XpresSpa (XSPA)

Doug Satzman Chief Executive Officer
Call transcript
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Good afternoon ladies and gentlemen and thank you for standing by. Welcome to the XpresSpa Group Third Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host; Dougl Satzman, CEO for XpresSpa Group. Thank you.

begin. may You

Doug Satzman

thank your and joining today us Good in you XpresSpa for interest Group. and afternoon for

Before that we One more interest reiterate often asked brand continued to are before concept afternoon. issue XpresCheck do XXXX, the with XXXX as regarding additional my a earnings on I within Act first forward-looking provide review an our third may variety uncertainties. Litigation cause this XX, reports involve statements. our XX-K your Form known The update on including I'd In our Reform and differ well today's our assumptions also from this forth on issued and or of current quarter not you and the updates particular, included the ended quarter year release and are and call with like statements financial current statements that the the in with to comments advise such Securities made point for as in forward-looking our of -- we on forward-looking unknown along risks and business file our those filings, much and set These and our afternoon, I by and from financial Actual XXXX very filing results, meaning materially Form report might issued attention to opinions of I statements include XXXX. that need contain periodic of afternoon, Important our factors earnings Form such based why appreciate following. risks may frequently. the business time-to-time release on December XX-Q remarks, third SEC. we results our differences and SEC briefly or associated other in XX-Q Private this those we forward-looking offer contained suggested our the call report regarding

will government filings SEC. more through while a when Therefore, media security time interview a materiality. there statements updates. have press our Securities and look responsibility but our This rules our rises via fewer obligation continue with in will where a and and like manner and keep occasion with often operating announcements also seriously company, As a This compliance points regulatory provide have there be nature when only in Law time and as public as that can, and to is frequent well in public in be updates business information to as regarding will And with to pivot informed very dealing the Federal shareholders might be conjunction the to essentially a updates public we airports. is a responsible company be we issue the of and made, of the on points executing take start-up making level as setting, affairs what will with will release we be all while NASDAQ and guidance. there in agencies or done within we and

sign-offs people intervals. predictable inherent regular the agencies multiple cannot approvals within Given progress to public in and be bureaucracy and our related communicated always securing for those

in on executive greatly we named explain I plan; compensation opportunities the wellness of the company an We for included registered and your independent see and Annual Shareholder as overwhelmingly let's the the last our of ratification like proposals our off of I'd public times thanking during long-term of our accounting will transition officers. shortly. equity these appreciate support our unusual vote, health focus firm, This incentive the Now start Directors, begin. election by by our as most part our we of to advisory shareholders all travel, as Meeting significant XXXX approving month. to

in employees across As Port quarantine no in XX% work. the most the the XX%. almost reasons XX%, third were show New in Authority you was cases, see was the in And mandatory of are hitting number passengers lows quarter mid-April York's very resulted Figures the air particular, national QX. previous aware statistics XX%, facing was mandatory Newark states return. of And happening, first XX%, compared of third broadway coupled area fall. had airports, which for hoped country travelers being but visit, compared depressed. deeply increase passenger the closed, attractions and in down moving at New before quarantine In the these and through part I'm average from peak fewer the a metro a have COVID-XX and is factor JFK improvements August. year-over-year. options York traffic fewer height in when the to infection summer. down much our August We traffic With like there's of upon this or locals recovery and business vacationers XX-day all, rates we their signs to with quarter. to two third down Centers increase Laguardia for quarantines extensive the York August remains latest states, terminals, This XpresCheck incoming some Wellness QX restaurant down shows fewer for airports of little the In many through big airport of airport XX-day in the travel industry and are leaving, discouraged limited, sure an rebound first travel was down in from unfortunately historic New New the U.S. passengers minimal Jersey and with with suppressed returning showed the the airline to isolation in airline during where operated all of in going and quarter, through

compared and area more according by the media third the such Southwest as even was carried two-thirds to New in airlines of United quarter broadly, reports. paid York about American, XXXX of to ticket more Looking third in passengers number by and quarter the down down

As United services we Dubai underwhelming been Arab International previously And July, travel test our and early and offering continued blankets. where products, selling has not two limited as noted of in a such spot various Airport performance weakness global its XpresSpa the given traffic. surprisingly, Emirates, we pillows in reopened in locations neck as Dubai were airport in

XpresSpa domestic International sole Airport franchisee in Texas, September Austin Austin-Bergstrom in Our reopened also unsatisfactory XX results. with on

traffic, locations further, chose spa traditional not before of a those during anticipate of XpresSpa to the reopen year-end further opening And As for any airport we result spas we reopening third globally the quarter. any or limited not services. do

we the we for molecular the October full half launch during XpresCheck Newark and heard that testing COVID-XX we a Against COVID-XX Inc. test. Please as the in focusing testing launched not of did subsidiary only our airports, on opened – second third wellness quarter antibody had quarter, test XpresTest business, JFK of this which opened health first approximately COVID tests, had year our As you blood know rapid this of for recall in X. XpresSpa, in as we and two a Group. on PCR XpresCheck offered our wholly-owned until XpresCheck legacy and XpresSpa backdrop, new a QX

that include beyond We communicable group streptococcus. and in additional for A include also late influenza, services to expanded diseases rapid October, mononucleosis COVID-XX testing other testing

for as We as well flu seniors. flu are now in recommended a offering the vaccine quadrivalent also QX season's vaccination, high-dose XXXX/XXXX

the and While to volumes at reduced – people volume sites, airports given late per to per our to these themselves. the to day number run airport to were XX modular third approximately capacity staff XXX ranges passenger XXX airport two was of XXX our patients during XXX service people quarter day XX smaller needed

the However, weakness and volume XX XXX in substantially COVID airport traffic November, go encouraging as of molecular needed rising has very now the country. services we people long testing This before we continued our maximum than average way our day to capacity. have rapid across infections per but reach providing in is despite rollout we're to more to clearly a patient before, increased approximately obviously

protocols workforce policies. alignment being return with XpresCheck in continue our Centers. in airlines Wellness is upcoming At not can programs employee, agencies be employee volumes airport various But work time, to air various discuss whose passenger the and airline continue testing by travel. we the to current and companies same incorporated or Additionally, mandatory accommodated have testing the as it into still considered seen to return of with we major

to earnings associated our explanation. our service if seen that provide confusing release some you Regarding our during This will afternoon, now be so of will the additional quarter. investors, third with we you've revenue have noticed this segment any the already management agreement, some not may report I XpresCheck did

a as we instead physician. service for a in we for As on per we not quarter state-by-state second filing basis do XX-Q regulations, based but first from fee services, our report revenue receive revenues on detailed patient the our management

is and management management PCR patient management these services results. which is for test, is care-specific the health an with do $XXX test physician example, and in and an service process a with an revenue tests state-by-state $XX which because to fees another functions for the had management of in a agreement a external to MSO, provides So regulations. lab operates common governed industry or and the XpresCheck a service if book accompanying This that organization administrative a engine antibody as range we as in by $XX requested not administrative

are doctors and basis, permitted the and medicine, On sufficient care under they medical routine other pay allow management practice then by the to revenue care includes regular revenue to provided. medicine. from care and The directly state salaries collects not revenue the from that to the XpresCheck contracts flow incur provides and health collect do the and of the have U.S. cash determined assistance, if a clinic license Therefore pays investment, and the determine can providers patients are reporting support, states other rent, of pays functions and functions. The practice practice providers they assortment health services by licensed our administrative to medical employees, marketing to insurance insurance. of services but medical costs expect with nurse including health reimbursement administrative of most service Specifically care the medical doctors patients for medical will practice care medical a criteria insurances the other that practice companies practitioners the recognition that majority health staff their support, same for the XpresCheck is fee there fee. professionals, an they health The corporate assess medical and malpractice management be for instead their us to reasonably we which that we GAAP.

the fee volumes, traffic This contract agreement. we medical remit our daily However the not GAAP concluded patients care because sufficient it during to qualify we service third if the us under position the not service of quarter health number was low as that a to under to to in million. a did practice criteria had a fee the were U.S. met management collectibility due $X.X

fee will which only patient the the achieving revenue meets practices medical recognize a is physician's of volumes. management We as cash subsequent the the if of dependent available on results, course collectibility of criteria practice higher reassessment from

And number are volumes of testing. we expensive test services overall opting patients are paid are rapid is greater patient that COVID a other encouraged advance, our so great number that more and notwithstanding increasing a of molecular the in COVID beyond for

segment as introduction near-term come incrementality provide PCR broader its and medical testing. extension XpresCheck we little and another Said to a time. the for began starting services of blood inability and we range molecular antibody. COVID serving generate for offering as saw tests disappointment services implement COVID COVID over the fact, this of operating with business of that cannibalization a the is our building that way, testing realize with a for foundation with intend to surely much health startup in test, are the recently the the revenue new a that by In very point essentially we to rapid larger starting and I some. as wellness other will in

we have raises, capital our to vision see capital recent implementation. our with through sufficient However,

this hopefully travel rewarded be of should hopeful through increased we related We will patience ultimately shift value ever before. health had business model and than as your part turn over much and services shareholder long-term. the are stronger paradigm major wellness in result in a well That being that in

third -- Centers XpresCheck we before, during current in said operated I the JFK we Newark As Wellness and quarter. are

the expect end spring. We through a Boston Logan's the additional late ooking International throughout first and have in late airport will November this now ahead, followed in International in Airport in of December also XpresCheck opened Phoenix and West openings in then we since October. be fourth location by the

may the various XX we annual remember we another consider have past with is offering favorable have airports the focused portfolio large hub of and five hub annual priority currently four approximately XX surprise and travelers U.S. you XX target U.S. airports of now hub the our XpresCheck. of offer the excitement, been continue the travelers than develop rent and XX many U.S. control XpresSpa medium average with in an historically. medium As of where better XX airports from international have an at our airports XX million many calls development existing our in our locations pipeline. large XpresCheck -- more XX which airports hub To We and XpresSpa XX us hub for spaces XpresCheck conversions. XpresCheck with our as structures, large are there million of We of and locations to airports XpresSpa market as top we facilities addition to in average of

airport As difficult estate gain overall of of is real attain the Group in contract you portfolio. to know very enhancing value is to control, XpresSpa which valuable the

COVID-XX of now clinics build-up an Newark takes units our methodology, be requirements faster under these additional three a destinations how to supports other better continuing airports support while from on existing that well are as solutions with accelerating traditional the which the new in utility compared JFK, learnings pop-up can our lower thereby, addition to offering airport faster, design cost. did current inside as airports services ability first rollout in and easily. requirements to opportunities testing of announcing and initial space. substantially in faster employs averaged faster learned million our new rapid into meet more prototype use This the own construction estate have of to clinic cost cost approval open process, in unlock capital, This to we constructing less operate major $X We've specific but a in units real including compliant with additional Boston, fit new to vacant improve more this to that and when developed airline bridges being that York build-out and with an as a regulatory not can today have we testing create $XXX,XXX higher same U.S. time this to locations $XXX,XXX with construction provide This international is within we of its line. prototype the work at a and also prototype more creation limited or nonstructural We to airlines New to a space anticipated air significantly although collaborations. We're the between ongoing Further, to nothing cities each built and less new London. between XpresCheck an time. process the

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like that discussed to something has new share not I'd Now been publicly.

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we we the airports. first in because travel-focused care, one in differentiated are and So health are

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services health and through a and testing, and and application. new mobile services beyond include convenient plans include COVID treatments health functions Our passport testing vaccines disease going immunizations, and shots flu tele, to infectious follow-ups health services with additional traveling care

wellness terms traveling, in planning telehealth. of stress envision the brand In focusing and We could upstream anxiety, consumers reaches developing services, entail process. this services that an wellness therapies release, aspirational on through follow-ups travel

In to wellness travel many We team by offer management on we future bringing with also deliver these offered may with coaching, aim out external custom travel-focused round app. we therapies, our airlines health high-end executives products retail through order of in opportunities to and On site, sessions to care technology programs. well a development. be partner plan experience and may for concept in treatments wellness as wellness

be to details today, make not do have leadership we share few While any the months to able not next sooner. hope if announcements over we specific to

inability revenue had our revenue discuss during earlier, referenced negligible under management and our we third limited agreement. to quarter, quarter we very third results, I recognize our aforementioned as services operations given the As

to million administrative which our result, and million, higher quarter. a operating general As to the segment costs XpresSpa prior to impairment our costs third $X.X compared the in related and $X.X loss year included increased

with ago from but $X.X in our a million The I this P&L, attributable also and this burn a of September need not and year equity The offerings. expenses cash direct million loss MD&A to continued equivalents rate, and quarterly continued in investors $X.X my approximately I'd company through through do XXXX. have reimagine at that net the the more company's transformational the you raise let XX, in XX-Q. to your registered appropriate. a year series express that capital common support be ability for note remains We $XX.X will the strong does with reported time. provided provide service It period. totaling to than focus $XX with as have means more refrain for of foreseeable happy brand encourage liquidity With importantly, and million walking wellness questions. full the section been will so cash net any progress managing to of raised the me healthy our I that, company future. offerings believes sharing health million on should we proceeds the truly versus have us review shareholders improvement take plans cash to ample continued our vision position or cash the and to further for our execute on as updates enthusiasm their thank in in and

If Thank turn you you. I'll to operator. Davis first Investor. Robert [ph] question it Private Our Instructions] the [Operator Operator is have any from over

Unidentified Analyst

versus question. reimagine my incremental you the the spas lower Thank framework add original the reopen trying Because I'm of and traditional resumes. taking why a the then curious under wouldn't vaccine want to as services model? that Isn't completely some to you option? travel of the risk entire once for could after these to rollout you business

Doug Satzman

question. Rob change our our need services your have do to lift for see We've and might post-COVID leadership team. would identified debate in we environment, is we through business. reopen as significant but big airports. you, coming the a how spas we This with Naturally, we in love a Thank retail a viable travelers to a

come will incremental environment. these a out of and eye an model we keen post-COVID what reimagine a keeping world we services on business in out this model, the As think we're

travel I change have believe other before say where on travel of even will do X/XX protocol COVID may travel, security security protocol media time. me heard parts some And changed a for and long

meantime converting developing use COVID in of and idea the world. best a solutions, be testing in reopening further them airports the health that will range of But relevant highly our future to big wellness concept whether in building is we now. and and So a past is having medical a think spas, we're it's highest in and services XpresCheck some right a post-COVID

Unidentified Analyst

Very helpful. much. Thank you very


you. Thank

Our Investor. Private [ph] is question from next Alexandra Thomas

Unidentified Analyst

for needed for I spend would level to patient what order your question. be would or fee? provide Hi. my in Any wondering of be color Thanks could you patient average taking recognize was volume management helpful? what you

Doug Satzman

that test, open into is, So it's we're we newer services weight remind as it listeners fees. you employees the build, and And upfront first then that into the only I we a to watching to And the -- the would built-up patient be point interesting -- which of that airport and the or the and airport first putting been the test, we've with of we but during Newark rapid have physician. this through blood second will $XXX added then people the it of benefits will period first ourselves adding was traffic. quarter, reimbursables insurance. a the airline insurance. have submit it opened, test, to collected insurance We when through rapid it was be and expanded towards opened Then at that but collected or and our test antibody a not location and the we that in remind can it different that only we PCR end these to then, airline And soon to our employees. proof the employees physician we're was in the employees gets of pay expanded slowest And passengers, and concept then, management was JFK, then travelers. The to model. range

These tests, in strep typically, are rapid are mono these of symptomatic. people the fall inexpensive on when are Some tests. these added and relatively

over of a for, it is day, say all on shots they us. that's is very averaging that, recent a depends I there's a patient But really added would patients for good to to we're anytime volume, average alone let say, what this being thing even So an on flu opt services be at. mark XXX not because which

It speaking Thank we seeing fee. really be. recognize So that's XXX, can management start to you, healthier a Again, them when, But Alexandra. I'm you that of generally. north very place depends.

Unidentified Analyst

Thank you.


you. Thank

question next Carl Our Investor. [ph], is from Private Plit

Unidentified Analyst

management thanks is the speak the a Doug, bit of today. you But the the free And given is it said, you that with can reached? this taking question. with renegotiate Hi fee for to even us to be Actually a possible follow-up traffic, the limited time threshold? previous airport for

Doug Satzman

Well, yes, Yeah. management threshold the reached. can be

way I the earlier, medicine, works can't it So practice shared companies again practice is medicine. can doctors

malpractice the And other balance staff insurance. But accounts us swept. their who practitioner, the of minor -- states mid-levels. their practice practitioner, themselves couple There's So provide provide paid their then, like they a it revenues to medical they -- that almost hold the for nurse state-licensed their come or their of them their of you fee. the get of management service. a to on have in cost and most through get physician, who get They're They other ones the all the they can cost nurse back be have only medical the service. professionals, a of a as comes And the doctor other into holdbacks. medical

So we in because how this the about, back services. airports, of the airports opening have slowly, is the start same ahead. sending we've been saw I the we're to a again we used. build going rates is to passengers, traffic off point the starting folks, airlines And from in employers We're sending talked for another they fees. of to management thing up start our the Boston. ability new renegotiate that's And tipping so little being have do start it we're We three include and folks. a mind, nicely. broader far so But see slow the And the business, different have typically And then up first seeing variable. coming two keep employees that each then range patients air to adding as pretty of find people

when we regulations fees to level mostly highly is and on we a can this the and aren't business medical provisions, see. periodically side environment, the back we the anti-kickback that doctors it's go periodically So based on revise, make management will regulated triggered. But sure of

a to around of need for So the -- more it's coming Again was layer a was very trying people an and model and time explanation what quite the do because the as simple often. start more but simpler a into all services clinics it's data, little we little a back country. more environment than be more is thorough, I airports. to Hopefully very actually in that frankly and tried we I and moving the little common call. providers but healthcare on so

Unidentified Analyst

color. Thank Appreciate No. the for it. you


Thank you.

next is Marge [ph], from Private Our question Investor. Rolsten

Unidentified Analyst

Thanks and that Doug. is Why not it question. increase lot testing if airport the currently profitable profitable cash and COVID Hi, does health don't may just be you is substantially. that a skip taking interim never be widely If this is is for traffic COVID wellness the vaccine step the concept, which move available? implemented could burning into once of and directly not

Doug Satzman

to outside before question bead a operators the try I where leadership speaking airlines peers communities to then team constantly accordingly. we operators with peers, things and evaluating the to my in other get fair mentioned going and -- airports, are The environment. are We airports clinics constantly of on fair -- We're airport question. being plan

going with and I've feel we've have wellness business we learned being I medicine. spawn, have of been and with is be will with a what positioned this that future. it's two. share airports community concept than like like and So an going me But it's beauty -- to the travelers of the in while. this evolution of I But health likely going. is to in and learned think to up excited historic month ideally it to not and kind It's aligned or be a and what our very for with be expectations be running new we developed investor

testing. So best going use right and towards resources of now is highest the our COVID

once deals to tests day. of As XXX the airline a XXX -- or and coming come do we through, in potentially see if up capacity once if employments these be to worried going a couple I'm and about

be there's time. is cash. Often we've of questions. months cash demand revenue helpful international so to a XXX vehicle, a a as pick a to the month I to a we landlords We meet your a to of it can coming our hopefully sure very workforce capacity. it possible. where I answer unit pop-ups can up, two a airlines. lot capacity our much second minimize let's include like have the increase as track or or coming JFK So skip And pop-up blow that right you day. fact airport I two that going adding concept policy up or pop-up businesses not this And our decides be burning kind on airports make well. is in -- in because that been The to investment as can said there's is through with new as see it's you'll traffic worked off now. COVID naturally say, want up adding to developed at a the that's picks or of But and this the going testing why we can free That's maybe clinic certain see part their much one have that easy or has lower furloughed. because as I why to already of Like feel two then flights been justify or Most my mandated quickly interim no think pop-up I airlines testing rents. They're getting do of requirements might with full now to I'm was very carefully that a burn. step we extending some getting we I

the costs The being. lot for testing. for looking of allayed COVID been are help with big our time So airports have a

or we if of airports I to on They're able again highly get we've focused don't service So that XpresCheck weren't this doing. that work have up offer you being concept for medical speaking we're that provider through foot And this. demonstrated getting COVID visibility we're next in once on and to. our testing some opens whole range wide to And running. the you know door your provider the door the a and chops

together of Thanks picture. important topics, COVID it the develop for attractive time. of testing remain few but a and model, it's disease vaccine But, while the I kind XpresCheck. learned think long to to all be much ability this Even So other off XpresCheck has with we developed and a interim start I with a be reveal realize, they coming infectious is question. And going blending is the to step to venture we've more does profitable testing. to what stay for the it the do to out, -- going COVID a fit be I here started


Thank you.

Private Our from Kole next Perkins, question Investor. is

Unidentified Analyst

were the apps. those could your around how XpresCheck future? with medical give us In guys. about little And and bridge Hi, the work will items. talking air more a remarks, those us I if the was to you bit evolving wondering color opening you in evolving passport

Doug Satzman

a short been but what So, government, airports. government, in air the has mid-term the long-haul the this path and even haven't airports is some good been testing especially who these talk to airlines. the is in the creating have been And airlines, of be regularly, evolving of leadership hasn't it's And really been we a internationally, to it where hasn't groups for but I I really of and up domestically, it's have provide an sounds And you'll bridge makes But all an my the the COVID because see can these on country it have required go. with is and of can a quarantine return the bridge. what before buy the have they what and assured both flight and like of sides regulations the when know just in passenger required home -- easy carrier, evolving but on ticket and it it's states see jurisdictions manage test with can ways, different easy you then their you is you destination concept, is entry a defined major it and requirements. take is they what path happens federal kind stepped and lot at team And a they visibility can an -- very state flights. what

you state pleased So, the few and partners it in, if with quarantine. small it, partners". Hawaii. very It because get you actually you by was XX-day of your least select to that look very get take number come of And and Because Hawaii, to been when negative limit "trusted test you to read the have But flight into a press, you can be we can is test able very only can you discover are a Hawaii COVID that to now from eliminate a vetted at example one. a Hawaii good COVID hard list. they a a to on get the

the them FFO, to what required and -- Hawaii So, from the of go get trip. United on State be from with tells Department, site? of what testing SFO will this through from if you SFO. kind people tests Health Hawaii helped sure to we then, Francisco we can United you right bridge, And San understand for or come Hawaii's back your the meet from your requirements you Department can get criteria working the Could help and back return steps that the we sending that San department you the through beginning vacation they and either average on state them, our the Francisco passengers connecting can over would cities other test with follow of it of start and -- get can Hawaii pioneer was to kind you make that's offer on-site to because funneling of to

lot that it's a complicated hard, but not So of coordination. takes it's and

testing some might CEO we London we and that for out that airlines. centers now company is there open with working in where help major cities been of work can in these to I've the see facilitate the different averages the So, where

of depart. a lab convenience to and before health there's pre-approved what, like need vetted these to it that's you the out, are to if of figure XX few and within the country who that others of XX okay, point say, it flight, test you one are app using gate, where that one go it into are that this airlines your approved of you different the -- type designated about feels going all et more app we're it there, test you sitting the on land me. adds and for a of comes you here automatically one type is it phone, for that that's import So, you you you're in the the for results is that major results agency that waiting health need approved government will guess entry hours that from into recognizes traveler of And play, of And ways. And couple the to to it apps you that approved shows et get walk labs international already cetera, your an the destination, they've up and flash required app hours, cetera. knows frankly, then

All just other a disease unlock some it just flu diseases a have there's discovered important in people swine tell this as bullish the going in in or pieces maybe flu we part. the we're about the read coming are exotic worried how fall, why today, needs past infectious infectious airports never place, a testing overreaction. away can discovered well, to about. airports, I that future to remote see I strain far come or whether to going or COVID-XX you soon Americans that's can COVID-XXXX. -- world as that's somewhere guarantee here. be when you bird testing of you -- with guarantee So country news going that's as it's another something in on do an and is together, the over are is one testing are you, I some three people is there's so key on is But

probably -- years. for So

we of integral do to this structure. it going airports, to tracks there, think cities, but once will in states medical-use a that for regimen of a it's time Cole. build are of their sure. as as using be environment. it's takes going positioned post part But part it uniquely a be Thank you, travel and people of very little I the lot to bit where in idea multiple an to in is of It's especially to being and the is complicated multiple be reality a travel So that do COVID

Unidentified Analyst

Doug. you, thank Well,


question investor. is Schumacher Alan a next from [ph] private Our

Unidentified Analyst

mean, a Yes. in to something shed airport just of what needs to question those airport kind some Can passengers -- about you services airport they're isn't if are health inside just external? and the captive relevance, its you and aren't What gives triangulate confidence wellness outside that only they going kind thinking provide of address of your the the there? you to when I the airport? relevant perhaps had I of customers kind environment. on light brand really

Doug Satzman

level is and may people just many live health frankly, growing we're have I'm more the and to of nothing the big The not now. big world are and to want I'm themselves. for not trying travel segment. around unsatisfying -- are is point travel. more And to together at see take through kind still who because pieces to to putting who it But with the be yet millennials all Yes. some or It's It's traveling Pre-COVID, stay getting unveil a high segments. just boomers get growing and wellness, going that pieces. huge enough point world. to year. baby they're of of on It's for every and It's wellness. care -- the access not people is longer. segment, not details, Health travel, it just world own. its the already do It's smaller

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Grif [ph] question investor. Laura is private next from Our

Unidentified Analyst

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Doug Satzman

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Unidentified Analyst

just level a more be Okay. as That's follow-up can why you. right expensive? time to more knowing little it's Thank And explain that people, a hiring you the they'll just helpful. now then be senior

Doug Satzman

professionals looks getting will that expected Medical anyone leaders going be Director because done us we're talent, some With we accelerate. the and what an that's thought external that internal in. When hired return of we to you and on expect to that the in. can by and help can return XpresCheck didn't concept Now time. there be lot investment critical strong And was on question. to was other off that see And will this on ground bringing first Go very technology a for part develop health of that what some like? consider into the we when are have talking your need to It's not be. our a is services the combination specialized absolutely wellness it but what a the plan bring of It's model and we experience certainly certainly there's of talent expensive a unlock to investment. there with

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Unidentified Analyst

helpful. was That you. Thank good. am I


session for call. and we are the thanks your your Group out gentlemen for question-and-answer XpresSpa reached the and have of of you Ladies time end participation. time and today's

may You and a this good day. at your lines time have disconnect