SWM Schweitzer-Mauduit International

Mark Chekanow Director-Investor Relations
Jeff Kramer Chief Executive Officer
Andrew Wamser Chief Financial Officer
Steven Chercover D.A. Davidson
Chris McGinnis Sidoti & Company
Call transcript
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Welcome to the SWM’s First Quarter 2020 Earnings Conference Call. Hosting the call today from SWM is Dr. Jeff Kramer, Chief Executive Officer. He is joined by Andrew Wamser, Chief Financial Officer; and Mark Chekanow, Director of Investor Relations. Today’s call is being recorded and will be available for replay later this afternoon. Instructions] [Operator

my you the may now Mr. over to Sir, Chekanow. begin. pleasure is floor turn to It

Mark Chekanow

Thank you, joining Tamia. of SWM’s Investor Good quarter morning. I’m at first Thank Mark SWM. you earnings for XXXX us discuss Relations to results. Chekanow, Director

I’d on the report COVID-XX begin, and you remind are predict, including particular, detail these pandemic number pandemic In of and filings, taken for results today’s numerous suggested to uncertain Form included the our difficult results may of that statements. a the are more include to in the to response by in impacts on forward-looking reports XX-Q which is business like and our Actual comments discussed reasons, differ on Form it. in scope Exchange we our and Before including factors the duration call Securities ultimately materially in which which the the from and our annual extent comments Commission actions to depends XX-K. evolving quarterly

to are release. are relate discussed and prior to the section during our measures financial stated Reconciliations presentation non-GAAP website, measures. otherwise, available this of included the Relations are of the call operational metric these earnings on operations. This financial and comparisons this and year and release continuing earnings period the to presentation measures measures appendix closest the of Investor in GAAP the financial are Unless Some

Now I’ll over turn the Jeff. call to

Jeff Kramer

the Clearly, dealing the challenging with world time morning, pandemic. you, with Thank and Mark, of impacts the good this is unusual everyone. an and various entire coronavirus

to our and end of financials. spend impacts will we time operations, today much markets on people, So our interpreting

world a commitment both executive organization extremely by months. the their and circumstances, Board demonstrated on customers. for the Operating recent rose behalf and to the the and under incredible deep our for like to other, the expressing employees and dedication company to in our appreciation across challenge I’d efforts SWM begin of Directors difficult team each of our

of While well we requirements of top are those end, as working remains priority hard distancing the impacts sites health work-from-home hygiene we whose well-being To roles have strict to the the our at family. as protocols that SWM for allow this. COVID-XX, our business effectively implemented and mitigate and

impacted As from you supply can operating. ensuring chain these responded, enhancing teams global and We truly our challenging, imagine, in is around operations, and one which but fully on to to using in the our from operating safety their us were to our our our increasingly learned supply and of What addition Chinese first a locations ability operating us practices while plants the the safe have times employees benefited hygiene Chinese keep who up our to to depend procedures we practices operations, globe. observed, keep allowed best safety but customers running. identify key our other are necessary by now we

an on ever-changing moving were some As quarter. during inefficiencies to other meet but some impacts facilities or fly overall the did lines were products the manageable external adjust experience forced to expected, we by to teams environment, these as the

Our us team’s trust of with customers large these adjustments quickly perfect example requirements. why their of are ability to a make portions our

in The to facilities has due closed which the are one we worldwide As guidelines. of up site XX that currently our is this New upstate York are only time, pleased state York, exception New report all running. but of shelter-in-place to stringent and been

are plant in York, New seen to to the be we positive trends expecting in sometime allowed open With this May.

up to tends portfolio, well. business, our to a component. to consumer which The largest generally also positive variation share which higher about have transportation observations discretionary diversified I some was want expectations held our film

the SWM demonstrate expect crystal clear no macroeconomic relative still have come. to the resilience we While portfolio given challenges circumstances, to we ball extraordinary to the

Rather, with XX% a not overall. filtration To be not are the markets turbulence business, impacted be portfolio believe be COVID-XX-related growing indicating than in we portion in our medical we our sales and of impacts. more that face our large tobacco of our of continuing that replenishment-driven the industry, will our that and presence resilient clear, sales to should economic demand

as sound will our in but In we terms in think important spend that employees a elaborate well SWM as testing few community effort and series scenarios. of to on assure of is economic I customers financials, a as footing. such times Andy these, investment the that minutes significant pressure it is

operating maintain dividends. our strategies, that With that still that these annual have prudence are capital our said, activities, uncertain times, plans and cash sufficient our the unprecedented including portfolio, access currently show provide is if global to to enough liquidity needed needed our decided to ready reduction that the Given allocation our execute withdraw and operating guidance. funds dictates future our flows and and have models to cost capabilities our we additional we

which wide we way segment a now quarterly would I’ll market. results. our costs business as paper input margins EPS of to stay-at-home expectations. costs. were considered, for with increased strong got a that year. material global things quarter increasing to the transportation economic portfolio, should the impacted XXXX our adjusted last remain Profit and film limit them that Across by off had as exceeded and movements XX%, auto expect though orders global start was raw growth All solid business, broad our disrupted move our weakness sales In to the of versus most upside the favorable, strength across anchored was AMS, our we grew by

together. to with this transition commend Trient create which closed We this remain a operations disruption. as to imagine be previously going I can long-term Tekra which forward. under and the maintaining business new cannot the value we to SWM. acquisition welcome on for referring Tekra We on acquisition unusual excited I announced team And Tekra simplicity, more and want minimal circumstance managing our this also about I’ll to and

declined performance driven markets the increased the in X% most across closed which in is end construction, sales X% profit contracted organic as Overall sales with more resin and positive offering revenues organic AMS a the a In modest solid AMS, the operating growth. sales, infrastructure growth by in slightly, a offset higher-margin acquisition, of films. and portfolio, offset costs Tekra also and favorable lower which filtration, adjusted industrial sales segment than For transportation core medical drop-off mid-March. partial to transportation

overall an AMS its the to area did coronavirus. industry against helping serve This is the care we our was health Medical is where battle end market this are which our and well. noted, in environment. As relevant products produce in quarter fastest-growing during portfolio the particularly many

For XX/X, debottlenecking example, face versus masks. we are over And by and of produce running even meltblown number the after orders lines constrained have still XX% we we on materials books. for NXX the our

in films cetera. a netting We such products which in are nettings variety bedding, high as demand, masks, of hospital making used packaging, and medical instrument et traditional also produce gowns,

due of also areas. our demand up to remain the prior that otherwise March product healthy in I’ll gains remainder the expect business were uptick several short, off coronavirus, to while to niche the a note in with In we perked we start to medical year. that for strong

remains across XXXX continued as Filtration of make in demand the sales many and grew, gains intact we category. that up subsegments anticipate this

economy to first growth, softer experience levels of with slowing had stimulus. solid but For likely infrastructure area as is and quarter this the near-term demand increased wrestles potential we construction,

manufacturing business transportation at we well start, shelter-in-place effects film significant of a glass show. as of disruption global market, part orders impact portfolio. early where After combined strong interruptions started the to Our increasing was some China as auto late impacted our The have most end a laminators see in had March started the in the to with effect.

continued profit the impact near-term the as impacts America. greater a pressure for North with in in second customers is expectation quarter Europe and virus Our

preliminary, for that positive. our in are some starting films transportation see return With to although positive long-term said, signs already we China. remains expectations And

We films. penetration expect portfolio increase and drive that expansion, growth remain giving consumer part the low to our organic highly global to rates a can of potential the margin steadily paint protection this strategic of

portfolio, are attractive this space, is does transportation again a be likely the business, Tekra have with new some is but long-term color environment. which a is term in its positive in we to our in view environment. the highly expectations to Tekra Given business additional also near current which here About of outlook. particularly X/X soft as the on medical in

The of business the printing, end and other industrial remainder goes electronics into markets. digital

and We by resources coating Tekra our many working Bottom are can the economic transportation AMS uncertainty, meaningful converting supply we they’ll given well performing side, higher-margin offset of for markets seeing so and medical increased to films. strength. demand from these be are pockets diligently reallocate emerging team line, end headwinds the the is

down efforts. tobacco a and quarter and were as offset our first and quarter factors. effectively also in cost strong pressure the with We margin X% Switching X% reflecting combined X%, primary good now up Volume to continually, our performance. We products a environment. the industry on mix focus recon demonstrates that as heat-not-burn Engineered positive to benefit X%, the binder resilience Papers. sales contraction typical higher-value was products with or Specialty with for a of relative the the ongoing wrapper COVID-XX price/mix ex-currency its reduction and had only it with

segment in the are pulp combined double-digit drove seeing We cost, continued favorability which with factors also above growth. profit

are is relatively optimistic the COVID-XX our insulated full will believe be year and we business As not that noted, overly backdrop currently our results from impacted. EP

monitor the and our Given need quarter, may to into throughout some customers the have year. fluctuations and supply the put chains, concerns global inventories as balance first demand orders general about we’ll additional

demand in consumer told, fundamental our stocking believe the addition, pantry All quarterly some factor market another change variations will may don’t a there typical be results. In creates be in we dynamics. that

Lastly, us about that increased would confidence flows, cash liquidity. note I generates giving overall strong EP

call that, I’ll the to With turn over Andy.

Andrew Wamser

we $X.X increased of down Jeff. were with sales the in on as Tekra X% only segments, acquisition the excluding AMS Thank but you, acquisition. March added Beginning Tekra closed million sales on XX. quarter the our X%

result the were of the markets costs. the operating $X.X in and profits million lower sales offset as end associated decline in responsible in while transportation films, The was aftermarket segment declined rest the other in resin benefits of which the higher-margin film this mentioned, transportation or organic of As the for in portfolio. by decline products skewed growth X% these decline X%, exceeded in growth adjusted loss profit

with compensating EP ex-currency, segment or than X% volumes. sales for X%, positive X% lower price/mix the of anticipated increased more

reduction COVID-XX-related excess improved more were basis we cost points costs margin together wood mix, other by XXX of than pulp expansion. did While offset some have drove those activities which and lower disruptions, costs,

customers quarter segment Paper were as some though we orders certain believe planned chain for forward pulled First disruptions. supply plan, were future results above potential

products some of locations, to other quarter were efficiencies incur not production the modified first hygiene and protocols. while downtime impact we the to and and was We chain, safety forced supply referenced, processes moved and some our lines we additional As adjusted while material. implemented

additional However, that given caveat any our we result could the more material environment, sites or current impact. at key production disruptions in prolonged a would

Stock offset costs to Tekra by in partially Unallocated expenses other year. toward trend costs acquisition costs. the with year, mid-$XX created Tekra $X.X were with the million costs the million market a administrative flat for level We but associated expenses. the including timing still deferred the compensation prior were and transaction of transaction unallocated benefit these full volatility of expect

adjusted XX% consolidated increased and increased a profit On XX% operating and sales EBITDA and X%, respectively. basis,

segment First drove XX% to XX% profit Operating to $X.XX, and the adjusted EPS EPS EP from increased quarter growth $X.XX. GAAP increase. increased the XXXX

first interest while rate. quarter to projected year, debt lower of future quarters expense are of higher the Thus, did acquisition. the We the that versus due closing note quarter reflect higher first to be the outstanding not Tekra was the run most than prior

rate tax in XX.X%, nominally versus year. embedded prior EPS Our adjusted down was

Although guidance. our annual our withdrawn strong of on accordingly were internal XXXX remainder we first limited and have quarter and expectations, the visibility have exceeded results our

economic we’ve our our expect and portfolio the is majority discussed, relatively we sales insulated diversified, from to be of challenges. As COVID-XX-related

as discussed, significantly are expected quarters. in However, Jeff some impacted the more coming products of to be our

and to expect accurately quarter COVID-XX. our call to financial Ideally, likely to second on based to what to and analyses solid work capital customers our most thorough profitability August dividend. due to in believe conducted strategy, no cash hindered alter the scenarios, have forecast plan situation we’d with and early financial our the intention we flow We’ve we be currently and offer deliver is position allocation some still and ability remains our are in but including on guidance fluid

In all financial that to the our stakeholders of meantime, a assure we are position. we want solid in

debt While to we review in and during structure not we of investor debt in interest this and want calls, provide typically breakdown do our area. our these a increased liquidity, detail structure liquidity given

finished million we hand. cash on First, with of $XXX quarter the

believe Thus, $XXX scenarios, revolving current $XXX have million around credit total sensitivity addition, Based million we million. our on analysis position $XXX to operations on In cash coupled we liquidity our facility. and approximately from generation financial on a have our availability operations, of with of our hand, strong on we investments along likely us dividends. puts revolver, with fund cash availability on our

of year-end the of at March million level Tekra the on Our to first credit facility million was and end the the $XXX and reflected net XXXX debt acquisition. $XXX draw our fund quarter

a and consists facility million which nearest represents our with in debt outstanding, total maturity. three is credit Our of $XXX $XXX revolving components: XXXX first, mainly debt due million

bond senior XXXX notes a schedule in term issuance and XXXX. added renewal as time. Second, in extended the we this loan lastly, proved million created to significant of have flexibility The of credit $XXX our we and XXXX. outstanding liquidity maturity due our in late million facility due debt move be timely unusual And have has $XXX under

the at was of first Tekra leverage debt February. announced in adjusted to communicated when Our line end with we be EBITDA, the where first would we X.Xx we in net deal quarter

covenant EBITDA. adjusted net any leverage do we have Thus, to is currently debt compliance max We ample covenant XXXX Our covenant Xx not issues. cushion. foresee

million in CapEx levers $XX range of spending, million, annualizes actions, actions should certain and Lastly, provide additional changing CapEx timing. our to $X more cost growth million on We to pull, circumstances. discretionary mostly our coupled consider due required we the conservative in guided quarter initial first as of with albeit are deem the projects capital $XX event of to below

Now back to Jeff.

Jeff Kramer

To know points wrap with want We to key up, this a few challenging reiterate across groups. I questions. a taking time before our is uncertainty your stakeholder

fully ensuring we as First, safety. our to organization, committed employee an remain

disruptions maintaining we practices our that guidelines terms can local in we best health measures minimizing operate to shown where are and customers. have safety with of We government comply and while

good a a marketplace thank flexible, is and the professional I and teams We supplier choice. worldwide have their for done of our SWM to job to dedication, demonstrating innovative date, that reliable

mentioned, Lastly, position confident guidance to we chosen and are of flow. liquidity due as profitable are visibility, solidly lack to And our will Andy while with we withdraw the have balance healthy. near-term strong sheet cash remain we

also ourselves Looking success remain beyond tough on the strategically term, long positioning sledding in focused near ahead the the we run. for in

distinguish who during nimble, Furthermore, capability global financially there growth SWM competitors to as that might to have advance times, serve economy or not may time, unusual developments these During flexible initiatives prove strategic once be opportunities supply our as secure to including new versus global accelerate this product the chains. we stabilizes. the several could have

protection areas portfolio while your well demand And We some and that appreciate believe We unaffected, successfully this in is interest. should offer we to SWM not continued the will storm. economy. positioned firmly our diversified weather from support be many sharp declines of

the remarks. open questions. That line concludes Tamia, for our please


the from D.A. Davidson. of question first Steven your And comes Instructions] line with [Operator Chercover

Steven Chercover

everyone. morning, Good

seems films. in are solid So couple the except there first wondering, just margins elsewhere a excess than I perhaps was that of higher Everything with segment for transportation substantially AMS. really start of on questions let’s in XX%? the

Andrew Wamser

I that higher-margin one products the say AMS So portfolio. that, is our would within of

foresee we some So we is relates the say. challenges one are thing echo products I bullish business though portfolio that the but I that transportation And term. do on longer to that think that’s it film to – as while the would in over product area, fair very

in here of other China couple it that we would would the the over the I the in we’ve thing drop industry saw first months, is automotive quarter. in just seen The highlight past

Is in expectation North our this America. that see tied a just – that we’re outperform global little to starting it’s will business is product, terms of bit to so aftermarket in an whatever seeing OEMs. sales. is here not We’re This

SAAR that this environment. so if flat high historically, grown we’ve in double at And even – a look digits digits, you business single

that think, confident what the the you’ll environment. headline numbers we seeing, we So we’re very automotive in will are see outperform from I

Steven Chercover

of wanted that us And And more that to split to assume and little AMS, and water about fair Sure. then sticking bit process Can between that is be help a might levered to are think with filtration. I it stable, bit things the process you cyclical? air? a ask is water

Jeff Kramer


portfolio, Jeff, XX% is So the process, the remainder Steve. between this is Water of then and about air is probably split filtration. filtration and automotive

So we have broad diversity a of markets.

filtration We’re pretty seeing water stable.

replenishment We’re no of and happen to watching. that matter a that It’s business what. is lot needs

if see of the big new to projects closely watching We’re gets any delayed.

haven’t or we’re con but much around We heard that. that, in watching pro

side, filtration that process the real seems solid. On

remains side. the strong. seen automotive filtration have in weakness And air We some

Steven Chercover

there And to second AMS. guidance, And while be you and seasonality is third providing do Okay. to still the you’re better? seasonally expect pretty substantial not quarters

Andrew Wamser

Well, we second do the to the be most impacted. probably expect quarter

second would the and So best quarters third AMS. the say within historically quarter I are

Second quarter, quarter. with I think, maybe could line be relatively in the first

you’re but don’t think a big I quarter seen. So be the and quarter to to fourth remain third going bump see

Jeff Kramer

for going it’s be some a world. is around – mean this typical don’t – us really to I – I give guidance I Steve, it’s because hard not Yes. to you that

And that I to cyclicality a be so I they stretching is have think how feel anybody normal complete it show, really of going bit. would little a good think, that shares

to third our and quarter strongest. be Second tend

quarter, a We of so to continue that the will do also think the that AMS seeing. we’re very be want to that resistant that typical majority lot a But in is transportation the portfolio harder little we that the highlight though might hit in believe second to trends I of strength. the offset

Andrew Wamser

reiterate, to see five the out in growth segments did And quarter. mean of just I the first four

a So diversified again, it’s portfolio.

Steven Chercover

a very is time. unusual This enough. Well, Great. fair

the you in and that maintained that QX Okay, you be you switching that price can benefits price/mix you think captured? maintain enjoyed that can to Engineered Paper, do

Andrew Wamser

even talked mean this offset expect with But year, into as attrition. I to about going we volumes we down do. we in line expect to that. be did we price/mix do typical Yes,

good York. for So in mix closed facility one would is caveat responsible see part is binder and that that do we The New good to continue wrapper mix. one we’re products. our are seeing they have I And though of thing and

can is the sprinting, would so clearly But will make at the facility that, be up up some that, some in lost running So sort to to have May. some once that up running, and to expectation is we expect quarter. But point volumes. that that be second for here impacts and – and April

remains year, a we what up seen So to facility they’re be make a get and it’s can I it team to for the know anxious great but work. there. to back great

Steven Chercover


Okay, and done. I’m almost

that COVID appears preexisting be in considering might with on that conditions, those accelerate? to think particularly you the do attrition hard So smoking

Jeff Kramer

No. indication strong seen any sales point actually I that. It’s but some we’ve around interesting overall an haven’t seen in our we mean very markets of that. about

we but will haven’t And that interesting our So watch sensing any thing customers that report an seen that. of haven’t be they’re I to either. seen that

Steven Chercover

admire we their dedication. Oh, Great.

Finally, one. shouldn’t or I challenging done. that think because integrating pretty the should And physically can’t Glad this last it be deal we environment is COVID in you Tekra got together.

So you is how are it? with going? And how that dealing

Jeff Kramer

by going it’s our Interestingly, incredibly impressed able well. and modify tele-calls. work teams been been have I’ve video really to really conferencing Yes. how

able in engineers technology help reality augmented be some to using consult. locations We’re our to

cost need have have so there physical with of reductions, much cetera, also that happening. acquisition, a that, We in as achieve that might Tekra lot didn’t see to needed et integration a the wasn’t to of we you

honest. beat to the Tekra miss doing actually a haven’t They’re and us seen has job, a team so stepped I be really great it, on And up.

Steven Chercover

guys. safe. thanks, Stay Well,


Sidoti McGinnis Your from Company. of the next line Chris question comes with &

Chris McGinnis

a in just going you stronger I any much across but that And It demand into just maybe medical in maybe the into know and or then questions, color. markets nice how you environment. of other maybe was wondering a obviously morning. But bit a major fine Good – little during conversations highlight difficult end or and will taking if and – about, April, slowdown you like month? do QX changed quarter. just sounds started just very Obviously, maybe know, the that it’s it Thanks talk trends? there don’t had maybe just I QX see like it’s was my the a if can I if for beginning. seems maybe maybe changes. on end April or Did markets quarter,

Jeff Kramer


at film our think quarter, to our first And I strong that the transportations and I optical Because the subsegments think was saw the the the all category more in segments. really a across cetera be months if you that’s material two a surface of were protection some marketplace. it broad look really parts only honest, was includes films, that segment that and of around change et there. only

had sales China. in big We

now as so was through gone shutdown, through imagine we up. you in it So started that only up. that And to and can China this really reopening, was show March wrestling saw that had they’re their show

seeing we’re I As in encouraging indicated, activities our brand-new just actually installed there. line protection surface China. We

Again, to now that investments manufacture the so since – accelerating materials continue been impact there, has this we worldwide. evidence that these we’re can we has the qualification watching supply So And closely. kind of some make. of chain

But as market. is this you a can penetration imagine,

so starting then to as happen to the see And been in second And in quarter. severely now these expect we in openings some the United impacted you’re again. continue some weakness markets have certainly which Europe States, of the

we America. to to seeing see in going that China and of watch throughout cautiously kind see happening the We’re evidence same to have North we’re if Europe

Andrew Wamser

kind And to portfolio from – just sales of at all about if are tobacco, and look we coming add say mentioned, just general, as we medical. Jeff of it, that, filtration that you our of the to X/X would maybe in

insulated. view So those relatively we do as

trends the that quarter. saw similar So first there, we much we really see change didn’t say, in

GDP may view have a are are that where We of of down. a in exceed. up, given that portfolio maybe a little but think we pockets it that some I bit bit some GDP-type more Industrial, generally in is little QX,

Jeff Kramer

complete. it hope let’s Yes, track doesn’t

Andrew Wamser

QX. a say, to And really then construction and have solid start, I’d did infrastructure

X/X in – fair sort could comments, it the it’s taking I’d we said step back, go that that could a of in think the portfolio basis throughout year. there we’re a say we’re as regular like sure weekly And get are be this. on a reiterate make point we insulated on softer that not top to just Jeff to of hawk. watching say But is general I to of channel kind of the not as checks, our mean, pretty it’s But from just sales doing that everything this. I

Chris McGinnis

Great. That safety that COVID? due any talk great. Can change sounds just mind? kind changes profit supply around profile don’t chain if you maybe of changes to about manufacturing does maybe of process, or the measures you the impact How

Jeff Kramer

had I’m We our – Yes. of tell team. you. to really have proud operations I

roll has in the can to this products, up lines, early team move actually imagine it in regions around impacts et across, world. start we you So been lines, But to started other different epidemic as the different able had on move cetera.

to et of material things would I There terms we’ve do had all so and where lines, a Andy to distancing in are we’re as been some the phase and they we we sure on interruptions right make wanted But social in early so as to – we were be our disruptions the that had to haven’t some material had cost in across well doing section, structure. our change hygiene maintain we I say think positioned. remove and that of And seen these. said haven’t his in in the cost able And profitability, product cetera,

Chris McGinnis

share end it change your the maybe did are I of didn’t does environment, you you at see opening. Okay. whether see of it present maybe to and you forward have touched changing or changing – kind or And touch expand? on opportunities you think other you advantage before? take to are greater And this that Great. But the you going may how business opportunities market some how on it’s how of the gains

Jeff Kramer


two it spend is to believe able be at that we’ve to leadership about been on our lot need we team. do We we a of something this with strongly So and that SWM just things. talking time

it’s act the continually simultaneously. on be the the little to to we and doing term those the balance at long-term. able you’re those of look talked between about bit, You need short two but a And to always

So to this XX% just XX% that about you sure was on customers. making and continue able of safe to people can were our imagine to activity, on the in supply that our we’re focus early

the continue et of with we et M&A, cetera. to to we explore trends, position to R&D to in we continued be that, right take able advantage cetera market because think are Even products, innovation,

So stopped all we haven’t that.

We’re – stable a actually more now we fit in environment.

a We test its that overall. well-performing maybe this increasing that building nice the continue we’ve about people a portfolio And been several it going last like of actually This questions portfolio because is pressure be years. would more cyclicality, think our been to a how have the us it’s growth for over do to we But opportunities in downturn, the portfolio and well to So around business. balance are there of aspect like we’re grow. positioned. is

Chris McGinnis

appear in The safe. luck Sure. way. stay QX that Good and certainly numbers

Andrew Wamser

Thanks Chris.

Jeff Kramer

Thank you, Chris.


closing it [Operator over this like no to remarks. there time, for to Instructions] at further are back would questions. turn And I management

Jeff Kramer

hearty close joining global Okay. just you on a my Well, thank you, want thank I this to call. team. to us with everybody, for

You personally the both and I done all and tremendous professionally, know impressed is stress a have job. of have high by us I’m for all how responded. incredibly you

do continue our you’ve to that you. continue to our We’re made, have the supply work continue well. to will And hopefully you efforts we best as seen going to hard teams support to customers, to our to and

everyone. So you, thank


Call. Earnings First Thank for concludes today’s participating. Conference this you gentlemen, Quarter and XXXX Ladies SWM’s

may now disconnect. You