Castlight Health, Inc. (NYSE:CSLT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 05:00 pm ET


Castlight Health, Inc. (NYSE:CSLT) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon and welcome to Castlight Health's Second Quarter 2020 Conference Call. [Operator Instructions] Leading today's call are Maeve O'Meara, Chief Executive Officer; and Will Bondurant, Chief Financial Officer. Maeve and Will will offer their prepared remarks, and then they will take your questions. The Castlight press release, webcast link and other related materials are available on the Investor Relations section of Castlight's website.

This call contains forward-looking statements regarding trends, strategies and anticipated performance of the Castlight business, including, but not limited to, guidance for full year 2020 new sales, our ability to bring new innovation, the opportunities and impact of COVID on our own operations, our ability to sell and our operating results, opportunities and the impact of COVID on our customers' businesses and their decisions to buy certain benefits or institute workforce reductions, retention of existing customers, gross margins and operating expense trends, cash use, future cash positions and the changes in the growth strategies on the Company's performance. These statements are made as of July 27, 2020, and reflect management's views and expectations at this time and are subject to various risks, uncertainties and assumptions. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

This call contains financial guidance, but the Company will not provide any further guidance or updates on performance during the quarter unless in a Regulation FD compliant forum. Please refer to today's press release and the risk factors included in the Company's filings with the Securities and Exchange Commission for discussion of important factors that may cause actual events or results to differ materially from those contained in Castlight's forward-looking statements.

Today's call and presentation also includes certain non-GAAP metrics, such as non-GAAP gross margin, operating expenses, operating income/loss, the net income/loss per share that Castlight believes aid in the understanding of Castlight's financial results. Disclosures regarding non-GAAP metrics and reconciliation to comparable GAAP metrics on a historical basis can be found under the heading Reconciliation of GAAP to Non-GAAP Financial Measures of the earnings release that was filed before the call.

With that, I'll turn the call over to Maeve O'Meara, CEO of Castlight Health. Maeve?

Maeve O'Meara

Thank you all for joining us today. This year continues to challenge all of us with the ongoing spread of COVID-19 and the systemic social justice and equity issues that faced our country. We are privileged to be at a company that has an opportunity to help support our customers and our communities during this trying time and are focused on ensuring that we stay heads down on execution and heads up on innovation as the landscape is changing quickly.

I'm pleased with our strong second quarter 2020 results. And as a result of the predictability of our subscription-based business model, we are on track to achieve our annual guidance for the full