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CVS Caremark Corp CVS
Q2 2013 Earnings Call Transcript

Transcript Call Date 08/06/2013

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the CVS Caremark Second Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Tuesday, August 6, 2013.

I would now like to turn the conference over to the Senior Vice President of Investor Relations, Ms. Nancy Christal, please go ahead.

Nancy Christal - SVP, IR: Thank you, Frank. Good morning, everyone, and thanks for joining us. I’m here with our President and CEO, Larry Merlo, who will provide an update on the business. After Larry, our Executive Vice President and CFO, Dave Denton, will review financial results and guidance. Jon Roberts, President of PBM; and Mark Cosby, President of our Retail business, are also with us today and will participate in the Q&A session following our prepared remarks.

During the Q&A, please limit yourself to no more than two questions so we can provide more callers with the chance to ask their questions. Just before this call, we posted a slide presentation on our website that summarizes the information you'll hear today as well as key facts and figures regarding our operating performance and guidance. I encourage you to take a look at that. Additionally, we plan to file our quarterly report on Form 10-Q by the close of business today and it will be available through our website at that time.

During this call, we'll use some non-GAAP financial measures when talking about our Company's performance, namely free cash flow, EBITDA, and adjusted EPS. In accordance with SEC regulations, you can find the definitions of these non-GAAP measures as well as reconciliations to comparable GAAP measures on the Investor Relations portion of our website. And as always, today's call is being simulcast on our website and it will be archived there following the call for one year.

Now, I have one key date to announce this morning. Please note that we'll host our Analyst Day on the morning of Wednesday, December 18, in New York City. At that time, we'll provide 2014 guidance as well as a comprehensive update on our growth strategies. In addition to Larry and Dave, you'll have the opportunity to hear from additional members of our senior management team. We plan to send invitations with more specific details via e-mail by next week but please save the day, again, that's Wednesday, December 18. If you don't receive an invitation and would like to attend, please contact me at your earliest convenience.

Now before we continue, our attorneys have asked me to read the Safe Harbor statement. During this presentation, we'll make certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Accordingly, for these forward-looking statements, we claim the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We strongly recommend that you become familiar with the specific risks and uncertainties that are described in the Risk Factors section of our most recently filed Annual Report on Form 10-K and in our upcoming quarterly report on Form 10-Q.

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