HC2 Holdings, Inc. (NYSE MKT:HCHC) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 05:00 pm ET


HC2 Holdings, Inc. (NYSE MKT:HCHC) Q3 2018 Earnings Conference Call Transcript


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Good afternoon, and welcome to the HC2 Holdings Third Quarter 2018 Earnings Call. (Operator Instructions) Please note this call is being recorded.

I would now like to turn the conference over to Mr. Andrew Backman, HC2's Managing Director of Investor Relations and Public Relations. Please go ahead.

Andrew G. Backman

Thank you, Jimmy, and good afternoon, everyone. And I'd like to thank you for joining us to review HC2's third quarter 2018 earnings results. With me today are Philip Falcone, Chairman, President and CEO of HC2; and Mike Sena, our Chief Financial Officer. This afternoon's call is being webcast on our website at hc2.com in the Investor Relations section. We also invite you to follow along with our webcast presentation, which can be accessed on the HC2 website, again, in the IR section. A replay of this call will be available approximately 1 hour after the call. The dial-in for the replay is 1 (855) 859-2056 with the confirmation code of 1949939.

Before I turn the call over to Phil, I'd like to remind everyone that certain statements and assumptions in this earnings call, which are not historical facts will be forward-looking and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain assumptions and risk factors that could cause HC2's actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in our filings with the SEC. In addition, the forward-looking statements included in this conference call are only made as of the date of this call and as stated in our SEC reports. HC2 disclaims any intent or obligation to update or revise these forward-looking statements, except as expressly required by law.

During the call, management will provide certain information that will constitute non-GAAP financial measures under the SEC rules, such as pro forma net revenue, adjusted EBITDA and adjusted operating income, or AOI. Certain information required to be disclosed about these non-GAAP measures, including reconciliations with the most comparable GAAP measures, is available in our most recent earnings press release which is also available on our website.

And finally, as a reminder, the call cannot be taped or otherwise duplicated without the company's prior consent.

Now I'd like to turn the call over to HC2's Chairman, CEO and President, Philip Falcone. Phil?

Philip A. Falcone

Thanks, Andy, and good afternoon, everyone. Thanks for joining us. Once again, we are going to try to keep the prepared remarks brief so we have a bit more time for Q&A.

Today, I'll focus my comments on the solid performance across the portfolio during the quarter that also saw us complete the acquisition of Humana's long-term care insurance business. We'll also discuss a few important milestones that took place after the end of the quarter, including the decision to explore strategic alternatives for Global Marine and delever the company post any transaction, which is our goal with that announcement. MediBeacon, the entity --