- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to Dana Incorporated's Third Quarter Financial Webcast and Conference Call. My name is Lisa, and I will be your conference facilitator. Please be advised that your meeting today, both the speakers’ remarks and Q&A session will be recorded for replay purposes. [Operator Instructions] There will be a question-and-answer period after the speakers’ remarks and we will take questions from the telephone only. To ensure that everyone has an opportunity to participate in today's Q&A, we ask that the callers limit themselves to one question at a time.

to additional like to please would queue. the you ask question, an return If I to Director would by time, Barber. this At like call and Planning, to Relations turning begin over Dana’s Investor Senior of Strategic Craig the presentation the ahead Mr. Please go Barber.

Craig Barber

and everyone. Thank Lisa, today joining you call. earnings morning quarter third our XXXX good you, for us Thank for

rebroadcast copied differ Dana's supporting could to property call forward-looking future today’s You on our our statements or you posted Dana includes today. will results Actual from are is without me those recorded may written recorded presentation consent. presentation for performance. being remind now suggested not Allow find about by the this and expectations morning's materials and our comments that They Incorporated. our the website. of press Today’s are release be investor

SEC. Additional results future reports found our could public information filings, Harbor are summarized the that the our statement about our Safe in affect including factors in with

are and On Financial this Kamsickas, Senior pleasure It's President and over Jim. Chief Timothy and to the Kraus, my to morning Executive Officer. the Chief Officer; call Vice call Jim turn Chairman

Jim Kamsickas

for morning Good today. you us and joining thank

end third to million year strong our Moving and for Dana markets. continued robust a update by of all driven X another our had increase in quarter sales the of billion, Slide $X.X last totaling quarter, $XXX over demand customer

recoveries fueled the to in customer Dana's continue global and growth requirements, recovers new sales strong our – third backlog inflation. While to input quarter, business the due increase costs Our cost

the for once entire our the margins. company pressuring fluctuations profitability, continue actions to on to mitigate volatile the a Where positioning across schedule environment taking profit create Additionally, industry, stabilizes. rebound us customer across the challenging environment strong mobility impact possible, we're demand

page, for year, from left, million EBITDA to quarter side up million, $XXX slightly but left adjusted the last was down of the $XX Moving the lower sequentially.

of $XXX of cash choppy through period prior the million capital quarter, driven increase demand million, a over working strong manage by $XX again an generate For we free lower the environment. we flow this as requirements

results Lastly quarter adjusted the for $X.XX. for share our earnings per were

side market of the discuss critical our page, Moving key drivers business. to on today the areas will for an include update the right we some of

exciting to Dana receiving year. Next, share PACE Automotive we Award information News will eighth relative our this

recognized are systems be e-propulsion, We to which markets. electric a proven capability all the end our complete critical in across foundational and for drive integration to e-power of is helping EV in penetration of further vehicles,

mobility programs the iconic XX Dana complete our announcing Page supplier on vehicle Stellantis have Please of provide prevailing sourced and the Wrangler Lastly, X Gladiator an upon that conditions. discussion Jeep generation we External we building years dominate been where over of as are the of driveline their for across update next with platform. all market turn factors to on to continue this I'll market markets. partnering

accustomed left still our change, the of run on efficiently customers been ability our to. we as of although in slide, the which many OEM somewhat or side to as broader supply experiencing impacting operations First, improving issues have their our are

trapped demand varying change line generated for the all inventory. cost, and downtime, plants As are we in Rapidly OEM markets, This over degree it detailed our markets. a in labor, form to unplanned quarters, primarily we seeing fluctuating is stability previous issue across freight, vehicle of but our manufacturing higher us operating higher in key cost light is in production an efficiently. expedited

the some remainder As we third this compared look forward to to improvement of we quarter. year, the see

headwind will early volatility demand operational year. remain likely next However, into a

currency operating forces, has translation, third transport continue higher see inflation line cost moving headwinds goods. our for faced In This quarter, inflation, notably in to costs such come from is was third and are cost. expect in in the the impact higher Second, as quarter. commodity energy, middle Sequentially, we have outlook labor, to the fourth with of quarter continued that prices financial we gross the and the current used the and to year greatest external page, this we fuel guidance.

increases, burden we our the recoveries. continue discussions of cost As inflation bear and to in other been we've cost regarding customers constant with

in have position. to of We an achieved we developments pursue positive these recovering costs equitable and some will continue

most spot we're somewhat conflicts to steel, translation in currency headwinds and In and dollar of commodity strengthen primarily the is first ease addition come geopolitical the of continued inflation against highs foreign also from not Euro. to costs, cost will currency bright record a saw to half down the global These movements The from has have the are that lone U.S. currencies, soon. inflation, macro notably as year. the time basket any we linked facing

We and continue out commodity continue before early generating recoveries a year the more are have falling next should year success neutral to in profit increases Combined leveling cost prior for returning benefit periods. position. significant this us recovering prices, input and from with to slight a

as recently Moving anticipated new right page, in case, demand remains key of leading inventories while likely next for platforms vehicle strong. which remain year. In the vehicle of end customers same low Kentucky. fulfillment Louisville, highly historically our all to their resilient with reporting also launches Ford market at will at improve levels for strong Duty, Churchill at as Dana’s of vehicle books demand OEM rates. to the look vehicle heavy we markets, some Downs the the our into pent-up the to take OEMs was remain time unveiled The order continue Super forward in market time such production end

trucks supply should demand low limited combination to dealer year provide the America outpaced orders be could appear inventories, for market quite demand Class X any and has instance, strong. weakness new this with next inventory in demand The a be pent-up there North the buffer short-term and year. For of

industries our prestigious for of X, to I'll one honors. why through was most Slide Dana Turning walk you selected

evolved a the previous Dana and e-Power for But specific We to and was place the ability e-Propulsion believe different recently recognized truly was Dana to electric market. to pleased time are systems. a years, Award honored of to e-Power traditional was bringing our for complete are award than year's it the illustrates of mobility OEM and has package an vehicle, integrate or only is market, for shift process This win the last taking this Dana supplier technology. it's PACE our marketplace. e-Propulsion to this century. electric electrification our that eighth in innovation capabilities business the we over model share showcases and throughout We as significantly the the how PACE product that of that was integration vehicle and highlighting Dana into customers winner In systems a with supporting provides unique honored entire

never e-propulsion and of there very a that more manufactured our deep the electric our you lead electrodynamic and leading ensure If strategy from and From wavered six systems. across to of a product years foundation capabilities mobility intentional in-house recall, establish a that all vehicle customers bringing portfolio ago, identified we all to an electrification than to our commitment to and of understanding engineering designed, foundation as propulsion. the electric aspects systems, real, engineered, forward, we of thus products We was developed we markets. megatrend support

and integrate customers we them EV you of Our electric a an and providing likely and just about e-power, name do When expertise complete as components think our about a of more assets you this software develop Dana to and e-propulsion goal portfolio boxes, we plates, e-propulsion, and by and effective has a has converters, quicker OEMs cold move cost vehicle capabilities. e-power into the always for value few. combine platform, complete been that But components the market to to our four-in-one taken into to create in-house think leading manner. enabling such in a natural and evolution vertical products management e-transmissions, complete gear systems, battery thermal position including by leveraging in-house motors, EV controls in

system the best with EV across or just vehicles, technical and elements X In only long system Class a all developing market of haul delivery it's determining mobility of develop fact, matter past all e-propulsion fully assists electrified a and access capable The vehicle, to a integrated network and these centers, move our light-vehicle the to manufacturing capabilities integrated and also markets, fully leverage Dana e-power whether systems trucks, complete expertise, we suppliers, our the differentiator customized are in a complete, customers application. then all mining and is these equipment, vehicles electric across are global and no markets. systems or help electric of how into design ability components we delivering supplier integrate

production able provide we of on EV customers ability them of our turn identifying deliver systems with currently and customers us to vehicles. full Our a off-highway light-vehicle, and substantial and electric making help our make vehicle, highlights market accomplish and with of EV the Dana our space the proof full me integration the multitude to up Combined all are manufacturers across to we knowledge and of to impact levels markets to integration award-winning to all solutions. markets goals turnkey systems institutional our more we in platforms next-generation today's needs strong capabilities, design as under some markets. rely many vehicle From X with of meet their world's To-date, help in the with development. complex to components zero-emission the across are leading world-class commercial at all has Slide that is them to development turn vehicle electric their a Please serve and X. technology points needs. across Slide providing customers vehicles, and direct

for I exciting come. share one X, customers solutions about a award provide years Please it's programs from next in off-the-shelf electrodynamic of turn full detail manufacturers creating In with of the market able securing some products, customized Dana’s come. validated capabilities established as opportunities serve we to product non-traditional number specific and we that vehicle so, will for established to programs where year, to our new to greater in who to business decades to a global value are we're an for news Slide will may process new solution prefer integration provide of of needs. the that fact, In their share and we're to requiring me the in will whether foundational early confidential Dana's OEMs long doing

towards it’s is moving on the and very rapidly end engine prominent very clear, vehicles mobility power internal combustion remain application. While dependent market electrification, industry

transition traditional large of ICE OEMs about communicated electrify a media balance the fact, on with we while we programs their today talked in recently that sales to our shared good well our electrification also EV includes to occasions have more as with programs. numerous you quickly, customers intent as backlog Dana lot how the some is helping not pull frame a vehicles In and near-term,

This multi-year performance, allowing handle Dana Jeep next drive will that As call, Dana’s recall programs. largest taking year continue award-winning of been support place team ICE conditions. programs. Dana’s for to on and privilege traditional most of including Dana has from that of and feature launch beginning shafts, model the XXXX. Today, you generation this we’ve and July’s which sourced enthusiasts extreme the earnings the will to deliver off-road year numerous to has announce will the some axles next program Gladiator the be year behalf one and programs have Wrangler been Jeep parallel launches Both programs driveline, I on

became transfer model XX off-road. design XX a continue general vehicle or the historians historical time has products the you rear axles, some is was on case. our for Jeep and general eventually spicer the design, easily axles, Army’s Jeep is of that used the years manufactured purpose your Many for fact, prop was aftermarket call the the whether World and this purpose today. its to high Dana production model War answer products Today, version provided quality that world extreme XX first front conditions, for The to ago. Jeep vehicle born that and enable shafts, driveline most an for acknowledge Jeep during XX in vehicle Bantam II. XxX inspiration transportable to U.S. original concept the tackle brand Thank Dana around owners since Dana In the

financial a Now, hand ahead, provide Please Tim. I’d like it to go you to over Tim to update.

Timothy Kraus

all were basis loss compared flow of of from to XXX you, the year. working offset Please was recovery turn drivers labor, The strong million $XXX due our and higher to to million a cash Please was compared last $XXX The Slide in end – as Sales in the the Jim. free sales million million Net across including commodity materials, inefficiencies quarter driven non-cash period cost triggered attributable was last loss markets use for to same Margin the of quarter, to third by industry now quarter. is a the of charge that’s XX for discount by Thank of year’s year. third quarter with in driven billion $XX driven than driven pressures at $XX last benefit generated than resulting Adjusted higher – last the and sustained me X.X% and by management. in of demand turn flow supply by last than inefficiencies inflation, XX results in third the quarter third disruptions. impacts. was year’s of the year. being costs, impact raw EBITDA $XXX energy, volatile commodities, year. that by our third lower higher by Dana million this demand Vehicle more with quarter, compared was goodwill of offset partially profit inflationary $X.XX million, $XX continued free currency than in our third the inflationary by Slide of operating points transportation, look was Commercial compression cash sales quarter, higher improved for from year. closer segment the $XX entirely lower income well a costs, Margin change rates operational last capital We million period and patterns. as impairment third to and income

is from and by margin net our driven on growth of a segments million, of driver supply organic caused Sequentially, million recoveries, to gross of chain on million cost cost XXX the was sales EBITDA sales continued inflation higher traditional customer's a points. $XXX the basis each operational loss the cost second higher $XX in volatility quarter production recoveries. organic of profit inflationary approximately demand improved XXXX by costs. first our Adjusted headwind in of offsetting partially This inefficiencies due primarily was driven resulting by the $XX The inflationary loss disruptions. and schedules, increased over increased

product $XX last Second, third sales over quarter. year's EV increased million

new sales. to contribution continue see EV profitable We from

to in points. quarter, market investment inflation the However, to bring engineering in margin XX a basis technologies cost these third of and loss million a new $X drove headwind

a as in and $XX baht increase Third, by translation Euro, $XXX currencies, of accelerated profit This reduced basket impact notably, XX headwinds quarter foreign of currency foreign and rupee. the sales dollar million margin this lowered basis million, the value against points. by and a

third XXX%. costs a quarter, for commodity free quarter we year. but in higher this of lower decline $XXX still lag ticked year million from are our This recovery has to with earlier primarily steel. the rate the a million. flow. are on peak Slide above sales costs input recovery commodity benefit this Due costs, mechanisms, XX the compared in to detail On Please recovery our me a turn costs we cash gross basis, Finally, profit added net seeing and $XX experiencing XXXX, to material of

payments quarter, free timing third in free the quarter year year, lower In of Similarly, to free $XX interest $XX the target report. due million million year. to we of year, of last turn commercial capital year's debt This remain last higher higher higher range to $XX year EBITDA our is cash million, was was $XXX earnings our of the a cash actions That over in flow. Slide outlook, were and quarter now quarter, meet customers. Please previous from terms cash traditionally continue our taken flow last this million you XX align again generated flow cash for business refinancing working taxes. improvement of of to and actively mix as this and suppliers our than interest majority resulting earnings to the higher a Working and was during the unchanged remains for free this third as million generated managed million due significantly from flow interest jurisdictional Net We payments, compared timing source $XX which generates capital. taxes we our adjusted which with even we the $XXX higher track the third year, inventory fourth a last our with full to of quarter. manage on with quarter. as we

inflation costs, in be reaffirming cost expected than higher $XX.X is be to our to remained the as included $X.XX million me Demand recoveries. through updated highlight from are flow year. to recoveries. our expected compared energy our of on million is midpoint impact outlook $XX This sales will cash to of is at with inflationary unchanged to transportation. at organic Beginning with now the of we traditional expected guidance including about Free additional and element margin sales guidance Slide the full adjust business, range. sales on the new range. our in our in expectation the $XXX be is organic changes of I loss and our is expected the expect $XX Adjusted last growth we about We estimate an margin profit the of Adjusted is previous combination expected full our a year, products EPS to for and where now market year a growth sales. shown growth and of labor, sales X% traditional of as EBITDA XX last organic compared year at is drivers EBITDA X.X% Diluted to of to about Implied million, products midpoint midpoint remained X.X% the at X.X%. XX. Please share billion strong $XXX Slide for and be range. million guidance per of between adjusted be expected to range the turn for

estimating headwind our to the to million to are forecast estimate and total higher organic cost driven flow headwind net of through higher the offsetting than profit inflationary customer profit due million launch recoveries. the are normal of the from more will $XX lower of stabilization of the sale We million order million than disruptions our previous sales. This higher now expected higher costs. lower inventory these is value for about the is several estimate, drivers $XXX the from suppliers, Inflation, savings quarters. up than costs all last by supply input to Also about included lower over reflecting patterns, is recoveries costs is which due $XX commodity year, $XX costs This the than now forecast. commodity organic in be previous about element our primary

this As will headwind prices inventory as evade. from previous added product inventory are in valuations fall sales estimate. normal about We and will to and expect return $XX EV inventory expensive commodity shipped higher our than million more year, levels the goods million decrease, the $XXX now

for expecting in We are uptick offset and new will also EV commercialization the from slight which profit a business, sales. of higher our the benefit development investment

incremental impact Our the will million. on expected million $XX which profit about a million. about headwind currency anticipate translation of from on be about sales, of loss $XX a sales a adjusted foreign be with should EBITDA EV $XXX greater now We

and recovering higher about Finally, we has selling the prices. our commodity of from $XXX million outlook customers our in anticipate form stabilized

outlook XX profit for our cash a commodities and me million. tailwind flow free for $XX to result turn Please on Slide other net in about for lower While steel prices XXXX. of will with

the Lisa to unchanged. million improvement $XXX requirements working of capital Our is manage guidance be midpoint terms are of improvement compared outlook year. and full our free products. listening investments we EV over with aligned and flow actively with the for backlog cash outlook year-over-year now levels our Capital traditional of unchanged very by free supplier market are today. support range, The as business substantial year last Thank anticipate negotiate being both driven lower customer conditions. turn track flow that on remains to will year your to better to at about as full and million inventory $XXX over cash I We and for call back remains questions. much the current all you spending new we our

Operator

Thank Oppenheimer. our from question you. Kaye [Operator with Instructions] first Noah We’ll take

Noah Kaye

to to impact how been taking Because Good that the if year-to-date the get see an impacts some would for we into Nice benefit of to be about price incremental morning. you’ve think just, there’s questions. you pricing. XXXX? of little tailwind Thanks that. guess at from year next just of that, a much as able I pricing clearly look bit growth from actions

Timothy Kraus

Tim. Yes, thanks, this Noah, is

to growth year. into certainly So be next going some

inflationary retract, Won’t of costs that As seen of we some this think we’ve anticipate labor. the year.

resetting of reflected think I those within that, and to some pricing think economics part would the other about well. re-launch in our the those year next programs in be as as pricing you will have terms in that of programs, turnover and be

Noah Kaye

around of terrific. your right, Can launches. just timing program this those timing All into point? being next to the launches expected my plays up any actually dates stand at just and level then And of question able smoothly in in slippage confidence comment on you

Jim Kamsickas

for good tell the constraints Kamsickas. get of is that just new But it than of case. get Sport major in Hey, launches, things the we’re the trying equipment more coming for and right you’re of with from with as our launch pretty to now site up early and we’re question, good whatever Range and Jaguar, historically of different them, don’t Ford. I’m difficult the least Super careers, allow days you to line Duty done, the such now can at perspective obviously aware curve because all to our I to in components sure much Rover it Good no, and would other question launch than because suppliers labor It’s maybe equipment Jim our times morning.

world, Ranger which challenging South be African of is cadence it, global into a going coming now around to We’re is right up there. times headed portion the at the of out the

in and slippage way this we are time. point customers at not finding do any a Our see

Noah Kaye

going OEM we’ve right virtually now it product. out electric a new or on like That’s electrified Bauma coming seems with got is excellent. every battery One one, last and

don’t I the if there. a comment the Jim, So bit ground from you little trends highway about But of and positioning the and on there are you quoting your folks your adoption you’ve you’re in on or know off rate hearing if can there? heard activity what

Jim Kamsickas

really and pull Another just front have different I was to in audience through, the markets to the different to of pull you a guess were answer solid that in first. knew for there all through understand strategy going Dana be question, because momentum it it various Dana for is, – we took XXXX get obviously, broader were come going to markets

we its for bus got the the be all then of considering you And a really came whatever but the would when or the use of towards case consolidated market, kind but construction, – may word markets rest the markets, And important ready. such between markets and last so we think it’s phrase It’s market But more it’s off given, ready, the came, highway. highway a agriculture, story, it story, always that. know of eight on the were we end about be. that mile the delivery off own mining, knew the when you then were the underground XX

a a Home in fast would like adoption vehicles the what like a of that. or very very about that. see or Depot we’re feel we platforms So like something like And area and is seeing work Lowe’s strong you

adoption. a also see much You faster

Wall of not the equipment seeing where the mowing noise lot but emissions, you month in – about Journal factor that. the it only the lawn saw if out a have you’re is may there, you Street of a because of ago, Some

proud a quite bit seeing success team. And the the area. we’re of that So of in way, by

off of necessarily core remarkable our team’s system but wasn’t full great the a group, a because that within proportion done done our team’s with Our the job one areas job there. highway

those pulling faster. through So are

getting mining with curve electrification happen We out last thing it’s and of is of from are across I highway. in They’re story it’s that – there any customers dialogue years I same punchline think participated in underground all more aggressive the construction, seen just And electrification side. the to is the the off is would it’s what pulling. over you’ve expect pulled always the the all to in all sorts coming, five forward.

Noah Kaye

helpful. mowing community. That’s all lawn some super And the in we’d I equipment the by quieter think appreciate way,

quarter. thanks So and nice

Jim Kamsickas

Thank you.

Timothy Kraus

Thanks.

Operator

next question Langan from We’ll take our Colin Wells with Fargo.

Colin Langan

for Oh, great. my taking question. Thanks

of are QX, I XXX all just those buckets to that of for expect that then decline just headwind recovery up just this costs or for the with? million, the is And what of a that how XXXX? correct? overall Do back much are left so [ph], you've from eventually, get that held you $XX stuck we sort some math going mean, what of into should of implies think on broadly, about it's follow good kind offset to you're offset to be do of I'm to that before, Two Just the guidance, news? not the sort it of you of inflationary in trying indicated

Timothy Kraus

Tim. regarding buckets. Colin, decline one Sure. your the sort On first the of is this in

from gross a operating as from seeing side. see offset volume on on The the and as recovery really we there within we little cost, don't into having declined as fourth a also perspective well within mix – and It's is still move the the we're bit the inventory. So an much. more that headwind that the quarter decapitalization

costs. mix $XX million year. net then a And on question your it's next into offsetting that the inflation of that of So that's inflationary on all pickup that regarding

costs. related obviously there XXXX inflationary inflation to in work we'll be So continues those to as and should recoveries next continue year, into

obviously do seeing we're We your after go year – than it will peace recover last what it commercial think this of market – And – in was most not base and necessarily end question? to your not them. the last to a inflation was probably recovery sorry, from built the So perspective, price. we're the next I be those think we'll customers on it but It continue one year. that is smaller I'm than gross depends

Colin Langan

QX not... The feel seen XXX left thought we've far. the XXX because [ph]so [ph], I much almost there I is I'm like impact

Timothy Kraus

Yes.

of million from math, If you in about a the basis million $XX headwind quarter did on to there's the inflation. quarter-over-quarter fourth $XX

Colin Langan

Okay.

And of they I their an sort it years be and or want or of ago just announced find sort to do know lastly, that at asset at Any point? looking that mean, you you that I that you in makes GHN were you guess this you I ask, that and scale interested of thoughts still would technology of need the you there? Okay. just sort spin division. outside don't the of is color – is auto

Timothy Kraus

you're that next would going anything take like potential one going comment, merger acquisition would we any to, period. or real the I'll to expect Yes, comment that, ever to, we're or just say We, quick. not never I in

or on sure and effect. And very something which looking So there's says a we the considerations make acquisition electrification considerations, day, this decades the an right? and that Dana horse we obviously service years. to opportunities. a – was team post open we prior fast XX XXXX latency went at has separately the before great two pride announcement thing what almost over that to of of the I can't. built and There the team acquired out public And But had to one take assets the were to done we, done you

propshaft and sure short that is or supplier. long to electrodynamics transmission supplier, and Dana you making portfolio those the supplier, to So axle difference to Putting into inside electrification, integrating anymore sets the accumulated we that pivoted that, one, system team spectrum. full can't for inverter pivoted motor and tell all of is the hard we the and we and together, supplier the across those skill

terms helpful Dana big there's needed be that were there. ready we've on what would filled for of of the a not to. being think we we out portfolio the based ready for doing don't I Would was we're that what electrification? anybody the electrification So part in planet way considering That now. is say, on

we way. different So about went it a

the assets the in we of the said, together like we up anything, do up but to everything, put together but by I proud to then. all So always very of everybody's portfolio the are doing capabilities this since roll capability we of we open other and have that put

Colin Langan

questions. my taking Got it. All right. Thanks for

Jim Kamsickas

going creating source for quality and I'm is there only trustworthy jump across lot day, thing say not continues all corner. just source the when going Trust really this in in And that, rocky to to excellent We in has other going the talk able of for playing other as And that, future. you're sure. to delivery position did company roads energy having with today having and a board, and very sporadic footprint, that about do. is things. excellence, that, and done know you're is customer and as to to portfolio exactly it's close all through the as the multiple the operational much no to you to and running But be the other and job success the going all It's shortages that a source be an you're Whac-a-Mole global you appraise. actually out increases There's, be other, it and you're a for certainly to sourcing we're reiterate which the and going a you across your navigate do alone. strong the just team to the electrification end relationship. it. if like builds for of what for product able customer container that With going having course They're and if capabilities, you having than of to a you're and and team to things you for is cohesive the to Okay. come in at two's board you brief from the sourcing yourself value system, associated

with on job internal winning balancing to by behalf also electrification as foundational wins side. a combustion team, Jeep on great of we do good witness you but the we of to engine continue of continue So today the that the plenty opportunity entire execute Wrangler,

and update you attendance thank think providing We'll Thank for you an early So, February. today. forward your to look everybody. I time you in

Operator

your participation. for And that Thank concludes presentation. you today's

now may disconnect. You

Dana (DAN) 28 Oct 222022 Q3 Earnings call transcript