Brown-Forman Corporation (NYSE:BF.A) Q1 2021 Earnings Conference Call - Final Transcript

Sep 02, 2020 • 10:00 am ET


Brown-Forman Corporation (NYSE:BF.A) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Brown-Forman First Quarter Fiscal 2021 Earnings Call [Operator Instructions].

I would now like to hand the conference over to your speaker today, Leanne Cunningham, Senior Vice President, Shareholder Relations Officer. Thank you. You may begin.

Leanne Cunningham

Thank you, Dorothy, and good morning, everyone. I would like to thank each of you for joining us for Brown-Forman's first quarter fiscal 2021 earnings call.

Joining me today are Lawson Whiting, President and Chief Executive Officer; and Jane Morreau, Executive Vice President and Chief Financial Officer.

This morning's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements. Many of the factors that will determine future results are beyond the company's ability to control or predict. You should not place undue reliance on any forward-looking statements and the company takes no obligation to update any of these statements whether due to new information, future events or otherwise.

This morning, we issued a press release containing our results for the first quarter of fiscal 2021, in addition to posting presentation materials that Lawson and Jane will walk you through momentarily. Both the release and the presentation can be found on our website under the section titled Investors, Events & Presentations. In the press release, we've listed a number of risk factors that you should consider in conjunction with our forward-looking statements. Other significant risk factors are described in our Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission.

During this call, we will be discussing certain non-GAAP financial measures. These measures, a reconciliation to the most directly comparable GAAP financial measures and the reasons Management believes they provide useful information to investors regarding the company's financial conditions and results of operations are contained in the press release and investor presentation.

With that, I would like to turn the call over to Lawson.

Lawson E. Whiting

Thank you, Leanne, and good morning, everyone. As I stated in the earnings release that went out earlier this morning, I'm actually very pleased with the company's first quarter performance and truly want to thank our dedicated, agile and resilient team of employees worldwide who made these results possible.

We entered this fiscal year in one of the most complex and challenging business environments that we have seen in decades. Every market around the world has and continues to experience the health and economic impacts of the COVID-19 pandemic.

We've continued to lead by our values, keeping the health and safety of all our employees as our highest priority. But we remain committed to our strategic priorities. But like much of the world, we're adjusting the ways in which we do our work. There have been very dramatic changes to channels, to brands, occasions, which really impacts things like size, mix and formats; and we continue to see a lot of volatility around the world.

One of the most