Axalta Coating Systems Ltd (NYSE:AXTA) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 10:00 am ET


Axalta Coating Systems Ltd (NYSE:AXTA) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Axalta's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] And replays will be available through August 4th. Those listening after today's call should please note that the information provided in the recording will not be updated and therefore may no longer be current.

I will now turn the call over to Chris Mecray. Please go ahead, sir.

Christopher Mecray

Thank you, and good morning. This is Chris Mecray, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our second quarter 2020 financial results conference call. Joining me today are Robert Bryant, CEO; and Sean Lannon, CFO. This morning, we released our quarterly financial results and posted a slide presentation along with commentary to the Investor Relations section of our website at, which we'll be referencing during this call.

Both our prepared remarks and discussion today may contain forward-looking statements, reflecting the Company's current view of future events and the potential effect on Axalta's operating and financial performance, including those related to the impact of COVID-19 and our actions in response as well as our restructuring efforts.

These statements involve uncertainties and risks and actual results may differ materially from those forward-looking statements. Please note that the Company is under no obligation to provide updates to those forward-looking statements. This presentation also contains various non-GAAP financial measures.

In the appendix, we've included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding forward-looking statements and non-GAAP financial measures, please refer to our filings with the SEC.

I will now turn the call over to Robert.

Robert Bryant

Good morning. Thank you for joining us for our second quarter earnings review. Today we will provide an update on our quarterly results, the impact of COVID-19 on Axalta's operations and the continued actions we're taking in response, including the launch of a global restructuring initiative. A more detailed review of the quarter has been published to our website along with our presentation and we will keep our remarks brief today as a result.

Before we begin, I do want to wish everyone good health, as health and safety remain top of mind for us at Axalta. We continue to focus daily on ensuring that we maintain safe operations globally for the benefit of our employees, customers, suppliers and the communities in which we operate. We commented in detail on this during the quarter, but I also want to emphasize that we operate every day at Axalta with a commitment to diversity, equality and inclusion in the way we treat all employees, customers and partners.

Shifting now to our second quarter results and highlights. We continue to navigate this challenging pandemic period based on the three guiding principles that we shared in our May update, which include maintaining employee safety and well-being, maintaining operating flexibility and maintaining financial flexibility. I believe you will see that we have been well-served by focusing on these