DXP Enterprises, Inc. (NASDAQ:DXPE) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:30 am ET


DXP Enterprises, Inc. (NASDAQ:DXPE) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the DXP Enterprises, Inc. 2020 Second Quarter Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Kent Yee, Chief Financial Officer. Thank you. Please go ahead.

Kent Yee

Thank you, Mariyama. This is Kent Yee, and welcome to DXP's Q2 2020 conference call to discuss our results for the second quarter ending June 30, 2020. Joining me today is our Chairman and CEO, David Little.

Before we get started, I want to remind you that today's call is being webcast and recorded and includes forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. A detailed discussion of the many factors that we believe may have a material effect on our business, on an ongoing basis, are contained in our SEC filings. However, DXP assumes no obligation to update that information as a result of new information or future events.

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release. The press release and an accompanying investor presentation are now available on our website at ir.dxpe.com.

I will now turn the call over to David to provide his thoughts and a summary of our second quarter. David?

David R. Little

Good morning, and thank you, Kent, and thanks to everyone for joining us today on our 2020 second quarter conference call. Given these unprecedented times, we are pleased with our results for the second quarter and year-to-date as we hit the halfway point. I am proud of our tremendous DXPeople as they have continued to find ways to deliver financial results for all our stakeholders in the face of extraordinary challenges related to COVID-19. Accordingly, we remain well positioned to deliver strong long-term financial performance. We will position ourselves to drive sales growth, and achieve our vision of excellence for our DXPeople, customers, suppliers, stakeholders and communities.

I will start this call by updating you on developments since our first quarter call, and discuss some of the actions we are taking to successfully navigate the rest of the year and beyond. Kent will then take you through the key financial details after my remarks. After his prepared comments, we will open for Q&A.

Before I update you on developments since the first quarter, similar to our last call, I want to reiterate that our thoughts and prayers go out to all those affected by COVID-19. With the recent surge in positive cases, which we have experienced firsthand here in Texas, we are all aware that this pandemic is far from over, and it is still resulting in tragic loss of life, social isolation, significant economic hardship. As DXP, we have not escaped these many challenges, and yet, we feel very fortunate to be here and a part of DXP. We are a financially strong industrial leader, and we are finding ways to work through and remain successful