Earnings call transcript Q3 2022

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Operator

Good morning, and thank you for attending today's Mayville Engineering Company 2022 Earnings Conference Call. My name is Daniel and I will be your moderator for today's call [Operator Instructions].

I would now like to pass the conference over to our host, Nathan Elwell. Nathan, please proceed.

Nathan Elwell

Thank you. you us thank today's and everyone, for on joining call. Welcome begin. quick items few before A we

from First, some of note the during the please that of Securities this will that meaning XXXX call hear Exchange you forward-looking forward-looking actual our assumptions and risks, Act expectations, express will as XX(a) intentions, results statements consist involve Section forward-looking differ beliefs, estimates, the plans and statements our of those and within Such of statements anticipations, forecasts. of events. the could materially amended. Because in these uncertainties, information

no regarding by and the and the for our federal to intend For required such more such do filings Commission, on our filings please period with ended information statements, not and including obligation Exchange except any risks as assume update securities uncertainties, December XX-K see forward-looking XX, Form laws. Securities We XXXX.

Second, GAAP in this Reconciliation available a measures measures. involve which release, these to at of measure financial non-GAAP is mecinc.com. financial discussion certain call earnings press will the is closest of the included

President me Reddy, today Marketing. Ryan Stille, EVP Operating and the Chief Executive Chief call Officer, are Chief Officer Jag Todd Rand Sales Strategy, on & of Raber, Financial Officer; Joining Butz, and

and at webcast the via the of mecinc.com. Please Jag plans, available new results the end business review note website begin followed will are quarter and that on slides the by his will guidance. thoughts markets Investors with financial company's on the future the accompanying and we serve, and Todd, section who

hand Jag, With please the that, go to over I'll call ahead.

Jag Reddy

I'm everyone. and Thank on Good morning, you, three. Slide Nathan,

XX%. our EBITDA Net producing the increased strong when net increased quarter compared The sales this approximately effectively grew across commercial improvements the as executed Hazel improvements report and state-of-the-art XXXX. quarter, growth, Michigan planned. the of team better production third during significantly to income costs. XX% am manufacturing I board. Adjusted approximately we volume absorption by quarter that Park, our facility pleased and pricing in to increases of driven commenced primarily were Our at

launched Additionally, MEC be changer excellence. to in I I we'll operational drive a we and will this am MBX, and MEC detail. or Excellence this that discuss for Business excited more to commercial game announce believe

that February, will refining provided our full which originally was Todd in discuss year We guidance later. are

days, our ongoing some vital with and to our XXX I wanted as After have to is the of to expansion four. met of my our visit on their share team all observations I is customers' an future across clear many to that I integral Slide me manufacturing reflections MEC have members of hundreds more plants opportunity of customers the of success. with XX and our summarized also part plans. about organization. met It are how and learned we had

the future with site as our following to identified I visits key my and have success. customers, Through our meetings observations

company culture customers years. needs. profitably their a in result work our with to enabled grow is relationships customers' taking of pride our in has Our deepened direct great to This recent hard-working support us and employees

outsourcing secular confirmed by reshoring trends have customers. Additionally, the been and of our

increased support will reductions, and automation the by volume in driven Our cost trends. productivity to investments meet demands quality macro

utilization with capacity week some a weekend we be X day, average days MEC X shifts improved per can work. as

years see of and growth significant a in We our reshoring of the outsourcing. continued for present challenges, over some hiring sites availability. with see potential we Although, five the recent labor trends improvement next

adjacent into MEC expand and spaces expansion emerging maintain leadership technologies focused Our and position. our help will

actions beyond through XXXX. the We have value taken pricing continued room even for more pricing margin during expansion

We opportunities also our through operations improve and have standardization, to significant manufacturing automation. lean

aspirations. achieve I profitable on priorities will growth that pleased our us I to Slide am strategic Today, now outline am the help X.

such applications while five over next also with capture customers and as the current need growth vehicles to opportunities markets years, we profitable the diversifying electric and Regarding renewables. into

We customers' our needs. design, can our aftermarket also support and better prototyping to services expand

margin beyond and achieved value through through be utilization pricing, operational improvements. strategic commercial productivity and excellence and XX% and can purchasing chain expansion supply EBITDA improvements, capacity

allocation, to capital million XXXX, normalized in of levels terms per of $XX will spending return we CapEx million year. starting to In $XX

plan profitable MEC. activities targets confident I the lighter such We and in specifically composites and strategic execute aluminum, drive weight adjacent team M&A initiatives we markets, the to materials to prototyping focus our have expertise growth services. as design at and to and plastics long-term remain -- and that

markets, to continue outlooks. currently The forecast like end largest market your Now attention recent through positive continues to XXXX. strong market commercial would customer five and of of six. industry to the wins. first and half serve forecast turn which vehicle is demand to outlook Slide our We I all major on demand I'm near-term our

The second industry change The XXXX. emissions predicting regulation subsequent slowdown is in drive of expected half due demand increased to a the in the in change years. XXXX emissions again will

in XXX,XXX predicts XXX,XXX units units forecast XXXX. in followed by ACT XXXX, Current

constraints we to chain some CT expect have supply sizable at quarters couple to continued backlogs the OEMs. due customers, over increases sequential to While see of impact next

to We of remain XXXX the changes. forecasted to and market freight and monitor half ready weakening fundamentals adapt to second continue through sequential any declines

will softening, continue inventories Low Powersports we customers We for volumes market showing into an continue to retail for our XXXX. be channel dealer deliver. dealer the consistent demand and restart to will to us, positive. some important retail remains continue of believe products drive while the fulfill signs generally demand

are discretionary and eye we this close Of sensitive course, is and market powersports spending rates, industry. to interest on keeping a the

customers, market provide with existing As mentioned new to softness. we have previous on calls, potential project our will a buffer many had which wins and

rates to access markets and starting softening of housing the the end market. impact interest see and are equipment now of construction rising The

as oil infrastructure and markets are non-residential, However, XXXX. towards and seeing some improvement gas we look

low to market. restock volumes near-term expected the weakness inventories to age are given need The in to dealer residential continues fleets, and and fleet offset drive construction

in inventory prices crop and low the global machine to strong We the ag new growth continue see and stocks, used demand in near-term. volume maintain strengthening low market, will

smallest though military our our And stable. segment of the markets, end finally, remains

vehicle customers have introductions. and solid for we government on Our see based contracts, backlogs to new good continue U.S. volumes

throughout disruptions as chain our continued persist move anticipate chain we these supply to supply to base, we have While into ease XXXX. constraints customer

business Importantly, our remains strong. pipeline new

We on to new pursue opportunities new customers our and have while with convert base to drive customer and current focusing markets continued diversification. further

an of on XXXX this brand-new me customer. make a was Production family launch a Let will cost-effective fully side-by-side of seven. expertise design existing won for great an to for exciting few example electric will the and vehicle. manufacturing large a using solution Slide walk parts through our model side-by-side battery in product of opportunities the a for on a We that recently enclosure the up of

batteries expand Last battery us a work quarter, management to enclosures. parts customer that and great will family of a new progress used focuses The in we significant provide with made opportunity thermal EV electric be in applications working space. vehicle on into of coding with multiple the and potential

supporting Recently, tractors. exciting business family on we high a high-value of Based our were products, horsepower ag takeover quick-turn MEC history awarded a project this for product current the a project. for customer, for won

product in a to develop on opportunities we the this to platform. truck new engine with market-leading earlier market, light-duty Building additional manufacturer have engage on continued our win

to its commercial reaches shifts have we the report customer Opportunities of a grow, We quarter. I'm phase closed incremental for last and out design this to that the projects to been as and production. for project project able a conclusion into continue pleased win vehicle business reshoring in

We to are supplier. the to production in XXXX, Asian early scheduled replacing production start an bringing U.S.,

structural in supply industrial and components We also new infrastructure space a to customer are able the with to expand enclosures.

and expect this While is in to new, relationship urgent the grow product to this business have years been ahead. able we quickly needs support

Overall, strong clear it as projects and both we plus both remains is current of new with customers look towards business our our that existing customers, with pipeline XXXX.

when lean drive use initial innovation, on joined, said will focus I growth. I help accelerating be manufacturing As and initiatives of technology profitable my our to

Excellence, program to of The will across eight. is an and MEC years operational MBX commercial that process ahead. and be drive is company, or our launch a achieving important MBX potential step in on growth Slide it as the first product the vital focus of Business profitable summarized excellence in The of

strategy lean daily on mapping, excellence, value commercial While and accelerate MBX and will all MEC Kaizen processes. focus appointed facets management for deployment, across all newly will our within has many program consistently years, efforts operational and improvements a program excellence operations led significantly team, the stream include will lean by exponential talent tools by business. of events our used This engineers productivity drive our Led the in management. our lean dedicated MBX

our first to As demonstrated the known members illustrate event as Kaizen company-wide will Mayville. quarter, executive In in Slide include our President's events on the journey. lead team These of further a commitment MBX held will the we special September, lean Kaizen. to nine, team President's each

to drive meaningful applied While tools centered reduce reductions. and improve significantly process, throughput, reduce targeting hours, several the a labor role safety specific inventory, team enhance lean cost

We of in launch are pleased forward MBX team our and with the initial events developing results and XXXX look the to of beyond. and

a our resolution update therefore, unable in contract to Despite want our fitness was State of York in of situation fitness the with the of filed also lawsuit former provide I amicable efforts, and the to Supreme company breach an an customer. August. best former customer on with reach the Court its New

uncertain. the is confident by timing provisions. damages amount the The the total The recoveries the substantial, is amount supported contract the claimed company remains protection and of ultimate of in but

any when recognized As litigation and a claims and from a if is or be recovery this realizable. these realized result, gain of settlement or will contingent

can much that provide At we on this we this subject, point, when will we forward. there isn't can going say except updates and as more

facility we proud of as Michigan part Park, that to an future, Hazel I during Our production quarter. planned the report and is important am commenced our

team plans, operations remarkable capacity a and availability. in labor with and the us the in a has in line market launching on-time providing with quarters. production state-of-the-art will coming in solid ramp-up our The The done job with of continue the

a growth. helping thank journey our for all initiatives embracing and obtain conclusion, our updated ahead. change members quarter an important ensure team expand implement I the and for to want been of we we our which to profitable in began history, strategy the company full In to ideas build years channel on critical potential our to new for horizons into our It's in the proud

call will Now for to of a the over Todd results. our financial review turn I

Todd Butz

summarized raw is quarter our begin The the the primarily third commercial and which volumes third million, on XX% material by pricing increase was with look of sales due to pass-through strengthening Slide our Thanks, Jag. price to improved contractual I'll quarter, of net recorded overall increases a driven which increase customer. is We $XXX.X XX. at year-over-year. a business,

in partially million by improving driven compared was year absorption XX% offset The improvement chain scrap in quarter. cost, and Manufacturing by million challenges issues launch during in basis were manufacturing increase were the prior for shift margin quarter were commercial supply downward demand, over customer $XX.X Park XX.X%, the These period, margins recorded costs Manufacturing as a to the mentioned. the a the pricing prior which year increases. improved income, improvements is continued point period. Hazel some previously $XX.X despite of the percentages of XXX

SG&A as pressures well as the as consulting prior expenses period were benefits. million higher $X.X CEO and to and professional continued million to inflationary same wages for costs, compared due on fees, $X.X year transition

income For the million. $X.X million pretax expense income of third of approximately quarter, $X.X tax on

loss offset expire driven losses earnings. prior does $XX.X be million to federal end, was in future as Our which approximately was NOL and net used incurred quarter not will of The operating pretax years. pretax by carryforward

anticipate approximately to on effective long-term tax regulations. current be continue rate based We our tax XX% to

of historical historical to with XX.X%, pass-through, average. raw to chain million above points our basis impact last $XX.X our customer million price year. is same our XX.X%, If percent incremental would representing remove EBIT which for of which the versus margin have by consistent is XX.X%, material increased supply quarter an $XX increased margin margin EBITDA incremental we XXX Adjusted the issues, been average. Adjusted

$X.XX over well the per share quarter per share, as our as from impact third earnings $X.XX CEO's were which one-time already that mentioned guidance bottom forfeitures includes to a $X.XX, of former stock the through updated year, as I've increase last Basic totaled positive retirement. line, dropped the improvements

in approximately me period. repurposing increase of $XX.X liquidity. Park, Year-to-date, automation. let Michigan and our our to same the Hazel balance and investments were $XX.X build-out as prior Now planned capital in for capital line compared the expenditures year address facility and to our ongoing with relates expectations at The expenditures, million million sheet continued our technology

our debt outstanding on balance ratio spending, at shown sheet debt million relates As of year. total September our as the compared capital quarter. a but the to the Slide same X.X increase with end XX, in was million $XX.X XX, The leverage to XXXX, remains point at last at times of $XX.X strong

We markets, of valuation materials opportunities refocus new on customers and our aluminum, and Strategic and we our business. see as materials M&A continue continue focused new a are lightweight diversify such as remain our to top and fit pipeline to other solid plastics new considerations efforts. to M&A rational

discuss to like shown which Slide I'd XXXX Now XX. is on guidance,

adjusted are first sales the we follows: $XXX refining million have February updated $XXX as and our $XXX million. between We Net financial of provided outlook million million in between $XXX to and expectations has been and

updated $XX to $XX to Adjusted million been EBITDA between and $XX million million. between million $XX has

our price high As revenues at pass-through. it be our to today, end range the of are stands to material raw expected original due

to related to the between issues, falling However, customer low end and increased scrap the we and range. midpoint costs chain results EBITDA of supply inefficiencies near-term due the income prices, be to expect legal continued

major disruptions any as fitness or unusual with former our with chain end other associated customers as also our well events This no forecast the in assumes customer. recovery supply markets

We the million continue full and is in for automation, equipment be on and to of capital customers production with the facility. primary with addition to to building Hazel $XX and of The our new expect programs investment between XXXX. focus year $XX our million technology associated costs Park at existing spending

the the $XX per nearing spending return end unusually million to of CapEx million $XX level expect of are cycle and year. to We normalized more high XXXX approximately

improving has continue deliver in with to improved our steadily volume helped summary, conjunction increases, results. third In quarter pricing which, commercial trends, results reflect

the supply pressures remains disruptions market generally While solid. persist, end demand our affecting inflationary customers, near-term chain

That the over now turn I'll Jag. my concludes to and comments, call back

Jag Reddy

Our current recent of outlook performance business and positive. the remains

demand are the our trends, end manage across markets. we we seeing As

are will monitoring needed. our and be we as However, constant ready staying changes, with to market adapt customers in communication

new chip in expanding markets. and and world with companies we the of are maintaining opportunities potential the customers are some blue pursuing new numerous end We and relationships have the best with

We're focused new innovation expansion on margin platforms, profitable and initiatives lean growth competitiveness. with to drive into

excited of a off about very the MEC. to are We great I'm and start, future

With open Thank you. for that, to questions operator, we like call the now. would

Operator

question Instructions] proceed. Citigroup. [Operator you. The from from Bystricky comes Please Thank first Vlad

Vlad Bystricky

for morning, call. Thanks Good the guys. taking

you results about you thinking more us about outlook to wider I going maybe need the and sort improvements some you're lean end quarter and more priorities MBX, some nice strategic say, manifest? can how have the for what and I you driven drive to with MBX. So this guess you're update, how skill thanks implementing around just approach doing of whether talent runway for the or focused the and MBX about of long-term should thinking MBX, seems and on of approach give just to it you're color

Jag Reddy

program, profitable is I'll I'll Ryan on our that. with number going lean future. growth pass MEC Vlad, will sustainable to with for take implementation though, in accelerate tools. of We're implementation. of MBX Yes, I'll bring remarks, this sure. on our comments it used to across start our has and Even network, to then my mentioned programs. expand the dedicated my historically MBX I and our as Kaizens. vital prepared critical team

in MBX teams to are the dedicated the some these strength we're not have plans only offset to now internal and going right We drive team. for resources utilizing but Kaizens external also short-term that

Ryan I'm to implementation. going on to to on expand pass

Ryan Raber

but many Again, about. question. of the these Jag been some that thanks using Vlad, the for it's we've Yes, quite for talked time, tools acceleration

And MBX. that team committed we've with a acceleration, so fully dedicated to

making as the we of Vice team lead by all across sure a President, have our driving company. led we're of focusing So engineers aspects

hyper-focused and the past. we just upon doing I'll what are it's acceleration in So say an

sets, skill have so we do we and capabilities. those those And have

across So this about the very is organization. have going that impact feel confident we the to

Vlad Bystricky

as obviously, that’s just concerns end the and And industry the macro. Okay, here, for guiding just at you're about But to we of 'XX 'XX sort there market I trends maybe helpful. then follow-up if obviously the think not I know about mix outlook a outlook, me. into some look yet.

potential thinking here are talk of the can how being the new about work macroeconomic guess, drive we going broader slowdown growth just about if cetera, likelihood I given 'XX? in opportunities, reshoring So, on you're et or into sort you able and your to wins of a

Jag Reddy

Sure.

Let ways, it's have well. take think as me and the two up right. in in also right. XXXX. Todd the we business XXXX. right. in won That's start chime will One about business Generally, have that opportunities base We new then that, in been growth the then is have, currently we And

for obviously guidance the we it's We'll Before think time. have, do given for the this us appropriate think uncertain let to providing I through guidance actually that helpful say that not that, I But provide me we're yet. at XXXX times any way.

almost right. And base of every that publicly So those next many our publicly volume of -- indicating the right, available is many seeing follow. business, the year, customers we're are today. are growth we're same also the companies But that all information you of -- today customers traded

some growth So next that there indicates the business. is year from that base

XXXX, same But that's small base external assume enough business. factors. at even the pullback on we're we And business consideration potential that new into have we right, the feel base in we that if could business, into time, softness all that demand offset coming a in the taking the

we our almost in significantly So and about next about and good then pretty sitting base feel business versus it turn a downturn, new unless at of we But that markets can year terms that that's in point. thinking QX, deeper different a we're business. have discussion here

Todd Butz

add point, that at guidance this providing not would I we're certainly right. What is

the next for XXXX, year. kind We balancing happened will markets a it corrected pricing activities that of And carryover, getting and look to today, point, with at stands appropriate. will launching, the the to lead But our as Jag's net in solid customers with supply chain that, time's higher MBX hopefully, and generally in when volumes income.

be expectation the cash flow. year that, income, bettering next improving for with better free And along significantly Our would EBITDA.

earlier, to levels spoke get million better issues down. a $XX because come so to little turns are as as Jag When expect we right the now, pricing into CapEx, high in inventory has $XX the we And steel supply normalized million chain move XXXX. would

about feel provide We're ready general this really at a time. guidance we next positive in very to not sense, So year.

Vlad Bystricky

understable. That’s

So, queue. really back in helpful guys. I get colorful. Thanks

Operator

Next question of proceed. comes from Dobre Please Mig Baird.

Mig Dobre

Sticking that with Good the But as and how profit I for taking comment looking quarter, everyone. see the here. you improvement expect at all you morning, appreciate comment if maybe we're to you Todd, Thank last as the this we're margins you question. can your evolved fourth looking gross margin, sequentially? at manufacturing at

XXXX, some the we're thinking recover like, something And cost starting in to type fair it, of moderate, least least are like which outright and cases. to an levels? it pressures if about in manufacturing levels, Is if not it margin normalized call environment as in expect at sounds are at I'm volumes stable some to more the XXXX reverse to

Todd Butz

I quite comparison in expect frankly. -- provide our guidance already levels, above of XXXX low record a to We're end XXXX. our that is to be

in than with, let's EBITDA. similar XXXX, it record performed compared call we're why to year So pass-throughs material we even over volume because And XXXX or by price it's more slightly XX%. of less this delivering

that at So continue our margin will profile to look better this than point XXXX. expectation my is

our of there's holidays, have we of our potential expected chain Now customers have narrowed for Outside have the issues legal we and we interest and about why in rising do QX some kind that, costs certainly. we QX. continued when guidance, rates, we with think supply

two alleviate, chain the goal. on on our end. very into deliver, can get that 'XX a we we expect We adjusted results, all we supply XX% not these day the or and may feel things that, customers hit as again, their take of confident issues improved but because only but But schedule maybe EBITDA

Mig Dobre

of seeing what terms levels of you yet then this, this the And markets Do framing slide is how I XXXX something, end that equipment, powersports missed is areas you -- construction as provided or I You're outlook Understood. I progress but apologize from declines correct? correct? your to slide industry either as clarify this am production deceleration? sort this you're to will very informative. interpretation have if interpretation in I market in and in is outlook, and have customers on looking acceleration not is any these like that really your

Jag Reddy

the it Yes. indicating turn how But all That's said internally we're our earlier, stable as reasonably trying the customers Mig. are exactly out. be areas how it our base absolutely, far. They're being market that, what outlook XXXX most the would here in interpretation of not like of their is right, bullish where so we're that's This might and outlook communicate I our or realistic declines. business. being might hey, That's here. in is we're that But saying softens, This that soft. are and is look to any

we're But that, even customers powersports, I also new have we having add new that producing be programs. when said to going that and in new business next year,

So going that we be might chime to like I'm offset And even to softness. the feel potential in Ryan in. new we ask softening, industry to an business have

Ryan Raber

Yes.

place. generally, Jag, the in retail refilling majority having trend to macro we right the inventory still short-term, to low think, see that certainly, the a take pipeline compared of some I there of needs relatively of is And the demand. industries now,

that have look the and out good other and too that to rates like equipment, signals but potential like could fleets from interest 'XX. the things our construction an also we certainly, some still rising construction customers rental early and other and call into As on CapEx had rental about access strong I'd things in see 'XX, into that provide and things residential aged affecting are think impact fleets tailwinds, to

playing powersports those in high-end about which be have. rates certainly might Powersports, generally independence from income, like interest discretionary interest premium the when like the that the think has some more rates product, Jag online. you coming said, affecting feel We buyers we'll business new

It's to hard demand to are sending year's customers signals to going next to look that to strong the rates, have some year-over-year, flat and initial up. restock. the and we continue and back comment, need to monitor an quantify generally our inventory as we ability So But we year. incremental to interest in that believe, into impact. that will go very would we believe, as we We'll go next show growth business new remain into be 'XX, we as convert

Mig Dobre

sense. question, Understood. Last on and That maybe M&A deployment. one makes capital

new of that you, aluminum. I are are things And plastics kind looking on curious and you that. injection can here interest technologies to You molding like to the into I'm if and of mean, you like? some mentioned get expand

terms I the guess Jag, what one, thinking have Mayville. metal for also I'm more edge I, And thought for company. competitive it curious of you're strategic in obviously you But perceive fabrication. that, or seems always to location which of the than of broadly be sort like competency of to as it has me core

Jag Reddy

Mig. capability and as in, supply to the times what footprint we customers competitive thanks produce we the and price, we time When the very do lead these first chain well. at, I We right, and the Yes, help products first our customers. support to looked have at do came a short best

So take problems else pinch what that facing if customers right and help then now? our the are say, or points you what can with we customers that are premise and

talk indicated manufacturing, with them, with We're go manufacturing activities all Design for those important design where of do struggling with our from have market. to our offering. piece We of to that's lot into as area they customers an a don't going And product But times partnerships were are of we lead those to be designers. I services they're that customers, many phase. as talent. an lot now trying or today. design engineering don't a price They're do to commercially struggling we a definitely, phase

to up to design areas their customers these help our manufacturing, of speed all So will speed to market.

prototyping where we element really are help can even So important customers. services our services,

our think really asking in as these them for a lightweighting are where customers. energy even given given for with us we could customers we platforms, fabricator. help areas partnerships general, performance and the EV We're and important. ICE transition about steel other our Similarly, to Many generally is engines, long-term going customers lightweighting

of us guys, hey, customers Some aluminum asked the do right, can aluminum, about you fabrication?

we focused not that's Well, area an today on.

but offerings, We not have some lot. a

area run So aluminum think really and long then into that's enter can us beneficial to another we that in particular is we customers. support the our for fabrication

learned, And a have -- I not beyond I did is assemblies. certainly, I actually put of as I metal lot do into We so, cable lot that we but subassemblies. We then we components. that, on plastic of this do a something learned. our know through components day was gone together one, going plans, with

So value-added as plastic subassemblies of perhaps and into into look, at we more as also get of from third-party buying looked some said, of that, and instead all components such we I a services assemblies, get in-house, supplier those something can we can and that.

those we where we thinking into our growth? So to expand that's How our do that's and feel adjacent we're we're support in how how efforts the the right offerings? we M&A. about, like our play further have markets, right, customers' And that's refocusing reason we why

Mig Dobre

you that. Thank interesting. for Very

Operator

currently additional There time are Instructions]. no this at [Operator questions registered

Jag Reddy

to and upcoming MEC. interest speaking you, thank Well, you your in and some today everyone, of at conferences. the Sidoti Okay. We your forward for continued Baird time look with

Mayville Engineering (MEC) 2 Nov 222022 Q3 Earnings call transcript