Federal Agricultural Mortgage Corporation

Good day and welcome to the PharmaMac first quarter 2020 investor conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Brad Norton, President and CEO. Please go ahead.

Good morning. I'm Brad Nordholm, and I'm very pleased to welcome you to the PharmaMac 2020 First Quarter Investor Conference Call. Before I begin, I will need to ask Steve Mullery, our General Counsel, to comment on forward-looking statements that management may make today, as well as on PharmaMac's use of non-GAAP financial measures.

Thanks, Brad. Some of the statements made on this conference call may be forward-looking statements under the securities laws. We make these statements based on our current expectations and assumptions about future events and business performance, and we may not be obligated to update these statements after this call. We caution you that forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from the results expressed or implied by the forward-looking statements. In evaluating PhRMAc, you should consider these risks and uncertainties, as well as those described in our 2019 Annual Report on Form 10-K, filed with the SEC in February, as updated to discuss risks related to the COVID-19 pandemic in our quarterly report on Form 10-Q, filed with the SEC yesterday. In analyzing its financial information, PharmaMac sometimes uses measures of financial performance that are not presented in accordance with generally accepted accounting principles in the United States, also known as NOMGAP measures. Disclosures and reconciliations of PharmaMac's NOMGAP measures can be found in the most recent Form 10-Q and earnings release posted on PharmaMac's website, PharmaMac.com, under the financial information portion of the investor section. A recording of this call will be available on our website for two weeks starting later today.