Builders FirstSource, Inc. (NASDAQ:BLDR) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 10:00 am ET
Good morning, and welcome to Builders FirstSource Second Quarter 2020 Conference Call. [Operator Instructions] And will be available at www.bldr.com.
It is now my pleasure to introduce Mr. Binit Sanghvi, Vice President, Investor Relations.
Thank you, Kevin. Good morning, and welcome to Builders FirstSource Second Quarter 2020 Earnings Conference Call. With me on the call today are Chad Crow, Chief Executive Officer; and Peter Jackson, Chief Financial Officer. A copy of the slide presentation referenced on this call is available on the Investor Relations section of the Builders FirstSource website at bldr.com. Before we begin, let me note that during the course of this conference call, we may make statements concerning the company's future prospects, financial results, business strategies and industry trends. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties, which could cause actual results to differ material from materially from expectations. Please refer to our most recent Form 10-K filed with the Securities and Exchange Commission and other reports filed with the SEC for more information on those risks. The company undertakes no obligation to publicly update or revise any forward-looking statements. The company will discuss adjusted results on this call. We have provided reconciliations of non-GAAP financial measures to the GAAP equivalents in our earnings press release and detailed explanations of non-GAAP financial measures in our Form 8-K filed yesterday, both of which are available on our website.
I will now turn the call over to Chad Crow.
Thank you, Binit. Good morning, and thank you for joining us. We are incredibly proud of our team's hard work and dedication to excellence over the past several months. A significant portion of our senior leadership as well as our regional and local managers have been with us for well over a decade, giving us a collective understanding of how to effectively manage through a crisis. Last quarter, we outlined our preparedness to address the unprecedented environment from a safety, operational and financial perspective. Our team rose to the occasion and delivered strong results all around. We proactively managed our business at the local level to quickly right size our operations where necessary to ensure that we continue to safely and effectively deliver critical products and services to our customers, all while adjusting to an ever-changing market landscape and keeping as many of our team members as possible working through the pandemic. Our focused execution allowed us to take advantage of strong housing fundamentals to produce the highest quarterly adjusted EBITDA in our history. Order volumes recovered as we moved through the quarter, and we are pleased we were able to bring back almost all of our furloughed employees. Many states in the Northeast, Northwest and Midwest, initially placed restrictions on homebuilding. Those limitations have now been lifted, so we are back to work in all of our locations around the country. The homebuilding markets have been resilient, improving housing starts, record low mortgage rates and