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Caesars Entertainment (CZR)

Participants
Joyce Arpin Investor Relations
Tony Rodio Chief Executive Officer
Eric Hession Chief Financial Officer
David Katz Jefferies
Carlo Santarelli Deutsche Bank
Shaun Kelly Bank of America
Thomas Allen Morgan Stanley
Harry Curtis Instinet
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session [Operator Instructions]. I would now like to hand the conference over to your speaker today, Ms. Joyce.

begin. may You

Joyce Arpin

afternoon. First Good to Caesars the Thank XXXX And Earnings Corporation Quarter Conference Entertainment you. welcome Call.

copy Chief Joining me Executive Officer. earnings Hession, Chief available and call a the Tony are press replay A presentation Financial of slides today from Officer investor Ceasars and Entertainment of release, release the are this in furnished Rodio, in relations prior to that Form section please a of we'll Form Also copy note file of SEC our XX-Q caesars.com. Web to the and X-K, shortly. earnings call, a site we the at our this Eric

Before securities will we statements. way, contain laws. results could The like harbor from making would call that you statements safe to are company's anticipated forward-looking we actual remind get those under materially results in forward-looking under differ conference federal that the of today's the I provisions

definitions include and include XX, may GAAP figures. safe harbor In XX Slide addition, and tables measures. and through certain to we Please XX, forward-looking non-GAAP which statements, XX refer to of discuss non-GAAP which reconciling non-GAAP disclaimers Slide measures,

the turn call to Tony. now will I over

Tony Rodio

Caesars at are Thanks, here noting, it's the Palace, are to me Eric my back actually, sitting in I over we Caesar's six not room move comments, too feet the so in worth much we'll I kind and conference and hopefully before and Joyce. formal And think beginning activity Palace, to has in being start which usually apart. it's distant But theory and energy of and normal. be future,

caused of ones The all loved at that said, created that first and hope public by are society. your aspects challenging has and that impacting foremost, circumstances healthy all safe. are COVID-XX Caesars With and health emergency you

various members on the safely efforts appropriate, properties frontlines like team our to closure commentary steps all provide March, are at when quickly those tribal these consistent casino express to stay bodies. I'd to of and our our protect and the on with closed. implement prepare home of who placed to I from in all of of directives to my secure like our keep I'd all the our our thank to extraordinary have and and who also to remain strain know on the reopen taking implementation I job gratitude business other people. governments and directors safe we're properties of while on orders, Before the to

how safety March March temporarily almost properties Throughout We this our North XXth, of around and by our internationally guests. period, our the and properties XXth had employees closing and we shut focus America on in America North The began and will centered and mandated as properties of down health best government we our in all with like directors. be what around are that react consumers uncertainly well operations, preserving we once challenges can. will will or consistent reopen, as look when able now face tribe resume to as our we liquidity

strengthen for the we're to In taking prepare reopening financial appropriate the meantime, position. to time and at our steps

will consumers scope diversity when us scale our our can't positions as believe as Though ready return properties. unprecedented with be we of this connection emergency, health well guests reliably and we the public Given geographic our our to possible. and predict to deep

the tribe We're with that consulting also officials reopening our procedures health and align We're of working regulators by government with published officials. health public and with and implementation follow upon directives. recommendations closely regarding their to operations policies ensure experts

operations. on reopen, when smaller the targeted we the financial do In workforce and we ability but an to decision position a reduce our effort basic to maintaining to our strengthen necessary extremely recover difficult workforce company's made temporarily enhance to

them employees at we welcome look back as appropriate well at forward corporate, as domestic furloughed have our XX% time. properties to We approximately and of at own the

XXth team our a use support off to the return the have members steps taken available that, and bridge to their we've work. them two period also after paying team pay they of paying members, impacted well including enabling closure first XXX% will as earlier to to the for insurance employees their available interim, through time weeks of medical government the In the financial return work. assistance Furlough of them and premiums do to June as until as

a which fund, and suffered team Directors, support two Additionally, board, of established donations directors includes domestic employee, unanticipated person from Caesars COVID-XX. who team hardships The an to by It’s employee been representative. independent well arising managed partners an of public and properties at Caesars charity our by fund, assistance as three vendors. members other executive Cares, Caesars is Board composed members run independent from and and as has the

extraordinary thousands to as of local are as pounds times, bank food, masks support frontlines. and to for providing where thousands of operate responders. hundreds the of communities bottle to by committed critical we well perishable these continue of During owning and and supplied on supplies To-date, hand Caesars we to has of food gloves, sanitizer charities items those first

bed hygiene cots, care contributed kits hundreds various homeless and have of linens, facilities. we pillows and to Additionally, shelters

charities efforts on and in COVID-XX fighting by in public related these need Based health ongoing made donations to the Caesars will the we operate, emergency. foundation address support this communities company's communities the where local engaged

get challenging reward to regularly back program communicating ways the been by our commitment members We working together. the of customers our protected. ensuring including Caesars as alleviate to period, they to of with receive hard benefits this are We've during the continue through concerns about to give part seek this

bartenders and information talent, they are recipes, people and while including worked other family chefs our also at and home. We've closely to with broad entertainment our own to provide of entertainers,

collaboration and toward others, with the safety we will make and mind. tribal gaming path local among in health employees, As decisions think reopening, and the we with of community experts, about guests regulators our governments, authorities, in health

that compliance applicable ensure with will are mandates. We operations tribal and directives our in government

a severity time. take economic the the we health of duration downturn recovery stemming or recognize will public this know the While we from don't that emergency,

be phase with line terms in thoughtful how will demand with contractual we business and the of our back. in and locations bring In openings we responsible commitments. plan multiple properties, We to

We infectious recommendations and U.S. maintenance reopening officials policies the with and work the our guest member from specialist closed procedures public facilities, of with in to are CDC guide designing currently an disease well areas ongoing of health consultation implementing local that areas. team and and as as align

and areas distancing safety they're where washing wear and work, at members As among masks area, our the frequent and gaming public you increased by to and things, requiring game other spaces include, in would health limiting cleaning guest machines. table of team of rooms, frequency while aligned hand expect, more members, an team sanitizing including slot in implementing spots social initiatives

a Additionally, non-gaming consumer phased will with in offerings, likely line with reopened basis health be malls including and entertainment, on limited demand guidance from capacity restaurants and authorities. public

today. and on put approach health announcement out You can details the find in safety further we our

Before I ago, turn call Twin Properties in like City and City announced Eric, until and conditions. business part the Award Worldwide sale to the River’s be cash. for to continue Vici a closing. million Atlantic will Atlantic the Network Holdings regulatory approximately approvals A Bally’s The Caesars on of I'd transaction few of to Bally’s other closing over briefly weeks subject comment of is we to updates. couple to $XX

City. Sports which we include will Following Book West Casino the Harrah's and Atlantic and sale, Atlantic the continue Wild Caesars operation will City, to Wild operate

merger of our with Lastly, closing in we remained transaction. terms the Eldorado, on pending focused

Now, the I’ll details financial over to to Eric turn the the call quarter. review of

Eric Hession

and all comments you, safe hope Tony's echo Thank well. everyone. previous I'd afternoon, that and Good Tony. you're like to

sheet start and I'll our details performance by discuss providing financial our overall position. then some and regarding on balance QX specifics

performance parts, February Our March. be January quarter first the into divided of can two month and and then

February XXXX, operating our strategic our success momentum quarter initiatives in For regions, emergence executing Vegas increases Indiana. our of we highlighted prior since in COVID-XX. verticals driven to revenue the by of first reaffirming strength Net performance up across by in and was months two year-over-year, and all the XX% all the Las strong posted best through our

year-over-year, months increased first and Adjusted EBITDAR the efficiency the established. of the operational quarter for that discipline two XX.X% we've demonstrating

come the at orders our causing with prior stay year. shutdown the temporary March the to in home revenue XX% than dramatically net changed month in and circumstances network, the for However, of lower

March open part prior our our as generally steps While we were earlier. to for took costs properties in the year support were with of discussed line in month, the Tony team only as members

declined adjusted result, EBITDAR on or QX outpacing XX.X% to basis, to XX.X% XX.X% $XXX decrease $X.X an As in drop the a million hold adjusted revenue billion.

led in adjusted all start of segment, in to strong by all-time and EBITDAR however, revenue the and $XXX business other the with highs revenue year-over-year. Vegas nearly decline in two Temporary growth months XX%, XX% hotel, verticals results XX.X% XX for driven and QX. the a gaming adjusted at increasing Las property resulting Looking to revenue declines by EBITDAR days beverage net the last of quarter, Net net over was Vegas closures Las quarter in food first off in and revenues, year-over-year across million. rising to performance reached

the saw XX.X% prior 'XX was in the property QX to reservations occupancy half from due than We of less during occupancy and in quarter increase hotel QX convention a the decreased year. to significant as closures, cancellations XX% March

adjusted the EBITDAR fell million, rates in drop XX.X% XX% to Las year-over-year hold adjusted or drove $XXX. down QX X.X% a XX.X down RevPAR room year-over-year, in $XXX just While occupancy totaled decline Vegas on basis.

sports the land the almost EBITDAR revenue revenue totaled XX.X% as Indiana and property, up net robust books, our online, new adjusted $XXX strong U.S. to XX% down Huser Turning nearly Park temporary Indiana $XXX in our properties decreased down and year-over-year months experienced growth based on February, in including which gaming came at million the opened quarter segment revenue games regional to year-over-year. with adjusted to the Grand XX.X% in normalized Harrah's December. we at projects other of XX% a capital net million, the addition shutdown, or in Iowa while network we're new Indiana Southern EBITDAR QX two Prior Through basis. hold table our and growth of saw increasing first XX.X%

$XXX million corporate properties our million corporate and down end decreases due to international which offset closures. other $XX EBITDAR in All million $XX primarily adjusted due revenues because high the XX% Our of CIE, expenses, to decrease expenses. all loss international year-over-year, year-over-year, flat other $XX at was by in managed reduction properties international properties, volumes QX, primarily includes our net at in operations, segment, unallocated our totaled million

In time. this periods conclude position March when or our which in put inability pace light reopen since us we've our the to reopening, our the best after recover our aggressively may closures properties at all levers with and of appropriate to business at mandated predict operating of to the property may shutdown managed

capital. in to and capital primarily the conserving maintenance the million our Forum million we're $XXX we related $XX spent capital, In project. First, Caesars first quarter, development

evident, we was not all were business As soon the stopped capital as contractually obligated. declines in critical or that

and These reducing postponed spending we’re significantly been expenses operating operating Second, discretionary reduce expenses going has our indefinitely. actions forward. will

liquidity. position demand and credit Lastly, debt we is of To no down under quarter, cash unrestricted flexibility focused approximately run our liquidity financial the maturities. ended We approximately cash preserving the with the million. I and note billion enhance during we're needs to $X.XX quarter our on revolving that billion business fully increase XXX% $X.X drew near-term $XXX facilities. have our at

The enabled requirements. combination to of cash our efforts these significantly daily us reduce have

evaluate X, process, $X.X while As opportunity come cost compared expenses this can remain profitability. as taking properties cash and cash properties are where further our assuming We're to is drive waivers our you usage shutdown. receive are our centers identify we we to areas to online, spending Slide closed $XX properties to ensure closed spend in reduce permanently approximately the help back while before prudent million burn on can which certain temporarily of see million, approximately daily

sustainable we've the position extremely the for strong While health they're actions for company taken future. so we believe long-term Caesars can and we of necessary that difficult, are the best

for the questions, to note of purpose the Before we call please quarter today's discuss performance. call is our first that open

call refer for the answering the merger any now filings look While to We'll for have with with Eldorado, you we questions. questions please open more forward proposed regarding SEC. our to about the information Caesars,

Operator

comes the David from [Operator first Instructions] line Your Jefferies. Katz from question of

David Katz

for forth back with to customers, share between issues bit work a jumping going talk the on. able strip customers and quite be that can afternoon end? for what you I and few insights versus you sense of But wanted breakdown thriving about may about calls Apologies sort flying to a a to and this get

Tony Rodio

we seen all from back It we're the are fly think quarter. as don't that of I in be Las the need Phase it. to I and mean, the regional much Vegas that fourth renovations fourth but around in the for booked I think towards to think the agreement had statistics this a some that, perspective, X through out, still year, are governor remains quarter Raiders a the markets quicker towards going here fourth look and announced of in lack we in bump we significant the schedule are to actually When pretty the encouraging Las of information move came because this year. pretty the quarter of seeing we September bounce Vegas

Our group year. the actually still Keep year's we bookings a have Forum are in quarter in last ahead fourth mind this of pace. do

regular but quarter, for down less nothing Our off fourth bookings a than bit, XX%. the are little a little

So there signs. are some encouraging

are and back. customers, make we're folks our and receiving hosts thing and encouraging VIPs that eager to of customers our development other player lot to calls excited and The outbound come a our our feedback

David Katz

and flying driving inclination in to less do any Las flying. something up info statistically the in is it. I My half about you there’s to has that would track versus Vegas visitation. ask that if on of follow terms maybe more just those can you bit terms I and half think pointed of But statistics? a be Roughly If than happen average you of

Tony Rodio

don’t have that… I

Eric Hession

from XX% business. California coming hotel our We're of Southern approximately

Operator

of Your the question Carlo next line comes from Santarelli.

Carlo Santarelli

split referring from like When almost basically, and Looks drive an guys and a deck, X what February between And part from January back strong. guys in just Vegas revenues in to little earlier. acknowledged secondly, wouuld you Eric of and going does regionals forward? EBITDAR? of anything obviously burn EBITDAR could basis. coming maybe period, on taken neutral $X obviously, a some that a of with you the to get maybe potentially to perhaps look online, respect going question. think the have were implemented there If as kind guys how were out about side the speaks growth to in to perspective daily terms to cost you this million in business revenues a operational Slide But the bit summer did period rate maybe or flat require what about it events, mentioned that the and you it's A, that talk you two it's

Tony Rodio

Actually, take number and of it let me were of start February. And question off I right, think in January first, the because to we was second you're the result a an incredible initiatives.

business have $XXX we rate worth First cost a basis. and million on foremost, the annual run of taken out over

team incremental number And so great teed the much up flow a was in year. two, through on of Number the international to had one. of in revenues February better that's marketing trips flow that couple January for quarter, lot this done this Asia Caesar's in fourth business Palace had our at VVIP a through, work

revenues Southern foot the all betting markets and across to sports drove us the our our allowed results Lastly, in grow then in lot table our in the Indianapolis southern games months. of more exceeded and properties, a regional those lastly, across both first of capital through to And which both traffic, verticals. all to the deployed two move the land of that Indiana of expectations we opening

of verses allowed EBITDA So all to 'XX, XX% off and and the two us a year-over-year, months, great things we get through to combination start, 'XX. in February a were first that’s up January almost those

the roughly noted, an putting $X the once. aren't at cash Your back be that let in marketing. as consistent basis. -- And all property cost to back, monthly We burn much certainly out, bring by but that going are back back We're both dictate determine and volumes that million second taken of that coming how approach, you with customer going bringing to consumer question terms the of will in we've in on that. the a and and we that the we're phased by

Eric Hession

give the and that, We of Yes, fixed cash weather low will It can regional things where some and add our a the that slots XX% can those volume. varies breakeven generating at markets, breakeven at of and and on between Carlo. the table volume that start you properties cover I idea, is costs XX%. of from games rates costs tax be approximately only, understand as the previously, you a relatively XX% that based we various to would or can covering variable then believe the we which level

to we Vegas, or occupancy Vegas in in XX% be It's breakeven around breakeven bit of fixed Las nature period the And variable higher obviously prior XX% of and so. more revenues of size our perspective need around cost variable a because have the these of and a from where hotel able at cost from the We operations. perspective. the area more the fixed business to XX% that's can

the business, that and we'll as we're open be are when relatively breakeven to are to facilities quickly optimistic and again, low possible. able cover everything points So allowed these reopen those fast that in we the get as

Tony Rodio

know The months. and last notice, lifetime though few a a thing February, ago only I it's even would it's I

how we out I'd us our Given as like going into of that perform closures, any performing competitors the well think well of to that were the positions strong as closures. coming to

Carlo Santarelli

And be that relative I total to to Correct? was XX% number just prior flat, was the wanted make of it understood regionals XX% in Vegas. kind Las volumes right probably. same that and to EBITDA I sure

Eric Hession

covering breakeven that's XX% Yes, correct. on need the a basic property, property costs all Two EBITDA Vegas. and XX% regional variable we'd and fixed level costs

Operator

comes America. the Bank of question line Shaun of next from Your Kelly from

Shaun Kelly

could markets. core today about reopening, mix of a that staged you wondering that out little talk I takes profile? could I potential up usually really reopening think to unique you if Las could just start potentially release couple you was to in in a think the Vegas, curious, talk business engines, bit was to came work a the move because a about And your little little with to your a the block Caesars I how also different And up you of casino your a different, coincidence as bit about I much talking much your there's think distribution overall how bit that's story.

two historical perspective property casino of a what at helpful the or to some maybe you could maximum done, be So take where block or at a basis you've you know? think would

Eric Hession

good has VIP typically marketing block of periods. XX%. that things represents good closure the with staying customers I think a done of about very the our the one in is touch team our mean, throughout And I feel casino about I casino job

I think initiatives active. in There's have has to that make that on of their things we've our lot general lot marketing kept done the done Caesars that taken we've fun are and kept reward there. them a and benefits engaged, them sure of things that caesars.com its site still a ensure

So we get think group a little as a go going out travel the perform businesses our with to out of to of closure. I’d coming and out if that that could I like we the deeper maybe coming bit normal a casino down than little better percentage bit a higher closure, the think probably block right come is be and

Shaun Kelly

important have phased there just of bit you to us going release bit that’s of in Caesars? a lot unique a is end, potential experience little could Tony, that market be little on of around of to give were to your think proposals on, you market. or markets then you And perspective back particular. any City, How a in Could I in tax material one this? Caesars? Atlantic think how a that comments the that to And perform That end some in that

Tony Rodio

in regulators government I as put industry initiatives, very as heard responding important. be I of terms the an know we of a it the as seen And or those yet. Well, would forth to or haven't anything of lot have

to City I is lot regional similar of markets. these that Atlantic be to think a going

Atlantic better be And the actually you're see to that I pent of had see again a to City. we particularly some couple Las think to markets. this that first in traction move started needle year begun demand, in driving positive percentage months I and to than there's Vegas. think rebound that going basis up on the of And going

Atlantic Atlantic the and that other as competitors think how the question think quick. that's do difficult the situations, like is I we will mark about always some think big City bounce promotional City biggest I look pretty our of regional are I environment, mark City reopening. think aggressive question to markets for whole back who But that in I Atlantic

Operator

Instructions]. [Operator

of Next Thomas question from comes from line Morgan Allen the Stanley.

Thomas Allen

performing during Can a online little and you gambling this been bit how recent weeks about your talk business months? has

Tony Rodio

I speaking recently it's a But Eric, I apologize, I because know do. New say pretty in exact relatively was obviously, very you almost well. significantly, been -- it launched and dramatically if up And But is percentage number I the XXX%. know Jersey, small in it's don't going to and as almost up Pennsylvania we don't but

Eric Hession

particularly we Yes, rolling live activity we in other as possible, come New potentially mobile have the getting And going we'd in as very with as states once space mentioned, Tony of lot have as well. anticipate introduction Pennsylvania. dealer that online, in in sports of didn't launched, back soon locations which out a in shortly, We other Jersey.

Tony Rodio

was of it's how to been the as and say, think might moving becoming towards gaps they're authorized. locations now I authorizing going it's close gaming, in some where successful see I budget to online seeing jurisdictions looking you just

Thomas Allen

customers then Any any online, Are and the that customers they read customers your demographics and be? this into mortar that sticky question. be And read into brick just are follow as on they to to the they've new a how customers? used gone up will and

Tony Rodio

mortar up no or And tell since the a Well, can't a demographic it to customers lot there closures. into this There a different that was I where come the a totally customer. But generally customer the pretty our bricks customer the brick much I mortar and two period, it's the cannibalization. facility. -- than before It for bricks speaking, don't totally younger different converted mortar physical last over was to and leading wasn't closed, they it customer. information more month have of it maybe and different was now and was we've you on can skewed online closures, male,

we As periodically when the two play would that different a bricks visit online people played facilities. that matter customers saw already populations, at incremental of that weren't that bit and bricks the a online became people and the were then mortar fact, little mortar you and and look

Thomas Allen

just terms in thanks and reopenings, phase the going in. of markets out And laying for you're which to

of that there's a until to range of And sense to opinions like biggest are the Memorial expectations reopen that's have on certain Any going then phase think open I your out? properties when of companies some properties wide expectations Day. shake going from in openings not may how XXXX.

Tony Rodio

and all, the approaching month. of obviously Phase till support he's governor first Well, in think X way he's a I he to done I casinos, expect its retail. it’s I taken, the this. the which that the I he's beauty open job happen that is and fact But support very spot. difficult and in that agree a businesses, and fantastic local later that didn't The approach before the to decided personally and salons and restaurants he's

And so or thought. strip, that but a to we happened and what Saturday translate happened that sooner up past ton local restaurants, demand was pent don’t there will to that mean of this have for the I know than in

it. Certainly, guarantee, there's the open he's with openings the that in wood, value phased oriented that. a four not committed upon weeks of way to will again, going opening, There's If casino he's strip. three, this later all open Vegas, We’d consumer it could agree Caesars look about spike, be And goes one it approaching mentioned. first. phase. properties two the to no could probably we side When at be we're would we be at Palace not well month. phase we I looking a the approach If be a strip on we properties may do property the demand. see as knock But east in ones openings of depending

demand So quickly that as be we be And to ramp seen. to up remains will able then dictates. part

Eric Hession

that does in to moving of add And faster it markets, the they're a I’d that in reopening. that, just regional terms bit appear

contemplated, the auction The facility as opening its also on Louisiana And well following as in Monday. weekend. casinos understand XXth. properties on we open open to Carolina be Arizona North currently have our We this have Cherokee will we'll two the will that able in then

So that's the of comes reopen. the from some good terms when customers they in those terms demand news. early casinos get read into of And we'll in the demand how

Operator

of from Your comes Instinet. from Curtis question the Harry next line Mr.

Your line is open.

Harry Curtis

Tony, up on the if Louisiana, to at take entertainment you the of other quick question what because about highest example to think opportunity an comment To as casinos. prioritize value customers, you an just do your so reopening very degree a it's demand be problem far, is to there look a at in the which a have. in pent or has hospitality that great come surge seems online strong of demand,

do first it come or this be to, maximize win position is going you just plan serve? your have you first or per you if can demand, So how to

Tony Rodio

perspective, customer, whether job think the done whether a casino it's highest a Certainly fantastic a customer deserving from customer. hotel I worth yielding of company to paying has this cash it's

yielding, the into And The just going given we're hotel that require to the going the towards the coming who terms they're property. customers, that people And the some easy. people that be the worth in highest will of to be the yielding be of virtue the are we to in hotel So in customers. worth have part's highest by first limit that those in will priority jurisdiction number stays hotel. of maybe

off know but to will customers some to serve to XX% taking hotel don't probably have be in first come additional to be that we're terms fill capacity. be we'd that how say allowed And that yield, are how additional In if yield allowed able first the basis. a on certainly I we'd hotel. will let the I see of the able I be know don't don't percentage, capacity

Eric Hession

Harry, whole to are variable. we're those to is the that efforts able lot demand. And according a doing, One be making flex thing we'll our marketing we more then

by back our quickly we you on do to situation certain we fortunate of off those would of subsets if incentives the property lots sure see in then profitability simply described that valuable and make are where can much providing we that more have database they marketing to So incentive to that to the a demand, of than the higher customers come have highly the terms others.

about based doing We've also it on time. talked

words, when of a slot time, need we all periods So of from when a multiplier have day, certain there that's because other industry only even XX% if time your the know you you slot valid of have week periods for as long of are during only open. the the our could you following really you in machines XX% machines all -- open, need certain

mid period in, likely incent be customers those because try lot periods at day, time. to of be would to not midweek a of will a we a come capacity that during good So time to

Harry Curtis

So supply do you answer of plan question not a or gaming limited on tightening a this machines care bit? to given whether you of positions

Tony Rodio

that's think not of question I more discuss rather on and the I'd competitive a call.

Harry Curtis

day, the for just at normalized take much you I said burn through I'm you per want a per what’s Eric. And think conditions. pretty week, because loaded. you the the come day I’d you thought can cash to it fully Can Again, take walk question just burn example, a last for was of I kind And if take to down it crack assuming the for And a quick example? shot. just figure? was, then last

Eric Hession

$X.X million is. breakdown disclosure. can $X.X the Slide call Vici where refer to the Yes, like at very are based those our service the We to major rent easy prior debt tried calculate on if to to you and million, out items you see X,

mainly we noted, center Our capital project. to this expense land due reductions, boat the capital conference over of then to I and year carry significant the into amount as

So projects capital put our for we're We've fairly But since all finishing lower. hold. as our were high. continuing safety of those spend QX those nearly critical out. capital was that and the on done, much as on is almost them cash daily We're nature, well that

about a dollars. see million Now it's you can

mainly salaries wages. And then from the operational perspective, and that's

furloughed So our we XX% employees. of

in quickly and back we'll get pace hopefully But flow and try all plans at the that earlier, Tony revenue, to as the the back. those going we majority at a bring once, slower them we're bring than get have to ramp We back to breakeven as bring of up possible. as to not the so at that’s employees vast mentioned through

the to those for quickly we get control the have the bring it that and most that significant labor to are component, right one over pace sure acutely key of going is categories. to the at the So business we has as that the four most really to kind cash And flow neutral we're possible. make back back as focused be

Operator

to our would turn the I Please continue. over like presenters. call to

Tony Rodio

Thank you stay time, like It everybody's other and We any we look much. questions. have stay very doesn’t appreciate healthy. well and

Operator

thank And disconnect. can This you us you for now and today. conclude again conference today’s joining