UMBF - Earnings call transcript Q2 2022 | UMB Financial Corporation

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Operator

Good morning, and thank you for attending today's UMB Financial Second Quarter 2022 Conference Call. My name is Daniel and I will be your moderator for today's call. [Operator Instructions]. I would now like to pass the conference over to our host, Kay Gregory, UMB Investor Relations.

You may now proceed.

Kay Gregory

to quarter welcome and morning our call. second Good and CFO our will Kemper, President a Shankar, CEO; and about Mariner share Ram few results. comments Chief be CEO and session. Rine, UMB Credit Terry, Officer Jim will for available of also the question-and-answer Tom Bank

those statements, of set them, me speak included begin, that you today. call required may filings earnings on which We are the this in on which update on our let forward-looking All by are and to basis. in uncertainties. Slide to today's per assumptions, a summarized forth our results subject SEC forward-looking discussed differ share only to Before risks share securities contains presentation. XX laws. These statements, undertake as remind we presentation no are except metrics risks Actual of extent obligation are from diluted and

release materials and presentation investorrelations.umb.com. at Our press available are online

to the Now, Kemper. Mariner turn call I'll over

Mariner Kemper

and us joining Kay, thanks for you, Thank everyone today.

a bond valuation linked while annualized our our some and continued Our in equity saw second margin businesses. net XX% securities pressure and fees and and were quarter processing XXb-X average trust activities quarter market-related from increase Income loans, momentum the fee expansion, in we interest solid trading included in strong results positions. in of

Class we and of $XX.X million outpace million and Visa our of the $XXX.X for on company. conjunction pre-tax gain are included track or significantly was a $X.XX $XXX million other nearly charitable per the $XXX.X will million B Additional to Operating Net of in share onetime ownership, brought to Pipeline In in to In pre-provision second contribution in from sale a full-year assets $XXX the $X.XX income. slides income across made the drivers XXXX was fee quarter expenses. income we new strong included share. Ram per our included wealth, private sales more with million of year-to-date, continue foundation, included for our quarter in detail shortly. or the pre-tax Financials activity be sales gain, million. in $X share.

banking services and obligation Our Year-to-date increased escrow year. deals recently in well. are new specialty and and XX% same continuing XXXX business finance bond. has the largest issue bond XX% a corporate so last general in perform has closed team trust period compared trust institutional $XXX XX volume in public far to million The closed its XX for to-date, teams to

Old June, you seen have acquire Bancorp's HSA the to As may business. in agreement National we announced

to provides growth complement employer on continues focus will team million this in $XXX that our to services direct space, strong deposits acquisition efforts. along organic healthcare more As an with extremely than

the Moving XX, shown production, behind in moderated was strong, to Slide you'll quarter coming line Payoffs paydowns this very some lending, on drivers X.X% growth and Top were as for loans. see loan $X.X XX. at of billion and Slide on quarter. the again, the

quarter linked-quarter to increased a of in XX% new residential in as strong Given the to in off on quarter. of well efforts the our we basis, growth due Average year. quarter. as needing relationships companies growth balances balances phenomenal the ticked expect have sales Much growth third mortgage last the strong line consistent customers paying capital the across up in with the while to is over utilization with continue second increasing grow. annualized nearly footprint, we We second continued slightly C&I, opportunities see saw XX%

on rely sale As heavily on revenue. we've previously, gain discussed mortgage we don't

and in underserved XXX own our of December have applications grow to geared new than seen our through strong continue of towards had and year-to-date. program portfolio more we and is XXXX it The late. down program payment markets activity launched However, assistance

XX.X% total basis deposits. on deposits side quarter, average and other the compared the of the while XX% X% average to sheet, average slightly balances or an DDA comprised of the increased annualized decreased balance On for first quarter

on interest-bearing has impact ignores beta XX%, beta this to encourage which cost DDA cycle-to-date approximately look benefit gives of funds seen far. a balances we've deposits I XXX% I'd XX% the While the of zero which an beta of borrowing and at you our view, incomplete of which think beta. metric of levels, have thus as had it alone total instead,

compares XX% on benefit seen so others we've of betas a side of nearly the XX%. asset we quarter and with reported cycle-to-date far. This Additionally, favorably beta linked earning to

margin deposit I'll from mix assets. shift Our expanded we're quarter, favorable internal manage costs opportunistically that these asset and is loan XX far as basis outperforming we points net to seeing funding expectations. can interest our the growth. pricing note repricing earning We'll in while prior organic driven so by continue

As have a institutional we you base larger to commercial know, peers. relative customer many

overall quickly such, more move some entire As and have deposits changes, we the tend profitability but relationships. these index the of with to relationship we rate look to that interest

corporate treasury healthcare customers public programs for bond servicing or asset in have Similarly, issuances lending clients For addition addition our products. And lending clients commercial institutional example, bring also of lockbox, fund the service may relationships management, many have cards opportunities. our card to in and to relationships. suite relationships, product many

entirely charge-offs million net commercial single the Moving $XX.X related to in asset one a elevated write-down driven quality, by were to credit. our quarter,

be expect of loans prior Non-performing we the full While loans portfolio well. to XX loss declined XX% with that as basis consistent total the basis or perform year historical XX elevated, approximately rate will less. quarter to were long-term from this of charge-offs overall our points points quarter's averages continues our

to thanking day total across levels. CECL the is their now the I'll year half the post beyond. dedication by ratio and of loans, our customers for in excited execute we Our country and see work second our hard reserve I'm opportunities and close implementation on associates one line with in the of communities. X.XX% coverage to

I Now, turn for it some Ram will over Ram? to comments. additional

Ram Shankar

Mariner. you, Thank

short-term and interest We in $X.X amortized higher benefits and PPP with of into the overall of million the and to second income long-term quarter compared rates unamortized origination end, $X.X contribution $X down March linked increase million in to PPP million of X.X% million net Our was a second strong interest interest quarter fees income. $XX.X At loan net fees from XX, the PPP million, approximately drove $XXX,XXX our $XX.X remain. last in growth $XX.X quarter quarter at income balances at quarter stood XXXX. coupled million

deposits average points of public in first XX, billion points of XX liabilities. points deposits, quarter. blended The interest XX of XX by with Slide on $X.X in Net free shifts DDAs and account, interest XX interest various trends net X.X% offset markets is on shown points cash a driven year spread of cycle. X shown yield changes assets, liquidity basis The the margin XX.X% to a the LIBOR, repricing, and XXX respectively. up scenario with capital sheet, in impact was and points in betas bearing XX along a average was consistent cost the the total balance of X% predicted quarter approximately X expanded XX first The funds, variable from decrease beta negative income points first interest earning scenarios XX and Slide to balances our mix interest net seasonal quarter XX.X% based funds related compared basis of outflows including basis points balances to from deposits. to XX the rise on loan from is Net rate, basis XX. ramp This basis as As benefited the trust our loans other now basis reverse repo, estimated points, net indices cycle-to-date basis last points, well interest Fed the by points deposits, plus and of XX%. basis at corporate repricing comprised basis of on benefit including declined from is from income SOFR on margin commercial and the points in year quarter rate basis at the X. and reduced a as typical XX predicated and basis static and to and from deposit cost In rates in underlying is prior by rate

slightly was to the important, our model we on management, loan depend to quarter given while focus Mariner focus is needs assumptions. And interest primarily organic on as that days, experience future noted, than While line beta will it's beta our our deposit growth efforts early spread continued second in funding our engine. fund better net on our

high cash As fund in quality securities lever cycles, us prior we've another growth our opportunities. is portfolio available to loan from the flows to done using

of billion months. next to X.XX%. with XX loans first loan XX% low XXs. basis points XX%, XX% average quarter XX% the highs our attractive in and within the in below at remains the XX yields to variable quarter are next increased the about repricing repricing Loan or past $XX.X from ratio Our rates, deposit average

tied noted, short these I indices the As largely the end of are curve. at to

the flow is to Slide those at quarter shown yield past are rolling securities off Those generate while XX $X.X the purchases billion securities approximately cash were XX. Additionally, is on in of an this details on expected portfolio months. X.XX%. The next made average X.XX%, of

held the impact equity. to HTM reclassify to that book, in revenue for excluding that The We tangible and were second rising billion. is our the on capital we've portfolio help $X.X portfolio of quarter, second rates manage Average XX. shown our to held-to-maturity continue composition long on Slide the during bonds HTM balances securities the quarter of $X.X the billion of reduce

market-related XX.XX%, sale income remain compared income $XX.X XX, swaps. Visa statement, in Our based the and was other in with quarter, impacted company-owned positions as million including reduction the XX%, risk as other at in the gain life income a the line to income including as first equity of to at a CETX million, total insurance that leverage $X.X regulatory to $XXX.X Back $X.X derivative on million of the quarter capital Slide loss change million ratios security on and negative respectively. shown back related capital X.XX%, from our a B fee by valuations, gain $XX.X well Fee Class a the million to the sale or income was on gain total strong shares. for reduction at and back

$X of the factoring healthcare on services convergent quarter of $X.X business, a Additionally, fees. million included gain the XXXX as of sale first as well million our

compared levels. fee quarter the quarter second first income variances, those favorably Excluding to

deferred One to our income trust shown AUM of and fees share brokerage valuations compensation with on additional quarter, revenue reduced a the fees reductions tied the statement. Offsetting company made of The incentive in linked-quarter on decline trends and related AUA XXb-X quarter-over-quarter taxes, was income expense levels in to securities during activities, The contribution driven had I these included reduction money to income by had are corporate primarily in modest biggest insurance in mentioned, momentum processing in charitable expense the the second the $X.X the in lower legal for the and $X a $X.X costs. general XXX(k) quarter fees related are along XX. increase million where decrease Non-interest was million drivers expenses line. in of were and payroll costs market we million fee equity the $XX.X impact COLI and performance. increased Slide million

Our income for quarter from the a municipal of effective tax was rate tax exempt smaller reflected XX.X% and second securities. proportion

anticipate begin full I'll of between portion now and back the over to concludes remarks. turn be the our call. it to prepared rate the And operator will the year XX% that we That the Q&A XXXX, XX%. For tax

Operator

Jared First Fargo. Wells Instructions] from of comes [Operator question Shaw

Timur Braziler

Jared. growth later of funding This deposits growth, a you guess, XX% have in sheet How new is of aggressive on of will the clearly the thinking you loan you're are the this interim quarters? starting kind balance here? the million from off deal. loan next Maybe in funding on about ONB you couple for chasing filling in be over have liquidity this to coming ratio, of strong as continued deposit how side, deposit you kind I year the plenty on about just with Braziler loan deposit Timur thinking $XXX of relationships

Mariner Kemper

sheet or take in. I jump and I'll time. they has looks sort Jim, add, looked pay like if a Mariner. that to what is can to anything attention of has and it's important This anybody balance Ram else like long our to think for But

typical about the run-off. you comes our the we a happened year seasonal on of deposits. quarter, that to the seasonality million take to here, been And first The would opposed be through whole you're the our of of really billion, of indicative it of to that the industry if whole what's kind $XXX seeing piece have the would deposits run-off first half it $X.X down always as have rest because

being about One, starting And rates cash went things up through $X.X billion are think So up. that were you note and go I costs, couple off. about costs costs their I inventory borrow. it of utilization a I would Borrowers Energy on in focus and see are to general. that.

of money has to it's really customers using I our their with -- what what sheet our taken is leaving as So balance I an deposits. place indicative more think opposed describe cash really how

at talked paying can that, any margin about the that to manage we can we addition in competitive off and manage time we've rates. of In spread we've times market any competitive as pay for balance the past while that And $XX-plus customers we many on billion bring also rates expansion, sheet. demonstrated and

and deposits really off to. when sheet corporate the bring a complexity our our balance on need customer flexibility allows lot us hand So of of balance institutional, to flex sheet our we commercial, large base,

worried it all seen not before. at and we've about really So this

Timur Braziler

in And and customers calling higher wondering, of just in shift versus deposits higher maybe higher was rates across for to the I'm bearing some the deposit asking either how terms lower-cost board? interest just posting exiting to the the or rates with vehicles of other much that of due cost, mix

Mariner Kemper

this I would from hard XX% talked our about total. say, we index of of a

it, moves non-interest XX% that rest bearing. we're rate The of deposits obviously to so Obviously immediately manage. And of changes. with our are able

focus I So little bit, on on switch kind more what you on I maybe we think focus a story the of on.

we sheet are, XX. asset are up of think we're basis were to demonstrate, of the liability points up XX about XX deposits, instead just and balance on spread whole you always We on and points the the basis only margin of total on expansion side If basis XX as expansion points able we side.

ultimate then and driver. the net think you ultimately about -- being So income

up That's margin up on. we being So what along X%. you about spread think being focus and with NII

the So, spread net and we're in margin line. ultimately able increase on expansion interest focused ultimately results of income, which manage to being bottom bigger manage the a of

Timur Braziler

additional it? provide the Okay. And charge-off, on and color you any that on then industry switching gears was you in, how quality, what had it maybe what's million remaining much credit to previously against asset that balance $XX.X can reserved

Mariner Kemper

identified our might positively. we that I'd because first be credit and say, about here to in credit mentioned it the bankruptcy. this in to able first We comments there's limited on talked the happens the call it quarter, we be quarter in resolve thought

going it we As to changes complexities issues that any the procedures would to anymore progressed be second comment I bankruptcy issues, a take you about is the per relate decision the made quarter, realized and say, we that se. into underwriting there's What still the industry and that There nothing. vertical to ultimately that case nothing could issues, wasn't charge. would

we've it no trending it's so really And said here. And doesn't a one-off. -- there's as X.X before,

at see Page the history of history look you our And now. a if sort one-off you of XX, deck. long have in we that We situation have then a demonstrating will

our running committee tells and sort of Sitting myself, Credit Tom here the this look is new for at X X non-credit and our Terry, decades Rine, with Officer, credit, Jim nothing together CEO Chief story. and XX, more different. have nothing us You been than of

basis, annualized half on points XX We expect the our basis historic line with of charge-offs back of history. in XX which an to in of XX-year to to our the levels return year is

points prospective much group reports add XX that's think is, number the seen, which the that you'll what our from peer of to has I NPLs all pretty will back So the down And our for I've lowest NPLs. also gone I see say. in data, prospectively I would basis

Timur Braziler

What credits question. non-performing kind decline there. I my last back was to in relooking drove them a that I to assets, Was that exceptional quarter drove mean, pretty mean, corollary that just I linked guess, status? underlying move what perfect performing that? moving at return of that? That's payment, that and to was the

Mariner Kemper

peaked, jumped down how to levels, of this and of credit it's now because again declined had Largely operate. it It we back its normal because has largely.

Operator

Nathan comes Sandler. question Piper next The of Race from

Nathan Race

of of back thoughts terms COLI directionally within kind the rate half back of of total rate we If Ram, perhaps XXXX? add run the question. terms forward, trends operating run the in going impact how the salaries in a any expense overall of kind of kind in just

Ram Shankar

I $XXX quarter. would quarter would the expense use was $XX deferred say, I credit comp reported that million to noted, this we as this we million and of expense a

$X increase, of $XXX it's was you would to then say, will get away million and expense if take don't legal that from million, charitable to the million $XXX extraneous some factors it the So I expect some to add account $XX so $X.X million. tied off recur. we foundation, million of we

of about minus expenses. to So talking rate or plus million, run $XXX operating we're a for million $XXX

Nathan Race

then that on? charge-offs in And perfect. in guys that one XQ, quarter, the in flagged was expecting was you to going of Okay, terms some here just last the quarter the loan back occurrence the was favorable same charged-off that

Mariner Kemper

And is moment the and moment changed progressed the has and I a as situation first just I procedures ago, evolved. just bankruptcy yes, from a to quarter Yes. second mentioned -- it mentioning was quarter,

Nathan Race

for about you to down go you in assuming point XX in Okay. forward. Understood. thinking how need just of And to you overall growth to just level, average expecting and to that going today pipelines uncertainty the above exists sounds and earlier? it of with macro And that like charge-offs guys loan then provide basis good day talked growth to X the XX are still the guys kind are shape -- the reserve that terms back CECL now range

Mariner Kemper

Yes.

favorable at a is since about against And it, CECL. know, to continue have to to how levels growth you loan expect do we algorithm The complex we as relates used it lot answer, this more reserve and as than we and it factors talked as recession, economic be. first to build the been. we yes, go all they if had evolves for there's into that Moody's our -- of have unemployment into We lot to we rely we data in about forward unknowns factor on data, look how as algorithm. how that us this and will of into So,

about data a suggest, an to some the us is vantage drive marginally for drive I growth preserve to we're that from from related will Loan our which data better exchange economic works portfolio, rolls against at, least thing should -- that at on to So unfavorable -- off to my are our bad standpoint continues staring and if would unknowns there which algorithm get pushes little. would And there it algorithms point, us against reserve. the that and good how data that us reserving. data

we those. between reserving So it's the a be we the of connection conditions But bit see and suggest see probably, the little the and growth the X that and would that marginally as loan would us relationship I prudent against the that would to I that anyway. to an and do go against see it live how be preference got plays down XX ratio, algorithm And right mean, as we not thing with. we've but have to economic off points? our a basis would

hope add so anything. that's if And Ram, I you'll know, don't I helpful.

Nathan Race

deposits earlier want Super helpful. make just sheet forward. the in to XQ I in sounds just to XQ. then I have and coming one balance just the some back It from the more, the could on base outflows earning of deposit ask going asset And if additional expecting for going kind you're and sure expectations like question. maybe understand the I HSA discussion levels you

the those be should overall, kind at perhaps going with asset Ram, dynamics how about forward just of So deposit earning thinking base we play?

Mariner Kemper

see expect third quarter don't in we the outflows to I further necessarily. think

maybe to stable bring a ability grow say, our to on. on based would I little bit So,

$XX we can As as sheet the have competitive about bring billion I on earlier, much talked off balance by paying we of rates.

can then going year into the see remember of having coming a So we again, I for us backwards, don't investments on. right. stabilizing rotate then rest which loans is of the HSA approach more And deposits the and

billion a $XX to investment and have portfolio we ratio. loan deposit XX% So

we've us. working So got also that for

Ram Shankar

looks, our side, in portfolio cash portfolio to talk real-time depending committee, some every whether flows about our deposit of is what not asset our Nate, it liability and month. the on to the just on might reinvest. reinvest, terms growth from loan thinking sometimes be we There'll we sometimes looks decide outlook securities at outlook reinvest which We

Operator

Chris KBW. [Operator next McGratty of Instructions] The from question comes

Nick Moutafakis

book? is remind could start wanted -- on just cash me Chris runoff the what I Moutafakis This you KBW. flow for McGratty, is Nick for monthly bond to guys your

Ram Shankar

Page XX, billion we see for On next our the come portfolio $X.X Nick, Yes. will to the from months, expect XX and portfolio. about you statistics,

Nick Moutafakis

assets. then of as of could the on down cash And great. even loan just look the or kind fund to this average future to that we down cash levels guys level, for we growth? XX% that's reduced at obviously Okay, Could of cash, earning about potentially floor run you further you're the kind

Ram Shankar

XX, the If levels, pre-pandemic you the Page show look bottom at of we Slide right.

So we if you were the than it's interest-bearing look pre-pandemic. slightly deposits, higher where at

basis some see deposit So of could expect a we the on what some response in of these as those contraction obviously, normalization did equation, the we quarter-over-quarter side on But see additional balances. happened in balances. to you

Nick Moutafakis

see side, maybe where some also of portfolios categories? could Okay, growth the is And upside back there we half potential that's look loan different far and as slowdowns the surprise helpful. as you just on into any XXXX, then as

Mariner Kemper

got of year. with as kind would far it whole give labor as this the of from seems quarter you And with happens standpoint, back to, the say, half fact across of into all upside as what we one Well, the far year. as always think, quarter We really as too do, good the look dealing far beyond with board downside, looks the all back what I we've regions. or coming to third as guidance growth happens there into you today, it it so and a growth mean, just all half look has. upcoming picture as for but don't seem to indicators a I I markets, be be goes, strong from relates as get same we the Fed the the quarter we're categories decision

as think, last of they think are said, year this through quarter, companies last sort pretty I I out well, year. sold on from into I are doing

So a I 'XX a recession impact. is of impact think really the

feels of this growth loan good for pretty year. So remainder the

Jim Rine

things will But This downside for could decide would yet and backlog to be Rine. only in -- It factor. that the a project is canceled take be already payoffs or also Jim surprise that the that staying banks already that at isn't the could slow. of people on they're happening we're and be be The not close point one in is increase next rates projections. and baking booked. into contact with their clients our increases another That those what

Mariner Kemper

We've benefit, of from it's seen second we quarter, Yes, that right? higher are because rate. moderate it to already first seeing quarter a

from on X.X we went So paydowns. to mid-Xs payoffs,

in from utilization up the those quarter rates new based about both second business customers. of And XX% You our was current on I also marginally. also book, have of new think things buoy the will

up about things So for a they forward-looking of are back there that of the bit things expensive lot buoy We've for about making companies in the public, projects, they'll thing distribution they that for facilities backlogs, softening also very kind we half made to all multifamily and should see, the of data is talks only sort need, strong. farms and is up Jim developers, making still private like construction costs. and the for talked and land large some still say of and their kind larger a but are see developers, that, And logistics areas where of borrowing and pipeline for of of more that being year. up there that's the

still levels, with are not heads low Talking about going levels. that crazy all Let's still forget right? on rates stuff talk are historically the at low we historically also at rates,

So that saying. think bears I

Operator

John of next The Rodis Janney. from comes question

John Rodis

on a the nice talk the little in have margin think we Ram, Can detail? going about margin maybe you expansion. should June how and just about more obviously margin, what give the Do was forward? you maybe

Ram Shankar

I the little going that the use get for on data. margin just than don't would expect with we second modest well, where month in basis I see that. got we inflows continue say, to and us a managing because we for just it's the those on to faster of deposit points think hard specific probably quarter, going outflows, and XX obviously deposit into, any be the as side But are and but probably to fairly expansion We're forward loan industry based pricing. disciplined we

As you that, margins going expanding net or pace about, manage second make and heard to talk more But than a to here. to we're being from moderate translates Mariner interest maintained that sure spread the quarter.

John Rodis

if I in Okay, the we you've second first sense. bit mean, the makes I I to see in what but moving can? when line XXb-X just you think I to And, on -- year, from million. the fees. guess see fees to the higher one in think looking back where quarter. And brokerage net I brokerage was the talked Ram, fees, question more prior the for just were get to rates about quarters, a jump surprised talk the extent Can item I you they about then quarter do was were whole this brokerage and you XXXX, number forward, $XX the -- the the in what

Ram Shankar

Yes.

I surprise was for and it rates really points nice us. us. nature for all the a end back XX where short being curve in investments Obviously, raising the is, basis these it treasury by was and term a the of pleasant Fed with think, surprise of

doubled. back fees that has to $XX relative off-balance said sheet get XXXX million we share book what and was So of the XXb-X in deposits revenue where we

million the we some in able clearly, to as be quarter. interest mimic elevated, second to see opportunities the So saw stay rate million, run you rates $XX $XX.X

Mariner Kemper

with difference yield And how of yield quicker. the came us on the end which quickly make up markets big a Ram, short sooner. to so share and has the then just money allowed able in it, the ultimately how end invest because happen and have it and curve -- shorter to curve, money alluded we've to that it made quickly were

John Rodis

stay So, again, I clarify, forward Ram, get we rate this level so guess? should given rate increases, or is, to further Mariner, even curve if it though, with no the where further just increases at just

Ram Shankar

Yes. increase guess, depending You some these answer sheet balance off can it about tap balances deposits, happens of Mariner right? heard we so off question, on go down. what marginally deposit could actually I balance about with sheet our deposits,

aviation question I think and see off the more our volume-driven being On quarter trust But more the category in we will expect, the balance to any we other item. modest hand, my ongoing could if see just like faster -- up about corporate can increases increases sheet deposits line businesses think pick compared second than margin, we and to level. this be I added

Mariner Kemper

of and Yes, there there's balance is book the the rate a size pay then sheet rate. off

So rate that's side, going on pay to moderate. the

to I increase short think yield ties really kind I size curve. rates it on in to moderate, planes moved, depends sold, to of underwriting A like expect, national to with It's it do rising the book. likely on happens a I we expect with still has -- happening to there that. the lot happens continue of grow. with aviation, with what's do being has think but some is what there with to then and bought, of basis. So it It end things what is the of municipal still that there with

a I bit. also expect again -- so that to still And grow

John Rodis

Okay. Makes sense.

Operator

over pass conference the closing to questions I further time. back no the remarks. this management currently are at team registered There for will

Kay Gregory

UMB. Thank today and your for us in thanks for joining interest you and

at XXX-XXX-XXXX. follow-up you questions, always, can you. As you Thank if reach have us

Operator

the call. participation. concludes for That your Thank you conference

UMB Financial (UMBF) 30 Jul 222022 Q2 Earnings call transcript