Providence Service Corp. (NASDAQ:PRSC) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 08:00 am ET
Ladies and gentlemen, thank you for standing by. Greetings, and welcome to The Providence Service Corporation's Second Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Suzanne Smith, Chief Accounting Officer. Thank you. You may begin.
Suzanne G. Smith
Thank you, operator. Good morning, everyone, and thank you for joining the Providence Second Quarter 2020 Conference Call and Webcast. With me today from the Company are Dan Greenleaf, President and Chief Executive Officer; and Kevin Dotts, our Chief Financial Officer.
During this call, members of the management team will be referencing the presentation that can be found on our investor website under the Event Calendar and in the current Form 8-K, which was furnished to the Securities and Exchange Commission this morning.
Before we get started, I would like to remind everyone that during the course of today's call, the Company's management will make certain statements characterized as forward-looking statements under the Private Securities Litigation Reform Act. Those statements involve risks, uncertainties and other factors, which may cause actual results or events to differ materially. Information regarding these factors is contained in today's press release and in the Company's filings with the SEC.
We will also discuss certain non-GAAP financial measures in an effort to provide additional information to investors. A definition of these non-GAAP measures and reconciliation to the most comparable GAAP measures is included in our press release, investor presentation and our Form 8-K.
Finally, we have arranged for a replay of this call, which will be available approximately one hour after today's call on our website which is www.prscholdings.com.
This morning, Dan Greenleaf, our Chief Executive Officer, will begin with some opening remarks, after which Kevin Dotts, our Chief Financial Officer, will provide a more detailed discussion of our financial results. Then we will open the call for questions.
With that, I will turn the call over to Dan Greenleaf. Dan?
Daniel E. Greenleaf
Thank you, Suzanne, and good morning, everyone, and thank you for joining us today. This quarter, we made outstanding progress in our core initiatives to transform LogistiCare while continuing to prioritize the health, safety and well-being of our teammates, members and transportation partners during the ongoing COVID-19 pandemic.
Our second quarter EBITDA of $56.4 million exceeded the prior year comparable figure of $5.8 million, driven by operational improvements under our 6-pillar strategy, incremental contribution from the National MedTrans acquisition and lower utilization under our capitated contracts.
While we anticipate increased utilization during the second half of the year, we are in the midst of a fundamental transformation that will drive significant and sustainable operational improvements at LogistiCare. It all starts with the six pillars, act on the voice of the customer, place the right people in the right seats, implement strategic technology enhancements, optimize our contact centers, rebrand and drive cultural change and accelerate transformational growth.