Greetings, and welcome to Floor & Decor Holdings Inc. First Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.It is now my pleasure to introduce your host Wayne Hood, Vice President of Investor Relations. Thank you. You may begin.

Thank you, operator, and good afternoon, everyone. Joining me on our earnings conference call today are Tom Taylor, Chief Executive Officer; Lisa Laube, President; and Trevor Lang, Executive Vice President and Chief Financial Officer.Before we get started, I’d like to remind you everyone of the company’s Safe Harbor language. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement. The company’s actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Floor & Decor assumes no obligation to update any such forward-looking statements.Please also note that past performance or market information is not a guarantee of future results. During this conference call, the company will discuss non-GAAP financial measures as defined by SEC Regulation G. We believe non-GAAP disclosures enable investors to better understand our core operating performance on a comparable basis between periods. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in our earnings press release, which is available on our Investor Relations website at ir.flooranddecor.com. A recorded replay of this call, together with related materials, will be available on our Investor Relations website.Let me now turn the call over to Tom.

Thank you, Wayne, and thanks to everyone for taking the time to join us on our first quarter 2020 earnings conference call. Before we get started, I just want to thank our entire Floor & Décor team particularly our store associates. They have enthusiastically come together in a way to protect the health and safety of all of our associates and Customers Aheir efforts have truly been inspirational and are a real testament for the culture of the organization, which continues to rise to the occasion to face new challenges that have been placed in front of them.The global spread of the novel coronavirus pandemic and the subsequent economic impacts we're facing is truly unprecedented. On today's call I will discuss some of the highlights of our first quarter 2020 earnings results and then spend more time discussing some of the operational changes that we are making in our stores and store support center to enable us to continue to serve our Pro and do-it-yourself customers and retain sales during this challenging and uncertain time.I will discuss in more detail how we're building on our successful and convenient curbside model that we pivoted to in March by adding Pro appointments and are now rolling it out across the country. Additionally, I will touch on our limited customer entry approach that is happening in two of our Utah stores today. We do see a path forward to restoring growth against the challenging headwinds that we and others are facing. We're encouraged by the impact all of our strategies are now having on our sales trends and to the response from our Pro appointment strategy and white glove service it offers that sets us apart.All of our actions have been and will continue to be taken with an eye towards first protecting…

Thank you, Tom. Let me being by saying that our entire executive leadership team is extremely proud of how we have quickly changed our operations to meet the challenges of the COVID-19 pandemic. It is a testament to our incredibly thousand associates and the investments we've made in our business model and technology that enable us to quickly pivot to a curbside model and leverage our e-commerce investments.As Tom mentioned, since the implement curbside pickup, our e-commerce business is up 270% sequentially and now represents 60% of our company sales. The investments we've made in ecommerce and changes in store operations have enabled us to retain a significant amount of sales while our stores are closed to the public. I am proud of immediacy and resilient that our organization has demonstrated and how it bonds us even more than before to crisis. We are confident that we will come out of this as strong as ever and will continue to grow in the future.As you saw in our press release, we like many other companies have chosen to withdraw our prior sales and earnings guidance and outlook statements with respect to fiscal 2020, as we believe there are just too many unknown variables that will affect our results. I will tell you we've never worked harder and closer as a team to manage our business. While the quarter to have an experienced board and management team that has been together for a long time.We believe the short and long-term decisions we've made will set us apart -- as we look at this pandemic and we will remain strong with other side of COVID-19.I am going to begin by focusing on how we're managing our liquidity, cash flow, profitability during these challenging times and then briefly discuss our first quarter results.…

[Operator instructions] Our first question comes from the line of Simeon Gutman with Morgan Stanley.

My first question, I wanted to get your view on housing and home improvement demand. And realizing there's no guidance here, some have a view that the downturn could look a little different for this segment for a bunch of different reasons. Curious what your take on it is. Do you think home improvement ends up being more insulated than a normal downturn?

Simeon, this is Trevor. I think we're all expecting things to be tougher. The consumer is going to be in a tough spot. They're going to build back their personal balance sheets. And so I do think the sector will be impacted just like a lot of sectors will.I will say, though, if you go back and look in history, back to that 2006-2008 time frame, peak to trough over a 2.5-year period, flooring sales declined 35%, and that's a lot obviously. And during that time, Floor & Decor did pretty well. We had adequate products, so we could sell to people who needed it. We have incredibly low prices, a very inspirational design center. And our prices were low.And so when you look at the overall value that exists, we think our attributes are accentuated during this environment. So yes, we think the environment will be tougher as we look forward. But I think value matters. And we have value in the sense of lots of products, low prices, really good-looking product, great salespeople, integrated website, Pro team to serve the professional customer. And so all those things give us a conviction that, yes, it's going to be a tough environment. But all the things we have will allow us to outperform the market like we have for a long period of time.

Okay. And then my follow-up is on the competitive environment and then something that Tom had mentioned. Can you share what you're seeing competitively? You do operate against a lot of smaller businesses. And I wonder if others have stayed open through an essential classification, any anecdotes you're getting about hardship against competitors? When you open up, do you think you're going to open up to a full slate of them?And then related to what Tom said about leaning in following this period, does this mean that if things are back to normal in 2021, do you open up the stores that didn't get open this year and you add them to the expected '21 class?

That is a long follow-on question. I'll try to get to as much of it as I can. Certainly, we have -- we put the safety of our customers and our associates first, and we made the decision very early on to go to a curbside-only model, that's evolved, and we're operating 3 models now. We've got a curbside model. We've got a Pro appointment model, and we do have two stores in Utah that have limited entry models.And the competitors are all over the Board. Some cities, they are doing what we do; some cities, they're staying completely open, and it really varies by market. And that's just -- as I've told my team, who's very aggressive to get us back opened up, safety for our customers and our associates will be first. And we'll -- as the government allows, we'll continue to open our stores. So that's the first part of it.I think the other side of this, it's hard to tell who will be standing. Certainly, if the independent, the smaller flooring stores, they're going to have a hard time maintaining liquidity in this environment, and we anticipate there'll probably be some more consolidation at the end of this.And then last question, our plan, and I didn't -- I know I probably didn't get to all the questions, but as many of them as I could. Our plan is to get back to 20% unit growth next year. So it's just -- everything is kind of shut down, it's kind of hard to get the stores built. So assuming that the economy reopens in a good fashion, our plans are to get back to our original plan.

Our next question comes from the line of Steven Forbes with Guggenheim Securities.

I wanted to focus really on the trends in the business post the transition to the curbside model. I mean, is there a particular category or region that differs greatly from the chain since that transition from a performance standpoint? And anything you can call out that's driving that difference, whether it's just geographical presence, urban versus suburban county exposure, et cetera?

I mean the curbside model is doing -- it's been pretty consistent since we've opened. It's actually started to get a little bit better as time has gone on. It's hard to -- it's really hard to pinpoint saying, okay, until we reopened the stores and let customers come in on a normal basis, I think it's going to be hard for us to see if it's going to be better in urban or better in rural. It's just hard to give an answer on that.On a product standpoint, we're not seeing any difference really. The consumers are buying what they bought, they just paying less of it.

I'll just add with that two things. One, we exited last year, I think our comp was 5.2% in the fourth quarter. And we said, before COVID-19 hit those last -- previous to those last 6 days, we comped up 6.1%. So we thought our business would accelerate a little bit, and it did. So we were pleased with that.Continue -- the trends across the business continued where our rigid core volume continues to be our best category. The natural wood category continues to be probably our challenged category. Our newer markets continue to outperform our existing markets. So everything just got a little bit better.And I do think I want to mention one more thing that the follow-up on Simeon's question about real estate. What has been interesting throughout this period of time is we're now getting opportunities in real estate locations that we are -- that we would have loved to have been in and would have jumped in a long time ago.And so I do think that some of the benefit out of this is the way we've handled ourselves and negotiated with our landlords and just the strength of the business is, we're now getting opportunities in dense markets that would have been difficult for us to get into otherwise. So we are -- one bright lining of this difficult environment is the real estate opportunities are getting better for us.

And then a follow-up on the design services, right? You spent some time in the prepared remarks on the virtual services and just the engagement with the Pro. But maybe just expand on whether, right, your recent experience here and the engagement with both the DIY and the Pro consumer has changed your investment plans as it relates to design services. Whether that's just number of design associates in the stores or any sort of marketing plans around that, et cetera?

Yes. Well, I mean, since most of our full-time associates, a lot of them were designers. They're still working. We tried to just accelerate a virtual design opportunity for customers. And we're -- the acceptance has been incredible. People still want to engage with our product. And so it's their new appointments and some customers that had previously been worked with, the number of appointments that we're doing has increased every week since we started it.The feedback has been terrific. I was in a store last week and watched a virtual appointment and its designer walking around the store and showing customer products and giving them inspiration. It's pretty incredible. So it's been a great experience. We're very excited about it. We're telling people on our website about it so that they know and they can engage in them.I don't know, Lisa, if there's anything that you want to add about the appointments?

No. The only other thing that I would add is that it has done extremely well, I think probably better than we expected. And I would say that going forward for the foreseeable future, we don't know how comfortable people are going to be out and about. So we think this virtual design appointment is going to be a great way for our customers to engage with the store and with the product before ever coming in.So we think it's a unique competitive advantage. And even when the stores are opened, we plan to continue to give the customer the option to have a virtual design appointment or come in and see one of our designers in person.

[Operator instructions] Our next question comes from the line of Chris Horvers with JPMorgan.

If it's one really long question, does that count? So a question. So first, your quarterly comp is pretty consistent with the last week of the quarter. And it seems like you have a lot more stores "open." Is that right? And why not better? Is it less DIY? Is it less Pro, where the consumer doesn't want that professional coming in and making the installation? Is there some sort of lag impact that's going on or maybe the Pro becoming nonessential in more states? Can you talk about that trend overall?

I'll start, and I'll let Trevor jump in as well. Chris, it's been pretty consistent since we went to curbside. And first, I didn't know how it would go. I really -- I wasn't sure of when we went to curbside that it was going to be people just finishing projects, and so it may start off good and then slow down. And that hasn't been the case. It's been consistent.And then recently, it's gotten better. And I think as time goes on, people are -- they're still engaged with the product, and they still want to do -- I mean, look at how many virtual appointments we're doing, how many samples we're selling out of our -- on our website.People still want to engage in the product, and they still want to do it. So we're going to try to do our part in helping our Pros think about how they can be safer in customer homes. And how they can make sure that their customers, as they're getting it to the end users' homes that they can execute the right social distancing and they can be taking the right measures to make sure that customer feels safe in their stores.So I mean, that's a question mark on how the consumer will feel. But from what -- from people that I've talked to and from what I've seen , it's only -- it's a small sample of stores but we have reopened a couple of our stores, where there's not shelter-in-place guidelines and their comps went from really negative to positive. So I think there's still a need for the category, a still desire for the category.And it's hard really to -- Chris, to say, is it a Pro or DIY, I mean everything has kind of slowed. I think the Pros, when you go to the stores and you watch the curbside model, [indiscernible] a lot of Pros still picking our product.

Our next question comes from the line of Seth Sigman with Crédit Suisse.

I wanted to ask about the investments that you had initially planned for this year. I think it was expected to be somewhat of an elevated year of investments in-store growth and some other areas. Does that just shift into next year?Or conversely, is this a situation that serves as maybe a catalyst for longer-term efficiency? Should we actually be thinking about perhaps better operating leverage coming out of this as sales start to normalize?

This is Trevor. When it first all happened, we went through, and as we mentioned in some of the prepared comments and looked at every single line item, and anything that we didn't feel was mission-critical, we decided to delay on or cut. And so I think we cut our capital expenditures by, I think, low 40% cut. And we really tried to do everything that wasn't customer-facing or needed to be done.So we have a pretty big cut in our CapEx, obviously, going down to 11 new stores plus the design center had an impact as well. We actually sort of increased our budget a little bit for the class of 2021 just because of what we think we're going to open early next year. And hopefully, this -- one other silver lining of this is it's likely that we will have a [indiscernible] cadence of openings in fiscal 2021.And so I think on the operating side, we still have some more homework to do. There's -- we are learning things in this that we would have probably never learned before. And so I think it's probably too soon to tell. But I don't know, if Tom or Lisa, if you have anything, but that would be my answer.

No. I think that's right, Trevor. I do think it is that we are learning about different ways that we can operate, which could take some costs out of the business, and we'll be thoughtful in that approach and take the right steps to try to be.

Our next question comes from the line of Mike Lasser with UBS.

So you've offered a lot of varying data points and viewpoint on this call. So Trevor said that during the last recessions flooring dropped 35%. This time around, unemployable will matter more than anything. Tom, you mentioned that when you open a couple of stores, they comp positive. There may or may not be pent-up demand because Pros have been allowed in consumers' homes.So putting all that together, I think the critical factor that we're all trying to determine is once -- whatever the new normal is up and running, call it, in the third and fourth quarter, should we think about relative to that benchmark that you said of flooring being down 35%, should flooring be down maybe half as much this time around?And because of the competitive positioning of Floor & Decor, you could do twice as better than that. So if the category is down 15% to 20%, in light of everything, it's reasonable to expect that maybe your comps are down mid- to high singles?

Yes. This is Trevor. One other thing I think that's interesting. We're obviously a much bigger company. In the last downturn, the company was like $200 million and this time around, COVID-19, I think we would have been around $2.5 billion. So a much bigger company. But one of the benefits of being a bigger company is we just have a lot more information and data. Lisa's team has done a really good effort in helping us understand our customer better.And when we dug through some of that, our average customer income now, we estimate is between $100,000 and $125,000 versus the U.S. median in the $60,000 range. We age up. We're probably 35 to 64 years old. They've lived in that house for 11 to 15 years. And so when you add all that up, that consumer, that person who's buying from us has a good amount of discretionary income. And when you look at the people who are unfortunately being impacted by this, it's the lower income level folks that are being heavily impacted by that.And so I do think that with the combination of when you look at the industry, with all the success we've had, with all the success the home centers have had over the last 10 years, the majority of the industry today is still 65% small-ish independent-type companies. And I think they will struggle on this.And as I mentioned before, the value player, value meaning price, value trend-right assortment, value meaning in-stock inventory, we believe we'll take a disproportionate share of market share during this period of time. So I don't know exactly what that looks like. We're all trying to figure that out over the coming months. But we have -- certainly, we believe, we put ourselves in a position by keeping all of our full timers by taking care of our professional customers, by taking care of all of our vendor partners that we are in the best shape possible to take care about that customer when we open the doors.And as Tom mentioned, it's only a 2 store test. Our 2 stores that we've opened this in, but we went from comping negative to positive. And so we'll see. We've got a lot of -- lots to learn over the next coming months, but we're in a fantastic position to take the most amount of business that's available as we open our doors.

Our next question comes from the line of Matt McClintock with Raymond James.

It sounds like you've been quite busy. A lot of detail on this call, so I really appreciate it. I guess the first quick question is, I kind of want to ask this Pro question differently. Tom, when you maybe do surveys of the Pro right now, or talk to the Pro when you're in the store, what are they saying about jobs cancellations versus just jobs being pushed back in terms of deferral?Like I'm just trying to get a better sense of how much demand outright was just cut off versus how much demand is likely there, just waiting for people to be able to go back -- feel comfortable again to get -- have these contractors come into their house, et cetera?

I have heard the majority now anecdotally, right? So talking to the stores and our operators and talking to some Pros, where I've been able to be in stores, it has been more pushback and -- but not cancellation. And we have an installation partner, that's kind of an arm's length relationship that we can recommend to customers. And they're telling us the same thing that it's is not job cancellations, it's job pushbacks.And I think that as restrictions ease and as Pros get educated on how they have to communicate to the end user, how they're going to enter the home, how they're going to wear masks and how they're going to wear gloves and how they're going to disinfect during the job and how they're going to maintain social distancing, then I think consumers will become more and more acceptable of them entering their homes. But we're not -- we have -- I don't think it's a big cancellation of jobs. I'd absolutely heard it's more of a delay in jobs.

Our next question comes from the line of John Baugh with Stifel.

I was curious if you think there might be some longer-term reaction to sourced product coming from China, whether you factored that into your longer-range sourcing strategy?

It's Lisa. So it's a really interesting question. On the immediate term, thankfully, most of the countries have reopened, and we're starting to get product. So we've not, at this point, seen any customer preference change. As the tariffs and the ADD and CBD changes have happened over the last 1.5 years or so, we've dramatically reduced our reliance on China for sourced product.Pretty much the only thing left in China right now are those things that can only come from China. And so if we have another country option, we've moved product to those countries, and we will continue to do that. So whether it's working with some of our manufacturers to open up manufacturing in other countries or finding resources that we didn't know about in other countries, that landscape continues to change.But yes. So I think for us, we will continue to make sure that we're diversified and that we have the products that the customers want and expect from us.

Our next question comes from the line of Peter Keith with Piper Sandler.

Congrats guys, it's tough environment. You guys seem to be doing a great job. Funny to say, good job at being down at 50%. I guess we thought it'd probably be worse than that. So that feels not so bad given everything that's going on.There's a thesis going around that people are spending a lot more time at home, that they're probably getting a little more fed up on their flooring and other aspects of the home. And I was wondering if you could give us some commentary on maybe what you're seeing with your web traffic. It might be a little hard to disaggregate with stores closed, but does it feel like there's a little bit more browsing, more shopping going on that could suggest potentially some pent-up demand in the back half of the year?

Well, it's very hard to say because with the curbside model, I think we -- Tom had mentioned in his script, something like 60% of the sales right now are coming through the website because of the curbside model. So it's a little hard to look at that differently.But we do look at traffic, and the traffic is up on the site. So conversion is obviously where the majority of those are coming from, the people that were browsing before and then going into the store to purchase, they're now purchasing online and then going to the store to pick it up. But yes, we have seen definitely an increase in traffic, increase in time spent, increase in visualizer utilization.And so I do believe that in this new environment, we will see more customers shopping online and either picking up or maybe even having the product delivered for us. But yes, we are gearing up, and we are working on other things to do for our website to make that an even better, easier shopping experience for the customer going forward?

I think, Peter, the other thing I'd say, and again, it's not -- it's more anecdotal, but it's -- there's -- we are hearing a lot of as people have the shelter in their homes and stay in place, that there is lots of -- they're finding a floor that they may not have liked or a backsplash that they're tired of or a bathroom that's really old.And so if people are going to travel less and they're going to -- while the economy reopens and the country reopens and they'd get out, they still -- they may put some of that discretionary income that they had that they would have used for vacations. They may put that into their house. So we are hearing some of that as well. But no one really knows. We'll see.

Our next question comes from the line of Chuck Grom with Gordon Haskett.

You stated in certain markets, I think the 2 in Utah that you've opened up those stores and comps have turned positive, which is obviously a great sign. When you look ahead, it seems like you're being a little bit conservative on when you guys could open the majority of the chain. There's a number of companies even Macy's today articulated the plans to open up all their stores by the middle of June. So I guess just what are you guys looking for to open up those stores?And as a follow-up to that, just curious, in the April quarter-to-date number down 50%, if there's any geographical differences between the coast to the middle of the country, down south, what you guys are seeing would be helpful.

Yes. I'll take the first part on the openings, and the last part, we're really not seeing much difference geography-wise. It's hard -- it's really hard to ascertain that, but we're not seeing much of a difference there. I will say that we'll open up a bunch of stores tomorrow as States have lifted some orders, we'll be able to get some of our stores opening into a limited entry, controlled amount of customers that will be allowed, that will vary by local jurisdiction, but we'll have a decent amount of stores that get to let customers back in starting tomorrow. And we anticipate that by the end of May, we would have about 70% of our stores open.So that could change. We're going to follow, as we said in my prepared comments, the reopenings will be staggered, and they'll be dictated by local, state and government authorities and health official mandate. So we'll be thoughtful in the way that we do that. But as we here today, I was -- I'm actually a little surprised that we're going to be able to open up more stores tomorrow and -- but we do anticipate by everything I read and see that by the end of May, 70%.

Our next question comes from the line of Kate McShane with Goldman Sachs.

Just following up on the question earlier about the supply chain. It doesn't sound like you're having any major supply constraints right now. But just wondering too in the current state of the world and the environment, if suppliers are willing to negotiate any more on price?

It's interesting question. So far, we have had some luck on that. I mean, currency has helped us. The fuel and pricing has helped us some. So yes, I do think there is some opportunity on that front going forward.

Our next question comes from the line of Greg Melich with Evercore ISI.

One quick follow-up. Did you guys say that DIY was stronger than Pro since you closed the stores? I thought I heard that, but it cut out for a second.

No. We didn't say that.

Our next question comes from the line of Jonathan Matuszewski with Jefferies.

You guys alluded to the Pro appreciating some of the concierge-like services you're offering at curbside and mentioned that many of them are asking for those to continue on the other side of this. So are there other changes that you've made in the business beyond the virtual design appointment that you would anticipate to carry over on the other side of this?

We are looking at that. I mean, there's absolutely -- if you go pre COVID-19, when a customer wanted to pick up something in a store, they pulled up to the back of the store. They checked in at a command center, then they had to go back outside and wait, and we've changed to this where you pull up to the store, there's someone outside. They greet you and find out you're going to get your determinations communicated to inside the store to get the product out quicker. And certainly, every Pro that I've talked to is like, this is terrific. I don't have to get out of my truck. I really like that.So I think we'll have to pay attention to that. And I think we'll have to react to some of that. And I think between that, and I think the virtual design is learning. I still don't virtual design -- it's doing good because customers can't come into the store. I think it will do good, but it won't replace customers wanting to touch and feel the product and get inspiration out of our stores. So I think that they'll want to continue to come in.But a big part of -- we'll have to change lots of the way that we operate. We're learning and we're surveying people that are buying in the stores today to get an understanding of what they like and what they don't like, and we'll react accordingly.

Our next question comes from the line of Seth Basham with Wedbush Securities.

My question is pretty simple. Could you give us any color on what you're seeing from a mix perspective as it relates to good, better, best? Are you seeing customers trade down at all or trade from one category to another?

At the end of the first quarter, our best category continued to be our best-performing category. The comps on our best SKUs are better than our good and are better than our better. So we haven't seen a trade down in -- so far. Even during the drive-through, we really -- as we've gone to a curbside model, we haven't seen customers trading down to just by an opening price point or things of that nature yet.We'll see as thing goes. But the value of our best products is so significant and the looks of our best product are so great that we still think when a customer is going to take on this type of project, I still -- they're going to lean towards the better stuff.

Our final question comes from the line of Greg Melich with Evercore ISI.

I'd love to hear if there's anything in the CARES Act that you guys are able to take advantage of and/or that you could help some of your Pro customer's particular use as they try to manage their business through this tough time.

Greg, this is Trevor. So there is. There's 3 main pieces of the CARES Act that are going to help us, and it's going to be in the tens of millions of dollars. The biggest one for us is most of the CapEx we spend on our stores, the IRS makes us depreciate that over 39.5 years. They've changed that, so we're going to get to take an immediate deduction for that.That's going to be in the tens of millions alone. The government has also allowed companies to not play the -- to defer the payment of the 6.2% social security taxes the employer portion of that. That's probably about $10 million for us that we will then pay back in 2021 and 2022.And then there's also components of the CARES Act that relate to employee credits for people that were negatively impacted by COVID-19. So if we had to make someone stay home or someone who's ill, we'll get several million for that, we think, as well.We've also analyzed -- there's lots of opportunities to borrow the banks. And as you know, the banks and the government are still figuring that out. We've analyzed all of those as well. As we said in the prepared comments, we don't think we really need to borrow anymore. And we don't think we would use the government funds. We have access to capital markets. The banks would love to lend to us, credit CLOs and those folks would love to lend to us. So we've analyzed that, too, but I don't think we would go down that path either.One other thing I think, just based on some of these questions, at least and Tom answered this that I thought it was interesting that really talks about the demand as we've seen our…

This concludes our Q&A session. I'd like to hand the call back to Tom Taylor for closing remarks.

Well, thanks. First, I'd like to thank everyone for their interest in our company, and we appreciate everyone joining our call. I also know there's a lot of associates in the store support center and in our stores that are listening to the call, and I'd like to thank them for all of their hard work and for our associates in our stores for putting safety first and adhering to our safety protocols.It's a tough time to talk about business with all of the human tragedy that's come about because of COVID-19 pandemic. And the priorities of the country in the world have to be to stop the spread and to find a cure. That's the most important priority.But when it comes to Floor & Decor, it's -- we ended 2019, as we said in our script, with record sales, record profit, highest liquidity levels ever, highest service scores ever and an incredible culture intact within our store support center and within our stores. And we've tried to be thoughtful in the way that we think about this, and we do see a path forward to restoring growth again.Like I said earlier, we believe that 70% of our stores will be opened during the month of May. We do believe that in 2021, we will get back to 20% unit growth. And we're fortunate because of the cuts that we made. We were thoughtful, and our store support center associates are still there and our full-time associates are still there, and we're able to ramp them back quickly.So we're poised to come out on the other side of this pandemic in a really strong position and should have a great ability to take share. So again, thanks, everyone, for joining the call, and we look forward to updating you in the next quarter. Thank you.

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.