spk_0: ladies and gentlemen thank you for standing by welcome to minnesota group holding ltd earnings conference call for the third quarter of fiscal year twenty twenty one that ended march thirty first twenty twenty one at this time all participants are in a listen only mode after the management prepared remarks we will conduct a question and answer session please note this event is being recorded now i'd like to hand the conference over to your house speaker today mister ethan something director of investor relations please go ahead ethan
spk_1: get your data hello everyone and thank you all are joined up of the call the company had a now it's called me by nature reserve only day and only it's really not available aren't bad relations website and i are told me thought dot com video you brought out chairman and the only what we're we a dog or with within over your opinion the a report by out the apple with that be that john we'll drop out by nature result in more detail before we take your project we got with you know i'd like to refer you to the corporate bit determine your own pressured into which also applies to this core as we'll be making overly consuming the don't know that we all did gotten on ivers magic day which we hadn't planned and record bout with most comparable met major reported on the internet findings reported potent and are incompetent only really and parliament's read the athlete be during the climate a action repeat your captain child it didn't have been in mathematics and we are on third child and out about living in with that are going out and the core over to me year to give you a bit me up it the go at the
spk_2: no one of them good to know that the whole bunch you don't really go fishing couldn't do the other day he the movie group you to the battle of altitude to the dishes she didn't really good idea what to do
spk_1: but she didn't leave it to be to the bamboo shoot to kill on these issues in the early lead your you put your finger the that to get a chemically them were joe philbin though you're totally younger a little kid on been to do that you'll buy them hello everyone or march or april twenty twenty one minutes or recorded a revenue over in the be two point two three pm of the that one person you are you at the not written the company guidance
spk_2: automatic bid is delivered a combined revenue or may be one point seven nine pm accepted by person you'll be here and talk person and out with the computer up until i can the conference call i sell the major development we have a cheap are both rico and top part this quarter such as live it on good deal with that but you to route which and you didn't include cuba if you do each region
spk_1: give who will bought a new group the don't tell tiger the picture you she did you shouldn't you could be a popular and elections are the me document don't you do with the young goalie able to switch you do i use computers done badly to the
spk_3: children
spk_1: legion gender earlier put you to learn to melissa
spk_3: mean go out and patrick operation to continue to deliver and cartoon recovery that quarter well criminal cases are coli night and early january result in shot down sports that and source
spk_1: get and number matters and launched a theory of the product isn't the point month to achieve i have been recovery
spk_2: as a result the map the corporations have been so grand recorded a revenue britain be one point seven too op that one percent and twelve percent compared with a period of intense united but due to college campus to the to them just as much as she do told them that you assert that says a shot them so those are the me actually i could you share certain salary that go to early twenties and get the do
spk_4: you would you balance sheets or that the ascension to just awesome
spk_2: one of the you don't chateau saddam and a little funny could under the and that it illegal to go the ocean to some and it's ability to a to get through to the media to github you could leave the germans are you gonna do shoot it was a quibble just say about social to reach out to their money and put up the money money for the job and this isn't much as to what station you sugar pills the show these without century
spk_5: oh god advantages don't gdp
spk_1: saratoga what to do it
spk_3: we're gonna want some of the digital don't want to jimmy carr their shot hosted on the punjab other uses that element judge issued changing the tissue shuttle found it coaches couldn't do that to happen we've added order for a new me ghost in china during the court was more than ninety percent of new go to brooklyn in here three antibiotic during the up top model we've made with nick and program in your strategy at three
spk_6: with got an equipment or got lucky
spk_1: to them
spk_3: with noted that nearly all of a combat or development goals gotcha average guy conviction rate and crap that a movie or people are in power with your quiet regret those benefits are more attractive providing a better are allowed for all always go after long term as often park that last that what people of of gospel indicated
spk_2: a lot with you have to tap water fountain pregnant talking to them you could pick her up tpp and concluded you can target of the country
spk_1: road gotten bored with be a lot of
spk_3: not what you're looking to unlock new me up to there but you do you to go to the see that could be shutout shutout you're not about finding shadow you about looking to get the patriot haven't eaten and the ababa but you do have a quiver either to to cover the news on monday to the local due to let me do this you google good out i'll go the going to would have started you should open without cartridge in the filled with such a that kinda younger department of the general say i'm on high alert for dog will other up with by the devil's advocate pay a deal that year to get your sort on a little goodwill to do the usual don't allow you to to publish agile
spk_1: as or over this operation
spk_7: revenue would really be what under forty one event
spk_3: dollars an acre that workers and on water during that period of pictures of here
spk_1: we have not for iraq
spk_3: however during the order in many countries have and major data on how to count them up it's better something
spk_6: acer and betting about
spk_2: about ninety of all over this doors are confronted with e bay area that time period of can get reported iraqi it number and have adopted victor can talk matters end of march to convert it into a out it's going to temperature
spk_4: and then others were asked to keep our to do
spk_8: coconut
spk_3: three thousand in the
spk_1: to let me wonder how that to down to the good to push an agenda but you don't come out there were students issued to job
spk_3: at the to that it probably not earning earning appreciate you do have done it from you foolish as a to canada or that the little county change and i've got a local gyms the person get another issue good job on the to the odor this you their the she via that been to the machine kind of do other person a result you want a lawyer good articles a burglar couple of the younger second one children picture of a sudden the other than that we have made encouraging programs you know all of this month expansion
spk_9: the number of all this to increase by two night and quarter up and that includes opportunity
spk_10: get rid of
spk_3: demonstrate or with martin popular
spk_2: of long term contract
spk_3: take me from countries in the middle east and iraq where are the pandemic recovery went wrong included well be out and the news dot during the quarter
spk_2: in generated miss open the door open a pack of gum
spk_11: that might put on
spk_2: we have entered
spk_1: you up a good news show change your shoulder that you've got a pretty good to me that and that when you do one either chew on a two handicap argued question that went on to watch out the she shot you go on it the mission often thought to provide moment consumers was hot on with them or a lot of dakota
spk_3: in that auto complete opposite of our and
spk_12: so i shall not be wrong
spk_3: because have a problem in shoot body conditions usually focal like you can eat the ended up finishing simply point you'd only get a shot of to presented to be not a little like you can eat sugar what can be summed up badly the about bother you she do you would cuddle up some the up
spk_6: davis elite
spk_13: she leave shot over to get them out of the about is it shouldn't contaminated coming to knock down the about news about
spk_2: first of all and product about and we focus on a new category in that order in china so it's of the to new category such a toy not and quick that but politically sell toys whatnot
spk_1: to vote
spk_14: you which beautiful hawks what are more than three about those have lacked woke up one hundred and four percent
spk_3: we wish to get and downs increased by one hundred
spk_2: ethiopia the the most of the cause you you won't be job related to to get
spk_1: carl cotto daily her to the does the show them that got one or two to two so we won the pulitzer doctrine it against us using that you would i want a job that gonna to to the locals dietary for she lived through to dinner with it to the larger me at all hot how good a chevy
spk_3: second we kept innovating our business
spk_2: to offer them to bash amount to add and you don't hold it fell in a single day exceeded ten thousand and be which is a veteran cards and number or a vertical retail store and provided us with confident and experience in expanding then to in all the categories
spk_13: and a tropical the music that for between the to have a baby in the near future
spk_2: one wonder how that the teaching to get to cheat charging give you compare the to a report them future doctor on top of that are two hundred couldn't but you do couldn't downtown the book with a total of duty they'll leave and at all
spk_1: utility people are going to do that let me give you another example during the pandemic we proactively loughridge enormity we actually live streaming to distribute merchandise over each other
spk_3: that included to be quiet in fact that come up with the recovered and over beat me
spk_2: with to life threatening than in that quarter jack late wrapping remember what hundred and fifteen nearly do you have chop of actually done it
spk_1: luton popular cheat sheet so i'm sure will support her be repeated them chase you adjutant talent goodwill and lead author shopping similar to a pbm in as usual get lucia you mean if you battle each emil pull that tribute to new agey a clear glitter if you calling color of you she usually a few her is not a bit of about what tony hi it to a few bundle to each minute to
spk_2: third with threat than or ip advantage by that that only lunch and products with new ip ponder dutch up to them tell them to have a official laughing at the be doing that order
spk_15: so far we have only harbor the major ip factors such as global trend vip eighty ip chinese traditional ip great you are all it's ip both and gaming ip and have thought i'd make book publisher at the meeting or
spk_2: key player in industry that have been to whether you come in google illusions you shouldn't be chicken good usually don't you can legitimately you got your children will you pay good me it on the get people to know who put a printing internet the got charge other fungible the lugar happened you know table to the gym which i don't know
spk_3: the shit kicked the bucket jumped up well that juggler combat
spk_16: on the operational side we have been dedicated to improving the efficiency of meet have caused by to do in mission beaten and pick of tactic deal with the public that was years
spk_1: point i'm on average number of employees going to job growth had a few years to go to stick in lot water and job for the by nearly ten percent during the quarter
spk_12: practically use the courts burden of all read retail partners
spk_1: little got a chance to go could get point you're going to hit the nail clippers you will need to the topics covered little through the to agree with you shortly to duplicate the author
spk_3: you to put up her
spk_17: she got the that cookbook to do to leave how quickly get your mom quoted early early you i don't get some chanting other families and yeah couple public the about johnny oduya do it will work together to bother to the do you don't go on an annuity that additional
spk_3: to the total sunday at that point zero total held up a muslim should go get some yakuza you didn't cheat and to can be found that she didn't she o'toole you going to show as the family funny
spk_2: minnesota only to that you continue to be well it accurately the doing that oil we continue to reaching and activate members berets way that that a watched pot private traffic operation and people than take such as group of week and people that to cook with catch and with just make up bed
spk_18: a much better person members who had made at least one purchase has given us talk about what about getting point two million and incredible to middle quintile eight and nearly it wrong
spk_1: and of gimpy
spk_3: the result of above mentioned matters wrapped net contribution of online chat on the ten a second book but taught in a quarter with the almost computer
spk_13: the was on good that you won't need a or that what that person
spk_2: and out to all about them seventy men are three one one that without me shelley at watch it on top of high up on due to the edge of that group editorial about these are you feel the public eye that you either either london and do you do want them to have gotten cannot she's you can read whatever other adam cousin to keep your head it to get what you would at uva have you actually without to the should up for that matter if i could switch and to shop now i like to show more about top toy at the first new business incubator it and act gravity liquid top points both who quarter would continue to be healthy trend in each aspect of the operation including optimized they should not be no model which benefits of product categories improvement of on a channels that
spk_3: she's a integer result of i keep drafted this general public are you okay dodging the are you okay i'm here that then and knowledge of how did you get what you would argue about that one
spk_1: create a sudden movement on it
spk_2: make a ton of the people usually usually couldn't get you to download the moon hundred a month true to my shoes you closer when we did you get to the gunshot wound up college you that it yeah
spk_1: quote that get be gees you couldn't the publicly you do that guy who used to get year or to be jealous shut up shut that you're not going to that kinda
spk_3: the earth to dream world dog top toy have been in operation or by mark
spk_1: okay impact with buy a new business model so far we have older or three move toward each we are created with that open a woman mom keeps getting off to incompetent
spk_3: that are creating more door
spk_2: at the time we are also talking smaller dog sorta class klaxons dog as well as blast doors a welcome to new topped whole operation our dynamic the and will provide more of that quarters call copyright blue chips talking the other typical i'm trying to collect you could dramatically yeah you read cannot tell us about the quicker her chest on a date and get a unit the good you know i'm a huge honor killing our current it bothers me
spk_14: so publicly the temperature could gotten so bad humor kinda got up to a pelican in egypt which took on showed it on a team that someone with then she tissue path and computer cup commentator ethical as appeal to talk to each a letter congenital chewed gum chill let them
spk_1: top toy committed to building the world's largest and most comprehensive claxton shop or of point to cheat day that being adopting a adopting emoticon out with that you took advantage of drop off of point well with lot of and not good
spk_3: epic what are we adding sculptures at the a patently of top toy to reach product lot to keep building block and assembly gone down what we like and costly begin by consumers going to order and revenue radically divisions can take you to increase
spk_2: so far top toy had about two thousand five hundred ft he quit grab one thousand five hundred it god thought it shouldn't on it probably doesn't you to lose your attention on a chocolate chip and you can't tell that i'm gonna have to go against the bill or you somehow movie agree with you
spk_19: that one job and i jumped really do you prefer if she cheated on the are thieves he got elegant pressure how totally you to to watch it regions of the tumbler second one
spk_2: up on it that the that he had on up camera which he had to shovel her joker to read columbia other children to get it
spk_14: in terms of channels top toy has been building an army channel capability in a while
spk_1: today congress the thing it you tie her with five of much doors mic well it plans to open got shot at the first overseas door with them they here in terms of our channels have accumulated more than three hundred thousand members in it's reach that in addition it out on the taking more flagship store made a call and will copy of our economy john hodgman the dotcom and going to have a more stores
spk_3: the the other topic i thought you about totally congo you didn't you to i've gotten ugly that i'm probably not totally i thought to people
spk_1: peter totally for you you can we get on caller id
spk_3: like op cit in which are totally that if you've done when they usually that publicly come into your balance out the we have you know how could that view it up and you believe it or live here to guide you can go to monitor you going to cheat on to do with you what you've been
spk_2: so other toyoda with up get them which is totally you change to tell her that window few things pretty simple that should open the been into the top the go go go to canada things that to your i can get up a potent a top toy held a damn the branding and band in shanghai to introduce kids puppetry i think that i can call in and yoyo i'd like to take the opportunity to shout hopped on a distraction we are in made the curtains on top toys products will be to sell own ip osu corporation with our economy at the other keep britain is rubbish threw a party ip cook i've reacted to the eyepiece because of it's our job is uniquely
spk_14: a much easier to communicate with bad
spk_3: the have high gross margin and in a board top toy to be competitive advantages
spk_1: to focus on i've been alderman top toy had cooperated with nearly three hundred and five hundred including talented designer better cold yokoyama japan top economy
spk_3: couldn't really uncomfortable either one ten year old
spk_2: issue to me about the you because you kiddo when it you have to quit you'll need to do when you see it would cover you hate group or held up to gym gym in complete shit up that the people who are you doing to google the earning a huge you're gonna get it mean you don't care what it judges you shot him had been blown one thousand data center to
spk_20: shuttles didn't care for him get would be selling couldn't on the predominant that let the come on don't meet your can do you should be green with you that
spk_21: who had totally get what you are you can't let alone killer for do
spk_22: the much quarter what they thought book who called out a public company we having a beer in the accelerating would probably in the map a cop operation counted profitability as we can get him to continue to focus on product innovation
spk_21: top toy continued to achieve new milestone as we can sharpen our business model product got channels at a party ip
spk_3: looking forward to eat and you want men so will continue to can't read further into chinese local pd by an open more doors and capture more greater mark his shell in the high up a lot of wisdom
spk_23: nicola will continue mouth when the punjab recalling him over to the monkey calculus and rapidly adapt own pension plan as neck to try to embrace a recovery either point your local the are yet when the kinda challenge you
spk_21: only that people when you know that powell don't get that concludes might have a bit of and are not panic or to tackle or i met
spk_23: thank you
spk_21: oh thought my inbox view on much colder find out that and provide additional color regarding cume quarter put it in the not all we'll be referring to know about the mirror
spk_24: which have a clue the shelby the competition and thing
spk_25: did you are
spk_21: two thousand and two hundred and twenty nine me on be better than a year over year increase over thirty seven put them under quarter over quarter he quit all three put them
spk_23: the year over year increase the revenue driven by the recovery of our to mapping operation which equally seventy five put them to one thousand and seven hundred and eight aids a meeting on be reading our domestic operation revenue only need to apply for were one thousand and five hundred and forty all media and the be a great the fifty nine percent year over year revenue or a coma will one hundred and twenty one meeting on be equally eighty the the pretend that young video
spk_26: he over the market revenue declined by twenty eight percent year over year as the compare that to a decline own fifty one percent year over year in the previous quarter
spk_23: the quarter over quarter of equally was mainly due to humanity and a england or pandemic i'll have been it the subject to admit that didn't know fluctuation typically we'd go for problem and indeed some other that a much broader however wait to get there were effective merit badge or the launching more popular product to put the bill and the penetrating further into load your tv the in china indeed quarter that the crucial decline already knew what would only three percent compared with the equator decline only eleven put them to emerge the twenty nine
spk_25: which are represented a normal either negative people and it
spk_22: gop groping
spk_23: one hundred and twenty seven meeting on the inquiry nineteen percent year over year and that quit the slightly quarter over quarter
spk_22: got the modern wouldn't twenty eight point one put that the hide it in the pocket or other than the outbreak old pandemic showing up hockey with by of our continue to be legally republic gross margin was thirty two point of all percent a year ago and the trend be at zero for or than a quarter
spk_23: as we haven't planned in local call her the fluctuation big rock martin what you to change in our revenue unique
spk_2: the year over year because it would do to decrease in revenue contributing from our more profitable on what the the operation which was nineteen point eight percent old net revenue in the quarter and compared to thirty seven point three
spk_23: cheaper than a year ago the technical increase in guatemala and was the mainly attributed to angry in gaming contribute and from our high margin online channel butthead eco mode and the own to own indeed quota despite the equally reading you can reuse and from all over the the operation which one
spk_22: a point one percent of never remember a colorado
spk_23: building and that you three beauty and the word two hundred and seventy five meaning on be inquiry a pin put them to year over year but be created temperate dental or the old other the year over year increase was a tribute to increased a lot it pig pen with you work in line with that recovery of i will be a little bit quieter and the integrate the martin marketing panties and we can you know that with train brenda recommendation for meaningful and the whole point the cover over called her degree or primarily due to the equally a marketing reduction and and opponent or it as an independent the fact that the payroll and the table painted call by the internet bicentenary gee and eighty japan where hundred and fifty seven meeting on be incurred twenty nine percent a year over year and the plan product over over the year over year increase was the primary you to equally important in their malachi the path and the ip and the we took a mentor to review she and eight and abandoned cooking nineteen pandemic of broke out young that them period of the country that had pinning down the other know that they could have an ip to pay without the unknown compare no comparison bait oh the because and
spk_21: come to our probability operating profit
spk_2: your where hundred and fifty one mini on be included the by
spk_22: the we both year over year and the to both called the over cover the year over year in home and the in operating profit was primarily due to our been recovered in china while the called over quarter employment the due to the tax and in operating and and odd
spk_27: the net income our law which one are loath over fifty five meaning and be in the previous quarter but the at income or a maybe i'll be in the quarter
spk_22: i got the net profit one where hundred and forty nine million on be employed by can pretend that year over year and seventy seven percent quota over color
spk_23: i can't them that martin one point seven percent the hardly any part of a quarter that if the other outbreak or pandemic compared to about eight point three percent a year ago and the three point seven percent of quadro babe pig and the diluted are earning from continue operating put etienne what both hope he then compared to seventy six within a year ago and a thin a quadruple
spk_0: i can't the pentagon and the dialogue with you own input ideas were pp to and then on be compared to forty fourth then the and be a year ago and twenty eight then i'm be a accountable come into our sheet adult march and a twenty one know combined up by the all the company the case casey cruel and with figured it had pass and the other investment were fed him being be compared to the point the nine beating a on ago the include the war the primarily due to the cash flow generated from the operation come into working capital the tongue no over imagery and incredibly people read many play that he me
spk_28: looking ahead into june carter over twenty twenty one way to expect our total revenue to be between two point of repeating on be and the two point five billion and be weak represented at increase over opie a pretend to be a one percent year over year as we continue to operate the ear time over significant the uncertainty and regarded the pump able or pandemic a recovery in our over the the marquis we remain kosher in our failed ago in the market however we are encouraged by our a decent working capital management they the recovery or growth margin people and the embattled and and plant in the new be made all the we had laid authority the foundation or out to the legal capitan strong financial problem and and the long term a shareholder value these people are prepared remarks or to be operator we are now ready to pack question thank you will now begin to question and answer session to ask a question you may press story than one on your touchstone phone are you in a speakerphone
spk_29: pick up your handset before pressing the keys to withdraw your question please press star than to
spk_28: time will pass momentarily to assemble roster our first question is from michelle chang from goldman sachs please go ahead are you can count on you plan on a half hours of thousand and gallons shop now of the the italian when he got cancer yet on to be allowed to show i'm actually hashing it the betting shops and hi extravagant not to you have to moan about that's why capone la mama multiple gunshot or what i thought that perhaps leg i hear you
spk_30: not that much that out we'll get there are a couple of potential loss of the vehicle that they can now this or that the to one
spk_2: lack of a when he should going to how likely be and the i have either been eating the the apple has become idea that well what oh crap about how important and high bs to pick up our shop now and ethical companies actually yeah like he got on that how will drop off a oh my god what either because i not be kind of what you should read the book is that people on the that will make it easy and trashy to the hype yeah now i have been found guilty guilty yet your point about of our my that how they can land dnc he got going to have come home problem with that men to the i'm going to come over here
spk_1: them and yeah that that guy bigotry and be that long passes them yeah now
spk_31: just like our men had our what i forgot the find people have
spk_3: back that is what the final one key
spk_6: not that would be that if i have three questions for management opera one is a couple of introduced a new retail pipe python ecstatically and we successfully develop our top point so i can manage their share the thought about the future development and also poppy for us we come back up on how point development and become project
spk_32: to the overfeed are because every so on one hand we control the metairie and awful the expansion but
spk_33: have we are like revealed the over fifty for the heart of financial situation and got the business environment and they'll how the we had always begging in the future
spk_34: and further you for the automatic business up are we having a steady aggressive graphing than what yesterday and upon only you show a lot of for those doors open in the past few quarters operational situation and of our our how do we feed the business opportunity to minority of people on board thank you
spk_33: although go
spk_35: what when he got someone the copa going to the woman who you're talking that number of minute
spk_21: we're going to move on to the to on we were your to get a human about will not be covered ago
spk_36: okay now think your workouts and or your personal our gratitude
spk_21: within a couple him now
spk_3: that might get on with your greeted by now photo getting heard that of at this moment
spk_21: lot of other crap
spk_37: obama how quickly what we are becker
spk_36: got up with our
spk_27: to buying the about whether here
spk_21: i really can't even see badly on the computer in a woman's order to control issue she's to be oh god
spk_3: and what would have offered off with a lot more to come back on the computer total but really
spk_21: you don't really actually i got trashed without any job and we're going on with people that can't really be compatible to you know that aren't you that only the or not
spk_25: my you can have a reporter john typical which out on that they are going to you too
spk_1: not all amateurs human him onto her up going to operate on people comparable that and to you know gone on the junior high volume and
spk_3: you don't gonna get it on how many one hou jia go hard on you know the know even higher that each other two hundred a month
spk_38: shooter though the on
spk_1: the republicans i'm not the without
spk_3: barbara eating my year to the know how are they do the job that any computer and gotta you can and the other you can be good for you to attention to to that you can't contact your own then shot when he returned to it you killed your to the with attitude you know however that he a couple of i woke up you could get a job with adding onto contrary what hi i'm going on i barely hello
spk_33: you know what you got totally the english on that you gamble how can they do good way i would argue about and about iran
spk_3: how we want a way to do it how does got it not on the can a new kind of you what out and yeah don't know what want now we're going to talk about hit a junkyard the railway to to talk to me now what it called the can go over between the you
spk_14: my
spk_3: i have that no matter what the actually kind of job what you look at people on the conglomerate expert photometer the geopolitical pop or like control what i'm doing the job to a and idea
spk_1: i should also equal number two in one
spk_3: not everyone here it's union and they are daunting any and they could give up on them
spk_1: in that you're gonna go that each on a condom commentator you to do it coming really to rethink with t the top of the show us your the pilot will he be mean the gallup all it can be like on a up on the day that the figure it out with you in either he national or a play open openly daddy the initial with you intention of our the very public right i you got another shuttle that indian diverting the algonquin it'd be good in the anti reducing kind of do you live in a million the local know
spk_3: good anyhow immediate attention you are
spk_1: okay michelle your second question
spk_39: or that it over
spk_3: i think the pressure to be analog get back case
spk_16: no we had more than
spk_3: that of encounter er no and and curtis on oct the history
spk_17: the top ten minutes pretty certain accounted for more than fifty percent of over the course the concentrated it
spk_2: hi
spk_13: nope
spk_2: a big distributors they are they have
spk_37: let's take up look comfortable at this moment
spk_21: i'm outside are very strongly cash cash probation and shareholders structure and and got caught country the sell are documented that that know
spk_3: or
spk_40: a peek into computers or us more about are absolutely some of them will
spk_41: well well with it even bigger a caucus and as we shout before that we now have a distributors and of this market
spk_1: in fact that in that and a distributor financial they've caught were not worth a whole big picture or out it's market and the a look at the the passport holders couple what of or his business
spk_3: no matter in iraq new oil income i think that no difficulty time had passed and the event
spk_42: count me in
spk_1: or overtake market value distributors act that way to got picked up expansion that had a cushy an autograph which we have and her during the first or second point it's year and a apple
spk_3: fucked up with a that the country along at okay
spk_43: going for quarter
spk_33: the after or
spk_3: a need for that the development or you commented on to richard i'm good he did you do with your immediate good good shot her shirt on the day return returning to be up jeter the common they get here for me to the time to the in your shirt off your feet on cute you know the competitor usually a new job due to the media the woman that big part of that gotten older i get the hint of the couldn't younger audience government you for though is somehow able to do it sure what they think i'm shocked and keep that you know you're caught to kind of the competition on the day which really repeat on bob ah john be little local what i do that again each other too sure about what he achieved with only a matter google how each handle the here i need ocean item good you can go the thomas republicans you to you but you're going to i'm on able to enjoy each hand will go to church a good here should have a canadian to you call made into humans you can leverage you believe with to cheat you can be shocking to bother get him up not really the championship on the danny unwittingly to know what you really need to know they're treating the went up aren't you to can wait you legally the lead the children are you let users years younger than a good on the weekend or to go beyond how can gonna you will come up with yeah we don't i might as well enjoy that hello to you begin been on t you banned order that bad and your by the gun we have been on the are you have to the came to me a bit of the church and good a the what on the day we bought her a topic on which one should sugar you know if we haven't done one on your leisure charlotte addition to reveal weird what ultimately but i didn't you want you to to teach you how can he thought you'd have thought he get anything you can negotiate a top be harder to you know caught on i can that according to release it on know bit on eat it raw can and cannot you or your way your way up with an idiot
spk_44: thank you know that each end of june july and so quickly a woman really your child we kind of your topic
spk_3: or third question
spk_0: lot of at it
spk_28: cause the whole think that minutes or product and out business model that a compact mean lower tier
spk_45: at a metal gear mention that now the key operating metric that an average that fry cook that rate at the better created the earth than a week the yeah
spk_33: got a marketing and know
spk_46: local day me at all
spk_45: ackman her had entered about that that three hundred sticks and charter that
spk_13: you could look look at that that that kid three and up because of
spk_45: there are two hundred and them more to china nicola mention that
spk_13: huntington china
spk_47: that market and pick up and don't you read out we have been continue your input in europe and three everything that perhaps here
spk_46: beacon topic or whatever
spk_45: maybe you may not apply at open that are carefully hidden power
spk_2: oh god the up and january sales of threatened to or million annually and that rent of qualified applicant awkward
spk_48: eight percent or whatever
spk_2: the pay back their replica beaten path as got out of in him up
spk_49: at that level or three
spk_15: toss up front page
spk_2: can get and thank you the next question from lucy use from bank of america please go ahead
spk_35: well
spk_50: how was that that we'll see what you done your fellow a geologist
spk_51: oliver queen trigger
spk_37: woman peachy that one to create a part of an attack on her face god how much detail about shit basketball at asher two thousand dollars in that that are you here in reality he more now i'm aware that tragically a bomb yeah your male cat daughter is she at them as a harsh he taught that you sell out to eat lunch at yahoo and you should quite a simple yet i i
spk_3: don't go have like to bake off with so ah that you getting caught you know three and it's happened yet i shall act like a lot of just bianca once you applied to the top twenty get
spk_52: with that attitude have a plane single pushcart the yeah you're sorry i yelled been gutted or kagan five o'clock
spk_3: i haven't examined get us at that way to he got kicked out the teen in lebanon tacoma fantastic it to fit the just i want to know what your by a bad effect quick question about membership so we have our ten minutes my books while while felt what we have that effect data at that how are we go
spk_37: two more utilize if they that to help with our operation
spk_16: second question about their
spk_3: gmb what country in china and overseas markets in april at bay and how should they think about the have recovered projection for the second half
spk_1: it's a question about talked hi so was there for opening plan on it's yeah as far as more opportunity to thank you okay well i wouldn't appeal to the to that you grew up among the move get your money could you throw your elderly glitter glue evidently sunshine in atlanta hundred and up to one another job on on the dollar your banana lemme can go to the girl clue and the he'll work complete in be able to do
spk_53: sure that you do one project
spk_3: lemon clear enough to know
spk_1: couldn't go good shooter between the agree with you the who you know it could end up the blue
spk_3: mama puleedevan a failure and that they deal with are you forgot it yet no mclean that i don't mean if something is up the shovel we are told that you're going to have a judge churchill who a clue and you will each other women should he'll find it on to it on at the london what i was up with only got are you don't you for that you know when you look for new yeah okay cannot you up with anything i could be on going on do it on up here no could go through the data you can see how much you want to deal with and that people can we should only would he come on locally as if you can eat your local junior oh yeah
spk_4: him about against you there's some of that way
spk_25: ah ah gonna do when they can i have enough and then you couldn't go on the future
spk_21: what we we're awkward you
spk_3: awkward like a few bottles to come promotional the have up with and you don't mean to you buddy bought up in contact with each or not you told me she'd had a t them know
spk_6: in to quit anyone into something to do me that know how to cheat with your to jump to teach hundred and twenty and i get to only and it would be i would be the one or you can actually
spk_37: and again
spk_3: had you know why should i care i thought we were added a good you know you and your feet and meeting that you couldn't gonna you but and we can shop come here in a hotel popular you're gonna get away at you gotta get a woman really the only opportunity hershey this option you may be that lucky if you to come have that you put up with the altar and i will be a good
spk_37: up shouted i've always been at odds with doctor
spk_21: okay the think about that said
spk_3: oil crescent a member at michelle that by and or it quarter and we have accumulated that point two members and to be happier than average reader to outrage and activated at eighty the head south
spk_54: we have done that speaker to sell interrupt average those cry
spk_55: media members is worth double that number and in terms of repurchase written
spk_37: now
spk_3: on the open already
spk_18: customers are a shot to go out on average the
spk_3: they become and calm and by orwell point by time each year
spk_25: where's that at retire at all knackered
spk_21: the or at the then added that we have realized that important role that member
spk_56: our increment of up and go all of that being open up and all members have been improving your in the past year at the wheel
spk_7: make more effort to improve that
spk_3: that that though don't have a
spk_1: wake up what we have to manage our members different
spk_3: i hope that we can
spk_1: calorie out more thought it might to our outreach and and he created direct every purchase of it better
spk_3: didn't you see that the oliver good would open to the colder failed to the get really good oh yeah go on a hook i live in the particles you're not i want you to go on a know you will then again without much as he just he keyed young women cannot go bomb in the show goes on twitter
spk_16: requires it's own more know not i you can come get a job local to be computers
spk_57: a promotion i will me about in a good rule book the the they keep keep you in the mobile day you can order the law a good deal with with a shadow
spk_3: so one was on to another the resume click here eating eternity repeated it into the into a new back and the bad cool guy had that jackie of enjoy the phone with you that autumn factored into under that or york to know people about that me too
spk_1: the wouldn't die i don't to eat on aggregate and good he recalled with someone
spk_3: the address bar alcohol that time to time to begin to know on the to the highlander the the come on be an eye on it or mccown had a good anemia that we bought not not only can take it when they were taught what have i done and alana get park we buy me yeah yeah i go to the image may be and you can we are coming and going total idiot that he got way to do be shouldn't be a you got deal with yeah that go that and the with
spk_37: trick or treating a good one he quietly
spk_3: let our southern children peg the ya to comment on the really no one a tutor that i pick on how where they are super be lower than normal day from animal babbling and about we cannot i'll that when i like out italian and them to stop with yemen that dumb guy you want wanted to believe didn't give each year to be able you know when he may be nominated me a bit on t up
spk_17: the up with teenagers are due to the bakery gathered them not able to you so much longer go beyond what we can become immediately you begin with
spk_34: you to to i kind of that without even regarding up with a local guy recently
spk_2: the report on your home and then he got he got out of town can do to meet you about with them and even he came to him you will talk with your dominant to live arcade about you don't done even should i pay a coma parliamentary here father without having the email to not be okay you will tell me what i told them he would you agree on that yeah
spk_6: dumb guy and to get on the computer
spk_37: what nominate a cure
spk_25: and
spk_21: let me
spk_3: update our our business
spk_58: chatter and okay market
spk_3: in april and may we have to public or the insider that we can be very strong the quit going into the holiday about opted to holiday weekend be a quick to quit and to get an attachment bombarded of that that building that
spk_1: we believe that in china a pandemic in would be a there though the or week of the
spk_59: the that
spk_3: bikers curtains othello i open market now ah the by the end of last month by april thirty the that the open market at the whole it's a bit of little bit worse than we were in the you can get at all we have more than to return to thought what have been shot down to costa rica to control measures are to about his bible it's actually an order in order to in bit me the red carpet just we agree with me on average were lower
spk_60: five percent lower than the
spk_3: last month
spk_38: you could look at the second half of that you didn't
spk_16: with the table growth at a table recovery in china and up and deposited a check in open pit
spk_0: and the bill clinton recovery for overseas market is the only issue
spk_1: for example in india well be have one hundred and he go ask what now my cheek of the model and deport have developed countries that share with you that it will be dealt with action
spk_3: that when rejection
spk_1: quite people
spk_3: and we did you tube and we we actually up
spk_0: have to make up the vehicle checks
Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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