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Uni-Pixel, Inc. (NASDAQ:UNXL)

Q4 2013 Results Earnings Conference Call

February 26, 2014 4:30 PM ET

Executives

Bernard Marren - Chairman, Interim Co-President and Interim Co-CEO

Carl Yankowski - Co-President, Interim Co-CEO and Director

Dr. Robert Petcavich - Chief Technology Officer

Jeff Tomz - Chief Financial Officer

Analysts

Mike Malouf - Craig-Hallum Capital Group

Jon Hickman - Ladenburg Thalmann

James Meredith - Cowen and Company

Alex Blanton - Clear Harbor Asset Management

Operator

Good afternoon, everyone. And thank you for participating in today’s Conference Call to discuss Uni-Pixel’s Fourth Quarter and Full Year ended December 31, 2013.

Joining us today are Bernard Marren, Interim Co-CEO, Interim Co-President and Chairman of Uni-Pixel; Carl Yankowski, Interim Co-CEO, Co-President and Director; Dr. Robert Petcavich, Chief Technology Officer; and Jeff Tomz, Uni-Pixel’s CFO. Following their remarks, we will open up the call for questions. Then before we conclude today’s call, I will provide company’s Safe Harbor statements with important cautions regarding forward-looking statements made during this call.

Before we begin, I would like to remind everyone that this call is being recorded and will be available for a replay through March 26, 2014. Starting later this evening via the link provided in today’s press release, as well as on the company’s website.

Now I would like to turn the call over to the Interim Co-CEO and Co-President of Uni-Pixel, Mr. Carl Yankowski, pardon me, sir. Carl Yankowski, please go ahead.

Carl Yankowski

Thank you, [Sasha]. Your name is probably simpler to the mine. But good afternoon, everyone and thanks for joining us today. We very much do appreciate it. On today’s call we’re going to talk about the challenges and the progress we made in 2013 both finalizing a reliable high-volume manufacturing process for our performance Engineered Films Technology and then particularly our touch screen sensor product.

As most of you know, our roll-to-roll, flexible, printed electronics touch sensor is the potentially very disruptive entrant to the touch module market. NPD Display Search, the research firm expects this market to almost double in size from $16 billion in 2012 to $32 billion by 2018. That exceptional growth and it underscores magnitude of the opportunities that we are pursuing at Uni-Pixel.

Now before we get into discussing our operational progress, I would like turn the call over to our CFO, Jeff Tomz, who will take us briefly through the financial details of the quarter and the year and then Robert Petcavich, our Chief Technology Officer will take us through a manufacturing updates and I’ll be back with you. Jeff?

Jeff Tomz

Thank you, Carl. Earlier today we filed our Form 10-K with the Securities and Exchange Commission, as well as released our fourth quarter financial results in a press release. Both of these are available for download from the Investor section of our website at www.unipixel.com.

Our revenues totaled $11,409 in the fourth quarter of 2013, as compared to $2,030 in the fourth quarter of 2012. The marginal revenues in the fourth quarter were generated by the low-volume order delivered in December 2013.

For the full year of 2013, revenue totaled $5.1 million as compared to $76,000 in 2012. The increase in 2013 was primarily due to a $5 million payment received by our PC OEM licensee.

Our SG&A expenses totaled $3.1 million in the fourth quarter of 2013, as compared to $1.3 million in the same year ago quarter. For the full year of 2013, SG&A totaled $9.9 million as compared to $4 million in 2012.

The increase of SG&A in both periods was primarily due to an increase in salaries and benefits, partially driven by an increase in the number of employees, restricted stock expense and stock compensation expense, as well as an increase in legal expenses and depreciation expenses.

Research and development expenses totaled $3.1 million in the fourth quarter of 2013, as compared to $1.6 million in the same year ago quarter. For the full year of 2013, research and development expenses totaled $10.4 million as compared to $5.1 million in 2012.

Increase in both periods was primarily due to increased salaries and benefits, partially driven by an increase in the number of employees, restricted stock expense and stock compensation expense, as well as lab expense related to prototype development of products based on the performance engineered films.

Our net loss was $6.1 million or $0.50 per share in the fourth quarter of 2013, as compared to a net loss of $2.9 million or $0.30 per share in the same year ago period. Net loss was $15.2 million or $1.32 per share in 2013, as compared to a net loss of $9 million or $1.11 per share in 2012.

Cash and cash equivalents totaled $39.4 million at December 31, 2013, as compared to $13.0 million at December 31, 2012. We believe our existing capital resources are adequate to finance our operations for the foreseeable future as we continue to make prudent use of these resources.

Now with that, I’d like to turn the call over to our Chief Technology Officer. Bob?

Bob Petcavich

Thanks Jeff. Thanks to all for joining us today. Let start first with our manufacturing companies. While we experienced a number of setbacks in 2013, including management transitions and a delayed start to the roll-to-roll manufacturing of our touch sensors, we exited 2013 with a highly focused technical effort, commercialize (inaudible) Touch Sensors and optimize our manufacturing process.

Our well-coordinated, focused technical work streams at Uni-Pixel are leveraging the deep knowledge and capabilities of Kodak, as well as other contributions to our ecosystem such as supply chain and another strategic partners. Those work stream have been tackling particular challenges of our unique touch sensor manufacturing process, such as those involved with bezel design and film subtrate.

While accommodating the sensor design requirements for each given commercial device, we learned that some unique bezel designs prints than others. We’re also evaluating various support substrates in order to improve and enhance our manufacturing capability.

Our ongoing efforts in solving technical issues as they have developed supports our outlook for our commercial manufacturing timeline. In addition, the know-how developed during this time has contributed to our IP portfolio.

As we advanced these process development activities, we continue to believe our additive roll-to-roll, flexible electronic process will be price and performance competitive due to its lower cost base, especially when compared to traditional photolithographic, subtractive ITO-based and ITO alternative touch sensor solutions.

Now onto equipment update. Together with Kodak our manufacturing partner, we've been building out equipment capacity at our Kodak Rochester facility, state-of-the-art manufacturing and testing facility within Eastman business Park in Rochester, New York. It bodes more than 100,000 square feet of manufacturing space with 40 plus Kodak employees actively supporting our efforts.

In December, we completed the installation of the first suite of manufacturing tools and cleaner facility at Kodak Rochester. To date, our number of installed and commission printing line totaled three with two printing lines in Kodak Rochester and one printing line at our Texas facility.

In terms of plating lines, we’ve completed the installation of four plating lines at Kodak Rochester, one of those four plating lines was commissioned in the fourth quarter of 2013. We plan to commission the other three plating lines in the current quarter. This would bring our total commission plating line to seven including three plating lines at our Texas facility.

In the fourth quarter, we received an automatic roll-to-roll electronic and optical tester at the Texas facility and installed it in January. The second tester was delivered to Kodak Rochester earlier this month. We’ve also installed semi-automatic testers at our development lab in Texas and at Kodak Rochester in the fourth quarter of 2013. This new equipment will provide testing and quality control assurance, once we begin manufacturing in commercial volumes.

Now moving on to Diamond Guard, our hard coat technology while our primary focus has been on touch centers, special characteristics of our Diamond Guard hard coat continues to garner much attention of potential customers. As most of you know, Diamond Guard is a low-cost alternative to glass on touch screen devices.

It is super hard, rated 6H at scratch resistant as they are highly resistant to abrasion and shattering. It’s film is also very light, flexible with glass equivalent gloss finish. The implementation of Diamond Guard as a glass replacement is also less labor intensive and unlike glass it can be made available on large rules, it can be diecut or laser cut to size.

A large roll format can save manufacturing cost by allowing the roll-to-roll printing of graphics directly in the Diamond Guard film. Unlike glass, this would not require pre-or post processing steps for inks to adhere.

In response to customer interest, we’re also making Diamond Guard available at (inaudible). This enables customers to use Diamond guard in their own manufacturing processes and apply Diamond Guard functional hard coats to flat surfaces such as films as well as three dimensional applications like cell phone cases, enclosures and lenses.

Selling Diamond Guard as a resin also to support many more applications than we could as Diamond Guard film only supplier and allows us to reach more customers with the guard technology do so more quickly. So we are currently working with several mobile device manufacturers on this product. And we are in the process of coating several volume of Diamond Guard Hard Coat resin.

In fact, we’ve had a successful trial run with the major phone manufacturer that are coating Diamond Guard on their hardware. The process validation work is advancing through multiple stages of completion, and we are looking forward to achieve end product qualification in the near-term.

With regards to IP, as a developer of disruptive new technology like UniBoss Touch Sensors in Diamond Guard, we continued to work to protect our innovations by strengthening our IP portfolio with new patent and patent applications. During the quarter, we expanded our IP portfolio with two new patents issued. As of today, we now have four issued U.S. patent, one Japan issued patent and 111 applications submitted as well as more being prepared for submissions that will cover our performance engineered films.

Now, with that I would like to turn the call back to Carl.

Carl Yankowski

Thanks, Bob. As you all know the scaling from our leverage where we based volumes, the fully automated roll-to-roll production of tester film has proven to take longer than the company initially planned.

So, while in 2013, we did provide hundred, literally hundred with samples of demonstration to key potential customers, so they can do their own testing including the delivery of low volume order in December as we reported to you. Unfortunately, no commercial volume production orders were shipped.

And as we reported in today's press release, we did revised your touch sensors Preferred Price and Capacity License agreement with our PC OEM partner to waive the notebook limited exclusivity option, but it only was calling for a very short exclusivity period of about six months.

So this waiver allows us the opportunity to sell our touch sensors for use in computing notebook applications. However, it does mean that there will be no additional milestone payments recognized under the new terms and condition of our current agreement. The Preferred Pricing and capacity assets of the agreement do remain in full force since we continue to work closely with our PC OEM partner in product design and development enthusiastically.

As we previously reported, the $5 million milestone payment, Uni-Pixel received under this Preferred Price Capacity License Agreement with our PC partner has indeed help fund the build-out of touch sensors production lines that Bob just told you about and it allowed us to leverage a world-class resources around supply chain management, operation engineering and production core competencies.

Now, for our ecosystem partner, Intel, we continue to benefit greatly from this relationship, allowing us access of their well established global infrastructure, their supply chain management and as well as their exceptional engineering and operational expertise.

Sales, development activities continue to grow with global Tier 1 and Tier 2 OEM, ODM and module integrators. Those are the big guys. For smartphone, tablet, notebook and all in one production applications as discussed previously. Our customers continued to tell us that our touch sensors remained their leading choice for alternate touch solution.

We also received as you know a lot of interest and positive feedback from our flexible printed electronics film product that we showcase during the international Consumer Electronic Show in Las Vegas at January.

So, in closing and before we move to Q&A, as we enter final process development activities, the feedback we've been receiving continues to support our belief that our additive roll to roll, flexible electronics process will be price and performance competitive, which is primarily due to a lower cost base, especially compared to traditional indium tin oxide based touch sensor solution.

So our focus from the first fiscal 2014, right now, if you will, will continue to be on finalizing a high-volume manufacturing process will enable shipments of commercial volume of sensors in the second half of this year. We anticipate achieving certain progress milestones in the second quarter, when we announced the quarter’s results that we will enhance our outlook regarding the exact timing around volume commercial shipments. And we will report these and other activities directly to you as they develop.

Now with that, I would like to open up the call to questions. [Sasha], please provide the appropriate instructions.

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions) And our first question comes from the line of Mike Malouf with Craig-Hallum Capital & Group. Please go ahead.

Mike Malouf - Craig-Hallum Capital Group

Great. Thanks guys for taking my question.

Carl Yankowski

Hello, Mike.

Mike Malouf - Craig-Hallum Capital Group

Carl, maybe you can talk a little bit about what you mean by progress milestones, are they particular rate of production levels or are there some particular technology hurdles that you are close to overcoming, I guess, that’s because if you look at that?

Carl Yankowski

It’s mostly the latter, Mike. We are transitioning, if you will, in what we hope are the final stages of being a development company to a commercialization company and in the process of the experiences we have with our customers and our ship prototypes and particularly the installation of testing equipment as well in Kodak in our Lufkin, Texas facility. We are now able to more directly attack and measure the five products to optimize our commercial production and the solution therein. So it’s mostly the latter of what you said, Mike.

Mike Malouf - Craig-Hallum Capital Group

And are you having issues at both the printing staff and the plating staff, or is it only the plating staff that is, given you guys a little bit of frustration?

Carl Yankowski

The varying degrees in both areas, Mike. And if you like we can discuss this offline later, but what I would suggest is that we take another question right now and again come back to it if we have time.

Mike Malouf - Craig-Hallum Capital Group

It sounds great. Thanks.

Carl Yankowski

Thank you.

Operator

Your next question comes from the line of Jon Hickman with Ladenburg. Please go ahead.

Carl Yankowski

Hi, Jon.

Jon Hickman - Ladenburg Thalmann

I guess I would like to follow up with Mike’s question. Could you -- when we met in January, you talked about the plating process and that you were experimenting with the new darkening metal, so the screen wouldn’t shine when it was in the off precision, could you update us on that?

Carl Yankowski

Sure, that the issue is reflectivity.

Jon Hickman - Ladenburg Thalmann

Yes.

Carl Yankowski

That’s the ability for people to see some cast off light signals from the copper coating and we’re in the process of finalizing development of a unique coated material on top of the copper which doesn’t interfere with the properties at the center but enables people not to see any reflectivity from the copper itself when the device is in the off state, good progress is being made there.

Jon Hickman - Ladenburg Thalmann

So before you refer to that as like live testing, is that what’s going on now?

Carl Yankowski

That’s part of it, yes it is.

Jon Hickman - Ladenburg Thalmann

Okay. And then the substrate issue, I understood that some substrates they allow for the ink printing to be better than other substrates that you -- are you still trying to zero in on the exact substrates or just different substrates for different designs like tablets versus laptops versus [smartphones]?

Carl Yankowski

I will ask Bob Petcavich address that, but you have to think of substrate as a substrate ink combination system as opposed to simply substrates. Bob, why don’t you address that question?

Dr. Robert Petcavich

Yes, we have identified several substrates that we believe will be good candidate for multiple product offerings, Jon.

Jon Hickman - Ladenburg Thalmann

Yes.

Dr. Robert Petcavich

For those who are aware of the substrates, we print lines that are basically one-tenth of diameter of a human hair. So you can imagine that substrate that has to go on to has to be very smooth with not many imperfection or defects. And so we’ve seen many materials to make sure that we have base substrates at that time.

Carl Yankowski

Okay. Jon, why don’t we move on to the next questionnaire now, if appropriate we will come back to you.

Operator

Thank you. Our next question comes from the line of James Meredith with Cowen and Company. Please go ahead.

Carl Yankowski

Hi, James.

James Meredith - Cowen and Company

Hi, thanks for taking the question. Unfortunately, Rob can’t be at two places at the same time. Could you give any feedback -- if you have received any feedback from the OEM partner on that first shipment?

Carl Yankowski

We have and I will let Bob give you a quick summary on what we’re learning. First of all, I think they are learning how to simply say they are learning how to do the appropriate testing. Some of that they have done right, some of that they haven’t done right, but we are finding it valuable in terms of their feedback. Bob, you want to add anything to that?

Dr. Robert Petcavich

No, I think that’s convenient .

Carl Yankowski

Okay. So, yeah, they’re giving us feedback and we’re working with them to make sure they fully understand how to handle and manipulate the material correctly.

James Meredith - Cowen and Company

Okay. And my final question is on the SG&A expense. It seems a little high. And you noted some legal expenses in there, can you discuss how big those were and how long they maybe ongoing?

Carl Yankowski

Sure. Jeff, this is (inaudible) percentage as you speak. So, I’m going to let, Jeff address that.

Jeff Tomz

I mean, legal expenses for 2013 were $1.9 million and a bulk of that, approximately $1.1 million is related to the defense of CIT lawsuit and $584,000 related to the patent lawsuit and approximately $200,000 relating to the Class Action Lawsuit. And does that fall on the Class Action and the SEC investigations, therefore the $200,000, so we don’t see any additional expenses relate to the Class Action Lawsuit in the next couple of quarters. And hopefully, we’ll keep the patent expenses down to about the same range for 2014.

James Meredith - Cowen and Company

Okay. So just to clarify, was that an uptick in Q4 in terms of those expenses, or was it mainly just headcount?

Jeff Tomz

In SG&A and then R&D, we also have -- in those numbers, we have compensation expense which are non cash expense like SFAS No. 123 (NYSE:R) and the restricted stock expense and depreciation expense. In depreciation expense, there were an uptick in Q4 in depreciation expense.

Depreciation expense for Q4 was $1 million to speak, as we have more equipment, more floating lines and more print press that came on line in the fourth quarter. So our depreciation expense went from $218,000 in quarter in Q1 of 2013, now to about a $1 million a quarter.

James Meredith - Cowen and Company

Okay. Great. That was in continuing accounts. Thank you.

Jeff Tomz

You bet. Thank you.

Carl Yankowski

Thanks, Jim.

Operator

Thank you. (Operator Instructions) And our next question is a follow-up question from the line of Mike Malouf with Craig-Hallum Capital Group. Please go ahead.

Mike Malouf - Craig-Hallum Capital Group

Yeah. Just a follow-up question with regards to Diamond Guard, the resin is a different business model than originally we were talking about. Could you give us a little bit of insight into how that would work financial wise for you guys?

Bob Petcavich

Jeff, you want to speak to the finances on that?

Jeff Tomz

It’s in the early stage Mike. What we can charge for the resin and what the initial demand is. So, right now, we’re not giving any projections on what the revenue for resins is going to be for us for in 2014. But we believe there is a significant opportunity for us and we’re investigating it at this time. There is a number of customers who would like just buy the resin themselves and then apply that to their product.

Carl Yankowski

Yeah, Mike, this is Carl. The basic difference in the business model is the opportunity for our customers to integrate this into their own manufacturing process. They’re supposed to buying finished product from us. And we’re still working with the guys and girls on the application front before we develop a specific of pricing, which we wouldn’t discuss at this point anyway. But the fundamental difference is it’s an integrated solution in the manufacturing process, Mike.

Mike Malouf - Craig-Hallum Capital Group

Okay. And then it sounds like, this is probably a 2015 opportunity versus this year?

Carl Yankowski

Not necessarily, it remains to be seen. We have -- as I think Bob said, some telephone, manufacturing companies who are working with us right now and if they’re testing those well, they could be in the markets sooner versus later, we are just going to have to wait and see.

Mike Malouf - Craig-Hallum Capital Group

Okay. Great. Thanks a lot.

Jeff Tomz

Yeah.

Operator

Thank you. Our next question comes from the line of John (inaudible) with (inaudible). Please go ahead.

Unidentified Analyst

Could you guys, could you give us an update as far as the SEC inquiry is concerned, what was it about? Is it going to be resolved anytime soon?

Carl Yankowski

We can’t comment on the base of -- our legal advisors are trying on the SEC. We don’t believe that’s with merit, obviously, but we’re not at liberty to say anything further than that.

Unidentified Analyst

Let me ask just real quick, do you think that the inquiry was bought upon the company by short sellers as many have suggested?

Jeff Tomz

Well, it’s not an unreasonable speculation but we have no idea and we're cooperating fully with the SEC and all their requests and demand for information and then we'll just have to see where it goes.

So everything is how they got there and why they're doing though, what they're doing speculation. I would point out that they have made it clear that the investigation doesn’t necessarily imply any wrong doing on our part.

Unidentified Analyst

Great. And can you talk about product volume going out in the second half for this year?

Carl Yankowski

Well, that’s what you are going to unfortunately have to wait till the second quarter as we look at our -- if you will product roadmap and rollout plans with our customers and just stick with us and we will be able to answer that question better in a few months.

Unidentified Analyst

And just one last question, how did the OEM agreement change, was it initiated by your OEM partner or was it something that whereby Uni-Pixel approach the OEM partner to seek a change?

Carl Yankowski

Let’s just say it was a mutual agreement over dialogue and the relationship those remain healthy and I'm not particularly bothered personally about moving a few months of exclusivity but opening up a larger market toward.

Operator

Thank you. Our next question comes from the line of Alex Blanton with Clear Harbor Asset Management. Please go ahead.

Alex Blanton - Clear Harbor Asset Management

Hi. Good afternoon. I was wondering if you could give us an update on the search for the new CEO?

Carl Yankowski

Yeah. I'm happy to do that. This is Carl, it is Alex.

Alex Blanton - Clear Harbor Asset Management

Yes. It is. And who is doing the search by the way to that, I think that's…

Carl Yankowski

Well, I'll be happy to tell you that, at this point we're probably saving a couple hundred grand, because our Board of Directors has a lot of contacts and I have talked to six or seven qualified individuals myself and we have some leading candidate, this search will typically take 90 to 120 days, we are about halfway through that. So I hope and believe is that within another month, month and a half we will be able to tell you who our new CEO will be. But we have not retain anyone yet, we haven’t found indeed interestingly enough.

Alex Blanton - Clear Harbor Asset Management

Okay. Thank you.

Carl Yankowski

You're welcome.

Operator

Thank you. (Operator Instructions) At this time, this does conclude our question-and-answer session. I would like to turn the call back over to Mr. Yankowski. Please go ahead.

Carl Yankowski

Okay. Thank you very much. We appreciate the continued support of our entire staff here at Uni-Pixel and our staff around the world, all of our partners, our shareholders, all of you on the call. And we do look forward to speaking to you on the next call and giving you more detailed update and information on our progress. So thank you very much. [Sasha]?

Operator

Before we conclude today's call I would like to take a moment and read the company's Safe Harbor statement. All statements made by management during this call that are not based on historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and our provision to the Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

Such forward-looking statements include but are not limited to those made by management regarding anticipated demand of touch sensors and Diamond Guard products and solutions plans the commission other operating line outlook for our commercial manufacturing timeline and expectation of commercial volumes production or shipments of product. Our management has based any forward-looking statements made during this call on its current expectations, information on which such expectations are based maintained.

These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number or risks, uncertainties and other factors many of which are outside of the company's control that could cause actual results to materially differ from such statements.

Such risks, uncertainties and other factors include but are not necessarily limited to those set forth under item 1A Risk Factors in the company's annual report on Form 10-K for the year ended December 31, 2013.

We operate in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, you should not place any reliance on forward-looking statements as a prediction of actual results.

The company disclaims any intention to you and undertake no obligation to you update or revise any forward-looking statements. You are also urged to carefully review and consider other various disclosures in the company's annual report on Form 10-K for the year ended December 31, 2013, as well as other public filings with the SEC to such date.

Now again I'd like to remind everyone that this call will be available for replay through March 26th, starting later this evening via the link provided in today's press release, as well as available on the Investor section on the company's website.

Thank you, ladies and gentlemen for joining us today for our presentation. You may now disconnect.

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