forward to our mattress demand, emphasize to look to that, suppliers structure But objectives. consolidations, are is want we are relocation process reiterate, drive recovery. received and the for our

mattress consolidate overstated. fabrics be operating It restructuring but focus The this be facilities is and one our programs customers. or efficiently will scale to cannot dynamic our of that scope accretive. process, disruption a It's to any without

we capabilities, future. with and our improving We and platform growing the positioned best-in-class for are in our enhancing believe the styling well innovation market we environment and current activities operational along and with manufacturing are very position sourcing driven by business

that financial deck, our you restructuring I'd is actions details time have those also and line remind like the page. to plan, deck slide Investor are Relations we including impact. for restructuring purpose The of updated to the the our help it's illustrate we actions the taking, on the again posted slide and expected

initiatives, at of of phased complete, pending fabrics with operation in largely progress last wind-down we knitting the production Updating North a production and We our damage is and discontinued just the of at week. facility our our facility Canada. facility closure squeezing consolidation in discontinued QX, manufacturing restructuring Canadian our mattress American this

sourcing a manufacturing transitioned primarily this now have model, one dedicated we long-term which of step, business business. to with improve squeezing partners, our that With will our margins for fully damage

we relocation optimization nearing end our this also facility, third and quarter. Stokesdale, of steps certain the equipment expect North be finalized of finishing and the the last by Carolina are the to of We of will completion knitting

cover an schedules Haiti location, and our piece also supply cost fabric quilting cut this our reducing product recently cover completed establishing chain sew for first of serves important and of added the our we steady capabilities consolidation sew during for operation new important mattress run quarter, development. nearshore mattress platform the This and capacity. and at We

for that listed property, sale we we our marketing and that and on facility sell details actively market the of X and and found year. Page fourth of general exit updated building. restructuring quarter and the timing dependent of on line, to the time of have will More for the course, Additionally, are in interest our day. again, hope But fiscal are be the Canadian

related demand positive charges excluding currently 'XX. process, in and income, restructuring our sometime and fiscal the to consolidated quarter fourth depressed of operating to this in level restructuring expectation the adjusted return Beyond is

the services. a and million and million with $XX savings expect corporate plan unallocated from to to over million but the productivity savings cost do generate in mattress $X continues reductions Our annualized project from shared to we $XX restructuring, division mostly via solid in annualized fabrics

charges Cash increased restructuring underway, incur those million. on expect total the estimates that to are to million, our updated strategic charges retain expected relocate severance remain of efficiency charges on with and some and to completed, increased Canada. additional now decision to that a a along now activities of Based be optimize $X.X restructuring-related result somewhat have in been some due we to $X.X as equipment

end of 'XX. fiscal We of quarter majority expect will the incurred these have of vast the third been by charges the

close also our currently sale expect from to of to Canadian $X approximately the lease million We million sale a cost and excess Haiti, equipment building anticipate funding $X of net proceeds the of $X we cash termination proceeds the from in manufacturing of facility. with million and

is estate has and to some important all down and from in hardening decreased industrial real along associated proceeds emphasize activities St. these winding expected with Our our taxes that with in the are estate It limiting zoning Canadian expected Ministry real operations somewhat property, to changes, a Canada. sale property proceeds Jerome, after building cash due Quebec. market,

shown the benefit is X liquidity of no lift restructuring assuming and demand. Slide of and is actions on evident. expected restructuring slide cash in The liquidity again, this The is on market deck. both our And profitability all update

Closing and ahead. my looking comments

our progress well we with restructuring solid initiatives both as We are as our in about the market optimistic making position businesses. are

service and We our excellent structure, winning are product and optimizing our operations new providing innovative portfolio. cost with customer placements

inefficiencies, involves macro quarter-by-quarter we are improvement undertaking challenged short-term and environment. restructuring a demonstrating a demand significant operating activity and the Although

demand through industry will taking us are well conditions expect levels that profitability actions restructuring, growth as fiscal we somewhat anticipate at the will Importantly, the strategic again, market post remain as improve. while conditions return a opportunities we 'XX, depressed pressured we currently as to for position

the I'll Ken, financial look review we call second are the and to results to providing turn will XXXX. now then for outlook as of who fiscal quarter, I'll the Ken? the review the we half ahead over

included of $X.X the financial operations $X.X charges. charges company year loss $X.X highlights $XX,XXX which which of of down operations $XX.X and of Here period, restructuring-related million for compared loss Net X.X% related second for million, million the sales prior year the are with compared the million, the included quarter. a period. expense reported were in The prior in restructuring with as

compared of in adjusted I'll loss sales the loss as performance period. loss compared to from an million million QX's on year more improved operating a adjusted prior $X.X with loss. Adjusted was the operations operating $X.X operations $X.X moment. and in was Notably, of detail million adjusted in comment divisional operating sequentially

$X.X in $X.XX diluted quarter loss was loss the $X.XX million diluted of or compared with the second prior $X.X or Net share a share million per period. year net per for

the activity quarter primarily sales underway the in lower by second related for fabrics pressured performance significant operating restructuring and was overall the inefficiencies segment. mattress Our to

tax for income the X.X% year ending rate the with XX% the a was year same negative a the fiscal million second year compared negative The of $XXX,XXX quarter to for period. as $X.X a for QX EBITDA effective negative this prior period with was compared Adjusted period ago. for XX-month

tax effective restructuring an Canada operating compared mix loss the to U.S. the taxable impacted Our loss of mostly from in China, and a subsidiaries in effort higher quarter a company's U.S., the income operating tax which rate foreign the the income to income be continues between to with rate and for U.S. significant has by our due earnings

this loss effort. time income will not Notably, the given foreseeable almost U.S. to any Expected million the tax in at end. $XX our year cash expect end incur do of restructuring for operating carryforwards of as net existing federal not cash this taxes the year totaling fiscal due a we payments the on to U.S. last income be fiscal due for basis to future

business Now segments. X let's take a look our at

compared for second mattress second last X.X% were the X.X% Sequentially fabrics quarter. prior down with were year's sales up sales quarter. the For $XX.X compared the quarter segment, million, with

are domestic industry, product sales levels, CHF improving in we sequential market were innovation and which affected was the indicative year-over-year in the While by improvement sales believe driven order mattress higher weakness by position. of

of Operating prior $X loss compared million ago loss loss for $XXX,XXX quarter of the an for million a operating $X.X to the compares year quarter. was an operating with and

the was inefficiencies, moved pressured sales significant North Stokesdale, to to lower Our initiatives Carolina volumes including and manufacturing the year-over-year CHF our those operation operating performance certain and restructuring for facility. wind by quarter equipment Canadian to down related knitting

the the costs loss of reduction the inefficiency to is quarter especially compared reflecting closure restructuring-related progress this as the fiscal facility. while quarter, affected However, negatively year, CHF significant the related reduce in making operating to of sequentially first Canadian costs, to lower fixed the

fabric For sales down prior XX% align significant year industry, to the primarily order quarter. some to with soft were the for driven Sequentially, which sales by lower weakness inventory was demand. period. including home the reduction in demand furnishings resulted in industry levels further residential the first that a adjusted were customers, in upholstery quarter prior the segment compared their down compared X.X% to $XX.X sales million, The customer

quarter hospitality flat variability somewhat was of press by this costs, lower with sales prior for periods. and both was Read also the Operating and Sales $X.X year including contract from a compared income and $XXX,XXX the residential ] currency compared third fixed Income quarter freight lower fiscal origin our for operations foreign and by [ Window year. China offset the performance rate to of fabric costs. from higher operations lower sequential exchange were unfavorable This affected for business, will million for SG&A sales ago. quarter year

operations first respectively, months free $X.X million a year with negative last a same sheet. negative $X.X for let $X.X free the operations and respectively, of million from Cash total end debt of line China We and our flow were flow credit cash cash and flow outstanding this million, fiscal for X million year. from million the the of $X.X period the reported $X.X million, as negative negative compared cash the balance fiscal and cash second me Now quarter. of to and $XX.X under turn flow

this mostly in operations investments working flow strategic by free cash from affected flow the X operating offset fabrics and expenditures, the planned segment, capital. capital lower first by cash mattress losses Our fiscal months partially during to and related year of

for maintenance, were $X.X expenditures that this of expectations, capital fiscal current CapEx approximately based will $X.X for for be to improve spending year million. this mostly for and fabrics -- million $X fiscal Based year segment. Capital this the payback projects to is increase year and mattress on to the months expected fiscal on $X.X quick million efficiencies year quality, especially this depreciation expectations, will be center is projected X for first current million, approximately and on

end With $XX.X million had the approximately respect million million, in quarter, of cash of $XX.X to we consisting $XX.X liquidity, availability domestic borrowing facility. of credit under of the second as our and

$X.X As had quarter. million also our China in line under the noted credit we end borrowings earlier, outstanding the of as of

foreign existing our and domestic payments with timing the to working of Chinese borrowings company's and worldwide fund grow are The to Year restructuring our the future the credit of vendors under activities, during year to connection this in capital holiday business. fiscal facilities and ahead New

position Importantly, end borrowings objectives, quarter for given the the net as at cash await debt our a Canadian third of the these sale our facility. our exceed could we available of outstanding

available and not fiscal under We half quarter any the expect during not to do shares opportunities. growth we on year, liquidity preserving future as leaving during repurchase being first of focused authorization, current current share repurchase activity Despite remain our repurchase we program. third any $X.X did this support the positioned share million the

and year, take turn I'll general questions. we then to the over for outlook discuss fiscal the this With half Iv? call to that, your of the Iv second back will

you, Thank Ken.

restructuring segment, mattress this on we to guidance about limited providing sales and the expected financial underway the are in time. talked due continued fabrics activity only the significant pressure we've As at

this half We related fabrics, on income, sometime both in our restructuring approximately charges adjusted excluding related week net customer restructuring to upholstery the this X sales less the operating down and fiscal for positive due second a flat quarter pressure to expect for of consolidated slightly quarter and fiscal sequentially We third EBITDA, be excluding continued return closures. segments expect for for holiday and days fourth currently adjusted to consolidated residential with shipping in year. the and charges positive year to

questions. your we will With take now that,

Brian [Operator Instructions] from today Our Research. comes first question Tower from Gordon Water

quarter. that the mattress sequential is question in Certainly industry. improvement we a My on challenging saw the first

think impressive Is Yes. right to strong pretty it's in And business? are think order here? industry growth current I share gaining given the do headwind. attribute you it the that you this guys what

Thank almost question. headed this I'm to very Brian. for because we Good encouraged morning, mattress in managing you Good that but today. to are jumping fabrics. Tommy where he's pivot going with we're primarily business,

this As macro to we environment in we you our profitability of to mattress catalyst are they're as context the getting it. you want Tommy, and talked is what see share us in with quite to what demand? in back you the performance and general fabrics. of about, pleased to commitment where see may And ahead .

strategic Brian, growth contribution rates about the yes, year. of The the to bottom regrowing through we macro confident does sequentially have share. QX. some on that are programs back of feel we continue terms our primary half from but growing is environment we remain new run challenged, this good the and That had our placements in in

we the business being rates stable. on So run pretty see our

Okay.

do momentum positive see going QX, . QX? up, follow through that you Just to

Yes, confident run sir, rate. in feel we do. the We

and programs QX QX. in do days docket we got scheduled QX. good week new have launch in we've are a momentum, of and we less But mentioned, that X Iv of shipping As have to

Excellent.

mean demand see, unexpected, between upholstery that being in question side demand And do of that saw versus the might inventory So say the you conservative the that of overall. the dynamics? the did surprising XXXX. My definitely any reflection question be that insight potentially how the be change your end was next business. not the would I while a it's inventories in for what's customers delta my we given would much the industry it though is I contraction and into happening build you more just guys of how building underlying they're have is on what

bullish in question segment a segment profitable, it because us going been Yes. has and pivot. The a Mary Brian, day steady. on good thought a It's really through Beth to upholstery one and lived segment. a That's of by downs. that for is she remained lot the we've stalwart lot day. upholstery we're But It's ups I'm been about. and

We to there's of a retail have that product been. floors. lot There's get to thirst and interest our innovative base a customer and from new products, been

get And just But to your needed, you adjustment. what add we fabrics some that. improvement, That's right? I think and some point. Brian, ahead ordering and question. and an some were than And Beth, as caught in more add here we're getting talking you out Mary and can some themselves that of color it residential to at start see to we're now means. see customers what there as color this Mary Beth, being they

Brian, say sure. the pressure I customers continued perhaps than year. in our industry, Sure, have longer of we that would the earlier anticipated yes, most in definitely reported

some aggressive inventory the in in and QX. some enthusiasm While we too perhaps customers did building uptick too wrong aggressive, QX, customer we their our proved that proved of us in see were in

customers their saw had So change inventory level. customer recovery now that significant And calendar key into assuming that that year, delayed these the the is ordering industry we specifically, patterns. normalize in

believe we're pace industry or on key that placement than we better the normalize season. to positive QX, into customer slightly going you the QX spring If with

outperformer. an That's -- very office versus a between side? you could If That's that the down difference happening good to break the certainly. just to pivot was though quickly the the contract hospitality on relative and good on hospitality Could what's maybe side, hear. basis yes, and to side I

question. Good Sure.

down in COVID office a of within seating. And is in subsection significantly. how is decline our that that the -- numbers, portion and hospitality primarily changes since of offices, channel we that So contract furniture, with just work

of with you standards parts, if the the seeing So hospitality and capture. we've the brand with favorability we're number pipeline of that X able large extreme been out hotels to tease

is that loss this and on the side. overcoming So outpacing office seating

Great.

thing And just hospitality X-part on Brian, as mean, business. to important it's understand, -- for add a I more would on tease you investors one it's hospitality, I

space fabric a whatever blackout business and that we window have we excitement sell strong We for shades, have it hospitality, treatment And the cinemas, also hotels, public a be. very a hospitality may in of of business, roller fabrics that to segment robust rooms, building guest business timeshares, window lot very treatments.

Thank you.

the I more more think the that's a a good little other what point is bit of I more if to when obviously the the that for be get There's do specifically, insight Kind look of on breakeven contribution segment investors like look maybe of parts what of should we the the this? going to was note. I point for move into The Ken. lot what next how could may, through end margins we moving current question be? restructuring. this about like a restructuring. And thinking a question, mattress of business then could with economics maybe hoping

Yes, it's question. Brian. a Yes, great

the I that progress and we're we're X, point. looking that, -- getting that's restructuring priority is think, forward to through making on and great obviously,

least it would completed, I basis, savings. once would on that -- we annualized million said had at generate the activity think as of been at I an look we $XX all

has CHF get that the if deck, the refer restructuring. So slide that in once slide, past the potential we the you it to restructuring shows

step that to I The those point mean, to X other excited get we're and that's is that number savings thing implemented. about, get

the the able the would in place, be I the that But is confidence have and SG&A the leverage at able of to to the we part the from there bottom leverage be the those as fixed we as sales. grow that's line. regard start we're current profitable from both a going fixed opportunity we with mean mean, going second to current have and grow platform exciting encouragement growing, leverage I and costs The get the take level. we part. to cost of advantage lot get grows, we're really that there business just and when we to being to

So in get the place and opportunity. from that's restructuring And in the business. then get growth first, where profitable the comes grow real

I that. would agree with Yes,

I moving what model, focused think leverage significant as I probably I is am for the most forward look really operating on. at potential the

definitely, So thanks changes kind about under what see question final for the Iv. the set and options ready increased that. on tariffs have any to this potential more And you the one are for front? of respond new that for the you, that potential you How probably that I guys administration? have of is at concerned you to

the frequently Brian, lot, We're course customers discussion news aren't that safe there answers, with great getting easy no question. sure a today in there of while and are options. plug-and-play

to businesses. let feel I on flexibility way we've it, that as the chain mattress strategies speak But have budding could had Mary good be confident. they're I I'll why both serve think CUF Tommy them. think our of maintaining mindset I are customer. in optionality and in an and Beth both need feel I as a to topic, asset-light where like the flex no and our being a to businesses set always up we business From let that to of stronghold in allows both we model in tariffs. different able with will And side. supply great to that U.S. each And

Beth and pieces I Mary both. about have as bigger So both I'm Tommy they excited know think just about it. But than

first about in So Tom, to you want you're space? hearing tariffs how on your go

hearing that the that -- we're we've are the moved administration. we really of all the pleased our fact now bit the U.S., with from we're us, very for Brian, incoming which versus things insulates capabilities into Yes, us a quite

so and in fabrics and the duty into is cut is the feel in security. customers. our North an them be it So like in put free tariff nearshore that in our and world, across mega to to bring Carolina, and then we It And having to we us U.S. -- things them our confidence can our of so and covers plant then one allows provide the cut bring nearshore so a about final value

like have that pretty feel we've side. we the started in set well we and mattress we're we And Vietnam insulated up So options now manufacturing. then on

So we got present customers. varied depending on we've go, of options of to a our all things how lot feel like different

Brian, of our majority the vast products into not do the ship U.S.

with ship about nimble. fairly that nice suppliers we the an to from The of decades are as well the that X portion X we So thing means are U.S. asset-light model insulated that relationships and into does for global

have We some setup few a ago begun in Vietnam. years

we continuing again, there. are We But can as needed. pivot to focus

for up luck soon. of the quarter, speaking best again And Great. Great. third be we'll and

time. Appreciate Thank you, the Brian.

gentlemen, ending And this for any over management to back today's I'd to we'll team question-and-answer time, turn the closing comments. at session. ladies floor and be the like

you, to We interest look everyone Have and Thank your a progress day. our your participation And updating thank on great next forward . operator. quarter. Culp. again, you to for you in

Ladies with conclude We presentation. gentlemen, call do conference that, and today's and you joining. we'll thank for

lines. disconnect You your now may