Latest / Omni Talk Retail / American Eagle’s Logistics Gamble | Fast Five Shorts

Transcript

American Eagle’s Logistics Gamble | Fast Five Shorts · Omni Talk Retail

• 0:00
  American
• 0:00
  Eagle
• 0:01
  Outfitters
• 0:01
  is
• 0:01
  shuttering
• 0:02
  its
• 0:02
  Quiet
• 0:02
  Logistics
• 0:03
  business
• 0:03
  after
• 0:04
  the
• 0:04
  third
• 0:04
  party
• 0:04
  logistics
• 0:05
  provider
• 0:06
  struggled
• 0:06
  to
• 0:06
  gain
• 0:07
  customer
• 0:07
  interest
• 0:07
  following
• 0:08
  the
• 0:08
  retailer's
• 0:08
  2021
• 0:09
  acquisition
• 0:10
  for
• 0:10
  approximately
• 0:11
  $360
• 0:12
  million.
• 0:13
  Just
• 0:13
  $360
• 0:14
  million.
• 0:14
  No
• 0:14
  big
• 0:15
  deal,
• 0:15
  BFD.
• 0:16
  According
• 0:16
  to
• 0:16
  supply
• 0:17
  Chain
• 0:17
  Dive,
• 0:17
  American
• 0:18
  Eagle
• 0:18
  confirmed
• 0:18
  in
• 0:19
  an
• 0:19
  email
• 0:19
  that
• 0:19
  Quiet
• 0:20
  Logistics
• 0:20
  will
• 0:20
  discontinue
• 0:21
  services
• 0:21
  in
• 0:21
  the
• 0:22
  coming
• 0:22
  months
• 0:22
  and
• 0:23
  end
• 0:23
  operations
• 0:23
  at
• 0:24
  fulfillment
• 0:24
  centers
• 0:24
  in
• 0:25
  Boston
• 0:25
  and
• 0:25
  Dallas.
• 0:26
  American
• 0:26
  Eagle
• 0:27
  acquired
• 0:27
  quiet
• 0:28
  logistics
• 0:28
  in
• 0:28
  December
• 0:29
  2021
• 0:30
  for
• 0:30
  approximately
• 0:31
  the
• 0:31
  amount
• 0:31
  said
• 0:31
  before
• 0:32
  in
• 0:32
  cash,
• 0:33
  combining
• 0:33
  it
• 0:33
  with
• 0:33
  delivery
• 0:34
  startup
• 0:34
  Afterra
• 0:35
  in
• 0:35
  attempt
• 0:35
  to
• 0:36
  build
• 0:36
  an
• 0:36
  anti
• 0:37
  Amazon
• 0:37
  logistics
• 0:38
  platform.
• 0:39
  As
• 0:39
  of
• 0:40
  last
• 0:40
  year,
• 0:40
  Quiet
• 0:41
  primarily
• 0:41
  served
• 0:42
  as
• 0:42
  a
• 0:42
  regionalized
• 0:43
  fulfillment
• 0:43
  center
• 0:43
  network
• 0:44
  for
• 0:44
  American
• 0:44
  Eagle
• 0:45
  with
• 0:45
  excess
• 0:45
  capacity
• 0:46
  servicing
• 0:47
  third
• 0:47
  party
• 0:47
  clients.
• 0:48
  But
• 0:48
  the
• 0:48
  third
• 0:48
  party
• 0:49
  business
• 0:49
  failed
• 0:49
  to
• 0:50
  meet
• 0:50
  expectations.
• 0:51
  In
• 0:52
  2024,
• 0:52
  American
• 0:53
  Eagle
• 0:53
  took
• 0:53
  a
• 0:54
  $98.3
• 0:55
  million
• 0:56
  impairment
• 0:56
  charge
• 0:57
  related
• 0:57
  to
• 0:58
  quiet
• 0:58
  platforms
• 0:59
  as
• 0:59
  it,
• 0:59
  quote,
• 0:59
  refocused
• 1:00
  operations.
• 1:02
  Question,
• 1:02
  Jen,
• 1:02
  what
• 1:03
  does
• 1:03
  this
• 1:03
  say?
• 1:04
  What
• 1:04
  does
• 1:04
  this
• 1:04
  headline
• 1:05
  say
• 1:05
  to
• 1:05
  you
• 1:06
  about
• 1:06
  retailers
• 1:07
  trying
• 1:07
  to
• 1:07
  build
• 1:07
  out
• 1:08
  and
• 1:08
  sell
• 1:09
  their
• 1:09
  own
• 1:09
  technological
• 1:10
  solutions?
• 1:11
  And
• 1:11
  if
• 1:11
  someone
• 1:11
  were
• 1:11
  to
• 1:12
  come
• 1:12
  to
• 1:12
  you
• 1:12
  and
• 1:12
  ask
• 1:13
  your
• 1:13
  help
• 1:15
  in
• 1:15
  finding
• 1:16
  the
• 1:16
  talent
• 1:16
  to
• 1:16
  do
• 1:16
  that,
• 1:17
  what
• 1:17
  would
• 1:17
  you
• 1:17
  tell
• 1:17
  them?
• 1:19
  Well,
• 1:19
  if
• 1:19
  they
• 1:20
  came
• 1:20
  to
• 1:20
  us
• 1:20
  to
• 1:20
  find
• 1:20
  the
• 1:21
  talent,
• 1:21
  my
• 1:21
  answer
• 1:21
  would
• 1:21
  be
• 1:21
  happy
• 1:22
  to
• 1:22
  help.
• 1:25
  We
• 1:25
  can
• 1:25
  find
• 1:25
  that
• 1:26
  for
• 1:26
  you.
• 1:26
  So
• 1:26
  again,
• 1:27
  as
• 1:27
  mentioned,
• 1:28
  they're
• 1:28
  not
• 1:28
  always
• 1:28
  coming
• 1:29
  to
• 1:29
  us
• 1:29
  until
• 1:29
  they
• 1:30
  have
• 1:30
  the
• 1:30
  plan.
• 1:31
  And
• 1:31
  if
• 1:31
  they
• 1:31
  already
• 1:31
  had
• 1:32
  the
• 1:32
  plan
• 1:32
  and
• 1:32
  the
• 1:32
  spot
• 1:33
  open,
• 1:33
  listen,
• 1:33
  we'd
• 1:33
  find
• 1:33
  them
• 1:34
  that
• 1:34
  person.
• 1:34
  But
• 1:34
  I
• 1:35
  think
• 1:35
  your
• 1:35
  question
• 1:35
  is
• 1:35
  saying
• 1:38
  if
• 1:39
  they
• 1:39
  did
• 1:40
  come
• 1:40
  and
• 1:40
  say,
• 1:40
  we're
• 1:41
  thinking
• 1:41
  about
• 1:41
  filling
• 1:42
  this
• 1:42
  role,
• 1:42
  Jen,
• 1:43
  or
• 1:43
  we
• 1:44
  could
• 1:44
  invest
• 1:44
  these
• 1:44
  dollars
• 1:45
  elsewhere.
• 1:45
  I
• 1:45
  would
• 1:45
  suggest
• 1:46
  investing
• 1:46
  the
• 1:46
  dollars
• 1:47
  elsewhere.
• 1:47
  I
• 1:47
  don't
• 1:48
  know,
• 1:50
  know
• 1:51
  all
• 1:51
  the
• 1:51
  details
• 1:52
  on
• 1:52
  how
• 1:52
  or
• 1:53
  why
• 1:53
  this
• 1:53
  purchase
• 1:54
  came
• 1:54
  about
• 1:55
  for
• 1:55
  $360
• 1:56
  million
• 1:56
  in
• 1:57
  2021
• 1:58
  in
• 1:58
  the
• 1:58
  first
• 1:59
  place.
• 1:59
  But
• 2:00
  I
• 2:01
  just
• 2:01
  inherently
• 2:02
  think
• 2:03
  they
• 2:04
  should
• 2:04
  focus
• 2:04
  on,
• 2:05
  on
• 2:06
  their
• 2:06
  clear
• 2:07
  mission
• 2:08
  a
• 2:08
  little
• 2:08
  bit
• 2:08
  more
• 2:09
  than
• 2:09
  selling
• 2:09
  technology.
• 2:10
  Right.
• 2:10
  Like
• 2:10
  American
• 2:11
  Eagle,
• 2:11
  I
• 2:11
  think
• 2:11
  of
• 2:11
  jeans.
• 2:12
  I
• 2:12
  don't
• 2:12
  think
• 2:12
  of
• 2:12
  tech.
• 2:13
  And
• 2:13
  not
• 2:14
  that
• 2:14
  there
• 2:14
  wasn't
• 2:14
  an
• 2:14
  opportunity
• 2:15
  there,
• 2:15
  but
• 2:15
  again,
• 2:15
  I
• 2:15
  don't
• 2:16
  know
• 2:16
  all
• 2:16
  the
• 2:16
  details.
• 2:17
  I
• 2:17
  think
• 2:17
  this
• 2:17
  could
• 2:17
  be
• 2:18
  a
• 2:18
  case
• 2:18
  of
• 2:18
  just
• 2:18
  because
• 2:19
  you
• 2:19
  can
• 2:19
  do
• 2:19
  something
• 2:20
  doesn't
• 2:20
  mean
• 2:22
  think
• 2:22
  you
• 2:22
  want
• 2:22
  to
• 2:22
  stay
• 2:22
  close
• 2:23
  to
• 2:23
  your
• 2:23
  core
• 2:24
  mission
• 2:24
  and
• 2:24
  your
• 2:24
  core
• 2:25
  audience.
• 2:26
  It's
• 2:26
  too
• 2:27
  far
• 2:27
  outside
• 2:27
  of
• 2:27
  their
• 2:27
  wheelhouse
• 2:28
  to
• 2:28
  make
• 2:28
  that
• 2:28
  big
• 2:28
  of
• 2:28
  an
• 2:29
  investment
• 2:29
  and
• 2:29
  to
• 2:29
  create
• 2:30
  a
• 2:30
  quote
• 2:30
  unquote
• 2:31
  anti
• 2:31
  Amazon
• 2:32
  platform.
• 2:33
  I
• 2:33
  mean,
• 2:33
  that's
• 2:33
  a
• 2:33
  huge
• 2:34
  lift
• 2:34
  like
• 2:35
  you're
• 2:35
  talking
• 2:35
  about.
• 2:36
  You
• 2:36
  might
• 2:36
  as
• 2:36
  well
• 2:36
  go
• 2:37
  start
• 2:37
  a
• 2:37
  different
• 2:37
  organization
• 2:39
  and
• 2:39
  partner
• 2:39
  with
• 2:39
  American
• 2:40
  Eagle.
• 2:40
  It
• 2:40
  feels,
• 2:41
  it
• 2:41
  feels
• 2:41
  like
• 2:41
  a
• 2:41
  little
• 2:42
  much
• 2:42
  on
• 2:42
  my
• 2:42
  end.
• 2:43
  I
• 2:44
  mean,
• 2:44
  here's
• 2:44
  the
• 2:44
  thing.
• 2:45
  Go
• 2:45
  sell
• 2:45
  more
• 2:46
  jeans.
• 2:46
  Right.
• 2:47
  Like,
• 2:47
  I
• 2:48
  would
• 2:48
  if
• 2:49
  I
• 2:49
  was
• 2:49
  working
• 2:49
  there.
• 2:50
  If
• 2:50
  I
• 2:50
  was
• 2:50
  leading
• 2:50
  the
• 2:51
  charge,
• 2:51
  I
• 2:51
  would
• 2:51
  focus
• 2:52
  on
• 2:53
  how
• 2:53
  can
• 2:53
  we
• 2:53
  sell
• 2:54
  more
• 2:54
  jeans.
• 2:55
  I
• 2:55
  have
• 2:56
  a
• 2:56
  real
• 2:56
  time
• 2:56
  issue
• 2:56
  with
• 2:57
  jeans,
• 2:57
  Chris.
• 2:57
  I
• 2:57
  don't
• 2:58
  know
• 2:58
  if
• 2:58
  you
• 2:58
  do,
• 2:58
  because
• 2:58
  I
• 2:58
  feel
• 2:58
  like
• 2:59
  this
• 2:59
  is
• 2:59
  a
• 2:59
  woman
• 3:00
  thing.
• 3:00
  But,
• 3:00
  I
• 3:00
  mean,
• 3:00
  are
• 3:00
  we
• 3:01
  going
• 3:01
  like,
• 3:01
  wide
• 3:01
  leg,
• 3:02
  this
• 3:02
  barrel
• 3:03
  thing?
• 3:03
  Are
• 3:04
  skinny
• 3:04
  jeans
• 3:04
  okay,
• 3:05
  or
• 3:05
  does
• 3:05
  that
• 3:05
  date
• 3:05
  me?
• 3:06
  Like,
• 3:06
  I.
• 3:06
  There's
• 3:07
  so
• 3:07
  much
• 3:07
  they
• 3:07
  could
• 3:07
  help
• 3:08
  me
• 3:08
  with
• 3:08
  that.
• 3:08
  I.
• 3:09
  I'm
• 3:09
  not
• 3:09
  in
• 3:09
  on
• 3:10
  buying
• 3:10
  tech
• 3:10
  solutions.
• 3:11
  I
• 3:11
  just
• 3:11
  want
• 3:11
  them
• 3:11
  to
• 3:11
  help
• 3:11
  me
• 3:11
  with
• 3:12
  my
• 3:12
  jeans.
• 3:13
  You're
• 3:14
  not
• 3:14
  alone
• 3:14
  on
• 3:14
  your
• 3:14
  jeans.
• 3:15
  I
• 3:15
  have
• 3:15
  the
• 3:15
  same
• 3:15
  issue.
• 3:15
  In
• 3:16
  fact,
• 3:16
  I
• 3:16
  need
• 3:16
  to
• 3:16
  re
• 3:16
  outfit
• 3:17
  my
• 3:17
  entire
• 3:17
  wardrobe.
• 3:18
  Yes.
• 3:18
  I,
• 3:18
  I'm.
• 3:19
  I'm
• 3:19
  down
• 3:19
  to,
• 3:19
  like,
• 3:20
  two
• 3:20
  pairs
• 3:20
  of
• 3:20
  jeans,
• 3:21
  Jen.
• 3:21
  And
• 3:21
  I
• 3:21
  got
• 3:21
  to.
• 3:22
  I
• 3:22
  got
• 3:22
  to,
• 3:22
  I
• 3:22
  got
• 3:22
  to
• 3:22
  get.
• 3:23
  I
• 3:23
  got
• 3:23
  to
• 3:23
  get
• 3:23
  some
• 3:23
  new
• 3:23
  pairs.
• 3:24
  I
• 3:24
  feel
• 3:24
  like
• 3:24
  we're
• 3:24
  on
• 3:24
  a
• 3:24
  jean
• 3:25
  trend
• 3:25
  cycle
• 3:25
  again,
• 3:26
  too.
• 3:26
  So
• 3:26
  I
• 3:26
  got
• 3:26
  to
• 3:27
  figure
• 3:27
  it
• 3:27
  out.
• 3:28
  I
• 3:28
  just
• 3:28
  don't
• 3:28
  know
• 3:29
  because
• 3:29
  I
• 3:29
  pick
• 3:29
  one
• 3:30
  and
• 3:30
  I'm
• 3:30
  like,
• 3:30
  yes,
• 3:30
  this
• 3:31
  is
• 3:31
  it.
• 3:31
  But
• 3:31
  then
• 3:31
  it
• 3:31
  doesn't
• 3:32
  go
• 3:32
  with
• 3:32
  shoes
• 3:32
  anymore.
• 3:33
  Like,
• 3:33
  it's
• 3:33
  winter
• 3:33
  here.
• 3:34
  How
• 3:34
  do
• 3:34
  I
• 3:34
  put
• 3:34
  boots
• 3:35
  with
• 3:35
  wide
• 3:35
  legs?
• 3:35
  I
• 3:36
  don't
• 3:36
  get
• 3:36
  it.
• 3:37
  Yeah,
• 3:38
  I
• 3:38
  feel
• 3:38
  like
• 3:39
  Ella
• 3:39
  could
• 3:39
  help
• 3:39
  me,
• 3:39
  so
• 3:40
  I'll
• 3:40
  talk
• 3:40
  to
• 3:40
  her
• 3:40
  later.
• 3:40
  But
• 3:41
  we'll
• 3:41
  bring
• 3:42
  producer
• 3:42
  Ella
• 3:42
  into
• 3:42
  this
• 3:43
  conversation,
• 3:43
  too,
• 3:43
  before
• 3:44
  we
• 3:44
  let,
• 3:44
  before
• 3:44
  we
• 3:45
  end.
• 3:45
  But,
• 3:45
  but,
• 3:46
  yeah,
• 3:46
  but
• 3:47
  for
• 3:47
  me.
• 3:47
  Yeah,
• 3:47
  I
• 3:47
  mean,
• 3:48
  for
• 3:48
  me.
• 3:48
  Well,
• 3:48
  first
• 3:49
  on
• 3:49
  the
• 3:49
  jeans
• 3:49
  thing,
• 3:49
  like,
• 3:50
  yeah.
• 3:50
  And
• 3:50
  then,
• 3:50
  plus,
• 3:50
  I'm
• 3:50
  like,
• 3:51
  almost
• 3:51
  50.
• 3:51
  Like,
• 3:51
  what
• 3:52
  genes
• 3:52
  can
• 3:52
  I
• 3:52
  actually
• 3:52
  get
• 3:52
  away
• 3:53
  with?
• 3:53
  You
• 3:53
  know,
• 3:53
  that's
• 3:53
  the
• 3:53
  big
• 3:54
  question
• 3:54
  for
• 3:54
  me,
• 3:54
  John.
• 3:54
  But
• 3:55
  no,
• 3:55
  I
• 3:56
  mean,
• 3:56
  I
• 3:56
  think
• 3:56
  I
• 3:56
  agree
• 3:56
  with
• 3:56
  you.
• 3:56
  And
• 3:57
  we
• 3:57
  kind
• 3:57
  of
• 3:57
  talked
• 3:57
  about
• 3:57
  this
• 3:57
  in
• 3:58
  the
• 3:58
  first
• 3:58
  headline
• 3:58
  too.
• 3:59
  And
• 3:59
  I
• 3:59
  got
• 3:59
  to
• 4:00
  eat
• 4:00
  crow
• 4:00
  on
• 4:00
  this,
• 4:00
  because
• 4:01
  when
• 4:01
  this
• 4:01
  news
• 4:02
  initially
• 4:02
  broke
• 4:03
  back
• 4:03
  in.
• 4:03
  What
• 4:03
  was
• 4:03
  it,
• 4:03
  2021,
• 4:04
  I
• 4:04
  said
• 4:04
  in
• 4:04
  the
• 4:04
  headline,
• 4:05
  I
• 4:05
  was
• 4:05
  kind
• 4:05
  of
• 4:05
  intrigued
• 4:06
  by
• 4:06
  it.
• 4:06
  And
• 4:06
  I
• 4:06
  was
• 4:06
  intrigued
• 4:07
  by
• 4:07
  it
• 4:07
  because
• 4:07
  of
• 4:08
  the
• 4:08
  personality,
• 4:08
  mainly
• 4:09
  of.
• 4:09
  Of
• 4:10
  the
• 4:10
  leader
• 4:10
  of
• 4:10
  it
• 4:11
  at
• 4:11
  the
• 4:11
  time.
• 4:11
  And
• 4:11
  like,
• 4:11
  you
• 4:11
  know,
• 4:12
  I.
• 4:12
  I
• 4:12
  know
• 4:12
  better
• 4:13
  than
• 4:13
  that.
• 4:13
  And
• 4:13
  so
• 4:13
  what
• 4:14
  I've
• 4:14
  learned
• 4:14
  from,
• 4:14
  and
• 4:15
  this
• 4:15
  is
• 4:15
  why
• 4:15
  I
• 4:15
  like
• 4:15
  doing
• 4:15
  the
• 4:15
  show
• 4:16
  personally,
• 4:17
  is
• 4:17
  I
• 4:17
  learned
• 4:17
  from
• 4:17
  the
• 4:17
  things
• 4:18
  that
• 4:18
  I
• 4:18
  talk
• 4:18
  about
• 4:18
  and
• 4:19
  what
• 4:19
  works
• 4:19
  and
• 4:19
  what
• 4:19
  doesn't.
• 4:20
  And
• 4:20
  so
• 4:20
  now
• 4:20
  I
• 4:20
  know
• 4:21
  how
• 4:21
  to
• 4:22
  scope
• 4:22
  these
• 4:22
  types
• 4:22
  of
• 4:22
  things
• 4:23
  better.
• 4:23
  And
• 4:23
  so
• 4:23
  what
• 4:23
  I
• 4:23
  would
• 4:24
  say
• 4:24
  to
• 4:24
  people
• 4:24
  is
• 4:24
  like,
• 4:25
  yeah,
• 4:25
  if
• 4:25
  you're
• 4:25
  Walmart
• 4:26
  and
• 4:26
  you
• 4:27
  can
• 4:27
  create
• 4:27
  a
• 4:27
  differentiating
• 4:28
  place
• 4:28
  in
• 4:28
  the
• 4:28
  marketplace,
• 4:29
  you
• 4:29
  should
• 4:29
  be
• 4:29
  taking
• 4:30
  these
• 4:30
  approaches.
• 4:31
  But
• 4:31
  if
• 4:31
  you
• 4:31
  don't
• 4:31
  have
• 4:32
  a
• 4:32
  real
• 4:32
  differentiation
• 4:33
  point
• 4:33
  in
• 4:33
  why
• 4:34
  your
• 4:34
  new
• 4:34
  tech
• 4:35
  platform
• 4:35
  or
• 4:35
  your
• 4:36
  new
• 4:36
  strategy
• 4:36
  is
• 4:36
  going
• 4:36
  to
• 4:36
  stand
• 4:37
  out.
• 4:37
  You
• 4:37
  shouldn't
• 4:38
  do
• 4:38
  it.
• 4:38
  And
• 4:38
  so,
• 4:39
  and
• 4:39
  like
• 4:39
  I'll
• 4:39
  never
• 4:39
  forget
• 4:40
  like
• 4:40
  as
• 4:40
  I
• 4:41
  kind
• 4:41
  of
• 4:42
  told
• 4:42
  people
• 4:42
  I
• 4:42
  was
• 4:42
  intrigued
• 4:43
  I
• 4:43
  met
• 4:43
  somebody
• 4:43
  at
• 4:44
  NRF
• 4:44
  from
• 4:45
  FedEx.
• 4:45
  I
• 4:45
  won't
• 4:45
  name
• 4:46
  her
• 4:46
  but
• 4:46
  if
• 4:46
  she
• 4:46
  still
• 4:47
  listens
• 4:47
  to
• 4:47
  the
• 4:47
  show
• 4:48
  she'll
• 4:48
  remember
• 4:49
  this.
• 4:49
  And
• 4:49
  she
• 4:49
  said
• 4:50
  but
• 4:50
  aren't
• 4:50
  they
• 4:50
  just
• 4:51
  doing
• 4:51
  a
• 4:51
  3
• 4:51
  PL?
• 4:52
  And
• 4:52
  I
• 4:52
  was
• 4:52
  like
• 4:53
  yeah.
• 4:54
  And
• 4:54
  that
• 4:55
  as
• 4:55
  soon
• 4:55
  as
• 4:55
  she
• 4:55
  said
• 4:55
  that
• 4:55
  then
• 4:56
  I
• 4:56
  started
• 4:56
  to
• 4:56
  become
• 4:56
  like
• 4:56
  oh
• 4:56
  yeah
• 4:57
  you're
• 4:57
  right
• 4:57
  like
• 4:57
  what's
• 4:58
  the
• 4:58
  difference
• 4:58
  in
• 4:58
  three
• 4:58
  PL
• 4:59
  providers?
• 4:59
  Like
• 5:00
  there's
• 5:00
  nothing
• 5:00
  so
• 5:00
  like
• 5:01
  if
• 5:01
  why
• 5:02
  should
• 5:02
  I
• 5:02
  use
• 5:02
  American
• 5:02
  Eagle
• 5:03
  a
• 5:03
  competitor
• 5:04
  against,
• 5:04
  you
• 5:04
  know,
• 5:04
  somebody
• 5:05
  else
• 5:05
  like
• 5:05
  you
• 5:05
  know
• 5:06
  any
• 5:06
  of
• 5:06
  the
• 5:06
  other
• 5:06
  myriad
• 5:07
  of
• 5:07
  three
• 5:07
  PL
• 5:08
  providers.
• 5:08
  So
• 5:08
  it's
• 5:09
  not
• 5:09
  even
• 5:09
  close
• 5:09
  when
• 5:09
  you
• 5:09
  look
• 5:10
  at
• 5:10
  it
• 5:10
  from
• 5:10
  that
• 5:10
  lens
• 5:11
  on
• 5:11
  how
• 5:11
  to
• 5:11
  think
• 5:11
  about
• 5:12
  this.
• 5:12
  So
• 5:12
  yeah
• 5:12
  so
• 5:12
  that's,
• 5:13
  that's
• 5:13
  my
• 5:13
  big
• 5:13
  takeaway
• 5:14
  and
• 5:14
  my
• 5:14
  big
• 5:14
  epiphany
• 5:15
  here
• 5:15
  is
• 5:15
  I
• 5:16
  stand
• 5:16
  doing
• 5:16
  this
• 5:16
  show
• 5:17
  eight
• 5:17
  years
• 5:17
  now
• 5:17
  so.