Rite Aid Corporation (NYSE:RAD) Q2 2020 Earnings Conference Call - Final Transcript

Sep 26, 2019 • 08:30 am ET


Rite Aid Corporation (NYSE:RAD) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Rite Aid Second Quarter Fiscal 2020 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] Thank you.

I would now like to hand the conference over to one of your speakers today, Byron Purcell, Treasurer and Investor Relations. Please go ahead, sir.

Byron Purcell

Thank you, and good morning, everyone. We welcome you to our second quarter earnings conference call. On the call today with me are Heyward Donigan, Chief Executive Officer; Bryan Everett, Chief Operating Officer; Ben Bulkley, Chief Executive Officer of EnvisionRxOptions; and Matt Schroeder, Chief Financial Officer. On today's call, Heyward will provide introductory comments, Bryan and Ben will provide an update on the business, Matt will provide an update to our second quarter results and review guidance for 2020 and then we will take questions.

As we mentioned in our release, we are providing slides related to the material we'll be discussing today. These slides are provided on our website, www.riteaid.com, under the Investor Relations information tab. We will not be referring to them in our remarks, but hope you will find them helpful as they summarize some of the key points made on the call.

Before we start, I'd like to remind you that today's conference call includes certain forward-looking statements. These forward-looking statements are presented in the context to certain risks and uncertainties that can cause actual results to differ. These risks and uncertainties are described in our press release, in Item 1A of our most recent Annual Report on Form 10-K and other documents that we file or furnish to the Securities and Exchange Commission.

Also, we'll be using certain non-GAAP measures in our release and in the accompanying slides. The definition of the non-GAAP measures along with the reconciliation to their related GAAP measure are described in the press release and the slides.

With these remarks, I'd now like to turn it over to Heyward.

Heyward Donigan

Thank you, Byron, and thanks to everyone for joining us. I am very pleased to be here with my team at Rite Aid. Our Company's associates, loyal customers and communities are a strong foundation for Rite Aid. I've spent the bulk of my career in the healthcare industry, focused on meeting the needs of employers health plans, healthcare providers and most importantly, consumers in the need of healthcare. I've served in leadership roles at companies like Cigna HealthCare, Premera Blue Cross, ValueOptions and Sapphire Digital. So I really understand both the basic needs of the healthcare consumers and really the complexity of the system that's tasked with addressing these needs.

Rite Aid pharmacists play a crucial role in this healthcare delivery system. Our teams are on the front lines of healthcare delivery, engaging with healthcare consumers every day, including promoting prevention and wellness in our communities. Millions of Americans depend on Rite Aid pharmacies for their healthcare and wellness needs. Millions of Americans also shop with Rite Aid for their everyday items