WEBVTT - Fastenal CEO Daniel Florness Talks Minnesota Unrest

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

0:00:07.760 --> 0:00:09.960
<v Speaker 2>So something we've already touched upon, and this is this

0:00:10.080 --> 0:00:14.680
<v Speaker 2>letter from sixty CEOs of Minnesota based companies. More than sixty,

0:00:14.720 --> 0:00:18.200
<v Speaker 2>i should say, have called for an immediate de escalation

0:00:18.280 --> 0:00:22.079
<v Speaker 2>of tensions between state, local, and federal authorities as the

0:00:22.120 --> 0:00:24.840
<v Speaker 2>state is reeling from another fatal shooting of an American

0:00:24.840 --> 0:00:28.560
<v Speaker 2>by immigration agents. The chief executive officers of companies They

0:00:28.560 --> 0:00:32.760
<v Speaker 2>include Target, Best Buy, Land of Lakes, Cargil, General Mills,

0:00:33.080 --> 0:00:37.159
<v Speaker 2>United Health Group, as well as professional sports teams including

0:00:37.159 --> 0:00:40.400
<v Speaker 2>the Minnesota Vikings, among the signatories of the letter that

0:00:40.560 --> 0:00:43.800
<v Speaker 2>was shared yesterday Sunday by the Minnesota Chamber of Commerce.

0:00:44.520 --> 0:00:46.440
<v Speaker 2>We're laying that out for those who are watching on

0:00:46.520 --> 0:00:49.519
<v Speaker 2>streaming and TV, just to get to the crux of it.

0:00:49.600 --> 0:00:49.840
<v Speaker 3>Though.

0:00:49.960 --> 0:00:53.400
<v Speaker 2>The open letter says, we are calling for an immediate

0:00:53.440 --> 0:00:57.280
<v Speaker 2>de escalation of tensions and for state, local, and federal

0:00:57.320 --> 0:01:00.360
<v Speaker 2>officials to work together to find real solutions. This is

0:01:00.400 --> 0:01:03.240
<v Speaker 2>why Tom Holman is headed to Minnesota.

0:01:03.280 --> 0:01:05.319
<v Speaker 1>Our next guest is head of a company in the

0:01:05.440 --> 0:01:09.200
<v Speaker 1>great state of Minnesota. We're talking about fasten Now recently

0:01:09.240 --> 0:01:11.440
<v Speaker 1>Reporter Earnings, the stock selling off on the day of

0:01:11.480 --> 0:01:14.280
<v Speaker 1>the report, but rallying the day after the most in

0:01:14.480 --> 0:01:17.280
<v Speaker 1>nine months. That trade reaction had us scratching our heads.

0:01:17.280 --> 0:01:19.440
<v Speaker 1>So we're grateful Carol to have back with us to

0:01:19.440 --> 0:01:21.880
<v Speaker 1>talk about the release of the Outlook. The CEO of

0:01:21.880 --> 0:01:24.680
<v Speaker 1>the close to fifty billion dollar market cap company fasten Ow,

0:01:24.760 --> 0:01:26.160
<v Speaker 1>Dan Flornes, is back with us.

0:01:26.240 --> 0:01:29.200
<v Speaker 2>Yeah, so delighted. Let's get to it. Dan, good to

0:01:29.240 --> 0:01:32.640
<v Speaker 2>have you here. Happy New Year. We do love talking

0:01:32.680 --> 0:01:34.200
<v Speaker 2>with you. We feel like we get a great read

0:01:34.360 --> 0:01:38.200
<v Speaker 2>on the US economy, the manufacturing world. You've seen a

0:01:38.240 --> 0:01:39.560
<v Speaker 2>lot in your career, and we want to get to

0:01:39.600 --> 0:01:42.000
<v Speaker 2>all of this. But I really do feel like we'd

0:01:42.000 --> 0:01:45.440
<v Speaker 2>be remiss to not ask you about what's going on

0:01:45.520 --> 0:01:47.440
<v Speaker 2>in your home state. And I feel like those who

0:01:47.480 --> 0:01:51.960
<v Speaker 2>are listening might be curious if you were asked to

0:01:52.000 --> 0:01:56.560
<v Speaker 2>sign this letter of CEOs who want a de escalation

0:01:56.640 --> 0:01:59.720
<v Speaker 2>of what's happening in Minneapolis specifically. So can you were

0:01:59.760 --> 0:02:01.760
<v Speaker 2>you hear that this letter was happening or were you

0:02:01.800 --> 0:02:02.560
<v Speaker 2>asked to sign it?

0:02:03.840 --> 0:02:03.920
<v Speaker 3>Was?

0:02:04.680 --> 0:02:07.560
<v Speaker 4>First off, Happy New Year, and thanks for allowing me

0:02:07.600 --> 0:02:11.480
<v Speaker 4>to participate today. I was not aware of it. We're

0:02:11.520 --> 0:02:13.720
<v Speaker 4>outstate Minnesota, We're about two and a half hours from

0:02:13.720 --> 0:02:17.079
<v Speaker 4>the Minneapolis Saint Paul market, and so it's not uncommon.

0:02:17.919 --> 0:02:19.880
<v Speaker 4>It's a pretty tight knit group up in the Twin

0:02:19.960 --> 0:02:24.960
<v Speaker 4>Cities and was not aware of it going out with that.

0:02:25.080 --> 0:02:28.040
<v Speaker 4>Sid was not surprised by going out and it seemed

0:02:28.040 --> 0:02:30.160
<v Speaker 4>to be pretty common sense of Hey, that's style down

0:02:30.160 --> 0:02:30.480
<v Speaker 4>the heat.

0:02:31.440 --> 0:02:33.559
<v Speaker 2>So would you have signed it though, if asked.

0:02:34.040 --> 0:02:34.880
<v Speaker 4>Yeah, I would sign that.

0:02:36.320 --> 0:02:40.600
<v Speaker 2>What's We talked so much about leadership at this time,

0:02:40.720 --> 0:02:44.919
<v Speaker 2>and I am curious what you see as the responsibility

0:02:44.919 --> 0:02:47.799
<v Speaker 2>of leaders in the United States when we see situations

0:02:47.840 --> 0:02:50.960
<v Speaker 2>happening where it feels like and again I don't want

0:02:50.960 --> 0:02:52.720
<v Speaker 2>to get political, I don't want to take sides, but

0:02:52.800 --> 0:02:57.839
<v Speaker 2>it does feel like Americans are being what some would

0:02:57.840 --> 0:02:59.160
<v Speaker 2>say is targeted unfairly.

0:03:00.560 --> 0:03:04.040
<v Speaker 4>Yeah, you know, I think as a leader, one of

0:03:04.040 --> 0:03:07.440
<v Speaker 4>our one of our tasks are to create some calm

0:03:07.480 --> 0:03:10.080
<v Speaker 4>in the air. You know. I think back a few

0:03:10.160 --> 0:03:13.520
<v Speaker 4>years ago when when COVID was going on, it seemed

0:03:13.560 --> 0:03:17.679
<v Speaker 4>like every everybody, every day turned everything into a political thing.

0:03:18.240 --> 0:03:20.000
<v Speaker 4>And sometimes it's the case of, you know, if you're

0:03:20.000 --> 0:03:23.800
<v Speaker 4>around a bunch of people that that are high at

0:03:23.880 --> 0:03:26.680
<v Speaker 4>risk in the case of COVID, put a mask on.

0:03:27.040 --> 0:03:28.639
<v Speaker 4>If you're If you're not and you don't want to

0:03:28.680 --> 0:03:31.520
<v Speaker 4>be there, then go someplace else, you know, same thing here.

0:03:32.080 --> 0:03:34.760
<v Speaker 4>Let's try to dial the heat down and focus on

0:03:34.840 --> 0:03:38.280
<v Speaker 4>what we're trying to accomplish, not how we can see

0:03:38.280 --> 0:03:40.800
<v Speaker 4>who can be the most boisterous in the in the

0:03:40.800 --> 0:03:43.680
<v Speaker 4>market of throwing ideas out and that that's not both

0:03:43.720 --> 0:03:46.320
<v Speaker 4>sides of the of the fence, Dan.

0:03:46.360 --> 0:03:48.520
<v Speaker 1>One thing that we're trying to figure out is getting

0:03:48.560 --> 0:03:50.960
<v Speaker 1>a good read on the economy. And you guys have

0:03:51.000 --> 0:03:53.400
<v Speaker 1>such a great read on it given that you touch

0:03:53.480 --> 0:03:57.040
<v Speaker 1>so many sectors. I mean, if you're using nuts, bolts, screws, anchors, rivets,

0:03:57.200 --> 0:04:01.320
<v Speaker 1>any kind of fastener, industrial janitorial safety supplies, you guys

0:04:01.360 --> 0:04:04.920
<v Speaker 1>do it. On earnings, you mentioned the broader market conditions

0:04:04.960 --> 0:04:08.360
<v Speaker 1>remained mixed. What exactly did you mean by that when

0:04:08.400 --> 0:04:10.720
<v Speaker 1>you say mixed? What's the good? What's the bad?

0:04:11.840 --> 0:04:15.240
<v Speaker 4>Well mixed. From the standpoint, we focus a lot on

0:04:15.440 --> 0:04:20.440
<v Speaker 4>the Personing Manager's Index, okay, published by ISM, and that's

0:04:20.440 --> 0:04:23.640
<v Speaker 4>been you know, sub fifty for thirty six of the

0:04:23.720 --> 0:04:26.839
<v Speaker 4>last thirty eight months. So from the standpoint of the

0:04:26.920 --> 0:04:30.960
<v Speaker 4>economy has not given us any lyft. We are getting

0:04:30.960 --> 0:04:34.440
<v Speaker 4>good traction in the marketplace, and we finished out the

0:04:34.480 --> 0:04:36.960
<v Speaker 4>last half of twenty twenty five with double digit growth.

0:04:37.560 --> 0:04:40.440
<v Speaker 4>That's really an exercise of taking market share more than

0:04:40.480 --> 0:04:41.880
<v Speaker 4>the wind is to our backs.

0:04:43.000 --> 0:04:44.960
<v Speaker 2>And I know we've talked about this too, Dan with

0:04:45.000 --> 0:04:49.120
<v Speaker 2>you about being in a prolonged downturn in the industrial economy.

0:04:49.400 --> 0:04:51.640
<v Speaker 2>Any green shoots that you were seeing or signs of

0:04:51.640 --> 0:04:54.440
<v Speaker 2>an inflection, and if so, I'm just curious what markets

0:04:55.160 --> 0:04:58.200
<v Speaker 2>might you be optimistic and which are maybe running weaker

0:04:58.279 --> 0:05:01.000
<v Speaker 2>than you anticipated, and maybe we'll canntinue to this year.

0:05:01.720 --> 0:05:03.800
<v Speaker 4>Yeah, this is a little bit an anecdotal answer, so

0:05:03.800 --> 0:05:07.960
<v Speaker 4>I apologize for that. We're seeing in some of the

0:05:08.000 --> 0:05:11.560
<v Speaker 4>published data some industrial production numbers improving late in the year.

0:05:12.480 --> 0:05:15.080
<v Speaker 4>We aren't seeing that directly in our business, but for

0:05:15.200 --> 0:05:18.200
<v Speaker 4>us November December is a seasonally week period, so that

0:05:18.240 --> 0:05:21.080
<v Speaker 4>doesn't surprise me that we won't see it. So don't

0:05:21.120 --> 0:05:23.440
<v Speaker 4>know if there's some green shoots there. I can tell

0:05:23.440 --> 0:05:26.920
<v Speaker 4>you this from my travel if it's a business that's

0:05:27.080 --> 0:05:31.440
<v Speaker 4>you linked to certain industries and data center is an

0:05:31.440 --> 0:05:33.799
<v Speaker 4>example from a recent trip I had on the East

0:05:33.800 --> 0:05:37.479
<v Speaker 4>Coast where I was visiting a mechanical contractor and their

0:05:37.560 --> 0:05:41.040
<v Speaker 4>business was on fire and seventy percent of their activity

0:05:41.200 --> 0:05:45.479
<v Speaker 4>was around data centers.

0:05:44.360 --> 0:05:48.560
<v Speaker 2>So that's the good part, right, and that that's the

0:05:48.560 --> 0:05:51.159
<v Speaker 2>good part that story. We keep hearing about the AI

0:05:51.279 --> 0:05:54.279
<v Speaker 2>build out, the data center build out. You saw it firsthand.

0:05:54.279 --> 0:05:57.440
<v Speaker 4>It's real, it's real, it's real. In fact, I had

0:05:57.440 --> 0:06:00.920
<v Speaker 4>a I spent a big chunk of my time having

0:06:01.000 --> 0:06:04.400
<v Speaker 4>conversations with our district leaders. We have about two hundred

0:06:04.440 --> 0:06:06.800
<v Speaker 4>and forty district managers. They each run about a thirty

0:06:06.800 --> 0:06:08.680
<v Speaker 4>five million dollar business. You had them all up, that's

0:06:08.680 --> 0:06:09.960
<v Speaker 4>an eight billion dollar fastenal.

0:06:10.560 --> 0:06:10.640
<v Speaker 3>So.

0:06:10.680 --> 0:06:13.800
<v Speaker 4>I had a conversation with our team in Atlanta this morning,

0:06:13.880 --> 0:06:17.240
<v Speaker 4>one of our district managers, and most of his discussion

0:06:17.440 --> 0:06:21.800
<v Speaker 4>was about business pickup. He's seeing his market because of

0:06:21.920 --> 0:06:22.560
<v Speaker 4>data centers.

0:06:22.680 --> 0:06:22.960
<v Speaker 3>Now.

0:06:23.320 --> 0:06:26.160
<v Speaker 4>Atlanta is unique in that it's one of a handful

0:06:26.279 --> 0:06:28.920
<v Speaker 4>that are really being impacted by that build up.

0:06:29.839 --> 0:06:32.680
<v Speaker 1>What is the pricing power, Dan that the company has

0:06:32.760 --> 0:06:35.840
<v Speaker 1>right now? Because historically during periods of inflation, you've been

0:06:35.839 --> 0:06:39.360
<v Speaker 1>able to be pretty aggressive with price increases. I think

0:06:39.400 --> 0:06:41.960
<v Speaker 1>people would argue you weren't as aggressive as you could

0:06:42.000 --> 0:06:45.160
<v Speaker 1>have been in twenty twenty five. What's the barrier to

0:06:45.600 --> 0:06:47.000
<v Speaker 1>pushing price more aggressively.

0:06:47.920 --> 0:06:50.719
<v Speaker 4>Well, you know, the one barrier is the size of

0:06:50.720 --> 0:06:53.599
<v Speaker 4>the customer, the nature of the products, how much of

0:06:53.640 --> 0:06:58.960
<v Speaker 4>it is production centered versus maintenance centered. Because when it's

0:06:59.000 --> 0:07:02.360
<v Speaker 4>production centered build business, you have customers buying a very

0:07:02.440 --> 0:07:06.159
<v Speaker 4>large volume of narrow band of skews, and their price

0:07:06.240 --> 0:07:08.960
<v Speaker 4>sensitivity is different than if it's MRO and they're buying,

0:07:09.200 --> 0:07:10.640
<v Speaker 4>you know, one hundred dollars of this and one hundred

0:07:10.640 --> 0:07:13.160
<v Speaker 4>dollars of that. You know.

0:07:13.200 --> 0:07:14.440
<v Speaker 2>One of the things I want to ask you to

0:07:14.800 --> 0:07:16.559
<v Speaker 2>there was a story on my read in this morning,

0:07:16.640 --> 0:07:21.360
<v Speaker 2>Dan in terms of Volkswagen saying that they're going to

0:07:21.440 --> 0:07:23.240
<v Speaker 2>the head plans for a possible out factory in the

0:07:23.320 --> 0:07:26.840
<v Speaker 2>United States. They're not progressing due to President Donald Trump's

0:07:26.840 --> 0:07:30.280
<v Speaker 2>tariffs and unsuccessful talks for local incentives. So we have

0:07:30.320 --> 0:07:32.680
<v Speaker 2>certainly seen an administration that talks about all the investment

0:07:32.760 --> 0:07:34.560
<v Speaker 2>money coming into the US, and I think we here

0:07:34.560 --> 0:07:37.000
<v Speaker 2>at Bloomberg continue to try and figure out how much

0:07:37.040 --> 0:07:39.280
<v Speaker 2>of this is actually going to play out. You can

0:07:39.320 --> 0:07:41.520
<v Speaker 2>say you're going to invest, and then there's the reality

0:07:41.560 --> 0:07:44.880
<v Speaker 2>of actually building facilities. First of all, tariffs, and I

0:07:44.880 --> 0:07:47.120
<v Speaker 2>know we've talked about this with you in the past,

0:07:47.120 --> 0:07:50.800
<v Speaker 2>and forgive me if I'm repeating, but you're thinking about outsourcing,

0:07:50.840 --> 0:07:53.880
<v Speaker 2>how have tariffs changed that, especially when it comes to fasteners,

0:07:53.880 --> 0:07:57.000
<v Speaker 2>I think primarily sourced from China and Asia. So I'm

0:07:57.040 --> 0:07:59.680
<v Speaker 2>just curious how many of it's been shifting for you.

0:08:00.720 --> 0:08:05.600
<v Speaker 4>Yeah, so you are absolutely correct, Most of the fasters

0:08:05.680 --> 0:08:09.160
<v Speaker 4>in this country, in North America in general come from

0:08:09.640 --> 0:08:15.880
<v Speaker 4>Northern Asia, China primarily obviously huge impacts. And for us,

0:08:16.160 --> 0:08:18.480
<v Speaker 4>what it's meant is over about for about the last

0:08:18.520 --> 0:08:24.440
<v Speaker 4>six years, seven years, we've been actively expanding our ability

0:08:24.480 --> 0:08:27.400
<v Speaker 4>to import fasters because there's still not a lot of

0:08:27.400 --> 0:08:33.720
<v Speaker 4>domestic production. And so when I think back to twenty eighteen,

0:08:34.400 --> 0:08:38.960
<v Speaker 4>our primary sourcing entity was based in Shanghai with a

0:08:39.040 --> 0:08:44.439
<v Speaker 4>secondary location in southern Taiwan. Today we have personnel in Bangkok,

0:08:44.480 --> 0:08:47.280
<v Speaker 4>we have personnel in India, and that's where all of

0:08:47.320 --> 0:08:50.600
<v Speaker 4>our growth and movement of sourcing personnel has occurred over

0:08:50.640 --> 0:08:54.439
<v Speaker 4>the last seven eight years to just broaden our ability

0:08:54.520 --> 0:08:56.520
<v Speaker 4>to be a little more agile and where you have

0:08:56.600 --> 0:08:58.680
<v Speaker 4>source from depending on the geography it's going into.

0:08:58.920 --> 0:09:01.400
<v Speaker 1>So that's on the sourcing side, but what about on

0:09:01.440 --> 0:09:06.320
<v Speaker 1>your customer side? And about customers moving manufacturing back to

0:09:06.360 --> 0:09:09.760
<v Speaker 1>the US. Are you seeing that happen or hearing discussions

0:09:09.760 --> 0:09:10.080
<v Speaker 1>of that.

0:09:11.040 --> 0:09:16.040
<v Speaker 4>Yeah, I guess you know anecdotally. Yes, I can't say

0:09:16.040 --> 0:09:21.000
<v Speaker 4>that we've seen a tremendous influx. What I would say

0:09:21.120 --> 0:09:25.040
<v Speaker 4>is I hear less about stuff leaving than maybe I

0:09:25.080 --> 0:09:28.040
<v Speaker 4>would have, you know, ten years ago or five years ago.

0:09:28.559 --> 0:09:31.800
<v Speaker 4>And that in itself is a win from the standpoint

0:09:31.880 --> 0:09:35.120
<v Speaker 4>of production. But you know, a lot of it is

0:09:35.840 --> 0:09:38.880
<v Speaker 4>folks are getting closer to where the end customer is

0:09:39.600 --> 0:09:42.800
<v Speaker 4>for a lot of our customers. And so when I

0:09:42.880 --> 0:09:48.440
<v Speaker 4>see customers expanding production facilities in North America, and I'll

0:09:48.440 --> 0:09:50.439
<v Speaker 4>say more broadly than North America rather than just the

0:09:50.520 --> 0:09:56.960
<v Speaker 4>United States, it's usually to service more efficiently the local market.

0:09:57.760 --> 0:10:00.960
<v Speaker 2>Which makes sense, which we've seen that t and right happening.

0:10:01.000 --> 0:10:03.640
<v Speaker 2>I feel like over time, Hey, Dan, you mentioned about

0:10:03.640 --> 0:10:06.880
<v Speaker 2>maybe less companies leaving the US. Speaking of leaving, you

0:10:06.920 --> 0:10:11.360
<v Speaker 2>are stepping down as CEO come July. You've been CEO

0:10:11.440 --> 0:10:14.319
<v Speaker 2>since twenty sixteen, you were CFO before that, going back

0:10:14.320 --> 0:10:16.120
<v Speaker 2>to two thousand and two. You've been there a long

0:10:16.160 --> 0:10:19.720
<v Speaker 2>time and I know last time you were on I

0:10:19.760 --> 0:10:22.600
<v Speaker 2>asked you a question about this cycle, and I was

0:10:22.640 --> 0:10:24.880
<v Speaker 2>not very kind. I got yelled at by my team

0:10:25.480 --> 0:10:27.319
<v Speaker 2>because I think I gave you twenty seconds, but I

0:10:27.400 --> 0:10:29.840
<v Speaker 2>want to we do get yelled at.

0:10:29.880 --> 0:10:32.559
<v Speaker 1>You get twenty five seconds now, no, no.

0:10:32.120 --> 0:10:34.600
<v Speaker 2>No, you've got almost two minutes. How do you describe

0:10:34.600 --> 0:10:36.960
<v Speaker 2>this cycle, because it's it feels unusual.

0:10:38.120 --> 0:10:44.440
<v Speaker 4>Well, it's unusual in that, you know, you hear about everything,

0:10:44.520 --> 0:10:48.360
<v Speaker 4>Whereas in years past there was so much of this

0:10:48.480 --> 0:10:51.760
<v Speaker 4>political stuff that went on, but most of it, if

0:10:51.840 --> 0:10:54.440
<v Speaker 4>you weren't in the midst of it, you were oblivious too,

0:10:54.480 --> 0:10:58.560
<v Speaker 4>and you went around about your life. Now everybody hears

0:10:58.559 --> 0:11:01.280
<v Speaker 4>about everything when it happen, So that's just a lot

0:11:01.320 --> 0:11:05.040
<v Speaker 4>more noise on the flip side. What's really different is

0:11:05.800 --> 0:11:08.520
<v Speaker 4>I mentioned on that conversation with the team in Atlanta

0:11:08.559 --> 0:11:11.360
<v Speaker 4>this morning, we were talking about data centers, and one

0:11:11.400 --> 0:11:13.880
<v Speaker 4>of the people on the call, he leads our business

0:11:13.920 --> 0:11:16.600
<v Speaker 4>in the Southern US. He said, Hey, Dan, I'm gonna

0:11:16.600 --> 0:11:19.240
<v Speaker 4>flip your something, and he punched in a bunch of

0:11:19.320 --> 0:11:22.520
<v Speaker 4>questions and he came back with a twenty nine page

0:11:22.600 --> 0:11:26.280
<v Speaker 4>report on the data center industry in the United States,

0:11:27.160 --> 0:11:30.400
<v Speaker 4>and so I read through a bunch of it, it's

0:11:30.480 --> 0:11:35.400
<v Speaker 4>actually pretty accurate and pretty good. I mean, there's stuff

0:11:35.400 --> 0:11:37.520
<v Speaker 4>in that I could pick apart, but it's pretty good.

0:11:37.800 --> 0:11:40.920
<v Speaker 2>Yeah, I know, well, you know, Okay, Now.

0:11:41.400 --> 0:11:43.000
<v Speaker 1>Dan still had to do the reading though it didn't

0:11:43.040 --> 0:11:44.439
<v Speaker 1>read the report for him.

0:11:44.280 --> 0:11:47.320
<v Speaker 4>So I probably would have. But I'm old school, I guess.

0:11:47.679 --> 0:11:50.640
<v Speaker 2>Is that just quickly, I know, this is truly like

0:11:50.679 --> 0:11:53.800
<v Speaker 2>thirty seconds. Is that the most transformative change you think

0:11:53.800 --> 0:11:55.760
<v Speaker 2>we'll see of the next decade is just the continued

0:11:55.800 --> 0:11:59.880
<v Speaker 2>impact of AI and things like CHATCHYPT and everything else connected.

0:11:59.880 --> 0:12:02.800
<v Speaker 3>Just your quick thought on that, Yeah, because I mean,

0:12:02.800 --> 0:12:07.080
<v Speaker 3>when I think of our business, we're selling tens of

0:12:07.120 --> 0:12:09.760
<v Speaker 3>thousands of different parts to customers every day, and the

0:12:09.800 --> 0:12:12.560
<v Speaker 3>ability to improve the visibility.

0:12:11.960 --> 0:12:15.920
<v Speaker 4>For for folks sourcing all that stuff is an incredible

0:12:15.920 --> 0:12:16.840
<v Speaker 4>efficiency tool.

0:12:17.080 --> 0:12:20.880
<v Speaker 2>All right, Dan, come back soon, especially before you leave

0:12:21.320 --> 0:12:23.520
<v Speaker 2>in the summer. Dan, Dan, thank you