Casey's General Stores (CASY) 9 Jun 202020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter Fiscal Year 2020 Casey’s General Stores Earnings Conference Call. At this time, all participant lines are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s conference is being recorded. I would now like to introduce your host for today's program, Bill Walljasper, Chief Financial Officer. sir. ahead go Please

Rebelez, thank the joining I’m quarter and are Officer; Executive and Bramlage, and Casey’s Financial Chief Bill to results Advisor Officer Darren Financial Chief for ended here. former Executive you morning Officer us Steve for also discuss Walljasper, Chief Good April XXth.

There XX-Q not Act any by by call forward-looking you the liquidity statements future and those forward-looking outbreak. outbreak on within include cause potential future that meaning benefits of I’ll and COVID-XX forward-looking Before the statements this factors with a factors by from constitute we of the remind at begin, SEC any with are recent These forward-looking we'll statements statements, business otherwise. the periods, report possible and results of performance Any take annual any highlight future that and to us respect statements, including, to on quarterly expectations may expressed made few first actions XX-K today and relating views to are we for minutes and related our known strategic duration as Securities disclaims a most Darren. future of to whether to materially forward-looking current events, reflect results number as our or website. the of like limited revise response call our morning, session. Casey's update fourth to, strategic the governmental may the summarize the of uncertainties, trends Litigation or plan risks, plan, effects described on the take and the statements chain, differ in or over Reform Private operations, and certain obligation made to supply I to realize COVID-XX the as opportunities, stores, statements uncertainties, experienced that results assumed ability financial company's events, the filed well implied available during our followed risks, of Form which made This you or -- impact and then update as execute unknown intention government pandemic, during XXXX. growth other our future on results and other actual this of from Form a to our but and reports investor during conditions, quarter, -- quarter, few a strategies, new our or needs, the question-and-answer coronavirus information, would call on we'll now to that by and or result a the turn to of as

well time. Thanks families of doing this Bill and morning We all are and are hope during your safe you good that everyone. and

our This heroes would team efforts of Given of first of say and not very medical especially our one proud team the trends, the the discuss the more across grateful way communities. professionals. like of industry COVID-XX. all how environments couldn't I this in to members few country, has they environment, you responded. I'd be I'd response for before am has all is the current the on tremendous of recent to their to we most I throughout ever We're recognizing results our our minutes faced, our the of everything and challenging like arguably fourth a update to I our be for our all do also everyday grateful remiss efforts to crisis. and quarter take

always this guests, pandemic, serve. team and and the that priority members, top begin been our health has communities we our our we As the well-being through navigate to of

result members, provided leave and communities changes of an following the immediate two cleaning crisis. our members, ways established all increased and implemented -- impacted centers, key health facing team We've team we increased at contact-less our communities pay distribution all identified as store hygiene meals for members, and free provided implemented challenges paid practices, for for distancing protective higher risk we've designated result, shopping enhanced for times operational distribution this plexiglass team need our exclusive recognized stores with a Within additional our social field additional and our impact We significant bonuses markings for our provided implemented As the to checks team center our and across personal provided to equipment in our in the guests, delivery. during communities for in registers, six-foot installed make new cash support encourage members, coronavirus, a shields also neighbors. company.

health First, members we first the launched of and recognize our of Slice show program Since during Casey's to team and Thanks to responders. care have workers April, workers for the gratitude and crisis. donated slices nearly essential pizza XX,XXX partners

positive this this hunger the on we communities. efforts a partnership year-long with our America sharing will in focus local home. having families impact food rural to partnership, serve as announced look through we I aim May, partnership call we banks for in Through Second, Feeding year. these children, neighborhoods and communities that on impact more a that continues to on needs forward our make a

that our our continue guests, forward, members are partners we team good will communities. to demonstrate to for and engage here Moving in Casey's

to organization of first to a quarter of before Now, to successful the excited business and diversity our like fourth Casey's, on elements model. provide company. business take opportunity with execute food I'd service. This how I even and shareholder on my how about Even a multiple in pandemic our When moment adding our distinct position have this and us uncertainty, and experiencing to in unique the reflect mentioned times in come our through challenging I forward, we're outlook three such stronger we on better though even to pull started the our with financial I the capabilities to I'm the value. initiatives. results, I comments we're long-term and year path continue Fuel, confident of drive ability out levers a one few be better the company. feel the we as I currently all excellent strategic of manage admired to convenience of on that you will about puts position I such an right and with be was part near-term

drive continue through to long-term the capital in quarter. spending With We for the walk of will I'll value you disciplined now fourth to that, shareholders. our be our results

impact diluted results guest by were for ago. the to compared offset quarter higher fourth a a fuel The primarily seen share $X.XX in margin release, year a you've in were significantly COVID-XX. the $X.XX related impacted by press the earnings per As ago, traffic fourth to versus year adverse quarter

two up day with the single-digits, continued same-store many accelerated many with However, started our up as in same-store strong gallons and We leap momentum excluding the weeks quarter sales initiatives the traction. quarter. our of March with through and as extra mid-single-digits were was fourth the companies, actually year. the gaining first in for This quarter of strategic within inside tale the periods of two the momentum low

mitigate we'll decline middle down of local of April, as became I resulting share gallons in the compression our adjustments traffic, middle on adverse same-store period up results discuss and we provide our will the as current was up earnings of were starting each in X%, ease. most prepared average impact sales. food -- on were per than fountain a following significant the were per our from fuel a and we've state prepared rapid across and we discuss month impact year in Grocery improvement in in same-store we adjustments response the the and improves compression Year-to-date, experiencing but XX%, additional sales. had which by same we in impact, margin March, our down remarks. experience trends restrictions a where restrictions in other XX% offset made ago. $X.XX Since later our COVID-XX the of down we're However, prevalent guest diluted as the gain traction, weather merchandise to experienced an business This to our category. and began XX%. more $X.X, these Fuel April, were of unprecedented operations details seen business, the comps gallon. was more steady in to In the

navigate our near-term As business our challenge, numerous through we long-term continued made in ensure adjustments we've to this maintain flexibility success. to

food capital well third-party in online delivery go our Some forward strategic parallel include capital executing optimize and which assortment to our modifying opportunities, deferring of key foods, categories. In meet hours demand for adjusting adjusting prepared I plan, these available beyond discretionary with position discretionary now waste. spending, details expanding of some will over would and hours continue food we the store future elements meet store to prepared changes, like to move to us delivery to expanding these items in expanding of sale growth. the profitability, production actions guest to each some of long-term on for spending, results reduce some

in experienced an fuel demand the environment quarter unprecedented and the During category, in we margin. both fuel

and beginning As to due various XX.X%. were quarter in same-store in gallons decrease mid-March of local a down the the state in demand result restrictions,

the been the same largest As and the margin and indicated middle was significant steadily XX% April macro impact creating between supply during XX%. disrupted the impact fuel our the Same-store industry. stabilized earlier, time, the upwards down April pandemic experienced since. to business; fuel being moving for trough environment in throughout has At benefit the with we gallons a began of

$X.XX peaked due XXX quarter ago. retail profit average rest the gallon. month. for previously. quarter margin a of moderated dollars The gallon increased gallons, fourth a April Our $X.XX the to quarter XX.X% were of million during gallons year fuel price per XX% $X.XXX Fuel was around sold in down the discussed to environment to margins throughout a compared fourth average fuel while margin the gallon of the the the Total was and gross Xst

in year up same gross XX% category year, For gallons the were were ago. a the fiscal dollars compared to X.X%, down fuel the while same-store profit period

to we of conversion stores the prices our quarter, allow is plan will the flexibility This in During the react conversion that step changing signage. final quickly environment. us more completed to signed price to our fuel digital adjusting in the retail increase

to XX% pleased finish quarter, with We fiscal us fourth procurement are our the year progress with under volume approximately contract. the we fuel total of allowing also fuel in made in the

our card program. in category, traction continue we fuel gain Lastly fleet the to in

cardholders. $X.XX Over about and over the for to we these fourth To XX,XXX and the sequentially continue optimistic going mid quarter forward. course have per same-store days are new range. trending now have potential lifted of the the margin remain stay-at-home fuel as We the down head improve the We throughout quarter, past state we all in of the of trending anticipate cardholders. gallon to improved XX while gallons in to continue Illinois date, we June. average initiatives the in the mid-teens, to accounts mandate recently in Same-store months first add is gallons of the X,XXX into their summer low

context, base. represents XX% store Illinois our of For approximately

the was stay-at-home year impacted X% six category, the points the related in the decline inside for quarter. store, merchandise in XXX Same-store put six to in last leap in same X%. up and and first excluding perspective, during were weeks, over To up year fourth that due restrictions a such were by COVID-XX. slightly The the down category to basis the product average more beer resilient tobacco. well in for primarily were X% XX.X%, extra the to sales during quarter, from in in from to alcohol Moving by sales a margin total as of ago this million, $XXX.X grocery mix margin same-store were where items weeks subcategories quarter There as related comps quarter, shift this sales to the year an we adversely the saw period several ago lower other COVID-XX. adverse a time, this compared down approximately were to day the as

$XXX. the category gross result, to a down the profit dollars in were for As quarter slightly

with year, fiscal of were sales the up an XX%. average same-store X.X% For margin

was the for impacted low past single-digits. adversely sales $X.X margin was throughout first quarter. occurred As the margin Same-store in quarter, adjustment one-time days trending sequentially Without XX XX.X%. are first year-to-date a the recall, the and improved positive million that that in the have may the you by adjustment,

the The Given impacted rollout has Through regulatory The changes six the this the experienced weeks, we as to the quarter, We'll excluding the the sales of by in of the we items six recent fountain day Historically, to platform the resulting tobacco, been whole-pies approximately or our with that area for items inside one decline on on are we quarter, offerings our of food XX% through the areas category food during and category, in current and about coronavirus sales most leap or the pandemic. XX.X% update continue same-store effects our navigate and additional we up weeks either year, fountain. the first from make X.X%. extra environment. the coming prepared current stores. cases you bakery primarily same-store a last price optimization remainder warmers of paused of XX%, environment in fourth for of self-serve fourth from of saw this coffee quarter. the down

dependent the more activities. remaining resilient upon showing as traffic during from of business this commuting double-digit time, to that sales category contrast, from gains. comes same-store everyday this or been whole-pie and has item is work other In XX% people significant Our a very destination

As a experienced this impact time, areas well during in where this items we self-service and food our our as ability fountain foods have offerings. is in several restricted pandemic. as adverse our for greatest coffee the from the result, Also, prepared footprint

voluntarily protect in this, begin reopened the sales have territory. guests, where self-service allowed time. of strong entire our for a our ease chain across to to our items, across restrictions as addition self-service whole-pies. period of since we platform maintaining improvement suspended In We well-being self-service Subsequently, while seen gradual double-digit for to our we

for the more digital food currently over excited prior our these we them gaining months in to allow $XXX active us impact Also, and X.X% activity have program, as months, summer continues areas the rewards maturing gaining comps Currently, climb. how of over in new self-service the basis a The the an digital were were continue have their members cheese state to X.X pleased costs and mandate the of market food end With continue our restrictions, approximately have cheese head down quarter in We XX.X%. sales million our special anticipate in to for in opportunity we're improve the guest pound Despite as represents promotion to all this We just to traction June. our about points pizza coffee currently fourth which to we're was low the events, over the a buying lifted The to compared acceleration margin all in are ago that to down number same-store territory XX% our calendar believe We Year-to-date, ease to five same-store portion are quarter trending with currently from We'll in about now, quarter the prepared monitor are to successful still opportunities. of current year. our our our for our down, last forward our closely, sales sales As additional and COVID-XX ran costs. costs transactions due the November result days average and sequentially average recently the $X.XX one when cost increase Again, to higher The we stay-at-home with margin XXX Illinois Same-store of self-service XX% same compared environment, the per sales million. the $X primarily due XX% million a launch launched are and of program. past of the XX% momentum. suite and to XX% additional improved to commodity down by were year. the We preferences, and base. an under in conducted locking in restrictions. trending approximately orders to the store members the new quarter of responding of approximately the ago, XX platform total promotional we quarter participant. impacted better. with teens. quarter digitally a rewards we have cheese of We the cheese of the of our store down have of initiatives through impact our will of in was our guests for program. continue adverse many platforms year learn of serve to looking cost to we a first adversely and margin were down even look traffic. X.X% to will Illinois into throughout drive additional enrolled in move higher base from

We our initiative our continue this of long-term with forward food We industry. strategic innovation I'd phase as look Michelle Service, veteran the Bill initial turn now and XX-year passion and of completed forward our President discuss plan enhance call the of energy successful We service to of food operating new culinary of to is financial part move to Bill? to the a Wickham. her the business. already expenses with hiring our Food to over plan. statements. like Michelle to the service Vice

Thanks in to we numerous COVID-XX, crisis. previously, members in Darren. through response made intended protect this our our In help operations to adjustments business guests navigating and team outlined

up down quarter. as We'll X.X% were million. appropriate. to the by a expenses of operating to environment the a drive refinements to Same-store to make able necessary in and labor during the million. align operating of continue our X.X%. and closely down expenses we hours adjustments year XX expenses hours the total the the Year-to-date, includes period pandemic. to the operating expenses, operating driven quarter, monitor changes $XXX better by stores this consumer same-store caused labor expenses added these X% demand these As This quarter with for approximately ago, compared and made additional result Despite more to scheduling in XX.X% were changes store $XX.X up COVID-related were were

quarter for down $X.X in adverse On up federal billion, quarter this Depreciation due year COVID-XX. the from primarily effective rate the fuel from was due to from period. primarily a the impact ago was a year credit retail in total in tax benefit to was revenue prices tax quarter the to from income and XX.X% X.X%. The statement, lower a the up XX%, ago, lower

rate and our expect to effective XX% XX%. tax We fiscal be for XXXX between

strong. continues Our to balance be sheet

X.X end net were was at the as at $XXX of cash times, $XXX debt million. moved this Long-term due $XX.X April in year. current million, the the our and the our maturities earlier year debt-to-EBITDA net equivalents down Our current of cash payment August XX while million was bullet liability to to

we August. quarter, agreement the our this for bullet have past purchase been payment the Over note due refinancing of finalizing the XXX

to in mentioned As interest debt With decrease from this blended call, approximately the X.X% rate X.X%. of this our cost for our X.X%. refinancing was the average long-term refinancing, last pre-tax will

$XXX in same and quarter For year, operations the compared of EBITDA cash to fiscal the period fuel to same the to higher expenditures a had million ago million the $XXX previously. to ago, from million we period. generated due capital a $XXX compared $XXX increased flow primarily contribution in the year discussed from in XX.X% million year

back to nearly you the like Darren? unit $XXX For XX% EBITDA update to the Darren million. I'd growth. call year, now our increased to on over to turn

Thanks Bill.

agreement new stores purchase. had in store stores two the Thus additional stores first under eight opened construction. fiscal under acquired and XXXX, six have XX XX stores far to have quarter, For and completed constructions, we we new

Given to this we we guidance fiscal caused look certainty in spending we'll the for may mind, more to April uncertainty at XX, XXXX, the have This around times, order flexibility, sheet. will With new be providing warrant. year conditions prudent be be unprecedented what of head will we'll fiscal that like. we our by not this XXXX. as continue time on the reevaluated until ending these Because be maintain in balance maintaining strong as a and liquidity focused in current capital into environment, normal

some of execute take Relations, given liquidity In our are or for as and as which Williams his in fill mergers the retirement additions close plan, to emerge already of Officer; allow leading Chief -- Before team. executive the I like Relations I'd was company, COVID-XX, Johnson, to as even the Operating the of well appropriate familiar well of within this vacated navigate continue announced newly changes Ena to the veteran Investor Butler, to In as the open new to you and to helped are briefly up responsibility our by role. stronger. The these and a We're join as Many Walljasper, the changes, Bill we Chief will strategic we've Financial despite include made outline we questions. of created the Information strengthen actions acquisitions team. such with role it team strategic Chief Brian in for executing President positioned uncertainty through recent questions, of and conjunction successfully earlier Finance. XX-year crisis, Officer that with Adrian this Bramlage on balance extremely efforts Investor he ask our believe, Steve previously former leaders us in which Officer, leadership We'll plan. role strong Vice on positioned now year, the lead open to to sheet, talented our a Brian of addition is near-term and around our excited closing, impact take

comes Our Instructions] [Operator of Chris Jefferies. from line from Mandeville question the first

please. question Your

Hey, good morning, guys.

Chris. Hey,

there's some I and the an the impact appreciate now are us to to slitting still all might ability to accessible performance all out have reopened there throughout quarter-to-date those color. offerings parsing of even of all I so try appreciate of a those better Darren, the for or quarter this the their hoping restrictions. stores the restrictions? consumer if way Darren, do maybe color was for maybe, half have morning. fully self-serve versus you Is the help and understand of back or that the that

restrictions say target, types a of it these because a is lot things a done analysis have that. And rather kind same-store mid amount the the of generally fair We've what and would moving there come between groups, drag between of I I'd but different single-digits Chris. in somewhat off, say, the of speaking high on Yes, is we comps the on of and two. saw -- or

service, to go we high when hits the us So, that full self-serve. versus single-digits being in

a of think Okay, some P&L I worth available product hoping about I near-term? we north of now seen your XXX be SKUs I maybe on think Door weeks' close be as got the Dash about you've impact thinking far, the that's offer now? very And if that under performance then maybe how helpful. platform, thus I you've should color few also how we And that have thinking then have through think could belts, through you platform, maybe maybe to was should of as up expansion that you you

right. XXX not complemented there, before, added I'm it's nice of incremental. portion others. April. of seen is incremental, of April, that's we've not had it that to to about incremental platform, and growth We was say, Yes, some delivering And In is I and just we've and were that end this going stores, stores And all end -- it. good so it a some we delivery, believe XXX%

we're take, or a those given X,XXX getting give about orders on stores. day, So,

items So, well. with starting good we're seeing some uplift -- the to additional as it's pizza the business been and a of traction nice see outside we're

is that, just the here the you around cheese of can of terms And put your out a contracted portion the and hop what percentage in one maybe having then in just last your before costs, comments has for on been Perfect. finer some me contracted point queue I at that on price? back

price is trending per over at just cheese a XX% out Bill. has all-in contracted from for Yes. cheese our Yes, Chris, is this Currently, us, $X pound. south of just slightly of been a pound. Roughly basis $X

of here So, into a we the we the quarter. into tailwind and will half start back second this quarter head as seeing

us. plus So, be that will a for nice

guys. Perfect. Thank you,

You bet.

Chris. Thanks

Thank you.

of question from next Barclays. comes Short Our the from line Karen

Your question please.

the we'll Hi I talking to if be want on is earnings? this and thanks to very Bill, you just time check last much

on Well, be with officially you earnings call Don't -- but eye of call, will my a have another [ph] days last Karen. me couple the yes. might here, this miss my me,

you. working It's been great with

support. with you, been great working great Yes,

So, gave does we from or on I up a you Maybe the that wanted just it margins want if wanted of little -- percent seems you have bit. your contracts, in percent even been little higher updated been or so because while? this through just help I entirely? for be higher fuel find the environment? contract, the a to you out XX% XQ. it's the end to to volatile hurt Does little talk -- a bit just the bit. to generally that about I just forward the spot talk in volatile going a actually on could could Meaning, had like a sequentially environment

are of for Yes, price. actually, the But this is off indexed Darren, a way a environment Karen. contracts they're volatile the Yes, structured, we definitely a anticipate being while. in benchmark

come be cents so depending are. minus where we to per And gallon, the on it price and that contract down, tends certain index costs as a

it up, goes we're index. it that if we're If So, goes index. below below that down,

always volatility at we off the versus be that we'll favorable prices otherwise where just but We're been a the still there. is moving if have would were index, rack. with buying So, we

Okay, the sure things what that. But I'm on And the in the plexiglass those Can all we whether in at presumably the And that's perspective. from helpful. walked in away, operations, you you've -- about to it not reduced you're bit actual hours, offset mostly many where -- then OpEx buckets reduced all had because of versus go and expenses for be then terms these related like investments, go were like many, expenses a as talk hours. sounds it you dollar like into XXXX? through little an changes the

So, if little on just give a that? more you could detail wondering

details. two probably centers. into get buckets. big and distribution Yes, working you one around operations in our buckets, is I'll the for It's think pay there's the and can members Bill But give you our then I team field some our increased

call or we back bigger safety people then and that's that's this doing facility. that's it, probably we're recently support that and plan the So, the come store to bucket, center more to everything there's into as bucket. to PPE from in for around, And bucket one another things precautions, start

So, two the buckets if want. those are probably on, you Bill,

Yes. little that. Maybe just be granular with more a to

COVID special Darren stores stores referring then to million So some represents did and ran bucket, a clean equipment. protective that personal that the outbreak, of that plexiglass that gamut about of that of that We And was $XX remaining piece have that. had from had that the $XX.X handful the first cleaning million. around to, and to of pay we

now, right special pay basis. go middle ongoing this our evaluate so to on an and to point is intended that we'll And June, of through at

And the where respect to with hours? are you

reduction. hours The

So store little over the us, within we at flexible points the labor same-store came the of to really upwards a more down a And demand. align basis, hours XX%. were that for quarter quarter, meet down was certain labor But on it on XX% of matter consumer being reduction our really, in to scheduling a hours.

the proud mentioned reacting of obviously, team very outstanding very team, of to did an so the call, quickly Darren this ebb as and so team, the the accordingly. flow operational schedules And onset the of on job

we due things of accordingly. business mentioned picking call, are hours so And a to our readjusting the up those as back we in is number

question last just then And Okay. me. for

observation reintroduced. in whole never the the any know anyone As be but think will customers is to self-serve, of in in something quick I that's anyone engage if recover your will I'm actually that, coming self-serve. how once don't that the of I'm was color mean, just their how it again, thinking willingness area you you're that reintroducing Tristate what engage give in that was who's that. to could I thinks wondering on about and curious terms just I in country that kind necessarily is

And and interesting I've did an And our were when that's made service, around although Karen, -- like a Yes, come didn't store that can our those do like. food, guests convenience we wait. a kind And to footprint. again. their out restrictions, they with part had been guests They one. lot not and having to themselves. enjoyed just it of to things loosen shift have we our that the in is guests that them being see up to of really and to quickly they people was And being we started into on doing not that we yourself. for to get our like that. And and when masks able around stores did gloves our accustomed tell And handing of full I something started you, out

people were percentage I data when in or made change, All we have with people started like change like it improve. So, the we to when they tell terms it. you don't of happy were have empirical complaining any to and you, can I our don't is, a it share sales back

this So, people preferring self-service the part say, world, in of least I are at would model. the

I would Karen. that with agree

be in an so there depending self-service XX% What full-service least definitely, from a that's that anywhere category. we as to improvement on area. from seems self-service, mentioned, XX% a localized -- an Darren As market to But we a to on on have self-service move to a overwhelming category desire it model, the basis. a our impact at uptick -- depends see again,

will get I back Thanks. the in queue. Great.

You bet.

Thank you.

Our next line of question Griffin Bobby from comes the James. Raymond from

Your please. question

morning other cheese out is in With the that in, prepared model some now we as comments the for taking should driver Hope keep been to that on segment Appreciate the mind along there you are pretty back, reverse I prices factors margins guess Or the Good we there? locked family to that food. going safe. much trajectory your of going first, business forward? big have all that the are that wanted in Bill, circle on my staying about I question. everybody. your locking

couple there, Well, Bobby. of about That's things think definitely one. to there's a

the about $X.XX. think we little a fourth quarter, $X average about the had cost -- you when So, compared ago, that's achieved a year to was over

about by points is way just pound overall context per food So, about of to every the prepared basis $X.XX margin. there, XX

discretionary the Obviously, income as And into COVID-related you environment, constrained that, as but majority we might so that's promotional of becomes also imagine. a activity. head

And always proposition guests. for we looking so that, a our with with are value

that, we be to right certainly now. are more we the in especially to drive with And promotional environment looking in so have business, trying

from is on quarter. would as keep you we fully of fourth There comp causing that mind perspective, But a would also two us the would there. a that. comp touch be the those have would rewards So, little I program on of really in I didn't be factors say XX in a gets to the we drag that know rewards about tail the basis operational. of points

on So, margin traditionally well. side. that been have cheese biggest the as out costs I just wanted probably point to drag But the

pivot, business this how to you've like that's guess, very level high the or from at of helpful. accelerated, initiatives seen I reacted big challenging. very the or you mean, be curious that's point talked kind accelerated -- about Darren, that this of saw from kind environment And of that need I to you anything a just Any out the there? Okay, learned in that Day environment to it we interesting could maybe be January to you Investor

which identified things in didn't the roadmap going was a piloting current we that on was need but the to the expanded the assortment on as and had curbside a outside and in we in digital our a of one have we we There's forward, forward forward. we a year pulled didn't delivery, Yes. the a plan roadmap, queued foods first it the live of but was couple that We space. had and pulled of of online Expanding And the within earlier was have pilot environment stores. that prepared in in the were pulled our we XXX a rollout up small and that. that well, particularly We're and guest process later have pulled that on We weeks, at were -- we actually, delivery. forward. couple -- year DoorDash do that something larger something

of When is few everybody. of stuff all planned feel even there's good January those that what really and had to in is a do, everything we more cases, -- So some laid things and important. out that those I that plan that about in we look-through that we all But for took initiatives like we a still holds accelerated. that that, today, true Bobby,

strategic very in plan committed that environment. execute to the to of So, we're current spite on continuing

sneak first models kind that's in being down try trends? Perfect, the for And quarter, the I gallons I We we think to XX% here basically one if in mid-teens model quick. true-up as question down current of we or here May the should to about tune weeks guess being last our in two could very real up helpful. April the between in

in. went roughly. think to Illinois, a as I fuel category just as be mentioned, every stay-at-home continues their every State mentioned, restrictions, Darren off -- range That week, to Yes. it Again, X but put to safe continues we not June I'd improve, it gallons, of improve.

week states, so to eased that for at the months we one continue but as of it helps factor restriction is Obviously, really this follows if other that season the And the suit and improve. just point, will have the that summer visibility from driving other well.

And good here it's talking Bill, to best if getting think and of not maybe retirement, you but time, been Okay, I perfect. over years-- know in this more we one are luck

I years. Great you Bob. it. with appreciate Yes. Thanks the over chatting

Yes.

you. Thank

Inc. Our the Stephens from question line next from question Bienvenu of comes Ben

please. question, Your

Hi. Thanks. morning everybody. Good

morning. Good

Hi, Ben.

a you, best. sentiments, echo Bill. wish We'll the and we miss pleasure. you my been It's I'll

Thank you Ben. very much

you broader capital are ask, But spend. really I'm of mentioned to in still context kind the strong in a curious, Darren, position industry; on the of comments the want financially. I deferral guys of you

margins sheet. out drive your incremental particularly a stores balance that M&A. curious investment about Has the We've on opportunity in COVID could for some the that of the talked despite more normalize deferrals in for flexible would a operators side of the accelerate made the past for industry capital be got and and I'm fuel recovering. of independent environment, investment down as for things. how in bit, you You've the accelerate all? And still activity accelerated gallons are opportunity though M&A you you willing to operators

at operators that for of little margin we'll were M&A I expect on absolutely, we accelerate bit of be we that for thanks these a cusp. Ben, of is short that the Yes, able environment. question. respite look in maybe yes, some this a fuel kind of And to kind this

but margins, Relations, to focused with that be so but that's forever, anticipate was M&A will that M&A. job room I mentioned going that. types breathing my And dedicated and outlined a that we bit of in And our some who And overall Development. wouldn't margins we with be on in a Investor Day, his Investor fully part Brian Johnson, as create our up got standing I without big something of Store Head remarks, little have of these why a He'll done team, of opportunity. we've last is put handling

And team to the we're right a so great of lot opportunities, that have out his now and team against a folks how on have talking we is pipeline we long-term the see that. of already absolutely But focused that building dedicated now. a a executing have to out I'm in there bullish near-term. potential We'll in plays opportunity

the I ask margins mix the and business. just also right. then prepared to food All the want of about Great. fountain and

you that back You then you've back whole noted has pie And what on percentage that down impact of and shifted margins of as business? had on towards had you had whole-pie; impact slices, has an what more that uptick margin? curious the has reopened, in the gone I’m that the and

Yes. in and And all, several Darren I'll the pies going food to is Ben, of wants on it, field first there's go But that. here. category. to jump have so things accelerated. he Bill. prepared this And whole add can in

As opening remarks, of food Darren approximately pie. mentioned in the his XX% whole business prepared is

promotional -- the with in is respect the because case. higher-margin category as the an that's a activities accelerated with item We Now respect that quarter offsets We're to bakery that that a But be probably north DoorDash, would fourth contribution XX% quarter. a the restrictions. talked in in whole. have of fourth of as self-service of the has about pie actually just decline here things whole to that activity. larger the one than the even we And increased slightly the done probably

so also the even we're bakery in a is as And dynamic larger cases decline having a the well. -- decline

offsetting So, frankly. phenomenon, it's kind of an quite

in. positive the a will we once move I more be a continue there that into can elevate a can cheese opportunity going, momentum we categories margin, in to things category, locked think environment especially maintain the that the I normal. are if direction And if we that we've the of pizza back impact other so, positive is think since And in to get in

I'm occasions. a grow that really I'd we've Ben, only business. that had to while in And lot momentum, then whole When slice a we we're Yes. sorry. that to only the morning to still The rather, I'd thing are -- starting We think those is is that, Bobby, traffic can day think momentum front pie with the part dinner business business. to thing business our recapture business continue for you going add or lunchtime. the primarily whole pie that commuter work it's slice because different of in works, about great how

So, other. they They're don't really compete each really complementary. with

we'll that we're our optimistic business pipe whole back. on get hold slice and that So, to business

the for a Okay. housekeeping. just question, Perfect. card credit And quarter. quick the fees last then Bill,

disclose could you that, be If that would helpful?

million. $X.X were Yes, they

Best Thanks. Okay. of luck.

Thanks. bet. You

Ben. Thanks,

Thank you.

comes line from question Our Cerankosky Chuck of the next from Research. Northcoast

question Your please.

slowed Good new deferred bit, morning into M&A? capital little how spending -- much opportunistic everyone. get be and openings Would present M&A? just flat a down Should exactly out it store should the to -- on to you've opportunities you like I'd I'd themselves? like

Chuck. Yes, down We're slowing on not really M&A.

layer coronavirus. a is under a challenge As and things circumstances, then just the done on you case, in normal deal you base know, getting like

more to people's it's near-term, able just through and attention a challenging in the deals. Just sit getting being work little and down these

not from takes a have perspective, bit just longer. slowed down we but our So, it little

when have growth kind we don't When naturally a you real that actually on go deal until permits we we about development. of out of organic occurred pause some we hand. to buy the has side, estate, think On close approach in how really

months, of last the down. couple in a shut lot municipalities of were Now

taking permitting wasn't place. So

properties point closed the have because where and things, or otherwise a very continuing volatile that that more, at optionality would month unpredictable And bit flexibility little and a so, things of happy at and we've kind a the natural future, of ourselves bit very on. bit we were pandemic. on through work unpredictable, some about time things stabilized the we're on when stabilize see of little will were a lag, point that pause still ago give a have and had to of have a we so which now in have just but delay as a we But

sorry. I'm ahead, Go

be So add Chuck, just of bit. outlined to and in that some crisis, is might I there don't our going I this outlined one of strong balance think because to out liquidity critical, a then growth sheet once this his comments we Darren we be January. that things going little opportunities on unit And a in believe will we affect are long-term do to the just that come for outlook the front. that M&A

make want to that And well so we sure positioned we're that. for

So it long-term just growth. might getting structure that unit to be a different bit little

I that opening distribution open still How date? to on track the about new the Is center. forget

Yes.

changed to distribution center. haven't our that We approach

weather But some building off existing distribution that, moving road. And still that becomes into challenges the of down slip to if to taking other we'll able there we're be in bit. immediately service forward the our all center, to run you cause recall, miles footprint. that. we're And little have than a that We may it that driven because quickly stores accretive, XXX it around

So we that as good that's really a investment. one see

forward one. So we're that continuing move with to

rest the for the of luck Good you. Thank year.

Chuck. you, Thank

you, Thank Chuck.

Thank you.

Our next Royall question John JPMorgan. comes from of from the line

Your question please.

my taking for Thanks Hey, guys. good morning, questions.

Hey, John.

you gallons, trough So, of on fuel mentioned XX% down to a XX%. same-store

national a demand I think closer basis industry XX%. troughed to on

more on of grocery or think something else you was of factor, anything would somewhat but imagine, offering breadth your I your the mean, a regional that business? outperformance there? to was going I specific do So,

This regional was would that is I say probably Darren. situation. that, by Yes, Yes. a driven

know, well did. you the went than that the into severely quickly pretty more and of probably orders kind shelter-in-place Midwest coast As a

other to areas. having we think as I as as some quickly long so And the or benefited be not from in it of

what seeing So, OPIS numbers. the national that's I in think you're

any was post effects. of Great. there was thing? were dragging other you But, expect more And, that key on other And that? you mix COVID? grocery I were on mentioned you it long-term items, Or And were COVID-type there the side, on that just on elaborate do tobacco called a can think out. down there margins then effects items

we think single I a packs it in shift there, there related situation. yes, there tobacco hung was was of saw of What kind really to COVID cartons. but Yes, more from a was

so basis in category, spirits. some the And rest alcohol, and beer completely margin the both with a into those margin of lower have growth there away significant categories packs we saw But XXX than there. the rate the from point shift margin and there alcohol so stores. erosion -- Similarly, and is cartons

that impact selling an we're inside beer take-home has on of single-serve, versus kind particular. more And in that. that So, category, packages of

were margin. business, again on had tends again you little higher impact with bit which margins, take-home that selling but our packages, which as So, very when an so packaged the single-serve, looked at a beverage the more as not low margin margin well. have have we on that a then rate, the reduced the And the much and to on traffic impacted

Thank you. me. for That's it Great.

you. Thank

John. Thanks

Thank you.

Our from the Nattel Capital next question RBC from Markets. comes of Irene line

question Your please.

wouldn't that came sort let you've and if certain of that this morning offering minute and going I good your of strategies been maybe in seeing just on Thanks and shifts at thought all categories demand? you of if light you go were -- sort or help spending saying in years. wouldn't all, mind call your offering for the some the prepared I food you a -- rethinking how, by without to you in everyone the of and if wasn't we thank Bill, over know that

already had and team industry off and building deep -- that as experience Yes, in we to part robust service our were was that building we that. doing that would we launch but as talk credibility food plan a and have down that we And Casey's going outlined the in offering. entire quality a we pizza offer, deep say out going X.X road of that it. And restaurant our I in Irene, I'll take anyway. our great dive on by really to with were we team culinary then referred Food that

We've the onto right experience people now, and future and assessment in broad terms additional the four looks of what deep team. now that whom process that established have bring from we so making each team the of restaurant so And right in they're industry like. got the of

maybe the already greater exercise. the plan, moving COVID-related in around still virus was we're forward direction. a it urgency that This a wasn't plan So, really in has that sense of and created but

I of the and to little That's self-serve does that was in be that, virus. guess you Thank at we're great. But -- elements. keep fashion certain this it's bit lingering a more going it's different to be little bit I not one, if sensitivity going around getting the -- going is waves one think think maybe another there's And and I to to a the a reasonable because of around to grab-and-go through a more of go versus you of as was sort getting the may what do all you you. think -- it a think little bit about you are -- cause

Irene, yes, that's the I before, experienced I two question Having guest you, Well, think would know seeing I told and that you'd that preference model. as what months rethink mentioned we it think to if don't self-serve now have me probably right I ago, I ought asked is, our answer.

to guest that been they like the make so far they decision think going and I voting where is that that have self-service. is clearly,

can as we do comfortable. may more palatable for to that being folks said, that things Now, make there's not that be

for those would would that. that that we don't guest from But suggest any so we'll look that And -- away now, all data insights have take move at things. a of or we should

you hardest Thank That's sort of to or anticipating as be about we intensity you thinking we the really payments support you very and and Are and and of And roll -- the some will crisis like? surpass promotional current I you. what know helpful. -- bundling summer going around think off. that's move through what are hit the think a recession the likely as

guest a in would much I intense. in be that that focus becomes value the on the environment. from Yes, anticipate environment, when more you're And that we'll recessionary certainly

that. strategic couple a to our reinvent of of said so were look way. going our we're of private much some guest digital we a establish to in ways do was going assortment, had back pillars and there. our And but I through also we bigger when offerings, a through That plan, brands couple we're experience, our there's product going to at our We

us as we some at And enable work so broaden is rates. speak, higher-margin which with prices to assortment retail that underway will lower

We've that's And proposition already so we with prepared we're for the efforts. new of the our learning terms part And down our doesn't value whole path foods the what side. that a business solution works, platform digital what think and incrementality. been pie on on lot the in going digital drives of through what

And out the operation said on going around that so we'll entire of at some we those offset to continue can procurement we same efficiencies, take in our the that to centralized areas. our launched we're And be of able costs and so we've vein. some to initiative investment create help of capacity through time,

the address do we coming, got initiatives in environment we've think I place and So, value-oriented to more see it. a

That's Thank you. great.

you. Thank

from the comes Company. from question Sidoti next line Anthony Our of Lebiedzinski &

please. question Your

with Thank working you a Bill morning. years. best good and you certainly all these of in pleasure your luck Yes, retirement,

as You well.

Great.

the wanted actually question. follow-up So, on just to previous to answer

talk procurement? as opportunity So, potential procurement, centralize your should maybe of margin about you the how centralized as you about think the we can expansion that I far mean, of Darren, that. more the

I'll and Bill. that is go here. one-off in this start Anthony, lean

that's back Investor So, obviously, of outlined key we January -- at the Day. that in we one initiatives

from working model. accordance are outlined was cadence as And on protection the other. an moving of back procurement next centralized right over the diligently end Vice things payment that right a cost of we're of and take at be looking months there efficiency. we a Procurement. creating January. President, Those terms to and value think so We're to pace variety now now of of out two to through capture the with standing standing those optimization And probably asset three operating very and in is in-house, going We've the the things up hiring with more what are to a a going also years, we tail towards system been last the of inventory this three up one both couple consultant team in to create

an We plans. -- into We entire haven't outlined be. strategic the benefit exactly into certainly what will the indication have coming

of We've accelerated few the are that. We we've a right with actually track on some components that had. based that findings of on

to more that going forward. come on So,

it. Got

Thanks for Okay. that.

be distribution capacity the going Missouri that to you'll What's to the terms in centers? number of of from the open you once so Joplin, three be center. And stores distribution able serve

Yes.

number roughly So, as currently, answering distribution we're can one around roughly you to a come up all at certain from about I your the fiscal at stores year gauge for have don't his aspects factor, a questions, facility of XX%, because that, immediately beginning now that capacity which of in to new in Yankee pressure about on weather opening, of a capacity two take from hard XXX is at right you here locations And sudden be accelerate Terho, in it's we’ll but shift necessarily Darren could we that facility. it And so to because down We're XX% Missouri, of off the look facilities. -- capacity. mentioned are to Indiana. Joplin, next the and once planning business

Now being the I Terho say than in smaller that. built little Joplin the the facility is expand wouldn’t facility to a with bit opportunity

years probably it's at And look about a before talking years. we It's four would say take so to would five I more another.

if acquisition to accelerates that, change said facilities. distribution the having could activity relative that process Now thought

Understood.

obviously, far still programs, Uber Grubhub? perhaps or expansion still me, with the you looking for you of at other announced lastly And Okay. as delivery the DoorDash. programs you Are Eats as

there part the with talking integration well. as Anthony. And working on to we process teams And kitchens Yes. This looking sure Grubhub speak are and as the yes, make in possible. can at seamless technology as Eats is we of our Darren, Uber is the for make we that as

through that we're as So we process speak. working

best Got it. you All right. Thank and luck. of

Thanks Anthony.

BMO from from Instructions] Bania Our of line Kelly comes next the question Capital. [Operator

question Your please?

Bill for taking over the all and best the you question. wish Hi, my you want help for good thank definitely the Hi all years. morning. and Thanks to

with Couldn't bet. Kelly. work you, You

an sure see you Not all there's if the update just kind wanted the But given to some of is this or evaluate right if if things, quarter early to of over around was volatility. I the that deliveries. -- it anything the learned past part doing, several months multi-week XXX maybe think the even stores with you of with in quarter were the

Just those curious if your just -- going you more be innovation with and then how rationalization your the thoughts think are menu progressing there? could that details any where And on initiatives? and

efficiency was crisis, out Yes, multiple take height when we Darren. This start that we And the to the delivery maintain I'll volumes Kelly, to that distribution we week fact just get it test. point to and the going could that. make frankly, and wasn't we the needed into out our the per centers. traffic of our Yes, pay to actually had where of suspended is of sure that the reduced

So, we went and ahead suspended that week.

to reinstitute We date point. have some not would determined we at we that, but expect that a

we'll so there. more bit little learn And a

analysis -- and menu there, get takes to now. the have big answer. turf it but continue the right other That some you to to some that opportunity things right, really still In work do believe I some we doing is team right the a terms and rationalization, work research if of

that the that to do so they're how beginning have that place team in work. those knows now we And things,

more but down now moving that. have right to on we're we'll report than other with we later, anything talk don't so that path to And about have the

fair. Okay. And the one maybe on and just partnerships, That's delivery the and another DoorDash, Uber GRUB.

there a about particularly talked think You the on margins, should relative little we your delivery bit about the own the service? topline. that How in-house impact to on

Kelly, this Bill. Yes, is

business, DoorDash we what but dollar. gross through we margin-type do transaction. profit albeit margin. share any when we a a of here an a lower gross is DoorDash platform we any will and Uber probably what coming through nevertheless time incremental third-party profit you good a lower or incrementality Obviously, But dollars. generally incremental most aggregator, is it higher the in-house, of go So are can or seeing generally of We have speaking, to key the our believe be it an a seeing more margin, maybe at are probably

at And that's how the trying we dollars. and end look gross our -- that's the to of day, so profit business at drive

your what's guess, helpful. can us color share, country, just early just to what farming -- maybe of can are and seeing different for how kind in any the tell, driver communities Or some That's of your I of main Okay. of And on mostly you're from what parts -- there? doing? those you economy too but hearing local the the take you

in. can that, start Yes, I Bill can with chime then and

gone less started XX,XXX And a We versus as in people we've between in those taking stores have more the ones. towns than see look the XX,XXX a have rebounding to larger at we that than faster this the those our through than smaller people. performance been two with crisis, divergence communities

as communities And think of is population centers of virus. larger I of on by so some restrictions some the that natural some perhaps the have rural just where that weren't than to local impacted longer the held more

divergence. that So, started see we to have

Okay. Thank you.

Thank you.

from next Our question comes Bank. line Trussell of Deutsche Paul from the

Your question, please.

my to well. and as morning Good Yes. Bill, best you, wishes

Paul. Thanks,

at wanted maybe don't fuel a comment and averages just first margin the at has over steady certainly if talk environment, unique thinking fuel state to that margins, expect about the the last will sustain go-forward earlier you few levels that But you're terms in I of to be? needle about been all obviously, you it's a how the weeks. the they've of what made transpired curious moved

Well, fuel Paul, over I Darren. have I this is do obviously, of predict it's a I to yes, but lot long-term, tricky if the there's a And this factors. probably job -- wouldn't could one. margin,

that between storm I a and compounded further and put shock supply. the OPEC which a pressure what was the think Russians created even glut of which somewhat between in in to had by on fuel, Saudis case, we negative, real the the perfect was demand supply a in this spat

time guidance. hard margin a one situation unique have gets of is, a so the had terms this in unpredictable that itself, reasons to environment. we new normal I is the issued -- really very envisioning replicating where margin haven't the of why we So, and of scenario

If from million. to a about $XX of to perspective million a EBITDA $XX is at fuel take penny look us means what margin you an

The that long that the wasn't margins that very it a wouldn't are, have addition perhaps big on fuel that as at tools, over one that I what's we've was, handle with to have past the ago, going not macro been though, visibility they can of centralized, or of to decentralized the away so, team this of maximize in a And opportunity gave to or say optimization. got maybe take that advantage that put the create lot way margin we sensitivity now ability a and XX team and that's they we they difficult fuel to months and what right us the big did. the environment, gap terms price situation so take our ago we but in as And would change environment predict in XX to in it year, made a into well in pretty we've they position our have thing lot where we forecast, would point. of a investment great and effort really this

those maybe the additional there. doors a how what's the business about just comments even us is dig helpful of performing made, to stores of transpiring that in wave performance bit or back just maybe the comments excluding you. you able opened Illinois, the near-term circling more self-service color more kind little state in opened back and of back are up first some maybe regarding Thank think of some and help that you to That's

Yes, is hey Bill. Paul, this

color to provide that. Just a us little on more bit

about part relative mandate once XXX, on differential in started to gauge we may depending the their our have but it’s It when start we gauge Illinois about state. on that's harder state simply Illinois, they little you hard restrictions to that your XX% may a we the middle mid-April, home in on to of Self-service state first self-service, so voluntary kind first we'll depends Your of the the another on differential. to the of products state of was question XXX would on chain one ease pull points kind seeing of category, ease to with that, first a eased have the however, our state the and stay starting first the say restrictions, because is we of roughly, those I state at pockets talked basis all, bit ban saw you're and the even talking to really self-serve though XX% on part category, roughly have general, as but restrictions. of side, we see started then when back on definitely see can this, start May towards, in area, are roughly that,

we months. course believe when both seen sales, see of you in that's our start things to about improvement we've that's, so comments these definitely going happen so transpire And over same-store things the as the know we're upcoming those acceleration, to continued of

you. Thank

Paul. Thanks

Thanks Paul.

Thank you.

question next Our from from Mandeville Jefferies. Chris line is a follow-up of the

please. question Your

guys, Hey here. two just ones

buckets the of promos, impact grocery boil could So within absolute the fairly cost considerably, we in maybe margins but talked down about just cetera? and quantifying between Bill, in-store mix it et terms actual we've of

Yes.

that of more to was of a on in So, well, time, we I'm foods where going about and now. There two-week going that activity. XXX figure of to commodity little cost a differential. a the higher quarter. you what to period food This decline about to we is in is maybe just the of is XXX got going our of that piece really see quarter be promotional the XXX, rapid points see, into you're say roughly did side on that play the period stale it, towards talking right a bit just guest about can made roughly to normally was The basis remaining than probably roughly back traffic. end be quick time, prepared or due would week, and a of the relatively go adjustment We waste somewhere a

side From a the the be was main mentioned, really and margin factors as the in the side, product grocery on the two Darren and shift. So those it core mix quarter. will general merchandise

have in like more in that And decrease packaged from then the high-margin had in you items, item. an pack as margin are which traffic. Cigarettes, a for is geared purchasing, more more had Also purchasing we to lower commuter-type lower-margin significantly items a cigarettes. a carton towards certain had is beverages You general going and cases shift margin the probably instance, Darren increase mentioned, them margin. away a as larger in a at whole, pack but which single-serve category, specifically lower the beer call suit this accelerating and from people gravitate in saw the beer or lower products, case, item beer I'll category, a the than alcohol to the category -- the we

you a to initiatives in different have as again, forward, look sequential strategic a every as think movement to our January, in shift I anticipate start progression plan. category things outlined. I we indicated, think with -- to start back, back fully the structure. ex-COVID upward back that those see as But due to you'll natural margin as to margin We

the the that think at study, haven't on and then recall this year. I time you of Okay. fiscal the one, motion just And being last I end past completed

I there? you're savings to maybe if quantify there's was about into the any XXXX? curious going And thinking how just So, expected ability that fiscal

Yes.

QX about the had at forward going we this At that. to progressing point. be that's with stand like up. we least So, talked are That's a plan

to and As far point, it's the tell impact, at this hard as why. here's

upward we're in a hours, obviously And on this, little a to what to we'll to for we're mean revenue enough stores is movement shift find that have traffic. would think those heavy in to see going which in those upwards. frankly, probably going stores did those the that guest serve with hours the guest relative find bit cases, and going seeing you're quite a I the hours probably to adequately were stores some not

expense, to think to as forward And going of point. have detailed throughout so future operating operating instead be I than fiscal reduction. a give we may that's But this move anything see at don't an revenue a year. the expense you lift more so -- that an assume But I commentary

I'll guys. there. it Thanks leave Okay.

Thanks Chris. Yes.

the any This program hand today's question-and-answer to remarks. you. further session Darren like conclude Thank for the program. to back of I'd does

Okay. your time and Thank morning. thanks, you, everybody, this for

is doubt of last last If Bill having an which a he at in break to continuing some just the Bill. be. and I'm forward And Casey's, as that's as our few that of friendship. I a got of this I And CFO, as up and new career year, Bill last our Bramlage I'm I know. a about the confidence kind as with thinking know usual, well. some investment not, to envisioned as global every in but want look XX-year a -- and community with institution career After but career Casey's spite as And I to fill. was he sure guidance Just you a has it's got had, earnings of I don't record with Casey's, of was to here fact welcome shoes I've to miss the it really is And mentioned, pretty Steve CFO. and believe deal XX Bill's all about somewhere, to Bill's do at And that the been to he's with call. I know team year -- his should that task he's CEO handled big that got had wisdom. going pandemic, to grace. new I

like, to to you going turn comments, it Bill Bill. if I'm few that, make to a with over So,

Yes, absolutely.

were mentioned, my talking XX these XX a on call. of I've be large last would been with chase, XX, -- career years obviously I've years how earnings had actually these come We're the of I going earlier a this to earnings indicated company up Darren so on call, the that trying it's and as be we many and to today pretty starting CFO. So, will number say as about calls

I so to fantastic company that feel I to to everybody it just each every in of about you. want your appreciate really one is. the all I and And thank the get the on position been good leaving know support. phone. It's

Steve as very we have indicated outlook, January, Investor I about think company. strong the in joining the excited back really we a in Day

really think presence. enjoy Steve's will I you

just And so of for heartfelt very with gratitude all you. sense again, of a that,

the So, you all I well. wish as best

wrap confidence And just to up, things combined leave with all our in related call strength driving team COVID-XX, thank lastly, time. had for those ability Yes. to me our for effectively to our this Thanks to to and adjustments And efforts dedicated through this like we our thank their morning. strategic the brand balance that plan we've though reiterating unprecedented like like continue this make of team our in during in outlined members even of sheet, to and to everybody I'd partners challenge business some close us by manage joining our the I'd towards really Bill. And our and business January. I'd

families So, I you. the you Thank your your and stay hope and healthy day. and safe enjoy rest of

you, program. participation This conference. in Thank for gentlemen, today's ladies the your does and conclude

You may Good day. disconnect. now