Pennsylvania Real Estate Investment Trust (NYSE:PEI) Q1 2018 Earnings Conference Call Transcript

May 02, 2018 • 11:00 am ET


Pennsylvania Real Estate Investment Trust (NYSE:PEI) Q1 2018 Earnings Conference Call Transcript


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Good morning, and welcome to Navigant's First Quarter 2018 Earnings Call. At this time, I would like to inform all participants that your lines will be in listen-only until the question-and-answer portion of the call. This call is being recorded, if you have any objections, you may disconnect at this time.

I would like to introduce Kyle Bland, Director of Investor Relations. Mr. Bland, you may now begin.

Kyle Bland

Good morning and thank you for joining us to discuss Navigant's first quarter 2018 earnings results. We have posted our earnings release, as well as supplemental information about the quarter on the Investor Relations section of our website. With me on the call this morning are Julie Howard, our Chairman and Chief Executive Officer; Stephen Lieberman our Chief Financial Officer; and Lee Spirer, our Chief Growth and Transformation Officer.

Before I turn the call over to Julie, I would like to highlight the disclosure at the end of our earnings release for information about any forward-looking statements that may be made or discussed on this call.

Please review this information and the reconciliations in the schedules attached to the press release along with the risk factors included in our 2017 Annual Report for items, which could affect the company's financial results and cause our actual results to differ materially from those contained in or implied by any forward-looking statements made on today's call.

With that, I will turn the call over to Julie.

Julie Howard

Thank you, Kyle. Good morning and thank you for joining our first quarter 2018 conference call. Stephen is going to walk you through our results. I'm going to take a few moments however to provide some opening remarks about our performance and then importantly discuss the recently announced joint venture we've entered into with Baptist Health South Florida. Following Stephen's remarks I plan to come back to you with some high level perspectives regarding our longer term outlook for the business and as always we look forward to our Q&A following our prepared remarks.

I'm really pleased the business is off to a good start in 2018, we achieved solid RBR growth both year-over-year and sequentially, driven by strong results in our Financial Services and Compliance, Disputes and Forensics and Energy segments including record quarterly RBR for Financial Services and Compliance. Demand for our services increased over the course of the quarter, including emerging signs of recovery in our Healthcare segment that have the potential to fuel improved performance in the segment over the next few quarters. Stephen will share more details, but suffice to say that with this promising start to the year we remain well positioned to achieve our full year 2018 guidance target.

Secondly, as you are likely aware, we made a very exciting announcement a few weeks ago regarding a new joint venture that we formed with Baptist Health South Florida, one of the largest health systems in Florida, Baptist Health is at the forefront of improving patient and community health with over 1.5 million patient