CAE Inc. (NYSE:CAE) Q1 2021 Earnings Conference Call - Final Transcript

Aug 12, 2020 • 01:30 pm ET


CAE Inc. (NYSE:CAE) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the CAE First 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

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 FY '21 and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, August 12, 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 risk factors and assumptions that may affect future results is contained in CAEs annual MD&A available on our corporate website and in our filings with the Canadian Securities Administrators on SEDAR and the U.S. Securities Exchange Commission on EDGAR.

On the call with me this afternoon are Marc Parent, CAEs President and Chief Executive Officer, and Sonya Branco, our Chief Financial Officer. After the remarks from Marc and Sonya, we'll take questions from financial analysts and institutional investors. 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 of the highlights of the quarter and then Sonya will review the detailed financials. I'll come back at the end to talk about our outlook.

Much has been said over the last five months about the COVID-19 pandemic and the profound ways it's changed our daily lives, both personally and professionally, and the word unprecedented has since become synonymous with the crisis. No doubt the rapid onset and pervasiveness of the economic and social impacts of the pandemic are like nothing we've ever seen before. The impact on our employees and customers has certainly presented us with some very significant challenges. It's in the toughest moments, however, that we're truly put to the test and throughout all of this, I continue to be very proud of the responsiveness of CAE and its employees who've been adapting rapidly to this new reality by embracing new challenges, mitigating risks, and innovating new ways to best serve our customers as their partner of choice.

As we came to expect in early March this year, the full brunt of the pandemic would indeed hit us hard during our first quarter manifested by sharply lower demand and major disruptions to our global operations. Right at the start, we acted quickly to ensure the health and safety of our employees and customers by takings extensive measures and we safeguarded the company's financial position and liquidity. CAE has shown considerable agility and resiliency amid the most challenging conditions our company has ever faced.