ZD - Earnings call 3 2023 | Ziff Davis, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Ziff Davis Third Quarter 2023 Earnings Call. My name is Paul, and I will be the operator assisting you today. [Operator Instructions] On this call will be Vivek Shah, CEO of Ziff Davis; and Bret Richter, Chief Financial Officer of Ziff Davis. I will now turn the call over to Bret Richter, Chief Financial Officer of Ziff Davis. Thank you.

begin. may You

Bret Richter

morning, Conference Good to Ziff the Thank for and QX Investor Call XXXX. Davis you. welcome

As the of the will on you on the the by operator Officer mentioned, copy this the on is I am slides. Bret call. allow today's there Davis, Officer, webcast, right-hand Shah. A When A I is available Executive for of Richter, and am Chief website. available joined which our Vivek presentation you viewer expand Ziff Chief to is presentation side, our launch a Financial button

you of through you If have www.ziffdavis.com. press not website corporate copy received it the access a may at release, our

In time After operator for Q&A. you'll from The able formal regarding webcast asking instruct questions. conducting the this completing at you the a addition, will site. procedure that to presentation, be access the we'll be

to e-mail you questions addition, investor@ziffdavis.com. In can

language. our Before safe the we allow harbor read begin me to prepared remarks,

call statements differ include the As results will to results. you materially webcast risks this would actual that involve and uncertainties anticipated may know, cause the Such from statements. forward-looking and

well and filings, we include, and as in discussions those filings Some filings, the risks that in our SEC well to, recent forward-looking we have uncertainties factors statements the those as but additional disclosed part refer risk our harbor statements. limited you are including filings, to XX-K documents the various of proxy as have of webcast. language risk as XX-Q included as factors slide not that safe We show for X-K regarding

call the over turn Vivek to his me let remarks. for Now

Vivek Shah

everyone. morning, good and Bret, you, Thank

our Most flat our parts is set encouraging quarter positive turning corner of is up improvement X in of consecutive to for We organic solid growth the third Our our XXXX. a in and believe was decline. reflect number mid-single-digit results growth the low quarters business organic after and rate in quarter of notably, business. financial

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popular Group's an monthly continues Our CC claimed U.S. spot be sources top by of in the industry cited iOS Speedtest the most Ookla analysts. to users high app list all-time also having installs in telecom with in reached

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third the a quarters. VPN we in row, grew these and For our in gains revenue the through the coming customer should flow quarter adds, VPN

to Now an let me AI. shift update on

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the X, by and call, As half emissions we target mentioned in our our best setting. Initiative. promotes Science Targets defines science-based in by place, to last X were emission validated and SBTi in our practices have now targets Based reduction XXXX. comprehensive effectively emissions targets Scope cut committing reduction near-term recently And X on

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Bret Richter

Vivek. you, Thank

financial discuss Let's our results.

GAAP our XXXX. both reflects adjusted for release earnings financial QX results Our and

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Turning please to to Slide our X. balance refer sheet,

the QX of of $XXX As XXXX, of short- end and cash $XXX of investments. cash million and long-term million and equivalents had we

both leverage basis. capacity a and leverage also gross on have We significant net

investments which Xyla, recent the increase occurred discussed on as in Our call investment quarter. long-term earnings our second reflects in third our early quarter in

of shares a increased During our million million. approximately nearly the our repurchases stock This cost year-to-date XXX,XXX of for repurchased to shares. quarter, we common X.X stock $XX

to We will have X.X stock be repurchases. program, remaining million regards and with repurchase to our under shares future authorized we opportunistic approximately continue stock

our ratios activity. leverage stock net repurchase reflect recent quarter third Our

were evaluating of that the not any in sense leverage leverage during be did parties the that adjusted X.Xx acquisitions pursue of for XX any in M&A we EBITDA, transaction business. alternatives We at that As environment active and We expectations and we BXB active parties third was our seller current with trailing the may months exploring our and this value year, third a of including X.Xx, was third the shared and time. dialogue buyer to a we determined gross those financial between this path of quarter, the well remain X.Xx very investments. have numerous quarter. net sourcing on to ultimately end gap and narrowing. Earlier the in with Still, transactions not our engaged strategic

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to Going will its forward, we potential. BXB's continue to maximize work align activities and priorities to

Slide XX. to Turning

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their contributed with XXXX negatively flow nearest the flow. Slide for change in flow. Year-to-date certain as Changes in year-to-date free working supplemental GAAP cash to various XXXX working measures impacted when approximately section XXXX free reconciliation cash non-GAAP includes cash our Following XX million. was free in capital to free $XXX are flow compared This capital slides, materials, statements reflects including on the outlook a reconciliation business cash equivalent. that

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Operator

is Evercore. first Khajuria The Shweta today from question Instructions] coming from [Operator

Shweta Khajuria

X, please. one got for for and I've One Vivek Bret.

is remind portfolio? demand incremental you could M&A. quarters the one, of geopolitical to us question environment. you for you from verticals through could And as quarter any issues about a not you about that or could about that first and talk Bret on did the be far on starting -- Vivek please fourth the are the and talked the M&A opportunities October? And thinking a quarter a progressed? change. ad the It saw So see the there's lot then Ziff please then level, like of general seems from Davis the -- the impact so trends you Vivek, war you at think some going high third But then in

Vivek Shah

you, Thank Shweta.

your seeing. start So I'll the question trends with that of we're market some the and around advertising

unpack So think this again, always I by helpful category. to

single the And our about advertising for overall largest so is and business wellness. call. I very in earlier strong XX-plus our reasons the continues outlined to know, health category, be that you And as percent of

we the ad we're market where bullish is that market particular, and very our So near how feel within and positioned assets about pharma where long and in term.

macro been of But has The biggest to view. shopping obviously, shopping answer me shopping I tell vertical, our of season, all-important then hard just is for optimistic. And advertising the us cautiously is which really I an we're with gaming. strength category point on we're to we the some much holding holiday an season, some where from think now going which And the but which Offers.com, largest holiday area nicely. have the next recovery. of what it's properties, up but smaller the retail And gaming it's had issues second in again, not not, again, really see It's think of we're vertical our we've we is challenges there. focused really this are really and

continue feeling So to say of I narrowing them. challenge. to in, we I good we're us a category the from the X through go uncommon largely decline a as going problem is, it's that's main that concentrations the and from be QX, headwind. as that who in media think advertising. large we said as is X narrow continues said, but categories, players and would of I anticipate I've But mid- of view The to view have be in tech And tech for a to of I Bret? into it high-teens, reasonably year point cyclical. It other sort past, as the categories we're not QX. about to It a of advertising

Bret Richter

for question, the Thanks Shweta.

I think I'd X answer ways. it in

which I sort of liquidity think we think and our and growth they're platforms of for concentration nearly when dynamics. we're performing in markets which is, been specific with is is of I've be to health company, years, the and has to continue which of company segments. about our the first looking the the our macro all been X in M&A our at connectivity across have deploy, and the -- resources recognizing that X X way been view, investable M&A the actually Since and wellness, strongest the to and

So where our we customers acquisitions overall our CellRebel picked business, portfolio business. Diary for summer, out our acquisitions including several done new we Emma's our for round our and and proposition make in It!, Lose could like look to last the health U.K. capabilities up at data stronger. We've in connectivity

our And vertical customer start cyber and done platform our Genie, look our M&A, market play was our we similarly, stability you we was we haven't for business, that those XXXX, for back if serve businesses. weakened Map to are turn strengths because X continue also the as has we've we that and there through degree, fortified help and in there M&A. and acquisitions of opportunities tech that an platform look extends surprisingly, of supplemented saw strong and our protect, our opportunities we see in which platform businesses ability to But can in to further IGN to in our some a supplement a in at acquisitions to market gaming game we've lot and to there the with base. But believe which So incredible and X opportunity our there growth. to businesses, that, find martech its obviously, [indiscernible] vertical. we current like

deals. by So while the how word, we current a know do I'll frustrated environment we're immediately, degree, the use to these to

patients I our ultimately are just going that for of our be before continues and pipeline we robust, to a it's time transactions. start we rewarded be to think matter and closing

Shweta Khajuria

from business? impact any on the see you the did war Israel Vivek, advertising

Vivek Shah

no. No, no,

Operator

next The from Ross Sandler Barclays. is from question coming

Ross Sandler

what's to the lapping market, just say, how about that Vivek, the guidance talking maybe but to next we're the be now next X guys market Offers.com let's premium the grows advertising for that or it's about issue for framework below be above early you questions. I know can X% display for year, ad grow this the year, or the issue below your kind tech year. equation above business and of thinking

Everyday do second that? And guys within thoughts kind in Health and question have how that of then kind is there? other those how to infuse websites. improve like chatbots think So interface AI is, of any RetailMeNot user service AI might looked Any the the or see opportunity or services you you we at embedded about

Vivek Shah

Ross. you, Thank

say as us. it's XXXX. is that But view QX what I I you're let with Obviously, an So will me right, point do for early. start inflection

quarters a in to X up. reminder, segment organically I organic actually mid-single-digit Digital a of in consecutive flat mean, but as Media QX, Just low- decline as organically company had we've the

sign, XXXX. very going an positive where to a things I that's are and think I we of think indication for think So go

also us growth the the rightly a from comps that out comps -- perspective point are year-over-year benefit You next year. should

has So been the is I part the advertising problematic, tech that. we're looking most narrowing. that piece, as for is said, which the of And equation

balance an a all about better grow be But point we at than what feel So health. to I'll from of performance reasons, point that, a marketing. or that then is has reasonably those market view. XX% think have again, say of business market. We bullish we display is even our taken and also display not And our ability fairly about view, display business remember, from for our overall between also to category of

display it So charge as the part performance the Remember, actually we performance. of kind business is why largest I the that delineation display our that category the is part it display, of view we it of the make and call between -- actually Is our isn't on delineation do delineation. display serve -- clicks, we mean we performative the pricing ad or It bounties. performance-driven. is between actions performance. company it on a and display in or is charging doesn't that That and

So we look, feel about that. I good overall, think

On the AI question, absolutely.

So a in user strategically, to is infused my more company what's in and own AI the if interfaces. opinion content. improve it's way than really And just

content as a you'll what RetailMeNot savings a -- here the with information, is described sorry, coupon within that here like customers things in complicated equation, AI and -- software you way. of cash improvements I Health, Everyday within really, VIPRE, consumers in software here, better and Campaigner a like make a UI or accessing of our where UI IGN for also sale or I businesses game stacking on then think, engage Pro, guides, even the side on find code will Moz as and at product medical take So sure. But different using kind and described I back complicated sale

asked them about across about but list few long aligned in it. So We company. I a of the a there you with am the very are remarks, on just of what prepared talked bullish activities

Operator

is The Patil from from coming question next Shyam SIG.

Shyam Patil

questions. of couple a had I

think, ecosystem. slated First next year to I Google's with, deprecation start one, cookie

is seen you how of it it expect just if in year, for to seasonality think talk it maybe you -- how what Just are thinking Do we've revenue you And for you loaded? preparing more you then next industry terms 'XX? this like year. and So similar to about -- about kind prepared the when and next be back-end expect of how the be seasonality, to in for revenue you're you it? can

Vivek Shah

people of what on you're Shyam, to of of respect again, placement then collection inform cookies that outside not where our doesn't or with the do. to remember, our third-party properties. we model really properties. sense cookies cooked target your lot or is And rely advertising the makes advertising involve on to a so deprecation, of using that's That

advertising relevance. properties, use our refine advertising contextual on function So own do data on we to place it's context. data further When our is a the targeting our We based of set. own

e-mail, job information of around I at database we've an within done our database impact sense, users, cookie in marketing, databases is of that its start on remember, footing really of that all well, happening the it property that users, about addresses. be what which regain effect the and e-mail a do. What for an company in on We in this to on of that, think directly very whether currency what's has of marketplace those you when and one and building can contextual of other none or So identity may of on good to things everyone it's could inbox you think a does, and what that have in variety actually in an -- we with else it the targeting in deprecation ways is, value think impact our that's effect ad exceptionally market. to us. only property. Having then e-mail it's happens, platforms. And good overall If our larger one activity clicks, it as customers, about performance is the bounty-based used the leads, probably from is another reach or a the driving our said have persistent, conversions,

within we're deprecation the do just don't -- marketers, idea our it think the So it I same issue the time, with we database at in not but us, look, mindset, want is affect doesn't we I you cookie that to closed are, ecosystem. leave

quarters, around about. question quarters talk is too if early the to about, are to probably On really too early talk XXXX

is to known seasonality And quarter into another a seasonality. probably get the But so look, wait really that.

to You QX heavy. QX are always the know between. is be always quarter, lightest going and is quarters our in it. of middle kind

it's again, too. that, I so resemble to And going think,

Operator

question JPMorgan. Cory from Carpenter from is next The coming

Cory Carpenter

AI prompting on dig AI. to I as more keywords into I little XX% on the response had call. a X wanted you mentioned the

questions I so think X -- here.

First, were or second, not experience what there? which your of terms And Davis or low? if it being uniquely you portfolio or in verticals in curious XX% you your any properties Is learnings industry? consistent across broadly to the and then the is were just perhaps directed of learned Ziff AI or directed curious think this level being

Vivek Shah

Cory. Yes, great questions,

I And very glad interesting so you asked a to it be because analysis. this I'm and find think about did

the analysis So but Bing generative how by okay, prevalence AI analysis we respect somewhat think And often for SERP, into we the us? in at-scale but by dig search versus this non-AI. say, to wanted well, continued was, only quarter. the that said, remember, that's often the the matter infused And deeper product and engine I it's levels marketplace, well. surprised last the to and then going is really quarter, at the were keywords search how in way, page, incidence is it it low the with going actually the us. to is how And of result is that

is, is, categories properties. other to we Google we and see the by next, probably, way, done did also is The yet. could haven't analysis because that SGE. you're asking, that other keyword Google in what and from dissimilar to which the we And this Cory Now that next

search the well, is non-generative generative component that and search are also It's there Google, of there were expected clicks And question. is Bing search the actually the that incidence an component, we're AI should non-generative at and difference somewhat between and I were that's generative and at, page? lower us, found which with interesting the least So analyze a out we component, But consistent was to higher. interesting. But something getting respect then levels looked differences in when than we understand.

on in experiences actually Google separate It's think in default surprising I consistent do the way, And again, I'm so own can piece past, We you rate. from me SGE observations, be Google. but click-through would because the days. to say, based SGE, accretive by say, generative reporting this from natural might not to in my saying on or couldn't the so the senses huh, cannot I some well, early you Google Google

of not I to experience, data I've Bing area we to and through we're which really thinking look, really minds bring going is X a But this it about. I've real we unpack which analysis. to SEO leading this the I own and to to it's right? the investors, think-tank, thing And overly all they I'll that not lot it's say think said and that with on know to before, do described. accommodate that all can Moz, is the I we are is experience. can this, entirely on this. So authority last continue and come, You because a more everything of why want attribute obviously, really think we're on I'm just is -- confirm that overdone. And essentially to are marketplace Bing, attempting say and concerns the this, hear simplistic around to I of the

always So that's bookings -- kind have SEO another and internally of data valuable. our or an inside of that's that's we point company, institution something

Operator

Arounian Ygal from from The is next Citi. coming question

Unknown Analyst

This is ], [ for Yigal. Max on

more in investing the mentioned initiatives next head growth year. for and you count Just

maybe it's growth is in, X the expanding you're maybe into could aspect where first and then the partnership year? walk what And going it for like can -- business hiring the sounds see only just on the initiatives -- investing in you're -- then So you -- us just it that and Xyla, next share where you connectivity, thing you through, but where going on do at well, health next partnership the year? wellness

Bret Richter

Thanks for the question, Max.

is what making count our point sacrosanct we're view marginal about macro view is a point where spending our that year margin on think uncertain businesses. we as but that certain don't for profitability bit and not an of an of quarter-to-quarter, I environment, we macro been improving deliver head did our of XXXX the has and last navigate to and that as we have

we I saw think of growth a throughout opportunity a pockets to is in we flat, to And turning brought Vivek we where in or as strong. our noted, we back the milestone to and QX, XXXX leaning organic year, businesses are as spent. point degree finish

are the that we about health talked growing, to some product the this about of although our tied is businesses And that marketplace, year. growing, in in growing. of strength spending concentrated pockets talked gaming, We connectivity

we reins pursue. are opportunity on loosening where believe to business the So there's the we

need of We find complete As we we'll to we constantly opportunity. across dynamic areas talent that wherever continue that -- time, some but XXXX, place We'll see it's really And have pullback more business. business from to to then in in. of talent. time lean the

Vivek Shah

wellness, a which And businesses real helpful very Max, that order, in with a been to as just We're set, are perspective, respect across health. And year, on or we'll launching out are the health we launched health picked us you very With careful part up products. and us got various has of to Xyla things to for the in happy do your next question all helping a careful is They've obviously, We're be of across on concrete know Xyla. start AI. is skill we I'm hopeful and and really the of in exciting. whatever executive seen happening. you've been nothing's that a capabilities space point, early set entire on the partner rolling company, respect the have really yet. which

thoughtful we think, I space. awfully to We're front measured have this we deliberate. but be edge be So to the certainly, careful this want and of on in

Operator

The from question from is Madhukar UBS. Kunal next coming

Unknown Analyst

for on Kunal from A UBS. of as This couple from well. is questions me Jason

capital on is one first The allocation.

long-term you And than engaged any do on apart the have are a at understand And the guys attractive what been perspective, mid-single X return verticals around the hear you do that more the long-term would year-to-date. for turning to to say, main focusing you guys next see in seem where to the I given in organically opportunities from your on X in well? you allocate stock also moment So consistently the capital, your to guys M&A the pretty to priority about as You back guys I'm expect curious months? opportunity you to capital allocation imminent buying in that grow most But as highlight potentially from -- drivers real the you outlook, growth. as M&A? business digit which

Bret Richter

question. the I message and allocation, to believe which has to Jason, Welcome pillars: maintain thanks healthy to continue very, hope, for been on -- we don't first consistent. call. achieve. sheet, balance capital foremost, continue I very Four our the and I

X back of amount The capital investable tremendous a capital strategies of and and liquidity are our flexibility in our and M&A have balance areas shareholder built capital sheet allocation allocate business, balance health. We we are that on the sheet returns. to the

prior needs thoughtful that giving capital its the allocation. believe For the We're we're we business the opportunities. pursue to about capital question, it

goes. spent a that of within opportunities. to that But walls like they where And our You that about that bit year. need their we how talked about little we give judicious we're but businesses X some of capital institutions money capital to debates how this believe can was about imagine thoughtful we the growth pursue

that shareholder we've close X -- this been returns debt the transactions million back in known buybacks. then supplement last we within and if years, M&A. X.X back prioritizing this our bought securities. So shares. also back through particularly year, done this leaves we stock buybacks over with That's dialogue to that bought -- environment. stock you certain And capital primarily challenging But M&A It's look a returns, almost group. that We're we've

gap It's change. we think mix the overall It for don't deployed appropriate forward, We're that but expectations dynamics deals, Again, ambition as M&A. see seller and with the is capital buybacks and and certainly beyond for we we The think ambition, will the So those have close our announce an buyer I rewarded mix. change. between in an expectation. may have through more to capital, pipeline. our the patients, we'll we move stock as dialogues. supplement we'll it's The

Operator

Jaluria The next question from coming RBC. Rishi is from

Rishi Jaluria

to myself X. wanted to deeper into bit dig keep little I'll a I MozCon.

talk momentum say getting and the And market with within bit because a a maybe was up of because Gen the seeing data and misnumber with continue I bit I some about think usage completely opportunity I of enterprise replace the MozCon expand recently true. the Moz AI to impressed as opportunity the answers on and you're was is One generative that you're there well when to of traction not your there a you to I little of got kind at But brought know move Gen bit there. Can up AI. both really that you a SEO, little there? little absolutely that's going with opportunity kind AI of Moz as is you Moz and to

Vivek Shah

our attend you ones -- and power different and sometimes I'm say events. live, I'll MozCon, in give I you, to you've really energy know brands sense glad. Thank appreciate and which of their taken we Rishi, different and multiple the have of across do some we a again, time and seeing

I witnessing attention and is I So What be helpful us, interesting interested opportunities. very that questions Moz with think themselves, ever will of puts generative AI generated, come out if reach there. space that to can should because and think think the I anyone's say has I we all they in actually and a change

space, other this others good will space, a in players so think benefit. there I are few Moz really this all and in and And

I'll marketing phenomenon. What there's are portfolio entities, to assets I extract say buying and really powerful Moz to our rising media of think is set you're we're a broader a also be So basically e-mail those. think of lot content tide martech we I really of where tools all of going about say the traffic and using traffic. software this Because a we excited paid look, e-mail, means say that and SEO, versus

SMBs media" to You you And you and the to paid get right? enterprises, so into the want before first get to "earned before for you even do second, get media. want

it is both Moz is Group entity media thing for us then earned media. And earned And but an a last we the think business so say just I'll driving that that, unique the really opportunity is Moz because has internal that's a resource Moz that's social, whether around focused us. company is earned becomes media strategic that an a we e-mail, media, earned whether is resource for us search, and always in as that's it ways a on drive whether for can which and

it interesting, kind that of I kind thesis. of underwriting say of it's will So was our and part

to was thesis to have scientists, is would Moz this good acquisition Our on be side. have frankly, in-house our the

Operator

CJS And coming is Securities. from Tanwanteng question the next Jon from

Jonathan Tanwanteng

AI that ratio by upside search XX% ones follow-up were get X search the And AI-enabled a quick to was? to clarification upgraded? is Or already that. out to that you there's low I and a more Vivek, after a ratio imply to is then capacity the kind and going that -- more the how just better just does more just of AI that wanted has issue and rolled you on choosing that experience is with? more start as return that terms are surprised

Vivek Shah

-- think I Jon. say, what here's I'd

experience, actually my all -- it and the it queries come click-through own not generate that But does, Like rate. in thought up it result. AI AI, when higher Gen a an the has remember, hasn't. AI would I So right, more queries -- it

sure. I'm higher is It is good versus How than on -- the one and is bad, is just click-through in than less That's AI this Not of I positive versus So is fact one what one the it rate negative. set. entirely the is one is? thought is not it AI rate Why none. is it is? incidence

own to verify our our and and scientific around This trying we're have is theories. own causation We understand honestly, using method correlation.

inject I AI the not that's if -- it's early I not every search So operators and productive it's what and to I to careful I are very going something days. more they're better will time say what think think is make that seen. probably guess just

bank spending success coming and our to down. was the this. they wondering, properties In at not? it of context. sense metric? What we rates to with does go with where injection time of click-throughs it of present of fact, our success a looked answer? search lot Is at are I'm got have click I All the don't would the better? it this data earlier, actually operators does were it perspective sure say success a in Is thinking where higher. is it metric a of through to that AI a that based some scale non-click give the all right analysis, a if sure this, they Where have just because wanted but on are metric? looking I'm we we the and

Jonathan Tanwanteng

the then by to color. over momentum ask Or in it your is be time? net too And pharma second, GLP-X to you're your to view? that just And is other much is risk of disintermediated or a positive seeing related negative second, net was to these I there drugs Okay. about for weight-loss how And Great. wanted That's businesses. new tell? I great a wondering that drugs? early there is

Vivek Shah

Yes.

category I going customers. look, think a for GLP-X for competition interesting amount significant is to think there So of one, opportunity ways: the us it's an I now in unleash as X is spend

us. for weight GLP-Xs? that think companion reason only have important loss And that's the business. It! to to want is for I good And Lose then going But I what to So bad drive actually these knock-on you believe be going also to that it's nutrition our effects. is is happen an different don't for nutrition,

like and and the to can rebound of a weight I others nutrition ensure a have prescription think it if off you lot Lose because and a an momentum using In very It! GLP-X, GLP-X to ongoing you get quickly. app there's around attaching management fact,

If things happen. it, change and behavior you can good then have

And piece so it, too. an adherence to there's

is is, answer counterintuitive, might actually So well. pharma it's well, you by And also which do think you actually GLP-X? the And I seen a -- It! have when seem yes. need it it Lose as a that's even the industry

approval. the ways new new -- from was FDA So I think one to their which benefit some going there's interesting and we're in today, a got therapies

be this a think actually good opportunity I So for is to us. going

Operator

call time. now the closing Richter There Bret at questions to were for no this to in like hand I back remarks. queue would other

Bret Richter

you all conferences. QX Great. And are continue joining great XXXX through us, We'll and of couple of the Paul. some call. next Thanks Thank in of you participate for course, ones announced very upcoming our to earnings and continue day. as a winter, on website. appreciate We our the months for participation. our work us today joining And to of inform we we you we'll much, have

Operator

today's This you. conclude Thank conference. does

for You wonderful time may you at participation. and your lines this Thank have your day. a disconnect

Ziff Davis (ZD) 9 Nov 232023 Q3 Earnings call transcript