TTSH - Earnings call transcript Q1 2021 | Tile Shop Holdings, Inc.

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Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the First Quarter 2021 Tile Shop Holdings, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. reminder, call a being As Instructions] this is conference recorded. [Operator would At turn this Instructions] like time, Mr. [Operator to, I to over the conference Davis. Mark begin. please Sir,

Mark Davis

Thank to and quarter you, to call. Tile earnings Shop's first Dexter. welcome morning Good the everyone

XXXX of risks of Chief of made as Such Joining Private could Nancy Officer; within Securities risks pursuant Certain made Act to DiMattia, the are Lolmaugh, today call both meaning materially unknown Officer. and during Reform are Financial and and Executive our me the Chief constitute Cabby statements and provisions cause today differ described to Those and amended. subject such statements are to Litigation forward-looking Safe that our statements. from uncertainties actual Harbor our known results forward-looking the in any statements also to call issued press SEC. date forward-looking and statements filings of turn Cabby. our will we today website. and for forward-looking release do Please financial of see The non-GAAP those in been non-GAAP obligation the with include are update over call me which measurements. release has undertake as of reconciliation these the made let now that, to measures, statements. our Today's this our earnings a With posted earlier not our company the to earnings certain call uncertainties

Cabell Lolmaugh

when first the review on meaningful our and joining quarter for year EBITDA, compared an today note of with you financial update started us XXXX. Good business, first net Mark. improvements for And our and everyone. to income positive of Thanks, a thank morning, results. adjusted a on in the quarter We

gross commitment levels by expenses. and margin since a reduction administrative EBITDA adjusted improvements XXXX. selling, maintaining which an management reported in substantial and we've practices, our disciplined were improved and in fiscal made resulted EBITDA were general the margin, These adjusted highest possible to Our

lean maintain allowed XXXX, Our the during expense first stores of to at operate to us quarter structure. a continue which reduced hours

However, the sales lower of XXXX. levels and it to traffic compared when did of to quarter contribute first

at tested of we quarter, stores. subset a expanded our the During hours

we to the tile continue from extending the first our expenses. results suppliers. was additional quarter, store product experience tests, of several hours, of these incremental generated store investment levels by continue additional from result supports make suppliers elevated will as We to cases, results in show the In tests, to evaluate due international that many adjustments orders, and factory business COVID-XX. of challenges In the at and store the back production replenishment the to delays hours, stemming this perform overhead

an and many increase still our Pros international this We eliminate working to also capacity dealing Since shipping and experienced well. in delays, with are products But, shortages been have accepted to to delays. hard delays these reasonably seems due we're by homeowners, building constraints.

a only provide brief has since priorities time on our last update I'd short for it earnings a key Although, our call, XXXX. been like to three

continued in Our is in execution. first retail metrics improvements focusing key our We've to this priority see on area.

that quarter, able the increase delivery levels gross improved discounting largely to of an was and were point rates. we basis margin achieve to XX in Specifically, due during lower collection

our ticket Additionally, average size. in helping initiatives conversion our us rates and achieve gains training in development are

the quarter. in saw program also We Pro strong our loyalty enrollment in

Our second priority customers’ is to enhance online experience. our

have. activity, online making nice prospective We're projects tile. of great a progress, with online. conversions I've impressions, samples growth with goal products site customers we're hope quarter, for shopping are the way what of during or pleased recognize number a starting made visits During we We're included to outreach and the that order tap of the we different refine the on merchandise the quarter, we of invested which into the reviewed progress to with accomplish. increasing but potential our just content The of and to what in working we upgrade also to number

evolving a our experience. doing customers wonderful enhancements These is prospective team the customers’ Our online will digital in future. job, engagement further with strengthen

refine hampered diverse to us, supply minimize distribution costs. by hard shortages, and purchasing COVID-XX aspects for our companies product of has our at reduce around take forced to has factors. customers and been processes maximize regions the products able source several consumer product to ensuring includes look all initiative like Our This chain. world, a our many from we're availability geographic our

actively backordered team delivery our to of with network secure is of international working Our product. suppliers

cost. seeing U.S. As products on and rising product I the actively combat We're alternatives constraints costs. in cost increase pressure mentioned earlier, to exploring shipping are are also an availability transport the adding capacity and to to

XXXX. have years, across over our to last the I'll providing take we suppliers the options. start better Nancy, three financial weigh supplier substantial shift made diversifying strong through to details. purchases our headway to call continually the turn pleased with to meet you options Nancy? in the world. the I'm Over now who pricing We high-quality while will that standards, Overall, base

Nancy DiMattia

EBITDA XXXX view, Thanks, of for first improvement to XX% XXXX, quarter point a quarter quarter of was margin the $XX.X per $X.X from first earnings of quarter a first Net and during basis the morning, the million to the share for XXXX. first of From be Cabby. cash compared around fully was to income quarter continues million first everyone. $XX.X the EBITDA diluted flow. driving XXXX. theme during were $X.XX. financial increased Good XXX Adjusted million profitability $X.X the and of Adjusted million, point

sales product million decreased from levels quarter of revenue of XXXX, X.X%, the from first reduced any It stores during years. the sales X.X%. quarter important three first the to comparable quarter at Sales in performance total to our that $XX.X we've XXXX. account quarter note headwinds and shortages. during reported highest continue million that XXXX or was prior during to first is $XX.X We manage of during our through million top-line Net decreased $X.X stemming hours dollars

our a The traffic complete the secure quarter impact sales to took products part quarter and pandemic the sales, our in in needed operate not of We onset strong XXXX we continued see to they the the before While was the effect. with restrictions sales at of due reduced local did of quarter, decrease state our first a XXXX. first in was in jobs helped our post of stores second the XXXX that hours. weeks March. of until decision of end through to to delivery the store COVID-XX during in government to traffic, initial significant by comparable results professional started affect driven primarily We decrease in during customers

in second quarter XXXX. implemented were hours of store the reduced Our

during placed customers shortages first the of to increase the in XX, delivery was product during of first and $XX.X a future periods, deposits. Gross and million XXXX. million compared by or XX, notable to X.X%, seeing of were in headwind a profit $X.X Additionally, XXXX. of from to customer XXXX million March backlog Despite quarter $XX.X challenges, Deposits December first $XX.X quarter million, the when XXXX, product secure on XXXX. the quarter increased we're in by our decreased by $X.X million

XX by year primarily customer an partially mix. quarter the improvement the than delivery our gross was the of points delivery collection XX.X%, in in The period was of rate margin first higher due prior quarter gross pricing in margin better offset to increase in first improvement rates, the compared and customer Our basis XXXX, XXXX. to an

last to administrative $XX.X in of by the to the of and quarter million of general from first during selling, partially to first reduction reduced XXXX. quarter during a which decrease million first contributed $X.X Our decreased XXXX, and due in SG&A costs our million benefit year million $XX.X hours, expenses. quarter compensation the from $X.X The was

Additionally, million the we in first legal quarter with of of impairment million asset litigation connection of during incurred shareholder and $X.X costs $X.X charges, XXXX.

quarter with was or did costs, asset XXXX, first occur not of in the which XXXX. impairment any the During October connection shareholder legal in finalized we charges litigation,

the opened Wayne, our new stores. a count total New store During quarter, XXX we Jersey bringing store to first in

During finish generated used out and the new quarter activities totaled million assets. Cash invest during by during opened in stores, the build $X.X existing of million. enhance fund Information cash merchandising of capital quarter, provided $XX.X operating the of remodel quarter to expenditures the the first was to store XXXX, Technology

million and to take happy capital We $XX.X with during anticipate a cash expenditures ended quarter I XXXX. continue questions. no to of debt. balance With $XX are $XX and million We any that, million the to Cabby Dexter,

Operator

Instructions] comes first or Our from Wealth Kanen [Operator Kanen from comment question the of Management. David line

Your line is open.

David Kanen

Good morning. taking my Thanks questions. for

hours, is daily when regards Sunday, First then being now, What the April not starting Saturday. open to in QX speak? question in Monday and is so hours, open, fully you through in to were versus both on difference

Cabell Lolmaugh

chain. tests different Hey, is running markets Cabby. and individual questions. we're couple this across now Yeah, stores the David, right in different Good a

in Sundays on stores. open individual are markets stores some Island So, full or

Some are open. not stores, stores control

through running some extended into Friday, the Monday And evening. were stores through hours

data we're looking monitoring days. sales, looking So, and the cannibalization at traffic, results, at the at from looking other

I we it's of us And, of as are, I get them the be. competitors, data, analyze a Sundays, profitable we day. or at every read go lot it to to push Saturdays. the make Sales what So, one true at competitor make of our this on on helps all way going shop. define open closed that to to traffic come and other, strategy we starting very I regional some and the even are forward But, that's look can but the is tile even most are and the sure few, to want a what cost, not can some kind sales.

good So question.

David Kanen

I thing you close versus is know to then Are more saying are I QX, Is findings significantly at -- we're I that wasn't Is I less hours QX store give Or now? tests? given more we Okay. could right? normal, there the same hours? recall you total perhaps the And And the point? this call. QX, or more looking by anecdotal any there mean, what percentage, a if at long or less In it during the down same it that are believe it XX%. ago.

Cabell Lolmaugh

areas. locations. tests hours same. we've our a few the Primarily, opened expanded But, it's some anecdotally, more the some We've yes. Sure, about about same, it's in in

stores COVID staff showing and been this to pandemic, tough some that, It and stores results, results. hasn't stores some that are some During we're before the make true showing are to different the data. sure last very our getting call, long it's

lot expanding a to we're data let at every drive add data this decision and decision. of want monitoring a point. jerk going that's cost doing I the why that's to to And test. I'm model So, that day, the the to knee what avoid

David Kanen

restrictions then, improvements you And know the guys. for in Could this general is sales in Okay. are to like use if nation. -- I'd across translating alleviating to

through carry sales to momentum Was the gain? April end you May, then the could of And and restrictions slower did off alleviated? that quarter? throughout speak potentially of these there start have cadence of the it into the So, any Did towards and many as quarter?

Cabell Lolmaugh

was Sure, to to I yeah. typically, QX, quarter when speak that our But a it it's of can't excited business, to seasonality due time strong QX, we our see March. do due and in years ramp comes. prior I'm than February, the up helps through stayed to the pretty that same And with a cadence January, much little different that same. but cadence. it It pandemic,

David Kanen

in then, you a the motions that terms, management board more Okay. they're question. you shareholder and to value? do more it regards is on But that agree us going pressure know Does I sort the and to benefits just it's Or, question philosophical disagree happen. going when a maximize that one to can't philosophically ask And based of I'm see through And exactly going in to they they're tell the seeing? the uplisting. of the way

Cabell Lolmaugh

close Nancy ahead, Nancy. this. little a to over want David. to good She's kick I to tight That's bit. really Go a that question, really

Nancy DiMattia

you, Thank Yeah. David.

So, think the following closely, releases. you and company our very I you're read

recommendation we So a best on on of the and for the the board make made recommendation X, they on the the uplisting it the review committee rather, made company voted feeling special for did sound board. analysis that that And entire uplist, X, to had March unanimously the the for March to sense shareholders. all a really the

decision. unanimous a was it So,

David Kanen

my taking luck. for questions. Thanks Good Okay.

Nancy DiMattia

Thank you.

Cabell Lolmaugh

Thanks, David.

Operator

Thank you.

comes from from of comment Advisors. or Helander Chesapeake question the next Our John line

open. is line Your

John Helander

necessary you of over cash. on And question the balance thoughts business? on for customer cash sheet. balances the on the your Hi, on are substantially million. hoping for and thank to time. just Congratulations could cash that. comment I that impact Quick minimum the I also, noticed flow that the deposits on $X cash increased you was that cash in

Cabell Lolmaugh

don’t great a you It's why well? Nancy, question, take one this John. as

Nancy DiMattia

Sure.

offer quarter. going So, And, there's flow of we we some really cash, when associated going future are first ongoing recognize COVID, been about generate with we've to happy to a we need risks talk able that that's we flexibility. we're that to that the think good during to still number cash But, navigate.

the seem direction, the also seeing to world many of, we're we aware everybody struggling the I while be the in across with that right the at So, in that, moment, U.S. is are really virus. pointed think headlines still companies

So, this outages impact comments, as that the we're supply chain, has earlier experiencing. Cabby mentioned, had in on his an our levels of product and currently

suppliers uptick to COVID. that, that have playing this year. evaluate to in to and a in But the really at capital feel the continue through to that from number affected seen related of it's certainly, we and been an ongoing balances, stemming With respect reserve in move by time, we is that risks, our we've needs prudent So, cash light the that as who still build the market. certainly a the we'll still is of COVID uncertainty

closely products suppliers of has the backorder coming those this and reason XX, that our that's that down secure to what to And million to from in $XX.X we tied is know, we're able much $XX.X to of predict balances really so again, March currently we're anticipate XX. delivery deposits that you can't at are just, customer backordered. do So, but December that we're deposit COVID with increased product, going situation. in, We million working the and to as global that's But increased look products seeing like. point, the get

John Helander

that guess million guidance? additional question conference million you quarter CapEx, there any change? that one in spoke if you for call, to my follow-up first I about to And Thank $XX Has I very give that. know could is, change only discussion. any $XX the Okay. we of And in is been also store.

Nancy DiMattia

we new announce anticipating still we'll existing once one that's are CapEx, to store, to $XX to and that be million million we're been has when we will store. relocated. the in done the relocating No, going $XX closing Certainly, be one

John Helander

Okay. I'll back Thank the in get you. queue.

Operator

Thank you.

Family Our line from next comes comment from Office. the question [Indiscernible] or John of

Your line is open.

Unidentified Analyst

thanks Hey for guys, taking my call.

actually what to plans You've there just going wondering stores? that forward, a any no were capital But, more in terms question. that allocation plans with previous the was of lot given open answered I are new

Nancy DiMattia

to we're So closely. through the COVID. anticipate expense, left again, things $XX We going an some increase still see we going that year. monitor. spending we flush that in We monitor to that to to see how be something we're we're to important. are this have which to are we waiting $X going -- million, know actively are do continuing capital with to still it's million Again, really million very the to inventory. $XX spend out it's But, expecting $XX it And million year

tied where due below to $XX from certainly going again, we But While with it'll remain at. somewhat million, COVID. think the we're $XX ramp the million it's up suppliers of to to currently we're some constraints

Unidentified Analyst

to just the made on last call. a mean, comment Yeah, I it. echo was Got that

would board, prudent some bit. to to a deploy valuation after the just the little recommendation currently, subsides seem cash excess it of a maybe the COVID Given

a So just that list, shares guess. maybe all I prior up tender but suggestion, I the to have. That's as

Nancy DiMattia

appreciate the We you. Thank comment.

Operator

Thank you.

next question from from comes comment Capital. Jeff line Our Oak or the Moore of Burr

open. is line Your

Jeff Moore

of uplisting. NASDAQ Thanks say and the to items? to for seems those are of regards both In we kind What inventory the that buildup be you would taking coming my question. inning in

Cabell Lolmaugh

nice Port and, had When in it changes That's of at strike in inning. the a weekly. Montreal. I be constraints at We great you hope on just to question, a the inventory, our you But Jeff. global look when look shipping, the

we're I QX. see QX that into Europe. have across COVID through And, wreaking to continue and it's a We going battle, havoc

buildup. inning not I give that's So, that hands. an in we're the in our for really can't you inventory with And uplisting,

So, going see. we're to wait and

Jeff Moore

Okay, thanks.

Operator

question next Our from Wealth comment David Instructions] from [Operator the you. Kanen Kanen line Thank or Management. comes of

is line Your open.

David Kanen

bringing that up Hi, on capital other callers follow-up just I appreciate subject. the a allocation.

mom-and-pops are terms on did greenfield, operators. is appreciate in greenfield? strong consider, executing. that. you think customer comment loyal And So, had They grew back could very that you very dividends. job buy you And, what great I vetted Have stock, well paying typically example, call there it's opportunities, something opportunities? regional that? is in vetted in building for regional great people let's maybe base. up better a with versus a Long a you potentially to a Island, build, a good I’d if there, get industry maybe stores, guys of and acquisitions? many recall, at those where would have for high ROI, buy category you'd player if that that I Another littered But, of Your buying was that EBITDA above

Nancy DiMattia

Sure.

that So, within we that and continue out in the where But, happy looking place. right have on we existing deliver to have we that we now, future. we're making certainly continue really getting our in again, to base, certainly we're of performance. And line want. flexibility opportunities the at we're with focused offers existing us being look where that, frankly, we better at, see we focused We're really We're that. the progress, always some see on COVID the that's But But, debt appreciate where But some opportunities. to that the and free really again, to want once in environment. to on we XXXX. we strategy come base, execute feel store to grow do focusing improving store fact we're for

David Kanen

Thank you.

Operator

you. Thank

Chesapeake or John comment from comes of Our next Advisory. question line Helander from the

open. is line Your

John Helander

positive And this employed. meant you your metric, I know but Hi, for pre-tax number, your and LTM and like to you basis. reports, I a in ask what return this you track I about are goals for why the earnings apologize. congratulations a how noticed think on earlier, capital it. this number I'd to showing on track

Cabell Lolmaugh

For you pre-tax why that. take let employed, capital Nancy, to one? me don’t kick that

Nancy DiMattia

question, you can I'm Alright. sorry, repeat please? the

John Helander

and show earnings track capital calculations your you on for In you releases, Yes. employed. pre-tax return

basis, how LTM reason know numbers substantially to why your this you the the like tracks and metric, the higher, it. and powerful on such I'd For are for metric the faders. congratulations company evaluate

Nancy DiMattia

Well, we deploy understand consideration how helps the refine to our going like, to important and and potential plans into about going what that move look organization. feel It the is the liquidity think metric the an of to us And year. we we we it's as forward structure track. take our when them, all of forward, assets, for do bottom-line

John Helander

metric, Is this goal X.X Okay. X.X, is go a negative there for to a like right to from substantial positive increase?

Nancy DiMattia

We're Yes. it's ready moving forward-looking guidance. we And not are offer the something of to direction We are. an want But those that we're in. what an numbers it is eye indicator to share on. don't that keeping

John Helander

this Okay. calculation. QX my negative EBIT, LTM down In of obviously XXXX analysis, drags which using a has EBIT, the

For to LTM have positive 'XX, swing a some the of it which will of become large QX that pre-tax a capital. will basis of return sort increase a substantial in the number, on because will lead

Nancy DiMattia

That's correct.

John Helander

no capital? deploy this But, thoughts there's how to on

Nancy DiMattia

into again, we year, goes to overall something that's throughout year. And capital plan. progress our to the all as come It the that through watch we more and continue

John Helander

job number created we much of disappointing serious Is homeowners? considerations labor final on your payrolls for user levels, Okay. And and in you today's materials being and just question, shortages. on running for and the running that my placement? reports about into end your buying saw And into obviously, ultimate staffing commentary your of you're that also something jobs also, contractors, terms are

Cabell Lolmaugh

much articles call expand potentially reading adequately a across months And going in hours. related hopefully, lead six lucky challenge. who anything product observation. great And, in is open, I'm of certain millions to And, the experienced, With past on are anyone to jobs home and John, increases to all wages. delays this the more market levels enough went either service a be has people could or Staffing think, competitive of see We're to sub a question staffed for job. it's that's industries. buy get but inflation. a industries in Yeah, it to become out I to wrong, and three we're

a windows. a suffering yeah, by home. And using lumber. about delay a is in tile. the you It's challenge. region, job to when base, all see different waiting always customers staffing things but contractor waiting regions on installed job. So, waiting finish just that jobs on from in are think backlog their it. on waiting for concrete. They're the all due to tile isn't get They're Pros We there's They're They're to these on the

everyone So, they're seems be backed industry that jobs to to complete. our existing waiting up in

John Helander

final to like year-over-year. is, about just right, Do I question. and down bring at reason or All you. And all AFPs, up was X.X% you it thank average my top-line prices, think the And did did that I'm there's price average that know, Or come if also flat? that increase tiles trying But, per foot Or, gauge, down? time? over we that -- lower is traffic.

Cabell Lolmaugh

where see we adequate, our of pricing strategies where We it adjust is we've But, we need one pricing. on focused also adjust retail to execution.

that availability, week that be through is, look to sell-through week why something product continuing in stores business, pricing, all in we're at skill at it big increase diligent, is which our the margin. raised seen So, very when the SKUs. we reason our our level challenge on seen aspects lower we've discounting, yes, what that And it's But an a evaluate of looking and the a out. training, in and associates we've get certain

and question, sales the Because, So pricing it's we of great of product the yeah, we it's a is execution something our what monitor. profitability. the and but of drives look at,

good So question. it's a

John Helander

time. performance. Okay. on quarter a Thank the SG&A again, you very Congrats, good much. and very good Appreciate

Cabell Lolmaugh

you. Thank

Operator

Thank you.

comes from or next line question the Capital. of Oak Moore Our from Jeff comment Burr

open. line Your is

Jeff Moore

your options you right debt And over briefly go and actively you are that. also, about for now? at debt could looking was Thanks question. facility, a second I taking curious if other

Nancy DiMattia

with existing another goes two agreement our for years. the So, bank

a at some in to up Banks we a to conversations was with particular, last restrictions from There year. had run banks the last year, market, needing look have bank look radically with existing to something other that changed you this at We what liquidity due are. our and lowering basis, are It's eased regular happened it's and our additional as really see on quite companies that have rates. COVID. year options

Fortunately, think us. that, that to we going need in issue an that for any very was moment. survive good at don't advance to money we're We're soon. place to were not the able We anytime a

Our two to understand and we world debt opportunities have it free. goal said, our realize living is that light we years, that an is is just remain consideration of growth. are. flexibility, banks to being but that current in new important what for we're agreement future in, But Again, talked our to other the

Jeff Moore

Okay. Thanks for that info.

for part your any of you uplisting back restriction shares? there As on NASDAQ buying currently application, is all

Nancy DiMattia

we the as to but are into decision NASDAQ. from further No, be moment, we And that year. move the revisiting waiting final again, hear we'll a at

Jeff Moore

Okay.

presently So buying shares of no on just restriction though, for the there's clarification, back you stock? company

Nancy DiMattia

have no, so. don't would to I confirm believe I that. But

Jeff Moore

is flow something one necessarily, generation that cash of the done, that great now, all you I cash speak is Okay. thinks the flow part stock the no a would three of continue that for like like rate trading at more because creates not if just board shareholder, is a as back I than quarters' this outside frankly, And right the what headwinds company. would every or business, flow. have also ability of to rate favorable it cash and just for that in put with buying And times inject stock but this we'd on crazy. any all run you lots not certainly, immense. company be even if for that executive happy will and work for the capital the on uncertainty or the the create the we suite getting to company, whole. buy single going you want to be a call, to for to back Because is, And not on lot credit shareholder be this a this a that think or I'm seems mean, that great of be there base COVID, is into opportunity for being shareholder market you event ever requirement liquidity whole And, liquidity of value. all it from a business say,

don't looking company you understand just active actively you're to I guys But its job future or the to relative had don't The over business. you present. buybacks to on should absolutely doing, great discounted year paid how share be. not discount flows the I the is, and So, market, been have past want again, so peers, to It's at relative you've other -- why not to absurd guys cheap companies debt the are has if cash the in incredible. you relative been operating this

So, for thank that. you

Nancy DiMattia

it, Yeah, appreciate from of is this we for ultimately deploy know mind. right. When keep I, the both all something seriously, that do perspective, that the really think sense what in that something That's the the and and do really organization, take makes and a comment, evaluate board capital, company about and Cabby we to We that most certainly our always of on for directors. an we ongoing how shareholders, basis. we

discussion year. little is to into this topic a certainly I the So, comment. appreciate a we've But, want for having that is something We that internally. the do again, further get been

Jeff Moore

selling on stress and shares, dumped just doesn't the secret a share He buybacks, no back all of to spite the Okay. opportunity again shares you founder in all it's decade But that now. because you're have to be right be would its the he private guys, probably probably I after you transaction to care million just think would probably X about be his the willing to sell what price. out. remaining to shares yesterday he And, buying

if NASDAQ. price, for you talked could the a of would those share shareholders that you I to shares his rate That company the I've do to it that, about that business. dozen amount as are to can a the cost at a alone not now. getting favorable of buyback baffled substantial reduce your why all as he So capital, would you for uplisting probably go help would company. right mean, the are And especially are guys tendering

think. I that, doing you appreciate definitely all would we So,

that and do in So look possible. board the like all that's doesn't price for soon the into would he it. something was at level, suppress past he as week, to you as to to the mind Because seems be selling great it

look please into So, that.

Cabell Lolmaugh

I appreciate review it, Jeff. best what to is course and at cash. do our that and And the it's a with echo board lot just do like internally, to something we level the Nancy,

commentary. So, thank very your you much for

Jeff Moore

a Have problem. No good one.

Operator

you. Thank

next question follow-up Management. Kanen from is David from Our Kanen Mr. a Wealth

open. Your line is

David Kanen

caller there. done. Sorry, thought I of me other up sort I guys, woke was the But

I X So, almost least just million at to large holder, own wanted express, shares. we're probably we a

caller. So, with the previous I actually concur

I would of guys be it, help this him to retire evaluation, just you. think it that's shares at comment. And move you if great can things. a other on and kind Thank

Cabell Lolmaugh

David. you, Thank it. Appreciate

Operator

Thank you.

comes or next of [Indiscernible] line Our the from Office. question John comment Family from

Your open. is line

Unidentified Analyst

Yeah, guys. about Did to out Rucker reach echo his all at to Hey, you comments. guys Jeff's just selling stake?

Cabell Lolmaugh

not. has he No,

Unidentified Analyst

to all got for really Okay. to be better It really. might I out you him. reach That's guys

to if you're his remaining see Just able buy to stake.

Cabell Lolmaugh

question. We one. John, speak I that good get the but a it's can't right really to now, And

it. appreciate I So

Unidentified Analyst

for all your Thanks, guys. work. hard Thanks

Cabell Lolmaugh

bet. You

Operator

any closing queue I'm I'd the over for conference back you. no this time, at questions turn remarks. the showing additional Thank to in management like to

Mark Davis

and a providing to you, our filing to in to Thank listening Thank day. and update August. today. Tile forward XX-Q our you Shop everyone, We anticipate interest We call. you next have the great for earnings look Dexter, Form later your thank for conference our in

Operator

concludes This participating thank today's gentlemen, conference. the and program. for Ladies in you

You may wonderful Everyone, disconnect. a now day. have

Tile Shop (TTSH) 7 May 212021 Q1 Earnings call transcript