KBAL Kimball International

Kristi Juster CEO
T.J. Wolfe EVP and CFO
Rudy Yang Berenberg
Greg Burns Sidoti & Company
Call transcript
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Good afternoon, ladies and gentlemen. My name is Richard and I will be conference call facilitator today. At this time, I would like to welcome everyone to the Kimball International First Quarter Fiscal 2022 Earnings Conference Call.

As with prior conference calls, today's call, November 4, 2021, will be recorded and may contain forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the forward-looking statements. influence the of Kimball may be statements that in seen International factors the forward-looking outcome can Risk Form XX-K.

the Kristi Financial of -- now would like deck available call, turn the an Officer Kimball website. On section today's Wolfe, presenters are Executive making I International's be and Chief During T.J. Kristi call Vice references of earnings Kimball slide the presentation on Officer. Executive is call today's that Investor Juster. over to Relations will today's Juster, International; President Ms. and Chief to to

you Juster, may begin.

Kristi Juster

We Thank several guidance your like quarter you and results for key substantial growth a expectations. are highlight. And International good afternoon, pleased quarter's that our I'd our with in everyone. am International. year fiscal first of to our aligned report XXXX. Kimball There appreciate I takeaways for -- our Kimball support to in this were trends from business interest and

First, markets, until in across as end for our anticipated, we performance consistent of and net hospitality together offset softness that where sales. been orders recovery has XX% the and XX% with year. health have we accounting of the This beliefs demand lag and workplace our than of more our experienced will strong customer this and the

XX%. within workplace up XX% is end-market and ramping Poppin sequentially very Second orders the up well, with sales

business proven markets, our and differentiators our have share during business our development including markets. our gain and And midsized to dominance on difficult our all nimbleness and emphasis lastly, in ancillary positioning new metropolitan to our these ability Third, contributing our agility conditions. are products, in we targeted product

the and and closer business we disruptions pressures, supply and level last the of a educational representing increase the verticals. constraining verticals. that XX% availability highlights the end tunnel was increased were light to at near-term. do based look But workplace growth in are orders across the led this of at half the in Taking quarter in this Even Workplace are quarter. in second labor We first year. majority inflationary margin year's challenges first see impressive in chain year-on-year year-on-year navigating sales our the compared the of our more commercial substantial by broad revenues XX% up

incorporate of dynamics variant While Delta their or the delayed on either office experienced spaces actively spread adaptability. impact we return some of collaboration the have by the environments areas, pipeline to and has work reconfiguring are and the to flexibility activity. any changing rates addressing order Clients in not faster

vertical state of boost CARES which benefiting America education a plan, is XXXX. A the federal the is key to our highlight in until and in trends, from Additionally, the pre-pandemic quarter as remain Act funding Based next expected place early rescue pre-pandemic through order to the model run first Poppin near on to could recovery rate back as levels. quarter. approximately of annual be was business the of Poppin $XX million and

our supports business. Importantly, strength which is approximately was for core historical of quarter performance generated its which the continued first of BXB channel, the robust its business expectations model revenue of an through this in XX% Poppin’s indication and

year-on-year health and with to first first be relationships to were health brand, federal and Net sector funding us. strong sales and whether quarter our Our market strong performer the of development large a our it’s in XX% was health ramp up substantial positioning the reflecting of systems. health in Interwoven after dedicated our increased the traction government COVID for continues the XX% orders

market, postponements there and and the been materials. outpatient the clinics. have this underscore efficient, a care see and structural labor to furniture. that surrounded patients specialty the potential construction are continue need and be along comfortable caregivers with for trends due and the by the will COVID continue accelerate to shift delivery indications our due to long-term adaptable growth important alike in We of further shortage of All and of Well, to in growth expansion of centers to

at was care's week's recipient last selected an an healthcare respected on show to are and We dignity, leadership. for organization's with health International diversity environment each women Kimball employee design as pleased of recognized focus treated award increasing where and intentional is also of value share promoting the alongside

quarter by on last expect in to quarter words improve first until accounted year. that the last we our and year's steps closely this of hard in end taken of this few market managing a the to pandemic. not in was year. which our meantime, the in of first hit sales customized fiscal a costs a year. the have has increasing Just highest which market, orders was similar by orders the the do amount of especially the spot period recover for quarter, bright been hospitality This profile dollar first XX% was were mix received from Well, the market in it products, XX% our below approximately margin In up we

Kimball expansion recovers we supply chain headwinds and are the for very accelerated abate. as confident that well growth industry International positioned Looking is ahead, in margin

strategic Our and consistent. choices been clear have

products and products expanded These our environment. go-to-market a that health where set underway, has network, We the of Atlanta harmony, these this which in Miami, that strong integrated of fast across geographically our with are expanding the relationships portfolio working customers of we customers new and brands. introduced for, products, perfect and in revenues. our five positioned workplaces our design strength been for opening position post-pandemic post-pandemic an well in an broad in looking they the XX-month leverage precisely the accounted to To office trailing further growing dealer in our as with their strategy of of fiscal for reconfigure types XX% are broader are to complimentary returned This are showrooms areas than year. three Poppin adapt providing with specializes Kimball past. and our International array the ancillary dealers products secondary solutions markets workspaces the Austin metropolitan possibilities access offer to in much to of is

space XXXX that and your on to not new define space sum Neocon with offices The largest ability good to The that market space environments. span These research reinforces of and collaborative To important private the solution connected and flexible plan aligned the the were fuel every in firm flexibility move, creative connections brand at now relevance and we well it changing we every adaptability cafe, open and collaborative initial feel to room T.J. the once. in pleased meetup capabilities. Chief our design cultural provides our post-pandemic shipment today's that the Financial all types and Officer that up, to and functional workstations collaboration create focused, product over will users the and rate market addresses financial XX the user space, we our the results. navigating performance space spaces personal well employee are turn activity demand with a revenue environment. fact, with the of space, expectations quarter unique chain believe wellness. of supports six with our how the provide would if the insights, Additionally, issues chain role discuss we demonstrates fiscal workplace we hub Work for and and supply quarter conducted is and customer year-on-year experience, have needs. tradeshow review reduced in changing namely types to as the labor validated portfolio evident and the first workplace, for current and the of high space, first at office production and from October, the the collaborated research, constantly and and in have supply that growth our products trends, a been open identified twice interaction. market our the providing issues Ipsos solutions the we right exciting the being way a of I'll from Wolfe, based call can needs This system for six

T.J. Wolfe

and Thank good you, everyone. Kristi afternoon,

X% the as a as to our ago together Slide in quarter health, It million, in As XX% discuss several came products is to Poppin. important you a increased the market But from our and backlog. the our for reflected XXXX remain basis markets sales and the from quarter next year million by first combined $XXX.X note net for and expected, expanding from including sales. XX.X increased We'll growth workplace each demand end these year-over-year quarter of X, see on accounted first as orders in contribution strong XX% slides. can net on

has to chain. However, constrained somewhat our supply in top been disruptions the our ongoing growth line due

network. dislocations related labor and Specifically, availability, to our we've challenges across logistics along experienced with material

sequentially $XX.X currently do their million the primarily We and we conditions order year introductions. points to XX.X%. first before partially and expenses of year, back XXXX and from of Poppin but fiscal year. the in improve basis and declined points begin administrative challenges is second $XX.X the XXX offset raw these increase investments gross freight way improve to our well same with work in inflationary material the the new anticipate of incremental relatively offset expect the margin decline the and our year-over-year to quarter, to Selling pressures, price XX to second as in through experiencing. basis We our ago in benefits price pressures initiatives. reflects March acquisition half production the by associated related costs quarter we will million level increases to compared This labor savings higher at along and costs compared sales as with margins growth the implemented in increase improved were persist fiscal product Year-over-year efficiencies this cost are a last as year's book Gross basis expanded on half quarter. support inflationary to

is or XX.X% a the or earn-out of from year. quarter. the acquisition. Poppin Poppin XX.X%, a in quarter, due were $X.X XXXX. million rate after-tax million effective of net compared costs tax of the contingent the in year solid loss than This $X.X an or share plan share retirement diluted our The amortization supplemental In was administrative $X.X Excluding of compares to totaling $X.XX, net rate to $X compared year quarter which includes related to as of which earn higher million loss per as $XX.X million the million XX.X% to ago reported million first or statutory $XX.X loss prior first employee rate income the a first well net out quarter the sales, XXXX, $X.XX tax XX.X% as adjustment adjusted acquisition in fiscal to cents fiscal the of per of current we

share compared totaling related well million Adjusted acquisition charges million XXXX the and income $X.XX the restructuring the and diluted year first net $X.X $X.X the quarter. or was compared non-GAAP quarter. diluted or to Excluding was Adjusted to as as million ago in earn-out million. all $XX.X fiscal share million per $X.X per in $X.XX $X.X EBITDA

to trends XX% quarter strong workplace pre-pandemic orders move year from more demand and increased respectively. compared year-over-year X reached commercial. by product order trends notably demand ago end-markets. and end-market end-market order in XX% increased Order XX% grew let's verticals, order year the discuss but and our in as for of workplace Slide workplace customer Now XX% robust our revenue Poppin a ago detail launches. in was by were and the activity education to health new Within and in the levels. and quarter, robust most strong to including trends Net majority aided near contribution Health and sales and compared our the

follows price our QX, increase of majority and we this price covering Regarding X previously the X, on we health workplace price increase the on that into March effect October announced This the during of year. products. implemented went

costs. increases In materials offset a same inflationary are effect and raw price these announced experiencing we categories addition product order the surcharge go transportation related two to will We on price pressures that in to across into continued the to XX. and November

continue our and as needed. to adjust pricing monitor will environment the inflationary We

sales depress In quarter. which expect remainder sometime ongoing temporary level surcharge into transition hospitality the increase would end-markets XX% permanent year. demand, to price anticipate reflecting of fiscal the declined continuing during However, the we a the we third for this the list

our of mix with we from the for in XX% to program of accounting and revenue in approximately hospitality projects custom However, have QX. in business been successful shifting custom our

million in quarter total compared $XXX the quarter quarter first the to of million backlog was end the prior $XXX.X Our $XXX.X first of XXXX. in million, and at the fiscal

cash portion our the Now sheet facility. flow unused quarter ended $XXX.X balance let's our form million year capital was Slide $X.X of shareholders quarter, with flows the and XX. first year million. and cash cash and review available total million We reaffirm guidance of capital expenditures In $XX.X representing liquidity credit share the fiscal on to of Operating our of repurchases. dividends fiscal in and were returned XXXX XXXX. $X.X million for we We full

we see, the XX% you year. Slide can in occurring increase growth approximately back expect on As year-over-year to significant the XX, to half with revenue of XX%,

As pricing our half through the sales improvement XXXX corresponding back gross growth margins. accelerates a sales, fiscal we our of in in realized are actions and anticipate

disposals of automated existing an well proceeds site, metal as We capital expect our by in sales facility. million a will capability sale our in portion the CapEx of with warehouse funded prior will received manufacturing in this unchanged project the new a from as investment net in expenditures primarily new construction directed approximately guidance. Jasper, of total be from $XX of our toward

savings operational fund We growth our as anticipate approximately as as earlier, opening continue in million salesforce. savings and building XXXX. the showrooms promotional of cost will Kristi partially to investments, our marketing ongoing mentioned $XX and of spend new yield well Poppin fiscal These to projects namely excellence our

XXXX prior As higher we spend a result, year. to compared overall the in S&A fiscal project

rate We XX% of in effective range to the year to XX%. full expect our tax be

Now revenue and to $XX margins second $XX second forecast turn ranging XX% XX% quarter million S&A to totaling with year-over-year to to expenses our of gross guidance. We quarter growth million. from XX%, XX%

expected for turn backlog and the constraints will temporary complying second trends potential suppliers. vaccine capacity reflects impact approximately that, million, operational related I remarks. well Kristi for back million guidance includes mandate to the with challenges of for current scheduled which revenue government from as call the Our our $XXX.X With order ship current in and as production the to to the quarter, $XXX closing

Kristi Juster

new transformed have goes the and designs have our health taking choices have you, Thank in how product months to last forming over Kimball workplace market portfolio The with the International delivery. care made changes XX our T.J. new aligned we and place a

of dedication high have are ESG work service customer to accomplishments and attributes this and Report. wide for been employees organization. We hard these closing, I'd superior and proud their thank our our to In Summary for like of reputation our industry manufacturing quality long standing of that reference

practices. and Kimball navigate Our progress last open only choices our strong year clearly environment, a corporate creation. transformational to external having of accelerate and maintaining journey mindset, like half a Operator emphasizes the now being power caring not call International our our responsible ability but the commitment factors, to stewards demonstrates the continued and governance of culture our also to diverse The for over questions. to strategic the value growth and and I'd


Thank you.

Company. Burns begin for open. question now & on first we're ahead [Operator line session. the question-and-answer Sidoti from And will from standing-by our is We And Instructions]. line Mr. Greg the comes Please your go questions.

Greg Burns

call. Good afternoon. I beginning bit of missed the the a little

if Poppin. to repeating want me with forgive But So over you things already. I I'm start some went

the rest that I'm seeing from the quarter businesses, understand new the are to of BXB came initiatives of Pro the does and just is seeing the the core strength you coming of that release like the the in and recovery you're from mentioned mean nice trying XX% where strength the and Poppin there? or this XX% where You revenue kind

T.J. Wolfe

would business a wholesale what Yes, and Poppin we Pro well. It's sure, mixture Greg. say as is the of

that added wholesale and the Poppin XX%. up with business fastest. and existing their the all remaining BXB it's make but the But continuing the also channels, again, grow we So to had would majority before Pro

Greg Burns

or Poppin there And Tier been the into incremental think I bring then Poppin might in markets. maybe initiatives have And of and a around second Pro growth Okay. one third in incremental if on of where Can of two the initiatives. revenue those those implementing status are you talk having impact kind about just you other yet? in the growth and they're terms any

Kristi Juster


take me that, are So let you? how Greg,

Greg Burns


Kristi Juster

Pro of having traditional how with start bit market I'll me of our product of at Poppin our an Pro just really Neocon, certainly talk in little to-date. that's kind let our a playing and give just you the exceeding provides. combination So enjoyed and and with out Poppin Pro example Poppin about We is expectations what us dealers

be So with was with with excited came in explained how end customer, with an Poppin outfitted example us their they user was employees Wisconsin Wisconsin they all of Poppin. and to they in and are they from had that large a for would we in in Neocon that their us us were an [KII] existing and yet home work

Kimball International working Poppin crossover are of with a So traditional the Pro seeing we portfolio. dealers absolutely

a of seeing in The about very interesting happen talked Poppin mix and are is other we pods thing we've categories different that's And spaces. the Pro. been

and spaces from playing seeing hoping we're a that's And mix pods so largest for. And were that categories out. we the are perspective what

was to pods Another in show booth. design we with the was Kimball healthcare that the International us spaces example brought health both and

So the lots the distribution are and International categories in of is is meaningful And showroom of growing. five course, bottom brands in half three represented actually is showrooms, is advancement them show the Atlanta new half the then in dedicated Poppin showrooms, announced the both health. Kimball top we've under how in growing, workplace and how

how in very the and So short-term good core the examples, and of with rebounding. lots is progress we're even pleased the

Greg Burns

in -- your Like healthcare how the like opportunity between see they're growth segments side still Kimball? seeing lot And the that you you're into -- going the talk Okay. a you what's of overtime, of of and playing you business? maybe the getting Thank about in administrative? opportunity different of out terms you. of it the of space. for you've market, do market? the clinical Can broader healthcare more the revenue And split very in where growth, then are investments mostly terms market made the after Are the targeted, -- just the healthcare is that

Kristi Juster


ahead think about markets different health three go we our and service expertise. that me let how talk about So with we the

So relationships important we've systems. have that end about the those talked market with we health a And systems been of our part that XX very health growth. direct has

administration about we portion We of our actually service that dealer veterans workplace. Gov. community it also in experts of is And refer Fed to significantly, how And have that talked then our growing. and group

actually that And significantly. are of the actually pacing that those strategist, market. health organizations were health is. expertise, those what that's ways them we of are kind above total workplace health at three They're segments call portfolio each those the deployed of the across are segments So or each -- actually selling growing

So I were health specialty expanded have are we're called pleased we the design. about award got platform, with that. we of our platforms that actually what given talked awards -- our product new would [indiscernible] We also design, at two healthcare product for

our seeing don't So to distribution know, platform and and expand both decisions you our But T.J. decisions. in if product to we're it add I want in anything route-to-market that.

T.J. Wolfe

is talked the Greg the showcase that product the remainder, think I focus clinical as grow the about the products Neocon. portfolio that to it the word -- a while as that's continues clinical Yes, is still important but we we offering majority,

Greg Burns

made Okay, you guidance the it'll comments implies great. I ‘XX. second be for in I sequentially. S&A And up catch being up some all T.J., around the then And guess those. quite didn't quarter

quarter talked the number number to And you've think that? that for is to going What's grow? that? the continue a about Is -- year? second about of to good rest So the driving this

T.J. Wolfe


biggest QX we of look year-over-year, the Greg, be would at difference I Poppin. when the think So acquisition

product things. prior that did in was the increase. investments our now a year. that's And QX that of mentioned the in showrooms, sequential marketing elements and Number throughout reintroduction one, we in salesforce. new you're of various moving variety the year, the right, year. to we So But a step-up And Poppin, the the year-over-year. of guide the direct biggest was of out prior are introduction, were kind our in growth Poppin, But of compensation pulled the on not

over to about, do be would will projections, our year. you ramp throughout front we we to the the looking half, course with revenue continue of the up revenue revenue ramp the look at those when scale year, S&A as are half and got the we what back So investments stronger the into talked as than is

Kristi Juster

I'll in working the business, about that And things T.J., But the XX% is XX%. revenue the one just up obviously, X%. we the add talked up of line we're orders are through is

right to And that so actually opportunity the of now think about ahead what us. the volume the and have organization the that's you we service, what organization, has servicing

do we And we overtime. we that to SG&A but -- that's And being up the is moving want thoughtful, just And very are the scale we're to number. so order with certainly why step-by-step. got

Greg Burns

so it near-term? revenue grow. backlog so and Okay, into constraint translate not might in that production the now about we'll should growth Is order -- but how the see we necessarily think the

T.J. Wolfe

it's that right, seeing. And look because is, the have you That's because we're also quarter about it's the spike elevated that constraints significant at we million, Greg. of But backlog of growing if demand $XXX being that the we this talked again, production that place. in

And in, Kristi into so we as those system work through are the requirements, coming of our is still getting now. with specification, we're order mentioned, and right the design that all have the orders still coming And still -- but system. assisting when

second generating as constraints, additional sales that's personnel. into in then the we production we're needs for will that half. remove going And the to to through So flow in begin it see investment

Greg Burns



Okay. Great. you. Thank


Thank you.

Yang comes Rudy Berenberg. Our from from line ahead. next question Please go

Rudy Yang

questions. Hey, that you're you to in from What my get you order terms this taking detail. impacts saying granular would shipping guess, in higher be quantify and specifically most you guys, instructions, And margin I quarter material are that the I labor? On for now? can't we of able the impact the saw thanks guess areas say headwinds, pledge magnitude right would of costs,

T.J. Wolfe

Sure, Rudy.

those of others. same accounting -- if would of the it's know, I but throw material slightly look labor an I also And convention, would with level reserve. would material rates into being about LIFO we're roughly at I inflation, think the it inflation, were buckets, ahead then So and the freight magnitude talking you put four elements, four I they

have and forefront, account then put that the the equal freight, something in I to labor parts and we reserve, which for would time. LIFO So real at is material

the So comments, those we to excellence. the pressure. were again, a -- pricing the Actually, excellence offset going to price to backlog. the components more our our operational talked and to about And this we contributed take that offset than Again, operational of those is because the bit is time of little work was price did. in through

And so we of that of year. see the happening pricing second majority benefit the in half the

Rudy Yang

helpful. That's of to same surcharge clarify then there And about super your Appreciate previous price a now I you the bit are deadline, that. I a be was expected specific the am price little you could just And compared temporarily until? just were increase if sorry saying is but -- like increases? that missed I magnitude to this, if

T.J. Wolfe

sure. Sure,

So March me, price list roughly price list had The incremental is just those. X, or price just effective adjust on the to a the on don't recap with price to is list as again, October increase it's prices we actual X. the surcharge, that two and list And again, price a prior of mechanical list to November equivalent this Increase pardon increases. surcharge XX. another differences the surcharge, increase we And of combination the

next the environment the to flexibility decision So final we magnitude. give in wanted higher And inflationary made months that to the reason over is is that for before about assess action another list price it it again, we several changes. is ourselves

little how the products us but us our with to the gives offset inflation more term. a longer we price it ability remain flexibility just gives to we competitive feel bit in over So near-term, that

Rudy Yang

saw then and hospitality. last trends growth That be a sense. it. you [indiscernible] on little have continued could Got guys kind I make to quarter, little the strong. of bit, hospitality declined this And it But order discuss And order obviously think a you quarter, positive work bit.

So just attributable wondering to? what that I'm mainly was

T.J. Wolfe


tend to that hospitality, in projects, orders end that be year, large I rather are following said, hospitality of we've fiscal year think choppy. them the and we the think to expect it's in bit something the many the into of does because recover towards a as I

but highest pleased want So that setting necessarily We quarter-over-quarter business maintain, profile it trailing some for a we've the and for with and indicate see ensure order we're you in that the seen, can were quite margin still long -- run. volatility up that cautious the trend. right to the that XX rate success XX-month in doesn't we're

Rudy Yang

Got of end you on reaching kind if than just the kind And it. up you of you follow your in do, Poppin mostly expectations? your a I mainly from of levels that see of the accelerate with where of that do by for of quicker or year. of returning kind kind BXB areas kind kind faster me on without any that see being then pre-pandemic being guess, that lastly, possible? to point do if upside And what upside

T.J. Wolfe

Yes, really. sure,

rate as as quarter at million revenue, annual So I run the continue early what is think be could coming of fiscal this towards we're guiding that we revenue the in if as year. we QX trajectory Poppin, $XX

how the when and beyond are as you what it drive about, think through we've Poppin Poppin talked we produce that, quickly look opening. can get -- to be I BXB of again, that the one think then Kimball that Pro network, out will production certainly scale core begin and these And is business accelerators showrooms I driver. dealer we're a certainly the new expanding

So, three term programs, like sponsorship look I still things I the more are the develop. time things beyond corporate would And then those would that are it'll say plays, take those to that towards. longer

Rudy Yang

Thanks appreciate Perfect, it. guys.


Please ahead. from Instructions] a line [Operator question [indiscernible]. on We you. have Thank go

Unidentified Analyst

question. for taking my afternoon. Thanks good Hi,

in the government business? more projects a please guys that traditional customer sales traditional unpack you If cycle and Poppin from base little describe bit the could cycle sales versus the

Kristi Juster

actually can exists. can business so a that that the talk mix go the let business. Sure, bit model follow about me talk then J little up ahead about and of T we And

in as BXB we are look leads times about And that is executive, are gen Once lead direct at from I direct new then account their of they been the that has for of talked qualified about actually handed home And model. it about a an secondary it at XX% for employees. a ordering majority into and a sales those business So work then at the customer they hands that of to rate. development funnel, of is And customers through we've put digital off a model. XX% and is they're Poppin offices -- the XX% reason come because repeat converted figure so that And they're executive. a a locations that rate. account is closely, actually are lot and satellite multiple a generated an and digitally, they're the historically

And really so base. value customer we that repeat

One the Pro in which we we the we is And about then seeing seeing environment, talking business the that of direct our quickly. business have customers portion are into talked business. direct have growth. that pleased small talked But it's the this that we're of you're with, things but of a BXB we have go about, growing certainly marketing do a of environment. all we XX% sits are customer wholesale that we business, dollars Poppin business [indiscernible] that is we business about, in the core core the very as in BXB come the again new growing And

I general, know, missed anything. So how model don't in that's T.J., kind of I if the

T.J. Wolfe

all. covers I think that

Unidentified Analyst

demand getting the then years And price spike of existing -- have contracts you stickiness that priced or one and been increases are Great. or executed? Do that those the the more option over after coming the see down increase. into those is about is

T.J. Wolfe


base, list across contracts success And right had the for going with the those. of we sticky because in as in not but value But see want XXX% we taken, our the being typically despite have have With realizing long-term. that we market -- progresses longer what the a term increases customer do same at say our -- set, and we next always we've acceptance these we regard environment at we and do proposition have we we're we've just of remain believe determine the inflationary in price that's products that would the within rate a great that's competitive good Again, increases, -- where it's I a longer we've evaluate So price with realization. is And already we not high customers. those right been would the company that term. to time, amount position remain that possible. that want the the we very realization, but the the taken again, that, say had would prices entire quarter-by-quarter to surcharge month-by-month to price to a not

haven't We result our of a rate any in that. seen noticeable change as win

Unidentified Analyst

thank Great, you.

T.J. Wolfe



And Kristi further call I'd over the have time, turn for I'm this closing at like to showing comments. questions we Juster to no

Kristi Juster

face, the Thank proving by can this International team, grow thanking that future business. entire the but to for suppliers. and the that of actually Kimball we like Well, you, only and the our are I'd all get short-term And Richard. call challenges but end also we together the opportunities not customers personally through we see

partnership our we that of Kimball exists stakeholders, our at and everybody joining for today a very So, appreciate we and you the evening. much call with good all thank wish International


participating. for conference. today’s concludes this gentlemen you and ladies you Thank thank And

disconnect. now may You