NOW Inc. (NYSE:DNOW) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 09:00 am ET


NOW Inc. (NYSE:DNOW) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to the Third Quarter Earnings Conference Call. My name is Sylvia, and I'll be your operator for today's call. [Operator Instructions]

I will now turn the call over to Senior Vice President and Chief Financial Officer, David Cherechinsky. Mr. Cherechinsky, you may begin.

David Cherechinsky

Thank you, and welcome to the NOW Inc. third quarter 2019 earnings conference call. We appreciate you joining us this morning and thank you for your interest in NOW Inc. With me today is Dick Alario, Interim Chief Executive Officer.

NOW Inc. operates primarily under the DistributionNOW and Wilson Export brands and you'll hear us refer to DistributionNOW and DNOW, which is our New York Stock Exchange ticker symbol, during our conversation this morning.

Before we begin this discussion on financial results for the third quarter of 2019, please note that some of the statements we make during this call, including the answers to your questions, may contain forecasts, projections and estimates, including, but not limited to, comments about our outlook for the company's business.

These are forward-looking statements within the meaning of the US federal securities laws based on limited information as of today, which is subject to change. They are subject to risks and uncertainties, and actual results may differ materially. No one should assume that these forward-looking statements remain valid later in the year. We do not undertake any obligation to publicly update or revise any forward-looking statements for any reason.

In addition, this conference call contains time-sensitive information that reflects management's best judgment at the time of the live call. I'd refer you to the latest forms 10-K and 10-Q that NOW Inc. has on file with the US Securities and Exchange Commission for a more detailed discussion of the major risk factors affecting our business. Further information, as well as supplemental, financial and operating information, may be found within our earnings release, on our website at or in our filings with the SEC.

In an effort to provide investors with additional information relative to our results as determined by US GAAP, you'll note that we also disclose various non-GAAP financial measures, including EBITDA, excluding other costs, sometimes referred to as EBITDA; net income, excluding other costs; and diluted EPS, excluding other costs. Each excludes the impact of certain other costs and therefore, has not been calculated in accordance with GAAP. A reconciliation on each of these non-GAAP financial measures to its most comparable GAAP financial measure is included in our earnings release.

As of this morning, the Investor Relations section of our website contains a presentation covering our results and key takeaways for the quarter. A replay of today's call will be available on the site for the next 30 days. We plan to file our third quarter 2019 Form 10-Q today and it will also be available on our website.

Now, please let me introduce and welcome to the call, our recently appointed Interim CEO, Dick Alario.

Dick Alario

Thank you, Dave. Good morning, everyone, and welcome.

I want to kick off