Federal Agricultural Mortgage Corporation

Good day and welcome to the Farmer Mac second quarter 2020 financial results conference call. All participants will be in a 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. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Brad Nordholm, President and Chief Executive Officer. Please go ahead.

Good afternoon. I'm Brad Nordholm, and I'm very pleased to welcome you to our second quarter 2020 investor conference call. Before I begin, I'll ask Steve Mullery, our General Counsel, to comment on forward-looking statements that management may make today, as well as 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. Evaluating PharmaMAC, 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 today. In analyzing its financial information, Pharmamax sometimes uses measures of financial performance that are not presented in accordance with generally accepted accounting principles in the United States, also known as non-GAAP measures. Disclosures and reconciliations of PharmaMac's non-GAP 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 Investors section. A recording of this call will be available on our website for two weeks, starting later today.