Intertape Polymer (ITPOF) 12 May 212021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Intertape Polymer Group's Q1 2021 Conference Call.

During the call all participants will be in a listen only mode. Afterwords we will conduct a question-and-answer session. In order to maximize the efficiency of this event, the question period will be open to financial professionals only [Operator Instructions].

company, Yull; Intertape Jeff and the Executive Group's Crystal. from Greg Officer, Chief me I Polymer have Chief Joining Financial Officer, to regarding be making I that statements, today. which our caution to beliefs forward-looking based remarks your and on management's response available assumptions prepared will would in events questions we all today, reflects and future like in participants information

and not statements guarantee actual cautioned from to that place subject performance as of Statement Slide see are are on uncertainties forward-looking expected. titled undue those number You these results a Safe for a they not future and materially of Harbor are to further reliance a Please X to risks differ cause could discussion.

in be as that Please financial also available A measures certain During at to SEC financial rules. GAAP please Web we XX, referring defined www.itape.com. remind May everyone turn over Yull. dollar amounts conference we'll to would of a.m. the most time. site today, this measures note this recorded, the Yull, non-GAAP And to the US I is all noted. our reconciliation measures are call Eastern being Mr. now is may non-GAAP at that under comparable to go like XX XXXX, ahead. directly the call, at otherwise unless Greg dollars,

IPG's quarter conference first Welcome call. XXXX Thank to you everyone. good and morning

Joining me is Jeff CFO. Crystal, our

seen for back presentation of EBITDA which our $XXX environment, through up a section of XX% a second the and up During improvement demand price Revenue continued XXXX. input you This year. the adjusted quarter. another stage experience the of for the price moment, through strong the the XX.X%, was and rising is to period despite nearly We've half million. call, site. in margin of earnings address Adjusted download And of set that us. course Web quarter I'll is to million. environment, June the from quarter the the demand we to inflationary which was we've trend reference EBITDA Investor with together last our point first an last make continuation can demand since we $XX the into to This from basis Relations will same maintained XXX up XX% strong

Our five structurally and business XXXX ago. highest deployed XXXX growth in is it categories, in our different now is than was years which accretive CapEx growth. driving We

X.X flow $XX have CapEx, which in CapEx. very flow and million where cash million million cash initiatives our These free our time at XXXX is ratio To for $XX free free improved million less both the the is million bundle, now capture providing offering We access that e-commerce with business point chain product a our in growing Our integrate fulfillment and ability prioritize to provided us improved consolidation capital value we high supply are our leverage customers from and globe. total to growth around diversified $X.X with than we're times. flow as the market where made and same point to profile opportunities We our respectively strategic market where has acquisitions our and growth our significantly. where outlook structure vertically for different to is debt $XXX the to repayment multiple points. $XXX the XXXX margin and investing XXXX was cash strengthened

business. We across are executing the

continues supply been needs way day support the goods and activity Based long one demand Industry last just into retailers our March is to films. across the essential products category period a and seeing year. our market health pulled and five effectively expect growth third to into and This professional packaging major intelligence, survey same since tape, course our saw users market. and party looking through respondents through the Our the including our plants commitment on The wovens pandemic growth We focus construction the through managed of challenging efficiently of pandemic compared growth at healthy job the industry that time by are euro protective monitor the continue operate serve retail pandemic. permanent of global be outstanding period. the another pandemic the has to we're producing that sales end the the market arrived to team a customers of this forward ecommerce return serves home safe. every customer report sustainable two support team, machines, with same led that last of done term. building category ecommerce to safety, to has Three strong shift the been end remains the ecommerce that by led made chain ecommerce. have product estimates gains that and same of they activated The high. a the and in on to team dispensing the where and share employees respecting estimates to we confident years water QX has primarily and The channel our the tremendous, they've in quarters

a has economy. those the during of addressable on to us and from and ecommerce date broader a growing that composition approach positions more significantly economic building The and has transportation. channel we Demand the manufacturing for been emphasis the consumer QX started and in at the overall in more adopters actually expected in as of retailers strong. like major the changed macro markets in demand pandemic as the buying new retailers. online QX in while recovery our pre are that it gains The the product So aspects the normalized general is omni market are still by the ecommerce remains have bricks pandemic and The experienced for levels, ecommerce to construction, industrial well our to society continuation seeing market broadened goods more ecommerce the to changes to better bundle behavior QX. view. growth benefit more pandemic, share than both is than as benefit market faster return from The rate of from mortar,

book, weeks four unprecedented. offers raw utilize spread, slightly. upward review in pressure robust. manage pricing we've believe the we a approximately rising prices the it's this our the of of the In strategy increase we In markets XXXX draw materials statement. how order income time, and date. on for we environment, vast how as we protect pricing XXXX remains flow majority experienced and in. raw visibility, to material to our standpoint, the From through which we're manage cost margins we been common an worthwhile that to At the same a job business at Our of structure retain of our pure the prices late environment, has and price freight selling participate price spread the customer in few changes dollar dollar doing fairly of a and strategy and a through will is will math between the tenets relationships, We which our same core since

approximately recent of economic income traction, orders approximately at changes manner, points. price moved are and are this and gaining we implemented, XX.X% cycle and of the specifically the cost would extent our statement. One to approach price been avoid have costs increases the stockpiles given isolation, basis, price that accepted wouldn't to XX% evidenced the and and will their get the dollar the with one cover the to recovery margin retained only contribution to high in quickly rapid increase looking X% an percentage accepted announced for polyethylene be has would as flow to base. interim raw our resin, market from takes on it variable EBITDA conditions days the increase with of work In fulfill as effectively so competitive the $X environment orders current and In the is lower if in reasons through it approach and players a increases volumes On polypropylene price in increases as that approximately of a had with Once our In inventory a cost such be is price period. materials freight. current XX.X%. is would QX strong has managed environment degree goods this customers margin demand The price case, switch have adjusted quickly stipulating manufacturers be or In In price end announced usually normal our X% react sold common users. by has is two gross increases of of scenario, customers the case. seeing notice. XX in seven environment, the of normal customers XX the notice And are to market more only it than so day to providers. the a large we that are our the typically purchasing price day is

to for to between margin So pressure points mentioned basis basis managing annualized and It's equally. in our on level. XXXX the annualized approximately of won't March. there all an We expected That increases as for capturing pressure outlook XXXX, and the lag hit an announced specific quarters margin. a is of dollar that view. we When four contribution a not XX price we margin result

to additional we and pressure saw see expect QX. example, As an QX some in in pressure we some

the profile that intact. remains is However, our margin expectation

our increase last range $XXX growth the adjusted utilization levels high historical to of of our like over woven. are and in these our year across low, range. the shared we X% the the highest leverage increased films While five were adjusted morning, in high, date event historical significant we're levels, investments the result of margin revenue margin based XXXX our mid market. of over our has the of years. water at outlook. of far This adjusted and ends and the full compared March. tape, petrochemical shared in supply pricing effectively we've increase weather we $X.XXX year On a the the and brings full X% updating almost billion XXXX forecast on remains which chain, we're in for of $X.XX March. our billion, an and that range interruption the to the XXXX from demand so up business implied approximately these managed We've range the the the from categories at and temporary improvement driver million, step adjusted dynamics the of EBITDA, through past the seeing million a Texas product midpoint to largest just outlook the margin $XXX XX% midpoint The supply market in results represents At remains full This profile us asset EBITDA the shortages the activated to to pricing in the the the of to to year strong range EBITDA our an

With to the on we're to the to I'll investments diverse believe call high March manufacturing product return call well with projects, we With cost the turn Jeff base. announced customer meet and our that class positioned bundle world XXXX our financials. near term low over review demand we that, in Jeff? for

On compared million, than an increase the present first to analysis Greg. our of mix we XX% year. the XXXX. in the you, presentation, to Revenue for quarter the of of of for accounted more increase an compared Page $XXX.X Thank revenue XX% XXXX. same X last period Volume of was

dispensing product mentioned, and from machines. water As films, category with every in tape, protective packaging, major drivers the coming quarter was activated primary woven up the Greg

carton remainder We coming also with exchange impacted growth Prices sealing in impact. by certain revenue foreign the tapes. saw from the quarter in strong X% positively

across mentioned on capital materials X. costs; million out fixed in basis getting flows is changes base. of the year. the delivered The management leverage XXX leverage period our earlier, in than assets from expense XXXX. SG&A in compared change and in inline quarter, both taxes The the based million working We working spread decreased was excluding to improvement by $XX.X the million and an to demand points margin improved with specifically; Cash by same $XX to effective EBITDA in compared well share called last XXXX. primarily one, outflow at manufacturing first based and including due margin costs same compensation I inventory same year, we I XX.X% freight the last primarily income this of improvement period made earlier, and in of we flat in growth the high period just categories. scale due compared to primarily due while providing purchases increased $XX.X selling the prices and activities our Free our $XX.X to driven in spread The by was an favorable investments as raw an primarily the first million Adjusted negative change the increased compensation margin Turning XXXX. primary management two, are Gross to to performance expense. increased paid, keeping from paid. federal share cash of on the our drivers driven operating The the relate the quarter to the more pre period to drivers, $XX.X material growth raw settlements. mentioned. changes million XX% increases, product $XX.X Page down taxes between same Greg flows million in to the price working capital increase improvement as and were changes capital quarter, in was

full been XX% increase the adjusted XXXX, between XX% XX% unfavorable excludes announced earnings in to we the may range rate the increases for for is US has to mainly legislation. adjustment due expected is which that from outlook mix rate arise tax an XX% jurisdictions. to any March. of The effective to range year The tax Our an from

that to $XXX.X less depreciation the availability the to impact due as million tax forwards be loan taken. of tax attributes as greater were XXXX, well cash in taxes We loss than expect XX% income continue previously finished and and with in bonus of to available We cash first quarter availability. approximately expense carry

the quarter, ratio X.X unsecured of leverage at which end times. total the Our was debt the includes first

most are our in improved we made secured resulting business, well net CapEx which is profile at its attributes and have stronger of have forward. times. is margin and which structurally believe X.X that covenant, of loan in We came limit ratio, both moving times, important X.X these leverage The Our an cash changed acquisitions within sustainable the flow. investments in

for closing I'll Greg? it thoughts. turn Now Greg to back his over

continued was quarter back see half first the Thanks, quarter to a of second The into demand strong date. Jeff. It into we same and that the quarter. of XXXX great in experienced we the more the

growth seeing across are We product all categories. major

is the the in Our market. five selling on strong the made through over last largest We've inline first have growth acquisitions of year the managed in ecommerce ecommerce we've the the changed of this growth The players with the effectively covered prices business. in the materials investments free pandemic years and cash raw and come stronger between prices out basis having flow. We've debt managed and contribution material paid down dollar and and delivered raw spread a increases the freight. structurally

progress term our are higher keep We summer, Earlier at near expansion categories increasing time, demand. third opportunities. projects expands and growth publish looking the in manage our annual investing term longer future with this this to challenges we report. the by met on on expect these in opportunities, highest the return, We've our while we year to same It capacity sustainability pace made how disclosure we've business. to

to used Cradle call carbon acrylic certification. melt hot for to are tape, primarily products certification. and the Cradle tape have which major the Since We Cradle achieved certify under are continue Cradle last sealing to our

invested and products initiatives because business. term have it our for growth driver we talent see to sustainability, a We as in attracting certifying lead the long

packaging in base of class to build for protective any underlying can compete offering, our cost the economy. product cycle. Our as the market of offers our end the end a diversity We and products ensure the investments The products nature demands to world our broad the provide of low that of product customer a choice We've as we effectively markets variety and evolving essential bundle the of series been made users. manufacturing core both a to customers business. meet of well performance have essential and

I'd our how are We users strategy the question-and-answer for more everyone customers the leader year our packaging you. demonstrated. solutions. up organization they've be to commitment and turn to like protective With on shareholders, not level operator focused and a the they've to has Thank to It themselves in challenges still deliver could call employees. tremendous. these a period. the back global been for of that, thank It's truly executing the and open challenging and to I and continue. building proud packaging of conducted I'll

first question Scotiabank. of Your Doumet comes the Instructions] from [Operator from line Michael

$X just growth QX in last of and volume QX a seasonally QX that's question, the is higher than on for First surprising in was basis, was quarter. weaker it year, what typically

you pull there So that get were a was cylinders. I'm markets on all assuming if But again, did any all forward in happened the quarter? end sense firing

because Michael. just it pre way obviously, in buys So, bit as the increases relates circumstances we diligent of a through. more And we price on quarter, of quite much were the to implemented

I historically, know because the But basis, prices just would of build pre we a ability increases that diminished of somewhat we speed and lower to these say buy historical hard to So exactly. size these price and managed the was of process through on at that to that, the inventory increases. customers and certainly, had that

historically, year continues, because build for So quite should the now, few we're see are that we there mean, in if a moving parts calling I through it there. a not but

And QX, the sales to that be incremental that should of on it QX the year? sustained then of XX% declines comment reversing way I'm through to XX%, to about say maintaining a think again, or the to we quarter. the QX last to the right XX% Is get to sales get, relating momentum positive XX% growth comp, momentum a the assuming into is and clarification the would

not we obviously, QX sure same I same seeing to QX, But thing. through going I'm the expect momentum saying we're into see, as basically, I completely mean, the understand. we're

an last Exactly. question. if not give QX you I'm number it's and -- I mean, easy big exact of a that. answering your see the of course. to can't sure going around I'm year, comp definitely we you're So versus

to Maybe this gets Michael.

QX order is Our demand this very similar we to in QX. in at where point were

is, plus guess the of we even a higher like saw I comp question it QX sounds and basis, get negative last we kind the than growth that on potentially. QX in So is year-over-year presumably where do the year?

a parts mean, in the you've tremendously you couple moving got last I down there, because were year. got that businesses

the it abnormal I year have going you had growth then cop, you year. the you're that's which agree full last and impact. because from the then call to the in last COVID of easy year, have So over quarter But with that's QX have this going and also ecommerce, to obviously, a the versus growth normal be like you effect part the

a is where tougher that have much really of So that. of QX cop we in QX for than an didn't impact

down compression And pin margins? any of should again, for can expect that way you last, then You indicated XX input us of margin better which costs. and year, QX basis higher one is kind help the reflective point gross the we higher an prices

and QX You QX. recognized mentioned margin points that thinking, that in correct? that than on was should expect we is some will be that more quarter-over-quarter, of of less in reflected basis Based compression XX

say price it these we year basically QX. effect, into I that increases be see could certainly all mean, because you some into QX last all happened full should is I effect happen. the that have gone mean, and

little on see margin. put QX, you're of more of the which effect pressure an that a going in So to bit more will

Your next from a from RBC Spracklin of question comes Capital Walter line Markets.

pricing. of question back pricing will that job there contractual through the Greg, And the the then expected there an demand come Is is index let's perhaps that are prices here my you're you increases avenue kind great strong and because as did on explaining is, a down? resin say down and bring index generally in and because there Can down? behaving. versus price just at differentiation, mechanical a kind So you coming pricing your automatically Is not everyone’s of might to if prices opportunity hold price any to still on tied resin even is near term? where pass

margin environment, certainly are in think I you do there the we that I know, side, can kind as that happens of Yes, that. the mean, on adverse too. circumstances

raw kind your materials referenced So of that spread to But environment. that certainly increase sell has up. price the go in opportunity that and margins between should I

still your we potential even for segment. me new was growing in the activated on tape the you, Let rapidly know, when market water oftentimes, move aggregate that historically, highlighted to question still, of too small. always was ask entrants, I you though

at You entrants of that Is mentioned remarks growth. historically? advantage now competitive had forward this in, starting prepared step market that and still there kind growing in that we Greg same to are or new the any in that of it's so peek look a your taking in that you your evidence you are much pulled into years might

a area, haven't any is again, growth in And share as seen it's we regard. still percentage the We know. of and think even market I still high, have still movement important in that it's there high you though that very

high attractive market So the total that we for very people. But size of of not certainly, share might it's that because be the market us to that big have.

Your Markets. line next the MacLeod BMO of question from Capital from comes Stephen

you QX? wanted broad and color end sort coming just little ecommerce But wondering into give the to of just if a out saw you I you the talk of I -- of some non bit bit a was all categories. markets you trending of saw markets, across around I and know QX strength how little about

saw good the really rebound certainly, we that So manufacturing in a growth, certainly area. and general area, in

happening Our it the it The that forecasted to retail construction side some of in expectations, to has continues as well, wovens relates business. of business yourself exceeding really our work perform budgetary kind with that's performed levels. to do well, do

So side broad that Certainly, we good other probably but growth area well. relative those in transportation segments to increase saw bit we pretty as a the saw a much certainly, there. lags

in So from we seen we've end rebound our of where markets were. a all

the or positive reflected the now? revenue time of already have QX. the increases impact of half price get some been that pricing expect price the the half for color increases, first back largely way. by expect, that through another on pace what around you part the asked positively year? you to about the I year, can Would thinking the what is gave good growth that you to most impact just year, maybe the you the then today And half back will from of guess to for you year see Would isolated maybe in of based

I year we've commented going way. to if information in the I And of QX the first you when then the with on it pressured forward, that and just be when improvement there expect, I as from articulated the be this margin right, know is now math we would I is, a should think move half perspective. sequential all when plays that out

So up Are see first offsets but margins, basis similar to those pressured, maybe mentioned in improvement QX? margins half see in in you’ve margin XXX to expecting also some first, expecting in impacting you positively of points but put the you magnitude, you're QX. similar, not

going talked some stuff structural about we're the standpoint. we to that a continue of So to from change see

compression going dollars, play side. to that that preserving course, compress But in through spread of that these the So like see out that's on we'll with year. sell we prices the said, higher

call what we're that's seeing it, have you’re at. versus saw, So going see margins that's QX still to in why the not been yes, that outsized we've historically margins the we But reason. main

the Your CIBC Markets. next Hamir Patel question from of Capital from comes line

seeing the could you QX? in comment of price magnitude increases Greg, on you're

From from our or a user perspective raw material perspective? end

both. guess, I

just and little a we just have would ago. I polypropylene, namely the think while increased some start material down, polyethylene certainly will summarize peaked products price price So increase coming raw in that increase, just the implemented side

in some of year the that in the those hold both of bit and tempering second half for expect to We categories. a see

area, On the increases in to here adhesive continuing we in that we've hydrocarbon those as front, we namely increases. are sit believe, the area. today, we And see covered

have, relates have varying end of XX it users, because that company the of lines quarter we increases implemented almost has in first and product channels price in we products just channels. amount the to the As the varying and

So been active pretty we've there. certainly,

to we move cover in spread material price expect inputs, upwards further to in increases to if continue see through we implement that As raw QX, certain dollars. we movement

week a on I to pricing we from basis a pricing pricing we about May. which the is now see week, here it As through we as manage sit way percentage continue perspective that sequentially think effectivity to move increase effectivity, and we certainly,

from you're want to do And elevated quarters demand initiatives I own capacity the demand growth here? you growth for it up the next the with least two just if seeing ecommerce, the given think it can at ask your call about, keep stays

getting there's the outside areas so to material year. we certainly, year. feel good year. cash the Yes, be really Certainly, product we're the in side to And that those lines flows going strongly about And own we feel our about from seeing in that's supplement investment this this the CapEx sourcing why through our next capacity. from

continuing So I good QX in think we're Typical seasonal. in our at that somewhat rates. build to make we're around shape it's elevated to this inventory And area. to these it year specifically through business, e-commerce, handle QX, volumes in

of Cormark Securities. from line the from David comes question next Ocampo Your

hurdle should about your into above capital rate? can these XXXX, fruit on we they're projects generate head just XX% we margin capital wanted as circle you Or here. But projects back to think to that to normal your go back return and low-hanging are them, we there When be any expected other projects outsized to your accretive expect returns? down I thresholds. future

that on my And of comments Certainly, kind referenced our the capital to at I just QX certainly we opportunities to return call. metrics. it's these hope have deploy continue

time, on certainly, we mean continue I have opportunity execute kind no on So update on it's But at if to I that. returns, going this to with think comment too see that. an we're to it. I Certainly, of those preliminary

business? the just of that in now acquired little first It's the quick since while generating returns a the you but been one COVID, machining a As slow it some then. And we here. picked have business the may expected since were then sort talked that up side a of when I bit know, you about sales Is Nortech.

color some on that. wanted Just

not at lagging businesses. the expected business point. very a from probably And the of largest that on still know. to it's in that this impact of It's had where a huge Certainly, be impact any I COVID COVID you business. had business, as our before commented mean, large we that we've

size a it small. from very think would be I perspective,

put through we last the in business, of as perform of as facility. with have, XXXX. seeing has a as that and expect there worked in six for to level perform move to backlog management those we through of certainly, teams continue several are. lot But into I is business expect We better quarters. to That second new some last orders to an business in months, typically businesses that where activity it we're And that that the and order order come year we've most or increased in with the perform certainly, where half business this our lumpy than are significantly I

question of of the Roger Bank next from from comes Your Spitz line America.

working And to Do inflow you capital an or think what extent? be XXXX will outflow?

it's prices of material mean prices, to remain little with that's these in higher. QX be to if to somewhat bit of being continue a I that going We a elevated, they certainly raw inventory with regards drag. saw

year, to big So really, not I if the That's see on some the the where impact think through I But may easing we of that's up that year. say. by going such you to of have see what I'd guess a materials depend raw go. end

drawn? the And the how By revolver on revolver? much availability under your XX, what way, March was was

So $XXX we million availability total. in believe, had I believe I of

let me drawn, you. of terms In for that get

So the we ask back get can you had to -- you on and I'll question that maybe question… next

we that it to level but closer is from of think XXXX about CapEx, the when it a we in think XXXX CapEx, thinking or closer for we XXXX XXXX should XXXX maintenance guidance? to guidance, saw in about Speakers] the million [Multiple $XXX lot

in invest this be and right at XXXX to to too continue say CapEx the level, it's now, can't in But business. organically Roger. of opportunity hope kind to think I comment I is Certainly, it's our on to that So going maintenance early the point. at

then we using your question, total And about other on on so were million $XXX $XXX facility. million the

Your next from Financial. question from Jekic PI is Ben

I and were just if metric one mentioned Greg, XX% didn't but I well mentioned two you costs is, freight and you repeated, them some it have catch was think questions. those as raw material I quick sorry of then I'm details. a of and of

to X% raw XX% X% goods are freight. of are cost a approximately from and So sold, materials

you the side that in price increases what where us between to when and manage material of dollar on freight the is So our and cost. we've of the seen our largest utilize And sell managing obviously, the increases, think side. we raw also cost spread combination that's

open-ended. My a more little bit second it's question,

in So if the I we that about to any and impact, operation in any downs is, order and from probably like but like, you've costs? Are assuming issues there's production I'm been encountered end in this sounds customers setup were any pricing an there that ask wanted regard? the Like and environment, you have your whole talking challenges variability always runs. ups is there impeccable and

You mean nature? from changeovers and things of that

anything I any mean different and like sizes there? significance things Like runs like been production has of there that. of

say think longer experiencing just I coming through, would I runs, we're the in because shorter of orders of many the runs. cases, volume not

from But that the results. than haven't any perform we historically runs, plants to So but expect to I data overall, would that really we I would longer behavior changeovers expect proven in well, that or change operationally be have. operations less seeing out and I haven't an those seen by seen, that continue perspective we're

question next the Bank. from comes line of Your National from Evershed Zachary

calling It's answered. in been Most Thomas have questions of my actually for Zach.

one quick maybe one. So

America, brick-and-mortar reopenings mix you observe As retail North with to we reopening? a negative shift concerned about are

I growth of say our I benefit mean to side, in what we that, business. expect of which brick-and-mortar the would see course, non-e-commerce parts obviously, we mean, the would to would

level growth outsized still be. or certainly be but versus brick-and-mortar not growth see From that's So of we the would what I GDP growth, tempering being same we stopping. point. but could be We mean, typical perspective, quite don't a see guess the we this see would could see there. an some growth, there the may e-commerce growth of tailwinds the I the

in So for in read, nature. at the us, research And see all I we some grow reports the that, might think take but continue future. see forward, of we an just certainly, temporary I expect going and that's outsized pace to e-commerce share to we think tempering

Your Doumet the Instructions] next of comes question [Operator Michael Scotiabank. from from line

to here wanted QX. address I the for consensus

is momentum price/cost sounds spread. It that You into seasonally like maintaining commented often continuing sales you're QX QX. the stronger. the is

from such there reason perspective into down on EBITDA QX? an dollar to significant is QX a real step So a see

quarter. consensus. would on say comment the is What typically, really I QX that, is yes, stronger can't We the

spread price/cost has maintained? been And the so far

we that's expect. Correct, what

year, couple and right for And I the capital guess about this of you investments down done balancing think repurchases are in had of sort last to benefit out quite going where M&A? switching you to you've despite over And ratios ratios continue think about do leverage quarters, that's the leverage here, are I decline. added the of shares mean, everything share mean, considerations substantially. driving or your you're making I trading, do how how especially

as share we've the organic still, perspective, X.X. that got need and a on we've we capital So see as evaluate organically, discussed to We're basis. past. runway deployment repurchases. certainly, forward, I here the around between out stocks wanted we've Certainly, always we settle within of in move we that growth, dividends here continue to plans, where and think range any operate think And kind X I great either from to a M&A, leverage go-forward

So any a I really it's and we on discussion to than can't going value. a at that have frequent increase opportunities Board level all evaluate comment outside of basis, to we're the shareholder further that

to for Greg further There call back I Yull the comments. no now are turn closing questions. over

Thank you participating call. for today's in

healthy. In look later XX:XX you you. Details speaking itape.com. safe today be XXXX hope your at holding quarter Thank meantime, families General our P.M. our our Annual Just a second I and in again August. with reminder found stay that virtual be the we'll on of at We the and forward release results to website Meeting. Eastern, following you can

call. today's concludes conference That

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