Q1 2020 Earnings Call

Ladies and gentlemen, this is the operator your lines will remain on music hold until the conference begins the golf, which will begin momentarily.

Thank you for your patience.

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At this time all participants are in listen only mode. After the speakers presentation, there will be a question and answer session.

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Thank you I'd now like turn the conference over to your speaker for today.

Barbara Tuckfield director of Investor Relations. Please go ahead.

Thank you and good morning, everyone before we get started I would like to remind everyone to read the safe Harbor statement on page two of the presentation, including the reference to forward looking statements.

Our presentation also includes references to operating earnings which is a non-GAAP financial measure.

Please refer to the reconciliation of GAAP earnings operating earnings provided in the appendix of today's presentation.

With us this morning are Jerry Garcia, President and CEO.

Peter Oleksiak, senior Vice President and CFO.

And David Senior Vice President and incoming CFO effectiveness for.

And now I'll turn it over to Jerry to start the call. This morning.

Well, thanks, Bob and good morning, everyone and thanks for joining us today.

I just want to sit everyone listening, but I hope you and their families are healthy and say.

It's very difficult for everyone and we're doing everything we can to try to help limit the pressures, but all of our customers.

Communities are pacing.

I also want to thank the tireless efforts of our employees roll through every day and surety community have safe and reliable service.

We are holding its own install from separate locations for our shopper and home guidelines.

This morning somebody provide details on how cold it 19 is affecting our business.

What we're doing to respond to the challenges that has presented.

I will also provide highlights on the progress of each of our business yes.

Peter will provide a review of our financials.

I will wrap things up before we take your questions.

Well, let's start on slide four.

The state level, a group of business leaders medical experts and government officials.

Them together to develop recommendations on how to restart punishment economy.

As quickly and let's see we as possible.

Executive Chairman Gerry Anderson is the coach Heritage Group, there was set up by the Governor.

Our expectation is that the first part of me the construction industry resumes its work.

And the autos and the other industrial companies.

Dr resumed operations later in May.

You are a d., we plan to resume our construction and maintenance work the first part of my.

I'll provide more detail on these plans a little later in the discussion.

We're working very closely with state and local leaders as well as our regulators respond to this pricing.

In a way that is best for all of Michigan's residents.

During these difficult times regulators in companies can come together or they can come apart.

Michigan.

I've been working with our regulators.

And state government to come together sort of spend on them.

Well, let's talk about what our company is doing to respond to this crisis.

Throughout the call. Good night in crisis already has been the health and safety of our employees and customers.

We are working on multiple fronts to ensure that everyone a deep you'd say.

As we continue to deliver safe and reliable energy where customers.

We're also working to address it needs to work nearly three went for Pete.

Volunteers.

As far as the impact that this crisis will have <unk> financial performance I'll, just say, we're planning for a significant impact.

Although no one knows exactly how this will play out over the year.

We believe we can mitigate the challenges.

Regional plan with management actions.

I will go into more details on these actions in a few minutes, what I want to reassure you.

We have a plan to achieve our financial targets.

This plan allows us to reaffirm our original operating U.P.S. cash and capital guidance.

While maintaining a strong balance sheet.

And computer offer I hope you, 7% dividend increase this year.

I'll provide more color on the assumptions and this plan the biggest variables as we move deeper into the discussion.

He has a proud heritage welding publish the times.

Well that we're dealing with catastrophic storm economic crisis in every case, we've emerged a better and stronger company.

There's no doubt that the work required of us today.

Set us up for another successful Becky.

Well, let's move to slide five as I talk more about her efforts fighting to spend dynamic.

To ensure to safety, while being up our employees, we implemented work from home in mid March.

Currently we have over happy where employees working from home.

This is going well and our systems are working great supporting or people.

It's a question he operating personnel and orderly and prioritize waiting sure. We had right mix of operating personnel continue with reliable and safe operations.

We have also taking a pause and on the central work some of our employees.

To ensure that we are doing all we can to keep them say as we gain further understanding of the virus.

For our employees must need not homes performance spectrum service for our customers a big thank you.

They haven't missed a beat in the work they do and have maintained excellent operations.

We have a quick these employees with the proper protective equipment, such as masks and protected shoots rendering homes.

We are performing or Caspian sea social dispensing.

And our regularly sanitizing your facilities collection pools.

Every employee that leaves their home is their computer check every day.

We have great a detailed returned to work plans for our employees will follow the guidance or state meters.

As I mentioned, we are deeply involved in developing those practices.