Alexander & Baldwin, Inc. (NYSE:ALEX) Q1 2020 Earnings Conference Call - Final Transcript

Apr 30, 2020 • 05:00 pm ET


Alexander & Baldwin, Inc. (NYSE:ALEX) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Alexander & Baldwin's First Quarter 2020 Earnings Conference Call. [Operator Instructions] After the speakers' presentation there will be a question-and-answer session. [Operator Instructions]

I will now hand the conference over to your speaker today, Mr. Steve Swett, Investor Relations. Sir, please go ahead.

Steve Swett

Thank you. Aloha, and welcome to our call to discuss Alexander & Baldwin's first quarter 2020 earnings. With me today are A&B's President and CEO, Chris Benjamin; and Brett Brown, CFO. We're also joined by Lance Parker, A&B's Chief Real Estate Officer; and Clayton Chun, Chief Accounting Officer, who are available to participate in the Q&A portion of this call.

Before we commence, please note that statements in this call and presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions, as well as the rapidly changing challenges with, and the company's plans and responses to the novel coronavirus COVID-19 pandemic and related economic disruptions.

Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and timing of certain events to differ materially from those expressed in or implied by our forward-looking statements.

These factors include, but are not limited to, prevailing market conditions and other factors related to the company's REIT status and the company's business, business associated with the COVID-19 and its impacts on the company's business, results of operations, liquidity and financial condition, evaluation of alternatives by the company related to its Materials & Construction business and by the company's joint venture related to the development of Kukui'ula, generally discussed in the company's most recent Form 10-K, Form 10-Q and other filings with the SEC. The information in this release should be evaluated in light of these important risks. We do not undertake any obligation to update the company's forward-looking statements.

Management will be referring to non-GAAP financial measures during our call today. Included in the appendix of today's presentation slides is a statement regarding our use of these non-GAAP measures and reconciliations. Slides from this presentation are available for download at our website,

Chris will open up today's presentation with a strategic and operational update. He will then turn the presentation over to Brett, who will discuss financial matters. Chris will return for some closing remarks, and then we will open it up for your questions.

With that, let me turn it over to Chris.

Christopher Benjamin

Thanks, Steve, and good afternoon to our listeners. Today, I will provide an overview of our first