HCHC - Earnings call transcript Q1 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon and welcome to the HC2 Holdings, Inc., First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I'd now like to turn the conference over to Garrett Edson of ICR. Please go ahead.

Garrett Edson

Thank you, and good afternoon. you earnings us results. thank first review to XXXX quarter like for to joining HCX’s We’d Financial With and and Chief CEO today, of me are HCX; Mike Phil Sena, Falcone, President Officer. HCX’s webcast on afternoon's in Investor section. Relations is This our the call site at Web hcX.com being

you call. along will The section. the We hour dial-in be this webcast call can available replay with with replay presentation approximately is after IR also XXXXXXXX. confirmation invite on in HCX’s the our for the code which be X accessed The Web to follow site, again XXXX-XXX-XXXX of of

Before of to coronavirus whether assumptions provisions on risks the and of being to the remind uncertainties. others COVID-XX in the Securities to potential the and the impact of be not and statements condition any among of I and call operations or made everyone pursuant otherwise XXXX Private responses including earnings will pandemic government the assumptions turn the are are which call Phil, expected results in I'd of related such Litigation and Harbor this statements Safe Reform COVID-XX pandemic historical statements business, financial over that the Act certain forward-looking facts novel like concerning and to related involve our HCX forward-looking

factors results statements in SEC. cause These could discussed actual from with to differ the to factors more The that HCX's certain are are cause materially risk subject forward-looking that filings forward-looking assumptions and these could risk our thoroughly these differences statements.

in of call as in forward-looking call the only conference and our the made report. of addition, are date included this SEC this In statements as stated are

expressly statements law. update these forward-looking obligation required any or disclaims except intent or to by HCX revise as

the income, rules certain information operating During the available our non-GAAP EBITDA, most reconciliations comparable insurance these SEC income. most financial not will that be press also measures pre-tax available information as, in the management insurance operating site. non-GAAP earnings but GAAP disclosed recent limited on to measures, is adjusted the adjusted Web and adjusted about under will to, is required measures with including Certain such constitute call, which provide release,

a consent. the And this be duplicated prior company’s as reminder, taped call without otherwise or finally, cannot

Now, I’d President HCX’s Phil? and over turn Phil the call to like to CEO, Falcone.

Phil Falcone

Thank you, good and Garrett, afternoon everyone.

from for and this as you a your necessary been challenging hope work by on and fashion joining customers. remain and We're last dedication us for our our everyone Thank healthy. months of at employees proud touched our and as pandemic. been some everyone they we of subsidiaries families has in it's HCX in you March for continue since tireless couple call safe executing And site our especially seamlessly to effort when the and remotely and

businesses, on the call, as progress as recent top our COVID I'll reduction our today's priorities walk on our of On overhead of costs. debt impact through well and

Sena provide first more then questions. our performance. some Mike CFO, And then Our will take quarter we'll details on

worldwide has had U.S. impact unprecedented economy. the on and COVID-XX an the

implement targeted virtual the We fed-ex saw vast in last areas the in clearly place environment that to U.S. shelter lockdown and an was spoke evolved for from have majority the that Americans. we starting select of when economy one to of in March from shuttering

focused lockdown reopen and migrated our as as as for are priorities fundamental well such, we debt we Midwest, subsidiaries for are V-shaped shutdown are Well, the future we for like predict in keenly a What and all to South on impact remain there in ultimate on the hoping while into foreseeable six beginning increasingly once recovery, states looked California, major challenging a to New most of future. mainly are shutdown York continues the be And our and liquidity number a to temporary still near-term of overhead states reduction. states. and nearly weeks that the including a see

continue provide to to our each working as say to company, to these operate every want uninterrupted At our we thus way we that aiding far, expectations update and I'm and an focused navigate to more In on as our they we're ensure ensure operate we to management granularity parent the response of challenges. terms as possible. as give remained effectively teams with pleased we've the in closely our of continue COVID-XX on through subsidiaries of them to you segments some to

and to our have and has near-term most action stoppages DBM reduce we across portfolio considers minimal states the rationalize fabrication seen spending. construction priority costs and responsibly At been taking construction essential group work Given to-date further level of the steel business. at holdco as liquidity and erection

there is significant still broader not market customers this a the the are we as the are time in RFP of requests, clear pandemic view new Demand being impact. of a at as number receiving still awarded await contracts

time backlog cushion. all which adjusted that will a be like businesses, million to But based continues substantial highs, project remain XXX needs to most replenished. of Fortunately, our significant near backlog provide

has various CapEx non-essential in included the projects Industrial maintenance as maintenance backlog have planned have been temporarily been closed. somewhat and services impacted facilities pushed and Services as Group certain been repair Our well out as

potential We expect see and DBMs EBITDA remain impact we to reduction XXXX. steel construction the in impact XXXX the adjusted some compared to for segment will confident dissipates. once long-term COVID-XX pandemic While in the cause

time, collections, DBMs a Importantly high-quality accounts receivables, at minimal which in credit there this effects to been is customers. have

gas to significant operation, Turning nat to issue. without our operate Energy, ANG compressed continues

natural customers, of demand in but under from to CNG a and the suppliers vehicles become a that helps we've seen staples, fuel customers customers ANG of recent contracts continue our conceivable for to have gas alternative larger of also at clean structure, are a oil which to minimum slow is fuelling volume pay short-term the But energy requires adoption regardless certain consumer are which the in of near-term will seen those While which downward in increased against number grocers, by recent insulate volume number weeks. A drop-off requirement whether believe it taker fluctuations. a fleets. ANG, ANGs and stations significant primary with could diesel certain trend prices, that commercial we

be At Broadcasting, distribution the our significant of opportunity platform geographic HCX, been the the that remains top-line however, ongoing network ad across has the Aztech station will and group, unit. network reach certain growth broadcast affect given and of or group cord country. At America in our we Hispanic broad pandemic, spend a for cutting by will a believe the acceleration deferred impacted cable

lease the are capacity which our of remain our while addition, bulk contracts deals, unaffected. In

SPORTS agreements, delayed. be with from News beIN our will such as and share Cheddar Some of the expected benefits revenue

Our RXs post may slight RX Life recent million investment for additional valuation Technologies. we create XX both the Huadong at remain Sciences validates optimistic further Division viability equity in current XX RX. for a launch. from money very of environment delay expected That MediBeacon the million and commercial said The

has regulatory While process has long-term that that That previously changed affected delays at And that issues approval. and progress around in being the value MediBeacon the its of belief thought. could potentially could discussed on and MediBeacon's regulatory those valuable is COVID-XX prove said, the fact, the pandemic than not one it could could more kidney effect towards the slow entities. MediBeacon, we see not our argue

anticipate for a new In investments equity capital addition, need result activities recently both do and investment as not currently to a reminder, and fund HCX. we a from as RX have received further ongoing MediBeacon

continental Finally, at book with its of securities. positioned XX% to insurance continues investment well approximately of be grade comprised

greatly result significant experienced undoubtedly this certain will liquidity but its into COVID with from rating As not deviations in higher by mitigated any downgrades, RBC agency we the any size, will pandemic, which this strong asset needs. stage the be these rating securities, pandemic. impact on At CGICs book expect in capital charges of we've heading the standard

income some challenges we there on all COVID-XX statement. the impact has Given of to presented be expect near-term will our us,

well execute And However, so we to will strategic growth that end, not strategy. continue be and towards positioned significantly our believe structure we fully to our pivot to capital priorities overall In and changed. costs. holdco make progress innovation post-pandemic doing on be have improving to reducing our we continue and able to

Marine redeem of net the the notes the large of of XX.X% of the end sale Group the used At to million end we of quarter. Global XX and the portion February, approximately at proceeds the completed

to In order. close in of sale expect on the XX% addition, we to short Hengtong our ownership HMN at

partial utilize XXXX. will XXX at we principal redemption, outstanding amount All-in, the result, receives million, million. it from XX.X% a will to our reduction from where further notes of approximately net have after a proceeds XX sale of the notes the next amount the beginning the XX.X% by over As stood principal XX% a HCX on of reduce our

XX% annual two taxes We're transaction or put today's HMN realize to toHCX approximately The valuation while downs pay million allow is still at years. a XX interest and in savings also in exercisable retaining $XX that after million fees customary ongoing on roadblocks the realize very us for global to effectively order with reach entire HMN through finish the marine as a line pleased process as and in testament we capabilities complexities is for our process stockholder the navigate strategic on expertise of the HCX and value. to option

any a of beyond our wanted with Insurance, are Furthermore, to counterparty exclusivity able we to light With have further this processes. in and in on to debt, our the sell but extended services continue we brief discussions at reduction ongoing respect divestitures comment of strategic to provide not current discussions. our progress marine and our Continental to Continental, point the update

of discussed corporate in structure. reduction with our our us on simplifying calls to of our long-term sale closing Continental goal previous a on debt continue As overall while and focusing allow we will

as within to we liquidity our our we are continuing capital ensure we to deliver on both we it uncertain portfolio options, exploring explore move opportunities strategic and the as to that the As consistently, structure, in these as we've always are and address other structure, Global, plan subsidiary sharply all relates noted value sale capital appropriate improve DBM we to times. particularly to focused forward. including continue And refinancing

first few will highlights now run through I briefly quarter performance. of our a

quarter versus for XXXX was EBITDA first XXXX. the $XX.X adjusted million $XX.X For first quarter

amount nicely XX through alternative acquisition tax station. the as the buoyed which also performed XXXX. segment doubled in segment equivalent year continue prior utilize by quarter nearly the able thanks will fuel the was energy gallons partially be credits, Our of period, XXXX The gasoline from to the CNG of to to it additional

would of quarter second quarter. from XXXX a will higher from timing under compared work adjusted the is first the there in amount we quarter in lightest reminder, impacted as an contribution lower as COVID by adjusted somewhat quarter EBITDA good work. And noted before, was expect a But of the construction still seasonally first maintenance execution, quarter repair project commercial to the well typically from the DBM, EBITDA be as standpoint. I while to be impact first At as

RX April, a XX XX million gets in segment from to post further valuation investment sciences money equity Technologies received Huadong life at as company's it to an fund our the At commercialization. additional in of closer efforts million

Huadong As under countries. lightning products China reminder distribute in an exclusive distribution agreement, will devices and RXs and a other Pacific Asia Greater skin

increased at quarter at number XXX or to central XXX the to which of system. And currently of broadcasting operating our connected stations we cast approximately are cloud-based end,

Television we News carriage as the During previously agreements Cheddar an reached and lifestyle Distribution USA both quarter with CBS announced, Company. Altice Dabl, diginet a

by in our on further reduced SG&A overhead, a terms over year-over-year Finally, basis. we $X of million corporate recurring

and value complete our the value. the our be XXXX until a To of respect to be stockholders we our place and full believe volunteer ago drive reinforce period. a This reaches and day my may committing have further long-term weeks execute forego continue in stockholders successfully of of stockholder to untapped to an strategy. rewarded potential XXX alignment couple performance or create strategy any I I with to commitment year of at share proof to growth my desire took clear innovation over any payments, least of average step is additional Importantly, future bonus HCX trading stock HCX, assets value with and per for on have price in XX eligible alignment to I right

effects, the longer our the will term streamlined, remain As energized we about assuredly sharply and near-term. focused prospects for have a and in HCX. and excited and it the ahead, despite look the future financially pandemic We flexible

by balance continue we explore Global while life maximize that higher unique to believe DBM innovation and on at value we potential for of and and options to our HCX best positioned of our the the be broadcasting continue growth on businesses. our strategy energy long-term strengthen to will sciences, We strategic full focusing sheet

I'll our that, to the With over Mike? Sena, turn discuss Mike our now who call CFO, highlights. some financial will of

Mike Sena

Phil. you, Thank

XXXX was consolidated prior the performance, first revenue quarter million million compared first quarter the period. XXX.X XXX total our in review for Let's net year to

net or energy broadcasting partially attributable segments from eliminations and by As common for construction quarter segments. stockholders telecommunications, million to the share the lower in period. prior were a of the was of or XXXX insurance preferred in first revenue $X.XX loss increases offset loss revenues in the to from participating of $X.XX per Net net XX.X per compared and X.X million, share

than adjusted prior the compared was year reduced as period, XXXX of by for share, $X.XX to construction net were energy attributable at quarter EBITDA First operations per in Quarter XXXX, and offset HCX's the to quarter of income attributable continuing now XX.X compared $X.XX subsidiaries, net first from per segments, million first million, contributions the energy to core operating improvements telecom. more company's which construction, operations telecom and XX.X the loss of But share. was to continuing comprise

excludes the losses. in to and improvement an loss of during other XXXX, which segment million adjusted $X.X in non-operating EBITDA at insurance by adjusted reduced in was adjusted segments year-over-year million the corporate quarter prior year first losses was compared the in X.X million EBITDA quarter reduction Total and driven EBITDA, broadcasting X.X EBITDA of adjusted our period, first the the

take a quarter a adjusted construction, of a bit in At to minutes recorded for first a XXXX couple of million, the million the segments. in just our detail period. go year into compared Let's more $X $XX.X prior to we budget few

project and work. work by from quarter seasonally of First repair maintenance impacted under timing industrial results and were commercial XXXX contribution lower the execution project

XX, yet with backlog reported not construction As smaller million mainly was million, to sized of consideration $XXX projects consisting significant which into awarded, signed takes contracts backlog adjusted was but $XXX and visibility. XXXX, medium provides March of

for first in the first the Thus, construction the reminder, EBITDA. a the we EBITDA, typically indicative of for run quarter generated not is the which believe prior do generating is As year. with is adjusted rate quarter in what adjusted of lightest consistent terms we

adjusted recorded the adjusted period. we to first energy, quarter for million EBITDA compared At EBITDA X.X year million the of X of in prior

his which the in in credit, yet alternative first noted approved renewal continued quarter the or the Phil in from fuels had segment remarks, XXXX. quarter As not tax the the been to benefit of AFTC, of

December ANG's a of XX XXXX. XX, The as effect of CNG end well at As acquisition AFTC XXXX. second stations the quarter the is in through

$X.XX forward that on typical and But year a Hill. for advance. shared per to credit, conversion is multiple remain reminder, that their As the for would an rather tax to years customers CNG. is And AFTC to to current for continue CNG stations. them our gas volumes gross overtime, than only compressed is optimistic of Capitol greater we in equates larger for renewed gasoline down with it the the continues one year fleets natural which mean as support equivalent our fleets receive The incentive

period. for reduced unfavorable period Meanwhile, while was periods The year favorable activity recognized a prior of million actual we XX.X first primarily as claims the activity claims purposes pre-tax compared operating a favorable income forecasted on driven normal. adjusted of at by activity prior insurance, is generate to and such claims X.X linear activity. million, in Claims quarter AOI the activity claims and basis, the non-favorable reserves of for not is in is and pre-tax

headcount growth. expenses segment's increases Insurance in larger also due incurred to support the to

an assets invested of X.X had total GAAP XX, billion and of XXX assets capital. cash in insurance As adjusted estimated March total of X.X XXXX, and million billion,

associated end and of insurance segment. includes and consolidated of cash billion, with investments HCX's first cash the HCX the At cash, X.X quarter, which investments equivalents

year as level, overhead focus were cash expenses the of continue in insurance the reduction quarter to and significantly face pandemic. consolidated Excluding the million holdco Corporate responsibly a X the period, on from million, million. of we X.X prior at for reducing was XXXX XX.X first the particularly

than Our normal other first audit. through activities year as quarter corporate expense higher our such is typically the quarters end

Board further In CEO reduce the first addition, measures to compensation quarter, the to forward. subsequent end moving additional and we announced of

XX% principle and end net Upon in the XX.X% further will XX in annualized redemption combined be principle note reduce XX will HMN, the in decrease of HCXs of our with of expect notes in which million. our partial by proceeds, will compliance by interest imminently, from redemption the portion of the redemption the million. the principal of with of we notes reducing outstanding note we our our announce XX.X% which completed we us we At quarter, The another closing partial will sale completed over venture the interest savings XX expect million. aggregate first provide approximately

hand, entered June million million and to XX will payments. quarter, on XX we For month this including XX we cash under comfortably in interest receive DBM new we little cash payment upstream from last this million credit later cash our in the received require June month will a we with capitalized X are to into be second facility make interest

is cash XXXX for XX million plan Our from remains subsidiaries upstream unchanged. our to in over

we upstream currently our arises, strategic at execute cash subsidiaries their we we keep intend the from and subsidiaries our need if the to additional plans. they capacity While have to capacity on as

comfortable reduce portfolio. position pursuing we expense and and HCX strategic with overall company the in unlock value on liquidity further debt, our within to XXXX, reductions remain We while focus to holding initiatives our continue

call like for the questions. to now up open I'd

not the we the we're here of company's about on you pending and earnings. your our the proxy stockholders. focus quarter Operator? company's with announcement first you that to know As today consent talk earnings ask And and one contests solicitation questions

Operator

Sarkis our Instructions] Please Sherbetchyan FBR. question ahead. from go first And comes Riley [Operator of B.

Sarkis Sherbetchyan

was kind call? no XXX of time And question there? and backlog the I awards can taking start construction million, against you that I the we the new the on first. nearing with stated reconcile my how backlog for thanks segment afternoon, high all will good an off Hey, adjusted here. said know,

Phil Falcone

number the not that's reconciling. XX. sure of as when you how talk about Well, I'm quite March

Sarkis Sherbetchyan

the So that first the the quarter, I that correct? expect think second heard quarter in is you EBITDA in versus commentary I higher

Phil Falcone

Yes. That's the typical. number the typically of from years, typical, quarter That perspective. an last lightest if you not that's look first back is a over EBITDA

Sarkis Sherbetchyan

Yes.

but than in construction to pandemic of lower, using understand reconcile us versus and the the is quarter? is understand release of the situation, from of just or reason line the the word first the I'm to what's better and So kind I help kind trying quarter because of XQ, so be on industrial typical this time, XQ understand, the kind updates second services detailed going pandemic given the

Phil Falcone

relates I you're important for is Well, if the not think if the in and third you the as backlog it April, more if quarter, May. rewarded contract a quarter you to you something get refilling like second that instance get in for beyond start

up So with plus next things months. visibility then contract the and a there's starting business. for a over getting good But very and of the there's time one that that's XX between lag backlog, the

we or So, up some point, at in point future quarters. some believe But months now. you where good that have for at shape backlog future we're fill to

if or not answers I sure think, question I'm not. that your

Sarkis Sherbetchyan

And consideration of back step of has margin and we margins help still kind into under historical think that something us been do think business that as you kind of an profiles the Can you about or take then pressure? has that if still there? No. should kind you also, that generated, construction the

Phil Falcone

that Again, but concern be to pause per there how months haven't looks our our -- us for to and haven't that. cause like, seen Yes. se. contraction we anything any and it we margin or seen around from give seen best estimates remains knowledge, what From future

Sarkis Sherbetchyan

here gears the And Okay. Thanks switch that. broadcasting for segment. into I'll

the of heading kind environment? when You situation. given of the kind a kind from get broadcasting changing And of breakeven for mentioned try advertising to you'd to this expect we lower into if sense pre-COVID

Phil Falcone

Yes.

my -- reasons think the as the number mentioned increased somewhat perspective mentioned, you've I from the as seen coming stations broadcast, from -- expenses I first online. is of I of of one increased

associated comes with it. For every have station you expenses that online,

your got you've got rent, utilities, expense. you've got tower your your You've backbone

that on today. lag or if to time bring going station you're additional there's incur time. a again the charged, expenses And going tower up you So by be on a to you're bring a fill you today,

the So than a a business actually more we perspective, we've from stations model built expected. -- lot

XXX I think as of XX March as number I was mentioned, stations. the

time built we XX of plus think months. the takes it XX to I past maybe number to fill And up. over those stations

that's XXX getting -- and key has the to down, our and not So, mark. the goals the reason this station slowed necessarily objective flow it getting is part cash getting is are of breakeven, our the platform but complete to

It expenses, massive number tremendous are building a we've it's that's amount see you We've with a don't So today up dramatic will got of specific but including you working if aberration And got an -- consultants is we doing engineering want of online. on But perspective. breakeven department stations, a few doing that -- coming that. opportunity much number is some better there but growth that I anything, got to from the capacity an from more not out negative email number and of we stations expected. perspective and a things, the give of number I not a is is to our a fill a various and goal, unexpected. added date, it's not our from than

I we're we a negative a But But, a it build and just dramatic going over result, the and that from, we've what give of on months. bottom-line wrong want -- expected station ahead positive slowed next see not is number, from So I necessarily to be you been if aberration you're it bad or again, don't perspective, as period. internally. I breakeven But awfully it's but to awfully, down an anything close. don't our and that time look of schedule number at on think you

Sarkis Sherbetchyan

That's that underway the need system noticed if that active serves projects achieve and how XX to over of kind broadcasting cash connect kind deploying here funded been over all and basically of XX cast you've in lack then given much how expect spend to my either calculation you capital is for central there state, like upgrade if of be stations to of of maybe like fair. And would flow I the correct, kind of it, kind XXXX, of here? you'd kind can that, to

Phil Falcone

Well, say the wouldn't cash build sheet. slowing as concern and on a build, down Incorporating build pretty flexibility we've on the that I at at one central with from look for station that's do that you to that so you some do a end. lack we cast a station have online about if equals out down about is build -- but out under XX,XXX. is have to to that But of one the it how XX,XXX or to perspective, got make two, balance there's no station that there's it to have efficient. look station necessarily regards and it sure plus $XXX,XXX cause for which station not been We a putting darn

well. it's there's you're one it content the there's more I efficient just a the not, central say But So down. efficiently lot you're to at into it I is -- this gateway. more then granted no I but get mean, can as speed to we as as money under it's that as of just convenient, there's into but at looking because need point, not under up -- cash a cash. central operate more CapEx also it no shouldn't everything bit to one more, relates mean, slow to delivering -- necessary need

cast, central an under absolute station necessity. it's every not get to efficient but more it's So

we like we it the So can cash manage need business like to, we we part looks co-located, out. stations that to a if than lot less if manage then are, need build our flows, if And some XXX,XXX. can just you're of there are manage

to done, that another got our problem XX It's we the months, capacity. three of could get it's to be that getting to kind of class get where, amount a pretty down So substantial goal to in XX because we've position or we we or not point necessary have months but in a there's are months a XXX that high where on to stations we things a end, that do we're a and of two four

have things and down units just pandemic that for plan that there's show down perspective concern but at entities there the been making need And on sure and up. ahead rigging there. everything perspective, accordingly, cause but, could parties labor from perspective if have a way certain time it there's on been us this down certain point, slowed getting have and we're slow finding, a that Because slowed from no a various we be,

Sarkis Sherbetchyan

Okay. the Thanks for color.

Just I moving you discussions advanced exclusivity. again we kind context you should update? of can't on mentioned that in an like How insurance it investors to party sounds more really the bother the disclose mean, gave? division. exclusivity? get if and the interpret know Advanced granted you discussions, I why of much even

Phil Falcone

can it's I disclose. Well, we what mean,

have extended if believe asked So quite and frankly, We wouldn't we done, as exclusivity, it. try for to obviously, the want we didn't a of you don't the to be just to transparent we would be we sake deal there exclusivity as be possible. just was thought question extend that

there's without too extending anybody's going into much think I yes, indicative waste it's time. So exclusivity and that a that's to rationale of, for not detail

Sarkis Sherbetchyan

Yes.

assume let's you something so And happens.

For three to the right? help close, would there's regulatory second regarding how this long frame right, assuming things and the whatnot, us you close insurance, quarters, it, quarter, that maybe is that take quarter can a example, Obviously, in four two sale? quarters, quarters,

Phil Falcone

Yes.

coming experience or platform. weren't stepped the the the level didn't on have have buyer. regulator's -- with -- first we you we like, insurance we it, it into comfort when don't Specifically with depends When

longer. us took a So it bit

negotiations no four don't to insurance think we're what that The any be they looking there's have fact above reason believe would three experience. to that I platform issues or with traditional because do face plus ordinary. regulatory could a that from in I the and six at, think or perspective, months You minus. would a this have group of over that's out

in that So on time standard that, my months. three suspect can't it'll it say us months. within I I done months, and could the or finger be be to six four comfort six it'll gives done put wouldn't three, while, guess be a I in

six I that could think within that suspect to that's reasonable one timeframe. three assume to months

Sarkis Sherbetchyan

helpful. over How core I'm going And sold, it's the to the that real super interpret -- eminently and quick, word to I close not interest, Huadong sold marine your on going the imminently should switch I was to that's guess anymore. XX% to mentioned we know close? That's close. business be

Phil Falcone

Interesting, say soon, actually order. have imminently it's that don't in careful be that, it with because what I going We but feel close guess. pretty that, we is I short we it's think to be good to I pretty to means going discussed imminent that

Sarkis Sherbetchyan

the reason asked that April? of I last the I to does first is, the compare weeks suppose how two calls,

Phil Falcone

had of that and were taken takes that And think people certain I we're in you relative an when there entities you kind app situation different position was you closing, time. we're different be There Well, delay. its people's the i.e., were for to and but be some had clearly now. steps cetera out get heads in spinning, had office transfers, pandemic -- of now -- infancy down, a for to people money in the et experience shut

take, of closed time where early lot going timing five, perspective, think from June. or it was six at the week of we weeks there was first good question in very at it week going a first We four it to April, close. now be April or perspective. the I we're that was, things could about were the timing unknown of where have a a because feel The knew point it one could week, right were a or from to

yard what it's things the that at to point a one needed to frankly. now quite have We're based events and So taken place on be line, what done. where the

Operator

like remarks. time, would there to closing questions further back At in I queue. the over Phil to now Falcone turn any for no the conference this are

Phil Falcone

time Okay. I over and again, next is reach your healthy. safe. today. And, is you on days, for about quarter important always the especially that thank Well, questions everybody Mike the again, everybody the the thing. are myself. team That that up, we if can have most and you Furthermore, you first few or hope is safe happy very come

you So that, evening. good with thank and again

Operator

disconnect. now presentation you Thank today's The and for may conference attending has now you concluded.

Garrett Edson	Investor Relations, ICR
Philip Falcone	President and Chief Executive Officer
Mike Sena	Chief Financial Officer
Sarkis Sherbetchyan	B. Riley FBR

INNOVATE (VATE) 11 May 202020 Q1 Earnings call transcript