STX - Earnings call transcript Q2 2019 | Seagate Technology Holdings plc

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Operator

Good afternoon, and welcome to the Seagate Technology Fiscal Second Quarter 2019 Financial Results Conference Call. My name is Latif, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

Following the prepared remarks, there will be a question-and-answer session.

As a reminder, this conference is being recorded for replay purposes. would Director, turn Investor I to call time, Chen, Jingjing Relations. this like the to over At Please proceed, Jingjing.

Jingjing Chen

team Chief Thank you. Chief me management With to Financial today's Dave Good afternoon everyone today and Officer. from Gianluca Officer; and Executive welcome call. are Romano, Mosley, Seagate's

we'll our of call We posted and our following accommodate XX We're for the for Web to to press quarter go on minutes, detailed supplemental release as site. our have XXXX and the today your approximately prepared earnings our information time our best December do Investors section planning permits. questions remarks

For filed GAAP a on to the our note March X-K figures been press release in the figures December and that begin refer would has furnished We’ll on Non-GAAP will GAAP our quarter, on to earnings period March with posted quarter, our which is XX. non-GAAP Web was for we to our XXXX and reconciled like site Form measures. quiet are that SEC.

this like cause the results the Dave. filed our reminder, statements, and the materially statements of to most from Mosley. turn and our statements. quarter relied our Actual our section with guidance posted any demand, call forward-looking a other differ vary market for opportunities on concerning introductions, that risks, These based as would to site. As views Information current information general Please I and management's on SEC assumptions should today's March over could future forward-looking industry and not about supplemental the conditions. may performance, from customer our XX-K ahead, growth and financial trends are including financial now and upon Web results contained planned of expectations statements to our growth uncertainties, these contains Form be Dave date. call subsequent recent go in Investors are factors

Dave Mosley

will us call. And Romano, Chief certain cover will from results wrap our I for March offer outlook with today's the afternoon Financial the the Thanks, our and then for quarter. for December Gianluca thanks I level will Jingjing. everyone commentary. and the quarter then discuss earnings from Officer, joining quarter. Good high market up highlights financial some

will prepared our for call we remarks, open questions. the Following

For achieved of gross margin results. operational XX.X% efficiency $X.X financial our the and billion, some of over aspects December with non-GAAP and quarter, We plans exceeding $X.XX, expectations. Seagate revenue solid EPS our non-GAAP in of and well meeting executed delivered strong

an demand current last are to is that quarter, having in we downturn a As we impact business. working our near-term indicated manage effectively through

industry, In time For globally. cyclical impact the nearline demand declined the of overall HDD affecting for base December the continued quarters six of growth. to continue see first we quarter broad market, exabyte customers a a after the

digestions due and to technology have some customers this benefits. variation is pausing total the experienced of storage some that intermittent mass are periods ownership few significant While years, over deliver market in of demand ahead we cloud of next will the generation of the capacity, cost transitions performance also last

shortages in seasonality, have devices healthy, appear storage global including levels our HDD inventory While channels market customers. and for our strain dynamics parts end small for fairly some created liquidity

Data productivity all and of devices are to value rapidly XX XXXX, rate. demand demand in expansion, grow creation to data last enterprise are storage effective zettabytes soft We estimates media this data lived headwinds at the data and will using just the by data XX-year that forecasted only for and value are demand than and well types emerging compared the impacted zettabytes Efficient growth creation machine be ever believe long-term next government our by year credit a from storage was to delays. storage market, decade. in storage mass utilization products coming our to solutions product that becoming be in example, weeks by cities and critical across covering customer a supplied portfolio is the of compound HDD that least application monetization industry. the to IDC a workloads architectures. demand technologies are project we to ago cost smart At mature capacity continues the few as grow cloud-based tightening strong. need grow XXXX innovation. picture as storage rapidly technology annual To support for data the to short to before. that and zettabyte over For XXX consumer surveillance future more XXXX leveraging XX% will time XX% big creation our to critical for a customer CES recent needs, of diverse global storage as IDC downstream and representing According will from these both and both beginning Seagate massive businesses in derive edge demonstrated breadth analytics, learning history supplier study,

with engagement many future encouraged performance and portfolio. the product are are of we the of We by capacity customers technical and our driving their highly future insights performance on have continued requirements. flexibility These attributes

customers future many devices of data own evidence we for testing our As that their our single multi-actuator of drive innovation, are generations environments. in center showcased and

recording of year and critical our achieve to half terabytes high our capacity of for This next performance first shipments at in These cloud partners. expectation. per per HAMR Central With growing demonstrated today’s plug XX areal that head broke are establish per manufacture for HAMR petabyte than in drive shipped designs to of means OEM Seagate’s storage second introductions designs, transfers, and workloads delivering ability in technology to that demonstrating more on data X global of of the XX confident have square terabyte inch drives testing technology nature technologies few Along our density drives all CES. drives HAMR much stand decade. year. in play months, terabyte becomes product capability. is In another X the the we today seen bandwidth. future HAMR our XX-terabyte, systems efficient recording data we already This and fuel drive. mind, indicating data December we volume that be the a the was drive greater the demonstration significant centers by required will global These is ability fully that to too ecosystems. is showcasing the calendar This datasphere. than spin year this over almost also enable its scaling drive and centers production these quarter challenging of next select focus in capacity disc in are eliminating X.X HAMR, many options We’re will the the record terabyte a meeting become XX the efficiency stranded can or terabyte increases. hyperscale more storage I/O past the capacity functional improve being at drive at when In for working large mass will to capacities and on terabytes as XX now to with

unlocks bandwidth. the Our significant I/O with of rough a doubling capacity MACH.X dual-actuator drive

new we points. storage we serving the for and of increased begin which delivers NVMe sites our with opportunity for performance This months sample year intense live some We deployed six year important read will ramp and at new been these speeds our demand rich this driven past a the be calendar customer have to drives market production of drives volume write gaming The CES have traffic. gaming experience. these Later MACH.X at showcased continues capacity SSD M.X blazing industry for ultimate successfully by designs.

gaming attached SATA with our Seagate’s drives first at SSD, are and the XXX drives We NAS to HDD complete class will user introduced we confident continue world’s gaming including purpose-built and footprints optimal console experiences. Also portfolio reliability. SSD endurance provide and IronWolf SSD enterprise with internal CES,

execution continues are fluctuations to taking and operational era XXXX Looking priority secular Seagate. headwinds, ahead data of of year of sustained action through are be top computing With the to decade will the remain over of layers demonstrate we demand long-term and next we the data Fiscal believe technology the the through advancement company the productivity and frontend economy. the will managing a marketplace. that near-term for our evolve a growing cloud focused within edge in resilience on we data and performance

stage flow generation. cash continue for revenue for will strive to optimize control long-term properly investment the capital coming growth, We and growth expenses opportunities,

Now, the Gianluca into call go I’ll turn performance. to more over to depth financial our on

Gianluca Romano

expected, was was our executed of XX.X% Seagate billion of well in XX% Dave. with in the XX% you, margin gross $X.X Thank the non-GAAP Non-GAAP gaining of to due quarter. successful line quarter range portfolio nearline product second a The and expense to EPS sold. $X.XX, revenue. basis sequential overall target higher Total was margin long-term December over revenue than mix in volumes execution mainly points overall solid decline management. was to and and particular from in XXX decline

critical drive In of drive in with enterprise enterprise capacity which demand. In the total resulted XX.X terabyte, address and exabyte year-over-year. mission continued applications, The of second for terabyte, market, up shipped exabyte in capacity critical Our a growth we represent was X% year-over-year year’s per X.X the over enterprise we nearline to year-over-year. average strong strong average market XX% X% down include that to XX% up X.X the XX% total mission last compared market, demand quarter, revenue.

applications. a to exceeded phase over service up solution provide cost breadth with for the year market. average required two cloud shipped years drive X.X exabyte market, enterprise in digestion the portfolio X.X multi-quarter to the In nearline from XX nearline experiencing overall of demand terabyte, last that and Our continues up customers per ago. capacity is quarter terabyte same our we mature effective customers The we are temporary XX% XX% affecting with the exabyte provider and up

customers OEM fairly remains stable. However, demand from enterprise nearline for drive

enterprise disc storage over is monetize the our to customers higher to term. demand nearline and cloud transition well hard capacity drive points, positioned long As portfolio

product the as Our the XX the leading quarter, was December drive, volume. ramp in nearline product, our to drive XX capacity continues terabyte enterprise revenue highest in terabyte

at launch the exabyte XX% capacity per drive are DVR surveillance, the compared offering. markets consumer In XX% market and for gaming quarter We ago. XX-terabyte sequential demand increased of December revenue, on product was this of capacity calendar share this, year-over-year our first average seasonal non-compute X% driven portfolio half year. and Within in and portfolio market quarter. gains. all quarter, drove this total almost Looking to to by Edge December the includes ahead, market December the growth in higher represented consumer NAS strong the growth year we end schedule a

to While confident earlier. we this market compute compared the ago. issues notebook mindful some hard quarter profitability include long-term the markets disc year-over-year. per Edge represented market of year-over-year that quarter, drive demand average the market, X% a channels by application. In in was and desktop of we year that December declined December lower are shipments and discussed liquidity of and impacted this X% revenue, growth are the and exabyte total grew XX% Total near-term Dave capacity drive X%

has system optimize X% disc SSD this past affected countries, CPU affected sequentially. of shortage were drive by of largely products. Particularly Non-hard to some due Cloud the cloud demand. the While performance revenue stable revenue. the we there year-over-year market business revenue as of SSD some revenue December up by market. up legacy OEM year-over-year the industry year-over-year million, compute coupled remains This, quarter normally quarter created $XXX impacted was end portfolio. quarters a to vendors’ higher are decreased strong headwinds seasonally the with the by negatively fulfill both two Sequentially, quarter, life mainly and the upgrades. with planned December the driven affecting economic demand product a stable, system uncertainties near-term in some been which for ability in PC some with were

and We as consumer long-term in SaaS, portfolio are market. invest SSD optimistic a the we broad-based gaming in product about our opportunities developing NVMe,

to X% expenses We customer of NAND $XXX dynamics manner. sequentially. business market down to and down discretionary and our short-term reduced Non-GAAP managing meet the movement Expenses and million, were year-over-year efficiency. operational due demand were mindful in overall spending mostly operating are pricing lower X% and prudent current our a

was controlling of a to-date long-term cash cash demand to impact working the consistent basis, to March changes our $XXX The in range on sequentially with quarter within expenditures the fiscal operations reoccur flow more to million from of million flow cash committed from a adverse expenses million. and generated from On expect basis capital quarter. levels $XXX the expectations. to Capital quarter. XX% and transactions. do flow. million inventory are in was operations capital $XXX We $XXX has in flow were Seagate operating model Total related to December timing lower cash decrease slightly not of December in in free approximately XX% revenue. some working sequential are Cash We financial the

to our low fiscal For and X% revenue. 'XX, expenditures shares to capital long-term we In outstanding. we ordinary at of exited XXX the quarter, of with million year December quarter shares range X.X the expect the be total X% end we of million repurchased

in $X.X our has balance quarterly of Our sheet ended and XXXX. Board We the April cash payment payable healthy. billion equivalents cash approved will be which on quarter share remains dividend per $X.XX with and a X,

senior we million. quarter planned, The balance for note was As $XXX $X.X XXXX company’s billion. as repaid of also the approximately remaining debt December

capability, a December maturities last given interest to Interest Our of net to ratio low well financial as staggered our within be in the the expense quarter final X.Xx quarter. our December Dave performance outlook. EBITDA continues debt environment. financial challenging and back XX months is the the in demand now to our Overall, comments call for reflects I execution will solid rates. and turn

Dave Mosley

Gianluca. Thanks,

we are a strain and Macroeconomic are XXXX As broadly providers cloud year and risks some companies. that smaller calendar frictions number from service created and chain end global enter softness for market have in demand IT supply persist there liquidity customers. of affecting uncertainties

through navigating our these focus on flow profitability and cash with We business are a market generation. conservatism dynamics and managing with

quarter, sometime cycle costs of exabyte exabyte revenue and will second control we be are expectation the this through taking half the that to the sequentially. nearline slightly nearline HDD spending calendar flat March expectation the shipments our with go our down measures growth we Within the and to year. demand, our capital As demand we compressed anticipate for soft remain exabyte of to to in resume

and shortage the continue seasonal We overhang CPU expect the than lower uncertainty to be desktop and in markets as affect to demand in to be and gaming and seasonally these March consumer notebook the down slightly demand volume macro markets. quarter

revenue and the revenues to NAND to cloud We due systems to be down sequentially to also relatively near-term our flat sequentially and approach transitions expect our be our market. SSD product conservative

XX% expect total shipments XX% quarter the $X.X We be X%. forecasted or revenues be billion to to the lower to are Total range in plus sequentially. minus in March exabyte of

our to XX% to of adjust forecast We lower expect underutilization. margin XX% range non-GAAP gross related plan is outside of build least to majority volume keep at inventory margins quarter sequential manufacturing for the and the a mix with March This change be manufacturing our to the of we a long-term and to lean XX% as level.

the market As stabilize, return demand trend range. long-term we resumes to expect and other to margins

expertise, our customers, new existing partners market leverage be We results. alignment expect cash non-GAAP to to mass ability opportunities. In significant as for generate quarter or leading us plus delivering next I’d am portfolio in the participate storage, company continue value will to serve our the confident trajectory meaningfully to and success I long-term technology customers product best industry supply with storage and offerings allow technology for HDD the execution shareholders. we business over for employees remain and several EPS suppliers, solutions minus and closing, growth our contributions deep chain the X%. We thank responsiveness. our Latif. and their to for Seagate and Seagate’s to portfolio like second sustainable for flow the fiscal and our Thanks, strong lead focused our will developments, storage years in $X.XX confident industry

Now we’ll call for the open questions. up

Operator

Instructions]. [Operator sir. you, Thank

comes Research. first from Fox question of Our Steven Cross of the line

Your open. line is

Steven Fox

couple Dave, comments Good made. questions you Thanks. on the afternoon. just nearline a

talk gives nearline what for wondering any on want maybe just for you the than And the days the about out? First capacity that’s sort of in how recovery of the might nearline, question spending? along last points half different lines, confidence current when And you was market on in nearline would ago. can then XX just second Thanks. shifts all, I you be similar to outlook the noticeable quarter talked you about call share different that

Dave Mosley

like and reason to but in we that than how before, necessarily do what’s that now trough it changes year. this say we’ve that like deep were of and is so would probably how year, in, in say question that back I’d maybe the things cyclicality and fiscal trough Steven, about XX is really even than the the prior, how is wide this the last different QX looks and is QX the There’s I Yes, believe no we’re again much coming the It days on? fiscal see customers talked different mixed for ago of we peak that.

would the And for So are to nothing reasons there that. think there back are peak. life, growth signs various but next I that I of call

will, capital You to changing. in to some there’s can very competitive spending. if the these of We script want you capacity the really qualification they not did their if because qualified, when. timing see many and into but are waiting also what their think resources next dynamics one suppliers in themselves are customers that the could point that re-questioning there hard once ramp the you you’ll I drives for be of don’t our the that cycles, notice go everyone to allude of just be

the in I and that’s a what’s to servicing exabyte of may think be on will just cycle some get that back will have there things the pace. back So already come data little legacy demand that bit. that because the impacting do centers

Steven Fox

Great. Thank you very much.

Operator

you. Thank

Huberty from comes question of of line Stanley. Morgan next Katy the Our

open. Your line is

Katy Huberty

if the you XX% a the could of a Obviously, Thank you. nearline you for Thanks. outlook ago. quite the that the afternoon. couple quarters continue dynamic to you days assumption XX but would mix thought of has is certainly in different hold talk weak, Good that you seems today. three months business I just be margin. correctly about? Cloud and thought what to was gross be terms it like ago weak that talked manufacturing in going you about changed Can remember utilization

Dave Mosley

Gianluca I’ll comments with Yes, some too. other and Katy, I’ll back come to hand it over then

Gianluca Romano

This Gianluca. is

So the gross in terms for of impacted the QX margin that guidance is you by have volume. obviously seen

We we expecting decided so production. had forecast also much volume just couple And we to of creating some of part lean, range our think what in major of were lower of keep that of are to back temporary a is we part our is is and a is reducing quarters guidance inventory a to level which and maybe have margin fairly underutilization range our So that our quickly. to this come from to deviation compared This of long-term in slowdown XX%. terms our ago. we XX%

Dave Mosley

And, ago. Katy, days than don’t I know we’ve the that say weaker cloud what I would that XX thought is

I of lean even We people the kind inventory rates to pulling other there the aren’t very be looked think of traditional particular market. seasonality. that at for mentioned are parts in channels and

a So I of that think those our bit little impacting are the some probably and more. builds forecast things our are

visibility of cloud don’t some of also we’re We next we now. have at what’s is impacting turn do Year through these Chinese part going weeks. right great couple that some where channels come it in point when so expect New of the are and back other that’s of the on. We middle right the to

time can we I before need probably properly assess some think that. more we

by out sure we as our we come little we we’re said, going turnoff Gianluca a the As can. to don’t fast wrong medicine as making so overbuild that this stuff the factories, bit take quarter

Katy Huberty

Okay. you. Thank

Operator

Thank you.

Karl comes Cowen from & of Ackerman Our next question Company.

please. question Your

Karl Ackerman

should you. was on curves progression high terabyte relative cost for later to I your XX that, within you commentary guess shipment XX demand your curious you year? qualitatively and drives drives I’m terabyte hiccup terabyte nearline on terabyte your particularly capacity on we I of Hi, we view any up quantify Gianluca, as follow prior acceptance of to longer-term durations as capacity and contemplate historical or today terabyte And customer XX XX where on curious also nearline XX I’m hoping growth this are this drives? Dave drives yields a towards could and near-term Thank despite quantify kind perhaps or in how yield

Dave Mosley

XX say well, the the I So it. that reasons XX a right? think make yields at is in I’m happy of market. But operations enough for We yields, Yes, me drives problem think I never with can for or – person going don’t terabytes. driving we’re lot are to a

softness to that people are transition it, I now more the lot to impacting wait dynamics right think market about and it’s you causing The XX a that’s maybe there’s pause us. of of for if XX. think

get So just at maybe software of a capacity spend that yourself. bunch to point. have don’t issues last have you enough that stage to qualification looking extra you’re you you Maybe resources,

going industry them, and value of a to there’s big all that then XX, of of there’s So all the with in they that’s we these going going dynamics. some to XX, we’re the become about yield be liquidity norm and couple things I that think on great are the years. world. pointed we XX over these next we There’s able well of think Look, to think makes customers. lot We think issues ours a kinds the at that propositions. terabytes are And once talked we very resources that drives picture, our

So we’re excited about pretty it.

Karl Ackerman

Thank you.

Operator

you. Thank

of Our Capital. next comes from Loop of the Ananda question Baruah line

open. is line Your

Ananda Baruah

Hi. Good the Thanks you afternoon for questions. taking guys.

could, two, I if Just somewhat related.

into do to does can the in is, follow like you to context think well. get way an that Dave, there maybe those you one that I just guide, something Thanks. XX ago perspective the XX% because have the a go your a back volume up there’s love would hold comments it days quarter quick you incremental first And macro because March on related and sound The thought different just going macro that. from are as

Dave Mosley

the bit. in we we positions see little time through then out in Year. to there that builds Yes, a to Katy’s inventory bit a it’s New at question, further our a can’t Ananda, Chinese looking time right in response can we and little term I’d we’re see that say But little I looking out further extent world the think

they that that be our And issues there out of might Again, weeks is inventory on maybe macro absolute maybe hand so bleeding level think does that’s extent fairly low that the I volume is some pretty the to while an that actually. “normal” perspective through. inventory that – from

So think there. an of Seagate there’s I that’s overabundance out on inventory, inventory don’t that certainly

we to off and that’s build we’re back stuff doing. be when think I right should able what So the comes for the channels that

Ananda Baruah

in, just that’s margins question to to this quarter you reactive? kind quarter, June guess June [ph] bleed these then see based you’re of we in actually so from this levels the see margins demand was your on my sounds guiding little And dynamics, if accurate, could regards non-cloud actually right back, – flattish the actually back the could demand thanks that, proactive, say that come the bit at if March is as channel with of the That come into for And opposed in Thanks. David. the you’ve actions some we you’re is just of taken? I right like was, was second part – accurate what to proactive segued it least maybe being a channel

Dave Mosley

guess few wouldn’t into of people signal. back get we challenges us Year just the next and I New the Yes, I given some coming their latest especially given weeks Chinese of have from in that guide

take they happen of so are or much. get any a cloud typically been quite happen in help that QX But these margins of in wouldn’t These bit. would help going to point drives the channels drives. I surveillance. discs into to impacted actually a obviously have So whether us mix in some of low our heads edge the drives lot that your they guide aren’t and that capacity changes They’re

Ananda Baruah

Okay. Thanks lot. a

Operator

Thank you.

comes from Nehal Our of next Chokshi Group. question Maxim

question Your please.

Nehal Chokshi

Thank Yes. you taking for my call.

you’re more get next little that for on pause bit from wanted hard of just the related customers. just Is cloud the that drives gen gen HAMR or that I So is to the a color seeing next PMR?

Dave Mosley

next on of will. be you if have still can PMR. tested gen, the a not I but ramp last HAMR HAMR will is yet. gen this or next We side-by-side, gen that actually We statement the we’re Yes, think

Nehal Chokshi

had all weak was in beyond a particularly or edge that And you quarter. Okay, then that great. surveillance? Was non-compute surveillance

Dave Mosley

getting surveillance to It’s complicated something or non-surveillance. call

soft. things of people customers. the drives the real channels smart end in are a the doing – where those desktops old to gigabyte channels, we market. things build when not bit were solutions like the entrepreneurial we’ve XXX the their They’re That’s use that were people doing of And servicing be some I’d So cities, again drives IoT, the out seen just PC little days there when say for don’t anymore.

Some these of so drives, to X end referring our terabyte that’s so are customers that smaller that’s impacting. now. Yes, script we’re the in

Nehal Chokshi

it. Got you. Thank

Operator

Thank you.

Our next comes Tristan Robert Gerra of Baird. question from

is line open. Your

Tristan Gerra

Good afternoon. Hi.

weakness mentioned In which drive, the there the just in for for you data in manufacturing on addition of in impact factors some center of to have some also nearline call terms for facilities of is relocation a terms outside could OEM China patterns ordering drives? these

Dave Mosley

I a think probably more can Tristan, top of it little give have thought. of but head, to not I my the that I think off bit

Tristan Gerra

you. Thank Okay.

Operator

you. Thank

of question Fargo. Rakers comes Aaron next Our Wells from

is Your line open.

Aaron Rakers

for and you quick quick Thank thing taking One question. then housekeeping question. a the real

and curious. guide quarters? all, And think couple expense an number front, on of operating question quarter did next progress of the you just I’m that would that how First the should this we over then for

attach than I more you in flash that would you are erosion would you mentioned SSD think resulting quarter. seasonal rates? factoring be the incremental segment in and the How down characterize in NAND how compute price current seasonality much

Gianluca Romano

take Okay. about This Gianluca. OpEx. I the is will question first

really several we done that OpEx. an outstanding reduce last the has do in QX. I company to for guide would quarters job the not say So

be million. number. next expect less $XXX about that flat to to or was QX quarter fiscal I Our more

Aaron Rakers

Thanks.

Dave Mosley

to just me. get And, Aaron, feel I’ll if free try don’t your correct it PC side right – I

material So as of think think talking but shortages of component I their because having some the market they’ve maybe liquidity some seasonality the in than of the with struggled the about trouble just VARs was as PC well that disruption go-to-market the we some more shortages I issues, is and it’s channel with.

As attach, too SSD far model changed as our it hasn’t much. really

mainly tip. a you assuming at some into at gigabytes commercial we’re that’s XXX get X terabyte. fairly aggressive certainly system We’re that penetration When and thinking

terabytes why that’s drives example, we’re are X growing. portfolio, So for drive over desktop positioning and a our

the Notebook less won’t So But we’re from us. on penetration that market be way others I just that a that a for about fairly market. I down of continued to And a thinking exiting good we’re exposed that. for service been we’re there. having it apologize drive we’ve continues think while. than good because that’s probably we anticipating

Aaron Rakers

you. Thank helpful. very Okay,

Dave Mosley

Thanks.

Operator

At I’d the Mosley you. Sir? any to over remarks. to turn like call Thank this closing for back time, Dave

Dave Mosley

business had partners thank Okay. to our Thanks, next and that and the just like everyone in to contributions they Latif. customers Thanks. the and quarter. talk second our I’ll suppliers, all for quarter I’d employees

Operator

sir. concludes you this day. Thank your and for Ladies you, participation a wonderful and have today’s Thank conference. gentlemen,

You your time. lines at disconnect may this

Seagate Technology (STX) 4 Feb 192019 Q2 Earnings call transcript