Apogee Enterprises Inc (NASDAQ:APOG) Q1 2021 Earnings Conference Call - Final Transcript

Jun 26, 2020 • 09:00 am ET


Apogee Enterprises Inc (NASDAQ:APOG) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Apogee Fiscal 2021 First Quarter Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jeff Huebschen. Please go ahead, sir.

Jeff Huebschen

Thank you, Josh. Good morning and welcome to Apogee Enterprises' fiscal 2021 first quarter earnings call. With me today are Joe Puishys, Apogee's Chief Executive Officer and Nisheet Gupta, Chief Financial Officer. We are also joined by Maggie Kirchoff, Apogee's Controller.

I'd like to remind everyone that there are slides to accompany today's remarks, which are available in the Investor Relations section of Apogee's website. During this call, we will reference certain non-GAAP financial measures. Definitions of these non-GAAP measures and a reconciliation to the nearest GAAP measures is provided in the earnings release we issued this morning, which is available on our website.

I'd like to remind everyone that our call will contain forward-looking statements reflecting management's expectations, which are based on currently available information. Actual results may differ materially. More information about factors that could affect Apogee's business and financial results can be found in our SEC filings.

And with that, I'll turn the call over to you, Joe.

Joseph F. Puishys

All right, thank you and good morning everyone. Appreciate that, Jeff. Thanks everyone for joining our call this morning. Wow! what times we live in today. I'm not aware of anyone that had the foresight and imagination to predict a global pandemic and the impact on our country and, in our case, our industry this year.

That said, our team did a terrific job managing through the challenges of COVID-19. During our first quarter, we delivered positive earnings, not everyone will be able to do that this quarter, strong cash flow in a quarter where we always use cash, and increased backlog, all of which demonstrates the underlying health of our business. This morning I will provide more details on the impact of COVID-19 during the quarter and our response to the situation. And I'll discuss the current trends we're seeing in the business and how we are positioned for the future. Then I'll introduce Nisheet Gupta, my new CFO and business partner for additional details on the results of our financial condition. After that I'll certainly take your questions.

Let me start with the impact of COVID-19 on our business during the quarter. First, I'd like to say how proud I am of the entire Apogee team. Everyone truly rose to the occasion. In just a few short weeks, we made fundamental changes to the way we operate our business. We established a full time COVID response team, implemented a number of policies to maintain a healthy working environment in our factories and on our job sites, including health screening, social distancing, enhanced cleaning, and the increased use of personal protection equipment. For our employees who normally work in the office, we transitioned nearly everyone to working from home in a matter of days. We've had weekly, and