LXP - Earnings call transcript Q4 2019

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Operator

Good morning, everyone, and welcome to Lexington Realty Trust Fourth Quarter 2019 Earnings Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. today’s being that note also event recorded. is Please

to conference Relations. call this please time, to the like I’d Investor At over turn Heather ahead. go Ma’am, Gentry,

Heather Gentry

this XXXX Lexington Thank www.lxp.com Welcome this in X-K. site are be morning release section earnings Realty available conference call furnished the SEC distributed Certain of meaning to events Litigation statements XXXX. call both expected regarding conference the Form quarterly Act Securities Reform and Trust release forward-looking during you, Investors was will and future to at fourth and statements and operator. and constitute on on made The the the may webcast. Private of Web a the results quarter supplemental within our

results or are files reasonable to to by factors does on time from Lexington's duty that from the Lexington release not as forward-looking undertake assumptions, included today's statements Lexington by to believes risks, law, and those statements. implied earnings these those that with required Lexington statements. certain and a reports in press time, Except those materially including SEC in differ however, any such update could described cause actual based expressed

or to performance, an numerical viewed on position a unitholders future investment as adjusted press operations and FFO and equityholders diluted directly historical from earnings to measures to intended cash Operating flows. in refer financial supplemental comparable references funds of Lexington disclosure measures the to company all fully be available Lexington's GAAP package, company reconciled financial the measure In release documents these or most individual to all quarterly adjusted has non-GAAP financial basis. performance are measure. not Any a of presenting

CEO; On James results. Johnson today's Presidents, on call, Mullinix, will Brendan Eglin, Executive Lara Vice fourth Dudley, provide and quarter and focused Beth Boulerice, commentary and Chairman CFO; Will

call the Will. turn over now to will I

Wilson Eglin

of all strong our dispositions, portfolio and We Heather. operations an Thanks, business, quarter markets. across and Good excellent investments, had execution fourth capital areas demonstrated morning, everyone. including

which implemented becoming single brought our in successfully XXXX, of and to by quarter tenant closer industrial throughout our and new XXX% an us We industrial Nareit REIT MSCI. both resulted our business goal plan as classification REIT each a

been successes purposeful patient value. in industrial XXXX our just transition two shareholders. execution this and we've our with to industrial XX% gross has the prudent book at accumulation and assets during exposure XX% of rewarding Our years, close grown our of nearly with In

lowered well to to tenancy As markets industrial we investment-grade have quality, and continued industrial top the our portfolio boosted age XX.X portfolio, to industrial high to add the XX%, our located industrial assets exposure have XX average increased to we in our XX%. years

cap million Starting $XXX weighted had respectively. of cash active a centers very with investments, rates in GAAP year we X.X%, and over warehouse and at average and X.X% distribution investing

landscape investment competitive, well the primary have purchases has strong industrial Although been with and which are we located submarkets. pleased remained secondary A our Class in

date. Our with to start goal significant off approximately in year investment XXXX great We're another to a of $XXX million of to thus activity. acquisitions is have far close

XX% believe to book we to we execution, are steady positioned our industrial exposure our of Given over well grow year-end. by value gross

quarter, developers three capitalized with on select the relationships on development close longstanding During to we projects. our

excited projects about avenue in are getting we these underway, just growth our are While business. expanding of this

opportunities growth markets. it’s certain presence we believe property In addition valuable and in further deeper build purchases, key a to to diversify our

average very had attractive dispositions, $XXX to weighted million which a we GAAP sales at on cap the total Moving respectively. to rates of year cash and and property consolidated X.X% finish brought X.X%, to strong

less other than have book our assets our to reduced the non-industrial and Our efforts value. total over accelerated years sales of last XX% few office gross

be growth to markets support objectives. acquirer disposition from as to of we as that expect we fund we to advantage XXXX, will proceeds. have did capital our primarily capacity prefer possible take XXXX and investments this year we opportunities were last net to arise, it’s at a they That year substantial in they Looking said, like

quarter, million proceeds raising the our fund we shares through $XX million. investments. primarily of proceeds approximately used program ATM were issued During new X.X The to net

We strong additional maintained sheet year-end. capital to flexibility as conservative exceptionally need of we believe an should our adjusted We provides X.Xx the net progresses. with balance year have for EBITDA also sheet balance debt at position

extended base majority million focused effort is focus on value square Looking XXXX beyond, the over have at year portfolio leased been operations, the of work particularly over maximize off. in of XXXX, we our to future X of feet and course the over addressed increasing leases executing our heavily and dispositions. X%. were new paid the we on XXXX and our expirations office leasing rents The and as We

$X.XX generated Finally, turning our $X.XX in from of fourth of results, income net to the per share. quarter common funds diluted common financial share operations and we adjusted company diluted per

per of company was the top Our guidance of XXXX $X.XX common FFO diluted adjusted end share range. our at

FFO diluted adjusted with guidance range our share. connection guidance estimated common we morning, this In of This earnings industrial. considers continued office our $X.XX into out the company recycling in to announced strategy and capital release XXXX of $X.XX per

short appreciation, portfolio for the this that cash we flows our capital consistent While and growth, term. the operating earnings in focus income in we results assets strides to dilution lower costs longer have term, repositioning tremendous on over provide believe in made

from although changes, trend believe in time is Additionally, capital the of trending result creating portfolio value context we these the as be AFFO of impacted may a time to positively expenditures.

recent consistent dividend modest we As growth a continue result, our expect to dividend increase. with annual

call talk to more turn Brendan With that, investments. to about over specifically I'll the

Brendan Mullinix

have Phoenix markets for square centers They and Greenville-Spartanburg. two of we acquired targeted our are distribution cash investment, warehouse within six million forecasted. million include GAAP $XXX that cap X.X%, smaller weighted including the X.X a industrial roughly of properties in and respectively, quarter for at located We average assets mix These and and feet both year facilities. further Will. previously fourth than Thanks, X.X% rates primarily logistics and better comprise ending

Inland These As closed are I-XX properties discussed two the on call, established on within market fourth and to quarter's an assets a the located the close last Greenville-Spartanburg and quarter. early we submarket of industrial to logistics in built Greer years two average, companies the properties X.X%. and for together of to last on two were specs attractive modern rental years Port. within approximately five the escalations Leased average annual

to Late demand the retailer rated, to center of increased closed Port. is Class annual in fourth for investment-grade The the escalations of about we home-improvement easy X.X%. distribution XX an to positive facility rental We years drivers its population same new quarter, a A interstates the on and in leased and Inland brand tenants, with Greenville-Spartanburg logistics access market high due levels Greer from like absorption market. the growth,

two-property discussed to per a escalations we X.X%. second purchased property also is to submarket, most property closed this in annual the of the which leased On quarter This last in call, quarter's with average six subsequent of which of in part escalations January to for is of early Ball portfolio the CHEP Pallets approximately X.XX% Corporation active years with annum leased rental years we rental year. facility Phoenix’s for had seven

to fourth center an in approximately with quarter, In distribution X% we leased same a on submarket XX of logistics the addition, lease a closed escalations. years long-term e-commerce during company for the

Coast lower the continue labor strong growth cost position We this market higher-priced a West to to pool be due as and alternative markets. to attracted to prospects, its its

escalations to rental we a with Chicago. the have years December, in All schedule are In of XX three-property over of logistics three a approximately which committed annual closing average submarket X%. portfolio purchase for date, industrial properties, of different leased just

closed others of in the January One the properties the quarter two closed in and XXXX. fourth

leased most submarkets. Atlanta is BMW I-XX we $XX Atlanta I-XX. million during estimated parcel development the active square close one in developing XXXX. bulk where end distribution Ohio. properties strong date Also land XXX,XXX an notable and the approximately Most new The feet The projects to Chicago's quarter, we tenants; of with Columbus, Kellogg submarket and roughly are three completion by credit I-XX are of our and is and at invested proximity enjoy to in

XXX of Rickenbacker across of Ohio. option partner street Ohio, we land We also our XX.X the development purchase developable at development the from submarket existing approximately and acres Columbus, acquired separately our our acres project in exercise to with

avenues and open Will some projects growth As of looking development markets, to we presence and these in our our existing of expand additional mentioned, support are our goals.

for constructed has subsequent newly the we a submarket of Decker facility close the Finally, XX The to rental in bumps & with to North access X%. leased years is excellent of closed that Fort Worth located I-XX. Metroplex property on to quarter, approximately Dallas-Fort Black Worth annual to the

to market. opportunities actively in acquisitions a to off million review and industrial are new We industrial strong date XXXX of the with in closed we continue to $XXX additional start

dispositions. discuss now the turn Lara to call to over I'll

Lara Johnson

average disposing quarter the approximately These weighted cap $XX finished office small retail of $XXX the and properties assets assets in properties, respectively. We six Brendan. Thanks, X.X%, property of year annualized GAAP NOI strong million one million. a of industrial which of generated three rates of cash consisted fourth combined non-core non-core and X.X% and at

XXX our brought year. consolidated joint with million transactions sales These an total XXXX million XXX of to venture volume last additional dispositions

quarter XX% in of at will assets and targeted range, approximately toward occupied disposition the of the high sale fourth $XXX portfolio to composition objectives We with targeted of million. generated $XX to XXXX end volume pool At our continue NOI was of million move the year-end. $XXX million annualized

in included XXXX disposition is Our Dow office plan. our Chemical property

mentioned it’s off-market will possible of simultaneously last for property. expressions have transaction still we off-market, received campaign. marketing that while are As in interest Dow quarter, completed a we a And the be preparing

have in objective diligently outcomes and become XXXX or are under Our with steady currently in accepted XXX% very of advance pleased our approximately properties. complete consolidated XXXX with other our an to well we XXXX underway. to in million we expect either with broader and offer, the several market we our We as execution plan work We industrial. $XX actively were disposition is continue assets contract and the sale to plan

leasing. With turn will on call that, James an I'll who provide update over the to

James Dudley

Lara. Thanks,

lease is leases lease extensions end. down remains Alabama to portfolio the During this When with of occupancy and quarter million our in almost portfolio compared a move out, result quarter, XX% square of out excess industrial new X as XX% the in end Moody, planned third quarter, Michelin's at slightly move the we leased. XXXX. of of Despite at feet an overall executed

to positive to to renewal same-store growth to subject expected year-end, has the same-store our of vacancy believe and on our outcomes. entire we down NOI lead rental was XX% vacancy of tenant removing our X%, X.X% industrial portfolio reduce escalations, we was plan flat. of as Approximately industrial is approximately when produce growth Execution of XXXX as should NOI continue office ultimately and Same-store holdings. single which portfolio

cash in the rents On base and were increase industrial pleased which positive see leasing in to resulted side, respectively. we of outcomes XX% an X%,

If the year. we Atlanta our with a acquired Morris lease you short-term property purchase last in recall, of at time

rent During quarter, renewal negotiations XX% base annual resulted the an bumps. five-year in increase rental X% with and a cash

approximately in and long-term of will capital of tenant over the property million This We improvement $X return, renewal. considerable being probability creates X%. near strong at and amortized invest in million X.X with the type of approximately credit of term rate enhanced value view

facility a We three-year lease Moore industrial in Tampa. also RC executed with at our

previous downtime Our move experiencing move from We market in able attractive out. rent any scheduled at XXXX. out were was tenant building the expected for to June to the an the re-tenant of without

Kitchen our the we the Michelin current end, we will vacated completely extended Collection vacated to of XXXX. occupy of in Laurens, to that quarter, the during backfill Lastly, was further to South facility warehouse. our liquidated The subtenants space. XX% able and and the Ohio Subsequent Carolina Chillicothe believe January facility on quarter be lease

in Subsequent the Diagnostics Gas XX-plus-year $X at Wall, and years New lease with side, extension On is Jersey XX we approximately with being during to Jersey Quest the we a the for executed extended Natural Lenexa, renewal for New office sale. million. with now annual quarter, property the starting marketed quarter, rents our in Kansas

plan to XXXX. purchase sell Our of of at the is option million the expiration end the $XX.X asset the following

value. which greatly spend million over XX.X secure early the to sale lease this two enhances will renewal next We the years approximately

the Additionally, formally until and to Oce-USA month this earlier as Holdings office property non-recourse lender. to our encumbering the in conveyed a that process is the mortgage of leased property was being

We on lease continue and diligently beyond. work expirations XXXX to

it negotiations year a Unilever a the their Of Logistics buyer our user are too ODW likely industrial but early to Geodis by be is is in remaining we believe will we and expiration. have lease three sale for XXXX XXXX visibility renewal. to still extend lease, this on expirations, clear December with in

financial discuss who will With over that, I call turn will now results. to the Beth

Beth Boulerice

notable our many their highlights. positive deal Thanks, lowering James. satisfied raised was year maturity We dates and Overall, our debt. more rates secured extended credit and million applicable of facility term loan a $XXX margin equity, revolving XXXX of great while with than of a the

excellent with great in think funding remains sheet we leverage low alternatives balance shape about flexibility of growth. Our for a and as provides deal

Moving fourth per was diluted in per same period shareholders in million financial common compared attributable the to or $X.XX or diluted to to time income XXXX. common the on $X.XX quarter results, $XX net $XX for quarter common share million share

approximately Adjusted $XXX company for $XX million common diluted fourth diluted share share for a total FFO per the was or in per year. million $X.XX the or of common $X.XX quarter

we our extremely FFO Our end dividend ratio quarter adjusted to retain fund opportunities. payout to attractive, positions remains which and of capital company at grow both XX.X% believe us investment

common that range company to dispositions, made and investment on announced of FFO leasing was $X.XX that on diluted share this commentary our per adjusted XXXX we The estimated call. have $X.XX incorporates today guidance

$XX Gross year single of down of and for were when industrial the REIT. million our tenant becoming period compared quarter sales a to as time revenues same result the a XXX% continued to transition last

Property XX% attributable which D&A of was year G&A expenses were quarter the $X $XX bringing the under million. expenses the million in total million reimbursement. about tenant were for just quarter, to operating for $XX to

better was G&A G&A. improvement we will represents more to to a efficiently. to continue of anticipated when operate $XX our slightly $XX range we within compared explore million a slight XXXX than to figure and We ways be This million and estimate XXXX had

improvements tenant in total the million XXXX $XX fourth $X.X were and the million. approximately bringing costs quarter Leasing to

to extensions James with from look to budget connection Jersey that includes million XXXX, and improvements we leasing and Natural tenant the discussed. our Morris As investment approximately of million for costs Gas $XX New the in lease $XX

the million in other to Natural Gas subject activity. $XX mind always a we in expenditures the of improvement for for $XX to lease are lease change to and Keep scheduled million due of total million was to XXXX year. including budged Jersey previously the support occupancy million timing anticipate was costs tenant leasing and expire. $XX After $XX improvement [ph] for variety the factors, another when that Additionally, to for that a the of leasing estimates New

with Turning end was debt $XXX Leverage nothing At to at end, approximately EBITDA. on of quarter our revolver. we restricted the adjusted outstanding low balance sheet. remained million net had to including and quarter cash, cash, X.Xx

and in While quarter and we the end. low given at any move during metric capital expect fluctuations capital continue markets recycling as necessarily in to quarter quarter leverage provided our we this investments funding through our strategy, sales the for transactions proceeds supported

our mentioned issued shares Will the million. quarter in ATM million the for earlier program net additional we of proceeds an As call, under X.X $XX during

count be share shares. Our to current now average estimated common diluted weighted XXX is million

represented rate of Unencumbered our was portfolio NOI end. than more average At average at with years. and interest approximately quarter weighted approximately of consolidated quarter end, our term outstanding X% weighted a debt X.X X.X a of billion XX%

back the Will. over With that, to turn I'll call

Wilson Eglin

over I call turn will session. conduct Beth. who now will the to Thanks, question-and-answer operator the the

Operator

Ladies we’ll and Instructions]. And from Anthony [Operator JPMorgan. question time Paolone Please our first question-and-answer the go gentlemen, ahead your comes today this with begin at question. session. from

Anthony Paolone

six BMW years Thank five like cap on can of you. in you just versus question and something the those Greenville first talk on the Good or kind Brendan, of morning. for in lease rates I difference with guess about duration vary? how say maybe Chicago

Brendan Mullinix

fairly sure. it’s Yes, two, the wide. Between actually

X.XX if investment at rate XX-year that rates in you smaller those have you cap two just cap were look cap whereas credit, above grade assets, rate X. was If around the Greenville a

Anthony Paolone

do right see now, of spot where sweet you’re looking kind you for getting and at as And you’re where the you’re taking the best? risk compete paid the where can pipeline Okay. Lexington

Wilson Eglin

only It’s have metric solely look we the lease to performance escalation at there’s there’s to hard cap there’s rent duration. and long-term the as rate really structure, and consider base,

longer rates very favored the of activity. of primary and activity, for in cap markets In recent said, then our range the recent combination in at look as be those best today’s you as anywhere market, be our opportunities we’ve And factors. in in terms, sort those If around stronger to credits kind we’ve markets lease more of to low the X.XX in X when Greenville the I’ve as could And X market mid we could it were upper those something that be it discussing range. range. in seen

So on in depend market range it’s the of a wide a [ph] filtrations of just it will lot fairly credit. and mix

a seen. sort you to will about, is range that it So wide remain looked X.XX X.XX talking it be the of if at but we’re to

Anthony Paolone

general that zip Is fair? in like about be sounds we’re your for should that that code activity the XXXX. but Okay, thinking

Wilson Eglin

Yes.

Anthony Paolone

right. then All one question. And final just

show your roll it like pie up escalations the around chart leases. when terms of into What across the in You portfolio? just in built look supplemental contractually that you does the the

Beth Boulerice

escalation rate average The Is where at? you’re that is about X%. getting

Anthony Paolone

Yes. pieces roll Is of kind of those up that to? the where pie

Beth Boulerice

exactly. Right,

Anthony Paolone

Okay. That’s I Thank all you. have.

Wilson Eglin

Thanks, Tony.

Operator

from ahead Evercore question question. go with comes next Please Sheila from your McGrath ISI. Our

Sheila McGrath

Yes. Good morning. company re-categorizing to the Will, you category. mentioned industrial the

Just plan multitenant? focused investment you are tenant grade single longer of for on wondering industrial, credit, still lease you And not on term on you term acquisitions? think lease tenants how and about more and exclusively focusing if length

Wilson Eglin

Sure.

buy more higher identity the turn duration the and lease industrial wouldn’t area. very about the of That’s with is one where very we The couple invested you if tenants of to grade – at tenant in last the company But building leasing the will it’s longer the a We single tenant It wouldn’t But vacancy been leases in on credit outcomes. in we a strength shorter some we’re committed industrial tenant recently. we’re in the things franchise. it. what out look been single with we XX have large we’ve that that of some doesn’t and doesn’t a mean focused we’ve That substantial months, mean confident building well. area. also think done buy with clearly

Sheila McGrath

us kind speculative great. on Okay, and what you build detail returns then suite costs could more Are on give you’re or these to the stabilized And of developments? forecasting?

Brendan Mullinix

Sure. planned them, And would which expansion the activity Atlanta, project, I going suite. in to is acquisition project project those to announced separating is of really that. is we be I’ll land original starting guess our take at development which East The other were Atlanta that And of we [indiscernible] two projects. ETNA build be ETNA project the an the around project then announced this two those in that cases, projects Columbus, and level. submarket Rickenbacker quarter, in ventures underway the joint those a with the that

around development we’re the X. targeting X%. yields project, And targeting We’re Rickenbacker yields around in investment

Sheila McGrath

outlined, expenditure the Okay. And one office give The you last the is of question. to is how portfolio part industrial? guidance that possible roughly much us from capital it the versus

Beth Boulerice

And area. Yes, additional about Sheila. about would is XX sure, office office. it’s million in million that in the it we talk to when in say Primarily area, the the I XX XX% mainly

Sheila McGrath

great. you. Thank Okay,

Operator

from ahead question Guinee question. comes next with Please Stifel. Our your John from go

John Guinee

Nice Nice Great. quarter. you. guidance. Thank

question. a big First picture

shortly another are in XXX,XXX Plaza Kmart’s Penn of level upset One moving in that renaming You you’re I your guys lower Vornado Penn square – which you know feet found I place? One. think is out

Wilson Eglin

We’re looking.

John Guinee

that building it A property you once what that willing think a in renovation, in what you do pay into about your they’ve – turned think that to what of market? Class are Question, Okay. you do

Wilson Eglin

likely doing will fantastic Penn than a of rents around tremendous they’re time are think higher but Vornado’s play little paying. may to currently to what what well surely plans be is successful. that It drive I and we’re here highly and out, here bit take

price stay to at other in occupancy lease five we at very, that lower inexpensive have looking but at our market. years But on alternatives us we’re for point. can very a so relative go Manhattan, to be a So we rate

John Guinee

Great.

it square, in then a a high. $XX the $XX looking really world? about shouldn’t seems at the in much and in $XX that Does $XX that getting cost of acquisitions, And XXs your square, concern Obviously Spartanburg $XX Greenville-Spartanburg investments, Greenville square. XXs looks to Okay. a a little up foot, anybody part but build a Chicago like to square

Brendan Mullinix

is in This [indiscernible] first portfolio the the Brendan. should properties quarter. closed portfolio closings, thing I guess of was the in the first that say so I Chicago two

$XX So on a foot. a portfolio around $XX it average foot, think was I that was

low the quarter So one the a fourth point. was think John, little older height, explains which clear closed that in with I price bit building

John Guinee

Got you.

Brendan Mullinix

construction increase. new with cost we are building But seeing

cost of new Some the other activity that we buildings. acquisition brand – that referenced the of fairly some were

So is but newer, premium those in a for cost to to relative there – is construction is lease our assets market sure. some of there

John Guinee

you. Thank Great.

Wilson Eglin

John. Thanks,

Operator

comes John Massocca from next from go question. Please Our Landenburg with question ahead Thalmann. your

John Massocca

Good morning.

Beth Boulerice

morning. Good

John Massocca

property we fully sale should a if [ph] Dow How think that guys go through Chemical you a process for disposition? timing for about marketed

Lara Johnson

There’s Good an an term this that falls investment quite credit that leases certainly and there’s grade for Yes, Lara. appetite morning. – longer into is category. with quite appetite

go we to process a for have with we the So for our of launched, execute an market we first essentially market particularly through don’t and roughly or expect call or less. expect marketing on materials asset we to is so if once an Generally developed would XX quality. asset are be in protracted XX process. And days rounds days, multiple that go in

John Massocca

from going --? through looking I You’re of And of or essentially guess kind maybe off-market over kind still prevent of interests would and Okay. happening potential that tomorrow? what expressions

Lara Johnson

in It Yes, encumbered is off-market by amount We’ve the interest know. we as of likely significant you significant debt are. asset. a had

to folks who would as [indiscernible]. be So would we who acquiring in from are talking buy and clear interested to it both buyers encumbered

John Massocca

that been Market of understood. there selling there? on in XXXX potentially of of kind long-term kind or thought Okay, what terms changes then process your plan your in any asset And is Street, has

Lara Johnson

on term of component. amount now the there We on left office have do the lease fair a

expect two. that evaluating would But there, been the relative significant are we numerous are asset. expect, we and to for interest quarter options plans or our next you market in but there’s As what over [indiscernible] opportunities the

interest asset TBD it. happen what will So significant in year, this but there that out with

John Massocca

what with of general rents? excuse the those I potential of view lastly, kind kind versus on then renewal a going in where rents Columbus, me And general – this, your be if ODW are to is on missed Okay. current

Wilson Eglin

market. But we a context. the we’re can we and against I renew is public the lease We But inexpensive rents. raise our in since negotiate tenant, rent is don’t want to sort ourselves rent with think the negotiation hopefully in think the of and below

John Massocca

That’s Okay. it me. much. Thank from very you

Operator

[Operator Instructions].

next question up Stifel. Guinee Our Please is from a ahead go your John up. follow with follow from

John Guinee

ask, to option? didn’t Columbus, forgot $X I in purchase that a Cummins they million have wasn’t – Indiana,

Wilson Eglin

They did.

John Guinee

they somebody the were And ones else? who are paying or XX million

Wilson Eglin

us. They building purchased the from

John Guinee

Nicely done.

Wilson Eglin

Thank you.

Operator

[Operator Instructions]. to conference And I’m over additional ladies I’d time this turn any no to back closing showing and for gentlemen, at questions. like call the remarks. management

Wilson Eglin

We Heather the as in questions. visit contact if other addition of of call. site senior you contact morning. like would our or with Thanks to all materials. always, our joining Web joining And for management us receive members this you again or may the appreciate quarterly Please Gentry me you any

Operator

call. end We today’s thank Ladies you and for joining does presentation. conference today’s do that gentlemen,

disconnect may You now your lines.

LXP Industrial Trust (LXP) 20 Feb 202019 Q4 Earnings call transcript