Sequential Brands Group, Inc. (NASDAQ:SQBG) Q2 2020 Earnings Conference Call - Final Transcript
Aug 13, 2020 • 08:30 am ET
Thank you and good morning. Before we begin, I'd like to bring your attention that statements that are not historical facts contained in this conference call are forward-looking statements that involve a number of risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company.
This may cause the actual results, performance or achievements of the Company to materially differ from the results, performance or achievements expressed or implied by such forward-looking statements. We refer you to our public filings and the press release issued this morning for a summary of such factors.
The words believe, anticipate, expect, may, will, should, estimate, project, plan, confident or similar expressions identify forward-looking statements. Listeners are cautioned to not place undue reliance on these forward-looking statements, which may speak only as of the date the statement was made. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, whether as a result of information, future events or otherwise.
Additionally, such as adjusted EBITDA and non-GAAP net income are all non-GAAP metrics and reconciliation tables for each can be found in the press release distributed today in the Investor Relations portion of our website www.sequentialbrandsgroup.com. On today's call are Sequential Brands Group's CEO, David Conn; and interim CFO, Dan Hanbridge.
I'll now turn the conference call over to Mr. Conn, you may begin when you are ready.
Thank you for joining our second quarter 2020 earnings call. Since we last spoke in May, we've had a few more months to understand how the COVID-19 pandemic has impacted our business. The impact on our industry has been significant and we have not been immune. However, we have also experienced some bright spots in our business, particularly with our active brands where sales have been resilient.
We continue to stay highly connected with our licensees and have seen many cases where the pandemic have strengthened our existing partnerships. Since March, we have enacted broad expenditure control measures across our businesses, which are additive to the SG&A reductions that we had already planned for 2020.
I'll now provide some specific updates on our progress. First, the management team remains focused on implementing growth strategies for our core brands, which includes renewals of existing licensees. As mentioned previously, we entered into a long-term renewal with our anchor partner Gaiam and SPRI, Fit For Life. Fit For Life is a great company and a partner that we believe can guide Gaiam and SPRI to their fullest potential. We are pleased to have solidified this long-term alliance.
In addition to the Fit For Life renewal, we also renewed the license for the AND1 brands premium footwear business, covering specialty sporting goods and athletic footwear stores. In our Jessica Simpson business, we recently signed two new endorsement deals, as well as new licensees in the active, kids and home categories.
For Joe's, we finalized a three-year renewal for kids denim. In