WEBVTT - ICYMI: CraftCo. Navigating Crowded Spirits Market, Tariffs

0:00:02.520 --> 0:00:07.000
<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

0:00:08.160 --> 0:00:11.880
<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

0:00:11.960 --> 0:00:16.600
<v Speaker 2>Tim Stenovek on Bloomberg Radio. I promise some alcohol, Carol,

0:00:16.720 --> 0:00:18.880
<v Speaker 2>So some good news in the world of spirits today

0:00:18.920 --> 0:00:22.599
<v Speaker 2>for those investors who are at least long Davide Campari Milano.

0:00:22.800 --> 0:00:23.479
<v Speaker 1>It's been a week.

0:00:23.760 --> 0:00:25.960
<v Speaker 2>It's been a week. Yeah, this is the barent company

0:00:25.960 --> 0:00:29.760
<v Speaker 2>of Campari Apparol Grandmagnier. While Turkey and More reported better

0:00:29.800 --> 0:00:31.760
<v Speaker 2>than expected profit and revenue for the first half of

0:00:31.760 --> 0:00:34.800
<v Speaker 2>the year, shares rose eight percent. Not out of the

0:00:34.800 --> 0:00:38.920
<v Speaker 2>woods yet though, and it's because of tariffs. The EU

0:00:39.000 --> 0:00:41.479
<v Speaker 2>indicated that wine and spirits will face a fifteen percent

0:00:41.560 --> 0:00:44.519
<v Speaker 2>US tariff starting August seventh. That's on an interim basis.

0:00:44.520 --> 0:00:47.360
<v Speaker 2>We'll talk to continue about an exemption for the sector.

0:00:47.400 --> 0:00:49.519
<v Speaker 2>Can Pari flag today that the impact from tariffs could

0:00:49.560 --> 0:00:53.559
<v Speaker 2>range between four point six million dollars to more than

0:00:53.600 --> 0:00:56.040
<v Speaker 2>fifty million dollars. That's that's a range.

0:00:56.120 --> 0:00:58.720
<v Speaker 1>I was thinking about Grand Monnier in Margarita. I think

0:00:58.760 --> 0:01:00.680
<v Speaker 1>it can make it like a it's just special.

0:01:01.200 --> 0:01:03.360
<v Speaker 2>Sorry, yeah, you're so. You didn't listen to any of

0:01:03.360 --> 0:01:04.200
<v Speaker 2>that all you were thinking about?

0:01:04.240 --> 0:01:04.520
<v Speaker 3>Was that one?

0:01:04.760 --> 0:01:04.959
<v Speaker 1>I know?

0:01:05.040 --> 0:01:05.360
<v Speaker 3>Okay?

0:01:05.400 --> 0:01:06.000
<v Speaker 2>Which fine?

0:01:06.160 --> 0:01:07.920
<v Speaker 1>I know, tariffs and Trader front and center. We're going

0:01:07.959 --> 0:01:08.520
<v Speaker 1>to talk about that.

0:01:08.600 --> 0:01:10.480
<v Speaker 2>I want to bring in Ali Anderson. She's CEO of

0:01:10.600 --> 0:01:13.120
<v Speaker 2>Craft Co. It's a company that has a portfolio that

0:01:13.160 --> 0:01:16.800
<v Speaker 2>includes more than two dozen spirits and liqueurs think Bourbon, Gin,

0:01:16.920 --> 0:01:19.600
<v Speaker 2>Ready to Drink, cocktails and more. The company also does

0:01:19.680 --> 0:01:24.960
<v Speaker 2>co packing for other brands. Ali's back with us from Alexandria, Virginia. Ali,

0:01:25.000 --> 0:01:25.440
<v Speaker 2>how are you.

0:01:26.400 --> 0:01:28.520
<v Speaker 3>I'm doing great today. How are you Caroll and Tim?

0:01:28.680 --> 0:01:30.760
<v Speaker 2>We're doing pretty well. I know Carol wants a drink

0:01:31.280 --> 0:01:34.800
<v Speaker 2>after this week. Hey, I want to start with with tariffs,

0:01:34.800 --> 0:01:37.880
<v Speaker 2>because you're known as a company that doesn't import, and

0:01:37.920 --> 0:01:40.520
<v Speaker 2>you do your own distilling here in the US. As

0:01:40.560 --> 0:01:43.840
<v Speaker 2>a result of the tariffs that have been placed on

0:01:44.000 --> 0:01:46.880
<v Speaker 2>imports of liquor from around the world, have you seen

0:01:46.880 --> 0:01:48.800
<v Speaker 2>an increase in your domestic sales.

0:01:50.400 --> 0:01:52.280
<v Speaker 3>Well, I would like to say that I have, but

0:01:52.320 --> 0:01:55.840
<v Speaker 3>the reality is that when the tariffs, the threat of tariffs,

0:01:55.920 --> 0:01:58.920
<v Speaker 3>especially the back and forth on that, what it did

0:01:59.040 --> 0:02:01.840
<v Speaker 3>was it caused us to distributors to use up that

0:02:01.920 --> 0:02:04.080
<v Speaker 3>budget to purchase those imports out of fear that they

0:02:04.120 --> 0:02:05.960
<v Speaker 3>wouldn't be able to get those going forward or get

0:02:06.000 --> 0:02:07.920
<v Speaker 3>those at a different at a higher price. So that

0:02:07.960 --> 0:02:10.800
<v Speaker 3>didn't leave a whole lot of budget for craft suppliers

0:02:10.960 --> 0:02:13.919
<v Speaker 3>like me to be able to get our products out there.

0:02:14.000 --> 0:02:16.359
<v Speaker 3>So I think it's shaking out right now. I think

0:02:16.360 --> 0:02:19.280
<v Speaker 3>we have lots of signs of hope on the horizon,

0:02:19.320 --> 0:02:22.920
<v Speaker 3>but it definitely constrained things for a long time and

0:02:22.960 --> 0:02:26.440
<v Speaker 3>does continue to you know, affect our suppliers as well.

0:02:26.760 --> 0:02:29.600
<v Speaker 1>Allie, Ellie, Jill, drill down a little bit. What does

0:02:29.600 --> 0:02:32.440
<v Speaker 1>that mean in terms of the restrictions that you guys

0:02:32.480 --> 0:02:35.240
<v Speaker 1>have had or your suppliers what specifically.

0:02:35.600 --> 0:02:39.320
<v Speaker 3>Well, things like packaging bottles which we do get overseas,

0:02:39.320 --> 0:02:42.280
<v Speaker 3>glass bottles. We actually saw this coming and switched up

0:02:42.320 --> 0:02:46.680
<v Speaker 3>our suppliers a little bit, and so imported barrels are

0:02:46.720 --> 0:02:51.040
<v Speaker 3>another one. We actually would like to export more of

0:02:51.080 --> 0:02:53.600
<v Speaker 3>our barrels. That's not going to be as easy to do,

0:02:53.680 --> 0:02:56.640
<v Speaker 3>as you know, but even equipment abroad for us, there's

0:02:56.960 --> 0:02:59.360
<v Speaker 3>some changes to our can line that we'd like to

0:02:59.360 --> 0:03:00.960
<v Speaker 3>make and some of that means we've got to look

0:03:01.000 --> 0:03:03.960
<v Speaker 3>for different suppliers. So you know, we're flexible we're nimble,

0:03:03.960 --> 0:03:06.600
<v Speaker 3>We're able to do that. I recognize that not all

0:03:06.639 --> 0:03:09.160
<v Speaker 3>suppliers are able to do that, but you know, we're

0:03:09.200 --> 0:03:11.399
<v Speaker 3>seeing it and we're feeling it, but we're also adapting

0:03:11.440 --> 0:03:12.080
<v Speaker 3>to it as well.

0:03:13.600 --> 0:03:16.519
<v Speaker 2>So you know, it's funny because I always I don't

0:03:16.520 --> 0:03:19.160
<v Speaker 2>say I always forget, but you know, when I say

0:03:19.200 --> 0:03:22.480
<v Speaker 2>something is actually made in the US, the things that

0:03:22.520 --> 0:03:26.320
<v Speaker 2>you're bringing up are a lot of international products. Whether

0:03:26.400 --> 0:03:33.000
<v Speaker 2>that's barrels, whether it's parts of the machinery that you need,

0:03:33.480 --> 0:03:37.400
<v Speaker 2>whether it's parts of the cans. What is what portion

0:03:37.600 --> 0:03:39.040
<v Speaker 2>is actually made in the US?

0:03:40.320 --> 0:03:44.000
<v Speaker 3>Well, for us, it's it's it's everything is made in

0:03:44.000 --> 0:03:46.160
<v Speaker 3>the US. It's Bourbon we do. We do mainly bourbon.

0:03:47.040 --> 0:03:49.640
<v Speaker 2>And all your ingredients, all your ingredients from the US too.

0:03:50.960 --> 0:03:54.400
<v Speaker 3>The ours are definitely ours are, but that doesn't have

0:03:54.440 --> 0:03:56.480
<v Speaker 3>to be the case, right You could import rye from

0:03:56.520 --> 0:03:59.640
<v Speaker 3>Europe if you wanted. We don't happen to do that,

0:03:59.800 --> 0:04:02.360
<v Speaker 3>but yeah, you absolutely could. Now for us, we're you know,

0:04:02.480 --> 0:04:04.560
<v Speaker 3>we get our labels, we keep as much local as

0:04:04.560 --> 0:04:08.160
<v Speaker 3>we can from our boxes to our labels, our quarks,

0:04:08.920 --> 0:04:12.680
<v Speaker 3>But big things like glass that can be a little tougher.

0:04:13.360 --> 0:04:16.720
<v Speaker 1>I'm also curious about consumer spending. You guys are a

0:04:16.760 --> 0:04:19.479
<v Speaker 1>great window into that, and we've gotten a couple reads,

0:04:19.880 --> 0:04:22.600
<v Speaker 1>certainly on spending this week. We even got some consumer

0:04:22.680 --> 0:04:27.080
<v Speaker 1>sentiment from the Umish University of Michigan. Today. We did

0:04:27.120 --> 0:04:31.760
<v Speaker 1>see sentiment actually go to a five month high. A

0:04:31.800 --> 0:04:33.880
<v Speaker 1>lot of that had to do with the rally that

0:04:33.920 --> 0:04:37.839
<v Speaker 1>we saw recently in stocks. We saw inflation expectations easing.

0:04:38.320 --> 0:04:40.120
<v Speaker 1>What's your read on the consumer right now?

0:04:41.120 --> 0:04:44.800
<v Speaker 3>I think the consumer is fatigued. The consumer, you know,

0:04:44.839 --> 0:04:50.400
<v Speaker 3>they want value, they want bang for the buck. They

0:04:50.480 --> 0:04:54.159
<v Speaker 3>expect us to be very transparent with not just how

0:04:54.200 --> 0:04:56.320
<v Speaker 3>things are made, but you know, they want to know

0:04:56.440 --> 0:04:58.720
<v Speaker 3>if you're selling a four pack, they want to know

0:04:58.760 --> 0:05:02.680
<v Speaker 3>what goes into that. They're very savvy and they're tired.

0:05:02.720 --> 0:05:04.440
<v Speaker 3>I think of you know, we hear a lot about

0:05:04.440 --> 0:05:08.480
<v Speaker 3>shrinkflation as well. I think they're fatigued by that. So

0:05:08.640 --> 0:05:10.200
<v Speaker 3>that's one thing that we definitely try to keep in

0:05:10.279 --> 0:05:12.280
<v Speaker 3>mind when we're developing new products.

0:05:12.640 --> 0:05:15.520
<v Speaker 2>We had this discussion on our editorial call today about

0:05:15.520 --> 0:05:19.720
<v Speaker 2>whether or not we should consider alcohol a staple or

0:05:19.760 --> 0:05:23.000
<v Speaker 2>a consumer discretionary item, and I guess it depends on

0:05:23.320 --> 0:05:26.920
<v Speaker 2>it kind of depends on the way you think about

0:05:27.440 --> 0:05:28.599
<v Speaker 2>a drink after work.

0:05:28.640 --> 0:05:29.040
<v Speaker 3>I don't know.

0:05:29.320 --> 0:05:32.280
<v Speaker 2>I think it's person dependent. How do you view it

0:05:32.360 --> 0:05:35.400
<v Speaker 2>as somebody who creates this product? Do you view it

0:05:35.440 --> 0:05:39.320
<v Speaker 2>as something that especially in the part of the market

0:05:39.320 --> 0:05:40.839
<v Speaker 2>that you play in. Do you view it as something

0:05:40.880 --> 0:05:43.880
<v Speaker 2>that people will buy regardless of how the economy is

0:05:44.320 --> 0:05:45.360
<v Speaker 2>or is it a treat.

0:05:46.680 --> 0:05:48.960
<v Speaker 3>I think it depends on the situation. It depends on

0:05:49.080 --> 0:05:54.080
<v Speaker 3>so many factors, you know, socio political, economic factors. For one.

0:05:54.440 --> 0:05:56.240
<v Speaker 3>It depends on how you're raised, where you come from,

0:05:56.279 --> 0:06:00.000
<v Speaker 3>what your experience is, and how you view something like alcohol.

0:06:00.160 --> 0:06:02.640
<v Speaker 3>Like we're seeing all kinds of trends with the low

0:06:02.720 --> 0:06:06.560
<v Speaker 3>and no proof right people trying to make different lifestyle choices.

0:06:06.600 --> 0:06:11.520
<v Speaker 3>So I think it's definitely situational with with your relationship

0:06:11.640 --> 0:06:14.680
<v Speaker 3>to spirits, to drinking, to alcohol, to how you celebrate,

0:06:14.760 --> 0:06:18.640
<v Speaker 3>to how you mourn, to how you transition through life.

0:06:18.800 --> 0:06:22.320
<v Speaker 2>Are you doing any no or low right now? We are?

0:06:22.360 --> 0:06:25.120
<v Speaker 3>We are. We've got Thatcher's Organic Liqueurs, which we're super

0:06:25.160 --> 0:06:27.320
<v Speaker 3>proud to be organic. That's kind of a hard certification

0:06:27.400 --> 0:06:29.880
<v Speaker 3>to get. So we've got organic liquors that are low

0:06:29.960 --> 0:06:32.920
<v Speaker 3>proof and personally I like, you know, just a seltzer

0:06:32.960 --> 0:06:36.280
<v Speaker 3>like a Lacroix and and a bit of Thatcher's elderflower

0:06:36.440 --> 0:06:38.920
<v Speaker 3>is a great way to just have a little bit

0:06:38.920 --> 0:06:41.080
<v Speaker 3>of spirit but not have to, you know, drink a

0:06:41.160 --> 0:06:43.120
<v Speaker 3>hundred proof whiskey either. Now there's a place for that,

0:06:43.160 --> 0:06:46.479
<v Speaker 3>don't get me wrong, but yeah, we do dabble in that.

0:06:46.520 --> 0:06:50.920
<v Speaker 3>We recently reduce the proof on our cannon cocktails because

0:06:50.920 --> 0:06:53.839
<v Speaker 3>that's what the consumer wanted, right, They're looking to be

0:06:53.960 --> 0:06:57.520
<v Speaker 3>more sessionable, to enjoy for a little bit longer, and

0:06:57.600 --> 0:06:59.200
<v Speaker 3>so we listen to that and delivered.

0:06:59.640 --> 0:07:01.720
<v Speaker 1>Well, that's what I wanted to ask you. Your portfolio,

0:07:01.880 --> 0:07:04.280
<v Speaker 1>as Tim mentioned in the lead to you more than

0:07:04.279 --> 0:07:08.479
<v Speaker 1>two dozen spirits and liqueurs, bourbon gin Rae ready to

0:07:08.560 --> 0:07:12.600
<v Speaker 1>drink a lot. And you are thinking about the lower

0:07:12.600 --> 0:07:16.440
<v Speaker 1>no alcohol market. Where where's the growth? Where are you

0:07:16.440 --> 0:07:19.040
<v Speaker 1>spending time in terms of and you want to spend time,

0:07:19.520 --> 0:07:22.440
<v Speaker 1>not only time, but money and effort. When it comes

0:07:22.520 --> 0:07:24.280
<v Speaker 1>to product development.

0:07:25.120 --> 0:07:29.160
<v Speaker 3>The growth is really in innovation, whatever that, whatever your

0:07:29.200 --> 0:07:33.440
<v Speaker 3>category is. What customers want is to be dazzled. They

0:07:33.480 --> 0:07:35.840
<v Speaker 3>want something new. Like I said, they're fatigued. Sure, they're

0:07:35.840 --> 0:07:38.920
<v Speaker 3>fatigued by price, but they also want something new to try.

0:07:39.800 --> 0:07:41.800
<v Speaker 3>So I think if you're you know, if you're primarily

0:07:41.840 --> 0:07:45.880
<v Speaker 3>into cannon cocktails, I think you should be innovating around flavors.

0:07:45.880 --> 0:07:48.440
<v Speaker 3>What's the culinary scene doing. Are you paying attention to that?

0:07:48.480 --> 0:07:50.880
<v Speaker 3>What are you picking up from that? If you're into

0:07:50.920 --> 0:07:53.600
<v Speaker 3>high end whiskeys, which we very much are, we're looking

0:07:53.640 --> 0:07:56.320
<v Speaker 3>at what kind of different finishes can we do, what

0:07:56.440 --> 0:07:59.200
<v Speaker 3>kind of different blends can we do with higher aged whiskies,

0:07:59.720 --> 0:08:02.960
<v Speaker 3>because the consumers definitely want different, they want to continue

0:08:03.000 --> 0:08:05.920
<v Speaker 3>to be kind of entertained at the shelf by what

0:08:05.960 --> 0:08:06.440
<v Speaker 3>we're doing.

0:08:07.240 --> 0:08:09.520
<v Speaker 2>I mentioned that you do copacking. Can you explain that

0:08:09.560 --> 0:08:11.760
<v Speaker 2>side of the business and what you're hearing from clients?

0:08:11.800 --> 0:08:13.520
<v Speaker 1>If you watch Shark Tank you would know what co

0:08:13.640 --> 0:08:14.160
<v Speaker 1>packers do.

0:08:14.200 --> 0:08:16.520
<v Speaker 2>But I know I know what it is.

0:08:17.200 --> 0:08:21.520
<v Speaker 1>Sorry, go ahead, Well they always do they like, do

0:08:21.560 --> 0:08:23.000
<v Speaker 1>you have a co packer yet? Or I've got a

0:08:23.000 --> 0:08:24.120
<v Speaker 1>co packer? Sr?

0:08:24.560 --> 0:08:28.520
<v Speaker 3>Carol, No, I know she's mine O rough right, yeah,

0:08:29.680 --> 0:08:33.080
<v Speaker 3>go packing. Go packing is Honestly, it's a new part

0:08:33.120 --> 0:08:35.559
<v Speaker 3>of our business. But when we looked at what our

0:08:35.600 --> 0:08:39.319
<v Speaker 3>strengths were, it was in product development. We've developed products

0:08:39.320 --> 0:08:42.120
<v Speaker 3>for the Lions products for the Orlando Magic. We're pretty

0:08:42.120 --> 0:08:45.520
<v Speaker 3>great at being nimble and developing new things for When

0:08:45.520 --> 0:08:47.040
<v Speaker 3>people come to us and say, you know, I'd like

0:08:47.080 --> 0:08:50.800
<v Speaker 3>to do this, we say, great, tell us more. We

0:08:50.840 --> 0:08:52.560
<v Speaker 3>think we can help you out with that, and so

0:08:52.640 --> 0:08:56.679
<v Speaker 3>co packing is our response to utilizing our capacity we

0:08:56.720 --> 0:08:58.800
<v Speaker 3>had a little bit of access capacity and being able

0:08:58.840 --> 0:09:01.160
<v Speaker 3>to say, what do you want to create, we can

0:09:01.200 --> 0:09:04.079
<v Speaker 3>help you navigate that. You know, alcohol is one of

0:09:04.120 --> 0:09:07.520
<v Speaker 3>the most highly regulated industries in the United States. It's

0:09:07.559 --> 0:09:09.600
<v Speaker 3>not easy to navigate that, and so we're able to

0:09:10.160 --> 0:09:14.560
<v Speaker 3>kind of shirpa new brands, New the World brand through

0:09:14.559 --> 0:09:18.400
<v Speaker 3>the process using our experience in our resources as well.

0:09:18.480 --> 0:09:22.320
<v Speaker 1>You mentioned regulatory how what might the come from the

0:09:22.320 --> 0:09:25.640
<v Speaker 1>administration potentially that might help or hurt you guys beyond

0:09:25.640 --> 0:09:27.920
<v Speaker 1>maybe what we've talked about TARFF cent trade.

0:09:28.360 --> 0:09:30.559
<v Speaker 3>Yeah, you know, I'm definitely not a policy expert here.

0:09:30.559 --> 0:09:34.000
<v Speaker 3>What I'm just looking to do is really urge President

0:09:34.040 --> 0:09:37.960
<v Speaker 3>Trump and the negotiators just very quickly resolve the terraffs.

0:09:38.320 --> 0:09:42.480
<v Speaker 3>You know, there's one point seven million workers that depend

0:09:42.559 --> 0:09:45.480
<v Speaker 3>on a very vibrant US spirits industry. That's farmers, that's

0:09:45.480 --> 0:09:49.959
<v Speaker 3>hospitality workers, that's drivers. That's us right, I'm reopening my

0:09:50.000 --> 0:09:52.000
<v Speaker 3>tap room here in September, and I want to be

0:09:52.040 --> 0:09:54.719
<v Speaker 3>able to do that successfully. I want people to come

0:09:54.720 --> 0:09:58.040
<v Speaker 3>through those doors and be able to drink American spirits.

0:09:58.400 --> 0:10:01.240
<v Speaker 1>Well, you mentioned workers on a day where we got

0:10:01.240 --> 0:10:04.839
<v Speaker 1>some weakness in non farm payroll creation. What are you

0:10:04.960 --> 0:10:07.640
<v Speaker 1>seeing when it comes to the US labor market. Are

0:10:07.640 --> 0:10:10.640
<v Speaker 1>you guys hiring, are you holding on to workers? Are

0:10:10.679 --> 0:10:13.240
<v Speaker 1>you trimming back your workforce? What can you tell us?

0:10:13.800 --> 0:10:18.040
<v Speaker 3>I'm hiring right now? Like I said, I'm opening our

0:10:18.120 --> 0:10:20.360
<v Speaker 3>tap room which has been closed now for several months

0:10:21.040 --> 0:10:23.240
<v Speaker 3>by our own decision. We really just wanted to reimagine

0:10:23.280 --> 0:10:24.760
<v Speaker 3>it to be something that was more in line with

0:10:24.800 --> 0:10:27.240
<v Speaker 3>what craft Goo is and who we are. But we're

0:10:27.280 --> 0:10:31.360
<v Speaker 3>definitely looking to hire hourly staff. We just hired a

0:10:31.360 --> 0:10:34.560
<v Speaker 3>tap room manager, We're hiring line cooks, bartenders, so we're

0:10:34.600 --> 0:10:38.000
<v Speaker 3>definitely in a growth mode. But yeah, is it a

0:10:38.040 --> 0:10:41.719
<v Speaker 3>little difficult to find to find that right fit in

0:10:41.760 --> 0:10:43.560
<v Speaker 3>the labor force yet it is just a little bit.

0:10:44.120 --> 0:10:46.120
<v Speaker 2>What kind of pricing power just thirty seconds do you

0:10:46.559 --> 0:10:48.960
<v Speaker 2>have with your product line?

0:10:50.320 --> 0:10:54.040
<v Speaker 3>Well, we're very diverse, so we've got very high end

0:10:54.040 --> 0:10:56.480
<v Speaker 3>Whiskey's one hundred and fifty dollars plus all the way

0:10:56.520 --> 0:10:59.160
<v Speaker 3>down to canned cocktails which are twelve ninety nine for

0:10:59.200 --> 0:11:02.319
<v Speaker 3>a four pack. So you know, there's something for everybody

0:11:02.360 --> 0:11:04.319
<v Speaker 3>in our line, and I think that speaks to where

0:11:04.360 --> 0:11:07.840
<v Speaker 3>everybody is right now economically. You can find something for

0:11:07.880 --> 0:11:08.640
<v Speaker 3>a deal for sure.

0:11:10.080 --> 0:11:13.440
<v Speaker 1>Gonna leave it there, good stuff. Always appreciate getting some

0:11:13.480 --> 0:11:15.960
<v Speaker 1>time with you, Ali. Take care and have a good weekend.

0:11:16.040 --> 0:11:19.600
<v Speaker 1>Ali Anderson, she's CEO of Craftco. As you mentioned, they

0:11:19.760 --> 0:11:24.880
<v Speaker 1>have quite a portfolio spirits and the course, Yeah, fun stuff.

0:11:24.880 --> 0:11:27.840
<v Speaker 1>A great insight into an industry as well as a

0:11:28.000 --> 0:11:32.720
<v Speaker 1>smaller business. She joined us from Alexandria, Virginia,