OLED - Earnings call transcript Q4 2024 | Universal Display Corporation

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Operator

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Fourth Quarter and Full Year 2024 Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the call over to Darice Liu, Senior Director of Investor Relations. proceed. Please

Darice Liu

good Call. to and Quarter Display's everyone. Conference Earnings afternoon, you, Universal Welcome Fourth Thank

on call Chief me Executive Treasurer. Joining the Officer; and Abramson, and Chief President Brian Millard, Financial and today Officer are Steve

Universal Steve form property Universal of without written a any the Before call of this or of redistribution, of let expressed you Display. me today's Display begins, call prohibited. is retransmission portion Any is rebroadcast strictly remind in consent any

and live website. will made this time-sensitive call the webcast Further, of call, time as Display's being a live for Universal information only this of of February This be period the accurate is available contains date XX, of webcast that XXXX. on is call

company's current of are to may uncertainties During this call, risks we significant differ by and may statements. disclaims our on and These a to filed the materially. subject Universal expectations. make actual Display any number with are uncertainties, based any forward-looking in making reports the and securities. SEC and in risks these of results These considering investments anyone statements update statements the periodic company's discussed referenced obligation be should any

to would turn over I Abramson. call like Now Steve to the

Steven V. Abramson

welcome on and to Thanks, Darice, today's call. everyone

share. net on and As will income Revenue revenues take and was was pleased million we record Brian look XXXX, million details to momentarily. $XXX back $X.XX earnings. was you income $XXX are we report diluted per $XXX record through million, the or operating

that our in rapidly OLED we dynamic road in drive significant are maps. our shifting and global cultivated position. long-term agreements which growth operational, opportunities and new made a solid multiyear position advancements Amid continue economy, our strategic evolving landscape, us. industry-leading growth embrace demands the market strengthened the global execute Visionox, and innovation, R&D a was year consumer to a partnerships, and that We XXXX for ecosystem with included leadership

have to and drives years possible continuously of to of today OLED been challenges of at It of is boundaries the explore the ago, the the company inception we industry. and us our Innovation push the the of to Since solve new do. tomorrow. better ways XX foundation we and what is forefront everything

commitment of forge to curve the us needs and to has the Our market. new paths innovate stay steadfast and the enabled of growing OLED ahead anticipate

lab, We repeatedly fab and to traversed production, to and secrets. idea X complex high-volume know-how fab lab a decades of from path leveraging pioneering commercial to trade

the yellows continuously and scientists, hosts to of market. are meet of team the our customers, display consumer delivering the and engineers developing evolving Our reds, electronics and phosphorescent inventing, and needs greens, technicians next-generation industry

are are, has a to while in years. that excited to yet into the and and finish phosphorescent continue time about our not will the continue challenging commercial trailblazing we blue market be tirelessly, strides introduce work all to making the we at deliver. I as closer on confident and the blue, right believe surrounding are we well of represent understand to that our phosphorescent significant the ability leap you We and we want the excitement path, blue in ever as forward than not breakthroughs measured line, additional as been reassure to needed in are the we Regarding and will technology. journey the OLED we are commercialization it. The teams that a believe expectations months are

Once display OLED of the XX%. energy commercialized, blue to by an can efficiency believe increase that up phosphorescent we our

us. industry, a Phosphorescent and that a to for artificial can battery the to without continue such and more changer for be slated products performance the for device increased panel blue adding we such as sacrificing in connectivity leverage OEMs consumer makers as believe features life. efficiency intelligence, advanced As game various consumers with functionality evolve and to and is ways

TVs superior in and high rise we XXX the XXXX stages, substantially expected in opportunities across XXXX. to earliest to adopters than IT OLED next According OLEDs growth is expected years. refresh counts grow rates over XXXX from due consumer automotive in excited units the gamers continuing already for in OLED to smartphone XX.X times, are to though smartphone among XX% are XXXX, expected to X response XXXX. more units OLED's After nearly from Omdia million market displays the and The displays million smartphones, monitor XXX more. units market, IT to units Looking quadruple to million electronics market quality. reaching are and are landscape its proliferate beyond, million the image and still early ahead. its to to fast OLED in to about OLED research, of XX.X

exterior aesthetics, form are enhanced forecasted XXXX more demand potential both million safety. by automotive lightweight The for as X to than carmakers XXXX. X.X and of from flexibility units Units are units double for applications to million functionality in driven and market thin to factors. The OLED immense holds to for turn OLEDs interior allows and in curved, starting

the forecasted units with EV's large making taillights on TVs OLED in are the in units expected displays needs. units panels from their don't OLEDs of toward and panel in forget OLED X.X from are million automotive units grow approximately X.X to automotive way including EVs, OLED XXXX. the to turn XX.X in million lighting, consumption signals. X.X the adoption energy-efficient into low-power to Additionally, shift are XXXX. XXXX quadruple XXXX million with front, aligns million And And to exterior, where perfectly

a market, in that the believe medium-sized is of cycle. OLEDs, We the continued CapEx especially driving new multiyear proliferation nascent

square estimate the will installs the that XX% equipment includes investment measured year-end meters, new OLED by $X capacity approximately billion Samsung's over BOE's initial Gen-X.X first in $X installed investment billion This XXXX. of as forecast XXXX for year-end increase respective from phase fabs. to continue and We

works. $X.X fab, facility expected year, investments are the are expected new billion new projects additional BOE's and X with Visionox's this beyond of that Looking in capacity OLED still in Phase Gen-X.X

has believe the the fuel capacity. to Gen-X.X investment of committed next new OLED industry fab leg billion building and approximately of new will been begun, As A us. growth for exciting the for it and $XX and OLED has cycle today, we

hand appointment Brian, announced the to I Singaporean new Universal would Jet Before global technology. Nair, we over OVJP encompasses Vapor of which the call I In of go December, phase OVJP. next like our technology the over to CEO for veteran, the Chandran subsidiary, Corporation,

display that medium years. the next OVJP be continue on cutting-edge all few area technology large for manufacturing, While are can for expected the investments area to we the center to market believe IT a

his jet printing enabling our vapor technology exploring result, a are Chandran be an team may where As and market platform. new verticals, dry

note, turn On to over that the let me call Brian.

Brian Millard

Thank XX% record-breaking and report that all-time revenues you, financial growth, were XXXX exceptional We million. $XXX Adesis Steve. were $XX achieved $XXX license was million. I'm of revenues high $XXX a million an performance. sales revenue. million were Royalty achieving year-over-year and of By in material pleased to segment, year

Our XXXX revenues million, the XXXX adjustment were XX% year, margins included $XX with flat gross a catch-up for of consistent total from cumulative XXXX. XXXX.

million reorganization costs the the compared XXXX. XXXX $X.XX. XXXX operating included OVJP million $X.X to closure that restructuring $XXX quarter fourth California and The expenses of were related $XXX related million location in EPS of of impacted planned by to

per into which or margins was diluted income of net $XXX was $XXX XXXX XX%. operating share. income translates million, operating XXXX $X.XX Our million

We equivalents exchange Won EPS. denominated million reduction XXXX, losses related million In This OVJP $X.X full of Korean year ended in tax restructuring year with impacted $X.XX. loss EPS and in currency to foreign recorded cash XXXX Korean a a and receivable charges $X.XX cash, resulted that FX $XXX in the we by combined investments. in the

Moving the of million million, fourth quarter emitters, Green compares $XX the quarter the XXXX. quarter the of of of million were emitter included and fourth adjustment XXXX, of fourth $XX $X X% quarter sales, XXXX. the million. our were in in Red XXXX. Fourth $XX to our which fourth XXXX Material compares in on which fourth to XXXX quarter $XXX Revenue million revenue fourth yellow-green XXXX. results. up to cumulative emitter in sales $XX for compared million, which million $XX sales of were XXXX the million include quarter quarter $XXX to quarter a in from catch-up the quarter $XX fourth of in was million

As we've buying vary can patterns past, discussed material the quarter-to-quarter. in

cost This million. into license $XX for the million, fourth the in Fourth of revenue fees gross million. of expenses, total compared This million XX%. in the XXXX million fourth and the XXXX. were of XXXX. $XX the quarter operating million were margins was quarter royalty of $XX XXXX. to of $X.X quarter gross sales of Adesis total $XX to million in fourth Fourth and margins quarter of of fourth Fourth sales, compares was to $X.X of translating XX% prior cost period quarter $XX compares excluding $XX million year's quarter quarter to compared

EPS. of of margin XX%. quarter into translating Operating restructuring fourth quarter tax combined and FX income quarter $X.XX and were costs, was $XX per operating Net of OVJP to to Due impacted compares a percentage resulted $XX operating million Korean diluted operating million points. The in fourth income for This fourth X or rate per by XXXX the quarter in the XXXX, $X.XX $XX restructuring fourth or the reduction of XX%. share. is margins million to XXXX margin QX negatively prior-year to diluted mentioned income of was was The share. quarter OVJP XX%. $XX $X.XX the compares period previously million fourth XXXX This the charges approximately loss

Now our turning XXXX to outlook.

XXXX be XX%. are that $XXX of ratio of the ballpark to are XXXX the year-over-year XX% revenues will expenses a R&D to SG&A to estimate our single-digit revenues million. at in range operating rate of with gross approximately increase are royalty to are remain margins expected Total expect our XX%. XXXX flat, expected to XX% to expected be X.X:X. to grow to the to of to percentage XX% in range be Operating expected to in in licensing $XXX range the and of We margins while low XX%. We expected be million materials expenses

XX%. to rate approximately We expect for the be effective tax XXXX

be And to XXXX, Board quarterly the are our to positive XXXX. robust pleased the expected to to share XX, stockholders the our growth in increase A reflects of close March our flow of has future capital will that dividend. opportunities, approved on The cash to commitment continued return increase of on Directors XX, paid payment lastly, as announce $X.XX we generation shareholders. dividend per cash confidence of of and dividend March record an business

turn to I'll Steve. that, With the call back

Steven V. Abramson

exploring Thanks, redefine UDC, what's Brian. frontiers delivering possible. new pushing boundaries, and we ourselves At on solutions pride that

filled panel medium-sized maps are capacity, new road road the product fabs leading OLED investing As to to with OLED in look makers industry, meet immense new The products are opportunity. OLED XXXX beyond, in broadening, growing forward the we coming bring meaningful years are the . to ahead and adoptees. OLED new market. Across and new the especially is demand, poised and OLED display

materials leader in and As consumer and a performance elevating accomplishments continue the and ecosystem, products shaping and of I like thank pioneer portfolio drive, enabling for OLED our well we customers for functionality employees and to and our demand their the would industry's with Universal our technologies. broadening phosphorescent positioned Display's energy-efficient, advancements. are increased high-performing in desire, higher of supporting to and dedication and each heart

in to for growth long-term and the our delivering We for materials for OLED industry, the superior customers and leader a achieving and technologies are shareholders. committed cutting-edge being our ecosystem,

start the let's Q&A. operator, that, with And

Operator

Brian from Instructions] with is [Operator first Our Goldman question Lee Sachs.

Brian Lee

blue to it's you ever. the blue said, know focus. wanted a Steve, with of as I closer onset key And off at call, obviously getting is than the I start because

actually you using line I years. call. the August mean presumably here the you we to February if updated over where mean, think the dial now it end in could months to that months, early years late willing line? originally would are clock terminology, blue here here it's years, Are before starting calendar on You in that We're started kind time to in years, not months, from when back not the months, February, not of months, is 'XX. not time the be commit still sitting Or XXXX. type you I of finite language, first of

Brian Millard

on beyond months, years. was -- thought so yes, did we announce delay that not be was QX we back as when to months call, years Brian, in August, That said, of a not XXXX. you it going our

said So in commercial of material. XXXX our have to expected we we previously performance blue

in here February. now So we're

So we that month X, think to this off is kind so line. of time of speak,

on very that said we're we to making Steve his the As progress in believe to that the remarks, continue and continue pleased path. be right we're with

as internally well time more it with need as our commercialization. bring work to Just to customers to

Brian Lee

question of on on keep those helpful one guess, was the all we've year. you, first Last We'll of you to this half revenue not the line enough. growth of of half. progress maybe appreciate lot kind moving I seen modeling Fair tracking a were the revenue items. Brian, for linear all years to pieces, second I from the quarters all guys. was somewhat from in always the like kind just for get ballpark. the Honestly, that. year more seasonality same There

'XX would low drivers, et QX As point we seasonality there product more kind that again, think coming million have your 'XX cycles, think $XXX like into being year as suggest 'XX? you that second full 'XX, the for reasons, trends, $XXX of to cetera, half normal half, are for in guidance Or about cadence looks, year? visibility about revenue is a we back first million to the

Brian Millard

Yes. It's a good question.

have there's half being have the revenues our orientation At this this first second half we plan the year and than is year I our it have, may half stronger. said, to now, as just number second based does that uncertainties like plan As typically you half. for macro to think we But a look shift. cause same stronger on second had time, that does different of of

Brian Lee

last And on. I'll it then Great. one, Okay. pass and

are you China. of manufacturers. of quarter, was if don't other think guys related kind little China a I LG bit was believe last China it know inventory, you mentioned just had that or Can I I there from to at inventory Is of start status? out in 'XX, of that year? seeing early Into clear? what terms us update the all of that you you see any part the on drag the

Brian Millard

Yes.

made into on the the was We it we call bring I being. think QX some as to strong inventory not may levels we be their going had customers anticipated end about that inventory QX up of comment thought heading back was the ended the of our as that that down year.

now, as seen of think I inventory levels. normal fairly we've

seen haven't point. ordinary direction of this We or anything out one the another at

Operator

Scott ROTH from is Capital question next Searle Our with Partners.

Scott Searle

year looking on bit. amount your Nice sound terms Brian's of out doesn't question, job inventory that with a there's customers, up those customers. record if that's I guess, could the Steve, on I'm tremendous up results. there at to following end it of in with little elaborate wondering like you a

ahead any geographic Looking like through it prebuys of seem major tariffs. mix, potential the doesn't were there or otherwise

how clarify I'm tariff guys the a 'XX? that progression expect from if geopolitical sequential wondering into you situation, March So expected could would just standpoint December that you you to from the for materials? is impact particularly And in

Brian Millard

Yes.

expected So going be as expected end I bit than we heading light, it being said, QX we into lighter up it then ended ended had inventory, we year. to Scott, -- the because drawdown a was had inventory on of up the

from now, normal buying patterns of our normal As customers. we've seen patterns, inventory fairly

how the it tariffs macro doing being I one tariffs, to that But in in business As them. and factors navigate time as I've is I global we're for uncertainty it for relates weigh been of this we mean, that might in to of and decades. And are lot said, of immune period year deal though, been and have either. from of there trade a terms how successfully it. with experienced not X in,

materials source chain having in for, certainly footprint, is well it's our global perspective. how our both in a as own as manufacturing of beneficial our So terms plan we from trade that we footprint in something supply Shannon

much share So that's something that this monitoring, at as about we're but can and we planning as it's for point.

Scott Searle

just in it's the assumptions, front. in the if on And could range. blue time. $XXX you 'XX million. range higher the only thoughts end wondering kind terms helpful. factors has to I'm articulate are past to of of swing million that, is low of think guidance the also include middle know your at February in the wondering I been point your $XXX of that I of it That's this follow I'm at the you. to if the policy not But end Got maybe including up current to of

Brian Millard

Yes.

factors really certainly and as downside blue. red, fluctuate a consumer that and might development as well our green range, and the the just that's off opportunities of and how range customers both at demand on work for base upside on within the case we So have that on based

terms relates it's be to it really As to to in development year, quantity quantities, way work. that it's to we this have need variable in blue, as blue development blue guidance, tends advance anticipate not development this a do growth a be It to quantities relates a we also do go our little projecting but significant quarter-to-quarter their revenue our because of of bit can customers which long it year fairly going development. off

Scott Searle

Okay.

you beyond of ahead know double this of Lastly, capacity get I versus if XX% 'XX. the standpoint? half terms capacity production, out are from end 'XX could, But by into are 'XX, of time, point in you terms probably beyond to won't of into ramp that number get growth in a quite the of there of second to 'XX. fabs your I think think, a inflection I addition standpoint, the just end to from an in large projections as see expected or a providing said I 'XX the skis XX% would we digits at you of in but expect

Brian Millard

Yes.

fabs said, all at especially are positive it are right than to IT to in and new give relates market. as I that OLED constructed we're Visionox for to now position signs other ahead, guidance think a certainly, say, you as being the years these not the 'XX BOE Samsung,

Operator

SIG. with Hosseini Mehdi from is question next Our

Mehdi Hosseini

of for me. follow-ups couple A

customer, different actually me customers diversity limited that the or On largest understand from various evaluating. of depth regions are to just that evaluating customers are you Is and the blue? help blue the the your topic, can

Brian Millard

We're across multiple working blue. on multiple with regions customers

So point. it's at can much as about share as this I

Mehdi Hosseini

and better ahead process, Sure, just of when the to away customer you commercialization, say others? there is us Or any is you years, is not months understand milestones to from thought across that sure. And that board? the the -- for are

Brian Millard

our We is -- can't speak years, design of with than to a to commercial our months, progress win material the a not of UDC blue achieving customers' other customer. say blue

Mehdi Hosseini

revenue me to then can generate revenue X the you're on Was topic. for is that little able way are blue generate. Okay. sticking the understand with me R&D assuming the blue with that any of host. you help able And I'm -- there still -- last there actually bit a you associated from the to

So just revenue, take rest of I emitter, if is the outside material R&D how included? your -- blue much of

Brian Millard

million being had that in we and development emitters, quantity hosts emitter been majority was host of have $X.X and blue as well. revenues, we So XXXX, selling the combination of sales a and but

Operator

next is Our & question Ricchiuti with from James Needham Company.

James Ricchiuti

to know once with this don't customer? to you're in you if in answer respect anticipate blue license this to you but position I do time have to a with Or just a about? be commercial agreement for your you win blue, line talk regarding are occurring either, the you going design can whether largest just discussions say a

Brian Millard

customers other the other different can't -- green I and lot of than well. we're about as to talking our blue to say negotiations on status about and things talk always red Yes. any a of

James Ricchiuti

function for is weak materials both? Or uncertain any mainly the of to versus just of a consumer the outlook, unusual variations is pricing 'XX Okay. maybe with guidance, electronics in XXXX? or this combination your Brian, there just the a respect guide

Brian Millard

don't are any this Yes. don't significant customer And agreements -- There's do -- pressure. significant new that more in what we just our have new a so environment -- the We that agreement contracts, XXXX. price have general up being year. really we higher, end. not drive might and there's demand might pressure ASP tends be latter the that like, to It look low the significant not

Operator

Cowen. Our Sankar next question with is from Krish

Kinney Chin

This is Krish. Steven calling on behalf of

color Thanks estimated number in the for coming end in sort the to I years. one, use could, some if I the guess, of the First OLED of earlier the on of prepared about, market. remarks smartphones smartphone displays

anticipate you in of penetration be that targets those terms market that parts towards sort the more for mentioned, might and tier said entry rates? curious forecast of -- later Or you progression dynamics of given projections, market kind linear that just mid-tier do the be of a where a there rising period, phones share the in might you Just -- some market? the outer between of weighted bit

Brian Millard

Yes.

of years. now, hard think the that to the the projects next penetrated. have from Omdia, be I predict XX% say, other saying, curve slope penetration IR greater few the of it, exact of some or they're than to In data do deck some what our than deck, right it's we over linearity might smartphones a rates OLED

are terms that's some guidepost look many smartphones regularly we So OLED even low-end certainly, progress. the the we're adopt seeing mid-tier to the a of of in display. OLEDs, that and all smartphones of But the today premium

the So market, there's of smartphone market. and we expect opportunity that across gain further all segments to continue in adoption OLEDs to

Kinney Chin

quick operating Got it. expenses. follow-up on And

some that? tandem you curious of to be and guess, this that like what out, in Brian, Kind growing further after is back SG&A a forward the little I more a that? for going looking dynamic normalized, to like of that So mentioned both revert R&D going are year. SG&A sort would And kind up of drivers of

Brian Millard

step I lean We've is, have we onetime operated a bit organization. so way. This little of mean, that think, Yes. speak. up, always a a I very to

them as we're in local as our supporting to making we're we prepared that We the behind areas we're some growth want there certain will additional make that, we to continue for few to that but much as well customers, next in sure sure can Asia are do well, resource and as locally. to the put years, our for support as degree at looking

So of effort. to going that's SG&A that there's some element

Kinney Chin

I operating squeeze also about more If it. X in, of sort could Got costs.

to standpoint And like to revenues thoughts is the able was any on portion by sort restructuring a OVJP of mature Just to line to like, movement Singapore. Singapore moving in of time with operations operations I are -- you of the and good California? for for strategic operations cost quantify that that business? savings compared from curious, to the what

Brian Millard

Yes.

from Singapore. And part expense the net California it location. reason are So move fact off is because flat to projected be to due of that's that is why the in savings to there is of winding XXXX some our a the R&D the savings, California up 'XX of

for which revenues say on is than and of leadership Singapore OVJP really UVJC, the too board other terms our subsidiary, Chandran [ very ] very optimistic put have we're going and to In there, forward. happy to any feel early and new poster to about their prospects

Operator

question Instructions] Our Company. [Operator Yang with next is & from Oppenheimer Martin

Martin Yang

follow-up the incremental Is on on regarding other any XXXX? savings than cuts speaker OVJP there quick A other previous or OpEx. R&D for

Brian Millard

it's No. the area changed significant OVJP, in what we're area that realignment really It's up that's big 'XX. as of that to just have -- a think in we're we team of And team be the California. going Singapore. a in smaller pivot and setting our just kind had there. really And Martin, out a efforts I stands than

Martin Yang

a much question next more this How new growth? of by How 'XX? installed in of outlook your your regarding end your year's is My annual that of is the in guidance, much specifically guidance. factor revenue around capacity

Brian Millard

significant to online growth and coming A in 'XX. these small mean, off of piece the material a not component it's new needed may relates that be some of of of that. for of fabs the I 'XX relatively some it

Martin Yang

Got it. My comment just to last blue. question on your is confirm

in start of beginning original in is the to essentially ticking delay that clock not blue's 'XX? ticking around the years, 'XX intention, said your of initially or you months, start end when -- So

Brian Millard

right. That's

to that So said August, delay we beyond we be back months was going XXXX. it delay when was -- a when not we of years, in thought and

to a ago, of speak. kind month So so started

as is and communication years would 'XX, and really -- -- had performance you in 'XX. this And is this was prior So blue. beyond been not it commercial now that thought our we months expectation we recall, really have of

Operator

final is Atif Our Malik from question Citi. with

Atif Malik

how the are they materials deceleration. year, last XX% year? us grew market just did OLED the type seeing growth X% marked help year, market expectations you Can maybe do And for your out, last last what some this sales, materials and Brian, the you're market a this year? your year,

Brian Millard

Yes.

'XX. projecting also down are 'XX growth a we So was slower in year.

analysts -- lower capacity the growth So little the demand thereabouts of X% X%, why what it's reason of the think I is off this bit base industry you fairly look in kind coming as was also was, 'XX if year, growth in was as rate a at a XXXX. of is it And typically follow lot at And a high and rate our reasons. area for square industry otherwise, you volume just historically if are industry look of in the growth have of well our price that of what those overall a efficiencies projecting as of growth rates growth. because and dynamics, the as terms customer business been shy the

fairly is think in so we with the And range is what guidance line our industry projecting.

Atif Malik

is for going Got sourced on sole emitter, it. competing also And Blue? that? to are on there that's guys Or the competition blue is you your that be understanding

Brian Millard

go high-efficiency We materials. believe to through that all paths blue our

don't position. that's And there's so to our believe us. competitive We anything

Atif Malik

local with there? of emitter in the of side. the material investors seeing market, suppliers do the what materials. on And China down you semiconductor they're see us China from these you materials on you're competition question semiconductor up Can update Lastly, on doubling terms in comes terms what

Brian Millard

years. it X -- space. that trying something Many the Chinese very us. it's our side Yes, are that are in And are is focused where few market compete number the to of on certainly, OLED we material last the There up not players are of closely. been have areas the come has there in of a monitor some competitive stack are that to on them local

future leader materials, quality We customer the relationships, our to of be continue our for to that vast believe that patent to our the space. this continue in we'll long-standing portfolio, the due foreseeable

Operator

our would closing conference any I additional session. back turn Miller remarks. for question-and-answer Brian This over to to like the concludes or

Brian Millard

We your today. Thank and for interest appreciate your you time support.

Operator

conference. Thank This conclude today's will you.

disconnect your lines your time, you participation. for at You and thank may this

Universal Display (OLED) 20 Feb 252024 Q4 Earnings call transcript