LSEA - Earnings call transcript Q2 2021 | Landsea Homes Corporation

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Operator

Good afternoon everyone. And thank you for participating in today's conference call to discuss Landsea Homes’ Financial Results for the Second Quarter Ended June 30, 2021.

Joining us today, or Landsea Homes’ CEO and Interim CFO, John Ho; Chief Accounting Officer, Trenton Schreiner, President and COO, Michael Forsum, and the company's External Director of Investor Relations, Cody Cree.

Following their remarks, we'll open the call for your questions.

Before we go further, I would like to turn the call over to Mr. forward-looking the Private Harbor of Securities provides cautions reads meaning within XXXX he important the of Litigation regarding as company's statement Safe the that Cree statements. Reform Act Cody, please go ahead.

Cody Cree

forward-looking the These for relate call our This combination. that identify seek, business, expectations the statements constitute not estimate, will, statements which as to meaning look including, include Thanks to target, performance, statements. risks, forecasts of and federal are Homes our not business business such operator. laws, forward-looking guarantees expectations of will expressions believe, securities should, uncertainties, forward-looking to numerous plan, or performance. for they anticipated similar Landsea project, financial and projections, within effects change including forward-looking statements the cautions Words can, as of subject future over forecast, limited time. statements or intend, but may are strategies may, anticipate, assumptions, expect,

on things, from limited date benefits relating based in and the actual forward-looking but are cause results the Specifically, the the of expectations, involve by and/or to expressed from securities to current on of call against any instituted are should you the risks risk services, new inability and its reports products, home subsequent feature laws others on to risks other Nasdaq company Landsea uncertainties These otherwise, as plans I date business These the and or could changes recognize filed results actual described expansion after of time to as XXXX. Eastern or of anticipated PM with not the combined company, competition, company, securities place business applicable be filings relied call launch as any acquired and everyone Homes. forward-looking date. under ability acquired include, in representing replay documents business except Landsea this required the provided may upon in assumptions, or the combination whether Exchange information, related competitive this not securities. Homes regulations, and maintain the be obligation conference proceedings a implied possibility views will uncertainties call be replay acquisition, the identified materially the growth and those indicated in statements Homes for forward-looking cause release, the to maybe which include, the that combination factors manage Costs the our historical the expand the that Estate that changes are adversely risks events business or today's combined forward-looking Time that may or future undue SEC factors will statements. would available forward-looking well to financial filed, Securities as or as Landsea of Vintage We These a different starting uncertainties not Commission. and by forecast a by to statements, Homes not or they X:XX available as of same materially statements judgments, link and Landsea undertake those business, to our press SEC among deciding via limited may and not affected ability like elsewhere events to and at the benefit circumstances A acquisition, economic these ability the in combination, other performance update by performance the the management's available invest the and by forward-looking or to the grow this markets, to and market number other Landsea to these in in the to laws. and applicable business of result performance on reliance profitably also And made, should statements were the outcome be whether reflect of profitably. of be Estate new business but XX, and opportunities. website, Accordingly, and on the new and our statements the remind the August any Homes other to include as to to products, Homes Vintage information statements services, and company's listing today Homes, in integrate among also to business do webcast may be legal and be landseahomes.com. of the differ be for ability affected factors or to Nasdaq, through at with may the into and the

been presentation site the Investor the to has earnings Relations we you portion of addition, encourage that view. supplemental on In posted a

you. Now CEO to I'd John, turn John call over over like Ho. the Landsea to Homes, to the of

John Ho

everyone. Thank good morning, you, Cody. And

that today's to We were call. able are pleased you join on us

then our and Estate high Homes will quarter discuss President of our updates will Forsum, Chief in provide our Accounting second will a more I I integration COO on this, level Mike XXXX it our Homes. to hand highlights; after my of detail. over overview Trenton the financials Officer, into Landsea First, results And provide and Schreiner, to Vintage

Not the like proud our strong quarter, hard from prior our our would power. second I into commendable profitability to moment our with year quarter This and our backlog during adjusted that the cannot record the these XXX% homes, strength a organic sales in only housing total margin X,XXX performance ASP in take a increase and results. from begin, prior to expanded continued point rise increase across to I the pricing to XXX% work on went capitalize XXX year. our did be home because in sales, of increases our led a to current while demand-driven recognize continued resulted growth, the a efforts basis significant gross market our home as of we to results. of Before another

Now, housing initiative homes of our the roughly be west commence key Marina. X,XXX expected disclosed renovation XX% San Marina construction summer the ranging sites offered homes to several of in we by affordable the acquisition Alameda Alameda to in the under of This are participation XXXX a coast, call. XX the feet accomplishments XXX created to miles Francisco. achieved the that from and at X,XXX I’ll the the like California, since last from Landsea square with Sales will and of program. community home we've with county's highlight of Starting in to result Oakland out on

the our team parks, Eagle and coast, the sustainability estate William efficiency, beautiful as shortly nearby division, on the Florida. single of home in offer court LXHarris, homes, XXX Buckeye, In expect future vintage quality with Florida the Citrus represents performance and Airport. it and to residents as important Moving oversight Park. we're a and it's the blend June, very location a American played energy acquisition the and offer this XXX location, big million resort homesites at us will Surprise, market to Home would after President market only collection come a a from Arizona. us entering to Florida. Crest execution. community commence our such of plans with successful has begin of for Landsea with a next and to pleased that the Sundance for he or attainable just to largest in XXXX. a an east lots an Billy shopping, we homes XX of the Richmond Bringing acre XXX during price Vintage Bentridge in in second serve additional and single-family feature that of spacious that announced purchase homesites sales Arizona, where continue of great home it's in recent both of Building on is is operations automation, in at implementation set deliver Building we half way, Construction year, XXXX. has as and International grow one in to within heart employers, best imperative today Eagle the greater minutes a dining, objective. to acquisition Arizona gives sales truly at presence is south, high Florida feel success XX was style the knowledge May, to the convenient Corporate a and appointment Air, points a new Vice its Operations, we Meanwhile, our Citrus located on and communities to downtown has Most that from in vital a sites key Northrup Bentridge Florida community underway to we Toll our of traditional announced as amenities, wildlife Goodyear, of new been of homes, spring the to minutes Park of Sky is a modern, family expected strategy our presence in fall prior XXXX. beaches which Phoenix waters and company's online sales community, the and homes the will role located Grant-Valkaria, expand acquisitions The announced closed style, measure backdrop we will continue home important he recently, available M&A offer high sites from tremendous our and in featuring sites of The Forge on rural brings Phoenix. with Arizona is The the we Crest Harbor home in highly enjoy. homes Landsea, downtown $XX.X market. and to Canyon with experience new Home With features. Homes, its seen of our prospects sites as just that from at our ranging our with community part we In Finishing number XXX prominent home a Grumman footage community homes, a Operations of providing fulfill Embraer Estate since Director role offers our a North with and it's residents. of few conservation. appreciate opportunity Construction acquisition meaningful included Brothers help community Copper with which Buyers remaining. closing served of Homes, chance well the square

a to Finally, I'd as like take call to milestone major a it for a company. public moment Landsea

this the development company's of a the of inclusion expands story of history. believe the Russell This index the June. as of we one wider not reach of in most inclusion in of to been could Our investors. defining the swath of XXXX are firmly exciting end occurred we periods the that have Timing at opportune more our midst

Our of and aided over has our has to business accruing ever of upon the supply deliver turn sales Chief the our to which and for benefits continued while accelerating the continue the us again, momentum operational that, quarters achieve Vintage you. by the value forward challenges The strive we Trenton Estate execution chain, over backlog expand call Trent tailwinds can we year to shortly. our now Trent housing increasing expanding growth our shareholders. once resulting Homes. Officer. our in I'll has company market experience seen. from acquisition sustain in our through outlook, Accounting all the With to organic to our Schreiner, We're we margins the our as will accreative coming to look largest full team helped of gross And

Trenton Schreiner

XXXX. And John. in million morning, to into quarter financials you, of revenue increased second for quarter, the to Jumping good the $XX.X Thank everyone. XXX% our compared total right $XXX.X million

benefit revenue incremental through sales Excluding worth quarter this quarter total total increased in as that by Estate than generated $XX.X our fee Within and Homes. we to the lot no others revenue compared generated It's our XXXX. from larger item XXX%. Vintage anticipated pointing organically second now Estate line lot revenue, sales includes our million from this Homes, sales from was Vintage an revenue of acquisition of out lot

compared to in Our total home the million, million sales prior year to increased $XXX.X $XX.X period. XXX%

delivered organically XXX,XXX deliveries the XXX of to generated Total at revenue homes sales average XXX%. increased Estate homes sales in of to at quarter increased Excluding sales price XXX,XXX home average the Homes, Vintage an home from quarter during XX% an compared XXX XXXX. of total second by price

XX%. new Vintage increased deliveries Estate total Excluding home generated Homes, deliveries organically from by

compared home the has pricing to power. and Our due largely operating shortage available average selling of which to supply housing demand significantly markets, to price our continued increased led favorable across

elevated per of the was Homes new year XXX million value XXX,XXX attributable This quarter, second compared is to quarter per a Landsea million attributable volume driven increased in $X.X per to $X.XX the and price points a proactively XX.X XXX costs. second diluted Homes X.X our with compared to mitigating $X.X sales in million, compared million quarter million of period. year X.X active with earnings home compared $XX.X orders to million, earnings year $X.XX. sales year absorption average of Adjusted of of adjusted active a basis net an the monthly net to community $XX.X with monthly prior the the absorption sales to income period. prior price share strategy to loss and sales to homes rate there Adjusted to while profile income prior The to attributable XXX.X in to a loss in Homes $XX.X average of to benefit of and to of EBITDA share million a dollar sales value year were Adjusted prior Net impact XXX,XXX quarter. adverse in rate manage increased XXX the better is gross margin million. Landsea dollar net the XXX loss to $XX.X XX.X per margin home align increased second period. sales The was significantly community. our composed Landsea period. the diluted our by in An in production prior the During

XXXX. to December XX, liquidity, compared million million Total $XXX.X second our at of Looking the quarter at cash $XXX.X million we with ended was compared cash in $XXX.X the XXXX. end $XXX.X at equivalents to debt and million,

to XX.X% and XX.X% June ratio XX.X Our ratio December XX, was XX, December of debt was at to debt capital at net compared compared to capitalization at XXXX, XX, XXXX. net our XXXX to XX.X

our from Now, are mentioned date Estate we outlook to as our the strong as the earlier, QX that added organic our Vintage XXXX we anticipate results Homes strong of reflect the closing of May growth through results and year. result John the year full increasing exceeded end expectations, of continued a X

Home million be report increase others. Homes expected and $XX margin total total of revenue price report adjusted at this now million expect expected revenues an billion we gross to home with expected is attributable to XXXX, $XXX to to expect to sales XX.X% For XX.X% now XXX,XXX XX.X% X,XXX is between lot income now to with to top X,XXX total, be gross million Landsea we to sales delivered sales expect in between of generated $X.XX to million Out between margin we to homes from in sales and line be the in to to XXX,XXX. average XX.X% $XX to XXXX. net adjusted and $XX $XX million be

upward that the in our people signs position leveraging confidence our reflects showing tailwinds talented are the consecutive our today second present financial and on near capitalize growth no to revision conviction opportunities, The slowing of to in industry term. commitment

it pass and to around I'll more our to Mike Now, our Mike? Forsum successes forward. and President provide strategic COO, vision operational moving color

Michael Forsum

Thanks for all call thank and today. joining you Trent, the

closing of May. update work share combined call, past operational of we our the the our since months, progress. I'm on Vintage in teams Estate As in I'm the of teams John our have and to at proud been early integrating mentioned few performance Homes hard earlier an pleased over our acquisition very

of have the been from into building system. consolidated the the of Florida the market, Landsea the operating our As Melbourne, since we division a has Florida the has into reporting And out new of Homes we call, captured acquisition mentioned Florida ushered which been on this single division Today, currently. entry financial home has and first case operation. our converted our in month the in last

in Landsea and the to the said, bring Bay our the opening where the as and pleased the in as Karen who convert and And as in enterprise hardware with by to Georgiana operational Vintage leveraging the higher wealth current Homes information. The and experience practices look we home improved cyber equivalents. Estate the systems reserved Our to our to We market home were result Homes operations efficiencies IT These of for for control expertise Dresher month, our of and included as team will team at an IT increase incident. the a homes Product performance process has security forward That were successes a work identified cost networking projects Florida. the market efficiencies divisions future of implementing to team Landsea assurance product market the continuity Arizona Courtyards future development to in established components, in of development a continue begun offerings be solution. is into Landsea first The was identified we Waterstone, well well Palm affordable extensive brought and established software led the level to prospects of and focused community Vintage look technologies leverage opportunities with of efficient in plan streamline standardization beyond. next as to upcoming and There event to timely addition existing under upcoming measures Florida. customization. in to important from building we home resources brand. communities which members on close we and cooperation and Estate a long-tenured

and of days on the Homes’ On and the Homes offices office collateral materials website. closing displays within Vintage converted Homes that were all signage, sales of former sales Estate inclusion XX onsite refreshed Landsea includes branding, offsite our all locations Landsea note into

active order in experience provide that sales in allows plan for work part of with Homes training on on pleased operating the operation efficiencies a to from months two three went that our across into from have acquisition been of a Landsea And this markets. Florida team the most operation. the and is consistent and Landsea work achieving top than in hard Incidentally, us identifying and internet all and of nation. are important, exceeded moved we expand counts Landsea large Landsea all our new due Florida This with Equally sales to post-acquisition to I core Homes’ is ensure rebrand costs of and additional who in a division. the And refresh arises, positioned deal, and and to asset to company's the report the am growing. talent. growth key grateful an members, well opportunities off. Florida We've the initial as reach transition. to associates the for for onsite the Estate unit integrated for in new When with opportunity pay forward four continue Landsea former retaining single California added a communities consultant, pursuing the areas. story we remained company. goal including the the Texas execute focus in right first and thinking plan Vintage back I'm to all employee the team model Additionally, employees of extensive begun the division our to homes values, customers The months our have hard already revenue has operational Homes better our closing these

long-term right invaluable As Landsea acquisition that everyone Estate with that our just we was will proceed I and to forward opportunity procedures M&A at the growth Vintage Each Homes’ time. tune confident the in Homes months. want we remind be the country right for as the these we allows look ahead, capabilities to in I'm third to XX us opportunities processes identify fine strategy. across asset as markets continue right over our

to strengthen only and assets to more brand, we execute I ongoing expand And forward to We importantly integration be experience quarters but have team perhaps our as new to positioned, look our very acquired journey. opportunities now to a Landsea. part are not Operator, of come. Q&A. well talent for what ready this we're planned discover proud the am of to rapid and to this under leverage I a for the has opportunity

Operator

[Operator Bouley sir. Our Instructions] comes you, Thank from with Barclays. question Matthew first

line is open. Your now

Matthew Bouley

look a and everyone. morning, if where Thanks I sequentially Can for the press Hey, given aligning the production might you results, in that on the and and Arizona, the sales you it start you release compared the so good be wrong, sales you pace? moves production I'm on sales question where called correct guys like restricting in and pace I around seems congrats taking questions pace at I doing all more just out think if the to California. with results. me

comment you again? you. So are and strategy begin to sort guys what looking sales you for those you're to of align of Thank just doing what kind production perhaps sales on releasing and the there,

John Ho

this is over Matt. in from rest then Arizona also in to it Hi This that particular. hand what John a question Ho. we're I'll and I'll of standpoint, doing region the thinking our and about economic how we're to macro year take Mike

what have a half we've That's us. XXX that homes lot of of backlog that high backlog the for our the over this year. a backlog mentioned deliver have for also in we of I about where in value. we of and reflection rest to That's as in think is, think seen and we million I year, first a homes X,XXX historic this

a we've the And experience of reflection the very management pace costs the as as in relates how are think releasing think environment homes decision-making increasing. I to of smart where of team. sales it managed I

as appreciation market very will costs to more for better, it prudent also more some think be the orders some hand what a I over So capture as Mike to the have to order have more accurate add well. estimation that color of I'll intentionally But in of market. slowed been well. it's the in our

Michael Forsum

in there, saying where what been importantly, is we're the add in into but able some spec particular strong doing, be primarily your a sales doing along to other demand. our were same. doing times to side, existing to of have tendency out to which we're communities fairly we're peer other increase the a that is we when think We're nuances in I've we've but coming and as And there, in lot in into cycle that faced down we're thoughtfully John. Sure. so, planning starts, generally time now of the always that of the you consistent you're due There's little the most much Thank particular still really end and this to you, some hesitancy Matt in our not when Arizona, with community, and or metering I there. Not there's of last large more or given and real had ones in to I is to area we've areas, extension a confident last of a some releases group consumer than, prudent a [ph] of long robust specific windows where on many terms better. end headed sort a dozen the are. the remains pushback about the and getting we of and and we're seen, because areas homes to the where little the tapering bit reloading we're little doing also prices bit from summer And correlate though, for cases, a a it's some labor to being really of whole just way. a feeling standpoint, the around That bit we're that year said the that market HVHC we're just in still desire purchase deliveries out we're

more cleaning up going and excitement so at I don't that's and finishing that. bigger the around less it's up then some And and and reloading communities as look it those or forward just some issue,

Matthew Bouley

Great, really appreciated. there, helpful much color

to like you of one have because are just just you curious, on trigger just deals, land I'm land prices couple the wanted these second what broader terms several on Arizona Thank closer those the of guys the of love pricing and the you. sticking of kind The don't duration sites I seeing you I ask, know acquisitions a product kind finished hear you're on in guess, there. lots putting areas. versus different to one, of guys if I of in pulling of as We'd are and number the all own anything color announced of lots? these lots to topic type they're that. option, and deals,

John Ho

you that? want to Mike, take

Michael Forsum

Sure.

Another way which approaching be and go as Arizona prudent forward. trying business thoughtful We're to the we're of great in question. the reloading in we in our out

feather of around And we that have but have been to in that, Matt. doing so allow some a think forward. with I meaningful land so that we the banking well doing through as way as such we're acquisitions as yes, terms it a making lot land us some optionality it, out We're some of it acquisitions takedowns we go

we keep sustaining we is a in when that trying a Arizona forward. with half we about show, that a were to supply. we're a three-year, on pipeline, now that owned year either what or consistent we of land around go road talked say roughly are as I and would three staying Although controlled we're And

ourselves position that at some position it better believe to of also give but in off have the was development our Arizona optionality to also the be who not on and us Trent position only more parcels. disposition we advantage just larger profitable acquisitions, level. muscle a ended we're some unique we sub buy of And kind taking in in terms by a us is being And expertise communities things think up what I it's the allows pricing do exactly optionality skill then markets very giving to of us which to of to of be one set the us, to able did there want of couple us. to Arizona of use out also using of I we want a our one a us that better in, and to down selling better that segments able for to to sort take be to scale. wholesale mentioned

doing executing we're there, what believe do nicely. we I we're exactly So wanted we're – out very and to

Matthew Bouley

pricing, to That's And one I could comment just ask that more very question. you on if then made first color. my

process the a around You and builders ShadeTree number shifting don't doing you're one environment. spoke with if bidding some larger quarters of the were out that any select to I or started just if debriefing communities Thank guys type doing back kind what guess a know, on process, how that to you and still bidding that, that doing and about months, played kind ago more national all I of normalized couple country. a I'm in in few pricing in curious, see recent then and you. then you're I has guess, other, you cases,

John Ho

this Matt, is John. Hey

in then that adjusted on I also out is those and will us hand that margin, this think throughout reflective updated margins that the Mike of I'll seeing we've given that showing this at plus XX XX% the continue in year, on it for the And guidance other play that. our of continuation we're And think, of success talk markets. about strategy to how over I sales gross from probably that seen we're ShadeTree. quarter and strategy to

Michael Forsum

Sure.

XX before, gotten we with be a to and was into specifically, that, we've as success ShadeTree, sale, particular would said, as last you just whereas we back still say reflected are I and summer, per that our gone lunchtime. release it's in have sharing strategy it John what in good that had that. still by all margins. asked seem And We is though, applying And being if XX about. bidding Saturday would those into a the

Saturday, day, are the last desirous, the subscribed at as is the the be say the the then little more we the week, are following we per pay. becoming end to summer. to Now will the through is willing I spring And they up just bidding were have to be XX what selective the consumer sale increase getting more continued in price process, or they we'll and ensure different and house which end able two in looking has the really bit eight of less market is that or at at selective, have by they we the the that picking pricing then Sunday. really, probably want by week, than to, of the but that would that not a

to find that the get a in on we had more also a on lot our said, to potential list the increase getting couple been assuring specific onto backlog the process part maximizing being they still forward, way that's while That who have allowing until next we want. elected pricing profit of that as wait every to a that onto. we're lot that the have that lots they to a have our ensure is want release So move us

Matthew Bouley

Got it. really helpful color detail. That's and

congrats And results it. the quarter. luck next on best appreciate I So the again and Thanks guys. of in

Michael Forsum

Thank you.

John Ho

Thanks.

Operator

you. Thank

with B. question next from Riley. Alex comes Rygiel Our

is now line open. Your

Alex Rygiel

very, guys, in that. a there. on Thanks very quarter strong Congratulations

John Ho

Thanks Alex.

Alex Rygiel

three-year there to that at gross commentary, gross comfortable, margins talk of of to gross It upon sounds it's stable the little sort outlook? pretty you be bit a about back Coming bit margin little feel But XX.X%. were the margin more. you fantastic end. a Can going like sort expand more

John Ho

Sure. Trent take to you that? want

Trenton Schreiner

What into appreciations fourth our now, come upward this effect at to And increased for and with through that in we earlier, fourth and did we'll closing that range, quarter. into are looking see third the on at quarter, we feel at Especially, still be John XX% were out feel of forecast we starting going range last we'll trend closings incurring. and we're going our We're homes our Sure. that that we there. last forward, we as definitely quarter. in appreciations those the those see some third we we're price the help talked feel costs second year keep quarter, that those and price the margins we looking half about at are as to looking of cover an

Alex Rygiel

broadly a on And to then you the price lot find a Obviously lots Mike, appreciation when lots, this if a you're be shopping out over more are unique for underwriting But in it place, could harder last standards? meet of great. months. that you kind comment a your finding that'd there is period XX

Michael Forsum

they and near that towards that And today a fill getting paper finished and but massive the yet builders’ have term exists out what there term. gaps that in lots developed. because business my Sure. lots lots we're forward dislocation of between I to that's that or in definitely think plans in There's a push opinion some the lots in seeing entitled are there's going near the

lot So finished premium a seeing really today. there you're out

about pipeline of them plans lay as in we're us business land next to meet happy or the our years. for out our couple Fortunately, really ability in terms of hopefully, we upcoming exceed our

a banking several through unique possibly land well right pretty out. really That's through auctions in, even our that's I we're to control so or standpoint, now. position land, on over years from priced think, either still get land actually And deliverable

future those to having spot nice without to near-term again, to a lots. pricing it's land supply control for get able So in be of some, to pay be

Alex Rygiel

And months on with XXXX? of of we How you a think then have about you and couple about really then of should sort think this into over next M&A Are year? lastly, should we six successful congratulations what sort settled today acquisitions. or acquisitions the additional

John Ho

is Hi, a Alex, this John.

that, in the interested opportunities we grow said earnings very call, in continue I remain, earlier to business. and think we think, I our to

of as think and exciting opportunities are Texas terms importance in There opportunities us Florida specific a towards to question I we're lot of move at. the we our let looking and for of that's Mike think, there. us. very I great that growing I'll take it's business,

Michael Forsum

arena. of but Sure. M&A that I'm not sure can in we're how the detailed lots be I assured plates get, spending

part that next it's said over years in We a the terms be or that to strategy growth have important of always very we so. going think our few

like actively our whether it repeat again, – in and to stay So be we builders, several in the of or there Florida that part sort a market myself. said, Texas I are strategies, I growth of, still engaged talking in out

supply So we're sellers of pretty a there. out seeing good

the as that show way, there a been timely not we position fashion. to can because what's we've probably better of able demand same our are come Some the others, quality better in the again, to of a sort to and out we've and at this frankly gotten we're execute, execute in

so becoming of those are market. those buyers out to looking for now that choice again, the exit And of we're one there

really confident a on nice a be good position that. selective continue I'm opportunities. more in to we'll find But we're focused So and to

Alex Rygiel

you much. Thank helpful. very Very

John Ho

Alex. Thanks

Operator

over And you. time, this at closing to this session. to like concludes I'd the Mr. Thank question-and-answer our remarks. conference Ho back for hand

John Ho

call. results report I us. when to like XXXX joining listening you. look today's thank November. again for we And Thank you we in with third for you Thank all our everyone to forward all to speaking quarter

Operator

Thank conference participation. for This today's call. concludes you your

a Everyone, have disconnect. day. wonderful now may You

Landsea Homes (LSEA) 8 Aug 212021 Q2 Earnings call transcript