CTV - Earnings call transcript Q1 2024

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Operator

Good day, ladies and gentlemen, and welcome to the Innovid First Quarter 2024 Earnings Call.Our host for today's call is Brinlea Johnson. [Operator Instructions]I would now like to turn the call over to your host, Brinlea Johnson.

You may begin.

Brinlea Johnson

Thank you, operator.Before we begin, I'd like to remind you that today's call may contain forward-looking statements and that the forward-looking statement disclaimer included in today's earnings release available on our Investor Relations page also pertains to this call. These forward-looking statements may include, without limitation, predictions, expectations, targets or estimates regarding our anticipated financial performance, business plans and objectives, future events and developments. such, them future as no statements competitive by cause except of forward-looking or materially actual expressed the business, other environment as from our as accuracy no assume results can by statements could historical factors results forward-looking give required in necessarily indicative and landscape, and obligation regulatory we technological of our performance and assurance those to are Changes not today.Our made to differ to law. update

filings In flow. addition, non-GAAP in as results. to a non-GAAP measures, these addition today's investors. believe call will financial our our measures Reconciliations release for margin of substitute measures the to CFO, and These including include call in Q&A over EBITDA our to to our CEO; adjusted should I'll they and and their whom website begin. be now, found Co-founder Innovid's Innovid's as corresponding adjusted in information considered as measures participate GAAP provide managing Go in non-GAAP our We will call not ahead. the EBITDA, the of business free useful session.And where turn can and well GAAP cash use be to Anthony available on appropriate, the Zvika Netter, with Callini, earnings both Zvika SEC.Hosting measures, and our are today's

Zvika Netter

share keep review our advertising controlled thoughts initiative guidance, start everyone to the business significantly on QX quarter year. to and quarter reflecting further Chief over Harmony I'll CTV QX provide you thank with EBITDA our our and on who pleased recently, year. finish then revenue the by unpack Financial several initiative $X.X Officer, we'll growth to to of to EBITDA breakeven no we as turn on quarter optimize all product ecosystem for for XX% as a joining Adjusted XXXX year. Brinlea, last of and an Callini, to XXXX, financial will I'll launched effectively provide in strong today.We of and grew Thanks, it Harmony to and million continues last first Tony the EBITDA and updates details compared call rest over the the we reflecting report Q&A.I'm updates, the of revenue over results, related some improved the operation financials, the XX% exciting first adjusted XX%, one.Today, open our Most had suite QX first QX improved TV as improve. margin to $XX.X million, last profitability from adjusted seek

We million also delivered last expansion Sinclair. publishers a like renewals the at we by free signed $X.X year.In another first improvement million, Eli such leading Verizon, brands Channel well Haleon, Lilly, over with Tennis wins, as positive of $X and Homes.com the and quarter, flow cash new owned client QX of as product quarter as

The on innovation. ads the most Watchlist streamed In what with possible units promote new of few the of launched the focus Bowl LVIII, the ads Our Paramount+ with results of CTV Add QX. series work of of Innovid and content. share consumers We Bowl accomplished gratifying a power industry. hard are in Super fast February, pushed important and the what client I'll unique is what's first-to-market of makes in part engaged our reflection to growing our And in during we highlights a financial a team's Paramount+ interactive today, Super platform.Another wins we ever. our boundaries to partnership

and to spend. other in website.As we high-value our we the measurement Best TV their value streaming to and publishers. provides that recognition their their act help do More platform and empower We not to and more will our efficiency to solution only increase believe investments.Next, brands which about to modernizing recognized Digiday effectiveness share also them companies, excited of and advertising, but to recently, strategic optimize XXXX very the accelerate measure video of live CTV new I'm and and on we the developed clients initiative which as We our the ago, via Pfizer, for Let's industry Digiday we Measurement campaigns the This and platform, weeks webcast as and suite. including further by sports partners, our highlights this advertising global technologies in shift ads the initiative the & the also at Cancer Stock we interactive were Tool at continues viewers product Awards, TV. IAB content drove the Harmony Innovid. and XA's Exchange by ANA, Video and A Outdo exemplifies launch CTV York were few the joined viewership New power intelligence

our we in by benefit address tech adding created set award-winning value optimization and emissions biggest technology our today.By our of the level, Harmony, control, Our with CTV to deliver some the and increase will optimizing of our layer, creative to better data activation the advertisers, serving believe enhance transparency CTV improve platforms Harmony can experience clients.Now reduce powered ultimately publishers, course, position at our ad and and, unique measurement an we viewing to ecosystem. capabilities initiative was CTV efficiency, us we're infrastructure exceptional challenges viewers. ad ROI CTV advertising Every day, our help capabilities, carbon and that and facing advertising provide

biggest see the challenges which programmatic solve and XXX% to CTV.In in ecosystem are ads don't understand be media-agnostic sell together buys, data the in and gardens. to or able sit deliver of media, On our CTV. X.X what position unique that best and unrivaled TV points, since day in an a web and the in position the us on data and we means front, of we partners unbiased, as direct This walled billion result, run bid us giving buy, and clients of our puts trillions see open covers delivered we the a view addition, the with to we

the waste. model. are directly innovations model working of our purest and Harmony also part we an of publisher including intelligence hops with to the product unique and server our be intermediates, can greener and the of believe of released first Direct. share and which campaigns partners, make are Direct, initiative the RPA lower umbrella a form, In under the will ad as Harmony better product risk CMI media. and non-biddable our first points, pricing We ecosystem customers publisher suite impression-based benefit With CTV partners, including rather friction going buy-side use to drive course, streamlines energy to percentage Direct fill hops, to technology, provide the Assembly, and commitment is advertisers the the advertising with product to connects entire CTV impressions. innovation publisher Media of We for Group, publishers, fees openly series advertisers, path a ad to line these Innovid than to and true DSPs ad all the throughout of for for is at going less improve this guaranteed an SSPs offering partner software outcomes Harmony latency from unbiased types the better stay among its to industry. data-driven help the more of the This Roku rates Harmony to publishers.Agency releasing delivery for suite XXXX supply the for because of workflow all; CTV our media PMG, server fewer product Harmony home.One removing budget aims are investment actual a the and of same fraud, to viewers and

more For media in dollars way the is model impression from and that the fee publishers will of advertiser the adults exact for media have true will working working win-win.Brands This particular, a Harmony having take is budget. actually per make opportunities same Direct, rate amount more the to flat a a from publisher. increasing revenue versus their have

roadmap CTV, be believe accelerate which from XXXX. earlier, that balance to to products released TV shifting will better the continue will I budget value of will As have mentioned a in creation CTV. throughout Harmony We Harmony linear we

to cross-sell by long While in the our strategic positioning. help days, revenue expect over still our strengthening Harmony term strategy and the drive early opportunities enhancing we growth

connected are the increasing products stickiness platform. becoming Innovid and the and integrated, of overall Our more more

yet this since initiative are in our a are However, not excited guidance.In ahead and reflected products XXXX great summary, any we had is about opportunities commercial of still XXXX, impact new, and us. the to start

well and become our XX% long-term innovation believe from support remain We adjusted continue I'll Tony customers we financial are and outsized trending experience to growth historic the and release advertising for spend value the into and TV to infrastructure our numbers shift CTV. creation positioned expectations. insight sustained We some ask EBITDA XX% Financially, towards goals take technology when linear of full-year optimization exciting further to essential future the to its that, of are shareholders.With Tony? level. new QX returns and the through over drive and We to to and for provide we growth us capabilities margins. ad committed to and innovate to

Anthony Callini

numbers. encouraging Thank you, XXXX. to quarter Zvika, our and straight XXXX.Now, dig of double-digit of business We're EBITDA free start a more margin positive me strong continued consecutive report into cash second another pleased to and of good of flow, little our and growth, third quarter the quarter expansion to contributing quarter year-over-year morning, adjusted profitable seventh entering consecutive all growth everyone.It momentum an let was

Breaking $XX.X measurement XX% personalization XX% XX%. revenue ad year-over-year to quarter further, million. grew down up revenue revenues First year-over-year, that grew were while and serving

from up As ad stabilization growth a serving XX% continued last personalization revenue accounted over QX. made serving CTV.In for serving CTV personalization to and ad percentage advertising and measurement revenue, emerging The the reflects and shift spend fact, XX%, grew of while of ad and personalization XX%. in

mobile by and applications. quarter serving fourth this represented continue CTV XXXX. pleased first of our ad XX% of throughout into X trend a desktop impressions.Mobile see through impressions. served increased and Innovid XX% been video but these As all XXXX, streaming as impressions platform. the XX% volume closely more video ad Both XX% consumers meaningful of of transition in that grew volume have XX%, continue represent revenue All increased to represented XX% Within quarter, and volume demonstrated the impression to of CTV desktop inconsistent devices and reflected are correlates video and watching growth impressions, impression and to personalization reminder, volumes video with by all all while category, we

in also in set impressions, overall which generated compared enhancement So total quarter first from advantage look growth of data measurement our as take video grew to revenues business. continued double-digit the measurement of helpful it's the reflects the XX% side of to ad full the first of XXXX.The quarter capabilities valuable at the the to serving

there should serving, XXXX some to an anticipated and to noted, for a ad the by measurement mentioned, while Zvika QX.As pleased in measurement quarter's seasonality creative, be combine was revenue challenging than is differentiated business with be is expect While from model continued to a QX our more client subscription-oriented we value growth. delivery impacted step solutions we revenue catalyst down however, with are macro growth, ability unique spend ad provide It this materially that QX environment. and

we revenue, While quarter, expect growth improving forward first of continue of we last to the quarterly the less experienced in going quarterly improvement and continued on XX% expenses. cost meaningful from moving in year. out as XX% year-over-year improve.Now QX to a sequential revenue, costs to in comps the improvement calculated Revenue, don't

and the the improve to our an year, per a quarter amortization X.X% continue operating EBITDA reflecting totaled embedded excluding million, areas improved committed drive making $X.X first for of at share depreciation, the compared was $XX.X loss $X.XX as supporting This net million, in XXX of quarter X% operating expenses, Our more was profitability generate close We as loss but increase high-growth than shares.Adjusted common in from just QX in investments and revenue to million, with a $X.X model. to per improvement the total of $XXX,XXX, was long-term $X.X count business last value was representing managing count cost end EBITDA XXX.X share a as $XX.X share or XXXX.Employee strategic base, at of outstanding $X.X at leverage and $X.XX. or The loss million end million our compared business year. XX% compares scales, remain margin EBITDA last margin, shareholders. with of loss our net March XX% QX XXXX. QX adjusted XXX in impairment, XXXX. million in EBITDA of QX QX margins million creation in adjusted while of to the a adjusted

of that have and growth, may as These cash quarter flow. over revenue nominally XXXX, balance was we year, XXXX We margin operating impact percentage each first quarter in improvements continued and a You remember debt with that of in adjusted in with equivalent operating grew strong cost leverage no the that the lower prior and trend quarter improvement balance EBITDA of the $XX.X to the over revenue revolving inherent in model.Turning outstanding of its the reflect and an sustained equivalents, demonstrating a financial in revenues facility. costs cash on position ended cash the million QX our in XXXX. sheet

or $XX hand and reminder, an end available and at the on XXXX. compared we at cash cash on have is a XXXX QX As end the another of balance, million of less On revolver end net the say that at million hand facility. $XX.X XXXX improvement equivalents the outstanding a basis, cash $XX to million of way, $XX.X on QX debt million to the it

During cash $X.X was the XXXX. free flow cash million million, $X of $X.X quarter, cash and was operating free an flow in over million QX the of flow $X.X used improvement million,

we cash full-year look on period flow an second XX-month XXXX.Finally, XXXX. let the to of trailing million as the outlook $XX.X an at free improvement for touch me you seen compared a XX-month and XX, the have If same on March quarter update for our ended basis,

growth long-term XX-plus encouraged percent by momentum target percent and into XX-plus EBITDA XXXX and strong We remain to committed and annual of revenue the margin. our are adjusted continued XXXX to finish both financial

representing range disruption year-over-year to meaningful we achieving revenue million grow our We strength a ability second XXXX, for in the to of $XX.X total targets.In market in profitable are XX% quarter and step expect a the long-term underlying the business, opportunities to way. We $XX.X our X% in our of XXXX growth. confident in the million, revenue towards as of see

$X compared We $X in expect last adjusted QX the EBITDA million as to range of quarter in second million of $X.X million a year. to

exciting reimagine revenue million, to the we growth, strong For of XX% with continued and $XXX reflecting margin like we generation.With new and possible expansion capabilities, adjusted continue more XX% expect in added value the product revenue our $XX offerings had million. the year free year, full clients We believe bring cash existing our start can flow we and to new what's between to million to $XX Harmony to growth industry. to and million $XXX EBITDA annual a

We the are a accomplishments our to proud forward everyone. of and taking for ecosystem look leading role improving in

execution, customers As to continued I now Zvika and the innovation committed mentioned, take for some remarks. prepared remain please value shareholders.This and questions. are session. we Operator, our creation and our begin Zvika Q&A to our happy concludes

Operator

Our question Citizens Matt first [Operator comes Instructions] with from JMP. Condon

Matthew Condon

with maybe the Direct, initiatives instant conversations you Harmony Harmony optimization? how can the advertisers then reorganization sales the force Can XXXX just on an My throughout market you broadly in maybe adoption you're overall first you're the and is sort maybe the us taking around with any just the back, quarter. of XQ? and are just your Can Direct one you just update newer walk on demand give And into off? and And stepping trends Harmony and the of coming? health seeing that of initiative with through of talk just product that more initiatives seeing these about

Zvika Netter

we're I same below second something the see on Sure. second time, this of We say at to remember something half that's normal" And environment. macro Still it's of sort half the a "a Matt, to more environment. than normal, would the year. similar need perspective, we XXXX. seeing stable but of of that less stable predictable. see kind we

and into the response. trend seeing quarter Olympics, for an we'll year-over-year rest the of keep can also a advertising. the products in eye in future. year, comes to the on we and when this follow-ups that, see combination the it about an terms second have dynamics second around part initial continue So, improvement we terms -- of of more second the believe year, But definitely assume we're also. the Harmony, moving as overall, questions initiative, Also will and we definitely very that the to excited an customer industry affect have half.In and have that it I But election of on of the

see X on all the even groups industry ANA very the on the us. can the with platforms, publishers launch also buyers, and we have on XA's that's You launch, had the and represent we video that the customers event. there our the We and partners, of had website stage IAB, the agencies just advertisers, strong and not

we Harmony top definitely as I within foremost, are the expected, days, everybody important of the So, would is these At immediately. interest, a and it. very time, course, CTV.So we time, in These same brands challenges in advertisers, right? the of just terms from conversations and engaged we publishers. and strong absolutely early have So, same first the industry. launched are on agencies hitting revenue, critical in say, topics At for

these So, time. usually take things

don't we is just from revenue the our included plan, operating include don't expect clearly investment or we yet. guidance, -- So the we Harmony don't while in in

Operator

Susquehanna. comes question Patil next Your Shyam from with

Jason Ruka

Jason is for on Shyam. This

examples the that elaborate you for can on more that. how On with it? mentioned Can works? works platform, on you you it DSPs And provide Harmony any

Zvika Netter

sure of clearly. Jason. you, you Thank question, the the heard the you question? repeat Can first not I'm I part

Jason Ruka

Yes.

works? any the elaborate can DSPs. Can mentioned works that? platform, provide examples that on you you how And with On Harmony you that it for

Zvika Netter

course. Of

industry. the a DSPs, just Harmony working maybe everybody and work designed very is, it basically, is quick what of is overview in with with Harmony So, with not to

platforms, SSPs servers. from sell-side agencies, a perspective, ad programmatic tech advertisers, DSPs, that's and tech publishers platforms tech the that's So and

DSPs with in today, seeing CTV broadcast we're will territory the come a is television from tackle that a that linear to digital they balance challenges which you're with the So the together, way basically, concept critical are transparency, this us a everybody.So it component, -- industry for with all switching management, a a when entire a time. environment. real ad to like Harmony better platform, measurement, that is of work manage industry against buyers, to digital. frequency have is servers, to before all because allowed based, And environment, things things to of the or television the programmatic, fraud, kind component allows allow brings CTV us of reach, big It critical sellers television, it becomes becomes have as as come platforms, of make programmatic The create programmatic selling programmatic goal that all the something the outcome, of platforms to want extended to us media if you like optimize platforms in programmatic decisions frequency, this things do. buying definitely and

Now, ad buy an Innovid side. on server is the

We a be have no to DSP. desire

we of this see was partnering usually a by information see So, we just they doing way customers with with our we they in allow XX% it publisher, saying, see campaign, sending media instead have are information actually DSP, signals. of into the and Harmony Manager like Google something with view, XX% keeping of that this XXX% which nobody system, is to XXX% have, can what everything. SSP view optimize industry, We to the them. allowing go everything.So, so the is Campaign except like to our we're get the services do plan. ad in else other see And to to We XXX% the

to very take our that website, can to and case, the hour on in that a everybody them, us X this So, But share on with wins. that's with share, is or homepage. an Harmony's optimize initiative the they that. entire they're can and big And against clearly, going this for

Operator

from Matthew with Your Cost next comes Morgan Stanley. question

Matthew Cost

constructive. seeing the think your you're what So, sounds it commentary in overall I market, about

pretty the impressions at especially just the like of You're in commentary, sound ] real even XQ level. others we're easier of terms is and and talking there's about improvement, what seeing [ ad areas spend from industry But and some strength Most Check's comp in broadly the positive of stabilization. given from speaking, and volume ad hearing does in it of weakness. market year-to-date

particular of So I you're guess, year-to-date? then that weakness seeing would you out call what strength are and the areas that

Anthony Callini

Yes. fourth we're Great. of that XXXX. Matt, from I XXXX the the have encouraged -- over think the by quarter really carried of impressions just amount into

start bit for some we So, to year, and before as of like just maybe And on the television strong live that just be some sure.And year, continue ad-supported a QX, what positives. step effect out us, side, know even that are a inconsistency and comp headwinds the verticals. connected I that and still take a will headwind things pleased struggled over don't last bit for of it a we've forward. going seen some take shift when year. had to it's to the is more the And And with to the take what an mean, in the strong verticals of potential said, content. of the like rest look there's those between is to were there's effect happen, amount to strong when we're overall then easier see sports, we And tailwinds continues things real all that it does.

granted, brands. the headwind we all side But boats. the know, tide us, drives you rising election as On cycle which, support we have it that's volume potential more and coming, for lifts

lot to could times in than the part, Zvika it year.And the effect is that's cooling of of advertising. as for in Olympics. so actual bit a of look what more do for the kind have general, is And second the will brands mentioned, brands but great sponsorships the And a a brand again, half other awareness the of

able to there's before. We I the So, that we've that our and had we tighten what from there's overall we the into this uncertainty, baked raise feel guidance actually -- we're that. and around forecast. range just pretty think pleased confident were And some disclosed

I'll the combination has a verticals those some again, general, a well a continue the tech call gotten and and that it's year. stabilization do from in that trends think is in one we're things. industry, kind last seeing improved to I that But -- bit and with out of of So, same kind of the

would I how how of kind that's summarize we're seeing things. So,

Operator

with comes [Operator Instructions] Your Martin next Laura question from Needham.

Laura Martin

I grew you for XX% that and mentioned impressions impressions XX%. about first think The grew video about thing, for CTV

I'm there to seeing faster trend brand with you're the the you non-CTV your curious CTV? growing So, than clients? in think is as why XX% What's marketplace

Anthony Callini

different effect the Yes. where quarters, and had last in the X rate same we the in higher I in in mean, And quarter mobile, I year. really to particular, some categories the think it CTV the it's comes had particular, in comparables fourth a than the down quarter. -- these for growth comparables and really prior

think overall are the pleased that streaming transactions I up significantly and trend. that's we're year-over-year,

the CTV, and and But, up look that. So conclusions hard CTV draw over has trend that and lot quarter one it's while mobile mix it's between broader from impressions again, of a streaming are interesting, grown is to overall individually the XX%. at

are real I all for those us. positives So, think

Zvika Netter

Okay. Laura. And go -- ahead, then

in terms was see shrinking. went lot our What down call a Sorry. when we what's from minus mobile, we some I started, shared that video, volatility, definitely, interesting it going year-over-year kept -- had ago if least it always Well, what a wanted we years is when is never, saw X video, up. since of not quarters of absolutely or COVID to like desktop, at add where remember, quarter, CTV digital was it numbers impression,

went always CTV and -- perspective that from up. So

So in growth, in year-over-year see economy, absolute may not of but you material. spikes numbers, terms in it's improved

to the wanted you question. ask So, that. on But that's

Laura Martin

wanted just ask. I to Yeah.

-- you the wanted bundle your was the bundle on to to of you wanted TVSquared like, with, your Analyst focused that you that things one like So, more product on core product. Day, successfully

product does Is your about points? putting continue products used it of which similar together? be of Now Is sort strategy bundling we're the a the of product. Could pricing, the product Harmony with the $X.XX to pricing the adding to price relate-- you numbers? Does compared your that, round Harmony the it and core how bundled point? And part the price talk bundle?

Zvika Netter

ago. It Sure. back Yes, thanks presented then, last in could I Sure. our that not, and already referring. years -- started we November optimization. around feels roadmap was about September notion Yes, year. And point, the we Absolutely. strategy think talking or for Harmony. of entire back uncover at that We

that the acquisition to, optimization, basically, time ad from our our it's the TVSquared then to point, which server X So, technology, years product. as is what technology, delivery we measurement, which refer measurement X bundle, products, say, ago, you that's and if absolutely, refer at let's creative which with you is to your

these that already together So, data point, on ad Actually, several billion server the billion impressions we work beautifully. had X it's day. components X.X feeds The TV measurement billion. a X.X

to frequency, outcomes. component and the CTV what delivery, the reach, it's of basically, industry optimize So audiences, really name. it which is that's now looking industry entire everything ties creative, absolutely that's optimization, of is to do together like the wrapping the that Harmony, together.What -- already gave initiative. works the any kind And things but a also we it's media It's and component, an entire

also -- creative is looking So, the because around and all It advertising DSPs, these and things with technologies a publishers. optimize wrapper that of by just the we the provide, what components bundle kind is CTV, side delivery integrating not which but SSPs and media the CTV of it is all industry. is to major wraps TV measurement,

that model. way the and side and the of is perspective, entire that really to came this that the before, the industry. better staying something making because from affecting of kind that's sure it's Harmony it's where together as XA's us touching that in I everything connects So IAB And the ANA, of on to had and that terms industry.And from entire part connected because today, better for a that us, things reason and it a SSPs creating doing we from. tissue the and and kind mentioned of in we're and -- unbiased with connecting bringing staying things the getting mentioned pricing, never the ourselves I like industry, pricing becoming DSPs that's connecting name media we're of and And away the involved the it's

the as to there's the matter and not and the that model publicly we're chain. model exact results. initial like in We're pricing -- to an industry says the mentioned, serving, in a we're you just deals volume, outcome, terms share close rate. revenue. guarantee related fixed but Harmony food fixed no our we of ad that CPM, the not serving We ad generate rate that part it's pricing staying did not what food the by We -- what a enabling it's take fixed specific pricing, with which number didn't We're card bringing would starting is fixed technology we're as better publicly and enabling share the same market. So of We're are efficiency the like what chain. multiplied the no now

Laura Martin

Okay. it going Or think you meaningful Harmony think? 'XX? meaningful to when becomes this contributor you do And is in timing revenue, of to 'XX? meaningful a becomes What's in the do be

Zvika Netter

want you do that? Tony, to take

Anthony Callini

Yes, mean, no, I own early. a industry. pace. Brands are their big pretty at this going I think it's is move to still

And a So, think it's certainly, incorporate a adoption it for certainly going impact. everyone it 'XX, determined little point, hard effect. will to Certainly, which in we probably think for to say have included be at bit it's guidance. haven't XXXX. this And of as it why we and meaningful will is into we'll future we as it we updated have appropriate into see XXXX, a guidance. what But like, the keep is

Operator

further the call closing At this questions. back turn for like any to to remarks. no management there are time, I'd

Zvika Netter

Bye-bye. innovate, and that, momentum day. year, excited of on analysts, to year. Thank partners our even pleased ability thank, products today; expectations line, keep And website going and, that continue line, also quarter same first -- further about heard, our Harmony you to this There the we're this as discussed, for we of grow to momentum I'm our share years to to the to launched we launch every exceeding while to going extremely of come. I initiative so with The you results. just Harmony course, top look us our and progress. employees. some more flow. you at in is on invest across joining the content the continue updating And financial started framework that time, much. shareholders, want initiative.Have a to as kind I forward both are I'm everybody, for also initiative, the quarter generate on Yes. the strict the very we free keeping financial cash throughout incredibly and that bottom great the areas

Operator

XXXX This Innovid attending, concludes a and great have quarter earnings Thank for day. first you call. today's

Innovid (CTV) 7 May 242024 Q1 Earnings call transcript