P&F Industries (PFIN) 13 Aug 212021 Q2 Earnings call transcript

Good day, and welcome to the P&F Industries Inc Q2 2021 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Goodman, the company's General Counsel. Please go ahead.

operator. you, Thank welcome Call. and Industries Quarter Second Good to Conference XXXX morning, P&F With Horowitz, Officer are Chief management us from today Richard Officer. and Molino, Financial Executive Joseph Chairman, Chief Chief Operating and Officer; and President,

by customer to of environment from system and annual from report cause and the for impairment by acceptance XX-K, behalf expressed to, outbreak in with expectations, the credit uncertainties Before and implication plans, we differ attacks credit periods reports remind any in the Form statements related public products, our energy of are our uncertainties, statements the recent which could These other SEC, company forward-looking including, market the statements those purchasing and are to the described associated delays, any businesses, to on in with changes filings. goodwill, by historical requirements, forward-looking concentration, risks adjustments like those estimates actual fluctuations and filed facility, technology health the the on disruption the company. sourcing risks with and most among call performance and including company's the strength States you United based limited others, quarterly various debt and today's compliance materially results made outlook, related in that our to our discussed management, service risks patterns of abroad; debt started, the Form but long-lived of other COVID-XX on get including, reports and in markets, risks I'd of the under and as future acquisition the other our capital risks to prices, of those company's and on current XX-Q to company's performance global retail unforeseen inventory subject borrowing global future prices, in upon information overseas, economy and exposure regulatory assets or and and and covenants not failures described in

Forward-looking which a no with publicly future obligation Good date on of like statements forward-looking whether otherwise. developments to over as are new the now the call speak update only as or Horowitz. or information, that, Richard. I made, of revise company statements, and result the to Richard any undertakes to morning, they would turn And

that. it these times. we're Thank seen to I conference us this you us morning. effects QX all morning, The of Thank much, global than and received disease our customers morning all all so I and helping potential doesn't cracks Good so with And not hope the is still rollout, good the do current as ones for still open call. and loved your who and visitors. vaccine which affect a to delta to this hope hard underway, is difficult is one, past everybody. pandemic. their have have incredibly on continually already. the get well more under At working we you're P&F, little yet variant well. those yet But you doing doors in we've these joining severe light control harsh believe Several

balance like mindful We everyone's finally, and same sheet, press the note questions. just believe it of So time should time our of better of to to stay attention company's XX, direct hopefully, XXXX on. are how conference flows, was to discussions cash this all of In that today, the call, following earlier includes released to the during as better X of like goes to period year. and the XXXX company's X usual. would with fiscal that items, will company's compared related purpose statement your And operations, as make release I'd last order and be answer X get I and use months all June the the your release and thoughts this to which prayers this results to time many yet safe.

we and from done several First, session previous press to have what directly will practice, this as we standard become in a this has calls, morning's conference release. question-and-answer not restate and move already our is

that please answering be procedure. to will this operations only the Secondly, financial We of directly must will be results we company's Management to aware insist questions relating you condition. that and adhere not at questions beyond of pertinent happy the Operator? scope be that, to may call. would be entertaining answer go time. that have this questions anybody we any any this And with

comes first Capital. Andrew with question [Operator Instructions] Shapiro Lawndale Our from

the I ask questions. into have several out come to questions, others back few us, allow please. queue back and in a then their to but to I'll then ask

further second been So company for of with end work quarter, visits areas able to quarter start forward, additionally, has in consumer currently, conduct visits where have on-site prospective if move in current also in you And any, OEMs, able on-site part said to pretty example, forward. things to the are your conduct the for to what since aerospace, the helping the the on-site second particular, until was visits company and, customers? of essential or

but month has an say some we're quarter. you rumbling. quarter. that And regard when nothing in Yes. the even -- changed hearing into a we visiting date into during really we exact plus we third second -- were into customers the people, the Actually, as speak, second month Well, we Andrew, can't the now would I give visited

So it but rumbling. hearing happened hasn't yet we're

When The our over That's area, PTG the business, thing -- some it, specifically terms go, much. it. see I customers. the we the -- will can so big issue. do we So not the with we our have of do we're customers of not And we but down constant really seeing mean, do, and us PTG touch keeping we're on again some customers all And we Chicago, but telephonically. able PTG our customers up in not where in visitation. they come our been customers. in place closing is can is to people are regular visitation,

to have we with keep that. and know going yet. much not want that new So I you Joe, to don't anything we that add if had success to want customers

No, and for still but opportunities just a taking not would or with either. engineers OEM and And agree I on the the in building Most the not goes deal are Richard, either are only as PTG new the are gears, not companies completely. you well. aerospace people great that work of aerospace visitors who

whole still to call, last the us. So I know lot hampering be certainly that since improved conference a it's it's don't honest.

customers a around right the we that to other being both But start few delays. of were and going Yes. We did Andrew hear now. now there's Boeing hear

people your go at customers out the don't internally, P&F, the meeting. procedures that right? Is if you But will any that are policies take or have to prohibiting

Absolutely correct.

all visitation Okay. worse And down? in that is Europe? terms America. at have than It's of you headway Or completely able any in to make been shut

I would agree. It's actually much worse.

companies moved who you first It or last considered vaccinated of vaccinated? the initiating point initiated other vaccination? get for P&F have you larger do But done was the estimate Or for have employees bonuses to shot do started just making incentives an on have or you percent have vaccinated? of or with And estimate. even that presently quarter. the fully mandates financial an And the workforce

did. We Yes.

P&F middle the we and But what couple of or days, At vaccinated different may not now, our can is that like something do. past, those in states, are that's of say so exploring didn't legally offered have in much. at considering that, in. it's all up this the our not And to agenda not and people, really the different in vaccinated, we is floor ago X and the we'll can But the within dog. in We're subs the then now. of point. gathering, to a that wagging months have we’re please states I have options. totally we And of of do, right rules. for middle dealing tent would different next corporate, tail even we're actually, we're incentives but We get right account who And the everybody

And people had there COVID it spike within impacting as Have experienced all? pneumatic at down greater operations workforce your state, up. there a has getting Florida, the Florida or absenteeism of incidents in particular huge you and

now. But really we've cases I ago. As in of together group people you with putting of weeks started the employees had of tell middle been really just we focusing random of more we've point. I We the my said, can lucky COVID been this we're knowledge, that not than have couple a to that at it on -- very

And to of what And the you be simply disruptions? to the another you referred supply effects to inventory press to doing release, or deferred? customer cost your respect the do lost shortages estimate caused in your to the where to operations with and And sales that of have do intermittent stand mitigate are chain so?

more problem enough the freight when every it's of and it's a I'm you but I'll the the sure dramatically it even after out. higher the out days, received than even get cost months weeks into ports Even detained before X problem day country. read Yes. And this was not they know And with go into be can comes freight. of comes cost freight let a to X is detail, going XX articles a ago. here, at Joe week, on to what's freight, in timeliness it P&F, them

same answer you obviously, X that to triple give is everybody weeks product, haven't it's a double anything later do getting deferred. we time, sales a definitely X even later color tremendous want from is we whatever. and or weeks because short. short that issue is any so any reasonable boat. customer. the do not up not get But not or sales. any to We we're other Joe, have up more But That's or that an the lost that? challenge. We to We sometimes And it within believe overseas lost

AIRCAT mostly the the the overseas levels distribution. receipts mean, the business, business. be I we're working couple Home Yes. a Amazon would cases, areas the Depot of in impacting of through disturbances business, those where And and

to who deal a are many inventory, holding So in people we're inventory great selling cases. of

X get month, month, don't one or to people of weeks' and week we if inventory. worth holding we'll it are So next few get the a sale

while are any obstruction So numbers to seeing bouncing customers not the our little are knowledge. around really internal ultimate bit, a our sales

say, of X And improvement the are ago speak this in you second months in saw, we beginning you let's situation quarter? the versus seeing as what today any

Absolutely worse it. it okay, it that? was. it. point. not. We're dealing this challenging. is How would more but than worse It's at We're handling We're with say is I

new been the CapEx forced issue? on or plans a products, you back step Have as focus your to or reduce result any of

a Joe flow position. but to attest very strong cash in also, it No. we're can

on, Joe, add is you that want you So to if not issue add? can an but

on impact mean, ability I our those anything Yes. no we of access availability, and capital plenty we to and tremendous result a shortages. have to of finance have as

Right. of in on I'll Florida to and Hy-Tech its models the an update for respect last more our and to each of you your provide on which models which tools cordless and applications types products developing can cordless conference And and company development nonautomotive the with you new then back of Pneumatic, is color of out, referred call. some

Andrew, as can queue the I'll in. Joe, But in There's you keep you let going. of chime now. nobody else

can keep going. you So

Andrew, development continues.

we're On development in cordless aerospace on what even options those we though show limited side, programs. we the moving Florida Pneumatics can have Unfortunately, the related. are people, been along

had sent process some for the We've than complicated, our more taking On and continue the and longer Hy-Tech a a we we've little development modify there. select evaluate and little customers testing, we it's to some thought had offering test to units. is as side,

but So much in have the those to seen we're we're but because Hy-Tech in share like yet impact as we'd really continue, having months. as not any getting And difficulty we we as meetings the will -- tools. happen, progress They last they not we finished Florida unfortunately, don't the case, with X those in case. development revenue said, not

done the efforts Now, it like you sounds of intellectual knowledge? process these being sharing each in do separately are the location. How

process? we do How

technology. intellectual development I guess, between knowledge separate doing X you Only efforts, are like How the battery sharing, locations?

they share they don't. sense, it makes knowledge. Where it Where doesn't,

among the got that technology purchased among silencing ago. years As operations, an And the -- with people and two any regularly really speak sense. other. technical know along engineers you know, acquisition example, we've readily some executives to we've makes between other all each it And information got that companies just secrets the the is the there we where and AIRCAT each shared that the isn't

executive me. that, everybody or knowledge the really the the feel I They even So aware of own. is a and call other just And that freely to need, person don't call get tech involved but need the if we other they in don't there's shared. is they technical

impediment automatic. tribal of formal knowledge just to there's of And company an way. within no and way it. kind being it the no It's shared there's shared. So It's that

range which for time perspective your products these what's in And introduced might be sale?

Well, X months, some additional side, would partially Florida some introduced, and next both on. in to I on I refinement the expect the see from I would sales, mean, they're I'd there's going ends. say, start

agree. would the call people on there some I other Right. Andrew, are now.

if So off. step want to you

back out. I'll Great.

refresh Let list, please back. but my come me

from Our next Ken Management. question comes with Capital Fell Fell

How In your on to up you for? ransom attack did one of that ransomware paying release, there company's in a some talked want long you And XX, subsidiaries. May about was actually at did the that? end relationship

on that we press we X you add said total less Unfortunately, the regarding add to say it And than margins Florida to this is material Ken, release. of There's weeks. was occurred, to to days, of I'm something two I it what story. I everything subsidiary that it. what know it impact under revenue little the in in already no anything operational. nothing the expense but duration would press relating that like was the XX gross incurred told cost Pneumatics that. $XXX,XXX, everybody a or our there's $XXX,XXX to the more told release, weeks, with to was where Florida going get at a And point, We don't at -- -- attack. else

Okay.

that you ransom? pay So any I can from take didn't

sorry. having we're hearing I'm trouble you, Ken. sorry, I'm

from saying that take didn't just what you to ransom relationship you're that? in any can pay I

said $XXX,XXX. the that we don't cost we I I you didn't can I legally company the what gave the that. is. say all information do. know It almost difference

saying, is the $XXX,XXX -- at just time. it was I pretty a I consider company to almost material

ones problem. not doing certainly only having this It is, most the but we're that,

material. unfortunate. Yes. But was of yes, So it's course, it

about there telling no issued X-K Why was attack? us the

there what? Why was

Why participants? other there was shareholders and no X-K informing

of and Rich jump Q. that. in I within address hours if attack can -- release our The don't of the The happened facts quarter I have the attack Goodman first XX will right. XX,

So it in footnote announcement. believe the include was subsequent we I events that did in Q,

the it timing X-K. XX and the facts a the I include were hours, right chose fact not in releasing Q have we K the given And -- in separate there? that we do in So and to Rich,

is timing the Yes. Yes, right.

went looking see thought the did not and I [Indiscernible]. in back it, I it it I Q. looked because at was

in both of in MD&A assumption and It [Indiscernible]. the was the

then. I'll look take a that. at it that Appreciate

looking Now, Richard, can you things maybe talk about mergers and acquisitions? Are to you at guys actively purchase?

always doing everybody our are looking would let in middle and we're there But to X I we course, the for intensified things actually. And time, of months, in when day. Absolutely. all every the And will pretty that the X much looking, absolutely, you but search nothing say report. else we last know. we've we're is, of to that

a maybe lot -- is still expectations, interested what a I'm offer? to Richard, in out money in of good pricing expecting it seeing people sellers' regards you're are there for

are side the haven't things seen of And get But looking little to pricing what bad at Actually, for that good way changes we we've we've maybe to under. and a a gotten companies found. out on then in noticed sell it's us from of cases, some some always in higher, all. There's those.

you. Got

the of So bit

good a be will company in and we will good There's do, pursue. feel for our we to a our fit company, we we that standing If not there's continue much really we way. so would --

the X going believe satisfied their of with you Gears, integration maybe Now, performance? even on? the you with And I purchased that's guys Are a years the it was ago, companies. couple Urba progress

able Joe, as we when -- those few more that. better their Still things as been average Still have haven't Nothing customers. customers add a not all new the good, see we it normal, we expect had getting good have batting to And much we and We're good but was. But to yet to earthshattering we because knew that if return. have, that? were very progress. want good. you do would a with satisfied very, in

our X really as We in. into X And Gear needs larger well combining Yes. add business, moved satisfy the The both internally had external. businesses. were thing existed a which as to facility and then acquisitions we I'd is only brought own we

the smoothly. X is which, and we relatively fully really get frustration -- not to running they're had second, as And were Q, out be farther fully we there have we identical. were going certainly we that. that anywhere. But And opportunities So been it while discussed not the They'll field. because as along, there to last the for sale said, businesses, while a not combine took now everything year's first, if third have we But exploit. unfortunately, quarter get Richard all related, into not to tremendous pandemic integrated is customer in would able been can even

Our Tupero. next Henry question comes from

the any about discussion the company the Supplementing type insurance? cybersecurity expenses. of ransomware maintain Does

We do for this. have not insurance

you My second relates mentioned divisions accrued at Is the compensation you these quarter, bonuses it management? performance-based recorded their increased. bonuses. Is executive said, were for? And type What accrued specific were in departments of question it type bonuses, for? operating performance an What including of bonuses to level? next

answer you question. Joe, can that

accrue to relation and expectations. results We the the in given really across board, results bonuses

results So that not missing it's the exceed necessarily expectations, make an But If but company, the to there don't. throughout expectations, everywhere. extent are we we're accrual. we

are really specific but more than bonus answer you some we're get you can't anticipate accrued, say any being well, to that. there's perfect I going a So if things give -- can can't I

quarter second forgiveness $XXX,XXX loss income. before the So an of the had approximately operating

before non-operational income operating PPP based is the compute this when you the after So income? the bonus, performance it upon or

bonus question. a that's loan because got bonus getting pulled of one's every if is No accrual your PPP we out a The PPP calculation.

your you my answers. question. was Thank That for

from with comes Andrew question next Lawndale Shapiro Our Capital.

on ransomware. follow-ups few A the

You from remediation all information. control? complete referred Pneumatic there quote, away Is with being information respect locked Florida to to, critical company still

No.

now $XXX,XXX far expected the and occurred is third expenses lingering not are Or in we insurance disruption in have we cybersecurity but you has going there could and of in costs hope in this there the are reported, a were future? that forward? is that so the all SG&A, quarter costs For event? other pay And present quarter Okay. to that been the going this quarter nonrecurring that in involved such example, the we're Or already. incurred -- for

and answer is the and short forward let that checking expenses the a controls base, going that's Andrew. answer of minimis company, on more add only answer you're in will that terms very Joe, maintenance, the on what I'll the that, in But operational cyber, XX,XXX-foot you But are regular -- can terms like stuff. effective the security, of think more asking. that, Joe I and things earnings we it's don't de have to expenses all updated, in that. regular if

you the you've an what events everywhere place As with sure had, and make got as of take in attack the it security is such can opportunity systems you things any and got you've think you imagine we you to and gives need. stock what

I at costs but to don't forward that the say bit with material these a I terms in anything going that comprehensive we've particularly things, overall look results. certainly, I would So a taking as see stepped agree little doing things from up we're would of Richard,

got And containment that hit? being the say itself, you'd that July there's attack the another May that in the cost. is $XX,XXX we is So $XXX,XXX, nothing paid

I could all Could it, vast the somewhere? like it. not, be that number mean, think of a much majority should very be capture -- we if but couldn't random We money. it of bill there No. or be,

quarter. on from and had there the else move here last PTG color as a Is you on? is just Could trend of but et And pandemic the gains segments this cetera, obviously, up then additional from they sequentially years, little back -- into out Hy-Tech, to prior Is On the the going bit. seasonality? down subsegments were they OEM going give it here? something the we

can than dramatically doing yes but it let last better you color, The did I'll Joe give company continue. you more Joe year. is

we issue. went that the back a of think lot didn't as backlog market can't I into even bit have little mean, get XXXX comparing of backlog. as We fact And like the of of last a we coming everywhere think nice we'd in into the been not a with of I I went with last XXXX and terms has to that combination fast an year. year, we beginning

which services As well outside amount much think, we'd get some complexity in I out like. fair as complicated the to our as, as door of things we're the building utilized well the quarter, of has a as second ability the of

a So But that here been QX. are the orders the there, we're still growth I for we're probably some sequential and to shortly. that little stronger sales are have opportunities maybe than the going think showing have optimistic

And dramatically the margins last have grown since year. kind of

in, month in of ship, for here this revenue know of one that With some you orders those booking and you're did QX. already some current the

sure not understand question. I I'm your

the stuff a it be levels and you're You've projects just Is been QX the it into seeing projects over present complete over in on and some did third-party QX over. needed how [Indiscernible]? or in sales to that reflect that complexity Or is booked visibility carry really basically quarter about not the the are in that the there orders talked QX? that into the participation it strength carrying carrying have

into say carrying QX it would QX. and over late it's I into

run, feel So not I I stuff. good through working while that we're -- about think we're it, still longer of but some

things of Some are lead-time. pretty long these

it products release but you discuss far that press release, new introduced? color your the you had Hy-Tech this experience and you more chance And on been call several press new doesn't in give might. the have referenced so as in to you think provide necessarily a can products I the

expand? you can So

hope about after designed line and impact of we increased Well, our wrenches passed. oil soon hopefully Ingersoll-Rand would bill after after infrastructure well go And also, great this and we QX to we for gas that results excited had we're that directly positioned one in some would are gets Pneumatic. that believe, the begin new with as well work Chicago as that incredibly -- hopefully big are is relatively activity,

since success say, So introduction QX, products. probably, some the line biggest our Impact in we've nice product that the success had with Magnum I of would

So very that. about excited yes, we're

So highlight as that I mean, I one would thing.

spray levels quarter, the continued Pneumatic, higher year-over-year Or And running they last at while Florida of sales enjoy than tools leveling in gun off? QX? you've Are company's increases are cited. kind to these

Yes. they've I sequential mean, I can They're say a in they've strong you QX. don't and -- tell I still speak growth that I than know increased year don't to Yes, I can't from that ago. very stronger certainly maybe than -- other quarter to been strong. that quarter

were introduced, you off shelves took And just on were pandemic for they and the in were they products these sitting new the obviously and because they there, sanitization like demand the such. design, of or

Joe, go ahead.

pandemic for for specific disinfectant. given or spraying world. just their were designs designed flat painting. not They easily really and are were These used designed converted for a But out the

So they not designed. specifically were

towards We're made engineers application. know have said to them surprised a few time. those having modifications to them a little more disinfectant. I don't bit little we haven't I targeted if be the while can't to if better suit And the tweaked tweaking that, specifically, be speak a bit wouldn't I Now, that all things

product for and you this step have the to the and promotion kind promote opportunity on to adapted And and of? market gas marketing this your like on

outside could we wrong and to Depot. I the I about a know is up And we suite gun for not that this, products marketing but spray have don't I discussed, up them, are market as to guns we think be -- the have, the have I us. most Home only spray Well, of industrial that Home for of for the we part, Depot. know don't

it on any and market it a it Would as that such? sense make label to slap like

a we're But that's allowed are channels channels just something. I question. very different those the on for access to I of Well, sure kinds a don't distribution to working spray gun. industrial what Depot’s know good product are Those our don't of is an label the know. on it's not distribution. slap I'm theirs. engineers

The airlines The theaters. would movie want it. Airlines.

but something. sure already Home But question. guys in those a been we're that's are It's buying really we're in, Those I'm at looking market through have it. doing good a not or Depot. we're

hand way, is have, we're more. guns. we almost by the Depot ordering going Home that it to and basically, comes And Whatever mouth to spray when

I'm aisle. assuming placing the aisle, not just they're the in paint in disinfecting gun spray now the

you're couldn't you I but I'm tell sure right.

guess. a That would be good

also -- in talked you've the you've but -- And that that quarter last very the Amazon? particular, as in seen you Amazon has growth past have at in the grow well Now channel channels channel nicely. continued

happy focus for Yes. It's to better. with real do us. a and have growth expectations We're very been even Amazon

channels And exhibit AIRCAT. other have Amazon you For seen than yet? increases example, the

Just so we're you're AIRCAT clear, is talking about? this for

Amazon. Well, products you your if or to know other beyond sell channels I think don't above catalog and it's I

AIRCAT? for mean You

I guess, yes.

rest of channel reasonably by Yes, best the there, product the have growth we the few a we far quite is doing But is Amazon, the that sure. channels sell -- Amazon is but it's well the biggest AIRCAT through. also. The growing AIRCAT

products, In are AIRCAT, and you introduced too, they some how going? new

introduction. It's a had been we've a major since while

which minor significant. products channel since had and in some nothing minor Those have years. quite X.X There think back we've well the well. been tweaks but some is change, I we major introductions. going are established The doing then, made,

questions. more some had I

There's going. else on so nobody line you the keep can

size I'll Can what's tax go. what quantify or And you you a refunds they expect of the you size the Have do and get in? had to the expected? the status bit arrived? also

Joe. ahead, Go

we're expecting know one I more.

think material. the to I think but received don't one is larger one we've I come the

staff it. so is the off, before of coming, magnitude me one remind of give one if my that one But more largest the remember I I know of gotten we've do think far. Andrew can them gets but specific could I I answer. a cannot more

the And QX that in if or QX in are came to you July ones came thing? could a if ask came your going staff they if be in, in,

a It's QX thing.

as is lumpiness year was some was Can lower of a QX trough this there would I pandemic, you well. the was year-over-year. larger just QX the in And by lower it the And be time some business. consider by in last But influence to it orders and on year, aerospace, lag sector is note considered than respects, last that your aerospace the appears QX, lines substantial from exists? be to that Or in if down second case in trough? of you On quarter color was of which many QX give things? of that just the many what

answer don't some of just let for orders But part, the our with we've most comes depressed window and bit for most really a giving part. what's it in industry. life, X a been has going last our in I'll we general, a Joe a And month pretty sporadically the into us goes. the There had customers aerospace to little very on But but of Nothing customers, it's basis. though. on regular weeks. have nice

As month, Boeing up up believe, X to making, of they're XXXs to reference. they're just a that a frame announced, ramp making now month. starting And XX of whether of now, a I Boeing. they're sort to

Before the pandemic making the a backhaul hit month. were XX and before the planes hit, XXX, really they

get So excited I XX. wouldn't with

there. a So situation good it's not

as the well QX. shut We aerospace. went a add with in backlog And that you into carried in obviously large XXXX QX. very, down And at Let very into end everything of then just me know, QX, this. backlog us

bottom really in the was QX the really was not QX. in bottom really The orders. in sales, bottom So orders

continued. there. fourth has last come out in that year, So yes, And of of to little we bit started it the lag quarter slowly and a was a there then

business in In It's Very of any vendor. didn't case their question, matter a you're to just the of that other going slowly. issues any lose we industry. own ask

We are event still of choice. the

and And from or think their suite even had that still you or of to Pneumatic for and off. both and appointment, a a yet, it's Airbus get Is again. said an it's Pneumatics, tools to now had whether On the you call, aerospace ready really I be Hy-Tech how once to X back either serve Airbus, you Jiffy the present discussed like, you're shut to Florida you have and that that calendar that appointment pandemic, you could able full on month with calendared? or Airbus previous the your Boeing all facilities into or

when get of we we into -- not Airbus. it's indication No, no have

Boeing, the about to that or in been into them? terms new discussions able to kind engage put in to any you to of facilities of want And your you of have of front in products go be able

Very Right, sporadically. Yes, Joe? sporadically.

current allowed deal We're just into unfortunately, product. but to Boeing, with it's

I we engineering and to the are As of normally the not that the speak in engineers building. teams said,

going there's tool. yet. a point new So in no to just show nobody Boeing to to with it There's

Yet.

ready before where it now, getting you're ready. But was like Okay.

get in them. We've we're of We excited [Indiscernible]. excited we tool show Airbus a them got Boeing again, have we're we about. want that front stuff tool But about. an can't got We've to

programs headway I or has and on those any side, another other defense commercial Are scaling think, military? making military those the manufacturing you Have you side. on aircraft And the the in about side, aerospace down up? scaling that been or talked, are and defense airframe then on or

Joe?

no of would has down military been say, you now? the bit me consistent. There's probably little a scaling anything hear I more Can in military.

I can.

Hello?

you. hear I can

than correct. the better military the doing is that regular saying that's aerospace slightly and commercial He's

-- given sheet income shoots is you to And of the Board discuss regularly when QX the the green the for the reinstatement the meet? Or it and represented already Okay. balance Where decrease you didn't has that have dividend. in set seeing, met what's you're this and quarter? much strong

a kind Now, thoughts way with balance and to of that out TPP loan wanting about your status the of the reinstated. know getting sheet the and debt-free and

We've Yes. about talked it.

meeting. the have We in met -- not since last annual our

have you shortly. schedule have cetera. realize for how it. will depends, we to it know, which a I to the it is, is time is is of be though it haven't and say it it announcement. lot that Of as the forecast meeting, time, And It's a often, quarter. but you, on course, when it, operations of And tell can is a number is financial on very things, but realize tell with the you we we agenda on capital an requirements, it's us. as reinstate speak results of right soon had we will on et how our important make we us, forefront. But Andrew, And function the as as et I formal we aware and mean a as over are. of it condition, we there much is good But you're dramatic not And anything to on reinstate this I important as to want cetera, don't our every we

else. notify everybody and you will We

put cover enhancing I might might had And descriptions, total going would it the which Thank count if What's call. the be asked I the be think be XX-Q the release. advance press you out to The space or release of there? the for or that's on the to share the company's it. in et cetera, if XX-Q on before, and in final that's one included press that the change, policy question,

may Joe have that.

have don't that. I

up-- While looks that Rich

X.X get an exact you roughly but million It's we'll number.

the question received refund $XXX,XXX refund. Just still preliminarily, is don't very know but about of this received And what But some would pandemic, your expect we January. we're fourth but sort. expecting refund year in returns, give about but we the finished the in a not -- couldn't XXXX, taxes, government's I on I'm have something timing we haven't return number to quarter, the I we given I refunds the working another another QX. on certainly because certainly answer for you in maybe

is meeting, current market reauthorization. for also at possible what nicely prices, step And of very but you accretive repurchase would mean as the the stock agenda Board be possible the now doesn't your the well? and part would of accretive immediately, That nicely into very is -- plan reauthorization was the

don't point, think. sure do at I It I'm Not one. both. we or before act other. both. stock but we everything. we balancing our be always be I right dividend. now would I mean, think either going be choose to It's We a discuss we've do choose a now, the it'll with we we as this run to meeting, to won't I got would think at I right think to do not or to don't one walk if buy it -- one, And But do if

change answer your in really. very Andrew, to questions No about there the you issuance Excellent. much. shares, it's Thank X,XXX,XXX.

Operator?

this questions you. There time. Thank no are additional at

all months. Thank Thank our we'll everybody, call. be on your you, a on for and stay your the And please call in time time. back few Okay. for and today you well, safe for QX everybody,

this you, gentlemen, ladies and Thank today's concludes presentation.

You may now disconnect.