Freshpet Inc (NASDAQ:FRPT) Q2 2020 Earnings Conference Call - Final Transcript

Aug 03, 2020 • 04:30 pm ET


Freshpet Inc (NASDAQ:FRPT) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings and welcome to Freshpet Inc. Second Quarter 2020 Earnings Conference Call. At this time all participate are in listen only mode. A question-and-answer section will follow the formal presentation. [Operator Instructions] As reminder this conference is being recorded.

I would now like to turn the conference over to your host, Katie Turner.

Katie Turner

Thank you. Good afternoon, and welcome to Freshpet's second quarter 2020 earnings conference call and Webcast. On today's call are Billy Cyr, Chief Executive Officer; and Dick Kassar, Chief Financial Officer. Scott Morris, Chief Operating Officer; and Heather Pomerantz, Executive Vice President of Finance, will also be available for Q&A.

Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

Please refer to the company's annual report on Form 10-K filed with the Securities and Exchange Commission and the company's press release issued today for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Please note on today's call, management will refer to certain non-GAAP financial measures, such as EBITDA and adjusted EBITDA, among others. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Please refer to today's press release for a reconciliation of the non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP. Finally, the company's produced a presentation that contains many of the key metrics that will be discussed on this call. That presentation can be found on the company's investor website. Management's commentary will not specifically walk through the presentation on the call, rather it's a summary of the results they will discuss today.

And now, I'd like to turn the call over to Billy Cyr, Chief Executive Officer.

Billy Cyr

Thank you Katie, and good afternoon everyone. I'm speaking with you from Bethlehem, PA. Dick is in his home in Manhattan, and Scott and Heather are in our offices in Secaucus. We will do our best to not trip over each other on the call. And as always, please do excuse any barking in the background and any other technical issues we might encounter. Let me start by saying that while it seems that the world is still quite unsettled, Freshpet has returned to the predictable growth that has been the hallmark of our business for the last several years. We are largely caught up on supply. The stores are back in stock on the vast majority of our SKUs, our advertising is on air and driving strong increases in household penetration and consumption.

Our retail partners have returned to installing