Tessco (TESS) 13 May 202020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Q4 2020 TESSCO Technologies, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instruction]

to Calusdian conference from like speaker to now David today, Sharon would hand over the your I Merrill. Thank you. Please go ahead.

and Good XXXX everyone, thank joining for morning, TESSCO’s conference call. you QX

and are future Mukerjee, Spitulnik, today prospects. Company’s note contain today Please management’s CFO. Officer; anticipated forward-looking me Joining statements the TESSCO’s President about and Chief Sandip Aric discussions will that Executive results and

concerning a TESSCO’s those public statements most involve found number that Information results discussed the other and differ looking and be and form reports of recent such Forward uncertainties, disclosures cause filed Securities from may materially today. can Company’s a with factors may Exchange risks and XX-K periodic including difference the TESSCO’s in Commission.

turn Sandip. to over With I’d the that like to call introduction,

you Good joining Thank morning, for thank and everyone, all David. us. you,

all On us safe. during that send healthy families I our of want challenging are wishes TESSCO, you time. to at you to We hope all your this behalf well of and of and

Since and the safety our pandemic, employees, priority one our of health number customers, been our the suppliers. has and beginning our of this

liquidity We’re of our delivery supply financial the products services, of focused sustainability the and our operations, of the and chain, flexibility. on also our keenly continued our integrity

nation. thousands communications business nation’s is companies, infrastructure private to of our urgent personnel Security, and the telecom vital emergency these as needs needs, fill serve the and providing TESSCO remains providers, essential as our support Department groups entities enforcement, of services security by an responders, equipment open to support provide our service as well that throughout law by defined defense of and to Homeland customers critical and

providing support for customers us to PPE crews their several have and of them our In employees. gear addition, their asked in

sanitizers, and gloves, We to our wipes. masks chain resources disinfectant goggles supply and source are utilizing

shipping the shipment to this began it We gear in and have received of immediately customers. mid-April first our

pandemic. the role very this process be recovery playing during proud to a are in We

are open physically performing seamless. and government the team be risks facilities. workforce need in remain to has measures non-operations our remote we requirements public and their in reduce with remotely, to and taken transition of to who Most members centers been present for our work our have distribution health duties TESSCO’s accordance

now COVID-XX I our our of going our results provide details pandemic effects each on the impact will forward. more expectations QX on and how to of in as may the businesses

me start Retail Let our with segment.

has QX, The to of and sales XXXX. margins of a which on and has in many closures been as stores substantially been impact shelter-in-place customer fiscal Retail COVID-XX impact of primary temporary retail a due down we other on the retail In foot COVID-XX throughout our segment, result directives. saw already significant traffic reduced locations

the our populated. Midwest base of purchases of from closed predominantly particularly carrier is of most customer dealers. the Tier areas And independent stores. and This scores not been comprised X retail are to some have these temporarily occurring carriers’ Although COVID-XX, that continue due corporate in we as is densely to receive independent

was significantly. abruptly efforts calls by with airport retail down halted discussed traffic we in This business On past the COVID-XX our have airport channel.

have Some been temporarily airport due to stores retail slower foot traffic. closed

continued written levels. as will purchasing expect stores to pre-pandemic retail We to uncertainty when

reserves. a and have accounts we returns As our result, receivable, increased inventory

much one, delivery orders the environment, actions. manage expenses our we as by taking have best consolidating the as aggressive and are Number To possible. business following in reduced this we fulfillment

management tightened is our are we significantly inventory have flex Our as discipline Number further distribution being using to down staffing very-conservative in our are purchasing. and expense. limit our center workforce two, we

workforce, part hand and reduced through retail offerings maintaining our we respond expenses, for our SKUs. have SG&A our and have and while suppliers’ customer of We our strong are ensuring our slower SKU eliminating of three, And ability needs. to that still level we performing in on a lower number temporary to our core furloughs inventory

for these and focused customers serving our suppliers our during on unprecedented keenly times. are We performing

Our fiscal year XXXX investments will largely favor Commercial performing our better business.

now VAR Integrator to our beginning and me Commercial with segment, business. turn Let our

slightly COVID with revenue VAR on effect down a COVID-XX primarily having delayed. was relates non-essential results. our impact being modest year-over-year Our projects to The

they for one these largest about the hold customers of get until to likely sites visit heard to are for remain significantly effects our example, implementation. provider customers staff postponed national reduced. have nearly and that project inquiries the of like not non-essential also person they from in installations, the pandemic do projects. are venue deployment on Projects large For service XXX has We’ve to while the continue

oil projects fiscal seen enhance time, to transportation, likely have gas same are year we during e-learning XXXX.At for remain growth In industries throughout and the related pandemic, food projects to the in remote to also healthcare, addition, solutions work. and down

antenna surge hospital installation supported kit enclosures Additionally, quick an the rapid capacity needs, that for makeshift coverage. and to and in allows solution mount, tripod their and enables we a Ventev extend have this with providing environments consists of easy Wi-Fi in a deployment hospitals

calls, and the to term. long previous business of improve Integrator on we’ve performance taken over shared actions I’ve the As our VAR

basis. foremost, are community relevance sector on we end with a and reestablishing by re First user engaging and the our sector

sector on first we was focused The utilities.

new in who the has in resulted top a We utility talent, deep included sales have of and being engineering sector. TESSCO in several projects. And have that understanding invested

have with growth the working federal talent experience We integrators. consecutive hired seen now sales specific and Building have in quarters government additional the utilities, upon government with we with with success two our year-over-year large sector. of

the a We strong in are sector. encouraged have that we built already pipeline

I discussed our business. call, to Infrastructure On Ventev was our that focus strategies on growth our one of last

manufacturers project. integrated three-phased products one In for VAR over for award U.S. phase antenna continued of included with being we the enclosures I in QX, had installed the of we our warehouses. paper with with second to Infrastructure won successful by customers. XXX an products projects mentioned largest in this provided we be to the QX, that Ventev previously Ventev During provide an

one phase grocery second chains for the the largest store rollout with of continued a U.S. in the of also We

We antenna in placed custom that Ventev supplying are will all a freezers. be stores’

in third of quarter completed this XXXX. fiscal the expect project to We be

the of strong. remains two world’s with partnership theme parks largest also Our

One mounting of a for brackets. with working these be parks us on will custom theme design

We for adapting new access quick bracket small antennas, Ventev attraction. steaming a factor for our form are

will expect strong We solutions other also demand from these have customers.

We recently signed key two OEM agreements.

program we VARs program, help right development, The products develop and IoT-enabled for their determine to IoT their the products. gear selling deliver first Cisco, can turnkey our their value quickly. will and enhanced connected this Through integrated end services. including VAR a was a our customers solutions that the offers focus offering deliver integrated with full users. into will deployments, with with very product customers Ventev systems, needed solution, Cisco’s offer accelerate where quality on enclosures an address to increase and reliable resources accessories, to embed our solution speed market and product and This and Ventev this software solution This needs and then

second a where Rajant active enclosure a harsh turnkey oil OEM for into mining, solution. The are enclosure sold with Ventev that as environments, a can Rajant This us and equipment as we is agreement be to and such ruggedized agreement applications. embed manufacturing enables gas

continue the and Looking to ahead for and on government utilities focus federal DAS, Wi-Fi XXXX, sectors. will X, year we public safety fiscal

and strategic our create customers. more more actions regionalization coverage adapt strategy We’re intimate taking to our to with be surgical far

our any talk impact market QX. not about a now Let the Public COVID-XX from major significant And do segment. on in Carrier We XXXX. not see impact in did we fiscal Carrier expect me

Carrier in In the fact, our Company’s for QX history. Public was the market largest revenue quarter

the share market both increasing contractors with were as and relationships Verizon record strong with Our this turf AT&T reasons quarter. well primary for as and its contractors,

see we ahead in shortages us. the Additionally, neither construction projects in delays of supply did to and be appeared crew any chain with or not equipment issues QX,

with largest that demand-planning for capabilities business provide recently that I of turf roles award tower As we a contractors. us company double enhanced customers them. that from in win awards We with for with more our is business won awarding the we effectively mentioned QX TESSCO reasons large differentiates Among quarter, the key followed last our with cited some will an these competitors. the

As TESSCO payment will be to of terms payment, their this information we strong of customers our received market, largest relationships further for our some that improving dramatically and prioritizing from are us. evidence in have they

On capacity with that we small spend opportunity coverage the that is it from speed the build-out. Rather, TESSCO outs see the gaps. market related discussed rural and build the seeing that and have there ensure enhancing testing cell XG XG. no calls, that for our in strong we X.XG note are carrier to we I’d not to past of interspersing shoring up like networks, predominantly are networks is to customers, the and today

in quarters ramp calendar the early growth, strong lower we expect their without that growth they until spend, us XG coming Our significant Note building that customers happen at are have Even will in materials margins. XG XG XXXX refining and the and in growth then still late not the continued additional or this resulting year XXXX. near-term in told that XXXX. calendar spend comes from sector

margin expect segment. this in we So, some to erosion see

To our a the significantly can Retail affected market Carrier was results pandemic, continued We by summarize, initiatives to in by achieved market. we the made the results steady with momentum that saw Infrastructure quarter. positive while overall TESSCO’s record Integrator in of lot we sheet. good our of Ventev improvements quarter balance the our positives think are out for business, of disappointed also for due progress weak very including outlined I term to long last our the traction each improve business to performance and VAR We’ve a and

update reviews we this taken progress Aric? as come financial long-term I’ll quarter. results for well through our you that as Aric steps after vision to discuss on back the our have

everyone. And Sandip. you, morning, Thank good

nice was two some weak impacted Public pandemic. market. by As Retail Sandip market charges positives did significantly overshadowed They large quarter, we that the the were Carrier COVID-XX by the shared, in in and have primarily the

XX.X% Gross top with in million, compared same XXXX, the fiscal in the the with sequential the compared was margin with million fourth quarter $XXX of $XXX.X line. of for XX.X% $XX.X million for the with quarter the in revenue last $XX.X quarter. $XXX.X quarter for fourth and XXXX. year. quarter the quarter Gross million million Revenues compared third fiscal fourth was total of profit of Starting

margin in gross of and a gross items. are decline result profit The several

traffic margin additional due and foot resulting to COVID-XX. of First, returns. Retail a customer with to due The and store were also was gross down sales XX%, associated these mix closures down sales result primarily lower Retail

to recorded million COVID-XX, retail which related by returns function a an inventory uncertainty caused and primarily the $X.X of of markets. we Second, reserves incremental the is

market than lower historical Public sales the a this grow margins. as larger come sector, represents continue to quarter Carrier at market the of we in Finally, does share it percentage overall but

higher ago. $X.X $X.X COVID-XX-related with $XX.X pandemic. essentially compared about initiatives SG&A receivable income with reserves It and taxes the flat expenses quarter year loss enhancements impairment were fiscal fourth reserves tax partially goodwill was also ongoing by million of accounts a the our million of control This In of includes expense quarter fourth charge income year-over-year the offset earnings includes million. productivity before were $X.X of XXXX, before loss incremental $X.X million. COVID-XX in million associated a as

Despite a quarter, with year healthy our to we the a credit of the of sheet. the maintain continue end at third difficult balance from the $XX quarter. $XX line balance million, fourth million down on of We ended

Retail ebbs new of we our bring in and sheet this inventory to timing-related our flows and some expect levels associated we expect balance segment. on accounts the year, with receivable down fiscal While

will XXXX. Act Additionally, in close us CARES certain provisions a of to tax to the fiscal refund million allow $X realize

and in position noted cash decision to Board we effects to made as we dividend the Directors of of the Company’s monitor the our address TESSCO’s our continue strengthen COVID-XX further pandemic. As to release, the suspend

Commercial provide As we describe and in we well-positioned industry, our value our segment, momentarily, our further Sandip enhancing forward and look offer, customers. to are in will the the and we experiences

we continue fiscal taking to we to long-term. focus over XXXX, actions enter As improve the profitability on

to turn Sandip? drive to now Sandip growth I’ll back discuss this TESSCO’s plans. our that strategies

Aric. Thanks,

upgrading business e-commerce past our are forecasting our customer improving websites. two management initiatives and focused our on inventory sales our enhancing advancing and near-term quarters, discipline, capabilities, I’ve experience, Over the discussed that our

positive processing, make resolve to continued visibility, have order each quickly able accurate through initiatives pipeline evaluate of assist now of our internal also improved increased our both efficient tools and results our have we to We resulted website been and and well software are organic made users, to received the and customers. progress on these issues. very terms have has and to of searches. enhancements teams use in sessions, and and in This by in activity The

and ability inventory program each best industry-leading of existing their our in resulted And reliable operations our lower services optimizing cost to relationships we been reduce total customers. result as of being This it TESSCO processes. case, expanded has customers’ have wide In our management management near-term with chain in a As a A to of several describe TESSCO’s better array provide of these by their demand and has class. customers of able savings. actions, supply spend and by having implemented chain these planning has team. been supply

We’re very results. these of proud

the in on three, specifically, offerings. also the on and execute initiatives, added investing our outlined quarter’s we’re Number two, future, managed business; distribution Ventev these near-term we pillars on number our core competitive As three focused strategic one, last services the number advantage in and I call. industrializing retaining value operations;

these pillars. of announce excited very hires executive to execution are that We important the are two three to

Eddie from recently, executive leadership where of Eddie Eddie positions, business. define responsible that for First, teams we drive leading sales a strategy SVP served public productivity Sales. he sector profitability. dollar and our number in and revenue, us I’m joins increasing and of Corporation, will most our driving confident multibillion Franklin regulated further appointed help SYNNEX as industries sales,

record XX proven on Right development our Pat was appointed new joining innovative Prior and to will VP unique the head Pat at and Electronics. of Airspan Manager for at Lowe, capitalize as track technology spent years We sales of Thad General Pat’s our Networks. for Ventev. customers. create also small solutions to Americas Airspan, Samsung and Ventev, the and opportunities to solutions Ventev

software our We future continue that building to in with services managed more offerings, forward on and come move to quarters.

our help industry. technology simplify remain convinced positioned the continues our performance uniquely the the complexity challenges and TESSCO that to capitalize changes on the of segment, in COVID-XX growth, Despite Retail I drive is that to leverage and the

currently focus term. improve forecasting taking fiscal enter long results actions The makes over difficult. the As fiscal to pandemic XXXX, is we our XXXX on very for profitability COVID-XX

in grow XXXX, better However, we fundamentals the market to Carrier will enter be profitability are as return optimistic and fiscal our much we fiscal business a in as get that business XXXX. will to our stronger that we progresses, we year will that position

I would your happy and take questions. be Aric to

line comes the of you. Blair. first [Operator Our Instructions] Nolan question Thank from Maggie from William

morning. open is line Your

Integrators there to can changes strategic Good morning. of elaborate a this bit offerings can And, any resonated environment. in kind business I’m differentiate in have hoping little taken? VAR and the the product how If solution really on you the are TESSCO and need this be long-term with environment? how that

the morning, Good Maggie. question. This is Sandip. Thanks for

Integrator a excited and we about number which business, of saw We’re this our of of many in evidence things VAR quarter.

So, our to, to strategy in have that and discussed that beginning foremost, the is effectiveness adapting quarters, prior we first regionalization and fruit. of bear as

our more relationship much structure, intimate have sales, customers. between we sales and our Second, support our

of their we So, understanding better a actual get needs.

we So, perspective, fundamentals progress from a with happy I’m the have made.

opportunities And have the of following mean I exercise, come out that through.

So, first, about talk I’ll Ventev.

aesthetic from looking already of for, that There perspective. about more pipeline we the both to able I and provide coming environmental are As a number during we customers number is call, Ventev will our are that is a in projects and the we quarters. customizations, there of in described executing talk that are

help we and partnerships I us excited a requirements. solution we’ve bring Cisco question. not are the pretty that and call Rajant progress just purposed mining, an with unique academic total market. the address talked lot And to oil your Second, helps, that and of verticals IoT, seen a other level, about opportunities answer to the at with Maggie, have several environment, we but natural with with during hope that’ll gas, these very

out just heavier gets And the you do we that expectations market? think Carrier as the of seen, does. market, XG the Carrier of laid than kind late, perhaps pushed think even of out that you’ve given Thank you. out, further about It the you’ve spending

We into of pickup calendar that year later for still XXXX intensity this believe timing early is calendar.

XG. existing come revenues of evidence seeing XX% XX% to of some our from We’re spend. Roughly

it’s absent. the that calendar end year see from real a intensity perspective, But So, it’s evidence it’s We not is. that that of year towards of the build-out. completely --

it. Got

like those seen you in supply are yet. future? inventory that well? as And, the you do doesn’t it On sound you’ve you any the preparing some? and in managing are coming see constraints how a Are you supply Do which scenario that for chain, managing anticipate

eye keeping a So, very obviously, we tight close are and a on rein this.

as have We the and regular from from perspective. supply all way supplier chain, QBRs established deep as that customer dives well through go perspective the both a a

understand place, how are our ensure use supply routine that we and our into suppliers QBRs continuity. to and in business to they’re forecasts customers forecasting, have then chains why those play and putting our and So, to back how

concerned. of situation Commercial uncertainty situation. pandemic. From Obviously, of mentioned. manage, we a as Commercial in more I’m supply exists the there’s it chain established perspective, our a And business a I’m kind speaking mitigate, routine So, that just is with I’m these QBRs have business. of the not order today. in understand Retail I comfortable different to lot with

And from from our comes of Tim Corporation. next question Call Management line the Capital

is line open. Your

the carriers terms do you, get they return? to payment in their With public improving what

that they’re that of needs, or just that. is as anything part first Really, and quo that make doing of in keeping giving sure or that good anything them their that. isn’t There pricing mind pro we’re arrangement. It’s them like assisting -- It’s us quid to want we’re but and like just they’re there’s TESSCO. not nothing partners better that

importance to your them? recognizing just they’re So,

right. That’s

during XG accelerating what are Carrier year, the year? this why business reasons, for optimistic the and can that deployment in -- till grow will Carrier the you’re revenue Public with Public continue the not how volatile be of to you end

take Aric to. fill Good that he to and anything in that Sandip. wants ask morning, I’ll Tim. one This is

in two in volume come going the is spend, this -- you forward. segment can mentioned. we’re increased optimistic Volume aspects. aspect which from So, about business a One is perspective, that XG a

by is second market improving our The share.

doing what very actually I’m evidently have is happy and with -- Now, segment. the been very we in this progress

new have We we our have contract, share. and we new have agreements improved market one place in

we spend will during able improvements I you will a market we to other get, want share hopefully existing share that be work with expect that? and grow. anticipate call, we maintain the we that and and anything of discussed So, the of to Aric, with to bigger all add that

you there. I the covered think No, pieces key

question? your address Tim, does that

Yes. Thank you.

of the Our next comes line Capital. question from Tieton Dezellem Bill from

open. Your line is

Thank between SG&A What million with COGS. your you. split and charge? was start I the the $X.X Can

Yes. is million or About to $X.X AR, which inventory, is is million of related and COGS. to that $X.X related SG&A so

X.X X.X? and Okay.

X.X.

That adds a lot better to Thank X.X. you.

Yes…

thought answer. I trick it a was

well and let me wireless suspect How I up have? the distributed, ask perspective. picture than using we more from this holding historically network we’re performing where during bandwidth So, also is a big the period or would

morning. I share good your that that perspective see to we I’m and question. do Bill, The I networks. constructing we you best evidence what of think doing. mean, can trying in results I to think these And primarily you our intensity examples are use is customers customers our our the answer what of to with in. are participate

Right? rural can So, things evidence give service available, to and the and are. people capacity is shifting you certainly networks one to mean, picking highway can I to areas, make that from So, capacity are that sure the keep from shoring perhaps providers from is you. along. that that take increasing where coverage we coverage efforts up

that. are, areas cell in We Second, antennas, we from evidence we see of antennas, lot coverage. better a provide around get and people see environment-specific an small where evidence innovation capacity in-building of perspective, aesthetics-driven to coverage

that see construction and systems along. very from we are perspective, encouraged So, yes, moving a we’re evidence all

analog are question coverage, from refrain if the have this more I bring elaborate as questions quality But, -- lens that with tower of really systems is business. up? our from not we your addressing business. be track observer, that From that. how part an doing we well -- from That more I’d holding And of was the can an I you our to

what us. do Sandip, the this you I would given operate a is are we our lens rest likely Because of only experiencing we -- was thinking that small your radius of geographically a more that in, just that than experiencing. that little have into

you’re well the not is tend qualitative and bottlenecks So, is I or do being you experiencing us that need, accelerated, guess if there comments, and that accelerating out that bandwidth? fact performing indicate the to you that sense some activity that XG had that’s part today, pretty what the just be to to expanding you’re worked or needing that are of be are is -- there immediately networks not that in that hearing,

our are that and able to and from try our you can more has what we customers. is more. working the make networks to hear give they’re based I home, be from evidence on you end point that the shelter-in-place from that seeing are to are of that large a from we conclusion and and elaborate hearing as Bill, might and workforce customers One that being the part given shifted users, not utilized we Wi-Fi mobile

the And wired been to shift capacity primarily this where And needed. perhaps has has in so, And our provide customers wireless have into in spend is we there’s utilization. allowed is areas traditionally lens. backhaul from mobile needed. shift mobile of a a more their This intensity to coverage that terms backhaul, terms of

that hopefully is helpful. So

which used convention other for hospitals is to seen A construction have we for of are thing been second or there lot been centers, large makeshift have large purposes. venues projects the have on wireless and The converted hold. being put

gone away. are simply These projects not have are perspective that from delays. these our Now,

that’s seen pandemic. So, we during dynamic another have that this

of Integrator to oil to and most that, a I in the But, In has verticals, other has Beyond construction small. and go been there not intensity gas, segment. the have waned. the VAR

business or specific as that your that the give discuss with you share to doubling in one And know company example Sandip. can specifics tower I win the you, relative to major you other your would share comments anecdotes And the there please this? market? then, carrier a in you continue you’re Thank you them. with did Are

the turf to and attention, I on Bill, AT&T your the draw comments vendors. AT&T will I Yes. made

our improved share ways. We in two market have

and We given to I’m names arrangements, specific we some vendors, share these have one with able established turf with of the have agreements place have confidentiality expanded. we increased new that’s not the share market but ones. with you,

The contractors, given have new names share their second And also is not agreements then, finally, from same expanded I’m tower also a But you tower where with. have are an well. place example cited we and has mutual us uplift -- on with to that won without share our have perspective, and manufacturers as we that Verizon able names I but the host increasing our intimacy with other sharing for our reason, one we other companies as well, business.

of you that and magnitude anticipate Carrier the would What’s these impact the wins? contractor from their wins

So, us. quarter a record was this for quarter

Bill, held I expect segment double-digit for have in And sometimes be those intensity, way this addressing those to that the issues Carrier is, surprising crew of from the absent significant growth this shortages, not market We us. it now. expect other able or any If COVID-XX, all to continue to were back. things I’m remain situations

them the Great. you. I to I’ll VAR a the address even for and business, actually, so may of Thank both to And Retail, question switch independently. if ask

of each point that at have Retail you uptick Have the did bottom? you business? bottom, And see seen VAR is the then so, them there. what a strong activity and how and in What from if companies the low you of point? number experienced April talked have of We of and bottoming a growing about from timeframe, their the heard have with them

I’ll these it’s markets, them are Bill. If okay, separately? different address So, somewhat

do. Please

Thank Retail tackle you. first. I’ll

Retail tackle first. will I So,

down. about not that us. for directives a phenomenon with was a just goes Retail shelter-in-place back traffic I retail everybody So, -- mean The foot talks significantly January slowed to the March experience

if point picking at the remember you was Retail will. U.S. still was and normal, economy that time, If in you

affected supply of the chains China. the because were in pandemic However,

So, ensure there inventory to continuity. customers, our ourselves effort was from an business continuity,

that dynamic. So, was January a

beginning to fast that At lot see that We March, through that when demand began continuing -- to U.S. affected. Now, was the continued a point, out. dry April. to get of forward

say was seen to some uptick, Have we are are we Aric know. of is Nothing honest say, have we we Very that of it. taken can narrative, be it I the That have. been bottom? We don’t as cautious question. answer of is, going why and extremely minimal during are seeing out right? The to we Which used or though. reason Right? reserves within that his we out evidence your described

the exists that’s So, today. as it Retail environment

there, driven slowdown. to by a and is in Bill, and Integrator related From gas. market, is verticals. about various the talked We oil and we playing other VAR the as perspective, not a a pandemic seeing spend, industry That role the are dynamics

We a while. expect to that continue slowdown for

and there Javits that, see assets. VAR aspects We in What I the Integrator, downturn. see significant in supplying but This government, up and is getting large don’t utilities, we not really projects were Beyond federal the do is venues. about we for of for we take impacted. inventory Center talked lined projects and necessarily instance. had that were

Center Bill. don’t eventually hold, that makeshift away. in on come they healthcare activities, these projects and projects believe put I to help were with were We We hold. large see put those board. hospitals hope you, the the and venues, these stadiums across go phenomenon repurposed helps was As back. Javits on other projects We believe that

Thanks, it. I appreciate Sandip.

We have will turn for management no I the further over this time, call queue. questions to At closing in back remarks.

Thank you, you. Thank operator.

want I quick in closing. to points four make

centers. and had been efforts their grateful I has robust as whole. of thank well. thank into And to brave I them business for be These distribution continuity. arrangement. towards that team I’m our are to care, the especially their as thanks for transition, know environment I a want work to seamless. attention, our at our dedication on-premise and the for enthusiasm as the we and people, the customers our I First forwardness foremost, said That to from those remote lean transition teams especially earlier, distribution to our and who share their office TESSCO pandemic want center colleagues. want their to suppliers thank and for And I a

have demand, into trust the want doing thank that the been want I especially partners I partnership for chain, for has TESSCO. received projects, confidence being supplier and supplier playback a openness across on and into the and our to we this and end-to-end we our supply seen And customers able to and thank and in customers into our to our then board so that question Second, same trust visibility your our planning partners, and your remarkable. for having

you. all this next you to want for you of And stay to I on Thank speaking Finally, Please please with I stay of us thank healthy, look safe. quarter. forward joining call. all

and gentlemen, for today’s Ladies this concludes Thank participating. conference you call.

disconnect. now may You