Covetrus, Inc. (NASDAQ:CVET) Q4 2019 Earnings Conference Call - Final Transcript

Mar 03, 2020 • 04:30 pm ET


Covetrus, Inc. (NASDAQ:CVET) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to the Covetrus 4Q '19 Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

Please be advised that today's conference is being recorded. [Operator Instructions]

It is now my pleasure to introduce, Vice President of Investor Relations, Nicholas Jansen.

Nicholas Jansen

Thank you, Andrew. Good afternoon, and thank you for joining us for Covetrus' Q4 2019 earnings call. Joining me on today's call are Ben Wolin, our President and Chief Executive Officer; and Stuart Gleichenhaus, our Interim Chief Financial Officer. Ben and Stuart 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 and operational performance and operating expenditures, our plans to reduce our net debt and our business strategy, and timing and impact of transactions.

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 reports on Form 10-Q, and other periodic reports filed with the SEC which are available on the Investors section of our website at and on the SEC's website at

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 months and fiscal year ended December 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 Vet's First Choice closed on December 31, 2017.

Note, however, the historical combined financial statements do not necessarily reflect what the results of operations would have been 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 or performed by employees, allocations of certain corporate and shared expenses, and strategic decisions made in areas such as information technology and infrastructure.

You can find this afternoon's press release announcing our fourth quarter and full year 2019 results on this call on We will continue to use our site to distribute important and time-critical company information. The press release also contains further information about the non-GAAP financial measures that we will discuss during this call.

These non-GAAP financial measures