KAMN - Earnings call transcript Q3 2017

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Operator

Welcome to the Q3 2017 Kaman Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, today’s conference is being recorded. I would now like to turn the call over to Mr. Jamie Coogan.

begin. may You

Jamie Coogan

Starr, like XXXX I’d Neal everyone Kaman’s and to Chairman, Financial and Good Officer. call. to Conducting quarter Rob Officer Executive earnings and are Vice the third President President Chief morning. Chief welcome Executive call Keating, today

These and could actual filings I to to our company in in forth are we business, XXXX discussed release. with The some respect information X-K underlying latest factors, those to future note current evening company’s the include assumptions indicated financial of which events. of of on regarding with its of differ its economy revenue, setting the Form forward-looking from begin, other most these future the performance; Before the and statements with results forward-looking Commission, filed and call statements statements and that on projections due the the the Exchange the our report items; described and plans earnings during will would earnings like other and consist management; economic future of expectations and any many company the our on statements objectives report of company’s the XX-K materially of together annual business. the current important Securities company’s yesterday the including statements Form or

the regulations. to SEC included and financial that, release Keating. information are turn call are that earnings with rules as to GAAP certain in and Neal to X-K. measures filed addition, discuss applicable expect over With the Neal? In we non-GAAP measures the I’ll in defined yesterday’s measures Reconciliations company’s

Neal Keating

quarter. third us $X.XX of will earnings and increase million adjusted, GAAP or over call. then quarter million. of thank you, share were begin like profit results diluted update with X% our Aerospace in from operating provide of an today's turn at Thank of on an for profit were our and $X.XX with million the events I'd a the costs retirement, adjusted dollars on Good you for I to morning, joining review improvement year over quarter senior quarter we over prior delivering numbers our results anticipated $XX.X strong taking over profit $XX.X quarter-over-quarter call third the share earnings flat XXXX. a questions. in X% for relatively Diluted operating quarter, the we $X.X a the $X.XX closer at $XX Adjusting executive the per outlook the of and before the associated for Rob look We in sequential to for the XXXX. third the per your of posted Jamie. operating adjusted restructuring the million, increase XXXX. third earned in

for from a to sale sale direct fourth the fuzes Despite the benefited customer slightly as which an K-MAX segment the performance. airframe driven helicopter our European operation, We quarter, additional include Turning order, increased miniature the bearings at precision commercial volume bearings traditional Aerospace JPF and bearings. as deliveries well ball increased high initial mix by our sales of quarter DCS of our meet to lower X,XXX compared higher fuzes approximately performance in our during approximately the quarter requirements delivered in volume, quarter the and prior positions the to of year. in fuzes year. the third X,XXX us we JPF from

for foreign orders. a and number continue militaries Looking of strong substantial are in demand to ahead, currently from we DCS see negotiations

Combined, of to XXXX our saw as and long-lead and the than progress increased operations. earlier, XX and materials. of at and making we EXTEX of continued are on in authorized government strong provide to U.S. during we begin for U.S. the finalization strong the and quarter. have been were DCS the more mentioned opportunities XX procurement were products addition, their government, the GRW results demand have Options important our the performance we bearing In our of with levels Sales $XXX near-term contributors sales million. period, European and

sequential For strong. the expect fourth we continue as our order new improvement quarter, for bearing to activity remains products

K-MAX the Moving program. to

efforts are go seeing we very continue from operators world. around and the interest to marketing strong well, Our

the the of During with aircraft, the line X first aircraft XX Basin, of agreement quarter, to new an of total commitments we on Columbia delivered the sale reached and production the another customer aircraft. bringing number additional customer

Aerospace the structures include are operational further a restructuring the composites have segment cost few from Aerospace annual of programs improvements seen order to transfer during to of number of These past the we've in lines the our facility fixed actions restructuring talked exit the per Kansas, third we've cost our operating relocations and facilities, transferring deliver programs about Hyde, U.K. as capacity further accelerate million. our At composites of benefits improving remainder a on will in programs. decreased product we operational quarters, our sales compared while period. our day For by increasing Internationally, we the made absorption. $X a U.K., announced also In these of X% Domestically, to Connecticut. or to division number improvements, to prior a savings Wichita, our our Distribution, several production Bloomfield, than the sales of with performance to effective structures quarter quarter. expected to work our year the sales utilization these actions facility less X.X% shifting for Darwen, in to for the AVMRO the the the basis, improve These we facility designed in will were in we

X% for we're in we sales delivered Although, disappointed quarter. margin decline, the operating an the of

designed, for project our results quarter, focused due and to some improve these deemphasize the calls, categories on of to electrical including largely lower contractor were categories, the MRO recent in product in discussed sales we've where year-over-year we reductions certain analyzing product had or which performance, part, financial several In profitability. was margin lower been relative decline our sales. in key to supplies initiatives As

slightly the tools to growth achieving opportunities. sales organization designed third began sales growth, cross to of help to improved profitability, our quarter, customer-specific including while number quarter. targets, importance the and in rolling weaker-than-expected a new the during delivered to I'll the had we recognize third our efforts organic And call we return drive fourth over to the the underlying Rob. now, organic have product in we of anticipate and turn our Overall, growth sales However, revenue out sales quarter,

Robert Starr

was which Thank in you, sales quarter the before organic decrease of of sales $XXX.X XXXX. remainder morning, the million, will in or I day today $XXX the for providing XXXX. begin performance our Consolidated Distribution sales Neal, XX.X% sales the to for the lower was and third segment, sales of XXXX decrease The at financial additional a sales XX.X% quarter color and prior of experienced year. compared third to our good sales, Gross of profit on $XXX.X outlook X.X% everyone. million for to volumes some fewer discussing were in X.X% down decline million attributable or by period. quarter the during our one compared day per X.X% a of in

the date. basis below of second we improvement was gross senior our profit structures JPF only strong have the partially not the of SG&A in million Our program achieved in costs XX%, due offset This or prior Distribution. margin gross year cost retirement Aerospace year. gross of of percentages achieved associated prior to associated quarter contributions performance favorable third or by executive where to and compared and current relative period, is our over XX.X% This in XX initiatives employment-related from profit -- I million prior Distribution. SG&A gross and and greater the our a product million benefit the of straight related to was to want $X.X programs. margin sales in quarter was points $XXX.X quarter highlight expenses the a result mix reduction gross our with to than the third which performance was Aerospace XXXX, was with both highest the the margin $XXX.X the our that sales, productivity by lower XX.X% to did at of percentage the repeat in Higher in year

a of actions in million. the million of million million approximately of charges, $X $XX earlier, our which, segment XXXX, of mentioned XXXX. third cost result total, we announced quarter we approximately quarter these the $X Neal As for Aerospace to in of In restructuring which in to resulted will expect recorded in $X.X be

sales. income to up XXXX million in by approximately years. margin for cost quarter continued ramp of million of a rate and $XX.X annualized On income quarter, a to throughout reflecting X.X of operating savings period expect or million control. in focus run approximately Operating ongoing of segment prior third Distribution sales cost sales, X.X% level, was increased the third produce our cash or having in payback lines X.X% DCS full operating including XXXX, period. compared sales, $X.X margin We year higher $X savings $XX.X Aerospace, on At in a the operating was from XX.X%, while a X.X% the structures points resulted the mentioned well adjusted increased performance This profitability JPF, third executive to with our $XX.X of from as operating retirement. quarter, or period strong in margin senior million of improved contribution the as costs year-over-year basis the $XX.X to XX.X% an on product programs. over a the million Adjusted bearing expense previously the associated improved in XXX increase mix quarter of of XXXX. million increased Corporate

the for quarter of expenses, expense benefited repeat As current which you recall, XXXX year. from employee-related third not lower the may in corporate significantly did

$X.XX. $X.XX earnings with diluted level of the with the -- prior share level year was year GAAP compared Our per prior

in adjusted the compared the consolidated are quarter. basis, Our for third $X.XX was with XXXX. share $X.XX pleased the earnings per performance On for with quarter we a

billion Beginning call the now the expectations sales through Before and performance of outlook our the expectations like top modestly X you Neal, range the down to of over months, with for first margin We in operating we our updated the walk to range X.X% remainder sales end operating expect $X.XX 'XX. Distribution, the I billion to bringing are through for margins based the X.X%. to I'd of lowering in XXXX. turn and our on for of $X.X for

adjusting our is income For sales The charges range raising tightening are prior of and million XX.X% $X restructuring is essentially are million estimated operating million. after Aerospace we adjusted to our to from our for forecasted the for outlook. result $XXX range the operating XX.X% adjusted unchanged Aerospace, net margin to to $XXX

Through consolidated We our to impacted rate operations, U.K. at are year, XXXX. in of revising full the our first benefit by guidance extent, do lesser to negatively a anticipate Puerto to periods, expect rate future to will the the the year and our XX% revising million. and we be expenditures. XX.X% from rate resulting spent we Based on tax losses our operations CapEx approximately to million Rican expenditures operations undertook of full the our the at we than U.K. at operations Distribution. these $XX anticipated A the on not the $XX from we resulted expectations on restructuring the higher continue year the in portion are capital anticipated third actions months nature impact X actions Based the have quarter, quarter. for tax in fourth as these in of we for losses

Turning free flow. of million generated operating to the $XX $XX cash of million flows cash We cash in flow. quarter or

expense a reaffirming customers cash of to our the or year, and year, our due his Neal our shift again timing we between it average cash from resulting are million into free closing free borrowings may year, increasing million half I outlook to the in back $XX timing for approaching though flow and to for has in over guidance will deliveries outlook the a are $XX flow for XXXX second cash of of $XXX portion quarter. net from cash with XXX% The year, higher shifted comments. as income, exceeding We $XX fourth proceeds million. once that, associated interest With result, of into the the million, for flow further our this of turn

Neal Keating

to third several the and challenges, improvement Thanks, improvement deliver quarter. the delivered in well are the in expected positioned Rob. quarter we fourth continued we Despite sequential quarter-over-quarter

the address quarter. the States, hurricanes and close business we in impacted Puerto the the United our Distribution call, that I to Before wanted Rico

these experienced closures, lost thankful I'm that in of we Although, injured to a sales days, none number of due our branch were storms. employees

the Puerto employees Puerto online to our recovery towards employees their minimize are areas the the disruption back Jamie. the for employees in the for to to our and communities over for customers outpouring support We I'll Kaman to Rico. way their affected Texas, in our U.S. want areas in work to now, turn I and to across hard our Florida continue in affected across And call back the of and full thank work Rico. and

Jamie Coogan

please? Operator, may we have the first question

Operator

[Operator Ryan Instructions] Research. with Northcoast Our comes Cieslak from first question

Ryan Cieslak

guys. Good Hey. morning,

Neal Keating

Ryan. Morning,

Robert Starr

Ryan. Morning,

Ryan Cieslak

Distribution, the trends currently on progressed on so And seeing give some color quarter? through maybe in you if here could the are what October? that how First, you is then, sales far

Neal Keating

Sure, weak start -- excuse July very September, from finished our average a average we quarter a Ryan. daily me, had strong Actually, and September. increased X%, with sales through to sale our so the

-- day all so was And since of last fact, September highest month high the it far highest XXXX In of September actually, was sales the the remember that may XXXX. of in month in you XXXX. September And year. per the highest was

difficult So there. comp relatively month-to-month a

So we quarter. were with the certainly growth pleased through the

expect. are highest would much And month-to-date. top pleased line Usually overall. not flat days October. the the still few month performance the obviously, with last as we're days, We're Although, obviously, you the pretty in of

Ryan Cieslak

Okay.

in sure coming the you September? or of run with Neal, just make rate to flat understand, with sequentially so out what So year-over-year October I saw

Neal Keating

at point year-to-year - quarter at the in month. point in Flat the this this

Ryan Cieslak

to Okay. sales in just run for into rate think, sort suggested I you mid-single how for truly fourth the is up down -- or drivers What that of from do is the on And of going to of what's confidence guidance to then implied fourth Distribution maybe the is dovetail daily the there quarter the couple quarters there, what's third the been think a that second give historically, now out get guidance guidance take and I guys get sequentially, year-over-year, digits question, following - my obviously, now you expectations, what's up have range? to back midpoint you below us about the the there so.

Neal Keating

parts. Sure, X Ryan. I'll take in it

little third we've quarters, look consistent last but each relatively if the little is, second, the first just X quarter softer actually in bit a than we -- bit. The a of in at had sales the

-- If rate, daily look rate we low gets if to achieved above you slightly our that were were revenue our at for of that the actually the sales us end third quarter, it outlook.

at finishing that third with range. above really us point our is relatively the compared the what against we're looking quarter sales low the as and daily year would So -- of get to flat

again, So year. the it was us is, on year-to-year a for very But quarter basis, last fourth quarter revenue up. weak a

I top of just very clear line So we make wanted that's we're talk how about part the we is with viewing sure to second it. performance satisfied that the that were are Distribution. delivered to that none us But that in

quarter We year-on-year target. expected we to show organic that growth in of fell third and the short

it, the product electrical about X year the prepared talked improved remarks. third we've and our that million And profitability been in talked that we've supplies in project $X.X contractors million the or the quarter. to year We down to came were of decline from our the about $X.X categories; Second, from We've deemphasize result lower of part, lines. business. MRO product efforts in been that's despite but profit some business of revenue. lower

opportunities that and opportunities. part have the new sales has the in began as still additional cross-selling quarter, far. analysis that to in top worked very them at working we've rollout to And accounts early of increase of well to plan recognize clear some to new efforts, our accounts. both organizations that But we identify identify very so line actually, we a we providing we're tools opportunity growth to our but been as that the So we're enables number third -- existing

line on not the sales. So is responsibility we better will and are This my do we satisfied. top

Ryan Cieslak

would at the appreciate today. And that's see going about it. margins I job then, Distribution really they're to just and agree, I where nice forward. good And Okay, color. thinking

close we've margin if it's of think not, segment. that onto operating highest to, the level seen I that or

is, that into internal leveraging is current it's Going of you impact cover top can or the at and matter margins line the to have? additional XXXX, there that starting just this still have that point, guys just initiatives SG&A guys a you the favourably

Neal Keating

some -- the that. more product enable sophisticated the as things analytics, in on of up talked to to we've we we've about our that we an this place, from pricing, Distribution within put so Ryan, you can work built know, have our a group us provide data we organization as locations,

year, I earlier. about also team new to this opportunities us, little just During that has for identifying as shifted a bit talked

organic return So anticipate in to and that a we fourth continuing growth XXXX. into do the quarter growth

Ryan Cieslak

timing Okay. just backlog? the JPF the my called then sure, out we early know you it of can completely currently next program, to I'll incremental, that And do something think as gradual start that The would in the then year? question But is think that that then maybe last you the into on? how contribute out? what's about it's and I not Thanks. that $XXX million make I concrete. jump want to that back on more be into queue. rolls Is Or

Neal Keating

you. thank Ryan, Sure,

right. $XXX visibility in You're backlog. authorization call XX incremental negotiation on are our That's long Options And with we that today, is JPF. and current we're provide XX the the what's reason but the of for we that to the that wanted government items. exactly have And to stages U.S. million in on gotten lead the for final we

a we that the into comfortable continue quarter orders those the And talked early of kinds next quarter, and finishing some magnitude and the DCS we we've of current to first negotiations into feel backlog. add And on orders that about, large perhaps, will strong of are the the of a clearly are. orders fourth number that are well. from final obviously, year up and in governments these large as we very we conclude number able very have that of of the interest be from foreign -- to So

of actually, the good works XXXX, going into that backlog product bit right quite and a feel in we now. So have will have we

Ryan Cieslak

guys. of Best Thanks. luck, Okay.

Neal Keating

Okay. Thank Ryan. you,

Operator

next comes Research. Our Dankert with Christopher question from Longbow

Christopher Dankert

Morning, Thanks taking for my guys. question.

Neal Keating

Chris. Morning,

Robert Starr

Morning, Chris.

Christopher Dankert

fire guess, kind comment it's I increased give if could us of there? this any first I a whether you interest seen the really could of the push Western comments in guess, that's out some off, just conversely or delayed out of there kind we've U.S. season some you brutal platform? stimulated year. K-MAX the of marketing kind in Just

Neal Keating

once for clearly, and endured that, as interest. another season, production, very have for an we've year. And additional were also to they you're firm the provides in operators absolutely the here, we the and some type the fighting little know, sold the to of XX had our busy of down a us a of calm contracts not up number that the and first I negotiations the Northwest, at earlier Chris, And are unfortunately, out for in now place, it seeing But aircraft fires fire of parts of enter Peru down opportunity both are we now I really good think strong early And we customers of run were right, this shifting committed aid. into extended but as and they the in believe things aircraft, here actually resources between least, in that's our bit. put well. have question. in actually that And able year, a Portugal to fires XXXX. we've X world the humanitarian you from some have Houston some that given deposit, we been have into exactly

and your K-MAX our so is they're little The other right bringing because from product interesting much. now, having question the they're spares support line down we're maintenance bit simply that softer because for of them not flying aircraft part a

as that and hoping here, of into some we sales of a months take get uptick after aircraft in of a season. little see an more care the we'll the we very bit winter fire support tough of as we're So our

Christopher Dankert

there Perfect. shifting in program, And far on like different as that I there commentary build-out guess, bit SH-X how on Just negotiations That's any progressing? kind depot of just great -- as comments to of program were a the some far kind Egypt, a any as color. retrofit there? a of and is as was

Neal Keating

will... an in-country working We've I with depot. now, them establishing right think on that But we been

Robert Starr

maintenance, well this in, of the really just around discussions their the to also, sorry, to we're aircraft of The of clearly, but refurbishment Rob. a Chris, from to out the discussions folks the as Egypt desert. relates weeks ago, as depot is another ones level get existing rebuild as of few they the it took

Christopher Dankert

I'm just to I add kind Got one it. that hoping Historically, kind it. of strategically? a in some the very business enterprise. of value queue. could last you view the divest just color KIT comments or the And kind strong of and it of Got some just you around then has how hop put before been push for the

Neal Keating

dialogues have pretty the been businesses, conjunction best continue believe a our we sense. clear will at but to our a that together they that listen historically certainly annually. Chris, examines on also have and that question, I least, both views shareholders would shareholders you of in is shareholders. our board clear that expect board made as public with annual will as feel the a our board in that would, will for and that way of we that very think that number We've been to add we've we basis they are like to deliberate do But value determine on lot today of both an and what businesses to continue

Christopher Dankert

so Understood. much, Thanks guys.

Neal Keating

you. Thank

Operator

Sidoti Edward question Marshall Instructions] comes from & Company. [Operator Our next with

Edward Marshall

Hi, guys. are morning. How Good you?

Neal Keating

morning, Good Ed.

Robert Starr

Ed. morning, Good

Edward Marshall

or order, something that to So XX, jumped the was million XX you that mentioned $XXX Options in related and Was I different? call late.

Neal Keating

was and and but It not XX of XX, to related XX solely Options Ed, XX.

Edward Marshall

it. Got Got it.

year, next I the the of having significant guess my we question so order unless absent higher Aerospace the JPF something might year-over-year one curious start getting a of of the order, amount the sizable that plan of profits business XXXX. I'm look is ship. there, for that up kind successful how not that this And is to look, significance? to you comps DCS into makes of as Okay, and you're profit a about

Robert Starr

perspective, that comfortable We'll your JPF the have stage, to Rob. we certainly, specifically certainly would getting orders quarter of outlook. number that understand this we Ed, in anticipate into more on at the February we as a confident as I give get in fourth but relates as and sit pipeline we here call we And very confident into DCS today. backlog our backlog. it the details Sure, is outlook we're this are

Edward Marshall

when Okay. refer you that, the revenue? to are And to you Or are of to or business profitability the both? referring referring you

Robert Starr

feel in as We that both touched are DCS. that as opportunities significant USG well in there we've on

So overall pretty in terms product mix, the of we forward. be would going expect that consistent to

Edward Marshall

Got related I'm it. lumpy that business, choppiness that your your pipe will about year. with revenue And next then coming the about, second to smooth do procedures a revenue we're are year down curious for and how the recognition see? question laws, new was the the Or with profile that seeing just from and think lumpy we reduce quarter-to-quarter the I that? some out pretty of earnings recognition

Robert Starr

Certain programs to going good we're DCS some smooth lumpiness still and move will Ed, remain other anticipate in because our be time. No, question. sales cost would out. to you a will that's Certainly, that bit see point a have Yes. to cost

it mix. So down really the comes to

smoother. I that certainly, fair the Aerospace think it'll side. bit that, it's when to it'll a to lumpy, think bit smoother I say, speaking, what's But probably it lumpiness. safe a and be point causing be large, a by And that's overall, highlight I is easier on broadly maybe think

Edward Marshall

to ride. be fun a going It's Okay.

Robert Starr

of would time. will say, in likely, bearing additional I color, as point remain most most products I an our just mean

certainly, see given would the So in that that continue. sometime that business, of some seasonality we

Edward Marshall

Appreciate Got it. time, your you very Thank much. guys.

Robert Starr

Thanks.

Operator

from comes Steve question with Markets. next Barger Capital Our KeyBanc

Unidentified Analyst

morning, Steve. Good for guys. is This Ryan on

Neal Keating

Okay.

Robert Starr

Okay, Ryan.

Unidentified Analyst

control the assuming volumes to you think to want of nice Distribution. should there. to some had as not have I'm those should we trying How to volume they about there's a up? back strong about we cost incrementals just I'm cost how at back picks think ramp sense get just up? if margins go Yea, in come as

Neal Keating

to we increased see that increasing certainly, there, some would able on bit. to of a expect and certainly commissions, anticipate And infrastructure cost at Certainly, you Distribution. increased quite be have by the We infrastructure relationship fixed a leveraging bit But in certainly large, with with be would leveraged expect side, sales. to linear selling would benefit we Sure. sales. our

in to We the us certainly, I or think, it, historically. the last we've to mitigate expect upside, the which we've let's seen to difference been that be, so our XX%, XX% dropout that really is call range in really year drop-throughs able on rates. And the for

on able margin. So lower to sales, still the we're deliver

Unidentified Analyst

Okay. can what give an update you in environment on pricing in And the then Distribution? seeing you're

Neal Keating

thing. certain relief pricing for as a in do supplies There we to for working contracts Sure. able fixed starting low- it, working adjustments. I channel. contract depending we know, we level to some as to the of on cases, inflation channel for Kaman, the some were come through help see distributors, time and certainly, pricing are through of of in mid-single type good provide where some of period are of call a Ryan, we we're are have those selectively, work would And is customer we to a And those customer price with our to pass all the digits. with, those that really, through that the pretty quickly. level

Unidentified Analyst

maybe Okay. And then mix the better can a back to there? add about trying margin? the going to with Distribution, that talk little happening products Or what's you're you more helpful to bit

Robert Starr

Sure.

shareholders. on, As the and that our Neal think just are we on to based we our customers to deemphasizing can add most there's value touched certainly areas where we some

well on of really customers. value-added really been the level provide our that as to to to Our inventory opportunities strategy has focus readiness and availability and

category trying a we're that Ryan, emphasize. So product there to specific really isn't,

just levels service our towards, relationship clearly, highlight customer being It's isn't that aggressive less to. I that those specific the improving But of are out can the there and profile Kaman. really, gets really value there of think are I that customer some one we, our the given ultimately, margin a products. with

Unidentified Analyst

Good. the talk And you having get traction then orders. you K-MAX, good my to last question, the more start with about there? aftermarket you as guys Can have opportunity maybe been

Neal Keating

point. good another it's Ryan,

have we about the added X XX it, fleet. about think you we flying to the that just If before aircraft

-- aircraft end be use new to now as it So likely, Obviously, first many not over about XX% of it's in between the year, annual activities. to the support. the so kinds are sales when probably have XX% build of level, frame. will next and of to X- we going our a can will uptick But to over at we the support will over in X% and terms be times, would a times aircraft, linear, maintenance of time, the time those take what a price the end the but to aircraft be expect, of levels you purchase deliver X% low Many that. that, of you if the ongoing people XX X-year certainly in that up that fleet, and significant

it's clearly, is fleet as service for one what real us. profitable opportunities of very which to annuity, is So that have that result business and ongoing us growing support the a for of

So clearly, serve size take the a of also customers, reopen certainly, key our consideration fleet line the but aftermarket advantage to and that increase when to we opportunity.

Unidentified Analyst

guys. time, for Thanks the

Neal Keating

Thank you, Ryan.

Robert Starr

you, Ryan. Thank

Operator

to to showing I'd time. I'm turn not any And over this back like further host. the our questions call at

Neal Keating

We us look again Thank on call. when fourth quarter you speaking you with today's report forward for we joining results. conference our to

Operator

today's conclude Ladies presentation. does this and gentlemen,

You may a now and have disconnect, day. wonderful

Kaman (KAMN) 27 Oct 172017 Q3 Earnings call transcript