FLIR Systems, Inc. (NASDAQ:FLIR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 09:00 am ET


FLIR Systems, Inc. (NASDAQ:FLIR) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to FLIR Systems Second Quarter 2020 Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to your host, Lasse Glassen of ADDO Investor Relations. Thank you. You may begin.

Lasse Glassen

Good morning, everyone, and thank you for joining the call. Please note that our earnings press release and presentation slides referred to on this call are available in the Events and Presentations section of FLIR's Investor Relations website at Before we begin, I'd like to remind you that statements made on this call other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as anticipates, estimates, expects, intends, believes and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. Please refer to the earnings press release we issued earlier today as well as FLIR's SEC filings for a description of the factors that could cause actual results to differ materially from these statements, including, among others, risks related to COVID-19. All information discussed on this call is as of today and FLIR does not intend and undertakes no duty to update for future events or circumstances. During the call, we will discuss GAAP and non-GAAP financial measures. A full reconciliation from GAAP to non-GAAP measures is available in this morning's earnings press release.

With that, it's now my pleasure to turn the call over to Jim Cannon, President and CEO of FLIR Systems. Jim?

Jim Cannon

Thank you, Lasse. Good morning, everyone, and thank you for joining FLIR's Second Quarter 2020 Earnings Conference Call. Here with me today on the call is Carol Lowe, our Chief Financial Officer; and Sonia Galindo, General Counsel. My remarks will cover the highlights of our second quarter operational performance including an update on the critical role our products and technology are playing around the world to help combat the spread of COVID-19. Carol will follow with additional details on our second quarter financial results and commentary on the remainder of the year. First, I would like to thank all of our FLIR employees, especially those on the front line, who've worked tirelessly to ensure we maintain a safe and healthy workplace in light of COVID-19, while continuing to serve our customers across the globe. I appreciate your dedication to safety, which remains our number one priority. I'm humbled and inspired by your commitment and dedication to our mission to save lives and livelihood during this crucial time. Please turn to slide three. I'm pleased to report that through consistent operational execution, we delivered solid performance in the second quarter, despite an extremely challenging and volatile environment. Highlights include continued franchise program wins, record total backlog, improving margins and earnings growth. Importantly, I believe the underlying fundamentals of our core business are improving from a low point earlier in the year. As