Select Interior Concepts, Inc (NASDAQ:SIC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 09:00 am ET


Select Interior Concepts, Inc (NASDAQ:SIC) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Select Interior Concepts 2020 Second Quarter Results Conference Call. [Operator Instructions]. I would now like to turn the call over to your host, Mr. Nadeem Moiz, CFO. Thank you, Mr. Moiz, you may begin.

Nadeem Moiz

Thank you, David. Good morning everyone and welcome to our second quarter 2020 financial results conference call. Joining me on the call today is our new Chief Executive Officer, Bill Varner.

During our discussion today, we will be referring to our earnings presentation which is available on the Investor Relations section of our website. I'd like to remind everyone that any forward-looking statements contained in this presentation or commented on today are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially because of issues and unknowns that need to be considered in evaluating our financial outlook and operating performance. Please see our recent SEC filings, which identify the principal risks and unknowns that could affect future performance. We assume no obligation to update publicly any forward-looking statements. Specific conditions, issues and unknown factors that may represent forward-looking statements are noted in detail on the slide.

In addition, we'll be discussing or providing certain non-GAAP financial measures today, including EBITDA, adjusted EBITDA and adjusted EBITDA margins. Please see the appendix for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.

I would now like to turn the call over to our CEO, Bill Varner.

Bill Varner

Thank you, Nadeem. It's a pleasure to be here and speaking with you today. On my inaugural call as SIC's Chief Executive Officer, I want to share with you my initial observations of the company and its two segments; RDS and ASG, the playbook for optimizing operations that I'm bringing into the company based on my career experiences and my near-term priorities to put SIC on track to build shareholder value over the long term. To begin with, SIC is a great company with strong talent and committed employees whom I think it's a pleasure to lead. I'm incredibly impressed with their hard work and focus during these unprecedented times with the pandemic. Since joining the company almost 60 days ago, I'm even more excited today regarding the growth prospects of SIC beyond what I originally thought.

With that having been said, and when I accept CEO appointment in early June, I saw a company that was underperforming relative to its potential, a situation I have seen before and a set of challenges I have overcome before. As you know, SIC is a corporate entity has come together to a series of acquisitions over the past three years. During the last 18 to 24 months, SIC has taken many turns in direction, causing business disruptions and employee unease. The company has been growing and moving forward, while simultaneously backfilling corporate functions and trying to complete the integration of acquired businesses. The work is unfinished and there is, in my opinion, a great deal of