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spk_0: hey and welcome to extract pod group second quarter twenty twenty two without consent of our participants will be moved in a remote shouldn't need assistance please don't know a conference special by pressing the start to follow by fuel after today's presentation it will be an opportunity to ask questions ask questions you may prompt or one noticed him on twitter your question really bad patch and now did see that had be quiet i would now like to kinda conference over to a machine please go ahead
spk_1: the day everyone walkinshaw coffins call to review experts are great second quarter two thousand and twenty two operating results join me i couldn't join in the interview call is gotten offered express are good chief executive officer we pulpit our second quarter earnings will be on your betters relation faction of our website located at www dot expressed by group dotcom i like to the webcast a trade conference call can also be found on our site before turning a call over to scott was prepared remarks we need to advise you have the following tom made on today's call may contain forward looking statements within the meaning of the private securities litigation reform act of ninety ninety five discover looking statements are based on current assumption and opinions that about a revised variety of known and unknown risks and uncertainties actual results may differ materially from don't contain an or the justify such forward looking statements important factors that may cause such differences include don't put forth from time to time in our as if you filing including our report on one ten k for the year ended december thirty first twenty twenty one and well as other current and periodic reports that file with the fcc with that said hey i now like to turn a call over to scott thank you are more and thank you everyone for joining us we appreciate your interest in expressed by group i'd like to begin today meeting by updating you on the progress we're making pivot our business for growth in a post corporate world i'll then turn it back over to omar to review our financial results before we open the call for sent you an egg as i've mentioned on a prior causes year our vision to transform expressed by group as a leading health and wellness provider for people on the go part of this transformation is positioning our business for sustainable long term growth are also moving forward with a strategic rebrand
spk_2: we selected a new name designed a new visual identity and logo and reserved a new ticker symbol with the nasdaq
spk_1: the rebrand campaign will launch in queue for once we have cleared the necessary legal requirements
spk_2: having said that we continue to make steady progress on executing against or four core transformational imperatives
spk_1: first refreshing our business in the airport to attract more customers
spk_2: beckett creating and executing a completely new retail strategy and not only drive more foot traffic into our airport locations
spk_1: but also all men are online press third adding new customers to revenue a creative acquisition and the deployment of a be to be wellness product outside the airport and lastly reducing infrastructure costs a better leverage capital
spk_2: our entire team is committed to delivering a need or impaired
spk_1: and while our efforts are not yet fully relax reflected in our results
spk_2: were enthusiastic about the meaningful progress we've made during these last few months
spk_1: and we firmly believe the value of the work we are doing now or become quite apparent overtime before we jump into our second quarter highlights wanna thank all of our team members throughout the world that are doing their best to improve our customers wellbeing one service and one product at a time whether it's administering hydration therapy and relaxation to celebrities passing through our jfk treat location or providing last minute coated testing to dignitaries hurrying to a national urban the gala in washington d c or even giving a neck and back massage to or a road weary traveler before the red eye back from las vegas
spk_2: our teams are focused on delivering a memorable guest experience across all by brands
spk_1: thank you for everything that you do to make expressed by a great place to shop and to work now let me update you on a progress as we look at refreshing and refining our airport operations to attract more customers our focus is squarely on integrating our treat and far businesses into a unified offer and setting up our expressjet business or it's next evolution as part of the nation's bio surveillance strategy
spk_2: we now have twenty six five currently open globally with another five schedule to reopen and que three including our first location in assemble airport
spk_1: we have to treat a patient open in the us and are preparing to open our third location in salt lake city in the fall and we have fifteen express check locations currently open across twelve airports our spa performance continues to import improve quarter over quarter as more travelers return to the air posted by an increase in the number of airport travellers and guess looking for new and innovative health and wellness we expect our spa business to continue to grow both domestically and internationally it's support that growth will continue to innovate innovate and transform our spots giving our loyal customers new and exciting price to try and to buy as well as creating a more interesting and inviting experience for new customers where aggressively planning to bring new technologies and friends including the use of new tech forward equipment but just therapeutic massage therapy and muscle recovery and to select expressed by location and over the coming week we expect to enter into agreements with several key supplies to provide these advanced therapeutic solutions for our customers we're adding additional experiences to accompany these new therapeutic services including the use of vr technology that will not only enhance the experience but also create additional revenue opportunity
spk_3: and we're retooling are treat scheduling platform to that it can be used in our spies giving customers the ability to schedule services in advance of their travel
spk_1: going forward
spk_2: as you expand these types of add ons to the spa experience they may be incorporated into a loyalty benefit that we extend to repeat customers
spk_1: all in an effort to create recurring revenue opportunities most importantly right now we are deploying our new retail strategy and airport locations beginning with treat first and a fast follow with are expressed applications in just a few minutes i'm not to share more about our the reach of strategy
spk_4: but customers have already begun to see new product hitting shelves if month
spk_1: new services add ons better tech and retail or only part of the affleck we're putting into refreshing are your forgiveness
spk_2: we're also playing to refreshed the look and appearance of our spa location
spk_1: beginning later this year and extending into twenty twenty three the new look will incorporate more modern and more approachable finishes that are designed to showcase the new tech though it experience as well have access to are stronger retail offering
spk_5: changes you'll see include the removal and remodel a point of sale terminals and check out desk
spk_1: to allow for more room for additional services and retail without impacting the customer experience
spk_2: will be deploying this new we fresh look in miami airport location first which is due for a contractual refreshed and is a prime location for this new approach
spk_1: looking ahead we expected actions to create a compelling potential for increase far ravage as research suggests guess are attracted to try new friends forward treated and will be more apt to spend in a positive and inviting retail environment additionally or investment a new tech forward equipment and accompanying services allows us the flexibility of optimizing our labor model allowing us to staff are spies more effectively more details become regarding this but er nu labour model and the accompanying technology will also initially be rolled out in miami operationally most of our twenty six spots or back to being open seven days a week this compares with only four open locations at less than fifty percent capacity this time last year additionally we expect it all of our location for return to pre covert scheduling early and queue for just in time for the holidays and while we're putting focused on our us airport growth are also putting considerable effort to grow our international business
spk_6: as you may have read week that open our first expressed by location in turkey later this month
spk_1: it's dembele airport if one of the largest and fastest growing airports in europe during approximately two hundred and fifty international destinations and over twenty million passengers annually
spk_2: we believe as simple as an ideal location for us to expand our international presence which now includes six overseas locations
spk_1: operating in the emirates and amsterdam and allows us to continue to take advantage of the rapid growth of travel between europe asia and the rest of the world when we opened in turkey it'll be the first of five new locations expected to open up the a symbol or airport by the end of twenty twenty two
spk_2: some of the services that will be available including massages
spk_1: reflexology and aesthetic treatments ranging from ten minute convenient services
spk_2: more intelligent treatments for when travelers had more time
spk_1: further enhancing are present outside the u s we have plans to open a new file occasion at abu dhabi airport in to one twenty twenty three and over the next eighteen to twenty four months we will continue to look for opportunities to further leverage or expertise into foreign markets
spk_2: our continued growth international it opportunistic and in the near term will focus on locations where we can take better advantage of you to economics
spk_1: as we refine the use of are optimized labour model in the us our intention is to bring that same model and technology the more locations in europe where we can leverage both the volume of passengers and our strategic footprint a drive revenue in historically more expensive markets in addition to a favorable cost of labor in are overseas locations we've found that our international customers and to be more comfortable using newer and more and trend health and wellness services and are willing to spend more in pursuit of their wellbeing but he is reasons we expect to continue pursuing growth outside the u s we also continue to analyze or treat segment as an opportunity for innovation and grass today we have to treat a patient open at new york jfk airport which opened in december twenty twenty one and a phoenix sky harbor international airport which opened in april twenty twenty two additionally are salt lake city location is expected to open in late two three right now trade offers a suite of health and mana services for travelers including vitamin boost shots ivy drip and hydration infusion therapy as well as diagnostic testing for virus cold flu and other illnesses the next strategic imperative i'd like to update you on his our progress towards creating and executing a completely new retail strategy to drive more foot traffic into our airport locations as well as to our online platform i'm very excited to share that knew each other products began hitting our shelves in early august and once fully deployed are locations will include more than nine be scuse available in store and online and our goal is to add an additional thirty more skewed later this year just in time for the busy holiday season
spk_2: new products range from individual traveler the i'm more comprehensive traveler kids designed to holistically address a wider set of travel specific needs ranging from stress and anxiety management immunity defense and got health
spk_1: will be starting with about seven different shifts and will continue to enhance and modify our approach as customer needs and preferences evolve customers will ought to have the opportunity to purchase these wellness kids prior to or after traveling by our online store and to the trita which is being modified to serve all express far group brands
spk_2: additionally although we're still determining an international launch date for these wellness get we do plan to work with our international partners if we if we can achieve a consistent product on a global level
spk_1: and while we're confident that our new retail offering will have significant appeal to today's travelers we're also taking the time to build necessary infrastructure and to have were training and incentivizing are on the ground james this new training will be focused on product knowledge and product out on selling to ensure were able to deliver a memorable experience while also driving increased retail sales together with the launch of our new product assortment this training will help drive improve revenue and contribute margin to our bottom line next we remain focused on our third imperative to add new customers to revenue a creative acquisitions and deployment of a be to be wellness products outside the airport we continue to believe that we can accelerate our growth to unit acquisition and while i'm not able to share a specific news about an acquisition i can share that we are aggressively advancing discussions with potential targets for acquisition and i'll have more information to share on this subject in subsequent cause
spk_2: breakfast or of a real imagining of our airport business
spk_1: creation of a strong retail engine and expansion outside of the airport
spk_2: we must be focused on optimizing are available capital and organizing our business to be able to manage sustainable growth in the future
spk_1: this includes embracing a lean and agile approach to our business
spk_2: while also ensuring we can scale expressed by groups growth in a responsible way that drives shareholder value
spk_1: in support of our for a key imperative beginning in june
spk_2: we began to aggressively identify areas of savings within our business
spk_1: and we were able to successfully eliminate approximately one million dollars a month and caused from our system which we expect to materialize in que three and beyond the savings were accomplish by being very rigorous about capital allocation as well as identify areas where we can create greater efficiency and achieve are materially lower cost base while still maintaining our ability to invest bastion and strengthen express by oops retail engine and execute against our growth focused initiatives as i said during our cue on earnings call my intention was to update you periodically on our progress bring each of our forty imperative to life i am pleased to be able to announce specific results and at least three of these and paired with our international expansion watch of new retail in our airport locations and significant cost reduction to efficiently conserve our capital
spk_7: and i expect to share more around the financial outcomes associated with these key imperatives on our next earnings call
spk_1: further i expect to be able to share more progress in our efforts to grow outside the airport in subsequent announcements as well thanks for allowing me to talk to you about our progress to meet reimagine our business for the future
spk_2: i know it to spend a few minutes talking about our express check locations
spk_1: as we see every day a minutes covert still poses a real risk both here and abroad
spk_8: and are expressed check locations continue to offer fast reliable testing
spk_1: nevertheless like we said in made during my last investor call with tempered expectations for expressjet as their have had been a notable decline and overall testing relative to last year
spk_9: it was not surprising as many countries have moved to significantly relax they're testing requirements
spk_2: cordingley
spk_1: based on how we see the continued evolution of testing globally and the creation of longer term bio surveillance efforts coupled with the current performance of our express check segment we are in the process of laying out the plan to close unprofitable express check locations without compromising our bio surveillance apparatus and more report that plan in the coming weeks we're also looking at ways to continue to deliver necessary testing in a more cost effective manner this will include reverting former spy locations that became express check locations back in spas that also offer testing in a safe and reliable banning
spk_2: as it relates to our bio surveillance efforts during the second quarter we continue to support our cdc partnership a for our airports
spk_1: this was part of a five point six million dollar pilot program launched in september twenty twenty one which involves pool testing travelers from over twenty countries we've been very pleased with the exactly the collaboration and the positive role express check continue to play in supporting the nation's biosafety strategy in partnership with eco bioethics and the cdc the traveler base genome sequencing program has had numerous successes including the first detection a be a to and the us and the first detection of be a three in north america the program has also had some of it's findings published in the prestigious journal of clinical clinical infectious diseases as part of this program we recognize one point nine million dollars of revenue during the second quarter the benefits of monitoring disease spread to travel programs like that remain extremely prevalent and in partnership with kinko bioethics we are extremely clean
spk_2: that express check has been granted a new contract to support the cdc rather are based start coby to be no mic surveillance program
spk_1: the new two year contract is currently funded at approximately sixteen million dollars
spk_2: however the total contract our you could reach approximately sixty one million dollars
spk_1: this is a significant milestone for express check and were extremely honored to continue to support efforts to track new and emerging infectious diseases further there's ample room to continue to build upon the platform with the cdc and can go bioethics including the ability to leverage a variety of sampling modalities including testing wastewater and a variety of genome sequencing approaches
spk_10: i'm proud of the companies role in helping the us prepare and safeguard against future potential buyer logic outbreaks and we look forward to updating you further about our progress
spk_2: in summary we have been very deliberate and leveraging are unique capabilities and position in the marketplace and guests are responding
spk_1: while there is still much work that needs to be done our underlying fundamentals are solid and we believe expressed by group is poised to deliver on it's long term objective
spk_11: i'm now going to turn the call back over to omar to discuss our second quarter financial performance or more
spk_1: thank you scott i'm not going to provide a brief synopsis of our second quarter results however for detail please refer to the tent you that be filed this afternoon with the fcc in the second quarter revenue increased the thirteen point six million compared to nine point one million in the prior year second quarter q to twenty twenty two revenue primarily consist of seven point four million in revenue from our express take location the generation of three point seven million in revenue from reopen express our that well as our treatment patients and zero point seven million in revenue related to our she to take acquisition a pipe of my earlier this year turning to expenses i'm a coffee sales increased to twelve point four million from seven point seven million in the prior year second quarter the principal factor of this increase was higher costs to operate the expression notation a low the reopening of the like expressed by location that were temporarily closed last year
spk_12: as we discuss my corner because the testing kit and location level labor costs remained the largest factors in our costs sales
spk_1: looking to general and administrative he's expensive total some point six million compared to four point six million for the year ago comparable period the increase with primarily due to the functional costs associated with the appalachians up express check and new treatment centers more reopen expert by locations and a newly acquired have a point business we reported an operating law in the corner at some point eight million compared to an operating lot of four point two million in a prior your second quarter i'm a net loss attributable to come and shareholders but a quarter with seven point nine million compared to forty five million in a prayer second quarter a got disgust is important to note that we can pay to to teach ugly in best an hour long term group initiatives additionally on the capital management price we have successfully removed about me one million dollars a month and cause a system and expected to to see the benefits of those initiative beginning in the third quarter i've got also mentioned will begin to close unprofitable expressed like locations which will yield further saving and the latter half of this year what is back to our gap financials i was acquitted he remain strong it cash and cash equivalents toning seventy one point one million working capital of fixing one point eight million and we have no long term debt you today we have reproaches approximately eight point five million shares outside of black are periods and as of august fifteen twenty twenty two eleven point eight million shares remain available under the twenty five million share repurchase program that was announced on august thirty first twins when twenty one and subsequently increased on may twentieth twenty twenty two given the current share price which we view as substantially undervalued we intend to be active during the next open window period on a non get bases are just the either guy was minus five million compared to adjust the evident minus two point nine million in the prior year second quarter
spk_13: we define adjusted ebitda as earnings before interest taxes depreciation and amortization expense and adjustable stock based compensation and impairment
spk_1: disposal of assets we consider adjusted ebitda to be an important indicator but please understand that it does not exclude certain transaction not really that are poor cash operating activities we also furnished and your earnings will leave metrics with respect to patient passing along with the percentages that are opting for rapid testing
spk_14: this concludes our financial review and i'd now like the trying to call back to scott was imposing the marks
spk_1: thankyou omar while our second quarter financial results are not indicative of our view of the business we remain on track to achieve our long term objectives by executing against our for core transformational imperative and we're pleased that we're proceeding with the cdc to provide an expanded and sustainable bio surveillance effort in the us we believe that our company as well positioned to benefit from our strategies
spk_2: and we look forward to updating you on our progress in the corners ahead
spk_15: and now will have taken best to questions
spk_16: thank you scott live a few emails from the that's just and gradually the team on the cdc reno
spk_1: is there any other got if we can currently provide relating to the scope of that contract thank you joe and thank you for that question we are really excited and proud at the cdc a play such a high level of trust in express check and our partner can call bioethics to advance a more permanent bio surveillance strategy for the country ah as i mentioned the contract is worth as much as sixty one million dollars over two years in terms of scope we're going to continue to operate out of four of the busiest international airports in the us jfk in new york newark liberty international airport in new jersey airports cisco's international airport and atlanta hartsfield jackson airport in order to accommodate a higher volume and diversity of passengers for this program expansion were slated to expand
spk_2: our footprint of a poor testing locations
spk_1: inside our gifting airport locations along with adding a new that of locations in washington dulles international airport later this year where we currently have an express check location by the way
spk_2: the new contract at also or allocate resources for express check to conduct wastewater surveillance from aircraft now this is gonna be an especially effective tool in identifying various pathogens not just cove it
spk_1: as it on measure levels of a pirate and bacteria regardless of whether individuals may have symptoms or not ah additional note that i want to make is that we don't expect the long term work here that we're doing with the cdc to impact our efforts to close unprofitable express units
spk_16: i'll say we are super excited to build on our longstanding relationship with our partners and we look forward to continuing to set the standard for airport by security i got i have a two part question here regarding the airport business for modeling purposes can you recap the number of express bar and three location that will be open at the end of the third quarter
spk_1: also a you mentioned several new locations can you tell us where the located sure by the end of the third quarter we're expecting to have three three locations open and thirty one expressed by location open globally last week we opened our fourth location and jfk airport and over the next several weeks we expect to reopen to more locations in phoenix guy hardware for it do and hartsfield jackson airport in atlanta and our first airport locations in istanbul airport
spk_2: followed by the remainder of those locations for a total of five during que for
spk_1: now it does not include any location that we add new acquisition which we are continuing to pursue both in the airport and outside of the airport i ah come on a note that we're working on a plan to open a location in philadelphia airport as you may remember we began construction on a location at philadelphia's airport before covert head and we were forced to stop for specific reasons at the time the decision was made to hold off on finishing it's construction and not to reopen the spot but subsequently with the work that we're doing now to introduce an optimized labor model and the new technology
spk_16: that we're bringing into our spas and a robust retail offering we believe that we can now open this location successfully and we're working with our partners in philadelphia to do just that
spk_1: thanks
spk_2: i got couple of investors were wondering about where you stand with your or airport acquisition plants and he updates to share
spk_1: oh as i said a number of times in previous call my team and i are firmly in the position and believe that the growth that we have and that we're going to experience can be accelerated through acquisitions outside of the airport
spk_2: the that multiple discussions with several companies that could have added both unocal and revenue outside the airport without us having to db from our core mission a being a leading health and mana provider for people on the go
spk_1: are we made the decision not to advance the specific discussions further because we couldn't agree on a realistic valuation with the founders but that's not stopped our efforts we still believe acquisitions will continue to be a good strategy for us and a good strategic use of our capital as well as an integral part of our growth strategy
spk_15: and we continue to work within our network to identify potential new opportunities
spk_16: i look for the updating you as we continue to analyze a complimentary opportunities that a further expand our business and ritual are gross i guess got
spk_1: you also discuss express bar groups capital allocation strategy and specific areas with the business where you making investments sure at with let me let me start with the fact that expressed but really take the balanced approach to managing our capital allocation
spk_17: with an eye on maximizing the value for shareholders the organic growth
spk_2: an external growth opportunities as well as returning exit capital to our shareholders to potential share repurchases
spk_1: in a nutshell as we continue to advance or key impaired we expect to make investments in the following five key areas one opportunities to expand outside the airport which i've mentioned before technology that we're going to purchase to support efficient growth
spk_2: advanced services and equipment to upgrade the offering we provide product that enhance the user experience
spk_1: and facility improvements
spk_2: to our existing location data refreshed the brand
spk_16: all that said we're focused on building a sustainable growth engine and with seventy one million dollars cash no long term debt
spk_1: and a commitment to efficiently youth our capital we continue to be positioned to execute on the strategies thanks yeah i know you and omar very touched upon this we have a question regarding the company's appetite for additional share repurchases and what investors should expect for the remainder of twenty twenty two and eighty twenty twenty three
spk_18: yeah a as part of his part of our discipline capital allocation strategy
spk_1: we really tried to be opportunistic and repurchasing are shares because of the value you we see a time trading multiples as well as our commitment to maximize in the value to you our shareholders as omar mentioned demonstrating the confidence of the board of directors and expressed by groups management team has regarding the execution of our strategic
spk_16: priorities
spk_1: the company's repurchase about eight point five million shares year to date under our current share repurchase program and looking ahead i think will continue to be opportunistic keeping in mind some of the other capital requirements that we that we have coming up and that we're really excited about i great looks like we have a few more questions can you talk more about to be to be strategy thanks for bringing that question hop as i don't think i talked about that very much in the early a portion of our conversation earlier this summer we hired experience leader to help us build out our a targeted be the beach strategy
spk_2: and we're now aligned on a simple and refine set of services and products that we want to offer that at that allow us to actively pursue potential partnerships
spk_16: right now our focus is gonna be on selling promotional packages to companies for airport services
spk_1: pop up locations in high traffic areas that can leverage our new labour model and heavy travel retail as well as service offerings in our an airport lounges i got you mentioned earlier this year to you could branding efforts are engaged in can you provide any more information on the new brand and when you launch it i know everyone's anxious about that no more no one's more anxious than i am and and we are really excited that we've landed on a new brand for parent company as well as reserved in a ticker symbol we believe the new brand reflects the future of our company and alliance closely with where i think the direction of going in the future i wish i could share more or even debut the new design for you right now but we're still finalizing the clearing of specific trademark and registration articles but i can say is that exceeded those hurdles are cleared we will share the news
spk_16: and while i'm specifically talking about our parents branch change we're also on a parallel path to ensure that our unit level branding also aligns with our new grant and we'll share more about that work as we get closer to our official brand launch which are which will occur in queue for
spk_1: i think got are we have as far as she here regarding this cdc even all
spk_2: investors you're interested in knowing if the program can be expanded to include monkey pox doesn't yeah thanks to that question or actually we're thrilled that are by or surveillance program continues to play a strong role in detecting new
spk_1: kobe there but but also other pathogens entering the country further highlighting the importance of testing
spk_19: regarding monkey pox were actually already working with ginkgo and the cdc to investigate how to incorporate testing for this virus into our protocols
spk_20: as most of you know testing modalities for a virus detection are different for each virus and there are significant significant logistical hurdles that have to be crossed in order for us to be able to execute a testing regimen and in volume but we are working on that as we speak
spk_16: or great thanks
spk_21: looks like fun a question
spk_16: that your relatively new to express my group and it's only been a couple of quarters since you took on the see role feel well
spk_22: did you give us a little bit of your perspective of what you've seen
spk_2: if express far as headed in the right direction and how the transformations going
spk_1: absolutely
spk_2: lemmy funny answer
spk_1: let me answer your question directly yes i absolutely believe expressed by group is headed in the right direction
spk_2: we have the right balance it experience and know how the not only transform this business
spk_1: but the also chart a new course you it's grab what really excites me and continues to excite me and energized the what could i do here is it i have the opportunity to work with an amazing team when i reflect on our business pivot and twenty twenty for example i think about the agility and the flexibility of the team we assemble to build express check it really reinforces the reason why i joined the company in the first place
spk_10: and if part of the treat launch team had yeah pretty opportunity to help influence that brands develop and the opening of our first few locations
spk_1: have we learned from that experience absolutely will we do things differently
spk_2: absolutely
spk_1: but remember we built treat knowing we would adapt and evolve the offering overtime what i mean i would have expected would be abrupt drop in testing that put more pressure on a other lines a business to perform
spk_2: that's why we continue to be aggressive about refreshing are spas and reinventing the offering and why i believe the integration of treat and spa services in an approachable customer friendly environment is not only what the airport traveler was believe it can serve as a way for consumers to accept wellness services in this new self care world inside but also outside the airport and i think the imperative that we laid out earlier this year that us up and set up a strong foundation flat to achieve that vision of wellness where people on the go
spk_1: as a look back on on what i've learned i believe we need to take action at a speed that reflects the strength of our expertise and experience
spk_16: and while we're not necessarily pleased with our financial results it's quarter i am resolute and my commitment and the commitment of my entire team to pivot once again
spk_23: and set a new court course for a business
spk_1: thank you i got a looks like that will wrap up the question answer period and any closing comments you're a thanks again every one for joining us we continue to manage growth opportunities and near term challenges with an eye toward our long term potential
spk_0: and we hope that you're excited about the future of expressed by a group as we are
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