Earnings call transcript Q3 2020

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Operator

Good morning, ladies and gentlemen. My name is Howard, and I will be your conference call facilitator today. At this time, I would like to welcome everyone to the Kimball International Third Quarter Earnings Conference Call. [Operator Instructions]

As with prior conference calls, today's call, May 6, 2020, will be recorded and may contain forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. materially forward-looking differ could results from statements. the Actual the forward-looking Kimball statements factors Form that be of influence may the Risk can outcome seen XX-K. International in

making slide During to Relations section website. available will the International's today's Investor be Kimball call, on the an presentation deck earnings of that is presenters references

Executive Juster, International. Chief and Financial of Kimball are On Officer Kimball President today's Kristie call International; Vice of Executive Chief and Michelle Schroeder, Officer

Juster. today's I would turn to over Ms. now Kristie the call call to -- like

begin. may you Juster,

Kristie Juster

Good on morning, opportunity business share and everyone. We appreciate to results, our with the quarter third the you outlook. discuss our our COVID-XX impact operation,

Before reviewing with pandemic. a workers difference frontlines that our serving express take to our making moment our sincere hope And thoughts you are this appreciation are directly crisis. by on on the We families the to you essential a behalf to know every of and International the I results, day. impacted Kimball all those single wanted healthcare

I and caring all As hope our us confidence much signs give tomorrow. feel, the in incredible am it that of is we sure

I their would our on to recognize also The crisis. and leadership employees swift this X. that team Slide people during communities unprecedented dedication our safe keep International Kimball took like team at outlined and actions to for the are

our been Our employees, communities stakeholder and customers key operate. our plan designed namely the has which around the facing key groups, issues in we

professional protocols in all staff, our COVID-XX, full put sanitization, force we place of tele-working distancing implement At conferencing immediately adopted capabilities. and training protocols facilities, social at dedicated onset response video a our the including to and and for task

and those from care through COVID-XX our risk getting funds. unique a also of program steps experiencing higher We at those through employee to hardships for dedicated special took care also, sick

our in shifts temporary the crisis. needed products prioritize important critically operations business made we healthcare industry to for Additionally,

work environment launched rapid rooms diagnosis Health and stations patient supporting health team the a makeshift crisis quick temporary for response family and quick facility. sorting, triage Kimball designed care nurse of brand patient Our solutions, for

a facilities quick launched also crisis. brand targeting grouping National products, specifically ship COVID-XX of Our serving

also in face Our need the I pleased up as XX,XXX and been reusable equipment. for manufactured X,XXX masks new workforce, have to to serve teams say manufacturing ways shields. our our Today, well and for to quickly healthcare as we personal over communities. am able face workers provide government we immediate came have home for and residents protective entire with nursing PPE

our reflecting X results. our continued success to Revenues Slide of designed the on period significant to generate growth, cost of sales this financial a transformation Moving for quarter savings. summary third is yielding program performance, On our while was quarter but revenue year's in ahead modestly quarter, third that ship approximately We during to paused had COVID-XX. to quarters future on the out of were due to third $XX was reported basis. last scheduled originally million a

was last be closing fourth This the the million facilities customers are hospitality into out quarters. this delays These future a of deferrals were quarter. as pushed manufacturing to of production products. of our are result by move $X shipped related The crisis. Approximately product will to accommodate that to two warehouse shipments orders remaining that days shift due healthcare postponed were will the supplier March in of and COVID-XX the

the Despite in transformation from a XXX XX% execution adjusted by combined operating increase were This a savings performance points leverage, expenses slight net with a in selling in our a in increase price gross we basis resulted only XX% only increase and income driving and revenue adjusted margin administrative significant EPS. and a modest expand to plan. increases able increase, of to due

International pillars four the X Slide our Strategy. outlines Connect Kimball of

pillar people throughout this full that corporate support I have and can is The us our their their in In capabilities tell inspired function form The operations our winning people. our crisis, the communities. and we is inspire build at first a our that decision culture, ways of by our of working. all January, customers is one to you by global Company, and innovative And announced it Kimball into establishing this to colleagues, agility next create ways, International. developing COVID-XX center-led world-class functions

the During at can the team the seen we and pandemic, this have power efficiency speed operate. we and of which

our are the pillar, Our funnel we management and how of quarter. transformation engineering, of on we delivery implemented savings is $X.X plan. and third facility our transformation in projects executing the successfully approach, in savings third foundation value have million Through fuel cost rigorous our automation, optimization, future, program

earnings is growth QX. contributed in our say delivering million $XX three I Accelerating am COVID-XX, significantly businesses confidence approximate have the our growth. to call, our pleased in of Last shared fourth would without we the impact all pillar. to growth

in demand, last Our strong quarter. up year's in third and innovative of products new commercial workplace increased to which institutional sales, be continue to XX% total from XX%

COVID-XX performance. with post-COVID-XX ask to and on current impact third our Michelle? will briefly financial reviewing respect our quarter to business I our Before position review opportunities, Michelle our

Michelle Schroeder

position. good I give to the in solid information this you some more will well a and on performance detailed quarter morning, million. third of quarter increased as Kristie, financial share Thanks, our our $XXX.X strong fiscal XXXX, Sales everyone. overview of liquidity as

outs, and our million future However, these healthcare Even of market. to pushed in shipments institutional COVID-related the mentioned, year-on-year markets had quarters. had educational commercial to $XX verticals we impacts growth our and as Kristie we push with approximately relating in

the which markets revenues. end we commercial our simplify and institutional into you've noticed our and the market financial XX% is healthcare, in reported the education the together way comprised release, verticals two categories, reporting of approximately and as revenue As several The markets both are government we of help our Together, messaging. market for combining we believe have breakdown market. vertical by probably our we these commercial now changed grouped three account of

is market the third represents remaining The XX%. Hospitality, which

over XX% compared market the to last growth and of delivered quarter to outs related Our third year's push COVID-XX health shipment X% crisis. quarter, XXXX, the in Hospitality sales X% while the institutional when and declined due to respectively, commercial the markets

sixth points gross margin basis This XX%. consecutive to is year-over-year our Gross by year-over-year of margin XXX improvement. quarter expanded

The transformation attributable cost plan, our third higher on mainly lines. as pricing positive performance as well to additional quarter's product savings was selected from

points Plan, $XX.X our or this basis, down Employee costs selling the impact million administrative selling XX.X% quarter. also $X.X continuing expenses XX to Reported million, declining transition million, growth XX.X%. percentage CEO XXX to Retirement $X of increased million of points were by initiatives by adjusted basis to our despite $XX.X basis administrative in and and investments as Supplemental and sales costs On a an of excluding

$X.X or per share. $X.XX XX% million increased income diluted Net to

increased to XX% EPS $X.XX, year Adjusted a to $X.XX compared ago.

points a Adjusted $XX.X X.X%, year in XX% quarter. resulted to and ago versus EBITDA was margin of XXX million basis up up a

to our of $X.X increase generated $X related cash which performance. were cash upgrades. million, to during automation equipment our flow million upgrades flow quarter in were Capital to most Turning and from We operations. the manufacturing expenditures facility

We shareholders to including dividends repurchases returned in in $X.X the million capital and third share million during million of executed $X.X $X.X quarter. the quarter, in

of the our and investing best-in-class contributed conditions. invested relative have public Growth discipline years uncertain repurchases earnings We continue XX.X%. on this economic to performance sits our office impressive to peers. are for in furniture quarter temporarily among halting preserve cash and the in the at to this capital Return metric over on we in capital to share the light rank

time tremendous amount XX%. depth running COVID-XX around We've assumptions of our spent general, financial is scenarios the a the margin around of multiple business. length various In contribution of using impact and on our

decremental margin would expect So, revenue taken. on actions no assuming at we changes, incremental that rate, approximately

we for fiscal and through We crisis. are scaling actions as back choices make year our near-term additional back evaluating this prepare ramp XXXX discretionary for to up we as expenses and enable strategic navigate uncertainty

financial us that to confident strong discipline the position are weather financial economic enable situation. our and We current will

in cash as equivalents, strong with We $XX.X lines. an $XX in cash well credit million have a million additional sheet and balance available as

will call path turn back I to Kristie? on forward. to further Kristie provide our now insight the

Kristie Juster

you, Thank Michelle.

International, environment, strong transformation an storm, derived We while cost a stay invest benefit plan, uncertain sheet have savings economic in of in that our our weather our continuing the but to from us facing balance to affords to the at have and Kimball power we future. all that we are all ongoing

where X Currently, of we in plants, to stand equates footprint. our which about update on today. eight we XX XX% provides manufacturing total are operating U.S. an Slide our of

with rate. XX% currently we operating commitment light are safe, of reduced of employees normal at manufacturing a workforce our our about to However, are facilities our because run to XX% in keep our running a

are prioritize to orders, market all service end all continuing we now able orders. healthcare While to

end to XX% vertical. throughout commercial year Recently, with month, decline Hospitality order April from down rates the orders markets of and XX% institutional softened our ago and a levels, have in our

strong impact end the schedules the delivery market, mandates. While consistent the backlog, there to delivery the of this million on of quarter. for commercial scheduled of $XXX quarter, quoting our fourth impact million which Mitigating the at state in in activity which $XXX amounted is approximately depending is vary third is

fourth We also transformation cost benefits the to quarter. expect from during derive plan our additional

are in and us significant in production that entered that demand. with markets period enable to International manufacturing crisis higher products Kimball end this position strong a agility those to diversified ship efficiently

have reduce liquidity and and to need our substantial tough strong liquidity our our taken to anticipate structure noted, Michelle we additional cost cover ahead, As we steps That to said, times have preserve needs. position.

expenditures anticipated XX%. by our capital These include cutting fourth quarter

discretionary back reduce and reevaluating our the market We managing to spend are to conditions. spending suspend levels temporarily capital our fiscal identified buyback have we closely carrying decision closely We've levers program. XXXX, There working additional monitoring are our that requirements. are and inventory also made also for share

That that XXXX in, EPS economic achieve have our XXXX for and on Given Company mid-single-digit a EBITDA in pull considered are we to consistent faster from growth the we recovery set and short-term has sales. period. grow said, the confident through the financial structure to uncertainties place fiscal rate loans once at than adjusted a revenue time the sets surrounding forth the we back conditions, targets

the to Looking and Kimball long-term, investments that in changes share, this additional our provide crisis gain rapid medium- environment for health the many cause opportunities believe flexible in time workplace manufacturing to leveraging market to will and that innovation, will market. International we

On we insights several inform our new our on planning. and aspects utilizing are these have our to actively shifts provided thinking the XX, workplace Slide of future in

in between. at-home be anywhere First, make the It the social distancing workplace office, more will will and fluid. in

in will will changes hygiene be require design Second, manufacture paramount, and way we products. requirements the which

solutions personal is workspaces. incremental e-commerce redesign like for look design channels. to and and Third, sales tremendous opportunity a providing professional will thinking BXC, BXB develop the critical creative Fourth, for through

is Our recent showrooms. and telehealth strategically the Etc. step And launch us of increase in accelerate sub-brand will school, fifth, technology this important work, the direction. with a enablement National virtual of for of

the through crisis. sheet up, us quickly while improved provide sum strong And and to Kimball also opportunities planning benefit model market International's from stay And operating conditions. are on manage the we an To we optimized for power have in ahead. economic a balance impact, newly eye to

like the would to I call to now Operator, questions. open

Operator

Our Yes, Sidoti first ma'am. of question or [Operator & from comment from Instructions] Company. Burns the comes Greg line

Your line is open.

Greg Burns

that the you can that the of about you're margin and I I cost maybe potential just savings the of morning. tie plan. margins of XX%? some that out improvement -- as had talking on back in achieved you Good and you've what case you quarter? with you about And mentioned decremental laid Connect base incremental that the maybe terms you had cost projected of any some in decremental the improvement of that you you're there Thanks. Kimball had some a quantify kind question what your quantify that we these so items know based items previously you or savings. way Maybe expect discussing? mentioned, maybe us part Should to these far the into assume incremental potential is gain still could fourth savings is cost then, and maybe help

Kristie Juster

Kristie. Thanks, Craig. It's

going -- -- as believe And contributed in nature, start me sustainable our six made it transformation the of in journey, additional by we've significant our look So, progress significant has by and saying, the at savings. gross that. quarters that's cost forward, working funnel talked actively we on pre-COVID, our been been margin expansion we a on we We let Michelle have driven of been that transformation and about for is savings. portion

working very that and period. the work that diligently been program intact, through that and crisis have So, is we on much

in some pandemic As the we we cutting that can is some the space make prudent we're sure kind in of to whatever or are ahead. that kind kind spending making look we of decisions to levers in, endure of discretionary for additional -- CapEx

on how full-year. and ways, at Michelle very of kind separate So, into ties the we it perspective that really in are for I'll two looking comment let our

Michelle Schroeder

$X in We great. seven of a quarter. So, -- transformation over additional had the savings million little about

of transformation XX% variable Now, that fixed margin that's on was a and assuming XX% mean, cost is savings margin, some of contribution some I the is mentioned, cost. that -- the that I that in today. as contribution is But it of level,

that transformation -- in year So savings we go we as be actions included that the for that XX%. we've seen that identify date. not be includes forward to additional would 'XX that would fiscal and But

where XX% the So again, it we variable. and savings transformation in of costs looking savings, as as is is of fixed is the today. at part of are part we're And in the transformation

Greg Burns

backlog. Okay. And pretty a then you healthy mentioned you had

down should But percentage be on a part in the of dynamic? Because -- like the visibility for trending? we that But of orders early So you than play now part you kind backlog in range business are orders quarter -- of that revenue you've the will fourth built pretty business think the about will How quarter it based when should of seeing XX the a between down up? have seems the good this of the trending part that maybe less obviously think some versus Hospitality. XX out the and what you're good quarter, trends backlog. what we in about fourth how on are dynamic

Kristie Juster

Right. Right.

that QX. our with we into the prioritizing the and and then was backlog. we well, have up two right. essential were into some a orders. the remind just days pause of -- were of facilities And very You're We fact servicing were orders that to we only actually pushed shutting the the as volume them and we the what came strong you, created in was QX quarter that down challenge ramping back healthcare And

are the we've rate -- social back and put gotten to we -- into back and we that we XX% really how facilities commented ramping have -- about good up, so about the facilities feel We up our on the place. protocols

And kind ramped of so, we seeing are ourselves out. back

going be orders. more QX to from impacted facilities And ramp so, is to new manufacturing ability by the our than our

Greg Burns

Okay.

Kristie Juster

And comment also QX that. We are working the all frame through in Michelle, of and to time welcome well. have orders the as I replanned you

Michelle Schroeder

Yes.

had that million particularly did see in we our million outs anticipate. So would ship in $XXX also, we thought backlog, release Greg, that from, or of Hospitality $XXX QX disclosed push of of press We we that customers. about some

push those And outs beyond some go QX. do of

So, future of of the that you that some well. backlog at see as quarters end March will in hit

Greg Burns

can the Okay. you refurbishment-type market, furnished. -- about how maybe to-day, the on next just And quarters? versus that they see and the seeing the completed how you few started, the talk and that then business? that that better market maybe you over Because more is much the to to assume projects been help have of delays that dynamic just of have be I of day- -- some specifically day-to-day. would of maybe But Can me you're the makeup How the like project-based -- evolving are Hospitality understand large like market?

Kristie Juster

Sure.

business the in the a basis. So, and market, project Hospitality renovation, majority our is it hospitality in of is on

there business that sits very the is So day-to-day in hospitality little really spectrum.

the delay have a Hospitality the On a out impact and push seen, we orders business the on in orders. that is

half a seeing in backlog. difference hospitality our orders back year. in seen very a cancellation for orders are we've were quite the the had that in and positioned in in not orders. we of had few just have strong And We timing the We

we are base, some -- seeing quarters. so, date. the throughout due order we users backlog of renovations end the But crisis. as cancellations accelerate see is that seen to wanting we to servicing not occupancy have And And the any the multiple servicing do do we to that light

Greg Burns

Okay.

Kristie Juster

you want to comment would Michelle, on anything?

Michelle Schroeder

No.

Kristie. I think covered it you

Greg Burns

then maybe And them, or that competing need I to mentioning for some maybe reconfigure environment, renovations dynamics But employees things certain post-COVID insights like that. of the and opportunities your where make more guess, Okay. working they be and they'll safe have footprints -- using the has working maybe the -- you reimagine comfortable so there. space, less things are this office been light -- remotely on is then there for companies to it -- their also of kind their so to safe, current have to maybe or there's office but they do do and in slide

of this in Kimball the environment? So, And maybe growing or you post-COVID type of office that that see how positives do in minuses, the capabilities share more or this Kimball maybe, gaining you'll or for differentiations and in does market plus kind be and what general? then kind have successful you of negatives think environment and pluses

Kristie Juster

think we Yes. end professional retrofit. an around are kind out users, of from for tremendous enabling a is of immediately, kind social in the I from Greg, dialogue a redesign home three. and reentry Great. there home. bit term would redo And is in that redesign what we're a distancing professional see -- on of then workplace. moving redo thank dialogue three with that really guidelines of you. work and a they're activity many seeing with into work is corporations. corporations We shorter in retrofit and really And implementation There there and for activating concept our the amount into that taking of all dealing are is workforce going There a a and choices and call the the

those. situated to believe wholeheartedly service that we I of are three all

International, using actually the redone headquarters. of Kimball we our reentry talk fact the We completely that we've about have -- we are

a as on And kind retrofits and guideline around our We easy we market. have facility of kind near-term putting are in installs what really products. are of own out in shields using existing for working that the reentry own we're groups personal our and

We new home. mid-term started critical working a have term component have of and products, new that longer from and innovation. are we groups e-commerce cleaning, of then and wellness finishes stations be that that our will work are we that on ultimately, ease are then about And build

in agility think this very, do and with And on our much I order priorities tremendously we're organization changes. how help market. during product to we And are So through have address situated crisis. this of these I'm to I the pleased very impressed been all very roadmaps users this end our in the opportunity our reorganizing of

dramatically. it think impact I So, will us

think users differently. be it will think at opportunities, there I and end is looking I very

And about you different about on I feel transformation our like journey. if what's -- are front-end think the International, Kimball we of

So, we and cost-out growth, talked endeavors those that in about all our we started to are the have just fact service of investments.

we so, opportunity cost savings. have the And to deliver

opportunity hold work started of on And just some the healthcare. we operations. have have our like in to global We initiatives new the take our

new So, ways we our but efficiency, in service opportunity significant not have to ahead, in only the a going own market.

Operator

Instructions] the [Operator Our comes Maher you. from Tom line from comment Thank question of Capital. next or Hilton

is line open. Your

Tom Maher

for Thank and activity lower the maybe going probably morning. up see to you. through going then flowing we're question and Hi, well. here, cash see one longer-term short-term In just capital a that levels Company? I to given that you that's short-term, if curious working kind of a free as good how the some have I'm

to stronger to maybe space. is but is my from it little if in a the back, I meaning institutional manufacturing is Or do parts different Thanks. and than manufacturing longer-term if come over fungible demand of question capabilities, bit the terms how seem your Can your was, that doesn't shift demand? apologize your coming kind my it hospitality that? for ignorance, but the of harder meet And in some of you then the mix, of

Kristie Juster

take question to and do Thank you Tom. the for the cap over Michelle, go to questions. on then footprint? longer-term manufacturing you working I'll want first Great,

Michelle Schroeder

Thanks will. Tom. I for Yes, question, the

it's So, we as absolutely, conditions. we're very looking with at economic our something the focused are working capital, that on

So, customers are so bit where -- asking some extended time, for a seeing lead we we're we do anticipate already, little and on payments. having

place customers. So, inventory our the new as our We've put working basis. really April. focus case-by-case with us processes help to receivables and the in focus in really collecting well downturn we a we that working that got We're But then our inventory. to on through that are orders on some on saw through with we've in

everything different our And -- manage we've looking we We're capital to keep in place. through our at that stocking we real processes ensure levels. so, we levels, our stocking as this a again, on And looking put reducing crisis. just working focused at go

Tom Maher

follow-up And on Got just that. you. -- maybe a quick just

the in some of slotted In out COVID. immediate terms the the that first the any move that to healthcare given out the maybe you of to take of to how manufacturing? sort some the Did the way I cause of of reaction by of sort were inefficiencies get that mean, mix? here hospitality had mix, and orders changing

Michelle Schroeder

It did, yes.

four -- XX of to We and open eight initially back were our we're up only facilities have now. manufacturing four

reshuffling didn't have So we did we have full some to and do workforce.

So it properly. did cause we of got some that inefficiencies running and situated all until

Tom Maher

Great, longer-term on then just of the And sort thanks. your manufacturing? fungibility of

Kristie Juster

Great. Yes.

me speak Let that. to

professional-grade global January, operation of regards there -- three where had to our into opportunity furniture commercial furniture. a facility in with we optimization a would be the footprint. unit decision to going three global of in announced structure. manufactured. the operations, in All own that business businesses flexibility products their is dedicated to in are to And or significant that, our -- go manufacturing can how we Previously commercial So,

started have work we we so, in And and place. plan that have a

have there to footprint. move agility the know the opportunity throughout do tremendous we is product and manufacturing we And

we've seating Just an Hospitality David Edward since had there this poster example But to we're product moving of products. that's decision, -- facility bought and Kimball dedicated through made that, more that Kimball-branded both we the brand. facility

many optimization actually going are in being that are processes we that facilities made multiple There that. forward. now for products are do to opportunity light the with pleased we're So and reorganizing

Operator

you. Thank

– next question Our

Michelle Schroeder

just that. thing to -- would add one say, mention Hospitality, yes. had asked going too. was I Maybe to there that. is There I that Tom about

actually is purchased We Our Hospitality don't so -- Hospitality our partners. manufacture. or through supply about of XX%

more on it's Hospitality So variable the model side. a of

Tom Maher

-- that's assembly that you? for more So, more of a is

Michelle Schroeder

It's product. purchasing finished actually we're

Tom Maher

okay. Oh,

Okay, great.

challenged variable probably that's the the then you? recovery So part is the most for on more

Michelle Schroeder

correct. That's

Tom Maher

good That's you. know. Thank Okay. to

Operator

you. Thank

Wealth. or Our Peck of comes next Peck Alison comment question from from line the

line is Peck, Ms. may open. need Your un-mute your to you phone.

Alison Peck

This in addressed please of Alison, and you're you terms expense my do and interesting competitors my finding you've call standpoint, challenging standpoint. your would thank of I'm new repeat idea question adjust your and time. this this a to already, and impressed finally, -- And to your I'm and to so is of don't flexibility main to be question But how managing yourself. some and share challenging -- call. from -- manufacturing, positioning positioning. -- in market very with with terms Hi. your marketing this your your has the to taking Company of design, for be -- very do then, a with from has competitive My

Kristie Juster

Alison, in you for Sure. appreciate the thank We on call. listening it.

Let market me start moment. from positioning our a for

that Hospitality some brand. have made choices portfolio. distinct the Kimball the and National those have brand, brands: -- we we And the So, brand very Kimball brand within three

really is that the healthcare Kimball on product is the one So, National categories. focused the Two is arena. the ancillary brand on brand that focused is

we've tremendous made one made markets those we've in Hospitality peer the each is And professional-grade distinct progress in furnishings. from products. to And which total I'll as it, are in flexibility us that The servicing And feel then of Hospitality-grade that our difference I lot that we markets. makes gives kind a that, we landscape our some of the market. that choices set or call of, have of business commercial of

the commented like business most valuable is really choices that sales know, manufacturing a but is -- I the goes the crisis not manufacture through also our business, that reps. certainly, made. that that from our so, we've also standpoint, I only of business most through Hospitality businesses. And impacted Michelle this

So our variable selling a domestic. side business. that on And is XXX% is business also that

of U.S, And all sector. the hospitality so, we service

with are So, focused this success well feel ancillary by business. our Hospitality, and served our I of we healthcare, the long-term our

Company. the started I very not transformation. Year I were agility we evolution our we place a did a businesses half as at earlier. also to three in believe that a and different distinct just ago, spoke our We have and we're

and under And we and corporate now the is demand where to so, and we opportunity investments, in strategy, today, opportunity run product based the and where global the the resources one operations on future. we have see with

And business new feel workplace in playing and very agility, a the role excited thought to that about size of certainly flex so, the have our with future opportunity our we're to the leadership really that. and we in we like in

Operator

showing conference you. management questions remarks. I'd closing turn the At in the to Thank I'm queue. time, for to over this no any back additional like

Kristie Juster

Kimball to Thank Have very much. appreciate on like International, everybody just a to we say, you path you. I'd Thank safe call, very day. and a we behalf of wish much listening you the well nice and ahead.

Operator

and Ladies thank you today's in the gentlemen, for participating concludes conference. This program.

You may all Stay disconnect. Everyone have day. safe. a wonderful

Kimball International (KBAL) 9 May 202020 Q3 Earnings call transcript