CTS Corporation (NYSE:CTS) Q4 2022 Earnings Call Transcript

Ashish Agrawal: Yes. So, CapEx was slightly lower. I am expecting 2023 to be more in line with our longer term expectations. But obviously, as you know, Hendi, we will be looking at all CapEx requirements carefully and making the appropriate capital allocation decisions based on the amount of return we can generate. So, we always watch that equation carefully.

Hendi Susanto: And then just, may I verify, I think your long-term model has CapEx at around 4%. So, when you mentioned closer to your business model, does that imply closer to 4% of the revenue?

Ashish Agrawal: Yes. That would be a reasonable assumption, Hendi.

Hendi Susanto: Okay. Thank you, Ashish. Thank you, Kieran.

Kieran O’Sullivan: Thanks and thank you.

Operator: We currently have no further questions. I will now hand back to our speaker and CEO, Mr. Kieran O’Sullivan. Mr. Kieran, please go ahead.

Kieran O’Sullivan: Thanks Bruno and thank you ladies and gentlemen. In conclusion, despite experiencing a challenging macroeconomic environment towards the end of the year, we achieved solid financial results in 2022. CTS is well positioned for future growth driven by demand for increased automation, connectivity and energy efficiency. We are supported by global teams whose deep expertise and custom-engineered solutions fuel growth across our customer base, driving sustained long-term value for our global stakeholders. Thank you for joining us today. This concludes our call.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.