CSV - Earnings call 3 2023 | Carriage Services, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Carriage Services Third Quarter 2023 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Metzger, President. Please go ahead, sir.

Steve Metzger

thank results. joining and our to everyone, quarter third morning, you us for discuss Good

to on and addition Granmayeh, Carlos the In myself, of Executive Quezada, management morning Board Chief Chief are Vice from President Executive Financial and Officer Directors; Vice and of the Chairman Kian call Officer. this

issued Services market closed. the website, Carriage our the after can find earnings yesterday press On you release, which was

of information, remarks differences begin remarks Our GAAP press this our question-and-answer including release the will supplemental include with and period. supplement financial reconciliation is non-GAAP a and morning financial between will and followed measures. from intended and call by be Kian to Today's Carlos formal

about as everyone during to Before we we'll like XXXX begin, and this that I'd plans as business, guidance. our projections including well make remind comments call, forward-looking statements,

as risks Thank you limited as view all in include, website. And Forward-looking uncertainties joining to statements this us of but turn call on for now factors and release inherently over of be well morning. to, are found earnings the identified our risks today. involve Carlos. which like all our to reflect and our can SEC as uncertainties only I'd our not filings, and These in

Carlos Quezada

Good morning, everyone.

quarter pleased to share performance We are of our financial all third you. with

results For operational to addition in a start our giving by updates. I you impressive today's providing will call, third you some quarter few on with color

our remarks, XXXX. financial of views share and at Kian and the prepared look XXXX will Following early my remainder performance for an our

Best a all customer hard pursuing excellence the to commitment doing reflect Carriage so, for every serve. that our mission. work the best-in-class all and your results passion before we service would unwavering and for like in to These experience families thank But we Being The employee

results. the to on Now

Cemetery compared operating delivered third third impressive total last the our quarter, to XX.X% of revenue of For growth year's portfolio cemetery quarter.

production These and the Edge, XX.X% execution growth generation or $X of X.X% million management increased results an cemetery sales the our in-house by property XX.X% the total of platform. outstanding increase Total job to Sales activity, same-store in customer did our prior preneed an Our cemetery grew driven delivering portfolio. of over team of plan year. preneed EBITDA relationship high-performance are through marketing optimization lead our efforts sales primarily and of field

expect health Our to still grow in high-performance double organization in on interesting to the consistently we the an annual and stage is digits basis. low continue

in effect million X% to in increase last year. made expected we in relates the As is our seen a consequence at-need and portfolio of while COVID-XX have for on revenue resulting it pull-forward portfolio, up acquisition funeral sales which same-store of decline our operating portfolio, funeral $XX.X the as than a home same than more our average $XXX,XXX more volume period total it,

margin, was the an Our funeral total one combined EBITDA an despite the macroeconomic million, a EBITDA year million, $XX successfully maintained of to or X.X% $XX.X total XX.X% the increase in and including of a highest quarter for inflationary and field we industry. headwinds, and cost quarter income the field of of leading financial over $XXX,XXX same last field EBITDA increase X.X%, cemetery pressures

deaths showed death year. and successful compared states our rate. to pressures revenue demonstrate results cost a X% against data a our decline already we ability of where last grow These navigation to the lower in PVC in

Moreover, declined continue third during only internal quarter. our portfolio. we share our shows the X% our that gain broadly throughout volume market However, to data

families basis of the This increase the increase quarter. was million EBITDA points serve their our teams their work of XX.X% an a work. consolidated prior all managing the do $XX you great or of over economic and the thank is of our and to adjusted of in partners this cost $X.X for managing and for consolidated result XX Our all while We quarter, environment. structure over last adjusted margin X.X% inflationary hard performance million an year, EBITDA they was year

into for reduce free our operating the cash generating robust us results credit $XX.X $XX.X to allowing million flow, quarter, These variable by facility translated strong million. rate

adjusted this despite experienced ended $X.XX share, million increase prior are adjusted an year. of per compared flat $X.XX in expense for However, $X.X the last diluted we increase $X.XX to approximately our earnings accounting quarter, significantly share per expense, against After in last year's interest year. to paydown, compared which interest impacting our earnings at

and We repayment focus on to allocation primary reducing will continue execute our expense. strategy with accelerated a interest debt capital

provide X let me additional updates. Now

is our first which related swing. full in is to strategy, The preneed sales funeral

deployed with partnership been the and Pricoa has region. throughout integrated and preneed Company Western National Our Guardian fully Insurance Life

the integrating and stages in XXXX. region Eastern is the by scheduled of region be are the We to final central January completed

GA year. prior integration revenue over innings While XX.X% this growth the of the still started of we see the are we the process, benefits of in early have with to strategy already

results integration to We as we and while families future businesses able their wishes over are allowing secure to share. exponentially expect market time, these grow our complete to final continue plan

We look are forward in very calls. excited about continued progress future to this reporting performance and

second The journey, is update Trinity. known our transformation digital as

data deployed, full-time first programming the collection a the at year. Trinity pricing the with to improve finance, set quarter and launched engage with families and analysis, other we of of transform analytics, of insights to will the will end completed how Once have accounting, customer next experience. we're and increase related We mode the radically operational automation data efficiency processes and be and gap pilot in functions. Moreover,

quarters details are its COVID-XX will Until some have continues no completed environment current build the positioned we of we inflationary navigate effect to variable have continuing cost, time, process. while death will current we company. And the our of believe throughout environment, rate highlighted has well X that continue review. rates we to the further pull strategic excited are volume, to year. comment the to on due In of the while as closing, a once on after as we we we and impact areas we Lastly, our headwinds additional about the alternatives, have forward operational performance, where interest a provide Board the normalization macroeconomic strong review are and very

encouraged create progress strategy the very to execute value made it our over time. now that shareholder on and ability XXXX by you, been I our has are pass to in and Kian. We will Thank and

L. Granmayeh

full performance dig and metrics when this good you, guidance and financial with as quarter, Carlos XXXX start offer quarter this most highlights detailed Carlos, and financial compared for to company's on our broad to will But our thoughts quarter provide to indicators more of some last additional few on principal a respect the Thank February into morning, highlighted updated about we already touched everyone. and key I the same call. color XXXX context the think year. on year providing

First, I will overhead. start off with corporate

of overhead costs targeting quarter, special as relative XXXX positive primarily on an to our our This annualized costs. $XX quarters, review basis. same the general a less ongoing strategic adjusting is year compensation overhead XX% alternatives, related on and items reducing a we million which than or our approximately totaled year-end indication but levels are out year optimizing expense also when the of revenue lower by The incentive focus throughout is of overhead prior decrease result to in this

along last net $XX.X which like maintenance to decreasing increased I of our cash despite million discipline, in the quarter, strong With my me up would same million robust quarter, our resulting credit from flow reduction $X.X our quarter the free Second, with allocation CapEx from $XX.X discuss a to $XX.X under in flow capital the million adjusted flow the facility. back during rate generation, spent strategy nearly year items. This third special million in cash to operations $X.X highlight, our same variable borrowings well-defined outstanding during this after income adding capital period. million cash in brings we less free

mentioned pay our covenant reality the rate capital defined X% third Carlos we down, on were $XX.X bank borrowings earlier, in our Despite be ratio we year. Considering the reducing with our compliance the as compared laser-focused to last to by credit X.X% in This by decreased interest paying with a million of down quarter credit rates continue weighted our we quarter, debt rates, on quarter steadily on as quarter allocation in quarter, for interest our this new debt. net down million able to end. Using facility EBITDA. increase leverage, same the the continued credit to outstanding quarter ending have the pay to X.XXx the and facility, average $XXX.X interest to agreement, interest will variable as

notes. over facility in the at remaining accounts XXXX been Fortunately, via for of million our through May X.XX% financial XX% only a senior locked has The credit little $XXX borrowings. our

our improve borrowings continue we the outstanding to As burden. reduce this vastly profile rate our on facility, down credit should and pay interest credit

guidance. update on to XXXX turning Now our year full

the average offset increase $XXX range full stand data and annual our of X total the updated to fourth these earlier now following: prudently contract the more partially has COVID reaffirmed as guidance call, on where decrease revenue the clarity we million the result impact we revenue how the First, mentioned to contract. by million we third per have for effect, tightened quarters, our today our into have ultimately that pull-forward in challenges partially on $XXX we reflect XXXX to last volume business. which and for macro Carlos guidance Over been headwinds would year our the After quarter have and our waited as this quarter, in we guidance a to

the experience Second, funeral across million adjusted $XXX cemetery million businesses. have to reflect and continued cost inflationary both we have to EBITDA for we to environment consolidated the to updated home guidance $XXX general

to rates of diluted cost our accounted we original $X.XX. a year, adjusted to earnings translated have at earnings When for interest have forecast for into updated an has the $X.XX guidance to loss $X.XX diluted in additional beginning comparing per and share higher $X. share inflation per the Third,

our remains we generation, $XX of for reaffirm we the as resilient to strong headwinds navigate million flow macroeconomic million $XX free which year. the cash Lastly,

fully COVID environment forward, a to The into view pull decrease continued business, rates and in With have updated call. will result moderate will and we February the current of of XXXX. headwinds our update on interest as macroeconomic XXXX require us inflationary our clear visibility the cost a on effect our pressures higher its which our forecast, we volume current a review on

questions. successfully where this allocation, to to during positioned and capital free conditions improve, funeral sales, preneed whether it are cost the Project our as inflation grow it we our growth that, we with in our debt. At cash strategic variable by increasing And for paying executing or metrics makes continue and well preneed continue that financial is further Trinity we point period will cemetery, with open primed around offsetting and on navigate use to the later, are our around macroeconomic to interest XXXX our we efforts more. discipline sense, down flow However, price

Operator

[Operator Instructions] from we'll Barrington question Paris take first Alex our And with Research.

Alexander Paris

technical some so conference had getting issues I'm calls, glad I'm through. I on prior

a questions I'll left October? Does margins. got Updated XXXX for about off, this lower and So you, of anything know I fourth few EBITDA you start and the quarter reflect revenue we month Kian. guidance adjusted suggests flat where

Carlos Quezada

happy be I'd that, to Alex. to respond

in So what going reflection soon. in of seen just interest as high we coming and and throughout the that's ramping different X% our case, expense volume, not through hikes, also now year, COVID-XX, at-need in impact a have that it's continue but sorry, pull-forward on I'm QX don't anytime effect -- the drop experienced to believe we that's from the because through know, from believe we have as up we decline you income significant

you And the we performance. make with our a And impact it that significantly in consideration, know, financial than into significant we debt all the does greater is expense that so of as expected. taking have, interest

Alexander Paris

Got the missed in you. down clear, said the was third be that at-need you the And part funeral early just quarter. because at call, of volume I to X%

Carlos Quezada

is correct. That

Alexander Paris

Good. Okay.

XX,XXX Given financial and to and growth the fourth about for year just you be expect guidance, but in revenue this point, At wait your can February -- return wondering, to from comments for metrics. until feet, clear, expectations year, margins do to we to you growing next just year-over-year, expansion can Do full realize revenue Kian's grow margin quarter, I have expand? next more XXXX.

Carlos Quezada

X%, third if The the you first X%. way an that's basis of down quarter was from on and year-over-year at-need this, the volume XXXX, in to now we're is trending Alex, the at quarter looking look decline at

-- and full We X take full another to believe of or pull-forward the to it's going back for probably a for the full effect even to to level. come maybe year normalized wash impact the off

XXXX. in However, year seasonalized we do more expect a

we because we expected something revenue managing started. experienced not merchandises XXXX, believe haven't of all sales are be work We accretive and average and back same-store the years with the seasonality an a the have coming the going families will which increase COVID basis. services years. And and over to growth acquisitions the few X be It with seasonality to they're partners decline, we some since have of is back in now past is but doing that that do done the over last on achieved, the to to serving. add But

yes, So that sales there up will year-over-year believe will we be basis. a we average growth on perspective. be making and from do acquisitions But

Alexander Paris

update. helpful. Good. was I speaking acquisition then very And can an wondering acquisitions, That's get we integration of if

and Greenlawn, quarter you On it said the second going it San call, Juan. call, Heritage you of -- And the on second was well. said speaking Funeraria, I'm was

Carlos Quezada

Yes.

really have And really, model you we Lawn East with have the Preneed ends, both as is side homes, in well. as businesses on cemetery going also especially centralized funeral those the into the performance is going Heritage, So picking Heritage to And remember, sales. Cemetery. expected of integration up we Carriage with Forest heritage the

home a up and at fast in market of provider funeral be funeral the Our services in leader rate to very market. continued Preneed is the ramping that

volume of from can XXX demographic integration on support far. When square very we're it's going in around but captivate very, That specifically And it the the so we'll of is is you to the of consistently. the core team future. Orlando when the and and business, a performance how team the that business grown, with doing And think that to San because it cases that the acquisition a acquired excited so from the that continue very has foreseeable integration, business, and that and the perspective, continues an we large. We to with business. of small job, incredible market mean, grow point view I Juan, that's about was footage the the of continue area. that do doing share, to Hispanic over EBITDA provide that the

Alexander Paris

I by reduce believe from would that to to And follow-up. in from the you one was I the that great the expectation? see leverage now. million closer it peak taking the still QX guess, out the I'm range XXXX, you barring your for reduction, on $XXX curious a you ratio in of to December of in you roughly to it's In the And you million then it how end debt $XXX facility me quarter. Great. alternatives. With that Xx. again, comes last of to $XX.X right said regard by somewhere that Is reduce down anything will fast X.Xx reduced think credit of million XXXX, to $XXX million strategic

L. Granmayeh

Yes. Good.

in in were first target the I'll continue terms But I take which at the So help that supplement. done hit to is Those and would of Carlos that in divestitures, to end goal we're of that a here. we that included got target forecast of and tracking, deleveraging. crack that forecasts was will our what some before -- assumption goal accelerate XXXX. But

this put pause deleveraging So on we've alternatives. that, go to where of option have kind forward, is of review that on that But our is accelerate it something we an strategic profile. we depending during

Carlos Quezada

is -- we out year, you And plan, last couple restoration a grade if Yes. the focus in repayment items would and what to a high-performance because comments I'll It XX debt that when had of when of to it mind, to deserves was strategic that we attention. that set we it things stop plan us Alex. don't December in terms the be When included review, it that put within of profile that, focus. to few add allow a of is. announced Mel continues the accelerate the

in was execute that if review that's prepared As to half the we we announced of points, to what we that close we're December that do through and continue do. we that we'll sales ready our are back XXXX, evaluate will back we'll accelerate come to first some including 'XX, at asset and point, ready in, potential continue and to for those once

Alexander Paris

asset then sales. in terms follow-on is last the question, And my of sales, asset

criteria over be of locations XXX locations obviously? Is to the -- due or under without What point. have are an have growth You to it of sort market this that or funeral size how for identifying get smaller funeral had might lower at them, the homes homes perhaps consideration the demographic? many How divestment? just many idea,

Steve Metzger

this Alex, Steve. is Yes.

So at when assets divestitures, moving those our strategy we really don't consider core look look we we're that forward. we really potential when at on focused

look over growth more X a at pretty you cemeteries. completed markets, businesses, at we've past is we growing acquisitions it's larger future. if as our specific look the So And the where that's in years, profile, focus that bigger the markets,

a forward, of fit multiple then in what ultimately, drivers attractive us. is we high-growth either for it the assets folks. premium we really growth don't the So us, market -- one of bigger consider markets. to And lot that they're They're moving we'll growth outreach if is think again, it's is of But that get low vision not from the if really no or that a are smaller assets. a

help of that businesses XX focus fit identified key our we've we're over us point, with some also accelerate to some reviewing but months. So next profile, that that said, all on the that deleveraging might others

Carlos Quezada

that of to investment have that that because the focused situation, those our we disciplined a we of today, that to company. are we have capital, return more their we with have are we more will ways sell in divest from become condition we reinvest just would debt didn't on capital marketed on the bit assets allocation, capital debt to regardless assets Alex, way, add would And that. either These if even

as is It Carriage has the that of that consequence strategy lower terms strategy for we or years assets pruning terms lower in done the of Carriage for this going not So is of debt. the in forward. designed a something performing have

Operator

[Operator next Instructions] B. with Burke Liam We'll Riley. to go

Liam Burke

-- bounce margins you which the sequentially, you be looking slight I quarter. But it product the XX% were slightly, costs a or range that material EBITDA But I from costs? and input -- will the -- second around had was would -- the mean, normal. down On down you're in cemetery, entirely created quarter-to-quarter. raw understand What year-over-year, just from

Carlos Quezada

No. I main this reason would Liam, that say, why happening. is the

the in cost the expense. expectations cemeteries, expect make area little to as and included and into a continue working we to sure our maintenance cemeteries from the that Lawn cemeteries, do cemetery rise our efficiencies I to Green those to our X margins. We're we time Since Lawn we margins sales mix. same-store acquired on when a the of have And from to we experienced the lower is have basis, From we average it that up time, our bit continue Forest new I to make to averages. have a of were then little performance. the continue made increases to the will at We can margins do through cost Over integrate should alignment Preneed margins impacting hitting in with a had our to improve maintenance the sure be. same-store come and But believe back bit those that sales well. as maintenance where basis, we them businesses work as

Liam Burke

that? decline a per costs? [indiscernible]. able your back you mentioned rates. high kind you funeral X% COVID product average of just you higher customer it from getting out normalizes you to Are margin in Are mentioned as But higher volume any home And Great. also mortality get of the

Carlos Quezada

experienced price end XXXX, Yes. increase, have We're several cost to vendors the with at catch right? increases actually of XXXX. We from began trying throughout up

to And we months, into to of difficult met agreements cost your we to every you costs to making sometimes serve, month that that increase. come to most increases do our it. catch some to perspective don't we and passing we're or families into the sure making then, increase those Since caps put increase it's expectation a and with lose volume, that the once get continue up from to sure prices every X we vendors an while have price able families

there's keeping fine up calls, start to other very the point on getting mentioned you between lose a and a balance we to volume. when As price

find as but sure also to And make to so lose that we where of much trying volume, we is we're price every that single capture point don't as that transaction. we can in inflection

do relates -- want third put very operate data As the states CDC to to in we of XXXX. remarks, quarter X%. That's the to drop is and to XXXX I the shows it the dropped that volume for quarter that what did my the I significant add that a decline, third

dropped only However, in we states same X% in businesses. those their

been that but up just -- not able I mentioned to the And gain market so that states tells just me sustain the rate, share I some and only we make so also same that death have in relate. states that the

Liam Burke

was on funeral the That other home. follow-up my

the shock, have seeing not sticker manage You're to there. balance you and guess, that through presuming I yet, I'm just

Carlos Quezada

That that. is I agree correct. Yes, with

Operator

from And question MKM. Wollam our ROTH next with we'll take J.P.

John-Paul Wollam

Just average couple market you for of questions me. had terms your kind like volume some difference sounds of X% of one, in share. the Maybe about experienced in It that that kind talking relative area. you the taken to just a of the

market I can Or And little that those kind and just of to? what just expand partners made share? share did of us think you -- what operating maybe is are if that gains really a you comment. driving a on give the the that at you curious sense level, bit? what I'm attribute

Carlos Quezada

to that they have We in business. Those built empowers locally that and -- and very many able needed in serve allows build businesses we in our drive when the connections believe to that tremendous relationships to truly They're that over there know, to you were serve decentralized, a were those serve. were able the we a families instances And especially lot we to really make they are been up and families to as preference the managing partner through of relationships do period. be matters that specific community served. not decisions the JP, because COVID-XX, volume where all gained years, able I their that businesses

that you as forward throughout. move is making goodwill, continue significant So we really a if will, difference to

that, to to of online, digital into capture work -- sure presence to home, able and we addition strategies call making if marketing traffic has been be from there that done our In capture questions we make from social regarding the lot that's other that a and funeral our that direct that address team and including media we and keep can, sure family, family, digital mediums. website

And or significant addition the scores and other so believe SAR I we making perspective and mediums to really a do Facebook Google that are in rates from the and impact. review also have

John-Paul Wollam

And Understood. could and we Pricoa the Guardian about talk maybe just then if partnership.

the fully gave it And what that some in Western it's But has been of Western just you stat integrated that curious I in think said the been rolled region quantify think benefit now I in you you there. the can region. was out. if kind

Carlos Quezada

Absolutely.

out, Preneed rolled seller. mentioned and And insurance had and company we we the if had have fragmented lot where previous a companies one or sales when So preneed you consolidated agents one insurance now remember, we of this I we that companies really. condition

and third fully And Carriage the will this integrate portfolio, one so to of finish the year and region West representing the quarter businesses to by on January Eastern is Pricoa, who into across Central this region. for the able quarter started really for our integrate the we're

strategy the funeral going year-over-year mention XXXX. have about this sales prearranged you included region so quarter we And the in Western all basis, the think I'm third for to the the when only of that regions versus where old year a

the funeral so This on of the Preneed region of And million volume. $XX.X have funeral that's increase third sales. sales, the of had year, million with in just $XX.X we we Western pre-arranged last year, XX.X% quarter, pre-arranged change

and the thinking commission year, last the $XXX,XXX from Now is that numbers. Once And we very have finish we we'll or quarter third in considering these once mentioned rate past, we to of I Over perspective, get into a the a these sales agents ramp we continue into at This year-over-year in of that our do time as with a on the fourth leadership continues up all an we in increase Central year-over-year to QX Pricoa GA expect for operate significant especially which businesses perspective, only is That in and this of West we from year, model numbers. our where have XXXX, basis. the and time, $XXX,XXX the really is increase grow a received will improvement have received quarter, the in West over to integrate XXXX. Carriage. we'll commissions, and our XX.X% revenue XX% team. agent general a

John-Paul Wollam

to a flexibility That's cash Kian. and down of reduction kind flow -- some you facility. helpful helpful. think much made in terms kind help last think I squeeze certainly maintenance see if kind that in on terms on just then of else a dollars I could comment And that's we something credit or curious little but in Great. know one give if more it's cash just there flow generation could for and CapEx maybe you the when I'm CapEx in ultimately could I free might you reallocating anything really of forward X of in a About about of look going of just paying a in dollar delevering. of terms not we some basis, us that

L. Granmayeh

Yes, JP.

comes maintenance the the we're in our on then down and it financial But terms field of So a debt. what perspective, in at cost focused we're I'll focused we're when just to We're first to -- take pass I'll paying side. CapEx. from Carlos it, doing over it the crack on

spend Because to these that's that kind need we So so and what's what of I in debt. between we've projects on, debt have. And nature differentiating is and we really in focusing it's as high mentioned, must a grading something rate way is trending our prioritizing variable pay on. around money And of terms X% just down our been rates. that do interest discretionary

here. trying capital just our we're prioritize to allocation So

Carlos Quezada

you sheet, $XX generation. if the from that our And flow, very have what was We we've which cash that forget -- is flow that Green to invested significant. cash the over I'll on of you can't acquisition business add balance look at Lawn, front million

amazing able In we a perspective, managing both been a maintenance. that, on Preneed addition to done has growth From CapEx have and to really, cemetery have because not we do growth work as ends, to really stopped an growth it opportunity good relates job.

we the accelerate have. to we year have amount in continue to have sales new fact, this significant make inventory of put especially In we a enough businesses capital sure to that

a lawn. opened Green garden new at have We

about it emergency, towards make and we manage payments to construction it's If East going and [indiscernible] making very have allocation capital an the that interest Rolling like families at highest already start taken the we of is cash sure allocate know, been From we where decisions in We we've then because, in well. it can, are generating years, capital course, significant of more a rate. as Hills that's Charlotte Lawn something as our of. If maintenance is a are the the now Oakmont, that every served is based you care the conservative invest perspective, cemetery well, in a capital can couple on what over right and that sure the in return. we are Forest businesses same

of to the want or business we that well we quality risk at or so putting without And manage risk make at sure families service. decreasing very very,

Operator

Quezada Carlos turn session. or floor today's remarks. this to for question-and-answer any concludes additional And closing now the I'll

Carlos Quezada

for on we company want to share debt. that today. have I a significant We strong the it. call with to joining very do of you have want tremendous working We're We fundamentals. all thank

as our focus accelerate -- We our free expense. as lower we to paying can into repayment much interest will debt that cash flow and down continue cash

acquisition sales on on Preneed funerals. to continue focus the We'll especially we in an in same-store through We're and a just and pre-arranged from operational on excited basis, growth perspective businesses. you very both the to cemetery about presented performance

We continue to grow.

numbers to put have Thank much, numbers to you talk report very February. we in better board that of continue we you we'll soon. hope the even to some and we'll good to We you these all calls, to on talk really continue and and

Operator

thank for We you your teleconference. Thank you. participation. This does conclude today's

at disconnect may time. You lines this

Carriage Services (CSV) 9 Nov 232023 Q3 Earnings call transcript