Earnings call transcript Q3 2022

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Operator

Welcome to the SIGA business update call.

Before we turn the call over to SIGA management, please note that any forward-looking statements made during this call are based on management’s current expectations and observations, and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or changed circumstances after this call.

For a discussion of factors that could cause results to differ, please see the company’s filings with the Securities and Exchange Commission, including, without limitation, the company’s annual report on Form 10-K for the year ended December 31, 2021 and its subsequent reports on Form 10-Q and Form 8-K.

I would now like to hand the conference over to Mr. Gomez. Phil

Phil Gomez

taking Dan join Luckshire, for I’m call. time by joined our the you today’s to Today, Thank CFO.

then to We opportunity are shareholders. update to this to We’ll our provide a questions. pleased business and to be happy have take financial

continuing TPOXX sales of sales of results international and In the tecovirimat financial quarter, spread a the revenue combination SIGA’s the at the of SIGA. in quarter trend TPOXX formulation XXXX customers of first and sale in sale of base. the with With customer, third XX XXXX, international to over IV of U.S. third first SIGA’s the the substantial oral quarter $XX to intravenous the diversification XXXX of or TPOXX, Defense this Department of million diversification the in of of quarter TPOXX international of continue XX oral first quarter substantial second financial highlights

commitment to for to received DoD the procurement award $XXX like highlight we as recognized million diversification total, future million XXXX. this have the a for orders TPOXX new revenues. which new how of September In for note groundwork procurement the million would oral of will by be TPOXX $XX and TPOXX up lay for can $XX I firm year, IV procurement of approximately portion revenue in in approximately Importantly, BARDA that August approximately contract in order of

that number for and outbreak of can of of TPOXX emphasizes importance the in and stockpiling, the orthopoxvirus expanded other DoD be government and family. risks the activity scope security of we both Overall, increasing better by can countries of monkeypox by better scale the preparedness viruses health the smallpox, and repeat recognition -- the believe prepared customers the recent order growing by overall

importance there connection the launched trends with half and many as to trials. of treat been since XX combination term, internationally, We been in by monkeypox in believe clinical and near monkeypox outbreak. cases With of global as by that compassionately U.S. X,XXX approximately for the a May, the while well is monkeypox been procurement TPOXX which that the of XX,XXX of the being shining outbreak for a used broadened a TPOXX has which in approximately activity respect in that use cases the the on planned to cases have placebo-controlled place is launched are XX,XXX which been have U.S. study will monkeypox trials TPOXX driven given be to current of randomized in outbreak light and and all of approximately or TPOXX are have cases

enroll more and sponsored randomized in the than are and Congo. in With at by DRC to in And and NIHR’s U.K.-based XXX open-label U.K., participants. arm. XXX other seeks study, NIAD, X U.S.-based other INRB than U.S.-based the the regard NIHR. of Institute seeks Democratic the which XXX based collaboration study to The Republic is more study enroll an of done participants. being recruit trial participants The include to with will seeks based is the least the trials, National to placebo-controlled the by Diseases, of the funded or the trials one the is National study and Allergy Infectious NIHR Healthcare trials, is one for Institute the Research Among and

an label approved TPOXX. trials, important because data placebo-controlled monkeypox the required could mentioned, FDA any for the submission just provide used could be X are trials for with U.S. as they Randomized such that in

The at providing other of discussion also this beginning in information. trials will the mentioned observational nature, be important

ultimate with the on early the timing of a number trial some started The staggered stages of active have the that the trials sites trials basis. the of of at enrollment of and All participants are opening of placebo-controlled path and ultimate is trials, of the the the enrollment on of Hence, currently general randomized likely timing the the depend enrollment. especially and trial, levels will speed monkeypox the unknown. the outbreak trials

for In currently likely long-term the means monkeypox of for of a unknown. label viewed submission turn, are believe of that the of there the things perspective. composition the related monkeypox Despite clarity a TPOXX some this we an is also FDA variability timing the specific outbreak and path when do degree to with outbreak, offer

For have impact will a global going believe continuing that instance, monkeypox forward. we

and across uncertain, what that short-term the probability the to meaningful monkeypox future the with and there’s other to of United have monkeypox will While seen countries in world learned indicates cases deal date we path is high the outbreak have a States years.

as TPOXX. could It cases, be where lead cases ultimate case of consistent and for least at come a become and periodically. across is go the that some levels will and there case of different to of scope the to significant scenarios the communities, believe in whether magnitude We the need the unknown most or sales just of the scenarios, TPOXX, levels

years, U.S. by Over amount of sales impacted levels, monkeypox be to the will coming related TPOXX the obviously. ultimate case

impact will in TPOXX labeling also monkeypox Additionally, for connection future with sales of monkeypox U.S. materially likely treatment.

indicated data in As treatment a monkeypox for U.S. it monkeypox wants in reminder, the the TPOXX the indication. of the approval of efficacy that FDA for has full

discussing to of prophylaxis trials for as approval I’d a strategic context could PEP, get the be stockpile. on of X respect the prophylaxis. are expansion for TPOXX support PEP topic. our of With We TPOXX. an post-exposure post-exposure spend to in working in to important the to supporting regulatory colleagues PEP reminder, U.S. we sales with Moving DoD TPOXX or a to clinical years U.S. needed a for coming executing for initiative label a minutes growth a our tangential label an that believe like few catalyst

next The enrollment the XX the study, of the middle U.S. activity. of to of of within strong. set current track majority at we be days enrolled, sites completed have X has clinical and For rate study the on to the safety been compliance and continues began the is second around be year. expanded such sites dosing Enrollment quarter this the in up and

For the X plus immunogenicity sites we TPOXX screening have JYNNEOS and volunteers. recruiting trial,

enrollment in start. As a off reminder, a This vaccine this to in got to and part was the hesitancy factors. trial slow in XXXX other post-COVID due early among U.S., started

In complete enrollment. to impact with current the we DoD, adjustments the light we the continues, other monkeypox enrollment expect the expected of study the TPOXX results, within regulatory the we phase of approval the as complete in days. enrollment fourth recap, Thus that to of volunteers the In both next of the package been of XX commence goal made rate. show would speed activities protocol as If normalize for as in PEP. active substantial is quarter. so and studies activity the has will the the a adjustments coordination rate adjustments If outbreak, running have all assembly be at for well in requesting the

Dan At the like financial call over to this for update. the to hand I’d point,

Dan Luckshire

Phil. Thanks,

and revenue X XX, XXXX, months ended million, million the For $XX was X September approximately $XX SIGA’s respectively. and

third to sales $X approximately relates oral quarter, of of new million of XX the mostly sales U.S. For relates international research million includes to quarter Defense customers, oral revenue TPOXX and of to Department to of which also the approximately TPOXX $XX development the are activity. customers. and remainder The XX

the international development related and to million of TPOXX $XX the September and related U.S. XX, of sales, IV months of approximately $X to of remainder mostly For to the sales of activity. oral research Defense, ended U.S. relates revenue Department to relates revenue approximately million sales TPOXX TPOXX oral government approximately X of to revenue million the $X to

X adjustments to taxes and Operating XXXX. excludes approximately income, ended months was warrant, the the for income, the interest million which value XX, of September fair $XX

operating approximately the months For $XX X million. XX, $XX was ended X income was income the million. September for approximately September XXXX, ended months XX, Net

X net September $XX million. income ended the months XX, For approximately was

X In million. turn, per months income share. approximately XX income balance fully company XX, And $X.XX the XX, At for $XXX diluted the ended fully for share per for September ended share X was $X.XX. September was per the cash diluted was months XXXX, September the

to point, the This financial update. turn back will concludes this the At Phil. call I

Phil Gomez

Thanks, Dan.

reiterate attractive points, of generate financial to organic and have potential hold complemented growth revenue few view is by that a initiatives like in offers our we been results combination of streams which made that ordered Q&A, significant Before support strong that delivered, SIGA the product in when when collectively. an turn to past existing I’d viewed

has other and used therapeutic U.S., that Canada, I’d that areas. outbreak the used in First, of the treatment heightened monkeypox Africa only to importance be Asia many or and is Europe, our the the with the Pacific in to It monkeypox. region, understanding that being is like countries, likely the is connection in TPOXX reiterate of expected TPOXX leading

stockpiles. appropriate governments We to to of will the levels monkeypox patients to medical continue and to TPOXX and pursue with work community provide various

that growth manner. like that more is we in that work TPOXX value-creating I’d hard now have We ongoing continue U.S. initiative and Second, progressing the international the to -- expand XX to than highlight sales ordered have a base. to countries outside our

before, While market we international variety and shape. a a is of as factors, that on given front taking uneven this times lumpy expected many noted is be to meaningful progress believe gradually

it to represents scientific support want program in and would I for stockpile Third, regulatory that reiterate a any provide development growth expansion. initiative the that PEP-based

monkeypox many need we of who the proactive in outbreak, from risks more all to As stockpile sufficient not that with size the which is be U.S. stated lesson scenarios, pandemic, family. virus addressing prior the is believe current would governments the calls, associated being the need health on be treat in reinforced would of TPOXX those by the a and societal to in outbreak COVID care

supply a our for as Fourth, appropriate annual that focuses to to the planning will transitioning U.S. critical which we chain long-term to and as be stockpile continue TPOXX on smoothing deliveries, the be focused predictability. SNS size well contract requirements financial on contract

added is portfolio Department well our to as This of customers list we’ve XX year, customers. becoming of as our customer U.S. the diversified. more Defense Fifth, international

strategies could Six, oncology for support collaborations markets open pursue and we new continue TPOXX. and other that to

believe we for these mentioned value collectively significant viewed initiatives earlier, As have creation. when potential

now remarks, This begin and session. will our prepared concludes Q&A the we

Operator

first comes StoryTrading. [ph] from Rabizadeh Ben [Operator question Instructions] with Your

Unidentified Analyst

shares, Last me quarter. we of updates you this dividend that. nothing thought that on see bought then Wondering had quarter, you didn’t process any why And and can back. guys $X.XX walk had the kind XXX,XXX if and believe, a I you I through

Phil Gomez

absolutely. Yes,

So I appreciate Dan. question, the

So of over disciplined we’ve years, the share very both buybacks. certainly approach past a to taken couple

$XX our in talked we an about done had we’ve cash balance years, the the around that million of in dividend. we couple we looked buybacks. sheet, past and call dividend, on when as And first excess special needs of the quarter we did our Over at

Board Going approach at diversify and potential any the at that M&A over in all the certainly continue for very to cash, time, disciplined and accretive we’ve that. take take share also could as certainly team that buybacks. disciplined looking look approach income dividends, a management said forward, And to would we’ll uses base. we our But be

Let over quarter just me for Thanks. want it to and the next the we hand if take you then the just question. to can numbers give Dan,

Dan Luckshire

sorry, go I’m Yes. ahead.

you question. If have another

Unidentified Analyst

I’m sorry, sorry. I you’re is get confused. waiting I’m me. Ben, Yes, sorry, I didn’t not name Dan but I My realize did. for

Dan Luckshire

I’m sorry, Dan.

Unidentified Analyst

I the had year, more But than The other last revenue about smallpox. year question year, smallpox attributed was, was of I revenue to heard lot call most that today. for stockpiling. this you on I was last all mean, the and a monkeypox think

smallpox of visibility you kind can of there’s revenue whether you if -- high-level into of that you guidance the about can any know and there’s terms kind wondering I’m can don’t XXXX, from you tell if expect. I any give if So stockpiling in us

Phil Gomez

Yes, absolutely.

So sorry, Ben.

have smallpox, basis. stockpile It a is X.X is predominantly over sales our that million evenly X-year on And government. lumpy. X-year delivered They a period. with a are It So the shelf U.S. courses. of our not life was resupplied

each So $XXX.X have in X current contract, we essentially, our million. options, of about

in XXXX and that government product product. resupply had we from orders As expired to the XXXX,

This in XXXX. expirations lot revenue the there So the beginning of of at the were year, saw we our in not stockpile. a in year, you that highlighted ‘XX and

be exercised So we do and ‘XX, will are did anticipate not the options we in projected expire anticipate an we’ve next and product that. after anticipated year out But year and that both those ‘XX order this to year.

those oral for come orders couple do million the over $XXX.X to anticipate through next of we years. So TPOXX

we So that. have

Department we on of As the said call, diversifying Defense. this we’ve with been

as So getting customers with the work the patients available monkeypox that outbreak. to orders Department internationally work the for because we of product are call, on on received we’ll most to the and part highlighted focused in we’ll current the to U.S. with continue international last continue we Defense, treat immediate

about talked than had but Africa. Republic clade strain in that’s as lower like circulated circulating XX% But monkeypox, or is virus and the But very rate, we’re conversations importance that also what one X% the broader we having We the African fortunately clade for to of the Central a second Republic, things and preparedness to turning Democratic monkeypox, that of up those fatality a historically bullet the predominantly less by on there’s is that’s low the in because a has a smallpox kind fatality Congo the call, stockpiling the rate. mortality. in Nigeria of one with last dodged

out, concerns certainly But could there’s cetera. evolve, could that the come concerns et virus

more smallpox, So fast for of geography, be the to monkeypox will we importantly, about an very to which much talking they just virus with in moving. need evolve. governments are but And that ready more they their immediate have outbreak globally consider potential much think have be to devastating, could

our international as well. And talk with about customers so we broadly opportunity that certainly

Unidentified Analyst

Great.

circle can than I these And much it the you pursue reason question back Just prices? cash, want final last if what buyback. in some stock at question, lower believe, to million $XXX was, now purchased quarter. is to you wouldn’t of with I stock over is any buybacks why just there that than The

Phil Gomez

have Board certainly buyback We an did. authorization that Yes. active our share

share we’re this Board importance conversations reported not market But is had investors We million of focused with with We in couple the back very certainly, increase bought on. as outbreak, certainly as over $XX highlight, We we monkeypox demonstrated the past it’s around quarter. years, large the on of of uncertainty and you the shares. many about the the have something buyback. worth we

So on I stay the tuned appreciate question. that.

Operator

comes Your with next from question Ken Edison. Mestemacher

Ken Mestemacher

solid up bps Asia are bps looking their Romanoff today. question of like coverage first kind even the the are seeing first for higher? of say, I’m Congrats of guess Pacific, I TPOXX. or you you to in or talked on, consider, stockpiles on calling again results. say, countries in Soo on What the my treatments you them is, kind kind clients? XX in build levels XXX of seeing What Europe population, of about

Phil Gomez

Yes.

the So for comments. Ken, appreciate the question, thanks and

governments historically thought of speaking, through seeing typically in its respiration, transmits transmit. certainly et We’re to It ability have terms cetera. about smallpox

hand they deploy. -- to the They you and ready -- to is in quite recognize have it so seen the threat that can’t you large. outbreak also we’ve that recognize product monkeypox when have have order And you outbreak, this on and an

it lot times As of I’ve also talked multidimensional about a discussion a customers. with call, on those this is

availability antiviral with our talking Meridian start role Technologies, TPOXX public partner, on typically play to and educating to that vaccine. policymakers, we people So Medical in health them of would a addition on the the

the Some countries until order. an and monitoring their they share don’t we and see do sometimes modeling -- internal internally, modeling do sometimes that, results get we don’t we they’ll

news the are that for the But is broadly find the pandemic of things we -- to infrastructure gain for of working that was dollars organizations main about have that a one that in preset think governments to and they the lot is they have thing the essentially in do also learned is planning like the their up. in budgets now ensure EU governments. support preparedness. COVID HERA And have Europe the we don’t with The good their

saw last announced that quarter an having on with and release us. You procurement another They the them emergency with requirements in they’re broader doing press procurement also working us. in

certainly it’s evolving. So

in requirements about million $XX Canada, we their about initial But smallpox. around saw in orders thinking

we’re seeing, that reevaluating outbreak. I think they’re as certainly, monkeypox the with

end importance the is and shows of project what day. But being urgency So has out certainly budget final those the of discussions the at before and last both the see prepared. quarter we and results elevated monkeypox elevated really to have the requirement we the of the the that

Ken Mestemacher

has the are treatments? monkeypox. in being the several the And of kind in domestically, at how, from or TPOXX, U.S. there deaths Recently, that for especially impacted demand interest for vaccines

Phil Gomez

Yes.

So mortality it be. in wasn’t number of Africa understanding this was in a monkeypox one and great lot there where had the of morbidity outbreaks of a There understanding would outbreak what of But real wasn’t things researchers the ongoing unfortunate a the investigation. has years. for was by work there unfortunately certainly

really a there that, would evolution the initial there’s so And was an well, the seems an self-limiting And of patients. lot thought perspective disease. I upfront, in say of been it of

We deaths. of haven’t a seen lot

lack think certainly there some and talked the so I call on about urgency, last was with outbreak. of the And I that initial

is Subsequent can debilitating have can to be that, monkeypox unfortunate is One blindness, what severely be an it highlighting that things it antiviral learned it as we in in have a of it can we’ve And big deaths the pain, a it that if lead incredible the them complications have And and stops have very about kill with deadly. not is does an drug you you’re surprising. amount of and infection could virus. does that’s surprise. eye. not especially with to most What orthopoxviruses patients, -- replication. unfortunately immuno-compromised know Any been the

unfortunately, so if and people immune to generate response, system succumbed severely you able have for have compromised immune reported to this, in aren’t people on a CDC the And infection. eventually those

think with weeks, in raised quarantine the communities, who for impact it’s I realize not morbidity the community. has patient huge had the groups health the awareness having and which awareness It public X certainly with but has to it mortality the with So only raised implications. economic their

will hard in patients, the are place much disease and did a they result requirements certainly people better stockpiling in for of understand the we’re than we working on, very and implications that for early think which we’re I on. So better understanding the better where of hopeful access

Ken Mestemacher

Great.

of access expanded anyone protocol So patients, U.S. last about seen from practitioners, so for the you treatments TPOXX. the of my you have question, talked kind I sort involved? What CDC’s feedback far with guess the in

Phil Gomez

Yes.

the We all be that want fact But very results interviewed that from regulated great physicians be this who have to transparent in those been reports and of patients the we’ve from some deliver the certainly, So it TPOXX. about of MMWR reported. company. with is we’ve from certainly the pride CDC and time anecdotal worked with from period and to an FDA the media would read over

people We’re gain dramatically that they’ve X used a certainly with encouraged symptoms animal improve. the or consistent reported have was to within approval. That’s data seen day when

EA-IND most said, at that important the are where drug collecting focused on focused the looking a collecting in show as CDC very placebo-controlled the day, the of understand to been and monkeypox benefit process that regulators one end get is that of done very the I encouraging that of drug. us provided, while validated pivotal primates. But That’s the the also data of very things data consistent controlled, we’re on with the studies. that supportive help were benefit the is with the has study the details most you at to But nonhuman

reason earlier the EMA for So certainly approved this TPOXX the encouraging obviously year. been that’s and monkeypox

Operator

[Operator Adams comes Instructions] Terry. Brian with question from Your next Carter,

Brian Adams

of with had of kind Yes. is numbers foreign regards -- the in give just questions. were last the that pricing, quick roughly I you had to the to you confirmation alluded can that the buyers, in especially a that still couple that dose. us In per $X,XXX call case? the to Is the $XXX

Phil Gomez

based -- our We Yes. volume. pricing on is

those Certainly, directly reiterate sales smaller consistent of that than a $XXX we in the are had and with numbers little that call, disclosed Canada governments pretty we’re bulk. is with a lot publicly the seeing what bulk all published that on there. are done. the sales government been the that But for of for times to So good north governments of for will that. is And these certainly higher think have to seeing in a we’re orders for -- I surrogate publish would I based new -- volume are contracts that’s

We’re channel. get point. I the to market, data certainly separate I we get about But question. evaluating value appreciate a sales trials just and believe would provide patients. be these we as that after controlled would randomized that the think planning to your to That make private we wanted placebo-controlled

you another had think I one.

Brian Adams

they’re symptoms? for? was the it of you this what described regards And you Do Is was idea and the days up as pain alleviation loaded in in the FDA then Is actual was last as kind clues Do looking what some you at and came press of have as know dropping the any looking half? the the of CDC of the of it it trials, far have to or scale to in either question number anecdotal an a or the and I -- anecdotal for? actually is releases endpoint that specific firm as in to of evidence. some exactly

Phil Gomez

Yes, we of being that’s the do. symptoms. one evaluated is to Certainly, primary time resolution

see will speed are fiber looking load drug at, resolution over, of those happens that drug. falls around So be that. a the and symptoms, primary of we’re off variety of that is and when that things scab looked resolution which you the lesions of the at one the the impact secondary the and heal on symptoms endpoints versus There but other are and placebo for on in

Operator

question Ken next a Your Edison. Mestemacher follow-up is with from

Ken Mestemacher

was thing interesting the XX about talking really of lot especially that’s to other and were outside customers. with a new the U.S. One countries expanding you

of or say, what out areas of sort are some share Japan, a of any had on areas? progress Indonesia, you of of a APAC from, China, You first lot customer couple ago growing countries those attention you there. about getting Can your calls kind seeing mentioned

Phil Gomez

Yes.

I follow-up, the So appreciate Ken.

lot a countries us said, we’ve As require disclose. of not to

arrival product. have Some announced the publicly of

quarter the of with in to multiple region. they about. example, in the Asia out for Broadly, have first East there customers they Korea, South Middle our talked region, release conversations continue was additional there. a their delivery So press first We’ve have customers in had countries had that that Pacific this we

region. European behalf procurement, specific an which So Union. HERA emergency had we’ve the you both of then highlighted, that as in broadly and discussions have on inside European procurement certainly, was we sales And Union, continuing the a

very geographically been diverse. So broadly it’s

to purchase organizations to products deliver. talked also like this We help that procurement regional areas pooled

of like countries. our ultimately people of will on behalf be contracts of with HERA pools So some

in regions up without the is it countries that arrival And it’s expect product, seen to that conversations geographically. having specific the be other with and announce as talk that broad we on that players pick in don’t of to want very drug start about certainly hand. we’ve caught region So --

continue sales we press So to our with those Meridian. partner,

Operator

from [indiscernible] [ph] Sibley with Your Scott comes next question

Unidentified Analyst

question of My know when stock over was excited May the And you’ve buyback, end one it things the the of by about a main share. the stopped during been around about got QX, I couple $XXX years. the of last we

And so I suspect since that this PE quarter prices, the that the we value didn’t company growing. ratio, our reiterate buy we’re it’s better more aggressive anything I a feel because hope is because back. especially But buyback, a I hope that now like price moving a just getting not past that to to want it’s in I I tied just

we’re hopefully, it volume too, So that higher big against the that. getting active a still hopefully back. with we’re And share of

going to and debated on mean back monkeypox? on money what’s on of the merits. have with bill resolution, involved I kind I shed So to any COVID I some some from little and with -- government any the due is of to out was representatives politics minute got that’s of the I question bit and continued just make. at more to stripped December the last put a funding The light we’re Do and a only it expecting hopefully want had that you guys with in in some in bill CR, stuff statement my be

Phil Gomez

Yes.

to very going U.S. Scott, always in we those to question. is what I active And government importance with Capitol it’s do, hard the the administration Hill, predict both conversations, certainly emphasizing the and So are the appreciate of monkeypox. but

are the way importantly, around threat of be and that representatives concerned the that. on world the about biological a very different We’re different perspectives very some concerned say lot would we I have congressional conflicts smallpox preparedness. also, of about has should it,

that’s stakeholder to so And that’s about. talk a community, important think certainly we

that that very can disease fact and show and of could other emerging over are monkeypox up. viruses these There infectious strains worry about they up others and the over are show again about worried

one They dramatically that on So it, There’s The good a both million we’re of years. has in want position. the a funding supplemental antiviral new and strategy every in is certainly in could pre-developed. strategy focused put perfect that Congress of biodefense virus things example and updated that us do X.X reiterate at best whatever for least a this they the nothing couple was having, White their an recently. And House efficacy courses it but the you family, administration in be. U.S.,

we kind we that threat on broaden effectively, and preparedness for question how a Now But that. your of there’s to fell would down and but I monkeypox. security both of of around or broader efficiently the discussions lot distributed national smallpox also

I the appreciate question. So

Operator

This concludes turn to would for remarks. the Gomez like Mr. to I session. our Phil question-and-answer closing over any conference

Phil Gomez

lot of studies running. like a working thank and update a for just clinical I’d So to everybody on international up and the sales with joining call. us getting for It’s been very quarter busy

product sure to you on As between. SIGA the to quarterly to look of these the we volume to talking next all always, and world, doing incredible of quarter work team call thanks a past in the launch and for this get forward to throughout delivered I’m great and like members partners the extend our studies,

So take care, you and thank again.

Operator

you concluded. for has today’s attending Thank conference presentation. The now

may You now disconnect.

SIGA (SIGA) 3 Nov 222022 Q3 Earnings call transcript