Farmer Brothers Co. (NASDAQ:FARM) Q4 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 05:00 pm ET


Farmer Brothers Co. (NASDAQ:FARM) Q4 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, and welcome to the Farmer Brothers Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instruction will follow at that time. [Operator Instructions] As a reminder this call is being recorded.

I would now like to turn the call over to your host today, Rachel Goldman. Please go ahead.

Rachel Goldman

Thank you. Good afternoon, everyone. Thank you for joining Farmer Brothers fourth quarter and fiscal year 2020 earnings conference call. Participating on today's call are Deverl Maserang, President and Chief Executive Officer, and Scott Drake, Chief Financial Officer. Earlier today, the company issued its earnings press release which is available on the Investor Relations section of Farmer Brothers website at

The press release is also included as an exhibit to the company's Form 8-K available on the company's website and on the Securities and Exchange Commission's website at A replay of this audio-only webcast will be available approximately two hours after the conclusion of this call. The link to the audio replay will also be available on the company's website.

Before we begin the call, please note that all of the financial information presented is unaudited and that various remarks made by management during this call about the company's future expectations, plans and prospects may constitute forward-looking statements for purposes of the Safe Harbor provisions under the federal securities laws and regulation. These forward-looking statements represent the company's views only as of today and should not be relied upon as representing the company's views as of any subsequent date. Results could differ materially from those forward-looking statements. Additional information on factors that could cause actual results and other events to differ materially from those forward-looking statements is available on the company's press release and public filings.

On today's call, management will also use certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin and assessing the company's operating performance. Reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures is also included in the company's press release.

I will now turn the call over to Deverl. Deverl, please go ahead.

Deverl Maserang

Thank you, Rachel. Good afternoon, everyone and thanks for joining us. We hope you and your families are continuing to stay safe and healthy. Similar to last quarter, Scott and I are together at Farmer Brothers offices today and are practicing social distancing with safety in mind. On today's call, I will discuss how Farmer Brothers continue to make good progress in executing our turnaround strategy during the fourth quarter, despite ongoing challenges associated with COVID-19. Then Scott will discuss our fourth quarter results in more detail. We will conclude by taking your questions.

I'd like to begin today by thanking our team members for their persistent dedication to serving our customers throughout the pandemic. I'm proud of our collective efforts to continue supplying coffee and other products to those who depend on