Echo Global Logistics, Inc. (NASDAQ:ECHO) Q3 2020 Earnings Conference Call - Final Transcript
Jul 22, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Echo Global Logistics Second Quarter 2020 Earnings Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, our Chief Financial Officer, Mr. Kyle Sayers. Thank you. Please go ahead, sir.
Thank you, and thank you for joining us today to discuss our second quarter 2020 earnings. Hosting the call are Doug Waggoner, Chairman of the Board and Chief Executive Officer; Dave Menzel, President and Chief Operating Officer; and Kyle Sauers, Chief Financial Officer. We've posted presentation slides to our website that accompany management's prepared remarks and these slides can be accessed in the Investor Relations section of our site echo.com.
During the course of this call, management will be making forward-looking statements based on our best view of the business as we see it today. Our SEC filings contain additional information about factors that could cause actual results to differ from management's expectations. We'll also be discussing certain non-GAAP financial measures and the definition and reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure is contained in the press release we issued earlier today and the Form 8-K we filed earlier today.
With that, I'm pleased to turn the call over to Doug Waggoner.
Douglas R. Waggoner
Thanks Kyle, and good afternoon, everyone. I appreciate all of you joining today. With all that is happening in our world, our last quarterly call was spent with much of our time talking about lower volumes from our shippers, reductions in costs and head count, and the strength of our balance sheet and liquidity position. While there is still plenty of uncertainty in the US economy, today, you'll be hearing us talk more about getting back to year-over-year volume growth, taking market share, and the resumption of sales hiring classes and near record free cash flow.
I'll repeat something I said on our last call, which is how proud I am of the Echo team and our ability to serve shippers and carriers in a work-from-home environment with our industry-leading technology and culture. I continue to hear stories of Echo solving problems where others couldn't and how strong our service levels have been throughout these challenging times. Nothing conveys this message better than being named the number one 3PL of the Year by the readers of Inbound Logistics for the fourth year in a row. Our employees should be very proud of this prestigious award, and we want to thank all of our shippers and carriers who voted for us.
I'm quite confident we have never seen a quarter with such a stark difference between beginning and the end. We began the quarter with LTL volumes down 24% and truckload volumes down 4%, and we exited the quarter with LTL volumes down low-single digits and truckload up double-digits. A remarkable turnaround for the industry as a whole, but I believe just as strong a testament to Echo's value proposition for shippers and carriers and