KALU - Earnings call transcript Q1 2020 | Kaiser Aluminum Corporation

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Kaiser Aluminum First Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to introduce your host for today’s conference call, Ms. Melinda Ellsworth.

begin. may You

Melinda Ellsworth

afternoon, quarter Good welcome Kaiser to Thank earnings everyone conference first XXXX call. Aluminum’s you. and

If you our have release, not seen a copy the Relations kaiseraluminum.com. please of Investor page at on website visit today’s earnings

have this for posted slide call. PDF of version We the also presentation a

Hockema; Jennifer Senior West; on Jack Officer, Vice Chief Chief Officer, call Neal President Vice and the Operating President Accounting Chief me are Chief and and Joining Officer Officer, and and Executive Huey. today Chairman, President Keith Harvey; Financial

begin, remind we to by you the Before statements contained would I refer forward-looking based of made constitute information are to like expectations. slides three on in our the that current this management statements you first and the presentation presentation and that management’s

risk for results Report company’s the to the filed of could expressed Securities that Commission, those from and summary company results XX-K months company’s XXXX. statement to actual ended XX, reports the to the and materially in earnings the a XXXX changes forward-looking to Annual March ended please the XX, cause in The Exchange with on XX-Q conform December for expectations. no any release Form Form forward-looking and For specific X duty to update statements statements, full differ company’s refer factors the or including undertakes the year

the posted earnings At included non-run presentation. we the adjusted call our to will EBITDA the items, the to Reconciliations excludes in reconciliations in the company’s for our the open discussion. we and most appendix have in have means financial questions. In the information today in discussion we GAAP measures financial reference presentation, for appendix. addition, rate are non-GAAP included in Any conclusion of which which comparable of EBITDA, release the

call to the Jack? to like now would I Hockema. Jack over turn

Jack Hockema

joining on Hope Melinda. everyone’s for the and welcome today, call. health us Thanks, safety

on Keith, our will Neal our comments actions addressing the today, pandemic. results, first record focus and our on While preparedness focus I quarter would and normally

well to strategy. strong We to economic the Turning Execution business liquidity are the longstanding deeper and we our and us variable we of quickly for unexpected to X-year Liquidity most liquidity downturn. In ability has features prepared a supplier make leverage. needs the through board of economic upon maintaining critical our plan cycles. conservative the liquidity business flex session assuming we on adherence X, focus sufficient that strong ensure economic adversity. costs, position, depends a Slide and our meeting, sufficient to leverage to strong remain preferred cycle the cycle as strategy have tactical fund strategic severe to strategic contingency review every through our liquidity investments, strategy

provide designed Our to flexibility of and guidelines for financial leverage sources capital. diverse to access are

health is X and the current Slide continues priority. be to first our situation, and of the employees our and to Turning safety

We are social continue facilities to operations of as classified guidelines. with as a central comply and our CEC business distancing enabling they all

needs our to nearly and promptly healthy safe respond debt well operations recovery employees procedures to a our begins. steps ability With when measures to net maintain in possible remotely. Keith are positioned of regarding provide our economic X.Xx additional are survival liquidity compromise to our employees protect operating without visitors will we a the working have could million and leverage, where sites recession the $XXX implemented our to We navigate that resorting to environment and customers’ our cost-cutting facilities. and color and our our to

to have immediate taken we Turning actions to X, preserve Slide liquidity.

share was action to first Our in mid-March. repurchases suspend

under capital goods than We would spending April, XXX% Also metal again non-metal which sold, our variable would be in year. normal business are average our we per Within flexing more are changing and approximately projects, $XX variable. costs circumstances, million costs variable activity. consisting of limiting of two-thirds with are to costs sustaining cost

will is line reduced level there activity equipment less level. and CapEx sustaining of with the level, with on in the decline wear However, reduced activity

Any preserving million safety liquidity investments In and announced multi-year must leverage. we subject would a conservative be Trentwood market $XXX conditions. our indicated beyond to a the February, meet net standards project projects and for sustaining at timing that

We will new million market continue to timing, conditions in to initial the decide the investment a stretcher. monitor $XXX including plate

be a may consider. recession, there acquisitions to During potential

have apply We in must same business, a we as and in understand of leverage a guidelines. potential winning employing acquisitions, be a must filters have price same importantly, the disciplined safety will and approach achieving must strategy meet the consistent long-term be evaluating shareholder liquidity business and compatible our position, defensible transaction to adhere that value, past competitive the existing must prior a be net capable with and our creating we with

XXXX. XX the and of EBITDA margin record business, Slide to and Turning strength in EBITDA results and demonstrating record the potential had underlying we first quarter our the following in

military a and providing XXXX until there more provide on COVID-XX suspend year our outlook the will applications, surrounding we commercial will Keith full economy, While XXXX aerospace outlook. clarity a is

update and results. situation first and the Keith? current the you Neal Keith will Now, review on XXXX quarter

Keith Harvey

safety The our employees always is and Jack. of top our Thanks, priority. health

However, our COVID-XX with the focus of has virus. onset amplified been the

as defined recognized Our Security state and Homeland critical Department businesses the in and local businesses U.S. by are sector included essential the by authorities. manufacturing of

actions our maintain of have We a best facilities and to environment. initiated employees safe all a number of operate our have to protect healthy continued and and

federal our of state of the the local, at to We for virus have to monitor implemented all reduce actions. and spread continued recommendations further facilities recommendations and

following the exposure local the COVID-XX. risk also unions of are stress importance our mitigate employees We to working closely to and of CDC guidelines with to

employees service possible, health positive operations. no facilities. our implemented COVID-XX. employees and others or normal and outside remotely we are have number protocols where contractors test for pandemic tested return our And of we displayed symptoms been employees A to until have the additional quarantined self-isolated been all our To-date, have addition, and have have providers working enter we to In for required safety and since began. had

and health, their for concerned their security. financial families employees are jobs and Our

As furloughed to employees. our we initiatives conditions, in to changes response support flex we in have operations taken business also

to provide We the any for interruption, of compensation unemployment unemployment the to regular have provided premiums continued we Act, continued the the the employees by our days benefits revised benefits experiencing a coverage. with our enhanced XX job receive the to Combined company employee waiving CARES policies with expect furloughed similar pay.

and we opening virus the and blue-chip closely to them Moving in economy. base our with Jack and its comments, operations, with working our markets of impact on long, relationships markets deep stated we COVID-XX deal as and are customer with all his we as have the our

key conditions we as presently. them current speak to our markets see me and Let

large total segment under or normal value-added Our circumstances. more represents commercial one-third aerospace approximately of our revenue

impacted been have the Our large customers and commercial February as customers, by the late since travel COVID-XX their airframe has slowed airline airlines, significantly dramatically.

temporary working many now While material with meet to them we up. as a customers and needs are of on closely their their our operations basis, have curtailed commercial raw ramp operations

anticipate to for At declarations. this XX% compared revenue approximately existing this our we be to upon year mutually the lower aerospace could contract time, to agreed modifications XX% commercial impact reflecting value-added of XXXX,

in to We partnership to address needs. their work customers all our with continue

declarations the multi-year with these their term in full solid will entirety. contract customers contracts be the expect original have commitments we met longer reflected in We and

shipments Defense most market and position and growth value-added over have Fighter passenger to expect legacy time to business fighter notably, programs these expect our for been in in and QX strong revenue. part demand We we experienced history of this the in of XX% for will important subsequent many be continue. the of to strong and total F-XX builds remain XX% through the traffic We strong our As programs representing commercial the on will aircraft enjoy has an the of reminder seen significant approximately supplier aerospace, that a our continues recover we year. we program. to

operations have due automotive many adjusting levels. of we these COVID-XX consistent to to are customers operations Moving our our activity and automotive, reduced suspended with temporarily

close are and on We these their new in and once will of our the year. product our the launches customers resume with for customers more have needs operations remainder redefine communication information

begun steady March, mandates shutdowns state through we center improve, proportionately and flex will on rates customer lifted were federal to service our continue by relationships. non-essential our mandated shipments these impact current has recent all are rates. have negative businesses cost engineering general market and support order to order our served this Until end while While to of a continuing

working as Just we of customers, strategy and our current relationships value committed to are preferred strong being customer system suppliers. important a to supplier suppliers. to our remained on our payments and maintained a We our being to our to all preferred

supply no of had at suppliers our needs. issues our to all have and continue our facilities any meet We

essential provide history employees, and of proud together Finally, loyalty I working Aluminum. way of our to would and in leaders reflects to to managers, that like a with all Kaiser thank are our customers dedication who union services the

will it update over of our our financial I results. record turn Neal? quarter now and on an Neal provide to condition a to first recap

Neal West

Keith. Thanks,

to and recession Jack sustaining on to test and investments. strategy focus dividends our liquidity taxes, of of business XX, cycle always scenarios severe a a sufficient and strategic as under Turning includes planning fund to regular capital both process stress discussed, our interest, Slide liquidity our variety operations,

current and of As $XXX strong balance X.X short-term sheet our net with March leverage securities. debt with the cash million XX, remains of of approximately

end. liquidity for million million addition, had total approximately $XXX In quarter $XXX our of million revolving availability facility of $XXX credit of as borrowing our

March credit remains facility our revolving currently undrawn. XX, was of and As undrawn

October a revolving As date million with of a senior credit November a with the $XXX previously replaced reminder existing in credit facility revolving facility new XXXX, we maturity secured XXXX.

anticipate supported flexibility. X/X base. and addition, in our limited have XXXX. receivables In to our X our facility maturity change do accounts senior capital We dates revolving credit by requirements and any currently million of that with business notes March restrictions unsecured our are and not allow operate us issued unsecured with notes covenants material our we $XXX strong of working significant customer Both

lines and economic for enhance have and counterparties. ample that address rated hedge the In addition, positioning strength flexibility, also while position. with financial economy potential highly have credit we competitive to strong pandemic opportunities an rebound continued our With we

in for Turning to operations the Slide approximately other primarily to down on the quarter XXXX late XXXX decline of in compared million, a suspending automotive quarter of was customers non-strategic quarter. first first exit and a planned XX, as by approximately value-added lower of X% applications the shipments shipments $XXX began revenue driven X%

at a $X decrease on Looking our X% mix. pricing value-added markets, and or in for of quarter revenue million aerospace increased approximately favorable shipments first applications aerospace from reflecting end the strong our a XXXX X%

VAR of year applications. due for temporarily quarter to and shipments. shipments $X first approximately our and shipments The impact the in Value-added prior our to on revenue from X% X% our quarter customers decline the approximately the quarter XXXX. for revenue reflecting operations million $X related engineering suspending Value-added a flat the Value-added from applications COVID-XX the XX% was automotive of essentially or extrusions reflect decrease planned decreased million in declined or in exit automotive shipments XX% these applications revenue non-strategic on general a compared our year for with other decrease prior pandemic.

was $XX record of due prior for increase lower or to was record achieved XXXX to the million, quarter. year X% to from a $X EBITDA basis XXX points first favorable in the basis net points a XXX XX XXXX XX.X% approximately prior and price point driven EBITDA million by mix first of first The an margin compared and basis also the quarter. quarter compared of XX.X% costs. improvement quarter was year

is compared the net of of for XX, Slide was year net improvement for million Adjusted These year quarter net per which $X.XX earnings of income income diluted the to to was million operating income items reported $X.XX drove million, was comparable share quarter approximately $XX $XX non-cash, million adjusted $X.XX. and million diluted expense. year per the noted to earnings adjusted favorably operating $XX income in million for to and the $XX share Now, additional reflecting consolidated in results to first the for previously in in share depreciation items, year-over-year prior per non-run of quarter. $X prior earnings income share earnings million, rate operating adjusted $XX and quarter. income the $XX quarter and was quarter the EBITDA first $XX of reported diluted increased $X.XX, income of Adjusted as $XX that per the million the net first addition prior diluted turning million adjusted in was XXXX compare

bit tax effective tax in XX% quarter. was range. XX% effective rate Our rate approximately an effective the rate the be a quarter will blended year federal prior tax of We to our for XX% state XXXX in anticipate full and year compared

in In be remaining anticipate CARES to the monetize the credits tax credit addition, full as we a continue able to will cash impact AMT for we our review of we Act, XXXX.

in million. the investments capital first was $XX approximately While quarter

time, will post-pandemic As clarity gain we this on critical at we focus until to spending capital preserving projects our economy. liquidity be on sustaining more limited the

first quarter, through shareholders returned to of cash share the million During repurchases. we approximately dividends $XX and

by previously share in current to have environment, suspended Jack noted As we the our repurchase program. economic response

call will back And to the turn now, I Jack.

Jack Hockema

Neal. Thanks,

As our – value-added one-third Keith represent total by is revenue approximately passenger of of applications mentioned, and air aerospace driven commercial demand travel. one-third ultimately our

after Turning to its Slide one In that thought past this crisis. a travel, long-term the the of airline the travel of over current in is XX, despite to XX the trend growth short history many time previous maybe years. time, within crisis the returned the different cases,

be we adjustment. trend a expect to once period again will a is travel airlines, that challenging long-term the this the growth air of time restored for While after

to Slide order XX has we often backlog XXXX. enjoyed the What much commercial XXXX a is normal. was prior large airframe and reference don’t for backlog smaller industry decades to the growing and backlog, Turning since a that

orders rates be XXXX. in build the will long history and While and decline more to than X-year pandemic, backlog to could to XX% prior after current predict and be the the it’s difficult still with line what during

be We great the to are often from for gained asked perspective recession.

of and Slide by to driven to to long for plate from from de-stocking reduced shipments took was industrial XXXX armor chain. and prior our declined XX, a annual graph shipments increased each by until prior war general only and In Iraq winding builds shipments the strength market total our result more demand XXXX destocking. as of were was engineering for while major Industry weakening commercial X Kaiser’s illustrates segments. XXXX to airframe in XXXX aerospace chain peak. years Turning year, XXXX in by Kaiser’s X% return actually declined in XXXX the the in XXXX, XX% the shipments high impacted from XXXX, declined it XX% supply shipments lower down. orders demand the year-over-year further supply the

of XX% declined XX% automotive from XXXX our declined Our in year extrusion by non-strategic driven shipments highly in rates. XXXX. And in prior decline build XX% shipments cyclic a applications

During X% and that our less period of our of mix represented current mix. since applications approximately XX% of to time, than have non-strategic our declined

XXXX? today question asked Kaiser frequently is how Another is prepared compared to

strategic highly X.X XX, XXXX current liquidity of cyclic similar Kaiser applications restructuring Slide sources to X.X Turning recession began, have essentially corporate and as applications years while long I our been the only was has to just mix diverse from Today, mentioned, non-strategic of removed from is eliminated process. the a half capital. the mix. access greater Kaiser year When

provide customer also stronger development partnerships Kaiser track much are attributes. of and highly our of satisfaction based customer our excellent products, on differentiated select which Our long leading record performance industry

flexed the our our regular divided navigate to successfully Kalamazoo major we the proceeded today. positioned building were that then, the completion investment strength. a time our even cost, new great facility, significantly enhanced competitive upon variable with extrusion well-prepared at strategic we and XXXX, in While better we Back are recession continued

earlier, taking of noted similar initiatives challenges the recovery. aggressively positioning be I ready an to are today to while preserving As liquidity opportunities navigate address to downturn and the economic we

is and confronted results. health record the summary record COVID-XX. of continues achieved employees safety our continuing momentum our as of top Turning and challenges a be first to our the our the by remarks we and Slide results, quarter, priority today, XX XXXX from we In to presented

COVID-XX. outlook have on for pending more overall suspended XXXX We our clarity

and low opportunities strong we are and to recession challenges liquidity net, and access the safety an to taking with are the well navigate leverage this recovery. for actions adversity a to economic to debt positioned address We well-prepared be capital economic of and

value-creating sustaining have expect investments. We as all we the our projects as evaluate to attractive always for beyond and guidelines investment to we to will and adhere continued liquidity opportunities leverage

call the will for We open questions. now

Operator

[Operator from with Instructions] Curt question comes Our Suisse. Woodworth Credit first

Curt Woodworth

everyone. you? and are Jack Hey, How Yes.

Jack Hockema

Good morning.

Curt Woodworth

hear one COVID. for positive to that no Happy tested

to just just down imply the in frame given to XX% to the could that the around XX% On the aerospace year VAR the potentially being number back rates? for get XX% what outlook, into the well? kind to assuming you of my That’s you down you parameters XX%, half potential destocking would of a build of Are the as year? question. assuming any sense some start want are And for that first

Jack Hockema

only us Well, you got I outlook the believe first, let high-strength say me from else, somewhere aerospace gave be XX% that the we XX% was single-digits our because get and would didn��t year. total for or down that you

and only I Keith of aerospace outlook. aerospace the outlook to we was and talking the on just that the the elaborate is will commercial And gave Keith portion So, high-strength. that specifically let

Keith Harvey

Yes, of and largest component normally, VAR, Curt. good high-strength morning, commercial the large is the our aerospace total – total aero We revenue. value-added

we which also structural in military we those a GE. have high-strength and And regional the is are – subset included in also components jets, components industrial generally other and of which The business look the applications. auto are jets at for in

So, we it’s commercial have of why products large than these segment large identified commercial large into airframe. was it’s the we heavily with that a other lot pulled such Airbus. out and Boeing go and because a That’s

Curt Woodworth

Right.

clear. Sorry, more have should been I

build piece in Within provide can the of assumptions terms the the underlie you guide? aspect any of of rates just commercial on commercial that, color that the OE

Jack Hockema

his our on a heavily customers and basis. strategic team major case with this engaged Keith day-by-day Well, are in

are We are changing but dramatically. always things engaged, heavily

on be customers revenue down based said, value-added he that we than with year-over-year roughly our our And higher little extensive our will discussions of total a roughly one-third, So, value-added this major based on – is to that, actually XX% one-third slightly as conversations revenue. expect XX%. that’s with And customers. just

Curt Woodworth

you to you how that build in about to early through rate inventory at cuts. which situation, lengthy de-stocking terms to process that? the I around time mid ‘XX can then sort from wide-body this of recall okay. late the Right, we functional I think went talk mean, I was feel of very ‘XX think I And

have Now, interim? Do you this significant sense then more handling much chain pronounced. how Would de-stocking supply expect this? any is obviously of the and you of sort the

Jack Hockema

that at in was. and restate And is was Well, give we let in he again there what two in the that to because orders created said got it that said let was really half say I We overdone thin. past de-stocking just in the this. Keith the second me felt will We chain have additional ‘XX. because did the supply color, all way close too fact and really ‘XX and the it time year really, strong of stretched we

So, we turn I thin it equilibrium then this maybe into year. were Keith But to over or close pretty to we coming felt will here. even still

Keith Harvey

Yes.

our with And so speaking speaking daily and this area been as stated we daily in of since really customers the year. Jack the have beginning are

are customers things Some platform we have of other this them. they back on, on generally that as our the but Boeing are remain experienced have MAX looking have online, and we XXX with to bring for focused that instance and working they included looked at

their mutual we situation our that their inventory outlook discussions got include also what includes those have all. discussed needs and declarations which We and maybe, have

inclusive our on of our comments outlook. So that’s

Curt Woodworth

any then this the would Okay. flow, can quantify can good you very for and update one, if AMT CapEx be maybe you And what Thank could could much. one and capital on and spending just how then for down quickly what be? on, spending you flex you free year capital estimate a last credit cash

Jack Hockema

Yes.

a would sustaining roughly right way average Keith first to investors average in April in a million starting And I my The this XX% spent now X, when comments flex spending a million has on long roughly we per is time CapEx a that we is million and or this case said aggressively cap of I underscore are this comments is Neal that I talking which said have CapEx we the depreciation, $XX put $XX roughly basis. quickly. his moved it be said year on in $X in So for we the quarter double capital to and have can capital on spending. characterized battlefield. that quarter.

We with this in in that’s covered a smoke. battlefield foxhole are

first operating then the we going go now, go. hunkered for say of our right the there quarter we should let’s the clear, although $X forward be to for in year down So from we we at are But rest for are waiting we some we of will the smoke the carryover or million, assume million the where maybe and $XX as you year. decide foxhole that rest less can forward

Neal West

area year. And regards are AMT we your the million then that in on now million Act, in to at as the $XX credits, go be the to to through for question we looking $X CARES this of

Curt Woodworth

appreciate really I Stay Great. well. it.

Jack Hockema

Yes. Thanks, Curt.

Operator

Josh next with Benchmark Our question Company. from comes Sullivan the

Josh Sullivan

good Hey, morning.

Jack Hockema

Hey, Josh.

Josh Sullivan

expanding little flex cost there much the in there, of versus us help that outside model? flexing are on execute variable you able just piece are how cost you to variable the to can equation cost maybe bit about understand a utilization Just to what you talk Anyway the fixed CapEx? of

Jack Hockema

Well, you we mark cost, on the down past put thousand a we for historic day years time, today. first the going clarity been asked some because are this variable few about over to but have that our times as several can

kinds of a it a non-metal as prepared stabilize as of knows is of at is XXX% after the then relatively portion COGS, said quickly quickly. I materials portion as when month or chasing start other variable is there tail that tail and a stabilizes. us. is COGS more roughly flex always COGS those pretty we volume remarks things, two the than to what two-thirds There flex like on can you The in should And So of metal things but variable. costs, of down that look COGS the benefits of you for order, volume and when soon non-metal actually everyone or portion is

flexing we we we economic up. it to chased tail. a the Again, effect down. when to So, We it then opposite back start will we start be did recovery And the during there get get XXXX.

actually will the we So comes. back economic benefit when get the recovery

Josh Sullivan

I really far are the of then just you or defense void? either supply any that. Got to step the support the in seeing defense advantage to into customers as pickup And industrial it. just Is ordering business, there take appreciate base? as the

Keith Harvey

it’s Keith. Well, Josh, hi,

cover, a earlier that defense with outlook seeing unabated frankly we growth are good of of ours I that large The yes. are we orders. not seeing segment since but continued seeing munitions that in I There the mentioned at say in are the it’s also continue those order will rate the programs is rise We other year. multi-year and we but and the quite since being strong beginning COVID-XX, of a pickup things pickup, still a in anticipated. beginning the year, front

Josh Sullivan

[Technical Difficulty]

Melinda Ellsworth

Josh, the Excuse you question hear up. it. Josh, again? you up. try are are breaking breaking to you We ask didn’t Can me,

Josh Sullivan

Difficulty] [Technical

Melinda Ellsworth

I am sorry. All I heard was preferred supplier.

Jack Hockema

question. so and the need Yes, there? you stronger a can signal window – we Josh, to to out the there, hear you get we lean Are need

Operator

Hey, disconnected. it looks his like line got

Jack Hockema

he asking Keith, Josh. supplier, preferred you little a lost we okay, on was about that elaborate Well, bit? why don’t

Keith Harvey

close decades our customers, has a This time, have large we spent been these with relationships.

about of have our metrics, products. – position, the our We our talked often performance performance our supply

good dialog with on We these strong are really customers our a seeing outlook.

from a home. continued lot with tried customers just has of considered dialog that though our and has all Josh been We are strategic vis-à-vis what even working been of to dialog with work the is major

we have They smoke as as that better lot these going a battlefield of forward. they working a are as seeing say clarity little as are picture the on are customers all we to close well. to And we able soon as just towards being give would to I I So are. think

Operator

lines showing any at the And I further questions time. am phone not this on

Jack Hockema

up me one final let Well, with wrap here. comment Okay.

for be for now. that’s could to you or for we outlook We revenue. the do the smoke year-over-year and said clears. today outlook ready will business we call But algebra turns everyone are on our Just are just automotive little he us our commented and XX% second yet swan XX% that and down on give I Keith’s this, event but remaining bit follow on algebra you a as think we combined roughly Thank for We so put half, if the waiting all general clear the to didn’t of This this, very half for to look severe represent on together know. if you on here. you. value-added in those two forward black be to prepared but value-added move outlooks, commercial we revenue XX% call who those didn’t we an applications, with aerospace July. black be best the are of about XX% roughly military of which to of as the you do and to a Thanks you. updating the smoke the determined, the industrial as soon that swan, out and downturn joining to have hunkered our well quarter never in we And a

Operator

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

day. You a have may and wonderful disconnect now

Melinda Ellsworth	Vice President, Investor Relations and Corporate Communications
Jack Hockema	Chief Executive Officer and Chairman
Keith Harvey	President and Chief Operating Officer
Neal West	Senior Vice President and Chief Financial Officer
Jennifer Huey	Vice President and Chief Accounting Officer
Curt Woodworth	Credit Suisse
Josh Sullivan	Benchmark Company

Kaiser Aluminum (KALU) 20 Apr 202020 Q1 Earnings call transcript