PetIQ, Inc. (NASDAQ:PETQ) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET

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PetIQ, Inc. (NASDAQ:PETQ) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings. Welcome to the PetIQ Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to Jeff Sonnek with ICR. Please go ahead.

Executive
Jeff Sonnek

Good afternoon, and thank you for joining us on PetIQ's second quarter 2020 earnings conference call. On today's call are Cord Christensen, Chairman and Chief Executive Officer; Susan Sholtis, President; and John Newland, Chief Financial Officer. 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 differ materially from actual events or those described in these forward-looking statements. Please refer to the company's annual report on Form 10-K and other reports filed from time-to-time 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, including adjusted gross profit, adjusted net income and adjusted EBITDA among others. While the company believes these non-GAAP financial measures will provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Please refer to today's release for a reconciliation of non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP. In addition, PetIQ has posted a supplemental presentation on its website for reference. Today, management is conducting the call from their respective remote locations. As such, there may be brief delays, cross talk or other minor technical issues during the call. We thank you in advance for your patience and understanding.

Now, I would like to turn the call over to Cord Christensen.

Executive
McCord Christensen

McCord Christensen -- Chief Executive Officer and Chairman of the Board

Thank you, Jeff, and good afternoon, everyone. We appreciate you joining us today to discuss our strong second quarter financial results. Before I update you on our robust sales growth, strength of our diversified pet health and wellness business model and adjusted EBITDA improvement, I'd like to provide an update on the COVID-19 global health crisis and what we are experiencing across our operations. Susan will provide detail on our Services segment, and John will discuss our second quarter financial results in more detail. Finally, Susan, John and I will be available to answer your questions. First, I'd like to express my gratitude to all our team. They demonstrated incredible perseverance and agility to identify solutions in a challenging operating environment and make PetIQ a much stronger business that is ready to operate in any environment in the future.

We are immensely grateful for our frontline employees and their commitment to providing pet parents access to their pet health