Molson Coors Brewing Company (NYSE:TAP) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


Molson Coors Brewing Company (NYSE:TAP) Q2 2020 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the Molson Coors Beverage Company Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Participants can find related slides on the Investor Relations page of the Molson Coors' website.

Our speakers today are Gavin Hattersley, President and Chief Executive Officer and Tracey Joubert, Chief Financial Officer. Please also note, today's event is being recorded.

With that, I'll turn today's call over to Greg Tierney, Vice President of FP&A and Investor Relations. Please go ahead.

Greg Tierney

Thank you, Jamie, and hello everyone. Following prepared remarks from Gavin and Tracey, we will take your questions. Please limit yourself to one question and if you have more than one question, please ask your most pressing question first and then re-enter the queue to follow-up. To the extent you have technical questions on the quarter, we ask that you pick them up with me in the days and weeks that follow.

In today's discussion, includes forward-looking statements within the meaning of applicable securities laws, important factors that could cause actual results to differ materially from the expectations and projections contained in such statements are disclosed in the Company's filings with SEC.Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise. GAAP reconciliations for any non-GAAP, U.S -- non-U.S. GAAP measures are included in our news release or otherwise available on the Company's website at And also, unless otherwise indicated, all financial results the Company discusses are versus the comparable prior year period and in U.S. dollars.

With that, over to you, Gavin.

Gavin Hattersley

Thanks, Greg. Good morning, and thank you everybody for joining us today. We had a strong second quarter, as is evidenced by the results we released this morning, executing well against our two main objectives as the world continues to adjust to the ongoing coronavirus pandemic. But before we talk about our second quarter performance, I would like to address the challenge of systemic racism. Racism is not a new issue, and I'm not naive enough to believe that our business alone can solve the problem that has plagued the United States and many parts of the world for so long. But I do believe we have the opportunity and the responsibility to try and be part of the solution and that is why we've been unequivocal that we believe Black Lives Matter and that's why we are backing up our words with action.

We developed a new action plan designed to build a more inclusive culture and increased diversity within Molson Coors. Our intent is to conduct a culture assessment of our practices and policies to guide further -- future improvement across all of our business units. Increase the representation of people of color in our U.S. operation by 25% by the end of 2023, across the country, among salaried employees and also in leadership positions. Improve our hiring practices and leadership development programs to bring in highly skilled diverse talent to develop our future leaders and much