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John Farr – President & Chief Executive Officer

Randy Jonkers – Chief Financial Officer

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Kevin Liu – B. Riley & Co.

[Steve Shawl] – Sidoti & Company

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Pervasive Software, Inc. (PVSW) F4Q 2012 Earnings Call July 24, 2012 5:00 PM ET

Operator

Good afternoon. My name is Candice and I will be your conference operator today. At this time I would like to welcome everyone to Pervasive Software’s F4Q 2012 Results Conference Call. (Operator instructions.) Thank you. Mr. Randy Jonkers, Chief Financial Officer, you may begin your call.

Randy Jonkers

Thank you, Candice. Good afternoon and thank you for joining us. I am Randy Jonkers, Chief Financial Officer of Pervasive Software. While we wait for others to join I will go over the standard disclaimer regarding remarks on this call.

This conference call may contain forward-looking statements within the meaning of the Federal Securities Laws, including statements regarding the company’s or management’s intentions, hopes, beliefs, expectations, and strategies for the future. Forward-looking statements may include, without limitation, statements regarding the following: future investments, sales, market growth and direction, competition, revenue growth, operating margins, and profitability. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements are included in Pervasive’s most recent filings with the Securities and Exchange Commission.

Pervasive does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call. Also and as a reminder, our non-GAAP results for the quarters and years ending June 30, 2012 and 2011 exclude the amortization of purchased intangibles and stock-based compensation expense and present income taxes at a statutory rate of 34%. We believe that the non-GAAP results described in today’s press release and in this conference call are useful for an understanding of our ongoing operations and to assist the investor community in comparing Pervasive’s non-GAAP results from period to period as well as comparing our results with those of similar companies.

We use these non-GAAP results to compare performance to that or prior periods, for analysis of trends, to evaluate the company’s financial strength, develop budgets, manage expenditures and develop a financial outlook. Non-GAAP results are supplemental and are not intended as a substitute for GAAP results. Note that our call today is being broadcast simultaneously via the Pervasive website, and welcome to those listeners.

On this call we’ll cover two primary agenda items. First, I will provide some additional financial metrics from our F4Q to supplement those already provided with our press release today. Then John will update you on our current operations and plans.

Today we released financial results for our F4Q 2012. By geography, our F4Q revenue was as follows: domestic revenue totaled approximately $8.8 million in F4Q or 69% of our revenue; our international revenue, principally Europe and Japan, totaled $4 million or 31% of our revenue in F4Q. At a product level our database products represented approximately 57% of our business and our integration products represented approximately 38% in F4Q, while our Business Xhange and Big Data products accounted for the remainder.

Adjustments to our income tax models in conjunction with our fiscal year-end accounting procedures resulted in an increase to our previous tax expense estimate for the June quarter, which negatively impacted EPS by $0.01. We had 255 employees at the end of F4Q which represents a decrease of four employees from the end of F3Q.

Now, looking forward and to supplement the F1Q 2013 guidance provided in today’s press release, we anticipate cash flows from operations between $0.5 million and $1.0 million for F1Q 2013. We also anticipate that operating expenses will be consistent with F4Q as we continue to invest in the business. We anticipate that our effective tax rate for our F1Q GAAP earnings will be approximately 34%. The rate is impacted by the expiration of the R&D tax credit.

For EPS calculation purposes, we expect that our GAAP basis and non-GAAP fully diluted share counts for F1Q and F2013 to be approximately 16.3 million and 16.9 million shares respectively. Note that the share count estimate excludes the impact of any future share repurchases. Also, as in prior quarters we are not providing specific guidance beyond F1Q. Now let me turn the call over to John Farr, CEO of Pervasive Software. John?

John Farr

Thank you, Randy. We’re pleased to report results for F4Q and F2012 ending June 30, 2012. First, I’d like to welcome our new listeners today of which I expect there are quite a few given Pervasive’s recent addition to the Russell 2000 and the Russell Global stock indexes in June. I look forward to meeting with as many of our new investors as possible over the coming year. So given that we have a good mix of both returning and new listeners on the call today, I’ll start first with a summary of our highlights from F4Q and F2012 followed by our typical and more detailed discussion of our various product areas.

The corporate-level highlights for our June quarter and F2012 include the completion of our 46th consecutive quarter of profitability, representing consistent profitability now for the last eleven consecutive fiscal years. With $49 million in annual revenue we achieved our best annual revenue result in the last eight years. We made our largest annual investment in research and development in more than a decade in terms of absolute dollars and as a percent of revenue at 26%. And we finished the year with a solid cash position of $42.7 million.

Our Database Team finished the year with annual revenue of approximately $28 million or approximately 57% of our total revenue, adding to a nice string of six consecutive years of solid annual revenue in the $26 million to $29 million range. Our database products continue to be our most mature product line as well as our most profitable product line.

Our Integration Team finished the year with its second best ever quarterly revenue result, resulting in our eleventh consecutive year-over-year quarterly revenue increase; and at approximately $19 million in annual revenue for the year representing our fifth consecutive annual revenue increase in our integration business. And our integration products were awarded the 2012 [Cody Award] for Best Integration Solution for a Pervasive Data Integrator by the Software and Information Industry Association, or SIIA.

Other highlights: the advancement of our emerging businesses – Pervasive DataCloud with the ongoing and very exciting work we are doing with Intuit; and continued wins and implementations by our cloud-based Business Xchange managed service for B2B document exchange; and Pervasive’s Big Data [platform] solutions with the closing in April of our first significant technology validation win with an innovative predictive analytic solutions vendor Opera Solutions; also our recent announcement of Pervasive Data Integrator Hadoop Edition to enable Hibachi Hadoop users to rapidly flow all of their business data both to and from their Hadoop-based Big Data stores; and our announcement earlier today that we have joined Google’s Cloud Platform Partner Program as a technology partner, and our upcoming release of Pervasive’s RushAnalyzer for Google BigQuery.

We continue to invest in strategic opportunities to innovate in a rapidly evolving market as reflected in our 26% of our revenues invested in R&D. And we are bullish on ticker symbol PVSW, having completed our 25th consecutive quarter of active share repurchases.

Now a bit of strategic context for our newest listeners: we, Pervasive Software, believe software markets as a whole are going through a rapid and disruptive change. The emergence and mainstreaming of cloud-based infrastructure and applications is testament to the increasing demand for scalability and rapid deployment provided by the SaaS delivery model. Organizations increasingly demand software that provides ease of use, reusability, interoperability with widely-adopted technologies, and the flexibility to be deployed on premise or in the Cloud all in a cost-effective manner.

In this environment, delivering flexibility and performance with high return on investment becomes increasingly critical. In addition, the rapid proliferation of commodity multi-core hardware along with the exploding data volumes, A.K.A Big Data, provides opportunities for companies to leverage affordable, multi-core servers and clusters of servers to extract value from large volumes of data – but only if they have software that can effectively scale on new hardware. And as these disruptive market trends continue we believe infrastructure software will be a key ingredient for all businesses as they seek to integrate and streamline their backend systems and eliminate delays in the management and execution of critical processes; and seek to gain business insight and value from their vast data assets being generated in this increasingly digital business world.

In this context, Pervasive represents a uniquely well-positioned combination of assets. We are a data innovation leader delivering software to manage, integrate and analyze data in the Cloud or on premises throughout the entire data lifecycle. Each of Pervasive’s investment areas continued to produce in F2012 with our Database Products maintaining solid revenue levels and generating positive cash flows to fund many of our activities; and our Integration Products, growing revenues consistently in the here and now while we invest significant resources and technology in product development for the future.

We find ourselves in the midst of a rapidly evolving market with a combination of assets uniquely well suited to take advantage of trends in cloud-based infrastructure and applications markets and the Big Data explosion. We also are positioned to effectively address the integration and data quality challenges and opportunities posed by each.

Now I’d like to provide a quick overview and update of our primary product areas and strategic initiatives. First – database. Representing a bit more than half our revenue, our database business is the most mature and profitable of our product lines. Annual database revenue has been solidly in the $26 million to $29 million range in each of the past six years, excluding the occasional relatively large one-off transaction that we will disclose from time to time. Variability from year to year is influenced in part by where we are in our version lifecycles.

Our Database Engineering Team continues to do a tremendous job of keeping our database technology current and relevant to our large install base of loyal customers. Pervasive PSQL v11, released in Fall of 2010, makes more efficient use of Commodity 2, 4, and 8 core servers with throughput gains of up to 4x that of our earlier versions. Its performance benefits the full range of vendor applications whether or not those applications are multi-core optimized. And in February we announced the release of Pervasive PSQL Vx Server 11, the hypervisor friendly edition of Pervasive PSQL v11 designed for customers who need support for highly virtualized environments, enabling live migration, [fall] tolerance, high availability and cloud computing.

Now – integration. Representing approximately 38% of our revenue in the June quarter, our integration products are well received by our existing and new customers including end users in commercial cloud and on-premises software developers alike. We grew our integration product revenues to new record levels in each of the past five years and have grown quarter-over-prior-quarter revenues in each of the last eleven quarters.

In April we hosted well over 200 of our customers and prospects at our Integration World Event here in Austin. The conference featured a highly interactive setting in which attendees participated in breakout sessions led by Pervasive technologists, industry analysts, and Pervasive customers. The event is designed for sharing best practices and innovative approaches to the data integration challenges with specific conference tracks for data quality, cloud integration, and data innovation. Diamond sponsor for that event was Oracle (inaudible) and platinum sponsor was Zuora. Presentations included speakers from Intuit, Intel, Oracle, Jason’s Deli, Planview and Constellation Research among others.

Attendees to these events gained insights into Pervasive’s integration roadmap and received updates on our technical advancements and future plans around Pervasive DataCloud and Pervasive Big Data products and solutions. More importantly perhaps, attendees learned how to accomplish more faster using our products to successfully solve their persistent data migration and data integration headaches.

For 29 years Pervasive Data Integrator has provided cost-effective extraction, transformation and flow of nearly any kind of data between sources throughout the organization on a continuous, event-driven, or scheduled basis in any usage scenario that might be needed. In addition, the unique Pervasive Data Quality Suite process utilizes Pervasive products in partner content libraries to work together as part of an integration process to rid organizations of dirty data and achieve a 3600 view of customer data – making it a perfect fit for [ETL] and other data integration projects.

Our partners know us well. To name a few – Intuit, Salesforce.com and NetSuite, ADP and Ceridian, Planview and CA, [McKesson] and Zuora, CHI and CSC, Cerner, Safeguard, and [Physerve]. These partners know that Pervasive invests aggressively in research and development to provide our customers and partners with the most integrative, reliable and scalable integration solutions. We remain deeply committed to helping our partners and customers efficiently and cost effectively extract maximum business value from their data.

Now on to Pervasive Business Xchange business which we acquired in Summer of 2009. They turned in a solid quarter in June as expected. The Pervasive Business Xchange-managed service provides trading partners with actionable insight into their cash flow-related business documents including purchase orders and invoices. In F2011 we completed migration of all Pervasive Business Xchange customers to a Windows Azure platform and became one of the flagship partners featured on the Windows Azure Marketplace. Then in F2012 we expanded Business Xchange marketing and sales efforts, investing for better penetration of existing markets and accounts primarily in the energy industry. The Business Xchange Team has performed well in 2012 with recent wins and implementation of past wins in the oil and gas vertical, setting itself up for a solid F2013.

On the innovation front, our solid results in our core product lines have allowed us to continue to fund our commitment to innovation. We intend to continue investing in innovation by allocating dedicated funds for research focused on new ways to serve our existing customers and attract new customers. Our innovation efforts over the past few years resulted in the introduction and further development of several exciting product and service offerings: Pervasive Galaxy to take advantage of market trends and innovation as a service and other on-demand data solutions, and to provide an integration community platform for and with our partners; Pervasive DataCloud to provide a scalable cloud-based platform for development and deployment of both Pervasive- and partner-developed on-demand services; and Pervasive Big Data to support rapid development and deployment of high-performance applications for data preparation and analytics, even at very large datacenters.

Now first Pervasive DataCloud and Pervasive Galaxy. What began several years ago as an innovative way for us to deliver our deep integration capabilities to a different and less developer-centric market – subscription-based integration as a service delivered on-premises or as multi-tenant services hosted by Pervasive – Pervasive DataCloud is attracting ISD and systems integrator partners needing a secure and reliable on-demand services platform for Pervasive or partner cloud developers to rapidly create on-demand and application integration, on-demand analytics and on-demand data profiling. Often, those applications are being offered in our increasingly dynamic Pervasive Galaxy marketplace. Pervasive and our partners offer close to 200 templates, plugins, connectors, and other integration solutions in Pervasive Galaxy, and we continue to invest in and enrich Pervasive Galaxy to make it a destination of choice for innovative integration partners and their customers.

Intuit has released a tighter integration service for QuickBooks and Salesforce CRM with the Pervasive DataCloud platform and Pervasive’s integration technology at its core. Our Intuit/Salesforce DataCloud implementation continues to mature as we work closely with both Inuit and Salesforce. You can now begin to see early marketing activities appearing on Intuit’s own website for Intuit’s privately-branded Salesforce for QuickBooks application. We are very proud of our cloud-based work in concert with Intuit and many other ISDs in the market and look to leverage these relationships in the years to come.

Second, Pervasive Big Data products and solutions. Utilizing Pervasive DataRush, a high-performance software platform, we enable developers to rapidly build Big Data applications for data-intensive, data preparation, and analytics. Our Pervasive DataRush initiative began in earnest several years ago as relatively raw technology. We have methodically been advancing the technology to achieve increased ease of use and adoptability by our customers. We are active in the Hadoop ecosystem for Big Data and intend to increase our visibility in that community, ripe with potential partners and customers looking for cost-effective solutions to the challenges and opportunities presented by ever increasing data volumes, a growing range of data sources and data stores, and the accelerating speed of business inherent in today’s Big Data landscape.

In February we announced the availability of Pervasive’s RushAnalyzer, a product designed for data scientists, business analysts and Big Data developers for building and deploying end-to-end data preparation and analytics solutions on multiple platforms including Hadoop clusters, high-performance servers, and desktops. Pervasive RushAnalyzer’s visual environment lets users rapidly discover data patterns, build operational analytics, and continuously monitor multiple predictive models all without the need for programming skills.

And in April we announced the certification of Pervasive’s RushAnalyzer as a Cloudera-certified technology. The Cloudera certification process validates product compatibility with Cloudera’s distribution including Apache Hadoop, which provides a streamlined path for putting Apache’s Hadoop to work harnessing Big Data to solve business problems. Similarly, Pervasive’s RushAnalyzer provides a simplified route for users to get immediate value out of their Hadoop implementations.

Also in April we closed a multiyear partnership with one of the world’s leading Big Data predictive analytics companies, Opera Solutions, providing both commercial and custom analytics solutions for large enterprise. More on this relationship in the future when we make further announcements following initial deployments of our Pervasive Big Data products and solutions via our newest partner. Then in June we announced availability of Pervasive Data Integrator Hadoop Edition to enable Apache Hadoop users to rapidly flow all of their business data both to and from their Hadoop-based Big Data stores; and then earlier today we announced that we have joined Google’s CloudPlatform Partner Program as a technology partner and we announced the related upcoming release of Pervasive RushAnalyzer for Google BigQuery.

In short, we have had a solid and exciting F2012. We are making strategic investments and are well-positioned to capture significant opportunities in the future while also maintaining our intense focus on profitability. The investments we are making into innovative new products and innovative new features for existing products are positioning us incredibly well for intriguing trends in Big Data and the cloud.

That brings to a close our F2012 and we are looking forward to F2013. We are nearing completion of the very important exercise of developing our operating plans for the fiscal year ending June 30, 2013. Our annual operating plan will be submitted to our Board for approval later this summer and while we do not publicly communicate the details of our financial plans I can say that we remain committed to the strategic balance of investment in both our flagship and emerging products while also maintaining a tenacious focus on profitability.

These are truly exciting times to be a part of Pervasive Software. Pervasive continues to enjoy meeting competitive advantages including solid improvement product lines, a well-developed channel and operating leverage, a strong balance sheet, furious focus on innovation, and consistent profitability and positive cash flow. Now in quick investor relations mode, we are scheduled to present at the [three-part] Advisors Investors Conference in Chicago on August 28 and the [Olios] Group First Annual Gateway Conference in San Francisco on September 6. We hope to see many of you at these and other events in the near future.

I’ll now open the floor for questions. Candice?

Question-and-Answer Session

Operator

(Operator instructions.) And your first question comes from the line of Kevin Liu with B. Riley. Your line is open.

Kevin Liu – B. Riley & Co.

Hey, good afternoon, guys. Looking at the services line, revenues are still obviously consistent with recent quarters. It seemed like there was some incremental investment made on the cost side though, so I’m just curious if you’re hiring ahead of some more work anticipated on the services side or if there was something else going on there?

John Farr

It’s mainly on the investment side, actually. If you’ll recall we ran into some issues last summer where we didn’t have quite the bench strength and bench depth if you will for our Services Team – that got us behind the ball a little bit. So yes, we have been trying to hire up to present demand and hopefully at times anyway maybe even a little bit ahead of the demand. That is in our Integration business, but you’ve also heard me talk a lot about the wins that we’ve been having in our Business Xchange business, and while some of those implementations when they involved web forms are easier than others there are other implementations that are quite complex. And so we have, since the March quarter actually, starting adding some people to the Business Xchange Services Team’s capacity to make sure that we have the people ready and trained to go and implement some of these larger Business Xchange engagements that we’ve been winning.

Kevin Liu – B. Riley & Co.

I see. And on the topic of Business Xchange, you guys had a couple of nice sizeable wins a couple of quarters ago. How far along the implementation process are you there?

John Farr

We’ve mentioned one that we won in December. It’s an evolving thing. I’d say we’re done with the Phase I that I was talking about in December but we’ve won the second phase. So you do well in the first and you get to win the second. They’re all in various states of implementation, and like I said before some of these are large enough and involve enough people on the customer end that we are somewhat subject to the customer’s own timeframes and capacity for being able to roll some of these things out. So the team is doing a tremendous job and continuing to add and complete the implementations about as fast as Sales can complete new sales.

Kevin Liu – B. Riley & Co.

Got it. And maybe just one last one on the Services side: just looking at where the gross margin shook out this quarter, far lower than where you guys have been historically – I’m just wondering how long you had mentioned it would take for you to get up to say the high 60% or low 70% range?

John Farr

I’d say with the BX services, the Business Xchange services that we just talked about, so much of that service revenue is enablement and implementation of customers that become revenue after the fact. It’s not necessarily always fee-based, and so that will… If that was always the case in the future it would dilute the services margins slightly but we’re not talking about a lot of people there. So I’d say… I’m not going to ramp up my people to build capacity beyond what we see in the next 90 days, so the implied answer there is it generally takes us 90 days to get back to where we were if we’ve hired up in the current quarter. But with continued demand for work that we have we’ll probably add a few people every single quarter.

Kevin Liu – B. Riley & Co.

Got it. And the only other thing that kind of surprised me was on the sales and marketing line you guys had your integration profits during the quarter; you’ve also talked about investing for a lot of these growth initiatives you have going. So I was surprised to see sales and marketing come down both sequentially and year-over-year. Can you speak to what was going on there?

John Farr

Well, I’d say part of it is first the March quarter of every year on a headcount neutral number we’d have more payroll tax, so that’s always part of it. Commissions, we had probably for a variety of reasons we had more salespeople in accelerated commission status in the March quarter which would have been additive there. We also had an event in the March quarter, it happened to be in London and that’s no cheap or inexpensive rather place to hold an event. So it’s not like the event in the June quarter would have been that big of a delta. So I’d say that is the bulk of the drivers there for that change.

Kevin Liu – B. Riley & Co.

Great. And just in terms of your Big Data initiatives you mentioned Opera Technology and it sounded like there was a technology validation window. Is that just securing Opera as a partner or have you guys actually gone out and won your first customer together?

John Farr

Actually Opera is out winning customers and bringing our technology and perhaps our services to there through Opera. These are engagements that Opera will win and deliver and bring us along if the case is needed in the case of a custom implementation or simply deploying our software in their more packaged solutions where it wouldn’t necessarily require our assistance. So yes, there are engagements out there being done today. We are talking to Opera frequently to come up with the best time to say more about all of those engagements, and some of their engagements can be relatively long. So you know, I think, I’m hopeful that by the next time we meet in this context that we will have that press release out so you can hear some of the types of engagements where they’ll be utilizing our DataRush technology.

Kevin Liu – B. Riley & Co.

Yep, and then maybe just a follow-on to that: so then absent any sort of customized services they might engage you for, is it a similar model then to your database business where you’re essentially collecting royalties every time they’re deploying your technology?

John Farr

Yeah, I think that’s probably where Opera would rather I not speak to any of the terms of any given deal. I would caution you here that in the case of Big Data we’re talking about an emerging business versus integration and database which are more mature businesses. So our obvious focus in building that market is going to be on adoption versus revenue maximization.

Kevin Liu – B. Riley & Co.

Alright, thank you.

Operator

And your next question comes from [Steve Shawl] with Sidoti. Your line is open.

[Steve Shawl] – Sidoti & Company

Hi, how are you guys doing? Sorry about this, I came a little late. Can you guys provide any color on the Google announcement today?

John Farr

Yeah, so what we said was that we had joined their CloudPlatform Partner Program as a Technology Partner, and by virtue of saying that I mean we have proximity to the technologists at Google. We’ve been working with those technologists; actually, one of the Google BigQuery representatives was here in Austin for our Integration World Event in the June quarter and was at least acknowledged by our CTO in his keynote presentation toward the end of that event which was heavily focused on Big Data. And we pointed to Google as basically just another big player out there that recognizes the need to go and address the space, and in order to address the space they have to look around just like other end users might have to look around for available tools and infrastructure and software to help them deliver on the promise.

And so we’re not by any stretch the only Technology Partner in that program – I’ll leave it up to you to follow the blogs at Google and see who else is represented there. But we will continue to, having now an entry point with Google we will continue to compete for their [mindshare], and we’re demonstrating our capabilities today in a proof of concept delivery for another software developer called [Mix] who is a customer of ours on both the Data Integrator product and the cloud. So this is an opportunity, certainly. It’s an opportunity to impress a really big company with a tremendous reach and tremendous marketing heft with technology that we think is incredibly important to delivering on the promise of Big Data.

[Steve Shawl] – Sidoti & Company

Alright, thanks. And can you just give me the headcount versus last year, then?

John Farr

We’re at 255 at the end of June and I think we were down a handful from March…

Randy Jonkers

It was 242 at the end of the year.

John Farr

So up about 13 from the same time at the end of last year.

[Steve Shawl] – Sidoti & Company

Alright, thank you.

Operator

And we have no further questions at this time. I turn the call back to our presenters.

John Farr

Alright, Candice, thank you and thank you to all of the listeners. Have a great evening.

Operator

This concludes today’s conference call. You may now disconnect.

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