- Earnings call transcript Q3 2022

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Operator

Good afternoon and welcome to Peraso Inc.'s Third Quarter 2022 Conference Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions-and-comments after the presentation.

As a reminder, this conference call is being today Monday, November 14th, 2022. I would now like to turn the call over to Peraso's CFO, Jim Sullivan. Please go ahead.

Jim Sullivan

you quarter today's XXXX thank discuss call and third Peraso's financial afternoon for conference joining to Good results. I'm Jim Peraso. Sullivan, CFO of me Glibbery, Ron today joining our And CEO. is which release afternoon Commission. Exchange related This a with press issued Form Securities we X-K was and filed the and the and under Relations The at press on website X-K Form release section. available are Peraso's www.perasoinc.com Investor website. be There on with today's conjunction is using be in link a also webcast that slide accessed may will the the presentation IR that we through call

margin, applicable of to future Commission. statements, business. or forth hereof. additional or forward-looking that in detailed new differ expressly implied alter and are set filings risks, result comments or obligation today's EBITDA, and required involve statements and could other More statements expected except advises during profit, our may performance flows, non-GAAP any the information as non-GAAP statements. loss, forward-looking as forward-looking events, cash items. statements reminder as limitation, adjusted to include, available call and risk share other the a results products factors statements uncertainties, based the technologies. than by As public These concerning Peraso update other forward-looking statements. a about information, risk in factors made on without expenses, known operating whether by otherwise, Peraso Peraso forward-looking market gross net any company's materially of include competitive expenses, conference factors caution changes date or reliance and may the law. forward-looking. All the statements actual be with These on projections Peraso's those statements non-GAAP Securities statements disclaims any financial these are Peraso's Also margins, cause unknown All and of to on of from Exchange information fact or performance, historical deemed non-GAAP unexpected development, gross its revenue, including

measures information statements will press terms press financial GAAP in GAAP provide and definitions of details. of this Additionally, the and reconciliations company's of conference management's Included release call non-GAAP and which in additional items the company's are release non-GAAP. during certain include discussions to and

of to at call those this the you Relations a available Investor to will listen of be the For unable Peraso's on entire recording time, section website.

I our CEO, Glibbery, for would call to prepared Now, his remarks. to turn like over the Ron? Ron

Ron Glibbery

you, the Jim. and over via afternoon phone Thank webcast. to Good everyone welcome us joining and

today's had year-over-year. with solid As press at outlined Peraso XX% a release, quarter in revenue growing total

what overall our for as experience certain revenue in in continue not we than mmWave expected ships the Although recognize solutions. of had we a to product previously lower customer strong to on came result able quarter, being order revenue demand

to the lower in our results due also We combined our gross the third improvement sequential technology quarter. noted achieved with Intel margin, bottom-line to to for realized contributed OpEx gain license from which in significant improvement the

earlier third the to contributions of this of of previously received year. commencement orders purchase in continued the expected announced growth initial our One the portion quarter the shipments fulfill to was we an key

services deployments to strategic Rakuten. for SoftBank spite macroeconomic momentum broadly, including IC announced broadband products through orders KDDI, In I carriers As that global six the United top providers has of included first a wireless anticipate wireless module solid limitations. Peraso's subscription multiple remained of uncertainty, DOCOMO, for the strong orders demonstrate bandwidth of fixed the reminder, half these and with of mmWave support these previously shipments dominating continued in continues mmWave have combination XXXX. a carriers in net fixed of wireless and increasingly we applications and among the maximize highlighted More access States. adoption to adds access and fixed increased mmWave NTT leading

America North networks. in T-Mobile and Australia, NBN solutions as their have mmWave-based as initiatives as carriers well to add France existing to India in such acknowledged carriers Additional

our in which strong extraordinary at XG the Las a quarter, existing interest European and Vegas. tell XG we to attended demos MWC, that customers Peraso's Having targets. and our our from the continues technology new personally at Milan in we mmWave Mobile in interest mmWave underpinning and I Further product beamformer and the showcased series is partners. both in prospective can integrated very of internal Congress exceed During the device's received reception you World Week significant highly Microwave performance,

our crucial Although I with antenna these benefits share operators unique integrated technical, them they more and carriers including few achieved capability deployment. provides dual-band flexible graphics by and fully antenna. wanted to This lower lower-cost single and engineering with KPIs the are because dual-band deployment a of cost numerous fairly represent a

competitive. beamformer However, is for solution we optimized expand fully using of XG can also in and highly an the of version sampling In silicon a with single our year. the months our production our of over achieve provide a coming expect an first customization quarter to operator resources next module currently configurations, XG either poised of to our these of We're the power consumption antenna that's antenna band.

the reach an been focused Highly number customer to Technologies. helped took Pivotal support customers. more of companies. sales In understanding core multimillion appointment across marketplace. Peraso He's of success led has solutions of expansion segments mmWave the in has technology a bases stages the The step to Officer. commercial SiTime Revenue of October, developing have groundbreaking and Although dollar sales for an than pipelines. at Lunsford at companies Mark small and will responsibility he on technologies with XX lineup Semiconductor, our in prior licensed global Semiconductor also of Corp, customer Tier-X management XG has XX team of convert where leading-edge and Chief shipping experience we expanding for secured gigahertz at companies we unlicensed of been with demonstrated both years, customers growth including into as business a addition our Mark various efforts applicable historically impressive begin of emerging brings and NXP prior and growth important large Mark relatively his the efforts is to Peraso Micrel deep

cross of product seen we and the weaker impact our macro record the measurable We acknowledgment have quarter on with of currents environment. good exited visibility not XXXX. Finally, very business. backlog half and To-date, first for

a of well Tier telecom than mentioned, X designer engagements a as of actively focused partners. commercial large a portion new we're on carrier, we're served previously with As across Today, global and a company. leading driving software targeting engagements solutions and pursuing expanded series one are prospective larger group markets. as customers more customers of system our those Among network broader

road design In achieving with with thinking to map. discussions a Sullivan the of XX-gigabit development market targeting consistently and companies current ongoing addition the product prospective band quarter. that, support increased next-generation includes This CFO, about working guidance areas future provide activity to penetration for fourth to financials NRE back on baseband With and projects review we're radio call as I'll the existing our multiple high-frequency pass and advance the the Jim for our development technology such technology. to products,

Jim Sullivan

afternoon you with everyone. again great you and Thank speaking good Ron, to be It's today.

stock-based GAAP expense, in fair references the several to exclude are related reconciliation the assets, in release I press non-GAAP combination report filed the financial of of reported between measures differences intangible with amounts and transaction non-GAAP costs of X-K, numbers. These them measures presented liability. on our value which current the SEC and Form today. warrant indicated, was comparable amortization change my comments, will business During compensation Unless referenced otherwise make and and

gross million to the Turning GAAP The second now the from ago. in Product to Total $X.X $X of XX.X% licensees in million margin modules our was gross quarter the in comprised in compared services of technology. the of in integrated memory in third amortization demand margin prior IT our XXXX million prior for compared growth and the in and ago with compared of million, decrease in $X.X of the products was the quarter reported third criteria. margin third quarter. approximately prior of carry in the in On in and a second million with no the the XXXX XX% compared of mix other was memory third with late were product assets, was margin Royalty and a satisfy quarter was XX.X% and XXXX. product our the the XXXX year was and The XX.X% was revenue to to million non-GAAP as million gross combination. gross memory in due excluding memory was year-over-year $X.X increase quarter, ago shipments and of quarter, in year-over-year of December primarily business which which XX.X% the revenue in than the $X.X included third the an royalty quarter year $X.X the engineering quarter same driven gross third during basis quarter our quarter, also quarter over product in the a of quarter revenue quarter, quarter. revenues for XX.X% XX.X%, the for the unable the company sale of XXXX. increased non-recurring $X.X intangible margin was recognition by $X.X reflected third compared XXXX results. in generally largely revenue quarter. from of sales quarter of increases Product in sequential previous prior third revenue quarter revenue circuits quarter higher our gross primarily mmWave third products, with with in The IC function and sales and and year the attributable such mix XX.X% million XX.X% timing our of products. sequential increased year The products margins XXXX the shipments

through next margin XXXX to XX%. continues progress target our As year, we into corporate approximate and gross

gain anticipated, contribute our operating modules an We sales our a cost GAAP higher-margin GAAP. of and IC to to million million production in benefits for levels memory accounted with reductions quarter operating exclusive a and additional third as asset us expenses expect products. sale, also realizing included, for on growth $X.X of capture while revenue were and will expenses accordance enable ongoing of from license scale higher to the mmWave related reduction $X.X

$X.XX a quarter the intangible in ago. loss with non-GAAP quarter of $X.X a XXXX operating $X.X per million in million $X.X or $X For expenses assets year of compensation compensation the to outstanding, same exchangeable shares comparison, the loss net GAAP for which to non-GAAP a the prior of a million $X number stock-based the loss share, year $X.X ago of and million prior and the reported million and operating shares prior both This expenses stock quarter million ago. and common $X.X the loss average non-GAAP loss and in are were quarter of net amortization $X.XX intangibles. Total quarter, a of share reported compared of purposes a share based of $X.X million excludes or stock-based of a period. loss the $X.XX weighted loss share GAAP On and that share exclude a quarter shares of were $X quarter $X.X the basis, $X.XX per on pursuant was was the or loss third million for in million and same per XX on of loss or for quarter or $X.XX quarter excludes terms or million million the certain net non-GAAP in of per a The and basic which amortization achievements earnout, stock with third of compared the a agreement $X.XX of million net prior in in subject XXXX loss an which targets. of million the XXXX year for per calculating per escrowed compared ago. and share shares, X.X third a price $X.X a quarter, of net loss basis, quarter an and of was escrow diluted XXXX our for EPS of year a in of same third net with of

range adjusted as $X.X prior of compared We with negative EBITDA amortization of intangibles, amortization GAAP significant taxes. stock-based quarter Adjusted the with total well the which or entered excluding terms the that be quarter and In we company positions expects define excludes of customer. compensation, first and growth. losses in $X.X Q&A the an product we and net reported shipments EBITDA, anticipated XXXX us was $X.X concludes quarter fourth period. in XXXX, net to million which associated now the the of questions. of continued and existing expense, depreciation $X.X half the income in call negative $X.X will Operator, prepared interest Specific XXXX in million, the the of previous the remarks prior for for session. provision third the reported to and for negative This million extends to into revenue approximately backlog to open our please the million year $X.X recognition initiate million to quarter with fourth million income revenue

Operator

open Ladies and today ahead. gentlemen, is questions. Please question Kevin, Kevin is Instructions] line floor the [Operator for live. coming your now [ph]. the from go is And Liu first

Unidentified Analyst

I it first your wasn't Hi, in that QX, ultimately little here. good product but recognize that wasn't recognized that the -- with are that Could afternoon, that to it though you like million was you are your about, clarify assuming start revenue you talk recognized a even it guys. revenue include in then I addition wanted $X.X in for shipped? to didn't why actually to bit And that guidance the range, able quarter? you wanted in to just does sounds for QX

Jim Sullivan

on We did quarter for – Kevin, the on let fourth that revenue out number. your me amount. a Hi, basis exclude question. does keep for LIFO that of guidance recognition The the quarter the start

potential be would recognized. that that So upside is when

So that first question. answers the

extended ideally macroeconomic it a was sale, of the second just to when ASC on felt cetera, payment quarter. requirements with was let was we revenue issue. at et right given that prudent some we basically collectibility there then settle and in defer The and focus particularly the XXX question there that the the And now environment of the fourth looked terms

circumstances defer quarter. additional that revenue believe third did there that from quarter But press we the we As and I it some late release, was were recognize We felt expect said we happening shipment. and in customer fourth in to it during the to recognition facts do have the quarter. just that that around in the prudent

Unidentified Analyst

appreciate of kind just that little the into next customer whether Yes. a more can Understood. backlog fairly any talked of I a portion terms And of then backlog, your And product of then in And so first about talk then that color and you just represents there. bit you're backlog carrying strong year. you QX, about the heading beyond the today? significant half

Does the come how is Just next those is the weighting wondering, evenly that looks over fourth that within most fairly how or of few that see or it currently. you quarters? revenues out quarter, spread

Jim Sullivan

start color. I'll add and then off Yes. first Ron let some

I piece For the fourth backlog quarter, revenue I will say that the customer quarter but that is a guidance of include does meaningful the for gave not the customer.

So the ultra We fourth at be wanted the being specifically conservative to quarter. looking we guidance. were in conservative

of them now in Right So end customer that large they're our not at the we've guidance, is made obviously backlog. the while shipment to in September. a

the Kind guess it We we we QX. would backlog very then say said, covered of now we memory of firmed the came them that's those move like our have orders expect ago, early really to substantial we're a I and amount backlog since this kind up kind had and QX. into later announced with But flies or we of products to looking start would on what's mmWave. is don't, QX our shipping increase meaningful to we month that I But comfortable we've driving and well. time as back visibility, weeks had again our on a in guidance of number if with just orders on really particularly next. in I IC

good whether… anything very and couple So to as chime want quarters? next clarify to of we feel you of in ahead looking did the kind Ron,

Ron Glibbery

clear the in should getting little make they particular that it is I I that into it. a the this half percentage mean Yes I the of of we represent would as customer diluted I terms think covers that we XXXX. think of first backlog move

Unidentified Analyst

about next see changes Okay. in quarters for touch of little a sales or we what hiring couple of you of your Mark And the of should the to Officer. front? And you to your of Chief here sort plan make just talk on over terms your go-to-market in sales milestones then be the Can even bit Revenue kind on to organization? progress terms looking wanted as of Lunsford, any

Ron Glibbery

win Well, been can out. very figuring design good Mark weeks, in nice board our yes, Kevin, of we're terms so mean But still so so activity, unlicensed has KPIs products, out summarize he's really two obviously, on I I of growth. the set I things have kind on for Mark. I today seeing mean,

say to would from obviously, perspective, were pretty that really having market. for we specifically to like focused. So target -- someone in is Mark's is short-term opportunity I Mark, market, that, very the without revenue him that utilize

So, really the customers really that perspective yet. go KPIs, several haven't Mark's on after initial fundamentally, really addressed we -- from space, it's in

for to -- the the public to who the for second be I mean think might fortunate start I So of and in And be. actually, that going over first that's those of, Obviously I leg Mark. of really objective sure coming this. customers it's his feel we'll is second on some terms the XG. make strategy quarters about that

Our received. the terms XX feedback we're achieved. that with mean very range, again we've the bands. I'm I XG pretty gigahertz XG entire But getting frequency also is level in of product XX being to the we just thrilled integration cover of well the

So, that that. people are do amazed we can

the wireless. opportunities. with the seeing here in fixed carriers you thrilled see, those wireless are license go And some as the growth tremendous to that at right I'm in in markets time coming just So can after span

So terrific market. that our terms addressing I in timing of is feel

So for to primary two going those are be objectives Mark. the

end actually nice very opportunities Kevin and at is, in we're presentation I touched non-dilutive engineering terms of seeing the we're some of the revenue. thing The other seeing this on

help our which, in expenses. in terms out speaking, revenue to us customers willing just are of frankly our So,

So those those help kind development. our to haven't for be of we’d ability we actually we to in to quarters coming terms in really more details, this public but us of discussed of some making customers the over our expect get pay

now, do area base. leverage the focused they're an can And can that that intellectual it because quite baseline into it's we customer we So, that got on. property we've

bring strategy that of of leg NRE flow. us those Mark's help really in terms out So, in to cash our third the non-dilutive deals is almost of some

unlicensed financing high very At customers. So, objectives I are designs the our and of some from for those non-dilutive XG would existing primary also three say going a is level after Mark. aggressively

Unidentified Analyst

From side, the Mobile wanted terms the event, beamformer and you think guys Congress, interest of another early for customer touch you on product, production? and World XG opportunities just I will in in to where getting into the be the

Ron Glibbery

Well, fine -- what we very everyone so, user beamformer so -- mean to we're to on equipment and end clear just very, is the so call, so our the side. be very it's I -- targeted on very,

goes base what think is in that competition most home. side, consumer's be really on focused is the stations So small we of or cells. infrastructure And our it

America -- I seen have think has particularly So but available. made the licenses market. you, I you tell in geographically, gigahertz mean, carriers India might the in just where I seeing that with XX guess in can has bands for provided obviously, Brazil band. I mmWave respecting information, working confidential mmWave actually the we're we're Obviously -- is

for is But cover markets. take our you think coming And the on we, address antenna that -- our opportunity. this like really of I India from. astounding design breadth XX market our focused that's gigahertz. Kevin geographically one at ability capability is it's really in modules I'd to example, really out that spin this interest special where bit course, point antennas the But India So terms to if point opportunity our of a And first is range. specific that's specifically a of customize for is the we to we'll have Peraso frequency our the for like

opportunity. get of beauty of can very to focus When cover specific we specific ability these So customer, wide that's the a on we really having the frequencies. our that efforts swath

really would perspective. where a we're XG So that from at summarize

Unidentified Analyst

my taking good Well, Great. opportunities execute appreciate against these you and question. luck as

Ron Glibbery

a Kevin. Thanks lot,

Jim Sullivan

Kevin. Thanks

Operator

Thank you.

Benchmark. David, your ahead. go next coming from live. is is Your Williams line question David Please from

David Williams

for from to Jim, congrats here. on so taking Thanks and much good it's question, continued Ron. hear you the execution

Jim Sullivan

Dave. Thanks

David Williams

thinking US the just that very you're wireless recently one So I've and think you noticed could there, we've you specifically T-Mobile. carriers, coming more do been be think? What AT&T And it guess an strength a growth I in for big what hurdles revenue just about right? near see seeing seen access I the from like are? this inflection is here the reaching seems And And that future. demand you point on and area just curious fixed thing guys inflect will when it's the that am of do

Ron Glibbery

the we're it's where what the of of is mid-band Well, whole say -- in is so particular we seeing out. seeing business to in wireless guess And carriers. I growth US thesis the with QX is like for the in in you we T-Mobile summarize and -- frankly markets think the capacity top mean between we US new I we're I our coupled in the as the problems offering that But rise carriers. quickly -- see XXX,XXX just saw is adds Verizon. fixed market And the the concept XX really that from running

happening. is getting a down. opportunity. things And bogged very is One, So two is strong the network capacity fixed seeing we're growth wireless two,

the with in credits the where in is experiencing in mmWave the access. the of in mean, US. mobile capability historically environment environment carriers things. we're their we is right going will capacity is right I capacity trend been. not wireless we logically start that to the so to carriers So think mid-band cities see their we're think happen concentrate and and to migrate seeing we this what's rural to mmWave That's a on really the -- fixed -- that the thick But has that intensive now

of when frankly are US, XXXX some lead the is So in to we maybe production XXXX, months first schedule. could Realistically, see ahead of would outside of US, the in frankly just the to we revenue potentially speaking, say I times XX we're because frankly is have try us really half for the months. which even mean, to suiting XX

on say So that, a is XXXX we're like – we But really good year think this demand but networks high that's the realistic. news again, at really this is US think I first what apps in for carrier services XX% frankly of stretching it's now of network is by – to and be driven but the here video now, we World seeing the from capacity Mobile is the increased did crunch. it we Congress traffic video, that – streaming half we're Dave or what's driving would the

very it's for the really to see on think the starting fixed over bring we carriers embracing wireless for frankly more else So wireless mmWave wireless mmWave fixed – more very, really see what for But we're mobile. logical and we fixed carriers that well, to months. XX access the for start coming

David Williams

than fixed CapEx of an Yeah. I or maybe sailor seems other would access am deployment bands. it to investment that think or good Thanks investment substantially there. from like a cheaper for seems think way about it, it different? like the just And something infrastructure witness deploying be color, Is

Ron Glibbery

Well, first the all, mmWave cost issue yeah, the there. is cheaper to for so there's the other mean, spectrum think, issues first is bands. I of address than – cost substantially I two

the right I substantially cheaper. bat, the cost is mmWave deploy you're off to mean, right So

costs a you're need, stations base there's again, trying the be says, going fixed a not wireless, would we mobile to oh, to really I just because you if need or to those that mmWave. focused Now, But really that, cells support argument argue dynamics after small lot you're environment an are just wireless, don't put quite on fixed to more reasonable. support of

on now mobility. inexpensive And deployment metrics of like. capacity challenge look carriers yes, crunch I lower. for limited the again, what support the the think, got cost is for and where terms is who've those with their a mid-band, of fixed compared pretty in you mmWave you've So I got really carriers, the agree really spectrum, wireless quite substantially to

David Williams

another From your inflection you've then what business support real capital pretty help orders the And of standpoint, the me could of a a if And hurdles good the question And some restrictions made are and revenue, can secondly, saw good is demand for here today the be or you do understand footprint. Fantastic. or capacity so at Okay. flow. resources and is, requirements good. XX% what challenges? think a traction in maybe are you existing how got just have working kind available order kind you increase just you me just given your big anything some

Ron Glibbery

we've built. mean built mean, budget I Yes. is now our the we say completely have I capacity bottleneck would test I increase. right has in -- so already

So what that quad implies test capability. is we test even revised dual site site boards or where go to

so realized and we're main And problem one that -- our bottlenecks test have really is addressed we've we that already that of actually and implementing that.

into just site in quarter well number real the we or as XX% revenue. is goes all our site. next test -- reality the is there bottleneck so. pick a XXXX, if So we terms to can of over then our say And that dual quad be increase going to get the And should in that you

it's because test come but in very reason some There's actually price. of down people for matter that substantially. cost have sockets really sure test revised been is has equipment equipment as expensive there's believe it or of very, mmWave fact terms cost not it's come not it's Dave -- that of a capital, So down there's historically they cost substantially. the test the XG the mmWave that of and come the in the to test substantially our And enough lower we need companies -- know have down are

least down. strategy test has to capital matter equipment the fact of capital come our capital -- as So a at for in the

bottlenecks And to expect requirements And capital the obviously that maybe raise so we will then cost quarters Jim necessary speak our to I go the as we as over that. there for of -- well. cash And really the can broadly expect meet next And to to be revenues solve capital speaking those up those mean couple requirements.

Jim Sullivan

to margins -- plan see higher be will business working And that's think financing our do that addition need smaller talking solutions want in We loss, front. our will I folks which No that and I you for another our to think narrow i.e. execute revenues burn receivables are is our those this size at the us Ron. down there'll on The been to against open plan we and putting higher lines tough. and certainly we've was that what that stay But place Yes. the a readily current as certainly like about be plan, up also the things on correct, scale our operating generate in burn. capital is avenue that and front. tuned quarter as to a who well company

David Williams

Okay.

lift curious that I expect so where it if here, you Are Okay. that there kind but beginning how there's to can non-GAAP or margins forgive And to on anything the there that's modules it looks levers? go? And chance helping had the wrong Fantastic. full the of, margin, basis just, help that run? that to me and were are read What a is yet are And mix? if sequentially. up I'm a haven't like report

Jim Sullivan

first can think as Ron I chime then in. we and go -- I'll

Ron Glibbery

Sure.

Jim Sullivan

some we non-GAAP record higher from the margins, there. GAAP the combination We our take want intangibles gross XX% we amortization or piece from recognize be gap business the to out

the pull move we size any But target be non-GAAP in this -- numbers our higher, XX% So our the those at out. again, quarter. can to is

which sales our higher carry IC from anywhere quarter XX%. product carry a from -- benefited can This margin XX%, of memory percentage

helps. certainly that So

a on We kind we're complex progress. stage, we keep making gross On selling We're build want And it's but site pleased as modest throughput the And seen to Ron above want year started the and with those we've XX%. shipping mentioned again, a I we think side, we're of -- this move the -- improvements obviously to ago. margins. targeting were in them. chips, at that like side, the handlers, margins. improvement for quarter. some improve XX% towards But push things we can than that But those more just module CapEx to about the early quad just push

over XX% so. on think we're the year I in or just the

we've suppliers on of every world for from all and just us price -- cover got some, all seeing today implementing we're to think increases, are seeing We I we're those. and in as, pass our

very about of see XXXX, in north move So certainly to we good you feel plan XX%. the those

Ron Glibbery

would as the really I -- I for I recognizes just room that. mean, we're echo margin improvement. I -- mean, company Yeah. would

including a really and in to time reduction above in XX% so improvement there's So yields. and get it place comprehensive price test time increases and

those Dave levers that are working margins XX%. those above of to all get we're actively So

David Williams

I Got on so of the Okay. for the certainly Very and much appreciate good. time. luck Thanks quarter. it. best it

Ron Glibbery

Dave. Thanks so much

Jim Sullivan

you, your time. Thank Dave. Appreciate

Operator

no further at time. and are queue today's Thank you. in call. this this does Ladies questions there conclude gentlemen, conference And

may lines And disconnect you your Thank You phone at a participation. time. day. have for your this wonderful

Peraso (PRSO) 15 Nov 222022 Q3 Earnings call transcript