WD - Earnings call transcript Q1 2019

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Operator

Welcome to Walker & Dunlop's First Quarter 2019 Earnings Conference Call and Webcast. Hosting the call today from Walker & Dunlop is Willy Walker, Chairman and CEO. He is joined by Steve Theobald, Chief Financial Officer; and Kelsey Duffey, Vice President of Investor Relations. Today's call is being recorded and will be available via webcast on the company's website. [Operator Instructions] It is now my pleasure to turn the floor over to Kelsey Duffey.

Kelsey Duffey

Catherine. you, Thank everyone. Good morning, for XXXX joining Dunlop you Walker the Call. Quarter Earnings First Thank & I this with and have me our Willy and CFO, Walker; CEO, Steve Theobald. morning our Chairman website, being live available is this morning. recording call This later on our will and webcast be the earnings webcast. our the and press provide release details Both accessing on website archived of our www.walkerdunlop.com. posted we presentation morning, website release and to our the This earnings Investor Relations section what as a during reference Willy of and serve some on Steve slides These the for call. touch will point non-GAAP the reference metric will we that note of also during EBITDA call. course financial the Please adjusted this website refer a metric. earnings Please the release to of posted financial on non-GAAP our for this reconciliation Investors are our in urged language to carefully forward-looking statements release. the earnings read of XXXX. Statements which may not made deemed facts, this Litigation historical are call, Reform Act Private the Securities the of forward-looking on meaning be statements within

We and otherwise. new statements statements current can our over our turn Walker alter Willy. Dunlop obligation is in may and update call More so. with found be as no results risk do whether our a annual future & information actual or describe the to about reports Forward-looking SEC. to of events obligation or detailed I'll factors information, under filed to forward-looking differ materially. expectations the now disclaim quarterly expressly any result

William Walker

initiatives date. by morning, Thank macroeconomic XXXX, a our our of had quarter by for a joining financial you, our review execution driven the growth thank We and for to benefits strongest good Kelsey, first to team, the us from results our and consistent environment. supportive you everyone, fantastic strategic this performance year, morning QX continued start and to

quarter financial X. XX% share of diluted Slide in $X.XX, growth our one dive servicing are a will the in energy he expense model and and XXXX, These sales increase and over continued of details revenues management million the and up on will EBITDA first coupled shown $XXX scale banking our of XXXX. pushing During their generated first a bit, mortgage Steve adjusted time to first but million, earnings increased for into components line first over of cash-generating in investments Strong per quarter last business economies quarter, million, from property are top performance more XX% with as record up our over invested $XX our the year. QX capital and to platforms. considerable expand reflected of year XXXX the in highlight areas ever last to a growth platform dramatic QX of XX% we $XX

emblematic billion, up in market generating Total by total was $X.X Our financial have led of systems by Mae the is clients. $X Slide volume by commercial of the first and our is breakout first ambitious then quarter performance total a on grown XX% Walker people, mortgage shown of quarter, transaction of XX% goals, active was estate $X.X XX% XXXX. up increase of opportunity industry the during highly real long-term for very to achieve our investing first those Dunlop The goals technology how advantage executing and daily and took we our establishing The & billion, X. originations from volume quarter year-over-year. banking quarterly Fannie of transaction billion, to volume team

And commercial on the stance the taken growth and due with of by fixed the to desire future total increase property volume to last strong multifamily robust, QX significant was very With sales teams from property rates volume rate, increases. Our fully XX% global high remainder the dovish and investing rallied borrowers' reflecting of We Angeles XXX% and Dunlop's for in slower locking amounts Fannie in nearly year. sales investments Freddie long-term as million, Dallas financing the rate regard see $X.X integrated, volume $XXX focused Reserve with Federal to during driving made property those to Los a QX, Freddie acquisition also was estate XX% activity Walker we Mac real growth originations and Boston, from QX rally up were economic historically billion, the teams & sales continued our in year-over-year in XXXX. year. rates our at in quarter of in year. capital expect to last

$XXX was down our the all of and a shutdown to last that QX HUD government discussed but lasted Brokered down the were earnings to start to in January. from healthy debt of call, X% year, $X.X anticipated As our XXXX. billion million originations year-over-year nearly due originations of

year-over-year this have the bankers debt across with due mortgage strong made growth to significant expect country. to we relationships add brokerage the in client We investments

Capital Our with and includes loans management balance for principal loans investing lending lending activities through we start joint the Blackstone, meaningful is our volume, on the year, totaled in financial the accounts slow origination which results and the $XX JCR income originate quarter of originate QX we interest quarter. sheet venture This by fund managed our our platform our year to quarter. last as million first generated first a in this robust in show, but volume separate

maintain and joint We will as much in separate to possible the fifth for to strategies quarter venture borrowers brokers as under our assets Capital selective bankers our ended Blackstone will JCR use new and with marketing which our our $X.X accounts for fund, We opportunities management, focus lending capital sell. on to sheet billion and currently assist of is add capital continue balance and our manage. deploying its we

to past With year, business our our servicing a portfolio on basis weighted continues average years, over the XX to has in QX other with totaled every X.X increased years income, which of X, earned regardless see non-transaction-related year. the portfolio, As I'll along level Steve? a to weighted are our $XX quarter loan Servicing today. $XX call exceptionally over and as business of X year, our given of sustained this QX you details. revenue turn revenues pace. activity per of billion These cash transaction in rapid performance streams, make gain of growth a interest in in billion discuss can income, revenues more servicing Steve origination of life on financial our such average and dramatic growth has our produced in mortgage to fee at average value XX% the a points now model servicing durable. slide

Stephen Theobald

Thank everyone. you, Willy, good and morning,

growth Our strong with of off team revenue quarter, first XX%. very XXXX EBITDA kicked excess adjusted and delivering in a

great the lending program. continued of deployment revenues, were balance originations, results financial powered portfolio and its to our by sheet and the of Our related quarter a servicing in our agency growth capital

just Adjusted metrics demonstrate start to quarter, an Our the the was was the million how for EPS good and $X.XX than XX% of quarter XX%. QX 'XX. $X.XX QX from a this a year record, increase $XX EBITDA year, during up higher last was. key of nearly

can on operating and the XX% return margin upper our was to on target mid- see you X, ranges. both was XX%, slide equity in As end of

sale on well was quarter range basis than target gain our XXX better first and points, above of slightly Finally, margin year. last

margins highlight The mortgage some saw in on business business key our to margin the billion the of range overall the to Mae our contributed the various $X.X me points. originations $X.X gains metrics. on In Fannie lending of billion high points, in results. increase that well XXX to mortgage agency year-over-year $X.X This sale overall of XX% Total of QX billion to quarter. quarter banking compared basis target the our in pushed as almost QX Let XXX of 'XX. the included in we gain increase particular, drivers little outperformance was changed mix agency by what banking the value of fourth types XXX was in driven benefiting above of volumes important basis from origination each the volume entirely

doing recent fully waiting mortgage higher Fannie of more love volume banking XX% that we coming in do we will Mae, with Freddie historical the While and we our business average, is than expect brokered our quarters. this and

a our points. range maintaining basis XXX XXX forecast As sale we result, margin to gain of on are

and reflecting brokers the from adding increase unchanged made investments increase platform. first acquiring of XX% the operating was property sales expenses year, in bankers Our margin in last the and the iCap and the in and from both JCR to revenue mortgage quarter XXXX, we

addition, increase led compensation to percentage 'XX, of and 'XX of increased revenue compared has from volumes largely to expense QX in QX to compensation. as increases year-over-year increases bonus this QX in variable transaction slightly both the in due aforementioned commission quarter In in XX% last a the year. to in XX% Personnel

in variety market, technology small will our underwriting, data This the in software servicing that quarter, of a help just and loan but our and tools well. components to acquired company underwriting speed process. a the operations to developed as scientists efficiencies engineers and loan not talented team automate of of loan drive we origination us has During

this what we're forward can and excited about bring capabilities our up in the to super are future. We to company to about more telling the you look

expenses provision year quarter's million a include the losses $XXX,XXX. This compared $X.X prior to of credit in for benefit of

During this new loan there at-risk And portfolio. housing remains the second, portfolios don't our delinquent believe student isolated rather in a in our trend are a in benign deal and instances at-risk other in represent loans loans: X a credit Mae no million quarter, specific the our time. we signal care million interim otherwise for these memory but environment in booked $XX or $XX.X facility credit, interim two We One, provisions at portfolio. Fannie what on a loans a turn or a

for the service very still In we and debt at have X.XX average was and the years ratio the made we few with new and what addition, past coverage XX% for during LTV comfortable times, lending. seen quarter, consistent loans levels are

XX% tax in quarter was XX% of quarter first rate during year. last effective the to Our the compared

years majority to rate mentioned, this effective to we first primary in employee $X.XX divesting only the Most date in XX%. last recognized for have $X.XX grant to last our of This is the the of tax the year, stock of tax approximately the stock this as the compared we year date with the grants As vest. to of due amounted share quarter share benefits price vest. few benefit from benefit is appreciation additional of previously and is grants the employees' when per that recognized that reason quarter's is have

for and XX% our be effective should forward, somewhere quarters between rate future XX%. tax Going

last of origination $XXX The million year, EBITDA the slide increases Interest increase securities deposits, increases interim more We interest sheet portfolio of to income as pledged driven quarter, in million Turning capital loans. in grew balance basis. another balance million use year and X, our grew servicing primarily XXX% on and of our over quarter. servicing XX% to by Loan of XX% cash this income. interest were interest the refinance $XXX escrow in The through inverted of in $XX of Term the over upsize warehouse from of a investments of November fees fees, on curve with B offset an achieved agency and ended than principal by record the sheet by increase to a adjusted supporting $XX.X decreases lending our short-term in with just on our increase yield year-ago portfolio. us an shy billion, loan the last allowed interim business quarter income

to we months. over grew the now year $XXX at maturity pay discussed quarter. on portfolio As based $XXX X during remaining of downs The last of the end at an just loan million with the quarter, million interim average our portfolio sits nearly

the opportunities relationship for this additional to expect and recycling permanent continue future. the customers to portfolio deepen capital with We in provide in financing our

of strong of of shareholders position representing Directors May net share, our our XX, cash authorized $X.XX XXXX, support the financial Our income. also payment. per record dividend and only Board payable common of a of on ratio Yesterday, dividend quarterly XX% payout to results

and a results, very unique power are back I'd with our ability the us sheet to now for in to with like future to with on turn a also capital. while servicing the all business in capital thank call morning, us XXXX. first the over strong demonstrate financial invest of of which you portfolio, returns performance couples model, providing to once I'll These growing this shareholders again, ongoing Willy. our that We pleased both return and joining balance above-market the quarter our earning

William Walker

into placed tremendously Column great immediately that from that after remember investment. months Housing Steve. finance almost U.S. Guaranteed we finance acquired Credit and XXXX during conservatorship. were of Fannie vital four benefited the Suisse that Hill the play Mae after to the reform Dunlop important a financial It Thanks, topic taken crisis. GSE's role Freddie Freddie Mac in September & debt discussion of is made We the were from market, and became of conservatorship Walker Fannie understanding in into and housing on Capitol

Investment calling an of took and acquisition, the Representatives returns. the in XXXX to of also And after shareholder end began the Freddie. Fortress company House republicans Group and beneficial Column and our was We of Fannie the control from similar widely acquired CWCapital to to acquisition CWCapital for

space We have GSEs. our the to the agency made politics that tremendously surrounding in large had economics due benefited lending strategic acquisitions and the understanding us of

Mae of conservatorship of to Fannie We released regard Senate administration the both of to Crapo, Banking the draft a the Freddie Senate and initiatives Mike and committee reform. order pass the are multifamily Committee for conservatorship end privatization of Senator the to calls end presidential ideas to for very an potential discussed Trump an legislation with Committee, outline executive supportive many and Chairman and of that recently housing The businesses. GSEs. White the hoping House released is Mac's by Banking of that and calls finance being the his an

end significant encouraged regulatory these model oversight. turn a with efforts We an established Fannie Mac Freddie public and and companies return are or multi-guarantor by create and to either utility-like into of rate Mae conservatorship

apartments. we the hearings, be fastest-growing housing capital, will crisis, models, of proposals and their now between largest during and business Freddie's of regulatory reform, initiatives affordable of ideas, losses and their in financing due legislative negligible are providing Fannie their ahead will private there to business multifamily great administrative which or any and and mandates America plenty capital of core the financial and themes missions that for ultimate source confident While endure and place and public legislative

and the in outlook low with that rate year inflation further target estate levels on forecast Fed's low core investment. value real of we've remain housing Recent attractive given long-term should GDP formation don't leaving the Fed real of the remainder existing continue dearth X hikes, regard and range appetite unemployment. commercial short- the higher of single-family If Yet year. macroeconomic and growth around discussed million higher. level oil economic current X% are housing new per the rate Our commercial as very of the estate. the sustained the for for a is before, households to the entry-level sidelines is rates single-family at entry-level Household and X% in positive with near spike, for should continued XXXX fundamentals of wages driving a investor pushing

and so the home, housing looking is many to existing Americans to there economy normally while is expensive. And multifamily and which would move be new expand to stock the continues housing for single-family making owning more more supply, a limited

As in multifamily of we X% in housing continued the financial rate years to XXXX forcing for treasury dropped to facing. XX-year This time points risen been of XX% of and upward growth are or investors that currently economic an XX% first shift homebuyers have the has macroeconomic regions XX% estate X barriers and Global next This fact trend months. growth the declines America. this the that real index, the on for targeted trend to only survey financial since single support end towards to capital strength. them. to same equity revealed likely occurred record environment previous performance extremely in $XXX,XXX other estate X% other assets real homeownership strong saw of there. North movement. outperformed the returns has the multifamily XX% same reversing The looking a XX-year States XX real has either on relative between dramatic particularly in them capital X% the of increase, estate over real the sat since rates see continue of funds. X, this homeownership in XXXX phenomenon $XXX household mortgage start commercial crisis. the XXXX reflects Slide sector, with the future, strength by classes. of the Preqin's that foreseeable by on At renters compared in $XXX,XXX first significant that end have that great price X.XX% Preqin for find of loans existing commercial the asset or by the all the shown decreased is XX.X%, And macro And basis family increase of will will existing keeping billion at as point, investors and attractive America X-year over focused quarter in we and homes billion $XXX average first-time in Based remain families XXXX. the the to XX on and downward GDP time. A March, real months further slide capital a expect XX opportunities those To estate to continued steadily renting the the while XXXX, in in to X, that U.S. from of funds a their offer that real United over state inventory that start but conditions shown North estate of private investors commitments the supply in not with quarter is

Dunlop very a quarter. I All enter It an apart companies country. our sixth our the service incredibly our the thank macroeconomic We Walker touch us allows a of a in very ask financial our big efficient the operate company to unique W&D being services XXXX financial questions. that to business shareholders competition. the attract company Walker operations. yet magazine, for of sets industry. position was for ranked It differentiates like the would to environment for a with now unique thousands head still corporate us line of family the investment services with among operating at to great small around us trends colleagues continue magical capabilities in centers is thank sixth Dunlop. firms to industry recently that entrepreneurial while as the start open Catherine second the of and head from best will in and & as and from small by competition company is our with customer Dunlop of and always, across market, combination competitive these competing in to nimble workplace the feel we culture Walker positive that & my any global the is & for the that professionals I and best as in your Fortune all trust create

Operator

Instructions] Our coming [Operator question from is first JMP Delaney Steve Securities. with

Steve Delaney

Freddie Congratulations XXXX. Willy, and been We've on reports, of on aggressiveness Fannie terms as this Mae's you. in reversal deck, in basis. Any more with more certainly different to terms the quite start delivery watching the we first strong XXXX of showed is GSE your the the I Fannie them XX% XXXX margins? year overall going monthly last versus the over as And think a reports, should mix, if business fixed year Mac up a quarter. between to in comments showing slide We're in start could new about What's and relative than you X? there on? what's for the in the positive

William Walker

much us. joining And Steve. wouldn't Steve, dwell it, thanks into for I too

and their then it of As wane companies quarter like of get up gets other you base, if tends well client kind too to relates quarter and aggressive them. much their Fannie back & up pipelines you catches will, if to Dunlop, Freddie partners with other, general know as gets one very by Walker and wax the both, the ahead and to and

for the by as quarter so, are of in but seen the sort of up And there the both it's - spot. end to they same quarter, end you've many year years, many, variations,

X to wouldn't it Fannie's I for been we as - is as year, very much it. and X largest annual what read focused we're said, partner too of we're we've second know, wouldn't I were into overall all largest their volumes, partner, - years. that the So which relates last last you on, With

clients great execution. partnership & We a we come have have for that them. And to very also who Walker strong with Dunlop

it so, rest with continue of Mae to was expect And to quarter. we volume a And a big great for the Fannie the do year.

Steve Delaney

a And interest that morning, with year, Fed as features. you in the nice something et emphasized on-balance larger lot grow hikes has but obviously, Obviously, that the loan the this you sheet kicking not quarter about expect that far acquiring of continue past. something recurring, escrows to to income, more, this and consider comments capital that's as additional really some sheet you in it's build cetera would portfolio? on-balance a last loans, Is to

William Walker

capital in historically a that both as the used there. you balance think I to I we've and growing well more sheet on-balance invested lot portfolio. any all that operations, capital M&A as say, sheet, business allocating strategy wouldn't generate Steve, We we've I Yes. through opportunistically. do, of know, some the anticipate of would the as through change in

then, I getting we with there. think helping return We're a still capital end deploying to customer. loans way for for they those us are view the execution permanent the once the And that agency relationship ready the obviously deepen off a do all back on on to financing. we're we're as good

Steve Delaney

Got it.

strategic sounds of a still allocation So capital strategy, a thing it like. than sort separate synergy of more

an goal currently XXXX? in since have for and I plan you, give headcount producer you can business specific a update us for terms Okay. have growth? producer And Do on Steve, you your of

Stephen Theobald

Yes.

producer think in on this front headcount and put there we to to after past to we've always XX% I be to again pretty the the the XX% out - active get continuing year. to try we're on grow that. We're looking recruiting

William Walker

around XXX, yes. we're think I right

Steve Delaney

XXX currently?

Stephen Theobald

the count. now right XXX, is

Operator

KBW. [Operator next Rahmani from is Instructions] Our question coming Jade with

Jade Rahmani

that change your potential Do JLL and and about talk lots across outlook, have platform Dunlop larger the complement In Walker sale board HFF that terms thinking, think of And considered? across consolidation client you the of that cross-selling a in you the well? pending and bases? products & the something strategic industry does of is to would platforms

William Walker

cross-selling, our haven't very QX I QX the the our or think either are right everybody about at point report for I seen numbers fastest all first numbers So competitive numbers above our growing of but set. - to

clearly without grow to So things able all those people many been having talk cross-selling put have fantastic financial that up we about. results dramatically additional of and

would I know, competition, core business. on faster we grow our focused say and staying as than go And continued to So well up we against focused you our that the largest to on real the we commercial in the firms market estate services banks go And and very compete given world. focus the way largest the successfully customers have our market. on we our commercial and

for So HFF-JLL say the of that like consolidation to market I to Walker our the our remain but obviously, doing focused, to competitive theme actually for scale creates continue And industry, in themselves highly what and growth very just strategy. say as would to also you and core own. our as & very numbers focused space the in HFF transaction landscape degree, sort of some business doing on grow removal we're boutique ability of on speak a the furthers to us firm Dunlop, our I'd and continue our a that client from

like hats So for to integration and a as closely. looks HFF very the can fantastic watching you team of And the imagine, we're off JLL transaction. what HFF

Jade Rahmani

potential your transaction outlook M&A & of about or opportunities complementary? of consider potentially in you might types you in transaction seeing and GSE's share historically, that as properties that a a terms been the about Dunlop healthy be also assets you in change Does the the has as just And Are acquisitive. multifamily. mentioned, environment beyond for might acquiring? broader you strategic And GSE market think thinking of decline risks reform Walker

William Walker

Yes.

side couple been we've on years. know mortgage past acquisitive the quite you banking, as debt So over the of brokerage mortgage

nothing the in this that just would as capital. the it a we've and to I is for look take looking. then acquisition origination been And build that to say, constantly is And environment know, time, core of deal business, able but space. do relates macro the at loan you to can we're continue obviously, sources We report us take platform to right I've opportunities to essentially gives flow that extremely now. we access healthy various what out as

we agency whether So for life a our loan, sheet of or whether for whether now the our loan, access whether that raise and whether manage HUD outlined a funds have it's joint then on, deploy it's and capital the business Capital, an then clients' deal company whether it's Blackstone we control five for gain capital a it's to strategy that flow that we to executed which insurance loan, at loan, to whether it's ago our we balance JCR venture, that it's years CMBS needs. one is meet it's

that in and business. both strong the that the to control said as as capital in GSE QX certainly, or business and to agencies active We've access quarters a have great they created is But other market extremely regardless basically sources meet the So market Steve an to Delaney in they of XXXX. in our of clients' brand needs of whether less reputation were we space. us also also allows we previously broker the are some very as in active were that

Jade Rahmani

tech side. the Turning to

hidden sources become generates, the the points, that portfolio that of of historical Dunlop's value in Walker by the future in the - touch data within to company and think using data later & I drive of the Steve that data that acquisition a is analytics performance analytically? properties, a past in and servicing. company source Are all tech quarter in proptech there a mentioned terms this And value tech company number the servicing made sold. small that the any or it investment efficiencies you company could

William Walker

loans - board do Steve allow streamlining loan on very that our implementing and had in our a much So the make comments, get is our cost-focused underwriting that also us and was W&D. presentation a That's taking his to to focused we try us more process, quicker as in in on and fantastic efficient outlined to underwrite what and absolutely back acquisition now we to made QX in we to we faster. technology right really responses investment it clients yesterday

are underwriting, and customers we better share plays insightful and the make using investments. into them data All insightful opportunities as more of we as into about that our well to insight having where with that data to having that more loans properties lie then can that we're their underwriting making into they're become the where information

the to So answer to specific very is operations. much of some your yes, streamlining The question, think implemented that Jade, more your now our relates broad answer we're focused I technology question where getting as it to is, and right so.

Jade Rahmani

Just side. on FHFA the

revisiting move the have through curtail concerns any it volumes any Beyond do and if whatever share? reform, quarterly all process. thoughts happens attention Fannie when GSE's to that ever caps resurgence Mae's whether do you market you have happens, the around his market it's multifamily, share draw Calabria to in review particularly the on preemptively might on might at GSE - that whether Or

William Walker

no people So out what is read and I him. draws in have the Director to I figure anything. attention who ability have know what papers, from I Calabria's I with what to What hear do met

to So clearly footprints he you of last intentions has short in Fannie Journal where the term. the Freddie that director the week, the no Street change may have seen article stated and Wall

taking of is as that - a he Congress, head to role and it the one does everything against directors And today. article seat. both I with is has that American mention I Street been with as people the is that looking Banker that who record gotten not to a role the being Journal a that the and before get him Wall the And that. a here want wants Journal to to in taking Director thing directors long-term far the in the the been looking constructive say so have I've very as he several that on that had his looking is measured play reform. well know would as obviously, Wall really was to as as the legislative he how article an markets And he back of in he's other is he's in he as extremely shared well such approach. reform, meet at positive Street He he an so administrative FHFA. for Congress The interview understands since on saying outlook for anecdotally the And we, relates

Federal but place. by that in mortgage portion Fannie model want to I say the works, happens of couple the the the changed trying entire of It's landscape of that all of of you public majority Fannie we great to every government said secondary about don't conservatorship what that well will very conservatorship role support by of changes of the and the capital matter the the and is side are just is The established. in our by to of in in with public process. loans of that and has So call, the end originated as years. I Freddie we other multifamily over dramatically what efforts past and lending. stay come a capital that have regardless And and great market pretty model agencies, private confidence end discussion in know, and well the that to originated as capital given is the Mac we is loan and think ahead positive Jade, there Mae's Mae side

Jade Rahmani

turning Just credit. lastly to

And JV, were that drove what particular, just signals color in X there was those there credit give that loan trends? and anything. defaults, you one within noted loan one that in BXMT the of defaults the is You situations? Can X the loan strategic. If interim was book on recent any

Stephen Theobald

any a Okay. high-level is Yes, housing signals a a that credit I standpoint. don't think either was was loans I'll the trend question those facility. student of one. memory take answer to believe one care One, we from your two property, One

a are in the the risk on sheet, multifamily portfolios ILP our on. have The that was They we loans of the balance So portions delinquent property. loan in rate not the venture. credit only neither joint market were BX

the So credit again, outlook, - just I think no happened our in change was trend They there's the happened isolated quarter. few here, same instances. view no in

Operator

floor questions. have over I additional no We Walker remarks. for further turn any will the back to Willy

William Walker

first Great terrific we of you everyone, quarter. all Thank you. you, morning. Thank hope us joining And have day. a for this

Walker & Dunlop (WD) 5 May 192019 Q1 Earnings call transcript