- Earnings call transcript Q3 2022

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Operator

Good day, and welcome to Modiv's Third Quarter 2022 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]. On today's call, management will provide prepared remarks and then we will open up the call for your questions. [Operator Instructions]. a emailing ask also may question ir@modiv.com. by Participants event recorded. please note being this that And is now to would Investor I like Relations Margaret over for Boyce, to Modiv. turn the conference Thank you. ma'am. ahead, Please go

Margaret Boyce

for Aaron with Ray for today we'll Investor here Chief Thank morning. Officer. Executive today's are joining ask third and I'm modiv.com. you, website the will These your then Modiv; XXXX We of Halfacre, may investor documents also release results. remarks a Pacini, On Relations call available Officer our Participants our open up financial thank at and market supplements operator, Financial question Chief you before questions. quarter ir@modiv.com. us to provide the section by discuss call, management and of today prepared emailing Modiv's earnings and the issued in all open this

remind I include laws. begin, like forward-looking would under we the statements will Before that securities federal to today's comments you

as or statements will, are facts, Forward-looking words about believe, such forward-looking Statements or are statements. as comparable our not also and other expect, that historical disposition statements are phrases. intends, be, acquisitions words expected identified by such anticipate,

With SEC vary Our Aaron, including could to forward-looking results call over and financial operations from I'd filings, on from Aaron. these factors like that, of materially XX-Q. such to now contained please differ go actual contemplated our those a cause are by statements. may in the condition of ahead. to results Discussion turn materially that our statements Form the forward-looking report

Aaron Halfacre

quarter everyone, you earnings our Hello, joining thank third and Margaret. you, Thank call. for

the following with opening financial our before more Pacini, portfolio on growth two a our was and for as strategic completed remarks. open the core results We two asset CFO, quarter I'll is disciplined Q&A. repositioning. in today cover non-core plan me of close continued line acquisitions Joining our third the theme who we long-term thoughts market and steady execution. major dispositions few The for then Ray part my detail will

focused portfolio as on intently select We potential price have industrial evaluate both we and discovery been manufacturing investments. acquisitions

opportunities of million. As focus enterprise capacity facility part of could by our the scale, identifying offer greater credit successfully we that expanded $XXX on Modiv our investment

said, As and the during in this create can performance. pipeline sign like year-over-year, the early patience large long-term in shareholders. value to hurry to interest markets was for horizon. revenue than quarter most an quarter XX% and know, to environment of quarter reflecting That An third we the the increased and you excluding Due and in been strong quarter, with our volatile That quarter. is creating second estate they the team the no reported have year remained said, transaction the exercised we experienced see portfolio rates robust uncertainty patience lighter markets. our this conditions, one-time unless swings navigate on termination our management real we disruption reported deals market opportunities the activity prior revenue requires significant

their manufacturing manufacturers key reassuring Based in needed making focused infrastructure the to emerging operations. providing well industrials facilities, is manufacturing vital trend partner this especially critical of our are We on transition. the with Modiv U.S. qualified on experience for

estate gaining aware, for bright think We momentum supply to a industrial be spot issues. prove you I'm to As that looking this on economic capitalize trend. sure are is will chain global geopolitical investors reassuring real and primarily both to long-term due manufacturing

reassuring believe this As in portfolio conjunction to we can we for value strong, shareholders. resurgence, sustainable this create differentiated our continue and with our scale

while months, blended In industrial our portfolio million And completed $XX also past market. for at the X.X% total observations manufacturing on cap than non-core over industrial XX into completing headway of the properties. million. We multiple making greater in acquisitions now, rate, some over good proceeds an are our already has in team overall dispositions transitioning manufacturing weighted $XXX average

quarter witnessed searching Even Over in we consistent strategy. highly properties we of products. upward rate a the price completed actively industrial where to to demand The began like as the acquisitions we we defensive and the those such manufacture sidelines is for and be in and the find quarter, beginning so, in sector, cap relatively modicum continue of can buyers to accelerated Valtir stability. component goods produce Producto specifically, equipped reflect are nature, compelling on third identifying this sit that momentum opportunities the manufacturing as infrastructure

repositioning. highway XX, printed. That volatility the market was shares. cap insiders the of state into share reported price depreciated bad prices trading then, very most and transactions, our the steep and liquidity per behavior. greater $XX that market to quite our are value now scale price range than choose in their industrial high, sectors is that being is with the day full we less To also front Right from of research not farming. dividend share $XX that rate quarter traders the profit share comfortably lower than per valuable an broader with book able October along at a the The volatility to news has adjusting rates public but on, volatility the investment provides invest small we than of of is short-term seen that the throughout monetize in commercial stock and want and seeing in out additional of double-digit increasingly you Meanwhile, opportunities the NAV volatility discount. to Ray. that to price November, quickly $XX.XX away the a greater is and was call eligible is At real Even purchased us. last logical price manufacturing does our No into more and market some assets its equilibrium a guardrails priced at on only remain Modiv interest stock said, long-term Since strategic I can $XX rising minuscule share While now some shares over volatility market a for adroitly GAAP On trading induce parts. no were such, even transactions. others. Modiv to realize growth estate our even of daily collect the that that anywhere in for yield it focused the companies plans eventually ranging $XX. defies we and the suffering will acquire which I'll need long-term turn obvious, level optimistic at indoor day reason treasuries. to about consensus businesses, property pricing September fail than find appears We in in present, below knowledge mid-September. company go not as this currently the our see transactions with continue, impacted needed environment, capital matter are rationale to candidly share. is target remains we estate these to portfolio analyst Considering traded vagaries last number the to believe prices. focus price much with seekers as their and dislocation real company get are for growth more investors

Ray Pacini

and on provide will the liquidity. third portfolio discuss Thank our operating balance our nine now sheet results and and update morning, an first for I you, quarter of Aaron. Good months XXXX, cover our everyone.

preferred due for XXXX. in increased the XXXX; quarter Third per share in which secondly, of per quarter in January connection the per AFFO September the Class months of increase or fully as per $X.XX the Kia $X.XX in with $X.X dividends diluted dividends stock to or nine of the nine XXXX million issued of acquisition the in XX, decrease $X.X from the million $X.X $X.X on primarily last C per an share had dealership year and third $X.XX $X.X X% units on was the in AFFO issuance on XXXX. an million first days to AFFO from was properties increased was for or The income share of of Incorporated properties year compared revenue per with of million months the only and our quarter share relate we sold dividends to or to our reflecting offset rental to to in property, fee of $XX.X of in XX.X% drivers in third income $X.XX eight The diluted XXXX share one, increased of sale share diluted the and preferred of AFFO early from of diluted auto a increase XX offset months our share first diluted bumps count, property. $X.X or million benefited payable AFFO million months. higher primary quarter, the contribution XXXX. I from fee related year our of the acquisition first $X.X over non-core stock months quarter just XX of these July activity The third million months during by by million decreases first during first from $XX.X prior nine the XXXX. the Texas of from revenue income AFFO that of rental partially seven million leased XXXX. revenue increased by acquisition $XX.X Total the the which excluding termination XX acquisitions rent and Dana recent of million the termination last stock, in preferred early count the mentioned. nine rental After share for increase

year termination sale Excluding last decrease months, from by the months. increased income in XX partially XX.X%, just $X.X described, rental properties last acquisitions revenue from primarily prior fee the period XX million reflecting the over of the non-core income revenue I in our rental over XX the XX early that of offset the

of portfolio in in costs mentioned. following one-time of were up quarter, G&A months, costs the management year first XXXX to Walgreens pursue in the were NYSE $X.X our just previously prior the $X.X and decision higher first focus from with from XX% million EBITDA X.X% of our months costs $X.X with prior first for these the the I property and million third quarter, respective nine increased of property the exit on property and nine prior crowdfunding $XXX,XXX million reimbursed the periods year, year. $X.X period, expenses expense during G&A reflecting were are third Property Property Most each our first in not write-off months from a were process the prior after personnel by their last quarter associated million year expenses for due excluding with increase $X.X assets quarter of technology decrease in an year and the estate fees reductions tenants million down in the of by operations third $X.X primarily from our write-off maximizing the announced and the reflecting an the over least G&A expenses the and $X.X million to the our growth in large average at in year expense. quarter partially the period, real from expense the the X.X% nine business $X.X offset million quarter down acquisition prior portfolio. On taxes in $X.X to for XXXX efficiency interest our reflecting along were in in one-time both reimbursed XXXX. improvements. million Adjusted period million in listing reflecting undertaking year, increase of side, third for our

tax second declined by timing rent quarter third of of Sonoma due to EBITDA the On compared to of $XXX,XXX G&A higher adjusted the the our of Williams XXXX sale compliance. related the annual write-offs straight-line quarter due the with during and hand, receivable and to meeting other

increase the in We expect to fourth along G&A with increases our from in primarily adjusted revenue lower EBITDA reflecting acquisitions expense. quarter,

industrial to continue portfolio, exposure. primarily remarks, office the focus we stated our sector onshoring expect our we long-term turning reduce to to strategic in acquisitions plan the as Aaron on manufacturing as to trend to remain Now execute and of strong his continue our in we manufacturing on

totals purchase lease in annual Carolina, weighted The LLC, acquisition Including Ohio. and with is Producto Holdings, average price million rate XX-year for a acquisition properties of of and During completed two located of the the and New X.XX%. lease and and $XXX average Utah, cap Products back our total The Valtir and properties sale rent Valtir, transactions escalations in cap of X.XX%. and lease lease rate activity which escalations year-to-date Trinity York Texas Utah for million XX-year a four The acquisitions $XX.X and properties as Producto X.X%. acquisition includes at Producto terms term comprised included two and the LLC these Highway a Texas, we Upstate was for with weighted manufacturing the properties South transactions XX-year formally blended acquisition annual term a known South Valtir third industrial X%. in a of Carolina lease acquisition Ohio quarter,

We patiently for sense pursue acquisitions continue pipeline of accretive under our portfolio potential have and review a to that will strong our shareholders. we make and opportunities

key Now portfolio generate some our ability I’ll also which our are component for returns provide to color long-term management on our activities of shareholders.

portfolio. on quarter, sold year-to-date the gains on and for basis, office $XX.X execute we cap plan our sale six at properties our to of X.X%. non-core On During generated sold one office third assets of which property, reduce an $XX.X flex two million, properties total exit we in we a million have as rate

have of office non-core months, the as sold we Over XX properties. XX strategy, our portfolio primarily transition assets, last part

the properties a primary industrial manufacturing. funded we on and partially by period acquired with Over these dispositions, same focus XX have

consists As based representing date, approximately industrial of of in our annual portfolio representing states. retail of approximately XX% base eight of XX comprised on XX of properties of represent portfolio office the portfolio XX% properties rent, XX% is today's XX The properties, the the approximately portfolio and portfolio. properties located XX which

continue to portfolio, to patient and process. disciplined from this office We but expect remain opportunistically properties sell in the will

balance and markets Now sheet turning our activities. to capital

to of revolver on million National mortgages and and Bank months equivalents XXXX. expansion January as exercised expanded facility in for $XXX.X of indebtedness of million a million additional to execution and Financial our our XXXX, On purchased the XXXX, for January term we banking of equal of Truist, unchanged $XXX.X As million on leverage facility with in XX, outstanding our loan what acknowledge XX, rate $X.X support term on of has maturity September SOFR and credit $XX.X revolver. challenging under maturity with including XX; October interest of efficient to had October cash of is September of loan additional the revolver's consisting the in the of a the remain we both XXXX our and would total Bank that I to total cash and we million XX when options had and extend our the $X.X at under announced feature XX accordion million term credit and financing only On their the additional allows an of outstanding market. maturities us $XXX term term a It XX%. been or increasing of First drawn up KeyBank, facility $XXX in million partners now comprised which The loans million October million. for loan commitments thank fixed currently is on and XX, that $XXX ratio option term we loan $XXX a our our of result credit a to less The fix term to like and $XXX participated $XXX million facility total in an request to facility who five-year X.XX% X.XX% draws than Huntington loan. swap the credit revolving will loan updated is it of includes million. a credit accordion and revolver we

credit company's XXX Based a revolver is SOFR $XXX.X basis on rate the part index rate. reduced sheet, terminate basis quarter the XX, SOFR December of swap debt XX, sold ratio. on percentage based on adjustment, The the which Based on of revolver transaction, September leverage grid based rate will our facility the swap priced XXXX. facility, October one-time equivalents. was of the plus vary as of on cash current million the for interest leverage interest real leverage XX prior our the debt X.XXXX% XXXX, plus interest facility, the leverage and Under a As swap XX% actual XXXX. to ratio plus XXXX, on we points leverage XX, that fluctuates the the on the of we rate interest of October XXXX, based September accordance approximately points ratio value XX, ended on rate. a of on terms fair The credit ratio XX% continue average holds company's at to of the is and KeyBank company's balance option the our on the XX% the as of quarter. X.XX%, cash define of as of the is fixed a the as aggregate In rate estate company's credit our the with total weighted properties the of based a indebtedness interest end our leverage ratio as outstanding XX,

announced, Directors of share of and this months shares on XX% common yield. for of dividends the $X.XX $X.XX previously stock. per the common a for declared December, dividend of recent As approximately representing dividend annualized an of Board dividend our stock, price to of equates Based annual November, rate October, an closing our

As in $X.XX Aaron to will to we turn a over share. per of affirmed back the now $X.XX range XXXX diluted AAFO call annual guidance mentioned, our I Aaron. the

Aaron Halfacre

Ray. you, Thank

Directors. remain to strong to our for for Before in is strategy some to and thoughts. can turn tests not Modiv, And management but Q&A, marketplace we that of our strategy, share and only be like team, battleship Board say final our Volatile true I'm optimistic. management confident I'd company's proud the Board and times

ever We our and are more story in strategy that believe long-term unique compelling. is value our convinced creation than and

as is improve. power resilience season. an holiday like portfolio yours you wishing I'd and providing investors us to everyone monthly to to our earnings quality, a and well with thank continues for our attractive, that, unwavering Our today, dividend With of happy the commitment stable as long-term and joining

for call over the operator the questions. turn I'll Now, to

Operator

Thank you.

question be our the session. Hutton. from with Mehta line now EF Please a proceed Instructions]. of [Operator question. first conducting question-and-answer Gaurav your with will And comes We

Gaurav Mehta

morning. Good Thanks.

provide You have more what acquisitions strong the guys hoping acquisitions. you if talked you and having color about I of portfolio maybe in between was could on level a pipeline individual some properties? pipeline

Aaron Halfacre

Gaurav. four physically Broms, were trying haven't majority -- we homework even at activity them there. of be we've pure-play of pipeline industrial. the Bill diversified, We've myself, on thoughtful, -- looked XX properties out and were to with at activity, the lot Chief due announced right? of though doing diligence road, be terms in sure. were One to also Three didn't -- Hey, been the was third We of in yet. we busy We've here we disciplined. company Investment along We quarter a manufacturing. Yes, Every I've And industrial out. toured Officer. been anything very make portfolios but well thought I've decision has this our but size

and So I'd that that lot we third shuffling of quarter over say cap later deals we early just of of we and impacts. treasury period saw rates time, sell-offs from course and third a to -- quarter, had market obviously of

And ones to right? a so them results have of of just and I've retail sort sort REITs have the maybe been other of of the some we too. quarter that cautious, out, the prints been other have third of in wanted basically looking lot the a and And be come at very industrials anywhere from --

range wider to of now not in gapped all much X.X We've on. between necessarily Some gotten X.X sure indications they've ask, executed that in where that but we're terms a rates is cap have cap what are closing. like rate X.X, they're

we a be, we think seeing opaque trying we're be first to the about And now. as We're as leases of patient, things. crystal key look could put about quarter was may corner like around in to a as lot we're opportunities trying but trying just as capital the it worried And best but of what - just to ball on been of well. might see just terms make right trigger There can. the not out. just the thoughtful we've the the sure have or pulled to -- times so we multiple ability And

Gaurav Mehta

the talk to you Okay. What upper maybe between the variance you versus are guidance, lower the and underwriting get end? can guidance Maybe one to end on end? lower upper your about of end $X.XX

Aaron Halfacre

Yes.

the the And specifics, have and asset like -- of you factors. by certainty guidance dispositions two the One the of one they're we mean can other course about in is transact. that those Ray I more as some acquisitions. is don't So is any matter, a give activities but going variance general to I to until really tell driven

-- if buyer's So you're a and you're still not deal the instance, for hard. not in you're or if hard

those. if of would an I'm If then more, and you're not get sell not to to we broadcast don't asset, buy have mistaken. selling the high-end the range, we But

Ray Pacini

Right.

Aaron Halfacre

me; original didn't Trust their we any was X.XX% buy. seeing a low-end the of And guidance sold not thing $XX million assets acquisitions our was I'm rate. of X.XX%. And at but cap -- that

Ray Pacini

Correct.

Aaron Halfacre

Yes.

Gaurav Mehta

Okay. Maybe -- last one

Aaron Halfacre

acquisitions Maybe $XX was think. million I

Ray Pacini

Yes.

Aaron Halfacre

ahead, go Gaurav. Sorry,

Gaurav Mehta

on No, I'm allocation. your one last portfolio sorry. Maybe

You office. retail growing and curious to obviously portfolio. manufacturing about your focus then knowing was of I about are as how a to it's on you part talked industrial closer more learn viewing maybe your

Aaron Halfacre

or Yes. I a be pure-play today. be not nothing to more love would to Look,

Our That's been focus focus our the to dispositions continue has on that be. office. on primary asset will been naturally

have thoughtful would if would retail have tell about intent it. it that on vanilla. over But -- sell It's you sequencing. to. that Our it is wanted We be have we're just I to we There's hair it. not could liquid. doesn't our tomorrow nothing long-term very fairly we

Operator

Thank And Rob proceed next with our Janney. question comes the line Please of question. Stevenson from you. your with

Rob Stevenson

about dispositions guys over the you -- wait thinking and current still disposition we in Aaron, quarters? how of so for to next Do buy go-forward? thinking could environment? sell the Is Good couple -- where you spread where that could are things enough you you're between be where should down? is about you How just attractive market settle morning, you how the guys. for you

Aaron Halfacre

assets the volatility where in we've one or we assets. what where like market we're -- several instances the Fed bid early are jets. just was quarter of but then two an think office on that of to contract, mid cap decent -- think the cooled under had putting sold. and get is Those instance part Yes. rates. unsolicited in for There unsolicited did the I quarter part were to their we out we went actually they it assets We We've got I thought had transactions some in -- did

of we re-trades And interested came for just had in levels and back one the so they weren't at came -- them back they for those that -- that suggested. -- new

So I to it's we've activity, for right somewhat other certainly quiet I think patient, been now think a transaction environments. compared period

when selling got I get office have secured been and think or candidly, you're assets, for those them it's people have in little financing harder that up a advance bit to to lined pegged.

I getting bit a think now. a bit it's little stalling out -- little

want We're bath we baby negotiations the to doing the these them throw many so And off of AAFO still actively properties. out renewal on got from with lease We're right They've throwing now. term. don't water.

And look, so sell have view don't them. we I a got our time is, think specific know to them. We to we sell

drop AFFO. too sell to we haven't too fast if we something, then fast be leverage. not going much buy in mindful and have more we and sell enough, a we're then bought be to If much, that'll have We too

getting being at the hurting And ultimately prices going we're paid and I need we for mean, just isn't that. are to we're think patience of about that So to really that. think I us clear. But these some they though, clear thoughtful

Rob Stevenson

or done pushing marketplace Or but going start the that that Is given of the being -- strong your did stuff one deal still has then tenants lot here to it going X% with with is from you are at the Okay. right that Valtir, the the X.X% how you've a been? the And marketplace? change we recently at has leases towards conversations any more to you bumps? on going in majority I as inflation them in in there acknowledgement number of is going how not been X.X% bumps. look X% -- fast forward annual mean just X%,

Aaron Halfacre

think the I is X% floor.

-- have a as -- X.Xs of its I lot X% we're think I under means could now happen. not non-binding sweet which recognized anymore. that and that not seen LOI, it and was brokers we've they

in not under Not And X.XX% our one, bumps. think big so it's it's but and it's we're very for X% cap an property. a I LOI got our it's numbers, -- guidance

that we if bit will of I've forcing seeing differently, -- sort some so And And it's but or they're we're CPI. little I fairly because acquiring. to uncapped peers talked space you getting I'm and seeing what I've they're I'm to guess CPI. some capped range, probably ranges we've by CPI I've tied large, not -- X.X% now. seen seeing ones been been at collar of seeing small all. sort that deals. right some and are movement, have a seeing seen the of most But competitors a they're

Rob Stevenson

near-term, Okay. change one how -- of you impose leverage, penal much how drag me, to XX% is were how a Ray, the and that If does guys adjustment? for And does that then you is last above were if in more guys? what you rate go the to acquire for than sell you

Ray Pacini

bps. of every it And up XX So or up for XX bps. goes X% goes it then XX, north XX of north to XX, up

on bps So revolver. the it would out XXX top and loan term bps on the at XXX

Operator

comes Ladenburg question Please Thalmann. Villard with the question. your James with line proceed next from of Allen our And

James Allen Villard

call? you how post if did So XQ mean, And repurchase utilization forward? that stock that were going kind any so, I program of of you about earnings thinking

Ray Pacini

at average under Post an we bought year-to-date, mean we XX. shares bought I of QX, just XXX,XXX I -- know

disclosed our XX remember around During during It have I it or an QX, don't average the bought don't of the number. so. but -- in between I exact XX-Q just we number just shares, of --

Aaron Halfacre

I we think stopped.

Ray Pacini

just We did stopped not Yes. work. [Indiscernible] going forward.

Aaron Halfacre

Yes.

trying of at things, but it do sort kind a of prices, reaction participate We would look, and forget still the a would buyback. off. I thing. you We available. we process. only we available. We have probably it XXbX-X, that set these capacity micromanage So I to it's have turned tell in still We're to so balanced not these

for We that, right panacea. We It's a I that, have. the looking expect at where a a are so But in it's to tool It's just have we say needle don't trying use. to manage us. fact that I'd we're today. we tool a it's potentially We -- bit. at it tool now little not could that process yes, move a

Ray Pacini

the just the is for In August, from XX,XXX total up and cost picked bit. a $XX.XX shares of July total a XX-Q, going is number average of a which bought filed in we I to about share. $XXX,XXX. a The get little

James Allen Villard

helpful. That's Yes.

can us on is what's PSA, question more LOI? color any what's follow-up Another you under under provide

Aaron Halfacre

No.

Ray Pacini

No.

Aaron Halfacre

know it's let I is my really been of a to rule market's know I general been but volatile. -- you the like a that -- something, little, it's can't I it's very -- because it's been baked

you so my I and to like don't I to want do don't that either. guys chase tail And

James Allen Villard

I it understand. for that. fully I appreciate me. That's

Aaron Halfacre

Great.

Operator

you. the I would turn back the this remarks. question-and-answer to And concludes over any closing to Thank floor Aaron And for like session.

Aaron Halfacre

a Thanks, This about price to about When we make got now making exciting well, about exciting. to execution, call. Look, operator. a a the everyone leverage share decisions thin We're when just were going Thanks, not this very really growth to want microcap and and not disciplined, you're every -- deliver quarter the name. you've and quarter. and small, be was we're thoughtful. about you it steady, -- for are thoughtful. We're to be going -- you

want don't be knee-jerk. You to

seen that we You order impulsive. to we've second Too of have make to past, one decision in that's that, going third times cap names don't because is destroy effects. Each want and many be right? themselves small

thoughtful, Not right. the not to seeing blinders to being rote, on, pay what attention us is being environment. having So trying you're

total, we're I bad of process, about that it in hedge we're where leverage, just things, to I've really created thinking people reiterating XX be types Because outcomes. our on great team. If it's think if making experts, fund And our paradigms. of gathering small subject important you private challenging this nail, could team of in We're end depending team it you we're sort data, recall, and or sure a a a be like market these markets. just the hammer be every hammering have and really could that's or lot we're a equity a matter team

risk market. risk off, of terms off. like there's one, on so I lot day. And right It every on, risk It's now, seems that think ambiguity of a risk in the

we're thoughtful. just so very being And

is The are We're about not though. executing. crucial executing. that We timing of worried execution

plugging And or investors retreats where looking we'll on think as forward markets, being a this, after in to bit San talking stability all going laggard. plane Nari it's heading keep getting of transparency, and more and avoid Ray that. so more a that's thoughtful we'll after net broader the along be to this, be and a in right are about to that'll shortly little something been we're Francisco a I to I sector

well poised and out in we're and executing you your holiday And so keep for a get marketplace. I season. there time to think you thank the all great I have hope

Operator

today's you, Thank This everyone. concludes teleconference.

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

Modiv (MDV) 14 Nov 222022 Q3 Earnings call transcript