Walgreens Boots Alliance, Inc. (NASDAQ:WBA) Q3 2018 Earnings Conference Call - Final Transcript

Jun 28, 2018 • 08:30 am ET


Walgreens Boots Alliance, Inc. (NASDAQ:WBA) Q3 2018 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Walgreens Boots Alliance, Inc. Third Quarter 2018 Earnings Conference Call.

At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

[Operator Instructions]

I would now like to turn the call over to Gerald Gradwell, Senior Vice President of Investor Relations. Please go ahead.

Gerald Gradwell

Good morning, ladies and gentlemen, and welcome to our 2018 third quarter earnings call. As usual, I am here today with Stefano Pessina, our Executive Vice Chairman and Chief Executive Officer of Walgreens Boots Alliance; and Alex Gourlay, Co-Chief Operating Officer of Walgreens Boots Alliance and President of Walgreens.

And this quarter, for the first time, we would like to welcome James Kehoe, our Global Chief Financial Officer, who joined us at the beginning of the month. Before I hand you over to Stefano to make some opening comments, I will take you through the legal safe harbor and cautionary declarations.

Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on our current market, competitive, and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially. Except to the extent required by the law, we undertake no obligation to update publicly any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions, or otherwise. Please see our latest Forms 10-K and 10-Q for a discussion of risk factors as they relate to forward-looking statements.

In today's presentation, we will use certain non-GAAP financial measures. We refer you to the appendix in the presentation materials available on our investor relations website, for reconciliations to the most directly comparable GAAP financial measures and related information. You will find a link to the webcast on our investor relations website at investor.walgreensbootsalliance.com. After the call, this presentation and webcast will be archived on the website for 12 months.

I will now hand you over to Stefano.

Stefano Pessina

Thank you, Gerald. Hello, everyone. I must start today by welcoming James as our new Global Chief Financial Officer, a role for which he is perfectly qualified and say how much I am looking forward to working with him. I would also like to thank George Fairweather, who is here with us today. Despite stepping down as CFO, he will remain with us working, albeit fewer hours on business and corporate development projects. George has made a huge contribution to the company over now 16 years and it has been a pleasure to work closely with him through many great adventures and challenges. George has worked tirelessly for the Company and has delivered true value for shareholders. It is characteristic of George than when he wished to stand down as the CFO, he brought his usual diligence to helping find an extremely well-qualified successor and went out of his way to plan an extensive endeavour.

But as I say, George is