Star Equity Holdings, Inc. (NASDAQ:STRR) Q2 2023 Results Conference Call August 11, 2023 10:00 AM ET

Company Participants

Rick Coleman - Chief Executive Officer

Dave Noble - Chief Financial Officer

Jeffrey Eberwein - Executive Chairman

Conference Call Participants

Tate Sullivan - Maxim Group

Theodore O'Neil - Litchfield Hills Research

Operator

Greetings, ladies and gentlemen, and welcome to Star Equity Holdings Inc. Second Quarter 2023 Results Conference Call.

Please be advised that the discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.

Please refer to Star Equity's recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The Company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.

Please also note that on this call, management will reference non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued this morning.

If you did not receive a copy of the earnings release and would like one after the call, please contact Star Equity at (203) 489-9500 or its Investor Relations representative, Lena Cati of the Equity Group at (212) 836-9611. Also, this call is being broadcast live over the Internet and may be accessed at Star Equity's website at ww.starequity.com. Shortly after the call, a replay will also be available on the Company's website.

It is now my pleasure to introduce Rick Coleman, Chief Executive Officer of Star Equity.

Rick Coleman

Thank you, operator. Good morning everyone. Thanks for joining us for our second quarter 2023 results conference call. On the phone with me today are Executive Chair, Jeffrey Eberwein; and our Chief Financial Officer, Dave Noble.

It's a pleasure to be with you today and update you on our second quarter performance. It's especially gratifying to report on the previously announced sale of our Healthcare division and its dramatic positive impact on our. We completed the divestiture of our Healthcare division, which operated as Digirad Health for $40 million. This was a truly transformative transaction, which created immediate shareholder value significantly strengthened our balance sheet.