HC2 Holdings, Inc. (NYSE MKT:HCHC) Q1 2020 Earnings Conference Call - Final Transcript

May 11, 2020 • 05:00 pm ET


HC2 Holdings, Inc. (NYSE MKT:HCHC) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon and welcome to the HC2 Holdings Inc First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I'd now like to turn the conference over to Garrett Edson of ICR. Please go ahead.

Garrett Edson

Thank you, and good afternoon. We'd like to thank you for joining us to review HC2's first quarter 2020 earnings results. With me today, are Phil Falcone, President and CEO of HC2; and Mike Sena, HC2's Chief Financial Officer. This afternoon's call is being webcast on our Web site at hc2.com in the Investor Relations section.

We also invite you to follow along with our webcast presentation which can be accessed on HC2's Web site, again in the IR section. The replay of this call will be available approximately 1 hour after the call. The dial-in for the replay is 1844-512-2921 with confirmation code of 10143550.

Before I turn the call over to Phil, I'd like to remind everyone that certain statements and assumptions in this earnings call which are not historical facts will be forward-looking and are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 including among others statements related to the expected potential impact of the novel coronavirus COVID-19 pandemic and the related responses of the government and HC2 on our business, financial condition and results of operations in any such forward-looking statements whether concerning the COVID-19 pandemic or otherwise involve risks assumptions and uncertainties.

These forward-looking statements are subject to certain assumptions and risk factors that could cause HC2's actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more thoroughly discussed in our filings with the SEC. In addition, the forward-looking statements are included in this conference call are only made as of the date of this call and as stated in our SEC report. HC2 disclaims any intent or obligation to update or revise these forward-looking statements except as expressly required by law.

During the call, management will provide certain information that will constitute non-GAAP financial measures under the SEC rules such as, but not limited to, adjusted EBITDA, insurance adjusted operating income, and insurance pre-tax adjusted operating income. Certain information required to be disclosed about these non-GAAP measures, including reconciliations with the most comparable GAAP measures is available in the most recent earnings press release, which is also available on our Web site. And finally, as a reminder, this call cannot be taped or otherwise duplicated without the company's prior consent.

Now, I'd like to turn the call over to HC2's President and CEO, Phil Falcone. Phil?

Philip Falcone

Thank you, Garrett, and good afternoon everyone. Thank you for joining us and we hope you and your families remain safe and healthy. And it's been a challenging couple of months for everyone since our last call in March as everyone has been touched in some fashion by this pandemic. We're especially proud of the tireless effort and dedication from our