StoneMor Partners L.P. (NYSE:STON) Q2 2019 Earnings Conference Call - Final Transcript

Aug 08, 2019 • 04:30 pm ET


StoneMor Partners L.P. (NYSE:STON) Q2 2019 Earnings Conference Call - Final Transcript


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Greeting and welcome to the StoneMor Partners 2019 Second Quarter Financial Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions)

I would now like to turn the conference over to John McNamara, Director of Investor Relations. Please go ahead.

John McNamara

Thank you. Good afternoon, everyone, and thank you again for joining us on the StoneMor Partners conference call to discuss our 2019 second quarter financial results. You should all have a copy of the press release we issued earlier today. If anyone does not have a copy, you can find the full release on our website at

With us on the call this afternoon are Joe Redling, President and Chief Executive Officer, and Garry Herdler, Senior Vice President and Chief Financial Officer.

Before we begin, as usual, I would like to remind everyone that this conference call contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address operating performance, events or developments that we expect or anticipate to occur in the future are forward-looking statements.

These forward-looking statements are based on management's beliefs and assumptions and not on information currently available to our management. Our management believes that these forward-looking statements are reasonable. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of today's date. We do not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise except as required by law.

In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include but are not limited to those described in the reports which we file with the SEC.

With that, I'll now turn the call over to Joe Redling, who'll take it from here. Go ahead, Joe.

Joe Redling

Thank you, John. Good afternoon, everyone. Thank you again for joining us to discuss our 2019 second quarter results. While this is not the first investor call that the new management team has conducted, but the first one took place on June 29 in connection with the announcement of our balance sheet recapitalization. It is however, the first quarterly results investor call StoneMor has conducted in quite some time and we are pleased to once again be providing regular quarterly updates on our progress.

As you know, we became a timely filer with the filing of our first quarter financials results back in May and tomorrow's filing of our 10-Q continues our expectation to be a timely filer going forward.

When we last spoke at the end of June, we announced a $447 million recapitalization of our balance sheet. This was a significant step in our strategic goal to deliver sustained profitability through four key areas: cash flow and liquidity, capital