Keurig Dr Pepper Inc (NYSE:KDP) Q2 2020 Earnings Conference Call - Final Transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Keurig Dr Pepper's Earnings Call for the Second Quarter of 2020. [Operator Instructions]

I would now like to introduce Keurig Dr Pepper's Chief Corporate Affairs Officer, Ms. Maria Sceppaguercio. Ms. Sceppaguercio, please go ahead.

Thank you, and good morning, everyone. Thanks for joining us. Here with me today to discuss our second quarter 2020 results are KDP Chairman and CEO, Bob Gamgort; our CFO, Ozan Dokmecioglu; and Senior Director of Investor Relations, Steve Alexander. Steve is sitting in today for Tyson Seely our Vice President of Investor Relations, who is home on baby duty as he and his wife just welcomed their second daughter into the family earlier this week. Our best wishes go out to all of them.

I will now hand it over to Steve to cover a few comments.

Thanks, Maria and hello everyone. Earlier this afternoon, we issued two press releases, the first announced that we have entered into a long-term franchise agreement with Polar Seltzer and the second was our Q2 press release. If you need a copy of either release, you can get one on our website at keurigdrpepper.com in the Investor section. Consistent with previous quarters, today we will be discussing our performance on an adjusted basis, excluding items affecting comparability.

The company believes that the adjusted basis provides investors with additional insight into our business and operating performance trends. While the exclusion of items affecting comparability is not in accordance with GAAP, we believe that the adjusted basis provides meaningful comparisons and an appropriate basis for discussion of our performance. Details of the excluded items are included in the reconciliation tables included in our press release and our 10-Q, which will be filed later this week. Due to the inability to predict the amount and timing of certain impacts outside of the company's control, we do not reconcile our guidance.

Finally, our discussion this morning may include forward-looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, and the company undertakes no obligation to update these statements based on subsequent events. A detailed discussion of these risks and uncertainties is contained in the company's filings with the SEC.

With that, I'll hand it over to Bob.

Thanks, Steve and good morning everyone. Let me start by expressing my sincere hope that everyone dialed in continues to be safe and healthy, and that your families are well. At KDP we have worked extraordinarily hard since the onset of the COVID-19 crisis to protect the health and safety of our employees, particularly those front line employees in our supply chain and out in the trade who play an essential role in ensuring our products are available for our consumers, customers and communities that rely on them.

The results we've reported this morning are a