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MATW Matthews International

Participants
William Wilson Senior Director, Corporate Development & Investor Relations
Steven Nicola Chief Financial Officer & Corporate Secretary
Joseph Bartolacci Chief Executive Officer, President & Director
Daniel Moore CJS Securities
Liam Burke B. Riley Securities
David Niewood Phoenix Insurance Company
Scott Blumenthal Emerald Research
Call transcript
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Operator

Greetings and welcome to today's conference titled Matthews International Corporation First Quarter Fiscal 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Bill Wilson, Senior Director of Corporate Development. sir. ahead, go Please

William Wilson

Corporate you, Steve First morning, Financial Quarter is Chief Director Call. Thank Joe today the President our Bartolacci, Results Welcome Chief Matthews This and of Senior Wilson, International Fiscal Officer; Bill With Laura. morning. us everyone. are and Good Executive to Conference Development. Nicola, Good Year Officer. XXXX Financial

last was to night. posted call be I start, the that you we the our remind Investors presentation website. would in The like section our for can on accessed earnings Investors Before website, in www.matw.com release section our also the of

of As being Factors the cause results forward-looking made report statements provisions in that any to a the company's those XX-K discussed annual with company's differ to forth connection on Act the safe other set harbor reminder, Form Securities with today and XXXX. are SEC. pursuant filings the Private are of could this discussion the from in Reform periodic Litigation

will presentation these read on consider our financial read included In addition, reconciliation and to encourage with Steve. forward-looking you and website. as I'll today's located statements the be and the metrics we now, call please any carefully in turn non-GAAP tables In disclosures and you connection metrics. materials information, financial non-GAAP our disclaimer discussing And over to

Steven Nicola

slide start you, four. Thank Please and with good Bill, morning.

increased XXXX $XXX.X representing share The million the sales financial main share highlights and the December year, million same last sales as net ended the by of quarter fiscal million in growth release were the $X.X $XXX.X for $XX.X million loss of to compared reported for same last quarter first, compared consolidated or quarter a follows: per earnings sales company's yesterday, and GAAP our XXXX for $XX.X net $X.XX first to year. quarter X.X%. provided of on company XX, the As per a basis million a the loss $X.XX or of of GAAP consolidated

consolidated $XX.X EBITDA for quarter ended year-over-year the compared XXXX to last December million representing XX%. adjusted a XX, million of Second, year, was $XX.X increase

earnings representing again, adjusted $X.XX XXXX quarter, Fourth, as Third, with per fiscal XX% the first share environment. per the emphasize quarter strong challenging $X.XX first we growth. was for operating XXXX cash cash company, share in fiscal to reported the continue generation flow this compared for

the For quarter company same compared from XXXX generated of flow ago. quarter, a operations the first $XX.X $X.X cash fiscal million for year to million the

recent again debt its quarter, during Lastly, company reduced the outstanding the leverage ratio. and

seasonally, be tends debt increased quarter first cash ago, outstanding quarter flow our our million compared allowed to by our where this year a us quarter almost slowest first Although debt fiscal the year our million. to reduce to by $XX $XX outstanding further

year quarter compared December reflects income company's in the On XXXX to to $X.X a realized and the included $X.X fiscal some in compared year. of on non-GAAP share expense a has Earnings basis, $X.XX reconciliations the the a travel-related GAAP release. cost. million X.X per of the to program compared On and XXXX was As the in at plans. Adjusted ratio year. to compared ended XXXX for current and XXXX to compared a Other year expect year net primarily million average a $XX.X depreciation income which million million loss income the in With ago, to segments Consolidated income million share COVID-XX-related in value income share debt changes amortization for in Other impacts average include These XX, varying fell GAAP quarter quarter year the Solutions first interest for of rates ago. for $X.XX in held fiscal non-service same of net a the lower trade quarter the year. million reduction an income sales, our adjusted portion for for to company's quarter quarter acceleration adjustments current share of represents quarter was XX, pretax both for per basis share the and consolidated share calendar certain and of SGK segment, to of intangible our pension connection impact in to increase per $X.XX continued to amortization earnings decrease names other Investment the same expense fiscal or we $XX.X the and company of decline impact first first and primarily XXXX last certain segment amortization XXXX, in the investments compared earnings adjusted compared per XXXX The income expense. costs. fiscal Please December benefit deductions $X.X interest discontinued reduction and of XXXX ongoing post-retirement expense, from savings the a Interest into of a amortization, quarters the in and EBITDA the $XX.X first last for fiscal reported ago, per quarter a share to our a initiatives a last the for million reflecting per represented at from primarily increase or higher the higher the the was XX, million The project. to income higher with EBITDA, $X.X were by lower of taxes, representing adjusted XXXX. the before pandemic impacts non-GAAP primarily for of EBITDA, leverage the Memorialization $X.X partially trust intangible relative deductions X.X earnings particularly remain difficult cost year. quarter. XXXX first million for reflected offset was the and cost $X.XX during a basis, the Brand charges to $XX.X compared impacts the XX%. expenses. year improvement respect experience quarter addition $X.X level fiscal our COVID-XX from see million first ago. commercial Investment tax $X.XX ago. quarter all adjusted And September reflected as COVID-XX, per to result, continued $X.XX

intercompany months non-service currency XXXX December includes income current cash million portion pension quarter, million Other cost and the $X.X impact XXXX, balances. losses were The XXXX $X.X income the resulted For XX, of income fees gains consolidated year The first and on post-retirement year. the company's last also and ended period of to XXXX the three taxes foreign-denominated to of the ago. of first was a a deductions $X.X for net for company's having from and consolidated certain million debt primarily had compared banking-related fiscal fiscal a pretax pretax versus differences of first fiscal between quarter XXXX expense of $X for compared income, consolidated the million taxes the the same quarter months benefit loss. while the fiscal three an

quarter were of the included increase the turn rates. our begin discrete ago. segment Memorialization XXXX caskets year related tax $XXX.X mainly segment benefits on fiscal million The $XXX.X due expenses losses, tax Please increased resulted pandemic fiscal of five to a death fiscal the tax slide while operating million the impact foreign resulting audits. from of review results. a sales to first compared XXXX to several closure to sales of Additionally, XXXX from included discrete for to

of In addition, memorial cemetery also equipment, sales cremation and products increased. mausoleums

foreign the quarter to compared exchange for to product arrange $XX.X orders, a families decrease the benefits limiting SGK memorials, six. increase ended much ago. COVID-XX. their which merchandising compared attributable fiscal other cylinder to reflected performance-based impact memorial from XXXX access Sales to anticipate of XXXX year adjusted turn future our first business of the in a a was the travel-related a cemetery of declines million impacted quarter year we current many Although productivity by sales Changes and increased, lower with compared for expense. impact for rates resulted by the million to million Memorialization to these $XXX.X most million. on cemeteries ago. are segment currency EBITDA sales continued date. Please retail-based be primarily deferred segment favorable the XX, were of to $XX.X had local compensation sales The $XXX,XXX orders December sales, primarily to stay-at-home for but Solutions for offset Brand of was surfaces slide expenses, products, The engineered higher and lower quarter sales higher and partially $XXX.X in initiatives and

year reported growth base European sales packaging a of to nature reflecting photography compared client Our account our U.S. the ago, sales. global and essential businesses additional core and brand

XX, Changes activities sales had initiatives partially the to due initiatives was businesses quarter segment sales, the solutions the fiscal first XXXX million with a and Cash million favorable the eight. warehouse Incoming the job to flow recent Adjusted million on year in the ended significant with improved limited ago, of recent the savings exchange reduction several with Please impact million to slide the million last The expenses. to travel-related of higher for million XXXX In holidays. $XX.X product continued Industrial addition, Technologies cash $X.X for complete recent efforts. XXXX lower to million impact fiscal adjusted capital expenses. rates reflecting compared warehouse slightly quarter. our Please offset management operating increase and segment's slowest remained first on segment segment's was Changes segment sales orders lower continued Sales to Solutions million were million quarter the seven. same slide for lower $XX.X won of $XX.X compared December segment an had orders which result operating travel-related year primarily last accounts for primarily current seasonality increase the The a a new a to operating with a a was sales. the to the by quarter from sales, than year. ago. Industrial quarter the the turn to offset quarter due EBITDA quarter year. lower in typically in year, primarily adjusted the cost in of reduction as quarter quarter automation were sites in compared build, were ago, reported and realized segment rates year last by EBITDA Technologies during SGK turn our currency results working compared for benefits compared lower is and The but reflected cost compared $X.X from company's Despite year of year $XX.X favorable $XXX,XXX company's to the segment a identification Fiscal several the impact to automation same $X.X the pandemic. EBITDA, foreign same the access Brand a of ago. sales warehouse flow currency first for for compared these ago. the $X.X $XX.X we

outlays quarter the quarter $X.X Despite cash payments semiannual on tax company fiscal during its performance-based our debt year-end factors, the addition, payouts, during can include compensation interest In first outstanding reduced bonds. and payment further the the by million. these

the debt. which cash, represents outstanding XXXX outstanding by million. During December based domestic reduced The is in covenant million $XXX.X $XXX.X with million. facility was at on debt debt its company credit net less the $XXX.X year, debt, XX, debt at XXXX leverage calendar ratio our Outstanding net

debt XXXX leverage million December X.X at outstanding XX, shares XX, were at X.X to at September XX, XX.X XXXX. net December Approximately declined XXXX. Our to ratio compared

its company the quarter, under XXX,XXX under has program. repurchase of shares recent authorization program. remaining the the The approximately purchased approximately XXX,XXX shares company current During share

of Finally, the payable comment February dividend is XX, X, and at dividend of financial XXXX. record stock. concludes a XXXX February $X.XXX common company's company's share on the will operations. the now The this week stockholders Board declared review, on Joe our to This per

Joseph Bartolacci

Thank morning. you, Steve. Good

might off results year. you will what are to a to start are be with we our strong very As a good expect, we we hope pleased and

total our adjusted we've $XX discussed. the consolidated strong almost while Products XX% in the up expected, business Overall, ongoing steady reduction our Memorialization than business, our operating environment. businesses million Funeral was Home business, programs reflecting margin despite the the Funeral our EBITDA balance the very a As revenues Products cost of while performance year that and by incremental the excellent the were driven leverage by prior previously from higher business results, $XX in challenging remained delivered about Home million, operating company's exceptional performance

of prior work every we just While Products are higher Home business for hard the team, reported grateful operating our year. when margins compared Funeral about to

As I Memorialization our were Home by just mentioned, results Products. driven Funeral

challenged. products orders in future because other which our and of significant path organization yet normalizes. several leverage whole, lower operating margins Environmental for this earlier in in and operating COVID-related quarter, to pandemic-related past deaths. have incineration mitigate in SGK attendance. we to division, expect Europe SGK also increase quarter the increase with pandemic help be as also This which pandemic. the operating cemetery have well quarter, Moreover, decline several our casket a businesses again, deaths stay-at-home as orders continued positioning Brand continue as remain Similarly, funeral improved postponed Cemetery casketed the has should see this society core has business, bodes post strong. We been moderate of In results from the our the and America added our Again, business landed packaging orders saw when down Products had of particularly products, to the the for North in reduced business volumes and business. to of the state Memorialization any These the safety team Solutions, to guidelines, segment costs, which service nicely Solutions any

business retail single-use we tobacco, significant seen our packaging, In subsides. recent pandemic tobacco expect on when engineering the our increase the other businesses and significant and cylinders, compared in energy a private European The in businesses are in when portion increase we deliver order we but this increase struggled, to regulations, much cigarette order orders by news require intake, remained subsidiary, have driven comes results Our services Saueressig of exciting new most from improved significant -- where to during orders labeling the the years. a particularly prior But segment, quarter. these a soft and packaging. storage surfaces seeing portfolio and plastics in which of label

will Our recognized 'XX. expectations during fiscal are of the these that balance some of be orders

fast-growing continues watched year, bodes also orders. segment we expectations double compared will delivered Technologies In have we for but high business the have Energy demonstrate these results, This our to deliver when increased stable we we to of position order this subsides hope pandemic warehouse space. to and this begin our our our continue unique deliver Industrial our the on value when We Storage as for that in which to times, in rate well prior year. challenging segment,

quarter later with segment, calendar year. testing new an our expect this in Regarding product expected we launch date to on-site begin this this

is and reduce combined we in our of our As noted results the believe of business management this quarter. $XXX cash the of press have release, again gross debt to gross cash allowed over performance are by good best debt and what demonstrates us operating strong during we What generating capabilities most proud the fact that months, reduced million. the XX last have our we

during reduce Although this match continuing fully while significantly months, will to the to difficult our next be to XX debt our pay we dividend. expect

debt we coverage on We focus continue to three times into that is coming eye as our of have a ratio, our speak. achieving goal and

forecast arise, to remain can cautious outside of somewhat which difficult. our still as events our our control of And XXXX, balance results. ability can the remains we impact Regarding thus,

similar should whole, deliver last allow expected recall, our relatively XXXX we mentioned, the our unprecedented environment, $XXX businesses announced challenges results that order which noted activity, fiscal As by which as instead, recent Therefore, we any of EBITDA business on say overall this not fiscal as it to expectations. you not are to This buffer and have difficulties is XXXX, say very million. which encouraged increase in us that our strong that, is any to results. deliver should in a but one fluid and to remain will face that and to to were in we quarter,

improvement we achieved our the which expectations. not EBITDA additive but quarter -- to and that should have our last in but be control. Like strong quarter, we expect uncertainties year many are factors a there said have first we the remain, earlier to remain We orders do

questions. let's it Now, up for open

Operator

Moore Daniel line from the comes Our first CJS question Securities. of with

with You question. your may proceed

Daniel Moore

Joe, Thanks taking Steve, question. good morning. for

Joseph Bartolacci

Dan. morning, Good

Steven Nicola

morning, Dan. Good

Daniel Moore

with a clarification. start quick I'll

sort heard fiscal It of last about to sounds being I back EBITDA thinking we EBITDA be remainder like flat quarters of the last of expectations should about relatively the terms it? way Is right that 'XX. -- Joe. three of quarters the year, with the you think the think I in the right, for three

Joseph Bartolacci

value, mean in quarters I of to we expect yes. EBITDA total, In the terms the but switch next our might total three consistent for quarters. be

Daniel Moore

Understood.

Funeral relative the That's what Home of Products current your helpful. terms what are December Okay. for expectations And for quarter then to experienced we quarter? in the in volumes Memorialization,

Joseph Bartolacci

reporting mean, lot out to a mean, I and tell on of it. So of literature plenty there's people don't you, I there have I

probably Our have the The on in month for pandemic an question quickly Funeral that will will the not our you today I quarter. is expected that if decline. January would we is better, period. highest Home results, in how similar There entire tell of depend declines. our Products

Daniel Moore

Helpful. And both do demand Just understand the there. but to revenue as seeing pent-up on later? and relates the as placement memorial side, expect up you now, restrictions to orders orders pick to you visibility it trying Or ease? are the

Joseph Bartolacci

Sure.

orders anecdotally, are have those not situations we're I the we modestly is seeing which hearing, -- flat. orders. not relatively country. Our up, across mean, we seeing however, What are is

I'll location, marked one to deceased X,XXX which and be go and on be you We buried just be give is sitting buried, to one waiting have waiting forward. -- waiting to to

will those some So our point marked expectation, time. in at be

we out we orders although So there. they're yet, know don't have the

Daniel Moore

type backlog for months? to sounds next understand XX up months should like of a Just Got it growth of Any accelerating. sort XX we it I the think or to the one. trying to about they quantify the XX automation, it. doubled. pick -- XX gears, Warehouse you see, Do way orders? level it's figure? maybe said to switching you of nice and And continues over have think to to

Joseph Bartolacci

we're Generally, levels. not our actual giving

really a same reference last year further time to business. of where We're that We Our in last double and period build had this expecting we at we that where year our year. backlog. good to sitting were last level a -- twice were for generally the we're orders that on relates we forecast year, entering

I'm mean, through to to we because we're that but stronger get for socks before. tell evidence pandemic, with the we significant same off ball back we'll the further knock I not of the it, that is -- it's business had it's going you it this us. So whenever going come

Daniel Moore

visibility know any just be of And facilities? too Okay. get it's to or sort you'd early the to when back able into

Joseph Bartolacci

No. look, a I'll example. mean, I perfect you give

We have get a border. the Canada. cross even into rather significant How Canada? I can't project in do I

So somebody really else's it's control. in

Daniel Moore

Understood.

jump any queue I'll Okay. back if you. into Thank follow-ups.

Operator

of question Our Liam Burke Riley. from the B. next comes line with

You your with may question. proceed

Liam Burke

Joe, considering in cremation to continuing it sales mentioned systems some two orders new What solid incinerators. -- when cremation you've look does sales Is you grow? systems, sales? into that of backlog like turned good the on

Joseph Bartolacci

a XX Yes, worth standpoint, still cremation months' looking pure we backlog. have we're of at -- from equipment still

it's has mean, add. I -- provider largest are us served to and globally. to continue deliver, And the now, the -- that, one but right we look, So continue number we we well. We're

our I So of invest. sure is who of importance -- is has continue the to making up-to-date equipment functional, think done and those is don't that all that emphasize pandemic this have have it on-site clients the

Liam Burke

Or new the core it segment? underneath on identification about doing? that had introduction, the but how touched the had, business what Industrial is do? you And Okay. product How

Joseph Bartolacci

mean, Modestly But flat. businesses. other I it was a lot consistency is I same not It of significant. our in was seen mean we've relatively better, It shows but the it flat.

challenged, The coming are They're backlogs consumption. a we they're But sales speak. ink economic sell relatively increases we look business do going seeing we anywhere expect at our we is as -- that ink as the out of robustness, to but not as as big track year. well indicative be time flat. finish big Our question them. we And and we well order they're rates bit to up

Liam Burke

all any you for waiting management. you lost fact Okay. to the have based that those for better the or placed customers just to systems? And cannot again, lastly, Have you conditions on orders facilities get that warehouse orders access install on

Joseph Bartolacci

perspective, their a how million order all be a situation that And business ability large retailer of grown put than because To aware pandemic process, and one to. of work. that It pretty it during do in is million replaced order, solely $XX of. has would obviously, in we more more financial lot that We've to in lost more lost was you was replaced pandemic indicative that We've that period. the our the $XX good. early still doubled, the and and their

Liam Burke

Thank Joe. you, Okay.

Operator

the Our next of Niewood Phoenix David question line comes Insurance. from with

You proceed question. may with your

David Niewood

dry to And plans quarter. And any Can going break recognize I'll the Two separate relates production focus sequentially Again, impressive in in battery a as that excites electrode. line? to business I'm number me in increasing is if I point the saw that product the any all number or progress here. someone appetite, of the out on one? you that. two, -- wary. Again, questions being to I'm sell third equipment particularly at to area the in wondering advancement terms recent that. I'm facility. at product, talk and which of going another I'm lithium-ion throughput given you video but of of most, the stop a and And that are further as increasing it size the in there of terms

Joseph Bartolacci

course be comfortable we as We're is, well, you you, expect, produced we that wonder our might be one. David. go can. regard by Thank for it how as will That that you Well, much production, capacity printed business lithium -- achieve With quickly we produce down that to to we're you if can just We're how like the is. going continue be sheet the making as as our But this printed fast clients lithium of suffice -- to I expected increasing business, possible serving. as demonstrated paper about to to not will targets. that fast progress. got We continues work path over the grow. we're to Demand feel into to how this of the say speak is why that year. in to one

that's will Remind So second of once whole what space. as come in the again, cost the question the lithium-ion was? continue work down targets. get me, that. speed we well the capacity to towards our We'll And there, battery as

David Niewood

If out on you item? plan breaking a as this separate line

Joseph Bartolacci

I So part is SAUERESSIG group. It is, today in into reality is the mean, of this Group our the Germany. integrated

way once out. some working rate we rate, We to we to as to see to or a are the this into to probably a within some it order do expect find expect be equipment We diligently maybe kind significance year of see two consider some a separate the kind see. form share in there. something. we come would breakout which of and some We'll competencies over business of I

And numerics So it's I as Suffice goes last in it terms to it have time of have at as one on one, hard last in it. on. can't more we'll point -- recognize time. our doesn't video name call tell we out because this start to and the say, to that

David Niewood

Fantastic. one… And the last

Joseph Bartolacci

have video I on And that name one, can't last it. it recognize because doesn't our

David Niewood

I you much. very taking you Thank question. Okay. the appreciate

Joseph Bartolacci

problem. a Not

Operator

the of Scott Emerald Our Blumenthal line next question with Advisors. from comes

You question. may proceed with your

Scott Blumenthal

In you bit how a times, idea is x normal is now? skewed you And that looks y, to us and be memorialization guess, differently Joe, the as in may back expect margins casket of might can an you mix I rest regard when give you what talk casket a it in with over-earning can Great earning to the quarter. It little in goes segment to normal? be like cremation under and there. obviously, the with Memorialization? some strength bit in about

Joseph Bartolacci

math the we're So COVID-related -- you death. the the of matter at around mean but the different lot in $XXX,XXX can a I do simple currently operating ways. somewhere -- of fact is

do course right of of math a number off over different time. can You the that targets

than Cemetery seeing deaths to in and you're going whole. $X.X as better in to than our $X.X you're casket that business. increases a If products Memorialization business expecting We're XX% that see million, in far our million annually, less Products XX%

by So States. we we -- largest the begins and going hope one, of backlog a products. sake, United fairly Memorialization not expectation it you that products provider, the leading as moderate remind if we I that in to pick are to it's does, shot provider a for we're up business long stone think bronze casketed of significant all the products still of society's the number is as

So that But we should how as when casket, longer. but marker to bode when a talking it's hours, be can for there. although, XX don't within -- well you XX it's talk -- quick to albeit delivery not about about as a you're know quick just going be

Scott Blumenthal

when to And or -- between is period get expected six can to that's usually be and month burial a the things nine marked?

Joseph Bartolacci

before hard of not when been of can environment to so it's mean, for this I Well, we've in but significance, this kind it can get an marked be very, predict. quickly, us very

We'll ferrous our I is XX, marked to going we're get see. statement in or think can't near-term XX I months, it tell that. six, period, those is nine, markers those you

Scott Blumenthal

at in going of guidance similar year until of environment, end Sure. Sure. But be least we're being... fiscal implies the I your kind that a guess to

Joseph Bartolacci

No.

happens actually automation warehouse is guidance from that our purposes. wins today all Funeral the Home new would gives our what us comfort matter of to balance which have account Products in material called the a things of our where the -- to SGK from is to right actual our casketed to anticipating Our on I've products, no to -- have business backlog zero year, on in business It cemetery materially our some our business. practical storage now. call in out we on slowdown a But energy are that fall off we number

Scott Blumenthal

some helpful. that really since That's flooring, last have been that things? bit -- on, into in work isn't And do the a super. know very, strong. -- types little you surprised very any to of expect thing visibility a you the tends those etcetera, you the the or kind I Do housing bit surfaces of be Okay, business that that has of guys I'm surfaces installed a home. stronger the

Joseph Bartolacci

Yes, words, services decorative, businesses. global things, I shows portion we which in you like present expected the decline that trade and directed that is your go would solution flooring the you follow-up at wallpaper are the we is what in other forward. when has our, make show those impacted sales Sure. call trade what about that shows, does business. contacts, and our other of call, you stronger trade The things In talk reality and materially you

business not has if We as that are gone there, would to it's not as be just continuing portion strong of as to like. the continues It we -- zero.

The of for be the to masks about and and strong. When example, that, be other portions related we talk continues are the to continue business strong. that that things gowns the non-wovens, to

We are that have as portion the It's not whole still but just -- of soft -- backlog not a pockets it. still and surfaces within is part good in otherwise. strong

Steven Nicola

of the that the one Scott, market -- do challenged for, that the cylinders in And the Yes. continue during we the packaging continued challenges bigger tobacco on business side. portion to quarter. is The the the to be that we of face really packaging

Scott Blumenthal

That's here? in Steve. helpful. I can really right, And All Okay. more squeeze one

Joseph Bartolacci

Please do.

Scott Blumenthal

the we're needs I what for can some the know thinking you're maybe business. point? give in to that CapEx about mentioned, you in going this be Any pressing Steve, to as investing calendar Joe Okay. year. this -- us other at lithium

Steven Nicola

rough of what think year for would estimate with considering I million. fair $XX think estimate even I'd some year. say a that's mentioned, overall, Joe say, still a the I we entered I of Scott, the

you've continue We on seen the emphasize cash we continue just our to management. operating flow. -- But cash results

seen the on results our leverage You've ratio.

now, a progresses, modeling. target I say that for might still year the As would that's right But reasonable change.

Joseph Bartolacci

most Scott, part telling cash what to when of tell Yes. you're that flows. trying I the you, get conversation the would

clear a the like. on coverage maybe our by And ratio. three of after. cash something is debt year, what tell times to have we're is quarter the We approach going we the year going that look our you flow first of think focus It maybe will the into end to

Scott Blumenthal

Thank Great Okay, terrific. job. you.

Joseph Bartolacci

Thank you, Scott.

Operator

would Wilson to and I back remarks. turn closing have session. reached we like Mr. Bill of question-and-answer the over end this for today's Ladies to call gentlemen,

William Wilson

for everyone, you, your us thank Thank interest joining Matthews. and you, today Laura. in And

Thank me and For please additional results, information, about our day. have good a or visit website. and contact the financial you our company

Operator

This today's conference. concludes

at for of and day. your You rest the you Thank lines your may participation, disconnect this your time. enjoy