Q1 2021 Ruth's Hospitality Group Inc Earnings Call

May 7, 2021

Good morning, ladies and gentlemen, welcome to today's Ruth's Hospitality group first quarter 2021 earnings conference call.

At this time all participants are in a listen only mode.

The company's formal remarks, we will conduct a question and answer session at <unk>.

Structures will be provided at that time for you to queue up for questions at the.

A reminder, today's conference call is being recorded.

I would now like to turn the conference over to Kristy Chipman Chief Financial Officer. Please go ahead.

Daryl and good morning, everyone. Joining me on the call today is Cheryl Henry our President and Chief Executive Officer before we begin I'd first like to remind you that part of our discussion today will include forward looking statements. These statements are not guarantees of our future performance and therefore undue reliance should not be placed upon them.

We would also encourage you to refer to the Investor Relations section of our website at <unk> Dot com as well as the SEC's website at SEC Gov for copies of today's earnings press release, and our recent filings with the SEC for a more detailed discussion of the risks that could impact our future operating and financial results.

During this call we will refer to adjusted earnings per share.

Non-GAAP measurement was calculated by excluding certain items. We believe that this measure represents a useful internal measure of performance you can find a reconciliation of adjusted earnings per share in our press release for today's call I would now like to turn the call over to the company's Chief Executive Officer Cheryl Henry.

Thank you Christy good morning, and thank you for joining us today during our last call in early March I mentioned, there seem to be of light at the end of the channel and that we were past the peak of COVID-19 impact on our business on.

I'm pleased to reiterate that sentiment today, although we do continue to see pockets of strength and weakness across our system, mostly driven by local market conditions.

But before I get into nuances of the recovery I want to once again recognize the efforts of our team both in the field and then the support center for their unwavering commitment to our guests.

They have been operating in a volatile and challenging environment for over a year now and I truly believe that because of them. We are of stronger brand today.

I also believe that the foundation, we've built over 55 years and the work we've done on our strategic priorities, including recruiting and training great people using data and digital technology and focusing on operational excellence has allowed us to navigate the crisis and to emerge an even stronger company.

As we all know by now during the first quarter nationwide dining restrictions begin to loosen and by the end of March nearly all of our company managed restaurant has opened dining room, including 74 restaurants with restricted capacity indoor dining and one restaurant with outdoor.

<unk> only.

We were operating at an average of approximately 50% capacity across the company system.

So as I mentioned the portfolio has seen pockets of strength of softness, Texas and Florida are bright spots, while New York and Hawaii are two of our opportunity in markets that have historically at higher average unit volume to add some color well of Manhattan is moving at a positive direction and lifting capacity.

<unk> in the coming weeks at remains closed for the most part with residents still following state and local guidelines in the meantime, and Hawaii Waikiki remains under pressure challenged by the lack of international tourism, which has always been a key driver of sales of these two restaurants alone had a negative 800.

Sorry, 280 basis point impact on the quarter versus 2019.

I mentioned this to highlight that while the economy is reopening we're not back to normal gesture in all markets, but we are pleased to be seeing positive trends and substantial improvement in our operating results to that point, we experienced accelerating sales trends for both company operated and Fran.

Size restaurant during the quarter and saw sequential improvement in comparable sales for each month.

Average weekly sales also improved throughout the quarter and I am pleased to say that these trends have continued into April in fact, our average weekly sales are now exceeding 2019 levels, which in our view reinforces that of recovery is underway.

For the quarter, we also improved margin compared to 2019 as our operators executed the efficiency and capacity utilization initiatives implemented in 2020.

And digging a bit deeper our company owned restaurant operating margin was one of the highest we've achieved for the first quarter in the last five years. This is all positive news at.

As most of you know since the onset of COVID-19, we have been working with one foot in managing pandemic operations and one foot in the future, but with the positive news of increasing vaccination and the anticipation of restrictions being lifted further we are more squarely on offense.

Focused on future planning and strategic investment.

And I'm happy to share at that earlier. This week, we amended our existing credit agreement, which allows us to increase our 2021 gross capital expenditure by 15 million to $20 million.

This will further accelerate our restaurant development and we now expect to open two to three new company owned restaurants by year end, including short Hills, New Jersey. We also expect to open another three to four restaurants in 2022.

I'm also excited to share that we are recommitting to our investments in data and other digital technology, which has become table stakes in the restaurant industry.

In early 2020, we shared that digital transformation is one of our top three initiatives at remains our goal to use technology to reduce friction enhance the guest experience in an authentic way and increase the productivity of our teams.

And while we did not foresee at that as COVID-19 hit it forced us to be of digital business. We have learned a tremendous amount over the last year, including what works and what doesn't and we know there is increased guest acceptance almost of demand and that we can generate sales and earnings growth with the proper investor.

Net.

Lastly, I'd like to touch further on capital allocation.

With continued sales recovery and ample cash on our balance sheet, we are not only comfortable with their return to investing in the growth of our business and strategic initiatives, but we have started to allocate capital to reduce debt.

Including a $10 million repayment in April.

We intend to continue to pay down our debt as the year progresses.

Until we are at the leverage ratio in our credit agreement that allow that will allow us to distribute cash to shareholders.

Once we achieve that leverage ratio and see a more certain path to recovery, we intend to resume dividend payments to our shareholders with a goal of later this year, we will continue to monitor our ability to do so.

In summary, as restrictions are lifted end markets are opening for business. Our team members and franchise partners are energized and focused on our future success.

I'll now turn the call over to Kristy Chapman to cover the specifics of the quarter.

Cheryl for the first quarter ended March 28, 2021, we reported GAAP net income of $9 1 million or 26 cents per diluted share compared to a net loss of $3 8 million or <unk> 13 per diluted share during the first quarter of 2020.

Net income in 2021 included a $300000 employee retention payroll tax credit, which reduced operating expenses. At also included approximately $445000 of severance related costs and $148000 income tax benefit related to the.

The impact of discrete income tax items, excluding these adjustments non-GAAP diluted earnings per common share was 26 cents compared to nine in the first quarter of 2020.

Total revenues for the quarter were $87 3 million.

Compared to $108 5 million in 2020.

Company owned restaurant sales were $81 $6 million compared to $103 million in the prior period.

Apparel restaurant sales for the quarter versus 2020 declined 14, 8% and five months were negative 38, 9% in January negative $25 7 million in February and then an increase of 72% in March as we began to lap the initial impact of COVID-19.

Compared to 2019 comparable restaurant sales for the quarter declined 26, 2% and by month were negative $36. Two in January negative 25, 6% at February and negative 14, 8% in March as you can see we experienced solid improvement for each period during the quarter.

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Furthermore, as Cheryl mentioned earlier, our positive trends have continued into the second quarter quarter to date as of April 21st sales increased positive two 7% compared to 2019, which was negatively impacted by 710 basis points due to restaurants operating in Boston.

Hawaii and Manhattan.

During that same time period of few of our largest markets, California, Florida, and Texas delivered comparable sales versus 2019 of approximately positive, 8% positive, 20% and positive 40% respectively.

We are optimistic that as more markets move towards greater levels of reopening of restaurant sales in these locations will increase however, it will take some time.

Quickly rounding out revenues franchise income for the quarter was up four 6% versus the same quarter last year, while operating income was flat at $1 $9 million.

Food and beverage cost for the quarter as a percentage of restaurant sales were down 160 basis points to 28, 1% primarily related to one 5% of beef deflation compared to the first quarter of 2020 with approximately 90 basis points of benefit from the beef lack we head on.

Place for much of the quarter.

While we continue to monitor cost across our basket. We are beginning to experience higher protein prices, we expect our second quarter food and beverage cost to increase between 150, and 200 basis points compared to 2020, primarily driven by beef.

Our restaurant level margin, which we define as restaurant sales less food and beverage expenses in restaurant operating expenses improved this quarter, driven by 710 basis points on labor versus 2020, and 310 basis points versus 2019.

For our 40 restaurants that operated with open dining rooms, all quarter, we saw 250 basis points of labor savings versus 2019, we expect that between 100 on 150 basis points of labor efficiency will remain as we recover to 2019 average unit volume.

Marketing and advertising costs were two 3% of revenue and G&A decreased 0.8 million.

$742 million compared to the first quarter of 2020, primarily due to an increase in compensation related expenses.

Turning to liquidity at the end of the quarter, we at $112 3 million of cash and net debt of $2 7 million.

Down from a net debt position of $19 $6 million at the end of 2020.

Subsequent to the end of the first quarter of the company paid down $10 million on our credit facility.

As of May five our cash balance was $115 $8 million and our outstanding debt was $105 million.

I would like to reiterate the management team's confidence in the strength and resiliency of our business.

Along with the foundational technology investments, we are making we know that leveraging the vast amount of data. We currently have on our many system along with modernizing the restaurant end marketing Tech stack will enable our team members to make rapid and precise decisions that provide seamless experiences for our guests.

Estimate, we leading to increased revenue through frequency and check growth.

We also believe that building a stronger back of house tools that.

Enable us to further realized margin savings as we augment our team members everyday tasks with intelligent recommendations and automation powered by machine learning.

Due to the continued uncertainty in the operating environment will not be providing further sales of restaurant level operating guidance today marketing expenses are expected to be between $12 million at $14 million for the full year and general and administrative expenses are expected to be between $30 million on $32 million, reflecting a decrease of between nine.

<unk>, 8% and three 8% respectively versus 2020.

Total capital expenditures are expected to be between 20% and $25 million with that let me turn the call back to Cheryl. Thanks, Christy There is no doubt in my mind at the demand for the experience. We provide is alive and well people are yearning to get together and celebrate birthdays anniversaries and graduation safely and group children.

Older. It may take a few more months to get there, but it is happening. Furthermore, we have seen a recent uptick in inquiries about business events much like families and loved ones companies large and small looking to reconvene socially reestablish ties and celebrate a return to normalcy.

In closing I would say that Ruth's, Chris is uniquely positioned to capture the pent up celebration and gathering savings at our country continues opening store.

Strategically and operationally we have a great plan, we are experienced at executing it and we have a time tested capital allocation model geared toward creating value for all stakeholders with that we will open the lineup for questions.

Yes.

Thank you we will now be conducting a question and answer session.

We would like to ask a question. Please press star one on your telephone keypad.

A confirmation tone will indicate your line is on the question queue.

You May press Star two if you would like to remove your question from the queue.

For participants using speaker equipment, it may be necessary to pick up of your handset before pressing the star keys.

One moment, please while we poll for your questions.

Our first questions come from the line of James Rutherford with Stephens. Please proceed with your questions.

Okay. Good morning, sure on Christy I hope, you're both doing well.

Just looking here at this raised outlook for unit development and specifically at that three to four new company owned units in 2022 that kind of organic unit growth would be the best we've seen from Ruth's and a number of years.

What are you seeing on your restaurant today that gives you the confidence to increase that target and also will the new builds have any key differences from your existing portfolio.

Yes. Thanks for the question so just to remind everyone we had.

Growth in the pipeline when COVID-19 hit so some of this is seeing that those units through but to your point. We spent some time looking at the market and the marketplace, where these units were on working with the landlords and we have confidence that these locations are valid moving forward and what we.

What's been indicated as we mentioned as markets have reopened as of that the demand for the experience that Ruth's is.

Expertly as provided for 55 years is in high demand and so we have a great level of confidence of bringing this pipeline to fruition.

And what was I'm sorry, James on the second piece of your yes. The second part was just on whether the new units look any different than the existing so interestingly we have done some work and I think I mentioned at on a previous call around what the footprint may look like going forward and things like expanding our bars and expanding our outside patios and we could not have foreseen.

The demand for that but these units generally is starting to be designed around that that new footprint.

Okay, Great and then as a follow up.

In regards to the 100 of 150 basis points of ongoing labor efficiency.

Just if you could kind of of Numerate for US again, we're that's where the source of that is and whether you think you can still kind of meet guest expectations.

With the modified steps of service that you have in place.

As as guests are afraid of a return to the dining room, whether you think that's still kind of a viable path forward.

Thank you very much.

Great. So we do believe that the 102 of 150 basis points is the right level for us going forward.

We've taken a look at our 40 restaurants that we're operating during the full quarter to validate some of those assumptions I will say that we think that thats more of a floor.

We wanted to provide you a.

Guidance overall at.

As we kind of get to this more of a certain sales recovery and we know that we need to keep our restaurants staffed at assay achieved 2019 volume we've built on a little bit of an expectation that will add some more labor back into the restaurants as we do that however savings the savings that we're seeing at within the restaurants that have.

Been opened for the full quarter, we're coming from efficiency and utilization effectiveness and so we do believe that that will stay stay throughout as we continue to reopen to 2019 levels.

Thanks, Sheryl congrats.

Thank you. Our next question is coming from the line of Brian Vaccaro with Raymond James. Please proceed with your questions.

Brian are you able to.

You may be muted Brian.

Brian are you there if not.

You can rejoin the queue. There you are Brian Thank you.

Hmm.

Brian Please rejoin the queue.

Our next questions come from the line of Nicole Miller with Piper Sandler. Please proceed with your questions.

Thank you good morning, it seems like Youre doing about 75% of pre pandemic on normalized sales on about 50% capacity can you talk about if that's very even across the days of the week or day parts I'm thinking you know now there's lunch and brunch and many of the stores. In addition to dinner at <unk>.

Maybe the consumer favoring one day or day part over another.

Thanks, Nicole so just to kind of how that's coming in I think not surprisingly given the lower demand for private and grew signing on earlier week is a little bit faster and we again as I mentioned and expect some of that to come back as more people feel comfortable gathering in groups and towards the back half of the.

Sure.

As far as day part there really we generally across the system are not open for lunch or dinner only business. We do have some markets at open for lunch that has not been of significant are notable swing for us yet so.

So at dinner really remains the focus on again, there is a bit of weakness from private dining events in early week, but I'm really seeing that demand come in on the on the weekends in later days of the week.

Great and then you had talked about last time, our last call and also I think you made reference about corporate business and it's quite healthy.

So I imagine a lot of that's local without travel do they consume the same similar amount of entrees alcohol spend et cetera.

Essentially it seems like you don't necessarily need the traveling corporate gas does that fair yes.

Yes, so a couple of notes about our business guests. If you will some of the way we think about Israeli on two parts and you mentioned that as the local business and we have seen some of that return, especially in market. It is not surprising like Florida and Texas.

And we the private dining if you will at the group dining piece of that generally.

Either a an organization of our some of the travel piece right and that's how we think about that business.

So yes, some of the local businesses are coming back.

I guess the good sign on rounds, what might happen around group dining of private guys of the back half as I mentioned also on the last call that we were out in the market doing some research talking to our gas in China understand when they will feel comfortable about group dining and business dining it would not with family members necessarily on.

On what we found is that really uptick towards the back half of the year and so where we have some confidence in that starting to rebuild again as well we have seen to your point about what's happening as far as as check we've seen at a lift and Jeff.

So we're starting to see some of that spend go up your point around.

Alcohol checks, we're not necessarily seeing the same at we would win private dining is running at full full capacity early in the week. So that has yet to return for us.

And then just a last question of on digital.

How do you find your defined just to be technically understand.

You mean order had pick up and some delivery application, but walk through the definition of digital or off premise and what should it be for your brands because there's clearly next period experiential angle I mean, that's that's really what this is about as hospitality and I imagine that's what the consumer is going to come back to enjoy and yet you know they've also.

Decided to have everything delivered.

It's been really interesting of speaking of everything I have I guess personal notes when people say, how do I get the blue cheese off the top selling because I want to order at every night.

So there really has been this interesting mix of.

Maintaining this high hospitality high touch experience.

But overlay that with this absolute demand from people that they have the same type of friction less experience around ordering and delivery of so for US number one is that going all the way back to route that experiential relationship building that takes place in our dining rooms in our bar is between our guests and our team members in the restaurant.

Having said that even that experience is where we find opportunities to use data and technology to enhance it and I think I said some of that beginning its about doing at not centric way. So it's not necessarily about the things you might see in putting technology directly into the guests' hands as they are in the restaurant, but more about using data and <unk>.

Owing the guests and making sure they understand that we understand them and their needs and we believe that's where some of the opportunity is the other piece is really behind the scenes. It's how we enable the team members use technology, new programs, new processes to really be efficient and productive at what theyre doing so when we.

Talk about data and digital it's really kind of this.

Tiered approach from enhanced guest experience, removing friction as well as making sure we have sustainability on our workforce, who wants to work in different way with new information and can be more effective and productive in doing it.

Thank you very much thank you.

Thank you our next questions come from the line of Brian Vaccaro with Raymond James. Please proceed with your questions.

Thank you and sorry about the tech issues earlier.

On the quarter to date average weekly sales of I appreciate the disclosure on the 101000 the last three weeks.

Can you share what would it be if you included the Easter week just to make sure. We're all on the same page kind of where the businesses, including that weak quarter to date.

At the higher sales weeks typically right Easter Easter was 115000 sales for the quarter for the first four weeks of about 105000.

Okay, great. Thank you and you mentioned that 700 basis point drag from Boston Manhattan in Hawaii. How many units does that include end is there a way you could help us sort of what would at AWS be excluding those units.

So I can tell you at seven units and we will have to get back to you on what the AOS would be excluding those.

Okay. Okay. That's helpful. We can circle back offline on that and sorry, if I missed at the what was the off premise sales mix in the first quarter and where dollars settling out in the last month or two in this higher sales environment.

So off premise sales were about 12% of average weekly sales of 10.

$10000 per week, and we'd see at landing between five and 7% going forward. So I'm, sorry, I'm out of Mis.

Part of your question Brian.

Oh, no I was just asking about sort of around 10000 and it sounds like that dollar volume is holding pretty steady March and April is that what you said.

I think as restaurants fully reopened with California, we're starting to see that percentage come down so I would anchor at more towards of 5% to 7% go forward percentage versus 10%.

And then.

Around 10000.

As a reminder, pre COVID-19 that was one to two.

Sure sure Yeah, Yeah, Okay, and I wanted to ask about food cost if I could.

I think you said you expect Q2 to be up 150 to 200, Bips and just to make sure. We're on the same page are you comparing that to Q2, 'twenty, which you were a shade under 30% even or are you talking about closer to 29% sort of the year that you saw.

In 2020, yes, that's versus 2020, Brian.

Okay, Okay, and what does that embed in terms of your food inflation expectations in your basket also be specifically in Q2 and how do you what are your expectations for the year as well on the food inflation front.

So overall it is primarily related to beef.

<unk> is is increasing 15% to 20% versus prior year for the second quarter of the rest of the basket.

We're seeing some pressure on other proteins, particularly seafood items like lobster and crab there are some offsets in there and so the majority of the pressure that youre going to see in that line.

Is the beef that we called out the rest of at relatively offsets within that range of the $1 50 of the two.

200 would be inclusive of everything.

Alright, that's helpful. And then last one for me just on the plan to accelerate unit growth could you walk through the economics or the targets you're underwriting sort of on average for those units whats the average cash investment that you expect per unit.

Yeah, Brian it's been light.

I think that everyone's probably thinking about it.

Inflation around construction, just given some of the supply chain issues, we are still targeting.

Our standard three.

Three to 4 million end.

Capital expenditures for those units and we will do the work needed to to make sure where we're staying on target there.

Alright, I'll pass it along thank you.

Thank you. Our next question is coming from the line of Andy Barish with Jefferies. Please proceed with your questions.

Hey, guys.

Really impressive results, especially some of those numbers you threw out there how.

How do you drive those 20, 40% increases in Florida and Texas.

You know with the.

The six foot spacing, I guess limiting capacity or or what kind of true capacity.

Passenger utilization do you think you'll have in places like.

You know like Florida, and Texas, better better wide open.

Yeah, So great question Andy.

Capacity is a bit of a moving target just from a standpoint of it matters. There's so many variables on it from how many tables of our booth versus freestanding tables, you have in our restaurants at one restaurant can do a higher percentage because of <unk>.

The separation standpoint, you can't put people back to back end move so it really does differ across the system.

I think one of the ways. The teams have done just a fantastic job on especially to your point some of the Florida, and Texas restaurants, as we generally still we're at 50% capacity and I'll explain that in a moment.

What they've been able to do is <unk>.

Expand the number of turns we're getting in the restaurant and so some of that at the partnership with the guests are willing to come a little bit earlier and down a little bit later on.

We've seen that trend continue as we open the.

The other piece is really around how we.

Staff and move people through the restaurant utilizing the private dining space for.

For olive dining and really make sure. We're optimizing every seat that we can in the restaurant one of the things that has somewhat kept up at that 50% average is.

From the beginning we talked about health and safety of our guests and employees. So we have been.

Greatly following the guidance that we've received and so even when you're here you know up until this week, Florida was open but the majority of our jurisdictions in Florida, we're still requiring six feet of separation. So it does limit you right in that 50% range around capacity now, Florida at this week has efficiently required local.

<unk> do not have their own requirements around spacing. So I think youre going to start to see more and more of that as we work our way through Q2 and into Q3 from different states as well as local.

Municipalities and counties and so forth so.

Give credit to the team on how they're utilizing their books.

I would agree with what I think Youre, saying is there is of cap at some point of how many people at 50% capacity with not being able to see people back to back end boost and you will hit that have I think what we're seeing though of simultaneous later starting to release some of the spacing requirements that have kept us up at 50%.

Great very helpful and then.

How should we think about.

Seasonality here on that.

In the <unk> I would imagine at.

You know drifts a little bit lower as you go through the quarter in terms of on AOS, but.

Obviously.

On a celebratory time seem to be celebrated even more enthusiastically these days mothers day.

Graduation, and father's day coming up and things like that.

How should we kind of think of you know the rest of the <unk>.

Yes. So if you look back at historical average weekly sales.

Q1 tends to be higher than Q2 to the tune of.

I'll call at four to $5000 per week.

On average, but that you know.

That's going to shift we will see how that plays out with the pandemic because of the geography and the au vs and as things open but that's generally how you should think Q1 is a stronger average weekly sales.

Volume for us compared with Q2.

Gotcha.

Yeah. Thanks, Thanks for the color on kind of some of that.

The tougher markets have you guys sort of slice and dice debt.

Like a suburban versus urban.

You know at same store sales number.

Yeah, Andy So we have looked at at <unk>.

Not I think generally let me say at best and Chris you can give a little more color from the beginning we've seen the suburban markets and whereabouts just to remind you of about 60% kind of mid market suburban.

Have outperformed through of premium to the urban market that is maintained and I mentioned Manhattan, specifically EBIT Boston.

There's one market one restaurant in Boston, that's still at 25% capacities of some limited by.

Consumer mindset in the marketplace, but also by local requirements around spacing and so forth, but generally speaking we've seen that maintain and increase you can give a little more color on the numbers, yet and while you really start to see at come to folders in April right because throughout the quarter, we had the operating restrictions and the.

The local issues, but when you start to look at April our mid market and suburban.

Restaurant switch, which we calculate.

To the tune of about 40 are outperforming the rest of the portfolio by about.

10%, 15% and that's.

It's been pretty consistent and that's been pretty good.

And as debt.

Part of the reason why.

The.

So all of the franchise.

Same size comps outperformed.

Yeah excellent point is and it's really based on similar to what we're seeing domestically. So part of it was California, we at the impact of California during the quarter, which is a completely company owns market, but yes to your point some of the locations, especially those seasonal tourism markets.

Just fall outside of the urban areas and in more secondary markets and more.

Drive market vacations.

Really really felt the positive impact.

Excellent. Thank you very much thank you Andy.

Thank you as a reminder, if you would like to ask a question. Please press star one on your telephone keypad.

Our next questions come from the line of Todd Brooks with CL King. Please proceed with your questions.

Hey, good morning congratulations.

Questioning on outdoor dining, which youre at a lot of success during the pandemic kind of creating outdoor spaces to.

To handle customer traffic I guess, if you look at the demand environment, inflicting here and I'm guessing the landlords.

Kind of.

Willingness last year to set up those outdoor space is that something you plan to do again this year I'm, just trying to get a sense of what.

Outdoor seating capacity looks like now versus <unk>.

<unk> of fiscal 19, because we're comparing back to about that level.

Yeah.

Yeah. So let me say this on I'll turn to currency for a little more detail by at least.

The majority of our restaurant is actually have outdoor patio. So that worked out well for us to your point, we were able to add some outdoor.

Construct of seafood, all outdoor dining rooms.

As California opened and the demand was still there for that outdoor dining we really kept that opportunity for our guests because I think we're still on that in between phases of.

People enjoy being outside of them and they want to be outside of the diners and so where we've had an opportunity of our youth Marina del Rey as an example.

Landlords there was extremely.

Cooperative and of real partnership to allow us to take on more space and after the demand has required at we've kept that and so yes. Some people moving inside and are ready to move inside but it's also very enjoyable experience can be outside so where were kind of taken out of a case by case as we go and letting the guests really guide us as to.

Where they want a dime.

Okay, Great and then.

Q1 2021 Ruth's Hospitality Group Inc Earnings Call

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