The Hain Celestial Group, Inc. (NASDAQ:HAIN) Q1 2020 Earnings Conference Call Transcript
Nov 07, 2019 • 08:30 am ET
Good day and welcome to the Hain Celestial First Quarter Fiscal Year 2020 Earnings Conference Call and Webcast. [Operator Instructions].
I would now like to turn the conference over to Ms. Katie Turner ICR Investor Relations. Please go ahead.
Thank you. Good morning and thank you for joining us on Hain Celestial's First Quarter Fiscal Year 2020 Earnings Conference Call. On the call today are Mark Schiller President and Chief Executive Officer; and James Langrock Executive Vice President and Chief Financial Officer. During the course of this call management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to Hain Celestial's annual report on Form 10-K and other reports filed from time to time with the Securities and Exchange Commission and its press release issued today for a detailed discussion on the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Please note management's formal remarks today will focus on non-GAAP or adjusted financial measures. A reconciliation of GAAP results to non-GAAP financial measures is available in the earnings release. The company has also prepared a presentation outlining the fiscal 2020 outlook and additional supplemental information which is available on its website under Investor Relations. This call is being webcast and an archive of it will be available on the website as well.
And now I'd like to turn the call over to Mark Schiller.
Thank you, Katie, and good morning everyone. Earlier this week I passed my 1-year anniversary with Hain. And not surprisingly I've been reflecting on the journey we've been on to say the least it's been an incredible year. Shortly after I was hired to be the CEO I met with some of you early on and I promised you clarity credibility and consistency to help strengthen your confidence in Hain. After about 90 days I then laid out a strategy for our complete transformation which consisted of 4 key pillars: one simplifying the portfolio and organization; two strengthening our core capabilities; three expanding margins and cash flow; and four reinvigorating profitable top line growth in a core set of high potential brands. Since articulating that strategy we've undertaken numerous and significant changes to our portfolio our business model our culture and our team. Examples of our progress thus far includes simplifying the company by divesting nonstrategic brands with sales of almost $750 million consolidating from 5 sales forces in the U.S. to 1 and from over 30 brokers to just a handful consolidating from over 30 distribution points in North America to less than 5 and eliminating almost 10% of our SKUs worldwide. On building capability we've hired a new senior team and brought on several new Board members. We standardized key processes like forecasting innovation and project management. We've reorganized into