Ashtead Group PLC Q2 2022 Earnings Call (Bondholders) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst : I've got three questions, maybe I've take them one at a time. The -- you mentioned a few times the M&A pipeline obviously is or continues to be very strong, I guess, the rate seems to have picked up pretty significantly in recent months. I guess my question is around, firstly, are you seeing more consolidation in the industry more generally? And secondly, can we expect this kind of higher run rate to continue? Or is there some sort of REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2021 / 3:00PM, AHT.L - Q2 2022 Ashtead Group PLC Earnings Call (Bondholders) element of catch-up in terms of slower period last year and therefore, sort of a bit of a sort of pent-up demand almost in terms of the deals you wanted to do. Just interested in terms of sort of the cadence you might expect over the next couple of years?

Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst : Yes, that's very helpful. I guess, second area I wanted to ask just obviously equipment availability. I mean it strikes me that given the momentum in the business and sort of as you outlined the outlook that you're kind of looking to given that U.S. nonresi spending is still somewhere from fully recovered. It seems the biggest constraint that you have in terms of the CapEx spend at the moment is availability of equipment. And clearly, that has some positive advantages for you in terms of the market. But kind of how -- what sort of indication, I guess, are you getting in terms of your sort of FY '23 when we think about CapEx for next year, I'm not expecting you to guide, but I'm interested in terms of -- are you beginning to get the indications from some of your suppliers that you're able to book the slots that you need and the availability is going to be there.

Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst : Very helpful. Final obviously, is very quick, I suspect it's one for Michael. Just looking at the receivable days look to have increased, I think, to 52 days from 45 kind of in the equivalent period in the prior year. Just interested if there's anything, I guess, to read into that or anything specific happen on that?