Westell Technologies, Inc. (NASDAQ:WSTL) Q4 2020 Earnings Conference Call - Final Transcript

Jun 18, 2020 • 09:30 am ET

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Westell Technologies, Inc. (NASDAQ:WSTL) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the Westell Fiscal Year 2020 Fourth Quarter Earnings Call. My name is Richard, and I'll be your operator for today's call. [Operator Instructions] I'll now turn the call over to Jeniffer Jaynes, Westell's Interim Chief Financial Officer. Jeniffer, you may begin.

Executive
Jeniffer Jaynes

Thank you, Richard. Good morning, and welcome to our conference call to discuss the Fiscal Year 2020 Fourth Quarter Results for Westell Technologies. The news release we issued yesterday afternoon is posted on our website, westell.com. On this call, Tim Duitsman, Westell's President and Chief Executive Officer, will begin with a discussion of our business and growth initiatives. I will then update you on our financial results for the quarter, and we'll conclude by taking your questions.

Before we begin, please note that our presentation and discussion contain forward-looking statements about future results, performance or achievements, financial and otherwise. Words such as should, believe, expect, trend and similar expressions are intended to identify such forward-looking statements. These statements reflect management's current expectations, estimates, and assumptions. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Westell's actual results, performance, or achievements to differ materially from those discussed. A description of factors that may affect our future results is provided in the company's SEC filings, including Form 10-K for the fiscal year end March 31, 2019, under the section Risk Factors. The forward-looking statements made in this presentation are being made as of the date and time of this conference call. Westell disclaims any obligation to update or revise any forward-looking statements based on new information, future events or other factors.

Please also note that we present non-GAAP financial information in our news releases because we believe that non-GAAP measures provide meaningful supplemental information to both management and investors. The non-GAAP information reflects the Company's core ongoing operating performance and facilitates comparisons across reporting periods. Our discussion of results today will include non-GAAP financial measures. We've provided reconciliations to the most comparable GAAP measures in our news release. I will now turn the call over to Tim.

Executive
Timothy Duitsman

Thank you, Jeniffer, and good morning, everyone. In our call this morning, I will give you an update on our business, including the impacts of COVID-19, which began during our fourth quarter. Westell is an essential business and our operations remained up and running during the statewide stay-at-home orders resulting from COVID-19. This situation is clearly affecting our customers and suppliers, and it has made many things challenging for our own operations. Safety is our first priority for everyone.

We've implemented CDC and state guidelines for mitigation and prevention in our facilities, including social distancing, frequent cleanings, masks, temperature checks and other actions to help keep our employees safe and healthy. Our sales force and office staff employees are working remotely whenever possible. I'm thankful for the resilience of the Westell team as we navigate these uncharted waters.

The pandemic affected Westell's business in two primary ways during the fourth quarter. Average daily orders dropped