SPX FLOW, Inc. (NYSE:FLOW) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 08:30 am ET


SPX FLOW, Inc. (NYSE:FLOW) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the SPX FLOW First Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Scott Gaffner. Thank you. And please go ahead, sir.

Scott Gaffner

Thanks, Chris, and good morning, everyone. Let me start by thanking you for joining us for a discussion of our first quarter 2020 financial highlights. This morning, we issued a news release detailing our financial performance for the three months ended March 28th, 2020. The news release, along with the presentation to be used today - during today's webcast can be accessed on our website at spxflow.com. A replay will also be available on our website later today.

Joining me on the call today are Marc Michael, President and CEO, and Jaime Easley, Vice President and Chief Financial Officer. Taking a look at today's agenda, Marc will start with a safety message, a discussion around our evolving response to COVID-19 along with some thoughts regarding the essential nature of the industries we serve and the overall health of the balance sheet. Jaime will then walk you through details of the Q1 results, our financial position, and the discussion regarding our scenario analysis planning, and cash conservation actions we have taken or could take depending upon economic conditions. Marc will wrap up with an update on our ongoing strategic transformation, and following our prepared remarks, we'll open the call for questions.

Before we begin, a brief reminder that elements of this presentation contain forward-looking statements that are based on our current view of our business and markets. Those elements are subject to change and we ask that you view them in that light. Principal risk factors that may impact our performance are identified in our most recent SEC filings. In the appendix of today's presentation, we provided reconciliations for all non-GAAP and adjusted measures presented.

And with that, I'll turn the call over to Marc.

Marc Michael

Thanks for the introduction, Scott. Good morning, everyone, and thanks for joining us on the call.

Our purpose at SPX FLOW is to help feed and enhance the world by delivering high-value solutions at the heart of sustaining our diverse communities. As the world faces extraordinary challenges posed by COVID-19, our purpose is accentuated. I'm impressed with the way our team is working together across the globe to navigate these challenges, rapidly implementing new protocols that prioritize health and safety while maintaining business continuity to fully support customers.

We have remained open for business with limited disruption, as we support many customers who deliver essential items to first responders and consumers. Our first quarter performance demonstrates our nimble operating structure, maturing business operating system, and emphasis on driving high-quality revenue.

We are in a strong financial position and are managing prudently in the current macroeconomic environment. We'll spend an appropriate amount of time discussing our Q1 results, order trends, financial position, and cash sensitivity in detail.

First, however, I'll highlight the character and