MTOR - Earnings call transcript Q1 2022

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Operator

Good day and thank you for standing by. Welcome to the Q1, 2022 Meritor Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. advised conference be being Please Instructions] that is today’s recorded. [Operator Relations. to I Chirillo, conference Investor would Instructions] hand Senior now of Todd [Operator speaker, like the your over Director to Please go ahead.

Todd Chirillo

Call. and Thank GG. Meritor’s XXXX Good everyone, you, welcome morning, First to Quarter Earnings

call call, we’re accompanying Villavarayan, to Inc. and consider We not morning. On written and recording. refer available our meritor.com. today’s law conference which property Carl express call recording, today, of President; consent Meritor. Financial Chief to may have this President It’s international your of in is content Meritor, We’ll this continued Vice are and The be the Senior and we the of U.S. rebroadcast our participation without protected the to Officer. and Chris by consent your the CEO Anderson, The copyright discussion slides slides be at

Securities of discussion contain the forward-looking statements as in defined Act Litigation Private Our Reform may XXXX.

you for any reconciliation non-GAAP our in our to extent on GAAP to results. refer Let affect slides me you’ll website. find we call, Slide our To could the complete now a disclosure measures the that X to refer the risks of the more in

over call I’ll turn Chris. Now the to

Chris Villavarayan

to Good an morning. walking look Carl and excellent I forward through you first quarter.

I exceptional begin, Meritor and customers. our team want the I to thank work Before to for their dedication hard

and earnings than of markets. Adjusted an X. our $X.XX, most to through in slide stronger per we quarter pleased global financial ability share sales are to well more the turn EBITDA was Overall, start year. manage business set good end a a higher off was let’s the for on factors of We by year-over-year. and our to demand Now, driven are margin with XX% adjusted in our XX.X% increase challenging of the performance demonstrated

suppliers prolonged We’re supply managing freight historically and labor chain material a constraint working customers with high offset our costs shortage. closely to and and while

fourth that $XXX represents transformed these are expanding above today. with since we additional M in dollar outlook have of in introduced growing further through include fiscal confident plans expect that in introduction $XXX Meritor margins cash and these navigating adjusted targets year. and share than our generating to almost one we’re from by our XX% year while free to reaffirming have revenue of increase we MXXXX million the the by electrification $X fiscal plan, execution increased company December, MXXXX In earnings and per headwinds We’re XXXX million flow. EPS coming full half market, more aggressive MXXXX, this an

We have Awards, also finalizing expanded by adjusted announced first at quarter of in of which Business XXX had basis We successful very some we terms EBITDA Investor Day. margin points. a New

Let of recap these. significance briefly me the

Meritor’s XXXX. Bus Thomas with for plan exclusive for electric SOP have Built agreement We with an powertrain

fifth With on-highway we electrification the excited core year to In We Peterbilt Daimler new in Kenworth Actros. increase supply we’re relationship With electrification full Refuse and our adopting in expected expand for the Daimler part supply rear Trucks, trucks. platform one for that agreement row makes in two axles agreement, collaborations applications significantly prototype new a five the China. cell accelerate to infrastructure we powertrain our PACCAR school meaningful three with our and fuel and This with North large quarter opportunity and announced bus represents Hexagon electric to electric this near presence with segments due to market term be for of multiyear added America. and bill, our term a with the journey the a the And Electra. in customers, different sweeper agreement this quarter hydrogen fastest two solutions electric long to extended wins. tractors for have will business, our road we

at We a with Wabash business $XXX first our is one largest customers. five valued is of our than also and year This agreement win have more new with trailer million.

see our growing is on measure our of can true awards Meritor the integration You on our powertrain. number slide believe value industry. in and We X of the electrification itself is electric customers that differentiating place capabilities the

In for I electrification electrification X important more want points all forecast three since make into revenue to focus than brings announced December. with increased slide. has fiscal this fact, to-date. XX% our XXXX our by Slide programs

rate the the these medium-duty heavy First, on in half that our faster for production we all than will which is us. programs of on side, adoption segment, growth this expected with in volumes are accelerated programs anticipate grow

in on Second, with we’re OEMs remainder the helping promising to standard contracts, finally, drive innovation Escondido, forward cleaner to look startups. a eight slide our complex emphasize three to customers importance production have of exclusive we more or large California. On X, And the world. We at and position either doing work I all programs. we’re these want with the

can inherent we a electric technical vehicle operation offer vehicle expertise the turnkey this With solution. in complete

addition powertrain, the the provide Meritor In can or accessory controls power to subsystem. and electric PCAS

us of XXXX. since in ownership we vehicle of taking experience that a TransPower in acquisition gave Our controls wealth strengthened have

to for our system. production powertrain electric electric ready be and full proud We’re the

an commercial is decade. We’re us. in Meritor capabilities confident exciting vehicles the our This for transform in important next will and over incredibly as time role play the

turn it I’ll to Now, over Carl.

Carl Anderson

results today’s Overall, the MXXXX begin On our review first adjusted was EBITDA call, year final outlook earnings and excellent and and per margin performance year delivered our morning. we financial to plan. Adjusted quarter good of fiscal XX.X% Chris share for was financial Thanks, XXXX. $X.XX. I’ll

orders revenue up net on the from remain globe. increase expense, was million, year. prior production increased $XX sales offset costs. The was million partially and fuel slide by $XX elevated driven operations was lower million around our from income $XXX income volumes Net as Higher the of XX% to continuing last truck driven year. review by net compared higher in by most came markets let’s Now details X. Overall, results the at in financial interest

tax carrier Brazil, liability onetime million venture to this asbestos EBITDA a a EBITDA relating our last related in an primarily an joint a a quarter. $XXX from million, credit. from of benefited comparative also was recognize was settlement adjusted On year from last in recall you We gain will $X to million value basis, driven $X with insurance we added growth our year. by $XX The increase million Adjusted compared year. cash anticipated an levels The throughout use generated net for decrease higher year. with we $X.XX flow to higher Adjusted diluted production environment in the And sales offset built finally, quarter $X.XX, support volumes line million last inventory of last to partially free was was earnings steel as $XX up by year. our expectations share costs. $XX per cash was of the strong the from million

year. compensation incentive higher Additionally, were this payments

truck the Now of $X by margin production year basis fuel I for Higher offset $XX were to increase most EBITDA same the last global in was will higher slight XX first million EBITDA commercial EBITDA. truck net in points adjusted was by market. compared Segment period a year-over-year. an quarter for from discuss million, our to year. partially truck up commercial Segment was costs $XXX year. increase a decrease million, up X.X% adjusted driven nearly Sales segment from drove results last adjusted The ago. sales XX%

million sales from net XXXX, XX.X%. points actions revenue. primary impacted was to of Aftermarket fiscal the footprint the margin compared last first conversion. million the of the Segment $X up However, year sale Pricing driver increased margin improvement adjusted sales in basis implemented primarily margin lower quarter in last and of EBITDA executed to initiatives XX segment as EBITDA EBITDA prior in after year. increase million The industrial was the costs adjusted adjusted to $XX $X driven an year. year $XXX segment optimization million, first was the expansion in were EBITDA was the over quarter the

Now global production review let’s slide outlook on X. our

at As XXX,XXX market demand strong the across North we the is of saw full production. American a X trucks last year quarter backlog estimated our In nearly markets. representing remained industry approximately Class

While the monitoring signs supply we closely to some in see are beginning stabilization. chain, of we are global constraints

to year. progress expecting are as We improve chains supply throughout the to we continue

seeing not our maintaining global change a we view. Therefore, significant As from forecast we production a markets. November result, our all for are are

X results we on reaffirming the for XXXX Based year turn are guidance an to update outlook. fiscal quarter the XXXX slide across our of year rest fiscal for year Let’s our expectations first and metrics. to all our our of

range billion $X.X We $X.X unchanged expect to a in of based on our be global to revenue billion market assumptions.

our between Additionally, remains XX.X% for adjusted margin to expectations EBITDA XX.X%.

help We steel, continue for pricing labor to cost actions plan pressures. and freight to mitigate

to unchanged be $XXX fully remain finally, $X.XX. through to guidance of is progress Adjusted as our diluted range more realized with a these continuing expect projected operations $XXX share per And we flow of million to also $X.XX from range recoveries earnings a the million. cash in free We year.

of Our focused first plan great final foundation executing on quarter MXXXX. MXXXX. a remain for provide results successful simultaneously We while for this a gearing up year

the plan, approach the of start we new with The forging a is coming of road industry. commercial the As ahead vehicle electrification path we this blue. are

will we your Now take questions.

Operator

Sherif first Bank of from of the comes Our El-Sabbahy line from Instructions] [Operator America. question

now Your line is open.

Sherif El-Sabbahy

a So great first quarter. off, congratulations,

headwinds commercial the margins, saw some truck quarter On steel. the first from

to Looking at that then similar to incremental headwinds cadence out of correct? year? $XX EBITDA. million how quarter you around quarter And $XX million the would those throughout Is to the the playing see data headwind suggests deals

CarlAnderson

to start with steel year. in a But for $XX majority based look of the the that starts we’re really decline million $XX half, think we’ll And this to as be that the to quarter actually affecting steel then the we for we commercial Yes, segment. that will a in headwind in second the seeing get thanks next close the about the the Yes, continue second quarter. step believe, we headwind for do for we line seeing truck trend entire Sherif. half. And prices will the really steel big we second off that forward, was of us look probably net impact as as forward be vast rest the of million

Sherif El-Sabbahy

semis last then normalize And visibility. difficult shutdowns quarter, expected you first quarter sense. limited to a mentioned sporadic the very that it and And quarter. the from Makes you with in was

of have those you visibility better do based their rates? normalization of you a line have So lingering and on shortages setting seen OEM sort

Carl Anderson

I’ll take that Sharif, Yes, one.

see this you I let’s understand a chain on QX an it’s time And For their we QX, probably improve. continuing we to your the demand, customers. do has point, a from chip ability to and getting or far over with at do see it our standpoint, chain call to this supply certainly from more forecast better. supply their early and comfortable to QX we sure, from do say, Customers And And both more chips declare to improved victory. but But resolved. certainly, not see I get we’re improvement, too also from QX see mean, think that’s point based as stabilization. more to where seeing supply would I

PACCAR’s system. offline As number also and starting you the see announcement, to get can more in with taking of obviously they’re trucks, the chips

but we probably So to again, early improving too declare that victory. do see

Sherif El-Sabbahy

final one that expansion evening. and that being long with evolves? is that the regards the How as software relationship you Are partnership just relationship and that PACCAR EV integration longer And with one, it’s And how last how you partnership to a lasts? adoption of multiyear. then, sticky the do long multi, see disclosing I expands know, term aspect announced you

Chris Villavarayan

Well, that question to Sherif. Thanks. great talk I’d a That’s love to.

put releasing and that to day and we two to announced, components about perspective, it trucks X,XXX of we’re in But between XXXX. that’s in cab, six the put it’s just the power somewhere terms perspective in across the where the just across XXXX to waste the on relationship platforms through platforms So electronics. it

that and of production between So all into production battery part December. obviously to XX,XXX And PCAS, ties we well the software management brought the the in system, XX ePowertrain, integral was obviously it’s this total validation so the we also months the in XX the how the as between complex and months, truck, process gone system, that. integration teams, their was through a put the and PACCAR of an saw working period battery parts that powertrain, that, and in two as PCAS, to but that’s with

of that seen to proposition. with value the truly an brought value Meritor provided and a the it’s we’ve marketplace certainly, the them, validation as extension, they’ve and So the of

So we’re proud of it. very

Sherif El-Sabbahy

I’ll along. Thanks, it pass

Operator

Markets. RBC [Operator Instructions] Spak question Joseph comes Our line a of Capital next from from

is line open. Your now

Joseph Spak

guess people electrification including what system on curious more is a picture I’m today my highlighted bigger ability guess spend cases, need there’s is, and design to go going the of those say, how, limited how because really talking individuals here. to about a your first other industries. right there I think the with much some markets on I attract to and made end Thanks. software system like and we skill back about you’re is, features, in capital on against, full electrification, think competing the clearly and to some set I of I If question your design hire sort cases, of that I side. you’re you’re to is markets set, in if other for even point the design and getting cases your etc, people in full some system, just additional customers

execute maybe could how the plan? ability and and that a people to to right just on related that to So you that get talk cost over the you coming of see bit you about the also little to, years sort need your

Chris Villavarayan

of space the half the space. eight is is, we at probably them have I the probably our probably believe start contracts, good half the duty them good X, the to in off look certainly that from fact a have if slide building heavy is Joe, coming this blocks a we starting Well, place. think from point production of that that coming and medium customer perspective and It on right

spaces. then slide through walks the those that that going on X So what do across did slide that slide we following to both

let walk So me system. you a on through full take minute and the

market segments the we full that the the space we in capital approaching three system, this. talked meeting, on a So were talked did as we across

blocks also PACCAR it to TransPower. when we that give as as to customers heavy, us test but it core product, building to think with our which such We about drive only is the work So acquired access we not done as to able And Meritor, as seems to invested number do used that. that we bring the in it’s system and supported to to for folks have us. been Detroit we working that production. put Escondido and in well it already the us place And in have for to have certainly in that, certainly of to

that believe the right I block building side, that to that. on So approach go we have

On focused the help with with announcements the BAE we more you space, as made if And full help with C-Electric us transit space. to duty system announcements powertrain. space on and transit medium the we we notice, on the made us to the

blocks. believe point, evolves, working Danfoss, work internally this inverter with And the external is again, then well obviously building motors. system. M&A. we strong from to on how this as of a announced which we the we as motors scales will has on building on XX want right we approach on system And capability with that’s some we’re certainly are of right believe as which that e-powertrain, obviously again, that capability validation So we across as we side on at believe wins we continue the customers, well But customers with all have as full getting look parties. have how to working this the that wins We’ve of focused our because and blocks we the at have putting who based on the them. more the we partner our inverters. We And

Joseph Spak

incremental maybe software the seems it has But those seems of saying talent before into because just some And blocks there to return of I the in or But of the to to to costly? could a go how not it building basis, like some come business. to more sort that there’s they proving starting I’m on that. like, cost forward try cost you not in especially on like, of of that be sort get an your like return? retaining about is those building those guess the be blocks get sort Or for do think a that building

Chris Villavarayan

being it, been that we that talent, pick in is of parts. split of And question into talent. what’s finding in terms talent returning talent terms retaining and on of the in Joe. part and answer maybe can I’ll the have I’ll the of it finding maybe finding Detroit, in the talent up up certainly the and Carl but certainly successful the cost

folks. Our acquire us gave certainly a with how we baseline approach TransPower of

And build to that. so off we were able

finding have with So don’t to people. struggled point, to we seem this

continue terms doesn’t struggles CTO, and in be we fact, to seem to just And yet, add but In costs. of having this talking my certainly in he area. to this grow

Carl Anderson

Yes, at we doing substantially an expense forward as I are look Joe that think pivoting in quite rate some I and perspective, electrification. the other running But planning we’re assumption business our day are XX%, increasing into probably we been. what has and looking we’re costs the support if close are looking we what from strategy from we the the on traditional mentioned companies, of how that R&D at to run current our

I So MXXXX. we as all look embedded our planning assumptions to the think drive in it’s

that that costs products also doing relates a absolutely as you’re some So traditional be cost we’re but to well. on increase right, lot there, all you’ll where the we’ll as doing we’re see reducing the efforts our of

Joseph Spak

more term, of of for you outflows steel We’ve least and Carl update at terms the in near in But and Can of deals highs for business. know year? can Thanks I costs here. sort both off be lags of sort sort balance sort of on the us then directions the I recoveries come of spots obviously your seen guess. there just

sort of and moved So maybe sort probably recoveries cost your seems about of spot of but thinking I the it change you year? balance prior. of how has the you for are steel versus guidance, still sort like didn’t know,

Carl Anderson

It has.

still a as lag I from us a were coming significant perspective, for. earlier. decline would perspective throughout what So originally spot steel obviously, lower see November. I we bit in where referenced when last than were to I say little we originally that quarter for prices the I they a forecast today, is steel year think planning have headwind But a planning in are this from we spoke

that also quarter, We year. of the then happen get to start the of half seeing our second of you’ll that we as kind expect kind fiscal second and normalize, in into

Joseph Spak

more back be like a year-over-year in positive the by the kind neutral like of back To half? half or

Carl Anderson

be, positive lag come months. somewhere depending kind three of our into where to, depending It before, prices to contracts could year-over-year a get. as could most of on referenced it on turn that the effect, you spot six it it’s does and There’s

that So this at point. But would yes, be depends. our it expectation

Operator

Thank you.

comes question next Stifel. Bruce line Our of from from the Chan

line is Your now open.

Bruce Chan

Don’t blanket commentary remind couch us results. you for order brief some of you really the think today. on into wet I’m you really maybe congrats sensitivities just can what can sure in and And if deposits on picture give kinds morning of if the are margins want but us that’s the cancellations just feel the contract to wondering you to Good cancellations. plan? cancellation. or any you’ve built risk of But here, penalties about maybe that MXXXX and do earnings that how when there not

Chris Villavarayan

ever still and back is you challenges, and almost to was had I on spike, regions which is Bruce, sit obviously saw to about in the incredibly highest we XXXX you’re which for about X. market look when preparing way. go So it, strong the this on that cancellations current we bit mean market, seen and backlog, trucks we it’s, of we look X% you were wrong the maybe here going a at I think the back second Class we’ve let’s when in the December if it but November XXX,XXX demand XXXX, call I But little at a wonder to referring or honestly year there. a I got out

you at North is ACT from XX being saw India of coming South recession. at their between almost look XXX back the go forecast you If at in wrong I you between were when had going another XXX,XXX and our XXXX/XXXX America, back trucks bouncing XXX out running months FDR, you way. America America In We got XXXX, XXX, somewhere yet XXX we timeframe. from XXX. if to got So point, to up But the still weakest. the South in of backlog. they’re this kind at look And the India midpoint

is enormous So I once the to and we more figured story. supply silver say I see chain some there’s resolve see demand would lining do we how out demand constraints the of of a

the because to some forward, going just months. six think was next anything of OEs board, adjusting get refloating order cancellations well they just frankly the of I fleets as can’t their in three elements as the

Bruce Chan

we helpful. Now as bit the that’s later is the a bit very into looking obviously, different. a little little diversified. more portfolio And plan It’s get

sure So early if But some maybe towards you this give revenue commentary in the your I that end on backlog. and maybe commentary. EV can not missed I’m

that’s trending only that also the during February? Capital sit few I Markets in differently think I mentioned Day. any it’s a months. you know, that as something been we Is here

Chris Villavarayan

backlog, we’re I now a through driving day. off, things. or heading backlogs billion we within a talked from significantly in give start say talking to markets approaches I’ll let’s about it’s forecasts of we now would the obviously, we perspective from capital north that call But $XXX years Well, think about to I right switched had of it so that, Meritor we what to just did that million what in $X.X how the better defined that. was see revenue

in million, for about which XXXX we we’re plus hit XX%. XX as as And some And path for target pretty up our seeing sitting, my you we see where Meritor. certainly we’re is pretty confident where approach the a that’s to backlog know, the so we’ve prepared $XXX actually revenue that remarks, being I one talked planned as conservatively we’re this that is

Operator

Thank next you. the line Barclays. Johnson comes from [Operator Brian Instructions] Our from question of

now is line Your open.

Brian Johnson

to Yes, more electrification talk thank want angle. little a about blue bit you. going the I

in are number in That’s two? sense engine in work can question would and and particular, is, are up in Are Meritor the to number where but truck OEMs to question progress, three one the and tend well Axel? you’re then their different day German serve. obviously, is give going muscle that you us a pushback entrenched question you more yes, they you sourcing, Cummins, do the same get and wake Daimler we on first management? what the and any of Second And companies Eaton making XXXe flex win that They house. be with about axle worry OEMs rates The does is this Allison. is, segment from investors both

Chris Villavarayan

that love So Brian, take to good question. morning,

to three sections. So going I’m into break it

and I success the part XXXe in on think the rate the XXXe. the first really, terms of

slide all whether going Daimler want, axle let’s building a working really mounted folks the XXXe. back XXXe are, the, and call it to whatever super whether again, whether new designed an system, that the ground on whether with designing XXXe a MAN option that have on we X, it’s they’ve as that’s on up think we’re the to off or work let’s duty of with working that’s are or that remote they an what let’s what technology that because with I shows traditional that, is have announced all Lion Autocar picked of such that of working it’s are or call we call then which or are OEMs, XXXe. it the with the medium the that folks page So of off that proud echo we’re the the it future, or Volta PACCAR the exception it’s Volkswagen XX announcement entrants, announced, everything call that the we have, is it being But the that

think, I that’s, first comment. the So

competition. opportunity much going The second question that be naturally that and more to there’s of integration, here in so terms there’s believe vertical I

us see But we more But We’re think of they’re space, face that for America, I this OEMs entering primarily today. if X suppliers, of in even buy you vertically opportunity axles class space. three I grow Daimler frankly, this integrated. us, see more their from about reasons. going the though XX% in North still mean, because they to to

one medium share notice, XX% in first space. the We The have the there. is, only duty half if you are wins

is there. that every more So four The segments we is content. as we entry from content this growth times make pure three to that

you concept this European So you finally, it we’re getting integration, something and and with of here. is or volume, let’s transitioning, revenue both it’s strategy capability about much that And the if OEs we it’s more see and as mean, they’re value whether Thomasville it, certainly they the with think content our that, they defined vertical us. they if call exclusive so think Daimler, their certainly made, with as about in Daimler you I the OEs axle’s certainly think the in with that transition on agreement. which on today, have the we the own us announcement at here an school and day working And picked bus, I

pretty confident we three case, any grow. will over in value. see time And that a we’re those So customers reasons, across to see path continue to

Brian Johnson

any that whether well, pretty indication data space, North but the strategy players see powertrain the truck we know And in them you other, RFP even American other the in these situations?

Chris Villavarayan

We do.

from it we’re bring is what’s competitors, marketplace. around commercial world, but America. I think it that we have in As to our And look I the the one we that fact mentioned, just are North the really in strengths frankly, I think Brian, there perspective it at more I there provider number axle are put the

scale X,XXX, is XX%, run of about on our in perspective X that think if that to X,XXX a axles. have which you product, the XX of you out fact we it If X,XXX about put

So e-power into the built for trains off axles designing efficiency And scale. century. it’s over a we’ve been that frankly,

will that we we us. So believe help have capability

other the competitors our space. of mentioned, is some I of terms believe moving you in into technology Now that

last years, understands transmission into better the us. that whether who the or axle So it’s for XXX engine moving the but and is technology that their

here expect customers So customers. They’re being believe we which The strength that’s we are the methodical. certainly products. opportunity are with some why is them we things here. the terms all of doing. They obviously our I the of many we in enormous of think so and believe great for Obviously big value And there’s have the see But testing we that there is the in market to testing do. us. basket are that that is validated competitors

Brian Johnson

look couple in Florida weeks. to forward discussing of this further and in a you Thank

Chris Villavarayan

too. forward look to Absolutely, it

Operator

you. Thank

Brinkman from Ryan JPMorgan. Our line next of question comes from the

Your line is open. now

Unidentified Analyst

just Well, on hi, is margins. incremental one question for I good This on Ryan. [Indiscernible] morning. had

through You offset the able commodities pressures talked to of about and some being trade price.

that Just was new it inflation, forward the basis? your flex curious, pretty the with well in wage That’s margins future? on question. do you incremental quarter. that any on go a first only go But How change a the in did terms in see to of in Thanks. wage you forward managed inflation, manage where given we view are basis or

Chris Villavarayan

current us. It’s it’s Yes, Primarily, we wage obviously are inflation. a story for U.S. something in forecast. definitely embedded our seeing that’s

finding think to we’re of the offset rest about means other as what we obviously year. ways so it the that well And for as

change kept no unchanged back in everything November. guide obviously, we had in we our that So, from margin,

So well think it’s as discussions it of pricing. part as relates to efficiency, its drive that our customers we’re continuing to as having I with internal internal

Unidentified Analyst

inflation persist, to like can continue other you forward that your So and or the cost maybe reductions beyond if current like manage through pricing? areas going you year of does do feel

Chris Villavarayan

Yes. That is the plan.

even addition provide in other many obviously, to in and offsets automate you’re well for facilities look most think I and as going our us us. I approach to as our to further, think kind strategy of see of to normal

Unidentified Analyst

luck. good and the Great, thanks for color

Operator

like Thank further this for Todd you. time over closing At would Chirillo the back call questions. showing to no I remarks. to I’m turn

Todd Chirillo

today. call Thank our joining you for

you If feel out have have and questions, Thank me to free a great day. please reach any you to directly.

Operator

you Thank This participating. concludes today’s for conference call.

disconnect. now may You

Meritor (MTOR) 3 Feb 222022 Q1 Earnings call transcript