CAE Inc. (NYSE:CAE) Q4 2020 Earnings Conference Call - Final Transcript

May 22, 2020 • 01:00 pm ET


CAE Inc. (NYSE:CAE) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, welcome to the CAE Fourth Quarter Conference Call. Please be advised that this call is being recorded.

I would now like to turn the meeting over to Mr. Andrew Arnovitz. You may now proceed, Mr. Arnovitz.

Andrew Arnovitz

Thank you. Good afternoon, everyone, and thank you for joining us today. Before we begin, I'd like to remind you that today's remarks, including management's outlook for fiscal '21 and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, May 22, 2020, and accordingly are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially and listeners are cautioned not to place undue reliance on these forward-looking statements. A description of the risks, factors and assumptions that may affect future results is contained in CAE's annual MD&A available on our corporate website, and in our filings with the Canadian Securities Administrators on SEDAR, and with the US Securities and Exchange Commission on EDGAR.

On the call with me this afternoon are Marc Parent, CAE's President and Chief Executive Officer; and Sonya Branco, our Chief Financial Officer. After remarks from Marc and Sonya, we'll take questions from financial analysts and institutional investors. And following the conclusion of that Q&A period, we'll open the call to questions from members of the media.

Let me now turn the call over to Marc.

Marc Parent

Thank you, Andrew, and good afternoon to everyone joining us on the call. I'll first discuss some highlights of the quarter and the year, and then Sonya will review the detailed financials and outline some of the measures that we've put in place to protect our financial position and preserve liquidity in the face of the pandemic. I'll come back at the end of the presentation to comment on our outlook.

We were leading CAE to what would have been another record year when the COVID-19 pandemic hit and unfortunately, it impacted us during what is normally our strongest quarter. More importantly is the risk this suddenly posed to people's wellbeing and our first response was naturally to ensure the health and safety of our employees and customers, and this continues to be our top priority. We wasted no time assembling a COVID-19 pandemic taskforce and putting our business continuity plans in place. I'm extremely proud of CAE's employees worldwide, who daily, through even the most extreme conditions, take to heart the continuity of our customers' most critical operations, and earn the privilege of being their training partner of choice.

What makes me even more proud is the way our employees went beyond the call of duty in the fight against COVID-19 by bringing forward the idea to develop a critical care ventilator. It took just 11 days for 12 CAE engineers and scientists to develop a prototype, and now some more than 500 CAE employees are delivering on a contract with the Government of Canada to manufacture 10,000 ventilators