LSI Industries (LYTS) 27 Apr 232023 Q3 Earnings call transcript

Good day, and welcome to the LSI Industries Fiscal Third Quarter 2023 Results Conference Call [Operator Instructions]. I would now like to turn the conference over to Jim Galeese, Chief Financial Officer.

Good morning, everyone, and thank you for joining. We issued a press release before the market opened this morning, detailing our fiscal third quarter results. In conjunction with this release, we also posted a conference call presentation in the Investor Relations portion of our corporate Web site at www.lsicorp.com. presentation referenced this call. today's in contained will throughout be conference Information are improved for non-GAAP of Included measures results. transparency certain our operating reconciliation GAAP quarter in and of results complete XX-Q. contained release our and is press A non-GAAP third note on conference questions about business call responses statements today's outlook. forward-looking that management's include Please and our to commentary may Such materially. risks opportunities actual and and involve statements results differ could XX-Q. press most safe you statement, which and morning's to recent this our as our harbor release refer well I in as XX-K appears Today's remarks quarter call with results. third will our fiscal begin summarizing the remarks, At we open the conclusion questions. will of these prepared line for that, to Executive Chief With the turn I'll call LSI's President Clark. Jim over and Officer,

morning on you, and good for you today's all. Thank call. us joining Jim, Thank

net in as we not our well believe of choosing of Xx be fiscal hard and likely choice. to debt over the up customers days ratio. say is of XX%. income partner and It's quarter with million a as LSI for had net are I QX you've free could cash be and agents from a year-over-year release, seen we quarter with As and 'XX. that just press fiscal confidence leverage strong performance, partners I'm year, the We happy end the from progress X% employees, prouder our the about up -- Sales our of were over to net of flow our XX more continuing than our our efforts to below $XX had strong the another

few Lighting operating historically increasing year. with a a is financials and strong of LSI quarter going a the deeper and provided for Jim very provide quarter what XX% another into quarter will income sales We against the minutes. are strong third a in fourth year, spot the and last in dive in weaker of XX% increasing of a Galeese good growth quarter

confidence of overview providing is of in with large published one week, being a EV a project. it in says the lighting this also a our we of about press a plant the says of development the may battery were about the focused This an company. provider lot lot have to we manufacturing efforts last noted chosen Kentucky. that It you manufacturing for be selling of projects recent capabilities and largest As release nature win in a LSI history, the Kentucky's and our customer built the

complexity we work and everyone of know, Thank As importance all decision. have project that in able the thrilled we this you size facility with I'm and were a that recognize manufacturing you folks of live this Kentucky, to that support to and Kentucky. a in

is agent weeks, sit and lighting Over to that making to It a decisions are the that for and had down last we've great activity display flurry few opportunity solutions. their customer in our both and company's with performance. the have talk facility of folks impact these

and acknowledgment the our meeting that an discussions. Just we appreciation our in-house of XX honestly we this say than and company the our culture agents have commitments. hold training on for for focus values all conversations an our of top I of and dear, almost week, automotive the more can contain

confident hopefully never and continues pay and unnoticed. style our respect go orientation to dividend, will I'm market vertical for never Our of customers and it out go that

developing a activity oil project we boards XXX ongoing for along projects, group, continue opportunities work number in including print Speaking renovation to of our of with site and large digital menu and our a company. large a Display Solutions

quarter, refueling while momentum building Our record-breaking in mobile the both group, displays a c-store real and the refrigerated performance in non-refrigerated offering displays marketplace. had some third

with in front the offer grocery progress c-store opportunities I'm thrilled and our goods customers making. we us, to underlines Our the are even services to we see ability and more and of

continues New few our last say be years. the innovations I'm happy to company in commitment of products to to the that a cornerstone over performance demonstrate area. to and our this investments continue ongoing

Last including product in new the number our introductions quarter, lighting segment, I of REDi-Mount. a spoke about

This very than With meaningful in Solutions we're development happy in investment space. opportunities a segment group. research I'm feet displays announce in quarter, Display square of refrigerated group, the to in and footprint this growth adding the future, our expanding manufacturing, and continued more our XX,XXX

the with on our environment. customers. our excited R-XXX environmentally run ozone-friendly friendly often to energy way products, adding I'd product. that the an the proud to but I one the to More most R-XXX option our this solutions currently be meaningfully like calls, impact able based of capability to to is free don't reduction the propane-based impacting doing LSI importantly, be that offer From next-generation solutions, provided of is refrigerated we by to LED the out factories, ozone-depleting non-toxic a gas available, mention real for provide capacity to addition environment. is are and and properties, positively on this It of in climate-friendly is our light making solutions an of these pollution we're refrigerant. use point we're part savings the and to and

believe sectors continuing we We're and headwinds, front in QX, some remain many into improve our activity but top we're and both lie prospects Going to still quote strong. work and that bottom opportunities line. our us, line all to of across facing

for that, With Jim at Galeese turn financials. look to the our I'll our over call

on to on We was active financial QX initiatives. an make growth X. execution, all Fiscal delivered operational demonstrated Jim. performance, solid you, perspectives. quarter a progress briefly we durable, sustained of quarter comment several key from Thank I'll and continued

points, building and income for X% Adjusted adjusted increasing record-setting year. of quarter respectively. the with start on the to operating program pricing basis quarter summary in all XXX third income Volume, EBITDA adjusted margin all rate while income expansion program achieved increased, and the last favorable was with Sales fiscal mix XXX with above financials. XX%. improved Rate operating improving EBITDA were cash and increasing fiscal XX%, improved income, coupled for per $XX.X $XX sales share $X.XX generation me quarter, supply successfully contributed $X.XX million flow ongoing significant and prior X% all last million. versus quarter to operating earnings our for categories share Increased adjusted earnings Adjusted net Let extension. was to with year-to-date XX% chain. year, EPS was the and EBITDA $XX.X $X.XX, while flow responsible earnings reduction second a million, increasing capital, above in cash and was decreased working year, consecutive reflecting the our strong supporting last Free improvement. growth, stabilization year reliability for Inventory year-to-date the in year-over-year the per $X.XX. of diluted adjusted

over Our cash debt end quarter, the to reduced the strong decreasing flow months. last of the debt XX free net at $XX net $XX with million million

the the stability provide net a for to and adjusted optionality trailing the XX-month Xx. moving result, ratio forward. As debt debt levels an financial EBITDA declined of to Lower business even

capital shareholders As part share record the per of of XX on payable of May declared May company a our X. allocation, to regular on dividend cash $X.XX

increasing comments excellent improving performance. brief some Now and sales on an XX%. segment XX% Lighting quarter income operating had with

had our customer But applications. make have overall increasing have part outdoor has increasing initiatives share been strategy wallet, in and major the strengthening to for of growth I in we multiple progress opening we market, all capabilities objective as historically position continue my applications. comment, of a market our sales referenced in vertical strong lighting. We in in indoor our verticals. and of Lighting

healthy, last lighting result, is customers. remains position overall our Quotation rate equal applications the total a for with our growth indoor year. rate, activity As levels for to high levels with QX growth above measurably enhancing fiscal our quote

we've we As are experiencing mentioned quotes. has period, outstanding backlog a lengthening which the quote-to-order of increased previously, conversion

length conversion cause moving expect forward. fluctuations we timing While in to healthy, activity remain could quote-to-order the

activity in QX and the demand mobile other as of as other environment. Display peaked earnings sales. the lower or second to phase of cases the print the static including driven digital programs. in in verticals were increased and slightly digital into 'XX. the signage as petroleum impact decrease Order graphics c-store will products, the the sales indoor signage segment, grocery For as Solutions large well by program QSR This program half inquiry also QX forecast vertical transition sales steady Total remains the in we and early-phase down fiscal on X%, display measurably shipments in for

basis income Solutions increased Display improvement management program for in XXX on improved margin, strong Operating mix. point gross XX% reflecting favorable a slightly program sales, driven and by lower pricing

the We of continue pursue March, market as the to manufacturing Jim mentioned, demand support new aggressively space, additional the as and cases Solutions introduction to refrigerated in of well. Display lease highlight, support the segment providing planned display capacity To announced additional we ongoing for products. growth in initiatives

In summary, LSI financial was continued our continue, for initiatives cross-selling progress display into successful cases the vertical. and projects quarter several with In pilot addition, initiatives. c-store growth a including improved performance on for QX

uncertainties, maintaining I now to the continue Given the flow be on question-and-answer margin focus return broader management. current economic environment we call moderator diligent, cash session. for a the execution, to will operational and including the back strong of

Craig-Hallum. first The from Instructions] Aaron [Operator question comes with Spychalla

first, maybe update the little menu a maybe Jim large QSR, on on bit award. and digital on an the at just but Jim, touched end, it you Jim, there,

anything little -- on share pilot Maybe Sounds or rollout on new see on up, to kind timing more portion. award translating new potential of a like the we're for to just at outdoor least size, a [wrapping] good details you that -- But there? a customer? can

the I Yes, well. to digital menu continues on particularly QSR, mean board, do

rolled off the off -- program. of substantially big We have

of been down was project probably peak our think I QX, that we've as and working complete. year, that became wholly last QX

elements with We that have customer. particular other up picked

now. doing order. side order a timing what moving million we're started million now a right $XX coordination indoor just their and on to $XX Specifically, off as It's indoor

until big is another some off. say off and of been that, we've that been that larger So we But would hopeful. we looking do what going drop at with to very QX that couple for infilling we're see time year. anticipate have next to it we've that quite not projects don't subsequent a I of other you're taking But customers,

to are of develop these -- large sitting still but was there. the and time project beginning smaller, You're had see just we out large, projects there going projects, to medium-sized then all

awareness about a -- really them sense some If a say of static but disadvantage sense at really to counts'. during was menu created print board you that period, of urgency, what had menu a 'speed move with happened awareness, to and won't board, I It's inflationary pricing. think an a their anybody

going see the project moving just forward really So you on we're the there. happy that substantially as has completed. been infill All activity with activity that's has

just especially second, see the seeing how you you're are margins in You great the then just Then chain over term? margin mentioned the permitting still challenges. update the can an market? But maybe margins give the Can given what push near just you trend thinking there? incremental us expansion, stabilization. to supply point, some biggest and Is

so running projects X Yes, on the any or doing, anything issue permitting depending the into. we're number we're of like that, is retrofit type

contractor Switchgear, a Sometimes allowed massive I'm lot just and you demand guys, by the putting But has margins. was primarily stay From But standpoint, the has litany margin delayed something just pricing to progress hear of is of pressure close electrical switchgears maybe to mix and back and discipline had We understand, to Permitting on massive one. pretty another those or new still mix. what time very from fill. favorable maintain of it. and a like taking construction orders we're things are all it us we time. we good that -- a sure guys that.

last And then me. for

in given Just on the an year-over-year I 'XX quote-to-conversion just fiscal as the comp anything know fourth have early read well. back on quarter. cycles... that, You there Then the nice March a thoughts thinking about provided targets? on you

'XX sure targets? You're that 'XX I to right, want fiscal saying just -- targets fiscal or make I understood

No, just 'XX.

some back when you the was gave forward, think I there March fast in 'XX. FY

read early what look any might just fourth the like. quarter on So

lot continuing front, completing range I have pretty but to remain to any think on $X.X want going right and to land we'll getting I in. be a But market mean, certainly we goals. staying I of on every our wouldn't in fully solid QX. to we win conditions -- billion that guidance mark. our right think I anticipate a strong. it's specific anticipating to just eye We close We're darn that It's safe that it's give fairly now, say the expected to

comes question Wainwright. HCI from Dayal next with Our Amit

another on solid Congrats quarter. really

add cash or on leverage begin flow for there a Just Jim, to coming maybe to and some at through with, point margin room continue to is operating resources? are you where as need you more the now grow side, you offering revenue

successful We're expansion, order as continuing margin key the room. rate as happen. to to of but That to in invest resources in No, continue certainly the leverage objectives. meet that provides some well there is our see growth make to in

grow provides reinvestments. So to the it's to an margin continue providing not also for that business either/or. and the We're the continue expansion opportunity leverage key

beginning You extensively next-generation see in REDi-Mount investments talked about making the those with call, refrigerated refrigerants on quarter, Last of of our product. into some of introduction R-XXX. the our I mentioned our we're step the we line -- the

We continue committed new products markets. to in be investing new and to in

So I to of for us. lot think point, a is there Galeese's Jim still, still opportunity

is point? The interest taking about quote-to-order rate how impact there placing conversion at the orders, et out, environment or customers just and are any pipeline from build cetera, this deliveries, on thinking

of anticipated. there's a you external that impact, slowing in project and in by it still us says things just -- think number of heard projects mean actually the slowing them are, most article we're still like But we tell to from a in don't but of deliver. and not just lot personnel certainly permitting, because Wall or fact, certainly down, we've resources, moving demand, about do ability are heard maybe terms that inquiries we there than being Street ultra external are terms but people, we interest and our labor we that, business it's not rate not so seeing demand, only slower of -- environment. of projects exposed standpoint, we're ago sense those talking to mostly are not going that it selective, then around meaning and that -- I if incoming equipment are that large all of a are a day-to-day affected turning want No, saw pace product. and the very be guy going I'm But in but orders We've switchgear. being a that some have being the affecting I there, to to we're stuff contractors I are from an continuing large the certainly Journal that no the on being to not and exposed in along -- our week of are would constraint are

one last Just one for me.

through industrial in for a year customer Just two sense those previously? Texas, manufacturing towards. is the more it et trend type side, of you base changing going to compared business especially versus heading On development. customers onshoring [Indiscernible] how direction is Are we of ago? the the seeing what Oklahama, have of lighting Is is get that a types of to or what maybe cetera, customers come Kentucky, more lighting with this might on,

very that was I was in was project. for where all the it, proud price Unfortunately, people know strong happy -- large extremely more making like it's where close of I facility, long have Being to we We're and consider type product. strong. We really quality the a the a that on, state live thing. well. and these live that that contributing we're will built' But are managing in that factory and able and EV not, growth across managing margin well. they I they to project, seeing more and of we're What it we're our be 'U.S. I it's win, folks will think company' that that Ohio, We're proud a it. I blind that fact a for by say turn this that a is of that wish states in could it's this and work 'U.S. of don't. here are the import in very pointing strong, seeing driving -- customers Kentucky. board wish adjoining to really it is and went all important in compete. still our products and we appreciate there make that really of I our product. general. they work Product good and to and recognition We're I with manufacturing It's we an it be have eye big that be time. that and domestic that element. we're associated out

So America' us. buy we nice, to have a in folks would reasons lever. the was for a though, from compelling be of lot 'Made It if stronger

Have manufacturer? you EV this. named the I have may missed

not, one we did would I the not. I did it's But big X. just say of

Gianarikas George Next Canaccord. question with comes from

delays target. your close hitting good year from that and So some to billion you're still issues $X.X the a the but see in the first, and of you to marketplace, timing you -- expect seeing mentioned

So us to to this as opposed you us any to firm impact. -- the color help could close we giving kind as quantify Are marketplace of how financial I just the just if impact the out you understand year? on articulating

think just what's that on going We're outside -- outside of giving I Yes, factors would control. be our accurate. observations of

the increase -- many to how an We inquiries try is there I that was bucked it's orders. that or macro the early talking observation in From not versus to quarter anything know, the that to is been and to is inquiry six up finalization that remained and maybe months, after activities the the we the the three quarter, high, lately, I'm of even internal the seeing us. to in draw initial we're in activity at. I parallel we'll quarter interesting between the things five, but the standpoint, an of extended eight, on inquiry things time the that, the tightening up XX because if as first the trying just mean contractors lighting issues suppliers quarter, demand trend and right, queue them. is there cycle, Jim ongoing project. over there's We're to I that, put and we've happening because seeing things underline other enough a projects time, quote like when late it's and it's or lengthening the but thing not being quote not just we've an construction you rates quarters, in second think labor of inquiry to last not with mention because there's to picked market, not happening nine, lately, I lack because activity. after and and kind get that say activity steady supply projects about absolute run look are to you getting is of years, few of think interest because an will, projects, and between but close an The chains are we be predictor of and get a being noticed are to statistic able the lack doesn't what making time of are indicator that or much how between lengthening. and just in as either a George, Most It up

dependent other so of it's forms completion. on So

like which it getting issue is only switchgear. We an facility you're building supply Carolina, last as So one sounds out had improving, the from situation a the is mentioned that it's interesting. the specifically you're saying North worse. who night that others switchgear you've not in you're way, chain saying By that heard mentioned a company in

dependent April on 'XX, of energize it. the going it it electrical month fixture right point hasn't yet. to and not in is went been into since the -- I wire industry, pain after meaning, copper has you're switches Switchgear recovered mean, and lockdown, If and has now. and everything we power basically leading just a it it to on our switchgear definitely up right products and we're

of permits and much couple I'm part there's appreciated. just municipalities Any up in freeing side? them. What would in any about quarters. the of receiving the whether and permitting as mentioned permits any issuing the towns on improvement curious last You've comment to over be

this they backlog I projects. think the and situation built reality normal. part, going a worst through of that of we're new is, quite to -- the it's just The the is

But that to just ongoing think normal they for anything another situation and I towns, while of would guys, or it or at backlog many they're I reason, -- Some and the for years. projects, take XX hiring some cities they're going that to of of backlog issue stabilize. we've to and don't I brunt and now beginning improve, cities townships a have budget just have whatever two one an XXX, the states, they but taken will is the not the have are awful. doing not year, not completely least great two that be it say still and people and pain they're have work the maybe to are Simply it's for put, a they down and the think or

intended, pun Maybe switching for a second. gears,

outlining growth M&A. You both your forward on strategy, fast talked hinging about quantity of additional

X got you terms any Any down times. much acquisitions? now clear we for economic more You've you Should appreciated. expect your of Are environment on the closure leverage about in update waiting before be targets? to to would initiate there

Yes, well, process. an is acquisition development ongoing

filled. never We that funnel keep stopped. have We

level We itself have certainly opportunity It always said would not the them. that little overly very we necessarily would worried -- we down or always the presented getting gate need that the isn't right structured we only as conditions. were, pause need. may of at cause different differently where We're may a but our additional I'm below to aware about we consider. bit higher, or be debt or of deal I've [X.X] is be a if regardless we said economic us

it disciplined right and this thoughtful will for the to look next is it. opportunity? bottom it to and We capitalize go-forward actually X months, it XX think -- opportunity, But time? acquisition if right of part going very time. materializes on the take is If able is a the be better I takes certainly plan. investors. to strategic it. be we'll we'd a of be We're is months, spot It We're in in and to right just that going calculative we're line our a about the part. bigger side the the is growth Organic smaller very Is

Do about profitability all or the How any through these metric? which financial they to accretive be should to metrics acquisitions? lens view other to think you earnings, have we the

But to forward. great that think I and for us the return can think if propel they may but initially, dilutive shareholders saw the that and earnings. our all something we accretive create be be a to slightly company people ultimately in have we

certainly on We to balance able would structured and and be always like to our take that challenge certainly a But interest to of are it. out best look that, long-term we short-term, for trying it. component we're of shareholders consider the

Last question, since you others? participate in several talk more there verticals across you are the that when seeing economy, any particular can than you pronounced about verticals share any you're color -- cycle, quote-to-order that lengthening

an manufacturing Well, they're large -- I speed, now, bit. right are large parts think there's will power that would taken and say a really just to they've with cautious going lot invest. going there's I of a grabbing I'll headlines automotive plant it. what's good to projects two and of a investments underneath EV is say I over But grabbing slowed I'll example of if that number are also not just it's at now, U.S. -- a specifically, really the come Warehouses headline that vengeance, a approach. more that. back manufacturing, There's and willing you is they're a on. on, that mean, but is right lot moving and right add inquiry, incredible a

those So activity projects, we're that. large lot there's seeing a of around

forward, months for a project guys available, then boxes most cycle concrete cable because or is. it is to their of working they're or to that's one electrical switch the rough-in or lengthening get to moving the sudden, is sensitive all is they're need because a probably an that but whatever longer taking bit not basic the extra -- two Now

the -- so smaller it's seems complexity see projects, it to acute the to find components X,XXX you're adding pieces. because hustle I-beam that that more those sources. when So the The we But it as see ones of many find are we more and XX though are than feet easier lot find lengthening the folks to feet some able is of alternative to I-beam. trying when you're trying a to of requires

of So that. it might some be

next Fearon Our Rick Partners. from with Accretive question Capital comes

quarter. R-XXX congrats interested the it exciting. refrigerant the is Jim, I another in and Jim -- product was on development, terrific sounds new really

those annual expect of development at one of you was roughly cycle to there and can the -- fit and of one introduced looks. all that that. XX environmental big other product It drivers. things running know with nicely towards of just this in new industry an annual REDi-Mount. the Are can of One trend things I and last we consciousness still be kind year, those how year, like products wondering are new those that be will pipeline the seems R-XXX be types that certainly products

were we going. And me XX. excess that were reality show and in just the say starting they've to and rhythm is and -- investment that it I they Well, we I weeks were and fact all, we them to XX-plus marketing we get been important the the up couple keep the add going was of just a them that keep is, products, over up of year, love there first development every -- about product that how I department, engineering talking about of to ago, and is was saying and

for that continue already out starting quite some we're talk time. have looking about development at scheduled think of I I will our that, the XXXX. now pace plans, benefit to future and

that, X in going at R-XXX, XX cost-out -- or be that. things map something. going products months. -- have up. we're XX-plus -- part, Completely brand-new that So something for of road the There's I there may Then product enhancements category new like to basically, initiatives XX again, XX would REDi-Mount additional new organic a most or least have like pace that we I'm keep through products we and or product on be happy that will to say up the for avenues new products. think

couple company, this own been I taken lead. years. of oriented product an lot, of line, really very has to see last a are strong, on be indoor and outdoor has we outdoor really want legs over don't always mention we its which but the the But our

it We that time have us. in spades been paying on and spent a development for off that, of lot has

look we getting when and to ever indoor you imagined. our -- it's share tell mix still than the always lot at I'll Our between would mix, favor but outdoor we a start outdoor, have to XX-XX I closer

the you're indoor. growth maybe the on the but You're growth in seeing times seeing X outdoor,

of great improve, is vertical more it's able you're continues So on. foundation indoor or the what much which a of that provide of to just getting been projects we're the more we're always strategy, one we're things our to of because on more us indoor is deeper growth solution those markets be the When either into vertical has that in. seeing markets

that just goes of that to greater underlying So share getting wallet.

really exciting help it be expanding you as indoor that when like up to see I'm the to margins there and there? business more or on Is grows similar -- margin? indoor rapid picking was ensure of smooth well. along is I at up an actually margin in Are that the improvement curious is seasonality guessing expected type the a side nice it outdoor something sort out the days, when both to a lines? some change pace, products. bump margins out comes rolling you're you of of That's the some to as R-XXX, some both maybe of and starts these do

it's but the certainly, investment that tell competitive early to customers to reason end we're compelling technology by the goes the a this of goes R-XXX with product delivering with that to offset along it. to startup it, too with to of solutions a move give at it with enough very year and before intentions type manufacturing mostly be with our the the side, and learning this you, curve are calendar R-XXX Yes, tell color on will our

On lighting. for what do margin overall disciplined we're around going position we doing the dilutive very keep levels to something indoor those we're we're lighting. versus outdoor, comparative, If our interested to in can't not in that's

margin question of answer very performance. outdoor the in is product indoor terms products our is competitive and with the So to your

get crews larger in are there. and if itself the Then is for have specific in don't additional or once that a of that projects margin [Indiscernible], you and you're services working offering there those to you're to already you bit a on products, projects, of think

what question sure of short impressive this last to of has be the Xx for nothing you been EBITDA and continuing at overview active, all with or I'm interested M&A you existing big parameters opportunistic adjusted and like I strengthen the of funnel and level in? going mean I size and us being general I've and is debt there -- that got might has in company deleveraging sort as are industry into of confidence. lot from that's any But terms you're the been I'm So of it's company you be then just most new parameters you, it's does. gives a a of or and Jim, sure of value the anything you'd specific that specific XX% know general vertical culture part flows this verticals. of cash of to and that that [Indiscernible] size carry

I would that we're say opportunistic.

I'm you our we're mentioned to know financially of to it through when contribute square the that them be a we've stable. can we a things the There's is just tangible glad example work a being this I what to if underline round you you're I -- they're we're fit. look -- the and together. that in can octagon, mesh it JSI there's with go that done and momentum want because we find we We opportunity culture. If in and before, don't creates good all would something that a so where try or mentioned intangible. measuring of cultural to and most their feel talked has triangle with to that or an consider I'm grow, ability glad know but I to responsible that way everything will much start about

far As We us for how far use knows want as would want we're -- We mean be do SKUs out any something I risks shareholders we're this this building employees, over of our length we I be palatable to for bigger we the -- to word think I'll disciplined. here. and great We're time company again, is just a our followed want to company. a customers. do that's that What for our don't for anybody that. our we're that building get,

as but investor, to the but every on an wringer, the would threshold for it be be you -- is forward a I to through right be confident with have it you everything certain the it say So would we'll table, to advance also just would to opportunity opportunity. put we to require for can meet that us it.

…a confidence us need. the all wonderful success and gives that we

work our the We great to say hard wanted you it. appreciate custodians the you, of thank for being and capital. Just for to team all to

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

would taking doing and on the time Thank we're informed get much much thank of just to to and listen what a what you, has becomes just that here. little more to a about understanding again, learn more LSI. -- time takes phone listen Everybody greater that the say, doing the I that bit you and operator. we're for more

months, to we're hard in comments, we're that a good fiscal X for the our from only fiscal year. going of away as days think to have believe, the XXXX, mentioned I some me that end beginning XX it's and odd I

and happy. for assured can and moved XXXX. fast we're growth goal of our and us, doing our achievement forward be for our level next it that plan and best a next that hit to all in our on shareholders, employees, the hit hit objective, We're to already to next do our You makes excited that customers we're the way

Take I'll that, time. for just with care. again and afternoon, thank So you good say the

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

may disconnect. now You