Covetrus, Inc. (NASDAQ:CVET) Q2 2019 Earnings Conference Call - Final Transcript

Aug 13, 2019 • 09:00 am ET

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Covetrus, Inc. (NASDAQ:CVET) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to Covetrus Second Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Nicholas Jansen, Vice President, Investor Relations. You may begin.

Executive
Nicholas Jansen

Thank you, Nicole. Good morning, and thank you for joining us for Covetrus' Q2 2019 Earnings Call. Joining me on today's call are Benjamin Shaw, our President and Chief Executive Officer; and Christine Komola, our Executive Vice President and Chief Financial Officer. Ben and Christine will begin with prepared remarks and then we'll be happy to take your questions.

During this conference call, we anticipate making projections and forward-looking statements based on our current expectations. All statements other than statements of historical fact made during this conference call are forward-looking, including statements regarding management's expectations for future financial business, operational performance and operating expenditures. Forward-looking statements may be identified with words such as will, may, expect, plan, anticipate, upcoming, believe, estimate or similar terminology and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include those under the heading risk factors in our most recent annual report on Form 10-K, quarterly report on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission, which are available on the Investors section of our website at ir.covetrus.com and on the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date hereof, and except as required by law, we undertake no obligation to update or revise these forward-looking statements.

During this presentation, we will also provide certain pro forma results for the three and six months ended June 30, 2019, and 2018 to help investors understand the underlying trends in the business as if the merger of the Animal Health Business of Henry Schein and Vets First Choice closed on December 31, 2017. Note, however, the historic combined financial statements do not necessarily reflect what the results of operations would have had we operated as a combined company as those results would depend on a number of factors, including the chosen organizational structure, what functions were outsourced and performed by employees and strategic decisions made in areas such as information technology and infrastructure.

You can find this morning's press release announcing our second quarter 2019 results and the slides referenced on the call on ir.covetrus.com. We will continue to use our site to distribute important and time-critical information. The slides and the press release also contain further information about the non-GAAP financial measures that we will discuss during this call. These non-GAAP financial measures exclude certain non-cash or nonrecurring items such as costs directly associated with the spinoff and merger and the ongoing integration process, including certain infrastructure investment expenses,