to join appreciate I everybody, time Nathan, us the Thank morning, you, and taking and good today. you
to the flow. impact discussion our will that way it. a not So time spend then crisis the are having important We’ll through our It’s and that quarter is talking taking results. to we we to measures the call follow turn the of manage more first morning usual the coronavirus this
healthy. situation we to have emphasize extremely I entered that wish Again, the
balance sheet and ample strong very a with debt liquidity. have We low
and have serve a stability well current we history management as based will this a cash the conservative XXX-year us on through We of situation. foundation of navigate
auto municipalities, foundation essential, first then and in transportation, such are is As by and essential. you states echoed may industry and federal our mobility it no and is essential. we both the reduced throughout country’s various infrastructure crisis be of The know, the And guidelines people of of goods. a as this, is although less deemed care
are in is their requires This provide to stores invaluable supply them the the First are operate homes. to part and deliveries with parts to chain up the responders to made vehicles to needs. repair how professionals the medical rely on from an manufacturers distributors entire shops services, and critical to who effectively, jobs where their their environment so their it get their many to confined supply
Therefore, at specific see Jim are in safety the usual and level, the to we’ve we welfare employees. of proven order concern that high for pleased effective. our have will perform speak our Burke but they is to our taken, of actions primary
virus positive contracted tested to no have and them very believe who have We have any at employees of the few reason work.
I very more intense to done been risen contributed the am have challenge, never our All have I’ve people more far of in a than right so SMP employees now. proud than have expect I situation. could and
will once than that temporary this be us, ever. is reason, this For I we stronger situation behind am reassured
to it not at the and be well the of some difficult And it point, a company. as be emphasis. are This will will last, predict the temporary the it’s temporary to in must emergency actions this place longer-term Therefore, are will end. how And we impact long situation. putting is although designed objectives
larger next The the the tier preserve in the XX% XX%. costs, in balance need for executives senior of did of adequate put are for volunteered ones Salaries pay top follows. among as place cash reductions these various by measures being reduce executives we to and reduced year. by and for the But executives liquidity. to All ensure have are
Directors XX% reduction perspective, a temporarily program. Board a in repurchase also our cash agreed Our their have to From of share ceased have fees. we
to the difficult payout. the Additionally, was Board the voted This has dividend temporarily starting a with suspend June Xst decision.
shareholders. years key the of straight coming that part XX return a of value enjoyed out have increases how remains Recession, and to We of Great we dividend
However, we out the this was felt of of prudent course. caution, an abundance
We to stance will in the quarters our revisit follow.
an policy. also our revolvers elected insurance much of We to draw but not simply all down as
As cut discretionary much back you’d on we’ve of spending. our expect, also
to will long cut it hand in would temporary I into reduced a to workforce. professional situation, this an it reductions in we the we now, run our Again, is When our that plants error not our and temporary handling for But be talented employees. are base feel of lose accommodate address over to headcount chosen he we to requirements. how have Jim, in
note on have to significant stress our we It’s can downturn financials important of withstand. analysis type what determine that to we performed a
are that prudent measures, various but entering is nothing management We due crisis bit. This, plan. why affect a with sheet, the and our that we conservation will historic see and scenarios, we long-term pleased we practices healthy very can our have a again, to quite financial to withstand took modeled balance conservative
the seen the the Customer and in continued. will Nathan from XX% us quarter, has trend we around at down substantially, XX% first have tail terms impact began of April. coronavirus have review end, from orders business obviously the impacts? to but the been what of in So
result that our around are to point. We its pleased purchases time. at This balance lowest the monitor the weekly over XX% XX% at believe between was their as right-size difference and of their will POS the sell-through is to But only down as they we inventory reduction see inventory. look to we planned POS, customers
we most a seen there a weeks. encouraging stabilized rebound, and now have fairly reflected it sequential some quickly, POS. this is their things significant in over in weeks, got for We to orders few the to seen also but their of now being couple very below us. have And then It recent
to call definitively behind early through a to suggest remain while trend that is or is far confident we this. this manage to worst too So wherewithal us, we the the have it
Before we turning help Jim, are doing to it like mention would to relief. to over what with I
We volunteer. local are employees used are printing we to for pleased XD ventilator. have been to asking a facility, on component be repurpose as all and a Poland to able of automotive shields are ways to to we exchanger face our hospital, heat find critical our In our an
a is no future. our no crisis industry exception. and to the in Lastly, talk The is in wish I bit about just business doubt world
idled. industry The However, are there tends care market extremely and serve changed. has in essential is has outperform the resilient are and to to merely out auto our been economic It we how country still Cars downturns. operates. not
This will as produces It’s car to Engine to Americans of operating. in what The non-discretionary, within purchases. older especially our predicted that industry on reduction impact a to people is need SMP majority lead economic new tends benefit the Management. keep their vehicles
once recovers It with Our term market parts in functioning will are the the proper our moves relevant business remains it applicable unchanged. required was are crisis to for strategy tactical the as Meanwhile, the safe short before we current the as be situation. and the deal Therefore, began. of are and making vehicles.
crisis us from team very gotten this tireless crisis SMP deliver whose this the history, have enough. stronger our every and SMP’s dedication And ever leadership confident able to thousands value. For emerge all where thank we have will of shareholder due employees whom remains to I that from as we are XXX-year and over than reasons, is can’t of we these
will I it that, turn to with And Jim. over
