Primo Water Corporation (NASDAQ:PRMW) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET


Primo Water Corporation (NASDAQ:PRMW) Q2 2020 Earnings Conference Call - Final Transcript


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Ryan Coleman

Welcome to Primo Water Corporation's Second Quarter 2020 Earnings Conference Call. [Operator instructions] This call will end no later than 11:00 a.m. Eastern Time. The call is being webcast live on Primo's website at and will be available for a playback there for 2 weeks.

This conference call contains forward-looking statements, including statements concerning the company's future financial and operational performance. These statements should be considered in connection with cautionary statements and disclaimers contained in the safe harbor statements in this morning's earnings press release and the company's annual report on Form 10-K and quarterly reports on Form 10-Q and other filings with securities regulators.

The company's actual performance could differ materially from these statements, and the company undertakes no duty to update these forward-looking statements, except as expressly required by applicable law.

A reconciliation of any non-GAAP financial measures discussed during the call with the most comparable measures in accordance with GAAP, when the data is estimable, is included in the company's second quarter earnings announcement released earlier this morning or on the Investor Relations section of the company's website at

I'm virtually accompanied by Tom Harrington, Primo's Chief Executive Officer; and Jay Wells, Primo's Chief Financial Officer. As a part of this conference call, we have included a deck online at that was designed to assist you throughout our discussion. Tom will start today's call with an update on the business impact of the ongoing pandemic and the actions we're taking in response. Then Jay will discuss second quarter and first half financial performance, liquidity, ongoing cost containment, and synergy work as well as the third quarter outlook before handing the call back to Tom to provide a long-term view on the company ahead of Q&A.

Within the prepared remarks, Tom and Jay will be discussing our continuing operations, which will incorporate the Legacy Primo business and exclude the S&D business, which was sold in February.

With that, let me now turn the call over to Tom.

Tom Harrington

Thank you, Ryan, and good morning. I hope everyone has been safe and healthy since our last update. Our crisis management teams continue to work together to ensure that our team members are operating in safe and secure environment and that we are implementing and updating our operations for the latest safety recommendations from the CDC and the WHO.

We continue to emphasize the health and well-being of our Primo team and our customers and are abiding by social distancing guideline, staggering employee shifts, providing our associates with personal protective equipment, and allowing members of our team to work from home where possible.

As it relates to our customers, our no contact delivery method and the recent rollout of our mobile app has enhanced the experience and supported continued growth in our residential Water Direct and our Water Exchange at-home consumer businesses.

As the effects of the pandemic continue, we're focused on doing everything we can to ensure that customers continue to have access to high-quality drinking water, whether