Turning Point Brands Inc. (NYSE:TPB) Q2 2022 Results Conference Call July 27, 2022 8:30 AM ET

Company Participants

Yavor Efremov - President, CEO

Louie Reformina - CFO

Graham Purdy - COO

Conference Call Participants

Alec Legg - B. Riley

Eric Des Lauriers - Craig-Hallum Capital Group

Gaurav Jain - Barclays

Vivien Azer - Cowen

Operator

Good morning, ladies and gentlemen, and welcome to the Turning Point Brands Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Louie Reformina, Chief Financial Officer. Please go ahead.

Louie Reformina

Thank you, operator. Good morning, everyone. This is Louie Reformina, Chief Financial Officer. Joining me are Turning Point Brands’ President and CEO, Yavor Efremov; Graham Purdy, Chief Operating Officer; and Summer Frein, Chief Marketing Officer.

This morning, we issued a news release covering our second quarter results. This release is located in the IR section of our website, www.turningpointbrands.com. There is also a presentation which we will be referencing on the call available on the slide.

Turning over to slides of the presentation. During this call, we will discuss our consolidated and segment operating results and provide a perspective on our progress against our strategic plan. As is customary, I direct your attention to the discussion of forward-looking and cautionary statements in today's press release and the risk factors in our filings with the SEC.

On the call today, we will be referencing certain non-GAAP financial measures. These measures and reconciliations to GAAP can be found in today's earnings release, along with reasons why management believes that they provide useful information.

I will now turn the call over to our CEO, Yavor Efremov.

Yavor Efremov

Thank you, Louie. Good morning, everyone, and thank you for joining our call. I have now been with the company for 2 quarters and wanted to start by sharing some thoughts on what I have seen so far and areas where we see opportunities.

In terms of immediate steps in light of the turbulence we saw in the quarter, and continued uncertainty, we have taken a number of cost control measures on the OpEx side and have restructured our CapEx plan to protect our cash flow for the year. We continue to review the company for areas where we can improve on cost or delayed spending without putting future performance at material risk. While all steps are necessary given the current environment, I'm happy to report that there are significant growth opportunities ahead of us.