Alternatively, you can sign in via Google, Twitter or Facebook. Event Details: Title: Q1 2020 Medtronic plc Earnings Conference Call: Date and Time: Aug 20, 2019 8:00 AM EDT: Supporting Materials: Supporting Materials. And as I mentioned in my remarks, how much of that is pent-up demand versus the automotive business worldwide returning to some stability. A few other financial items to review. That's -- we've done it before, but our emphasis is on growing the business. For the fiscal '21 first quarter, free cash flow was $4.8 million as compared to $5.9 million in fiscal '20. There it was very difficult to forecast anything. Thank you, everybody, for listening in and wish everyone a safe and enjoyable Labor Day. Earnings History. My first choice is an accretive acquisition. At this time, there are no further signals. And then, just wanted to circle back to kind of the EV awards in the quarter, but were those specifically for existing customers from the new OEMs? We had an income tax benefit of $5.1 million as compared to a tax expense of $7.3 million in the fiscal '20 first quarter. Our net income decreased 26.9%. Donald W. Duda -- Director, President and Chief Executive Officer. So that remains a focus for them. Looking forward, we're only providing sales guidance and only for our fiscal 2021 second quarter due to the market risk and uncertainty from the ongoing pandemic. The impact of foreign currency on sales was not significant in the quarter. For its fiscal 2021 first quarter ended July 31, Medtronic posted adjusted earnings of 62 cents per share on $6.51 billion in sales. So, we were well suited to provide busbars and battery disconnect units and so on to the EV manufacturer, so -- and we can provide that on three continents, all on the same manufacturing and quality level. So that has -- that gives us an advantage over maybe someone else that can make a busbar, but can they make it to our quality standards. Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. Ron will provide more detail on these tax items later. And our diluted earnings per share decreased 28% for the fiscal quarter ended August 1st of 2020. As we have stated before, Methode will continue to evolve its business with innovative, new technology and products for emerging applications and growing markets. The impacted segments were mostly automotive and industrial. Since our acquisition of Grakon when adjusting for the $100 million precautionary credit facility draw in March of 2020, we have reduced gross debt by nearly $108 million. At this point, I'll turn the call over to Ron, who will provide more detail on our financial results. I'll let Ron comment a little bit on it, but it is all volume related. In the fiscal first quarter of '20 -- fiscal year '20, there was a discrete tax expense of $1.3 million. Geoff Martha - CEO. Without the restructuring expense, fiscal '21 first quarter gross margins would have been 24.6%. Given our ongoing strategy to cross-sell our technologies into the space, we now expect a high-single digit percentage of our fiscal 2021 consolidated sales to come from EV and hybrid programs. However, other markets were negatively impacted by the pandemic, including industrial equipment and commercial vehicles, which while down are seeing forecasts improve. Moving to Slide 7. At this time, I'd like to turn the call over to Mr. Don Duda, President and Chief Executive Officer. For this call, we have prepared a presentation entitled Fiscal 2021 First Quarter Financial Results, which can be viewed on the webcast of this call or found at methode.com in the Investors section. Alternatively, you can sign up via Google, Twitter or Facebook. Latest Earnings Call / Transcript of Medtronic PLC (MDT) Medtronic EPS beats by $0.44, beats on revenue. They have increased, which gives us the ability to give at least sales guidance for the quarter, but there still is enough uncertainty as we go forward. Yes. We anticipate that we will see some level of headwind risk and uncertainty from the COVID-19 pandemic throughout the fiscal year. During the first quarter, Methode booked a number of awards capitalizing on the strategic trends in vehicle electrification, LED lighting and data centers. ET. Download, follow and add "Medtronic plc" earnings calls to your podcast at EarningsCast. Year-over-year depreciation and intangible asset amortization expense increased slightly in the first quarter of fiscal '21 to $12.1 million from $11.8 million in the first quarter of fiscal '20. So getting a little bit better visibility, but certainly not to the level of visibility we had going out with the high tech [Phonetic] with as much confidence as we had before. The company may take additional actions in future period based upon business conditions as required. The fiscal '21 first quarter figure was attributable to decreased sales and restructuring expense of $1.5 million, partially offset by lower stock-based compensation expense, lower wages and associated benefits due to salary reductions and four-day work weeks and much lower travel expense. Net income was $20.7 million in the first quarter of fiscal '21 as opposed to $28.3 million in the first quarter of fiscal '20. That's a tough question. Our focus is on navigating the pandemic situation, while continuing to execute our long-term strategy. And it's only been in the last maybe two months where things have really gone to some predictability. May 21, 2020: 0.58 / 0.95: As you recall, most of the auto OEMs were effectively shut down in the first half of the quarter. Ryan Weispfenning - VP and Head of IR. And there it's hard to predict which one will be the winner in that, but -- so I think we're pretty well covered in the EV market and we continue to develop products for the market. So, it's an area that we plan to be in and we're seeing that that strategy we started years ago is starting to pan out. Methode Electronics Inc. (NYSE:MEI)Q1 2021 Earnings CallSep 3, 2020, 11:00 a.m. Methode Electronics Inc. Q1 2021 Earnings Call Sep 3, 2020, 11:00 a.m. The main drivers between the fiscal years were lower sales due to COVID, a favorable change in discrete tax items of $9.1 million, an unfavorable change in restructuring expense of $3.4 million and the receipt of $2.9 million of foreign government assistance due to COVID. Without the draw, the ratio would have been approximately 1.3. For best results we recommend users access through the Google Chrome browser. We haven't seen anything that fits prices are high, interest rates are low, the pandemic continues into next year will some of the opportunities be less costly potentially. There could be a mix impact of that as well. Please sign in below. Ron? There's no issue that we have. Earnings call. So we see that continuing to grow. All of our facilities have remained open to some degree through this challenging period and most of our hourly employees have returned to a full work week. Click on the "settings" button to open settings dialog. Returns as of 10/15/2020. Thank you, operator. We've done in the past, but I don't want to speak for the Board, but I think we all feel that organic growth is critical, but also inorganic through acquisitions, the prices have not dropped and we haven't announced an acquisition. Thank you. So any metrics you can give us and also by region in terms of demand trends that would be very helpful? It is still very volatile, some months are better than others, but I will say that it has picked up. However, as I stressed last quarter, we will continue to invest in our business for long-term growth. The revenue range for the second quarter will be between $230 million and $250 million. Returning to the automotive business on Slide 6. Click here for webcast. This conference call contain certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. I would say too in terms of just like the global macro, it came out yesterday or today that August -- SAAR in the US was equivalent, annualized at $15.3 million, which is up from the $4 million, but car [Phonetic] registrations in several leading European countries came out today was balanced. The strength and flexibility of our balance sheet allows us to consider multiple paths to invest in the business in order to drive growth and shareholder return. The production shutdowns mostly impacted the automotive and industrial segments. Q1 2021 Medtronic plc Earnings Conference Call ... Q1 2021 Medtronic plc Earnings Conference Call: Date and Time: Aug 25, 2020 7:00 AM CDT: Description: Video webcast. Ron, thank you very much. We will conclude the call. Thank you, Melinda. You may sign up below. There is nothing that systematically that would say we couldn't or shouldn't get back to those levels. Methode's first quarter sales decreased 29.3%. Medtronic PLC MDT CEO Geoff Martha on Q1 2021 Results. And then, Matt, I think we're anxious to see, once replenishment is complete and I don't know exactly what percentage it is right now, I'm not very scientific, but I drill by dealer labs in Wisconsin and in Illinois and they're pretty sparse yet [Phonetic]. I'm joined today by Ron Tsoumas, our Chief Financial Officer. Last one for me and then I'll hop back in the queue. EBITDA was negatively impacted by the significant headwinds from the COVID-19 pandemic and included $3.4 million of restructuring expense. Great. So, to the extent that, that decrease is faster than or comes on track at a rate different than, let's say, the automotive segment. Thank you, Rob. Both Ron and I have opening comments and afterwards, we'll take your questions. You obviously have some confidence, given your guidance. Please turn to Slide 9. I just feel better about where we are -- versus where we are at the beginning of the first quarter. Our debt-to-EBITDA ratio, which is used for our bank covenants, is approximately 1.9. The floor is now open for questions. Shifting to EBITDA, a non-GAAP financial measure, fiscal first quarter '21 EBITDA was $29.3 million versus $50.3 million in the same period last year. I know that on your last quarter commentary a couple of months ago, you talked about week-to-week volatility in terms of customer order trends within automotive. Let's conquer your financial goals together...faster. The resulting decremental net income margin of 10% was helped by cost reductions and operational efficiency initiatives. We ended the first quarter with $211 million in cash, which includes $100 million precautionary draw on the credit facility in March. In addition, we continue to pursue opportunities for inorganic growth. Free cash flow, a non-GAAP measure, which is now defined as cash provided from operating activities minus capex as opposed to prior to fiscal '21 where it was defined as net income plus depreciation and amortization less capex. Already have an account? To your question about the regions, the US has -- I believe the automakers are rolling back up, that drives a good portion of our automotive sales, but I'll -- we'll say they are -- the mix is variable.

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