Flex Ltd (NASDAQ:FLEX) Q1 2021 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


Flex Ltd (NASDAQ:FLEX) Q1 2021 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Flex First Quarter Fiscal Year 2021 Earnings Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session.

At this time, for opening remarks, I would like to turn the call over to Mr. David Rubin, Flex's Vice President of Investor Relations. Sir, you may begin.

David Rubin

Thank you, Simon. And welcome to Flex's first quarter fiscal 2021 conference call. Joining me today will be our Chief Executive Officer, Revathi Advaithi; and our Chief Financial Officer, Chris Collier. This call is being webcast and recorded and slides for today's presentation are available on the Investor Relations section of our flex.com website.

Please note, today's call contains forward-looking statements, which are based on current expectations and assumptions that are subject to risks and uncertainties, including the impact of COVID-19 pandemic and actual events or results could differ materially. Also such information is subject to change and we undertake no obligation to update these forward-looking statements. For a full discussion of the risks and uncertainties, please see our most recent filings with the SEC, including our most recent 10-K.

Lastly, this call references non-GAAP financial measures. The current period GAAP reconciliations can be found in the appendix slides of today's presentation, as well as on the Investor Relations section of our website.

With that I'd like to turn the call over to our CEO. Revathi?

Revathi Advaithi

Thank you, David. Good afternoon everybody and thank you for joining us today. And as we continue through these unprecedented times, I hope you and your families are safe and healthy. It has been an eventful few months for the whole world and our Flex colleagues have worked tirelessly, of course, to support our customers and our communities. And I can't thank them enough for their continued support and dedication.

So because of these efforts we've made real progress through a very difficult quarter and delivered better-than-expected results. I'll start first by providing an update on how we are operating in the COVID-19 environment, and then we'll talk about our fiscal Q1 results.

So navigating the COVID-19 pandemic remains top of mind for all of us. The safety and well-being of our employees is our highest priority and to provide that protection, we have deployed very extensive safety measures such as enhanced sanitation, temperatures checks and of course, a lot of safe distancing in production environment. The associated cost of these measures will continue to have an impact on our business. However, we're getting more efficient at operating under the safest possible condition and we'll continue to improve our productivity.

Thrust on protective equipment remains a key stone to our safety efforts. Our mass production project that we talked about last quarter continues to be on track with over 20 million masks that we have produced to-date at seven locations across the globe. And while most of the production is used to keep our colleagues and their families safe, we're also supporting our communities by continuing to donate masks to