The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: Just a 2-parter maybe on the kind of the food comp that you saw during the quarter. You called out good mix there. Can you maybe talk a little bit
about the type of products that you're selling and if the mix is expected to continue? And then just on the GM comp, if you can maybe talk through
maybe the type of products that you're selling and how much of that is expected to maybe continue for the back half of this year as things start
to open up and maybe people go out of market a little bit? So just a little bit of color on both of those comp numbers.
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: Okay. And then just on the topic of having things in stock and being able to move them around. It looks like NSA is getting going, and you indicated
there being some third-party work. I think when you did the acquisition, you mentioned that you're thinking about using that as a platform to
maybe build and expand that capacity. Do you see this third-party business continuing? Is it encouraging you to maybe invest more behind that
business as you come out of this pandemic? How are you thinking about that?
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: Okay. And then in terms of some of the market share gains that you sort of talked about earlier and as you sort of look out to next year and beyond,
how are you thinking about just your broader investment plans in your stores? I know you had the top 40 program a few years ago that probably
helped in the situation. But how are you thinking maybe for your 2021 CapEx plans and onwards? Is there any major changes you're looking to
make?
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: And just a last clarification question from me. It looks like that last year's EBITDA rise up by about $3 million and change. And just an initial glance
indicates it might be a restatement of the compensation line or just a revaluation. Can you maybe clarify kind of the restatement there on the
share-based compensation line?
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: So the EBITDA, the adjusted EBITDA for last year looks to be [to] about $53 million. Just -- it looks like the share-based compensation moved.
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: It's BMO Capital Markets. I just wanted to circle around on a couple of things, most notably with respect to the outlook. The tone in the press release
was quite positive. The tone in the MD&A was a bit more cautious. So I just wanted to sort of identify the difference between the 2 and kind of
where you net out. Because it sounds as though, ultimately, I mean, netting and all that, you are quite positive with respect to the outlook. Is that
the way you'd interpret it?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Yes. That definitely makes sense. That's good color. The gross margin -- or sorry, general merchandise same-store sales was up a whopping close
to 55%. Can you talk a little bit about like how much of that do you think is potentially a pull forward in demand as people get in-period -- driven
by in-period spending because of government transfer payments and income assistance versus -- like how much of that do you think is pull forward
of spend?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Right. Okay. Okay. And then, I guess, asked another way, and I know you've given some great color through the call and so did Alex and Dan. But
just curious, like what kind of visibility do you have into kind of this multi-quarter demand strength? Like what gives you the confidence that you
think it's going to be there?
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