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IAA Inc (NYSE:IAA)
Q2 2020 Earnings Call
Aug 4, 2020, 9:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the IAA Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions].

I would now like to turn the conference over to Arif Ahmed, Vice President, Treasury. Please go ahead.

Arif Ahmed -- Vice President of Treasury

Thanks, David. Good morning, everyone, and thanks for joining us today for IAA's Second Quarter Fiscal 2020 Earnings Conference Call. Speaking today are John Kett, Chief Executive Officer and President; Vance Johnston, our Chief Financial Officer. After John and Vance have made their formal remarks, we will open the call to questions. Before we begin, I would like to remind you that certain comments made during this call regarding our plans, strategies and goals and our anticipated financial performance constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current assumptions and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from such statements.

Those important factors are referred to in IAA's press release issued today and in the Risk Factors section included in our annual report on Form 10-K for the year ended December 29, 2019, filed with the SEC on March 18, 2020, and in our Form 10-Q first quarter filed with the SEC on May 6, 2020. Forward-looking statements made today are as of the date of this call, and IAA does not undertake any obligation to update these forward-looking statements. Finally, the speakers will refer to certain adjusted or non-GAAP financial measures on this call. A reconciliation schedule of the non-GAAP financial measures to the most directly comparable GAAP measures available in IAA's press release issued today. A copy of today's press release may be obtained by visiting the Investor Relations page of the website at www.iaai.com.

I will now turn the call over to John. John?

John Kett -- Chief Executive Officer and President

Thanks, Arif. Good morning, and thank you all for joining us for our second quarter earnings call. Starting out, we'd like to express our gratitude to all the essential workers for their tremendous efforts and sacrifices during the pandemic. COVID-19 has had a far-reaching effects from across the globe to our own backyard. To our employees who have been impacted, I want to extend all of our well wishes to you and your families during this time. This past quarter was challenging for IAA as we continue to navigate through the impact of macro headwinds. The entire team got quickly focused on the test at hand and responded, implementing actions to ensure the safety of our employees, serve our customers, manage costs to align with the reduced volume and enhance our liquidity. I'm proud to say that we are very successful in each of these initiatives.

As we discussed at length on our last conference call, late in the first quarter, we began to feel the effects of the response to the pandemic as stay-at-home orders drove significant declines in miles driven, resulting in a sharp reduction in assignments. On that call, we also noted that we've begun to see a stabilization in assignments as economies begin to reopen in late April. We had anticipated that as these dynamics changed, we would see an improvement in both miles driven as well as assignments. Since our call in early May, we have seen trends improve at an even faster rate than originally anticipated. At the time of our Q1 call, miles driven were down approximately 30% from pre-COVID levels. By the end of May, this had improved to being down approximately 10%. And by the end of the quarter, miles driven were essentially back at pre-COVID-19 levels.

Assignment volumes consistent with the trend in miles driven were up approximately 35% from the trough by the back half of May and continue to increase gradually, ending the quarter down less than 15% from pre-COVID-19 levels. Units sold bottomed out in the second half of May, an increase at a gradual pace every week for the rest of the quarter. We have continued to see a significant increase in net revenue per unit, driven by several factors. Buyer demand outpacing supply, our move to 100% digital auctions and our enhanced merchandising platform, including 360 View. We also noted on our Q1 call that revenue per unit has started to exceed pre-COVID-19 levels. Revenue per unit continued to increase gradually for the remainder of the quarter reaching new record levels in the second half of the quarter. So while revenue fell about 19% for the quarter overall versus the prior year, we are pleased with the improvement we saw in assignments, units sold and especially revenue per unit from their respective trough levels.

As it relates to profitability, adjusted EBITDA fell approximately 27% for the second quarter, driven by the overall decline in revenue for the period. As we communicated on our Q1 call, we took swift actions on the expense side, realigning expenses to current volume levels, while continuing to prudently invest to advance our strategic priorities. This, in combination with the higher revenue per unit we experienced helped mitigate the magnitude of deleverage we would normally see with a 19% revenue decline. As volume trends continue to improve, we have begun to prudently ramp back up certain costs, including labor hours as branch operations across many locations begin to normalize. While our second quarter financial results were materially impacted by macro developments, I am proud of our team's resiliency and focus during this time. As it relates to our margin expansion plan, as we already disclosed, in early April, we completed the accelerated rollout to digital-only auctions and eliminated physical auctions in the U.S.

The associated cost benefits from shifting to a fully online model are flowing through our financial results as we have reduced costs associated with the physical auction. From auctioneer expenses to auction day labor and other cost. Additionally, we realized revenue benefits from online fees associated with these digital sales. Along with the financial benefits from this transition, we continue to receive very positive feedback for both buyers and sellers on our online auction platform and enhanced services like Feature Tour and IAA 360 View. While we accelerated the timing of our digital transformation, our remaining margin expansion initiatives remain on track, with the original timing we communicated back in March. We are already seeing some early progress in the towing area through implementing improved route optimization in several locations. During the quarter, we also continued to execute against our other strategic growth priorities.

And as a result, our second quarter benefited from our enhanced service offering for both buyers and sellers. In May, we announced the introduction of IAA Interact, the industry's first comprehensive merchandising platform for buyers that leverages imagery, information, personalization and key tools such as 360 View Feature Tour and Virtual Engine Start. This merchandising platform was designed using extensive research to create greater digital trust and efficiencies for buyers, which, in turn, will drive increased online bidding and buying. The initial response to IAA Interact has been very positive. During the quarter, we also enhanced our service offering globally by introducing 360 View in Canada, an IAA buyer and seller portals and Vision Salvage Management System in the U.K. While still early days for many of these tools, we are pleased with the progress we are making in both our U.S. and international markets. We've also continued to strengthen our real estate portfolio and have taken advantage of the flexibility we now have as an independent stand-alone company.

As an example, after considering both the financial and strategic implications, we recently completed two land acquisitions. We've also expanded several more branches during the quarter, providing additional capacity to support growth. With our strong cash flow, we will continue to maximize opportunities with regards to real estate, utilizing both long-term leases and direct purchases of land. Our financial performance in the second quarter was better than we anticipated when we last spoke with you in early May. While we are cautiously optimistic that the worst of the COVID-19 impact is behind us on miles driven and assignments, the situation continues to be uncertain and evolving, and we are actively monitoring developments in the different markets. Given the lag effect the decline in assignments has with regards to volume, we are continuing to see an impact in unit sold. So far this quarter, we've seen improvements in both assignment volumes and units sold since the end of the second quarter.

Revenue per unit remains consistent with what we experienced at the end of the second quarter. Our financial position and balance sheet remain very strong with over $540 million of liquidity, providing us with the financial flexibility to invest for the long term. In closing, I want to thank all of our teams for their continued hard work and dedication to IAA and the resiliency, adaptability, teamwork and customer focus that they have demonstrated throughout this period. IAA was recently named a 2020 Best Workplaces in Chicago and a Great Place to Work in the U.S. These certifications and recognition could not achieve without our great people and teams.

With that, I will turn the call over to Vance. Vance?

Vance Johnston -- Executive Vice President and Chief Financial Officer

Thanks, John. As John mentioned earlier, while our second quarter performance was materially impacted by COVID-19, we did see a stronger-than-anticipated rebound in many underlying drivers of the business, and we are continuing to see stabilization and improvement in these trends. Before I touch on our current trends, let me first review the key financial highlights of our Q2 performance. I will focus my discussion today on our adjusted non-GAAP results and just touch on some key highlights. Please see today's press release for more details on our Q2 financial performance and our methodology when calculating non-GAAP results. For the second quarter, consolidated revenues decreased 19% to $296.8 million from $366.4 million in the second quarter of fiscal 2019. Organic revenues, which excludes the impact of our DDI acquisition as well as foreign currency, declined 19.3% to $295.6 million.

For the quarter, volumes declined approximately 28.8%, which was partially offset by a higher revenue per vehicle. As John reviewed, we have seen higher proceeds due to strong demand and more limited supply and are also seeing benefits from 360 View and our enhanced merchandising platform, along with higher penetration of Internet purchases. All of these factors are driving higher revenue per vehicle. Branch consignment inventory declined by 16.6% versus the prior year, primarily due to the impact of COVID-19. As noted, we did see a sign that's gradually improved throughout the quarter. Looking at our geographic performance. Volumes were impacted for both our U.S. and international segments due to the impact of COVID-19 on vehicle miles traveled. Important to also remember with regards to our international segment.

We are comparing to a strong performance from last year that saw revenues increase nearly 39% for the prior period, driven primarily by a higher mix of purchased vehicles. Gross profit decreased to $111.7 million from $138.7 million in the second quarter of fiscal 2019. Despite the lower volume, gross margin was only down 30 basis points in the quarter. We benefited from both strong revenue per unit as well as the completion of our bio digital transformation and other cost reductions. SG&A expenses were $34.3 million compared to $33.7 million in the prior year. Adjusted SG&A expenses were $32.9 million, an increase of 4.1% compared to $31.6 million in the prior year period. The increase was driven by public company costs and a higher reserve for credit losses as well as cost specific to DDI, which was acquired in late July 2019, partially offset by lower incentive compensation and overall cost and expense discipline as we manage through the pandemic. Adjusted EBITDA decreased by 26.5% to $78.9 million from $107.3 million in the second quarter of fiscal 2019, primarily due to the decline in revenue.

Excluding the impact of foreign currency as well as DDI, organic adjusted EBITDA was $79.3 million for the second quarter of fiscal 2020, a decrease of 26.1%. The effective tax rate was 24.4% versus 27.9% in the second quarter of fiscal 2019. The second quarter of 2019 had certain discrete tax items associated with the spin-off from car, which adversely impacted the rate last year by 170 basis points. We also benefited this quarter from the implementation of certain tax optimization initiatives. Net income decreased to $33.2 million from $51.3 million in the prior year. Adjusted net income decreased to $36.6 million or $0.27 per diluted share compared to $59 million or $0.44 per diluted share in the second quarter of fiscal 2019. Turning to our cash flow and balance sheet. Capital expenditures for the quarter were $11.5 million compared to $15.9 million in the prior year. We continue to take a disciplined approach to capital spending, although we did acquire some land opportunistically.

As John mentioned, our balance sheet remains strong. And for the first six months of fiscal 2020, we generated free cash flow of $195 million, ending the period with a leverage ratio of 2.9 times. We generated strong free cash flow due to the working capital benefit associated with lower assignments as well as the deferral of certain cash tax payments, including federal, state, local and provincial taxes in the U.S., Canada and in the U.K. Cash benefits from taxes is expected to mostly reverse in Q3, and we would expect working capital to be a use of cash in the back half of the year as assignments recover. Our ending cash balance was $187 million, and total liquidity was $542 million, which is more than double the level that we had at year end.

Our financial strength gives us the flexibility to manage through the COVID-19 pandemic while continuing to invest in and execute our strategy. As noted in our earnings release given the continued uncertainty regarding COVID-19, we are not providing guidance today. However let me share some color that maybe helpful. Quarter-to-date, as John said, we have seen an improvement in both assignment volumes and units sold since the end of the second quarter. And revenue per unit trends have remained consistent versus our Q2 exit rate. While this is encouraging it is hard to determine the duration of the elevated revenue per unit levels as we would expect that as supply returns, these strong revenue per unit trends may moderate. In addition, in Q3, we will also be anniversarying the price increases implemented in July 2019.

With that, we'll open up the call to questions. Operator?

Questions and Answers:

Operator

[Operator Instructions] Our first question comes from Stephanie Benjamin of Trust. Please go ahead.

Stephanie Benjamin -- Trust -- Analyst

Hi, good morning.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Good morning. Stephanie.

Stephanie Benjamin -- Trust -- Analyst

Thank you for the question. I wanted to touch a little bit on if you could give some color on, I guess, some June trends. You noted that assignments were down less than 15%, is that from pre-COVID levels? Or is that year-over-year? Just trying to kind of gauge, as you mentioned, there were improvements going into 3Q, what that ending level was for the second quarter?

Vance Johnston -- Executive Vice President and Chief Financial Officer

Yes. Stephanie, this is Vance. Yes, what we mentioned on the call, being 15% down, that relates to pre-COVID levels. So that's where assignments kind of sit relative to where we were before the pandemic hit us.

Stephanie Benjamin -- Trust -- Analyst

Got it. Thank you for the clarification. And then I was hoping you could touch a little bit on the capex and the new yards that you acquired during the quarter. Was this an opportunity where it's based on geographic opportunity? Or maybe just some more color on those as well as some of your decisions to expand your real estate with existing yards?

John Kett -- Chief Executive Officer and President

Great. So yes, Stephanie. I think as we've talked about before, any investment that we make, we're going to look at what we believe the economic returns are. When you're talking about real estate, there is also a strategic element to it about where it's at, where we think we're going to need property over a longer period of time and the relative and again, the relative value of the land itself. So in a couple of situations, buying it made more sense than leasing it. And then we had other decisions we made where we went ahead and lease property to expand our footprint.

Stephanie Benjamin -- Trust -- Analyst

Got it. And then did you or were these more from a geographic standpoint along the coast of along the coast of the U.S. or kind of varied across the country?

John Kett -- Chief Executive Officer and President

Some were closer to the ocean than others, but that really was it was really more around as we looked at the individual markets and where we saw their growth potential for us.

Stephanie Benjamin -- Trust -- Analyst

Got it. Well, thank you so much for your time. Thank you. Thank you.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Thank you. Stephanie.

Operator

Thank you. Our next question comes from Daniel Imbro of Stephens, Inc. Please go ahead.

Daniel Imbro -- Stephens, Inc -- Analyst

Yeah, thanks, good morning guys. I want to start on the strength in revenue per unit. Obviously, a nice stand out. And you touched on, I think, a few of the factors, John, between supply demand, online fees. Can you help parse out kind of what was the stronger other drivers that help us bucket or rank order the strength of those. And then did the strength in Q2 include any benefit from your pricing optimization that you called out in your long-term plan? Or is that not rolling in yet?

John Kett -- Chief Executive Officer and President

Well, so I'll take part of it and Vance, you can weigh in. It's always hard to parse out what drives proceeds higher, whether certainly, the supply and demand, we really believe that our new platform, we're seeing really great engagement with buyers. So we're attributing at least a portion of it to our own efforts. But it's like we always talk about with proceeds, there's a variety of factors that go into it.

There's macro factors around metal prices, used car prices, parts prices, all those things enter into what's driving the selling price at the auction. And again, we believe that we have developed a platform that's going to drive higher proceeds, all other things considered equal. And then in terms of price optimization, Vance, do you want to.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Yes. So Dan, yes, a couple of things, I would just echo what John said, that we believe that all those things are contributing, it's tough to really break out and disaggregate and figure out which is contributing more than the others. Although we do think that the limited supply is having an impact on proceeds and revenue per unit. Is it really pricing optimization? We have are just really kicking that off. And so we had absolutely not part of what the impact is today.

Daniel Imbro -- Stephens, Inc -- Analyst

Great. That's helpful color. And then switching over the buyer digital transformation, clearly, seeing some cost savings there. Can you help us think about, Vance, is are we already seeing the full run rate benefits? I think when you first called it out, it was $45 million annually at the midpoint. Are we already seeing the full run rate benefits of that as we think about modeling the back half of the year?

Vance Johnston -- Executive Vice President and Chief Financial Officer

Yes. So Dan, as you may recall, our digital transformation has really there's really three drivers of those benefits. There's the reduction in cost of from auction day cost and reducing auctioneer costs and other auction day labor costs and other costs associated with the live auctions. There has been the increase in Internet fees, so going from, let's say, 70% of our units were sold online before to 100% now. So now 100% of those units are we're getting the Internet fee for those versus 70%. And then the third component is the implementation of things like 360 View, Feature Tour, things of that nature to our platform that we think have had we know have had a benefit on proceeds and revenue per unit. So those are all the things that impacted.

On the cost so first and foremost, we're now completely done and we've transitioned to complete online digital marketplace. So in effect, we are at a full run rate going forward. However, two of those three factors are volume-dependent. So the Internet fees relative to what we laid out on our previous call, the Internet fees are going to be volume-driven. So we are effectively on a run rate, but we're not on the run rate that we kind of laid out because that was somewhat volume-dependent. Same thing with 360 View. As it relates to live auction costs, we're on a full run rate there because it's not volume-dependent. Does that make sense, Dan?

Daniel Imbro -- Stephens, Inc -- Analyst

Yes. No, that's helpful. And then last one, if I could sneak it in. Maybe just stepping back from the quarter. Last year, competition was a big focus of the market. Obviously, you guys acknowledge that with some of the share shifts, can you just as you look at your offering today, how do you think with the changes you've made, you do size of competitively. Are there any areas in your network, you do still see need for further improvement? Or is there any update on how you're thinking, given the improvements you've made to your business?

John Kett -- Chief Executive Officer and President

We Feel very good, again, with the Interact. We really think that we have deployed a leading platform for buying and selling vehicles. And we feel very good about that as well as the balance of our portfolio from both a buyer and a seller perspective. What we've done with loan payoff and inspection services and our title procurement products on the seller side.

And then we've talked already this morning about what we're doing on the buyer side. I think we've got a really, really good offering for both buyers and sellers that's and again, we're getting good traction from both buyers and sellers in response to it.

Daniel Imbro -- Stephens, Inc -- Analyst

Thanks.

Operator

Our next question comes from Bob Labick of CJS Securities. Please go ahead.

Bob Labick -- CJS Securities -- Analyst

Good morning.

John Kett -- Chief Executive Officer and President

Good morning. Bob.

Bob Labick -- CJS Securities -- Analyst

Okay, great. I just wanted to you've given us a lot of color already. I want to get a sense of how you're thinking about the slope of miles driven recovery? And how you're kind of budgeting to return labor to the auctions to the sites and things? And obviously, unprecedented times, you said, you gave us a little bit of the trend through July. How are you thinking about things through year end, just more generally as you return people back to the sites?

John Kett -- Chief Executive Officer and President

Yes. I mean so we've got pretty decent visibility into miles driven. And again, our assignment volume because there's a bit of a lag. We can match up labor pretty well with assignment volume. So yes, as we said, it's basically back to where it was in terms of miles driven and assignment volumes are coming back as well. So yes, I mean, we've got a flexible labor model that we can adjust as we need.

Bob Labick -- CJS Securities -- Analyst

Okay. Great. And then in terms of maybe give us a sense of the buyer base and how they've reacted through this in terms of international buyers? And I know you probably haven't been out prospecting as much and certainly not traveling. But who have been the primary drivers of the increased proceeds? Has it been more domestic buyers? Has it been rebuilders? Any kind of sense of the buyer base and what's happening there?

John Kett -- Chief Executive Officer and President

Yes. Early on, it was much more domestic. Early on, I mean, in the pandemic as we're beginning to sell vehicles, we saw more disruption from the international buyer community, but the international buyers have been coming back. We've seen steady progress in growth in international activity. So it really has been a pretty balanced response.

And again, we believe, through our platform, we're reaching and penetrating either buyers we didn't have before or buyers that we did do business with are doing more. We've deployed a number of digital marketing tools on the buyer side to recruit and interact and engage with buyers that a lack of travel isn't really hurting our marketing efforts in that regard. So yes, it has been a pretty broad recovery in terms of the buyers.

Bob Labick -- CJS Securities -- Analyst

Thanks.

John Kett -- Chief Executive Officer and President

Thanks, Bob.

Operator

[Operator Instructions] Our next question will come from Gary Prestopino of Barrington Research. Please go ahead.

Gary Prestopino -- Barrington Research -- Analyst

Hey, good morning everyone.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Good morning, Gary.

Gary Prestopino -- Barrington Research -- Analyst

I just want to make sure I got this right because there's a lot you gave us. You said, miles driven are almost back to pre-COVID levels at this juncture, right? Assignments up 35% from the trough in May, but they're only currently at the are close to about 85% of pre-COVID levels right now, is that correct?

Vance Johnston -- Executive Vice President and Chief Financial Officer

As of the end of the quarter, Gary. We also commented that since the end of the quarter that assignments and unit sold to continue to kind of increase from there as well.

Gary Prestopino -- Barrington Research -- Analyst

Okay. That's fine. Do you you said your consignment inventory was down 16.6%. What was your total inventory down? Can you give us that with the purchased vehicles? Or do you not make that public?

Vance Johnston -- Executive Vice President and Chief Financial Officer

That's Gary, that's something we haven't made public previously. And remember, purchase volume is a very small portion of our it's not my fault.

Bob Labick -- CJS Securities -- Analyst

No. I understand. I understand. Just so do you a lot of this that's where you seeing assignments roll up and stuff like that. Could some of that be explained by the fact I know miles driven are up, but could some of that be explained by the fact that when this COVID thing was really hitting in the quarter that the insurance companies were more or less just totaling out cars without because they couldn't get the adjusters out in the field to look at them.

John Kett -- Chief Executive Officer and President

It's hard to say. We've heard some anecdotes around that, but nothing across the board that would tell us that was a common trend or common theme.

Bob Labick -- CJS Securities -- Analyst

Okay. And then in miles driven are up in most major markets, right? Even in the areas that have been hit pretty badly with COVID?

John Kett -- Chief Executive Officer and President

Yes. I mean, I think they're coming back.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Certainly from yes, Gary, certainly from the trough, if you think about the first kind of eight to 10 weeks after the pandemic hit. So yes, across all markets, it's bounced back from there, now it varies by market.

Gary Prestopino -- Barrington Research -- Analyst

All right, thank you.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Thanks, Gary.

Operator

Thank you. Our next question comes from Bret Jordan of Jefferies. Please go ahead.

John Kett -- Chief Executive Officer and President

Hi, Bret.

Bret Jordan -- Jefferies -- Analyst

Hi. When you first rolled out the 360 product, you sort of commented on what the incremental yield was. Do you have any way to sort of quantify what you're seeing maybe on a like-for-like car basis from the digital offerings, whether it be the engine recording or the digital 360 in the second quarter?

John Kett -- Chief Executive Officer and President

I mean, Brett, again, it's hard to pick a part. There's the macro drivers as well as what we're doing internally. They all sort of they're all part of the recipe for driving higher proceeds. It is difficult for us to isolate the impact of one versus another.

Bret Jordan -- Jefferies -- Analyst

Okay. I guess but the trajectory of that digital 360 product is as you'd expected, you are seeing higher yields, you think, on a like-for-like basis?

John Kett -- Chief Executive Officer and President

We believe so, yes.

Bret Jordan -- Jefferies -- Analyst

Okay. Another question on units. I guess you commented in the prior quarter and about share gain versus loss. Do you have any way to quantify what the loss or gain impact was in the second quarter?

John Kett -- Chief Executive Officer and President

Yes. I mean.

Vance Johnston -- Executive Vice President and Chief Financial Officer

It's not something that there's a lot and Brett, just to clarify, so your question was, can we quantify share gains per unit? Did I hear that right?

Bret Jordan -- Jefferies -- Analyst

Yes.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Yes. No. It's we certainly for one, it's both insurance and noninsurance, right. So we have a sense of kind of what the share looks like across some portion of the insurance landscape. On the noninsurance side, that's much more difficult to quantify, given I think there's multiple aspects of noninsurance and multiple players that are involved in that, right. So that's much more difficult to quantify.

Bret Jordan -- Jefferies -- Analyst

Okay, great. Thank you.

Vance Johnston -- Executive Vice President and Chief Financial Officer

Thanks, Brent.

John Kett -- Chief Executive Officer and President

Thank you.

Operator

Okay, this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

John Kett -- Chief Executive Officer and President

Well, thank you all for your time and your attention and your support of IAA. We look forward to updating you next quarter. Thank you.

Operator

[Operator Closing Remarks].

Duration: 34 minutes

Call participants:

Arif Ahmed -- Vice President of Treasury

John Kett -- Chief Executive Officer and President

Vance Johnston -- Executive Vice President and Chief Financial Officer

Stephanie Benjamin -- Trust -- Analyst

Daniel Imbro -- Stephens, Inc -- Analyst

Bob Labick -- CJS Securities -- Analyst

Gary Prestopino -- Barrington Research -- Analyst

Bret Jordan -- Jefferies -- Analyst

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