Just Energy Group Inc. (NYSE:JE) Q1 2021 Earnings Conference Call - Final Transcript

Aug 28, 2020 • 11:00 am ET


Just Energy Group Inc. (NYSE:JE) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to the Just Energy First Quarter Fiscal 2021 Results Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that this call may be recorded. [Operator Instructions]

I'd now like to hand the call over to Michael Cummings with Alpha IR Group. Please go ahead.

Michael Cummings

Thank you, Michelle. Just Energy released results for the first quarter of fiscal year 2021 ended June 30, 2020 before the market opened. If you did not receive the copy of our earnings press release, you may obtain it from the Investor Relations section of our website at investors.justenergy.com.

With me on today's call are Scott Gahn, President and Chief Executive Officer; and Jim Brown, Chief Financial Officer. This call is being webcast and will be archived in the Investor Relations section of our website. Before I turn the call over to Scott, I would like to remind listeners that certain matters discussed in today's conference call could constitute forward-looking statements that are subject to known and unknown risks and uncertainties relating to Just Energy's future financial or business performance, which may be beyond the control of the Company.

Actual results could differ materially from those anticipated in the forward-looking statements. Certain risk factors that may affect results are described in the public disclosure record of Just Energy, which is available on the SEDAR database at www.sedar.com, and is incorporated by reference in this call, including the most recent annual information form of Just Energy and the press release announcing financial results for the first quarter of fiscal year 2021. Additionally, some non-IFRS financial measures will be discussed.

Listeners are encouraged to refer to Just Energy's latest MD&A for a discussion of these measures. Unless otherwise noted all figures mentioned are in Canadian dollars. I would now like to turn the call over to Scott Gahn. Scott?

R. Scott Gahn

Thanks, Mike. Before I jump into an update on our Q1 performance, I want to acknowledge that these have been unprecedented and difficult times for many of our valued stakeholders. For all of this, Just Energy's mentioned -- excuse me, Just Energy's mission remains unchanged, as we continue to provide essential energy services to customers, while ensuring health and safety of all of our customers and employees. I want to thank our entire team for their tireless efforts and dedication to our vision.

Yesterday, we obtained approval from our security holders to execute the recapitalization plan we filed last month and to reconstitute our Board of Directors. This critical milestone is a significant step forward to strengthen and derisk our business, positioning the company for sustainable growth as an independent retailer and industry leader. Most importantly, the recapitalization provides the Company with a solid foundation to support current and future operations. It strengthens our balance sheet and reinforces the long-term viability of Just Energy for our employees, our customers and our vendor and supplier partners.

The implementation of the recapitalization is