Good afternoon, ladies and gentlemen, and welcome to Owens & Minor's second quarter 2020 financial results conference call. My name is Joelle, and I will be your operator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session toward the end of this conference call. If at any time during the call you require assistance, please press star followed by zero, and an operator will be happy to assist you. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mr. Chuck Graves. Please proceed, Mr. Graves. Thank you, Joelle. Good afternoon, everyone, and welcome to the Owens & Minor second quarter 2020 earnings call. I'm Chuck Graves, and on behalf of the team, I'd like to read a safe harbor statement before we begin. Our comments on the call today will be focused on financial results for the second quarter of 2020, our ongoing response to the COVID-19 pandemic, and our outlook for the remainder of the year, all of which are included in today's press release. Please note that certain statements made on this call are forward-looking statements which are subject to risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements made on this call today, other than statements of historical facts, are forward-looking statements and include statements regarding our anticipated financial and operational performance. Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results predicted, assumed, or implied by the forward-looking statements. The company has explained some of these risks and uncertainties in its SEC filings, including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements. Additionally, in our discussion today, we will reference certain non-GAAP financial measures, and information about these measures and reconciliations to the most comparable GAAP financial measures are included in our press release and our quarterly report on Form 10-Q. Today, I am joined by Ed Pesicka, our President and Chief Executive Officer, who will provide commentary on the second quarter and an update on our ongoing efforts to help those on the front lines of the COVID-19 pandemic, and Andy Long, our Executive Vice President and Chief Financial Officer, who will discuss our financial results for the quarter and provide additional insight into our outlook for the remainder of the year. Now, I would like to turn the call over to Ed, who'll start things off. Ed? Thank you, Chuck. Good afternoon, everyone, and thank you for joining us on the call today. Before I get into my prepared remarks, I'd like to start by thanking the clinicians, caregivers, and frankly, everyone else on the front line for their tireless effort in this battle against COVID-19. I would also like to thank our Owens & Minor teammates for their focus and intensity and their flawless operating execution during the first half of 2020. This enabled us to deliver on our humble mission to empower our customers to advance healthcare. Before I review our progress related to our 2020 focus areas, let me provide you with a quick summary of what we accomplished. First, we delivered over five billion units of PPE to our customers since February. Next, we increased our intensity around productivity and operational improvements, allowing us to, one, significantly increase our Americas-based PPE output, enabling us to better serve our customers, although demand continues to outpace supply. Two, continue to reduce operating expenses while maintaining service levels, and these improvements will continue to provide value into the future. Next, we made the proper investments to provide flexibility and product assurance to quickly adjust as home healthcare demand strengthened and as elective procedures ramped up faster than expected. Finally, we closed the sale of our Movianto business for $133 million, delivering on an important part of our strategy and allowing us to focus on our three strategic pillars: distribution, products, and services. The previous items are just a few examples of the accomplishments in the second quarter as well as year-to-date. These accomplishments helped us fuel the improved financial performance highlighted by the following. One, we doubled our adjusted net income per share compared to the second quarter of 2019. Two, we expanded our second quarter operating margin by 68 basis points when compared to prior year. Three, we significantly paid down debt. This improved financial performance is not new and not just one quarter. This is the third consecutive quarter of year-over-year adjusted earnings per share growth. It is the fifth consecutive quarter of year-over-year gross margin expansion. It is also the fifth consecutive quarter of generating positive operating cash flow. In addition, we increased our sequential adjusted earnings per share by five times compared to Q1. Today, we are reconfirming our expectation of double-digit adjusted EPS growth in 2021 above the revised full-year 2020 guidance. I will now review a little more detail our 2020 focus areas consistent with our previous two earnings calls. The focus areas are as follows: financial performance for Q2 and outlook, continued operational improvements, and disciplined reinvestment in our business to further strengthen our foundation for long-term profitable growth. Let me start off with financial performance for the quarter and factors that will impact the rest of the year and into 2021. Andy will provide a detailed look at the improved numbers during his prepared remarks, but now I'll provide some color on what drove the current improvement, along with the opportunity for future performance. Starting with PPE. Demand for PPE remains at unprecedented levels, and demand continues to exceed supply. In order to address this issue, we immediately took aggressive actions to optimize production output in Q2, resulting in record levels of PPE produced. We expect to realize a full quarter's worth of these improvements in Q3 and Q4, raising our PPE output to new record levels. We expect that the gap will still exist between supply and demand. This increased output has helped us to begin fulfilling our commitment to the federal government while maintaining customer unit volume fulfillment above pre-COVID-19 levels for America-based manufacturing PPE. In the second quarter, we saw improvement in elective procedures compared to our previous forecast as many states opened up. We were prepared for this quick change and were able to capitalize on it because we leveraged our investments in inventory, our teammates, and our processes that provide flexibility and product assurance. Finally, improved operating efficiencies continue to provide benefits to the income statement and balance sheet. This focus has enabled us to deliver improved cash flow to strengthen our balance sheet by paying down debt, as well as make investments in infrastructure, technology, and service. Based on our strategy, preparation, and continued operational execution, we are in a position to double our full-year 2020 adjusted EPS guidance range. Today, we are able to reconfirm our expectation of double-digit adjusted EPS growth in 2021. We have established a positive track record of financial performance, and we will maintain a high level of continued improvement going forward. Again, Andy will provide additional financial data in his prepared comments. Let me move on from the financials to discuss our second topic, operational improvement. Operational excellence delivers more than just financial benefits, as previously discussed. Operational excellence enables us to deliver an enhanced customer experience and build trust. I continue to be impressed with the way our teams have performed in consideration of the unprecedented and ever-changing challenges we have faced this year. Our controllable service metrics remain high and continue to run consistently at or above pre-COVID levels. Our customers have recognized our efforts and flexibility in finding solutions during these challenging times. Two examples of our ability to provide critical and flexible solutions to our customers include: the creation of quick kitting services for COVID testing within our Byram home Healthcare business, and securing pandemic storage of supplies for our hospital customers across our network. Let me move on to our final topic and discuss some of the recent investments we've made. One, we continue to invest in expanding manufacturing capabilities at our North Carolina location to produce nonwoven laminated fabric used in products such as surgical gowns, masks, and N95s. The vertical integration enhances our Americas-based manufacturing and our control over the supply chain of critical fabric needed to produce our PPE. Second, we are retooling our existing production lines for N95s and surgical masks to increase the output of each line. Third, we continue to install new N95 production lines in our North Carolina and Texas facility, and I am pleased to say that as of today, we have begun to see product roll off of these lines. Fourth, we are adding capacity in our Americas-based gown production. Finally, we continue to solidify our investment in commercial and operational support resources to better serve our customers. We expect 2020 to continue to be a very dynamic year, but we intend to maintain our intense focus on our mission to support our customers in hospitals, home health care, and other health care-related markets. We will accomplish this with increased production and flexible solutions to address the challenges our customers are facing. Additionally, we believe the heightened demand for PPE will be a key element of the new normal in the future of health care. The reasons for this belief include our customers' protocols and new regulations are calling for increased use of PPE. We are seeing increased compliance to these protocols. Our customers have made it clear to us that they have a long-term preference for medical-grade PPE. We expect demand to stockpile PPE will continue to grow. Finally, we have identified new channels for PPE in health care, non-health care, and international markets. With the continued execution of our strategy relating to operating efficiency, increased outputs, and investment for long-term profitable growth, we are ready to capture this demand by continuing to add incremental production lines for incremental output to address the demand-supply imbalance, optimize these new production lines to the existing production line output levels, continue process improvement to increase output of all production lines, ramp up our new nonwoven fabric machinery, and expand our customer relationships as our COVID performance has built a foundation of trust and capability. Our confidence is reflected in our significant adjusted EPS guidance increase to a $1-$1.20 per share for 2020, and are reconfirming our expectation of double-digit adjusted EPS growth in 2021. Thank you. Now I'll turn the call over to Andy for a discussion of our financial results. Andy? Thank you, Ed. Good afternoon, everyone. Today, I'll review our second-quarter financial results and the key drivers for our better-than-expected quarterly performance. Then I'll discuss our expectations and assumptions for the rest of 2020. As we mentioned on our July 21st pre-announcement press release, we increased our full-year guidance range for adjusted net income from $0.50-$0.60 per share to $1.00-$1.20 per share. I will spend time discussing the primary factors we considered in raising our
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