Triple-S Management Corporation (NYSE:GTS) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 08:30 am ET

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Triple-S Management Corporation (NYSE:GTS) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Triple-S Management First Quarter 2020 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Garrett Edson, Senior Vice President, ICR. Please go ahead.

Executive
Garrett Edson

Thank you, and good morning. Welcome to the Triple-S Management first quarter 2020 earnings conference call. With us today are your host, Bobby Garcia, President and Chief Executive officer of Triple-S; and Juan Jose Roman, the Executive Vice President and Chief Financial Officer. In addition, Madeline Hernandez, Chief Operating Officer and President of Managed Care, will be available during Q&A.

By now, everyone should have access to the earnings announcement, which was released prior to this call, which may also be found on the company's website at triplesmanagement.com. Before we begin formal remarks, we need to remind everyone that each quarter, Triple-S management executives will provide their current view of the company's future and thus they will be sharing forward-looking information. These statements can be affected by risks and uncertainties involved in the business. Despite management's best efforts, actual results may differ materially from such forward-looking statements and what you hear in today's call.

These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. For further information on factors that could impact the company and the statements and projections contained herein, please refer to the safe harbor section in today's news release and the company's filings with the Securities and Exchange Commission. Each forward-looking statement and projection of financial information made during this call is based on information available to us as of the date of this call. We disclaim any obligation to update our forward-looking statements unless required by law.

In addition, this call is being webcast and an archived version will be available shortly after the call ends on the Investor Relations portion of the company's website at www.triplesmanagement.com. If you cannot download a copy of the release, you can contact us at (787) 792-6488, and we will get one to you immediately and can add you to the distribution list moving forward.

With that, I'd now like to turn the call over to Bobby Garcia. Please go ahead.

Executive
Roberto Garcia-Rodriguez

Thanks Garett, and good morning, everyone.

The COVID-19 pandemic has dramatically affected every family, community and business around the globe. We all know someone who's been diagnosed, has lost a job or is risking his or her health as a first responder. And through the lockdowns, we have gained a much greater appreciation for our seniors, our homes, our livelihoods and our way of life.

We hope you're staying safe and healthy, and we very much appreciate you taking the time to join us this morning. Today, we reported total operating revenues of $896.4 million for the first quarter, a 13.8% increase from the prior year. On bottom line, we recorded adjusted net income of $17.7 million or $0.75 per diluted share, in line with the same quarter last year.

Overall, we are