SLP - Earnings call 1 2024 | Simulations Plus, Inc.

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Operator

Greetings, and welcome to the Simulations Plus First Quarter Fiscal 2024 Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce Tamara Gonzalez from Financial Profiles. Thank you, Ms. Gonzalez, you may begin.

Tamara Gonzalez

Plus Fiscal Simulations Conference Financial the Call. to First XXXX Quarter Results Welcome are Executive today's of O'Connor, Frederick, me as quarterly Shawn With today will which Chief that updated Officer serve Chief earnings presentation, note supplement Chief and Officer; remarks. Operating Plus. Please Officer to Simulations a we our prepared Financial Will and

the can management's commentary, After access at website www.simulations-plus.com. the You will presentation call open Relations questions. on our Investor for we

that estimates statements risks discussed anticipates can today this these may Words take that a believe, and call. will assurances As the like, place. forward-looking uncertainties. reminder, information refer include to as There involve expect, and actually no our be best of

the company's factors in actual and reports the company's that contained future annual O'Connor. risk quarterly could to the turn I'll our Commission. With filed call and from Exchange results over Securities on Shawn with these said, the and significantly is So information differ statements. Further Shawn?

Shawn O'Connor

afternoon, you the out XX% as year. for earnings delivered you, of of diluted played the XXXX everyone, Results line share Thank revenue our in growth fiscal with solid and $X.XX, first call. per our Good for first anticipated. for fiscal conference thank and Tamara. quarter XXXX quarter guidance of joining We full

is performed our behind results. our what team clients. A Our very environment on well the background still for few softer a in biotech notes and pharmaceutical

last we you that spend the allocated previous As was years, in were highs, closed budgets usual though year-end. saw before we activity, than lose the what it short spend Even clients a our out encouraged of saw greater fiscal to before year. their XXXX year-end the fell rush use we

into XXXX. gained our fiscal for clients' budgets insight also We

below more spending. Funding but on signs X All horizon, portfolio X of causing well be to more the others continued we're to the looms are on that them to for again, cautious have years of industry's Some more their life going funding off biotech patent levels ago. show budgets. as aggressive still drugs conservative of have

continue to our clients. improve Importantly, outcomes clinical leadership for in and efforts discovery and accelerate analytics predictive our AI

we have since our context, our techniques approaches in For and utilizing beginning. solutions been AI

As harnessed that data have training we better AI access, the be and AI can evolved, enhanced solutions and with benefits predictive algorithm experienced technologies have accuracy. our

in tenure drug provided serving significant predictive algorithms. to perfect has refine data the and access necessary Our public industry development and private to

Our and leaders continue partnerships regulatory to is with us and industry future. and the with ongoing into unmatched agencies provides means collaborations this

segment's Moving performance. to our Software

converting active XX% Software ]. an revenues quarter, pipeline the increased strong and good [ for and activity renewal reflecting

a fourth articles physiologically-based PBPK pharmacokinetics increased XXXX, only and shifted on The unit GastroPlus spillover biotech or CPP to client from some for CPP, customers. business upsell. In quarter, booked commercial one team quarter PBPK $XXX,XXX. the X had journal lost exists XX customer in X new and was In total whose fiscal where referenced quarter. clinical upsells was or Our XX% peer-reviewed Biotech previously client had impact diminishing unit fiscal the from results. customers X%. we with still CPP and churn small quarter, [ a strong X new unit, the ] renewals business that business revenues pharmacometrics and XX in X in quarter. the revenue total, added the renewal also pharmacology customers weighed second Revenues reflecting declined our added

customers added systems the that X% later unit unit, our for and was quarter. quarterly one upsells two increased for the business, outcomes the business large were increased new the in new two booked business five given this a pharmacology to can calendar quarter, [ team reflecting but the on booked renewal results, customers. In amount volume No upsell. per and small existing renewal saw customer dollar with QSP with were quarter revenues There one new added We quarter's be license revenues oncology pleased this cheminformatics during Our XXXX lumpy. were quantitative a platform. delayed from nonrenewals, license an XXX%, and first QSP in during associated ]. biotech team client and or modeling the smaller The

momentum Immunetrics acquisition. The project Looking at completed client-related the due from services CPP negatively delays [ fiscal team out declined deliveries unit good milestones. for our quarter in that revenues CPP unit our grew to Services continued first a continues. first revenue in our overall unit, our fourth Overall, business fiscal projects project excellent usual good the grew to QSP XX% had saw first revenue In the that during momentum up quarter, the the impacted other the the client-related from were choppiness deliverance in with during and Services bookings. than in services business start in of quarter ]. Services the and impacted the including the the project revenues with end data were as impacted cancellation XX business the as and XX% of outcome. revenues one XX delays XXXX segment, XX% negatively benefit a backlog. Services quarter PBPK its flow large in XXX% quarter. affected more from and client year quarter projects quarter by a data completed

is pipeline, During QSP collaborating outlook reflecting Immunetrics projects pipeline on given team and well well. has the an is PBPK go sourced year. The new continues executing the completed integration for the to projects. the inherited leads post very Overall, in quarter, base XX active looks SLP the client the leads and the Immunetrics team for solid acquisition.

to today. call like key that four release a issued to today Will, simultaneously effective turning announcing your separate I'd we the appointments, call attention leadership each Before over to

all role for of operations Chief his been First, units. leadership with this our XXXX Bill over demonstrated Frederick has business Bill is excellent new and has assuming now Plus time. the additional Operating Simulations of will since Officer. operational role, In oversees

drug Simulations new role in identify phases the collaborative Plus Dan And to Revenue development welcome experience of marketing the large Second, organizations. of productivity. key pleased [ and Officer. enhanced sales we Zout years in cross-selling opportunities of sales to Chief XX has to over teams oversees are role across team Dan and Dan ] the this all enterprise

Senior expanding of recognize our has and strategies is President across leaders. is Josh overall proven these and component unit, Regulatory leverage to a fast-growing contributions units. And of transitioning Operations to finally, appointments leadership promoted Third, his Strategy. critical, regulatory the Sandra responsible business Vice to client-focused each offering. Suarez-Sharp our services These of of all for business will Fohey customer President, Dr. insights Sandra provide been experience

of a feedback putting growth. I'd you clients ensure attended to our the also first as always positive. Investor best vision November. been the We take possible way who we common in to first has of thank minute to turnout, like share a Importantly, long-term and Day our had sustainable a those great

encourages the into correspond years do our to acquired how domains in that addition our units the This and dive which collaboration. aligns us our scientific with the expertise. companies five into organizational deep a outlined we to in business, clients new this we we and over cross-selling structure drug business With we process In have structure. with also business development the structure, new reorganized

with at to clients, Will. the to business deliver offerings, the model. customized software of I'll And tremendous to and call our that, continues services which our core providing over each easy-to-use value turn team is Our of

William Frederick

and for Thank you, XX% XX% million had XX% quarter. increased total with revenue another total XX%. We software with to On software the Sean. revenue of up increasing revenue services trailing X%. strong represented basis, revenue up quarter revenue services revenue XX-month XX% a $XX.X increased Software and revenue The

first different. we've in As to year be tends the mentioned revenue no quarter due our past, quarter to this is and seasonality, our lowest

quarters will segment fiscal anticipating the the XXXX, revenues resulting a Services profitability reflecting result revenues the higher remaining for we updated in seasonally higher the see was gross that as had margin of we in of reporting our in in year. Total the quarter higher of as are fiscal cost XX%, in of We have remaining changes. past, quarters

XX% for more a last detail in into primarily the approximately XX ending revenues in trailing margin with gross XX% expense previously through now our multiple months separately months from I'll quarter SG&A how XX% due in trailing of Software and margin items from cost a few XXXX. them year, margin were reorganization the to last to this impacts Gross XX% go reporting XX decreased before in fiscal on from year, line our just shift services cost to services. first reporting for while reorganization reflecting increased quarter the of expense minutes.

quarter. Turning and business QSP CPP by was to unit represented XX%, XX%. was of PBPK software for XX% cheminformatics revenue, revenue the was software XX%

CPP revenue, was PBPK was XX% cheminformatics the For X%. QSP software XX months, XX% represented trailing was and XX%, of

on based XXX% accounts. to increased to rate renewal based and customer our XX% on quarter, the For fees increased

from customer average For $XX,XXX. $XX,XXX the per quarter, revenue to increased

fees, the to decreased customer on XX remained renewal have XX% our on rate based trailing accounts. For months, XX% at based

was For with XX services primarily X%. QSP average able been the account of $XX,XXX. XX%, revenue maintain ] quarter. services CPP from are fee increased [ XX% by XX% months, per XX% above rate renewal revenue business to still revenue, but represented The headwind. Shifting PBPK by this driven consistently we've even to customer rates was unit biotech was the renewal to our smaller for and REG lower customers, trailing nonrenewals our

within projects over $XX.X quarter to and PBPK revenue, For from during on year. worked XX% million the backlog first XX% slightly the end was of same $XX.X trailing quarter at XX%. services services XX Anticipated XX and months, [ XXX, million the increased year backlog ] XX%, CPP increased as REG months to last end the X%. Total compared to represented QSP last revenue was was quarter was of

accounts discussed, client activity, has to sourced increase our a overall services backlog. the addition Immunetrics including new to healthy our pipeline we previously led of helping from of base, As

at skill while progress. performance was for investors during announced at R&D a consistent This our looked our and and million to performing we measure operational In leadership performance, selling of sales personnel personnel We structure We opportunity marketing company-wide broad personnel departmental company-wide departments, million the this changes. We to This relatively on $X.X employees departments. at and quarter. consolidated cost all to the marketing general our following and still move and announced personnel G&A. R&D moved took development activities improve and continuing administrative improve research operations support our done statement into and customers, and sets to those changes process, in focus expense with and revenues other personnel capitalized us to million. to into our services all administrative the With expenses transition their and report departments costs and R&D, to recently R&D at providing to QX all marketing also our the our Turning consolidation overhead visibility moved costs moved $X.X of flat departments. evaluate all improved income our $X.X in made to into departments: to of with sales the recently remained expense all perform units G&A into better Total we to and and business accordingly focus the R&D allows we services, we moved expense on and departments. operational leverage expense following profitability departments.

structure movements statements. These compare employee statements. financial greater even spends our their spends unit in financial services future our quarter person reporting expense sales various final If including expense the would business and towards a in activities, working R&D will also financial and they for when Immunetrics now in selling this activity to who related last reflected structure example, review have a ] related expense companies would the to and We marketing be to working investors their on same company-wide believe insight to and research standardizing this completed acquired [ have time step cost activities marketing can statements. development on reflected the trends performance our reporting. expense our time For in

marketing taxes, last earnings increased or compensation, XX% done, was and on related to and were loss and year, operations the total $X.X We while or relevant for expenses marketing. throughout expense over XX% quarter will gain last margin We to XX% year. Income or G&A of percentage for marketing of per this accounted of before and revenue, remained EBITDA we've expenses, driving interest, this to stock-based income reduce income consistent from and financial This compared rising margins. Selling the from quarter total tax the quarter million to adjusted continue to and or items. from year. last share revenue and of million due cost to together reflects rate to quarter head revenue last million G&A and million, million last $X.X acquisition objective of transaction-related increased expense now compared up And revenue. for primarily driven in impairment $X services provisions with our quarter income, versus always year. XX% of the revenue. plan of of personnel. $X.X metric non-GAAP gross separately grow increases was income year. we million fiscal this Combined, amortization, at for increased expense revenue and $X.X expense last software from to year. We our of to Expenses $X.X in Diluted to maintaining R&D million $X slightly year, calculate million, X% in that was net interest of XX% million from any EBITDA by benefits metric last comparison $X.X for $X.XX each compared Other and provide generally as $X.X $X.X XX% by income our revenue currency a tax year. as any to or services or $X.XX million, and quarter quarter up adjusted sales shift reconciliation a XX% tax reflected our of effective our GAAP any continue million expenses selling back year. up both interest asset count increased XX% rates. Net income for or last $X.X exchange, depreciation million Adjusted additional website. Income added XX% $X.X decreased decreased in these the our the earnings time, G&A in on charges revenues from and are the taxes to bundled revenue for was previously adding investments to SG&A EBITDA release

investments, to to turning in now back strategic million the cash Now balance for continue short-term acquisitions, opportunities sheet. with strong and $XXX.X ended have and flow capitalized, and well I'll turn cash Shawn. be We investments to our the free partnerships. quarter we call and seek

Shawn O'Connor

you, Will. Thank

a from segments. the saw than start both cycles budget the funding Our levels. Services performance remain year. to Software quarter first provided regarding and results outlook said, the same remains good our softer underlying historical We That client our successful assumptions and as

guidance set XXXX with we Following of XX% revenue our XX%, fiscal growth of the range fiscal XXXX XX%. to revenue

we're but to the of in cautiously and improve context, clients mix for and too innovate XXXX to return solution. between and guidance develop as share million XX% fiscal year-over-year our results, effective positioned that growth Simulations XX%, optimistic range help market targets, $X.XX. The quarter meet include software of first XX% and With stated drug earnings the well total mix outlook. model-informed our we revenue services our more and per our $XX Given $X.XX it's drive atmosphere drug to the development and Plus XX% to between could is towards which at revenue million, that diluted are and growth, change $XX mid-teens XX% strong to XX%, safer collaboration here to to is of early serve

We history that growth innovation is a drug development have for long of biosimulation a and rich transforming future R&D opportunities. in and

questions. turn now cash. Thank the today. We time continue and generate for with And profitable operator that, to the deliver revenues, for grow to over I'll you your growth call your

Operator

first with Instructions] Group. question of Our Matt [Operator line Hewitt the Capital Craig-Hallum comes from

Matthew Hewitt

customers? I'm have like from of customers. end from budgetary some to you're get the starting little larger a little more issues. the what they Are the very maybe hearing comfortable the coming spectrum are But could continues sheet on more more clients bit and feel setting maybe they're bit you up Maybe hoping and or to and It more with environment first in one, buying hearing services? balance a sounds color we what small and

Shawn O'Connor

price very Pfizers of enter XXXX in some can rates time, terms in world of in those in We've of of terms very this the good good larger their this Matt, good be. fiscal engage Yes, you've than their of I positive being a in calendar to revenue their this in clients that budget got those of for off announcing setting positive I year. accounts in same be terms of some cutbacks seen there of year. are of in patent year's terms cautious very quarter, increase, fall they the discussions more some environment of At our segment as XXXX XXXX signs the terms large pharma relatively uptake producers want renewal good are some

see a not positive past, I'd of bag, say, compared ago today, a year yet. bit little there years So certainly to But mixed to very signs. compared a we Matt, some quite better

Matthew Hewitt

some And that margin the and regarding reporting the maybe question gross occurred. have services changes another of

services in not of I'm here So gross if hearing you the the is kind correct? XXs XXs. QX, going in that back bounce correctly, stay into to the margins upper They're will

Shawn O'Connor

the will resulting next accounting proceed the and that the forward Yes, into certain year. and reclassification we of expenses, reorganization people as carry

seeing margins it of at. of the to software I'm where should into Our ballpark forward back going good We improvements, business. the come the maintain of reorganizations, that as end expenses. sort these result it's And but changes, them this moving of not in future. of are the before, reclassification efficiencies with reset was where to go that I with anticipate a

that SG&A primarily of model, G&A gross will, the some overall reallocation margin That of of profitability those the Our but of you going line. part the will expenses into previously showed forward. if up in unchanged in a terms continue up

Matthew Hewitt

acquisition the the track. into It is back hop on Immunetrics sounds Maybe one last queue. then integration I'll like

Maybe some little addition couple bit times as this opening -- conversations, and there think a I far new what just synergies. more the has along anything lines? those meant regarding cross-selling some of a mentioned new creating color different of doors, up some as You talked you new

Shawn O'Connor

Yes, it's very gone well Matt. Yes, internal from perspective. an

therapeutic First, QSP cross-pollinization of projects together team the pipeline us front stand-alone and teams come a generated and introducing as combined upon it's to new We're in they -- areas the to the effort to expertise, their a expertise on their to do have well. of already more the are seeing of able internally. Externally. their very team very members entity, supplemented has good with they were put base, been that's opportunities, so on clients continued of to new with that SLP the sales their brought there than Immunetrics ability team the effort them pre-acquisition our and good side. working sense ] models, client some acquisition [ a from our the working of in develop Yes, host

pleased first that long was X-month not July. And as good in has very say, the we half here in of activity, terms the the acquisition So ago both mark externally. closed of and soon, post internally the very been year hit I'd acquisition

Operator

comes BTIG. from with of Larsen line the Our David next question

David Larsen

I a software fee take price. I And suggest seems head Can sequential as you can revenue able XXX% of the then progression get was into you're kinds just you fiscal on realize to to to price see, to in will side, 'XX. that impact sort increases bit which software for calendar of a the XQ? we about retention, little think I'm maybe that me it trying talk the also heading 'XX into

thanks. Yes. So

Shawn O'Connor

question in questions embedded of Dave. there. a Yes, Yes, your couple

more In anticipating of on profile seasonality quarter seasonality revenues, tend and absolute third absolute lowest software with level. a terms year. is I year that terms first revenue second, be up software software and fiscal the of dollar quarter in revenue steps the operate We an for business then out comparable our it point to of fourth last level, 'XX dollar coming to sequential is quarter in of the our

seasonality. quarter. With slips we quarter, the say slipped in on growth And the had revenue renewals process a this had increase, into changed last a the relatively that recall, from as our some fourth quarter taking that our one be consistent basis. there and to put to Doesn't a price this That came to the growth year-over-year price place announced going done, we which increase that in we first renewal next. we quarter-to-quarter in So process fall and isn't our if regard is be basis, year, year, quarter now, out enter of software-wise into effect harmonization that we you should time the that and frame. on

result were in increase So the terms year-over-year from occur second up quarter, fiscal macroeconomic price We a year. increase, that is last there. but the price extent price up year last jump the this anticipating quarter those not first already little to more aggressive question year year that jump versus Economics first in 'XX to we 'XX first necessarily affecting bit, this the certainly than your the of in a environment. were renewals increase quarter, have in the implemented changed we

on price And was increases, on so fees bring those that a rate of closed last We're price question, reflective as that as not out small renewal and relatively basically offset accounts impact your next on the we in answers their renewal did and increase this and it's the marginal. fees And accounts, renewal which calculation, very fee a -- always the but the not on Hope year, contribution Yes, year. XXX% is came did good few lower aspects large of go was in. all it so initiated accounts renew. accounts year? of comparisons or a is that not quite renewal into as good David.

David Larsen

can And causes in with just you remind me, fiscal uptick from seasonality, the revenue software fiscal XQ to regards XQ? does. to It what

Shawn O'Connor

generally are any quarter, XX% revenues, [ Well, mind XX% new our logos. XX% given it's speaking, upsells and in renewal, just Keeping better. the that in software ] buying

up, dating because license -- client in a XX-month XXX% the So it's back recognized when from origins, upfront typically all revenue -- signs window. to their our

new the typically, as license picks me initiated year. to remaining our another is from with application quarters they of clients' you in Forevermore, year, first and quarter their the licenses calendar close new not ] at allow December hence, in the the then active quarter, a window. business step November license license In are off up our revenue falls that some consistency the ended more February which more and the of January, first end [ quarter the budgets through quarter of to seat second us. up fiscal in

David Larsen

then guess, And your of margin? own moderated the of in just that terms scientists, in be inflation your inflation I like increases price a you're of to would terms sort level obviously to COGS that providing of, own and has a bit, which benefit

Shawn O'Connor

in in fiscal to last time year, down our fiscal fiscal our It's our certainly of marketplace fiscal has the scarce early terms That led jump with the when took we of in that for a the hiring compensation the It at year, pretty Yes. which big scientists marketplace place you the packages early the comparison in significant up in flurry 'XX, competition of where settled. compensation settled frame, last some terms looked increased resource. really biotech versus profile post-COVID our to year. fell 'XX relatively had remnants step-up funding that in their last

to roll so 'XX. but there forward dramatic no, not was wage 'XX you nearly it And as inflation as fiscal place that is as from takes 'XX 'XX, versus

David Larsen

QSP/QST from the you being to me. continue revenue Immunetrics, With only right? for the and expected as if generated regards more and item benefit should one think, fiscal heard line would is we grow for correctly, book obviously that and momentum to service. gain Just increase into And head I and I expansion 'XX the Immunetrics Is cross-selling 'XX. to to that through existing your

Shawn O'Connor

in window there working that's towards and earnout just fiscal as QSP recently of the know there, is of Good absolutely. are to we beyond. nicely, Yes, team where here already saw to our will contribution in years, growth the earn-out, revenue, year business of they our in that They the Momentum end first being contribute so the calendar Immunetrics [ and through [ they they That good, fiscal through an ]. framed services calculations where quite first -- of completed benefit indicative not we'll is made XXX% the anticipate their this QSP fell soon. earnout unit out already. quarter year ] are

David Larsen

Just more of sorry, China can you me. just there? from for me XX% [ highlight revenues of China? Anything ]. coming one to remind what And I'm percentage

Shawn O'Connor

Yes, it's a small contributor.

we about would XX% that in include bucket. Russia is the Asian which revenue of in terms to Our market

on don't good it's have growth on growth We the The is small ground region. software. number. a So entirely consulting that in

And yes, so pleased. been we've

I think sequence is been a -- that in good quarters X, us. it's X this for region X, of

Operator

next the with Oppenheimer. question from Brisebois line of Francois Our comes

FranÃ§ois Brisebois

terms are? increase what what kind share consider what of you -- any you Do done aggressive price color in or of those percentage-wise you've how on Or there? percentages

Shawn O'Connor

could the ballpark [ have Yes. year, gotten this this And turned year of industry from we a past specific I path historical But in norm ]. there, to price view, been that mean we doubled. haven't Frank. point X% increases have sort in the of

FranÃ§ois Brisebois

you space the to space, terms it here, And where of say goes back now? this consider that Okay. mid-teens the growth when hoping in you that we're would growth

Shawn O'Connor

lower the cautious my would XX% sluggishness business of or of the XX% That in you long-term this growth we expected and in given is market the range. the that sort into out Where remain I growth to of outlook guidance above be the that terms teams of pretty the market growth mean of of of segment. half as now? our is tells XX% the

FranÃ§ois Brisebois

that is of guess kind growth would does doable Okay. the the I'm Or that get get you require for market, M&A? I -- to pass, of that organically? by is, trying what to

Shawn O'Connor

biology goods the services always Yes. the has don't in that computational basket of growth. My umbrella. of play or view of most market your that and been all that we reports, above under we are at markets can And grow in included research

you in back the our run. of there generally, slice in to grow you the that there. look historically, above if or long the able go at that been part organic some terms then and market is of So pie growth we've become how acquisitions differences supplant But with

FranÃ§ois Brisebois

kind of us in Immunetrics there, like of of gives of a would that on Okay. what ultimately can side And you the software push be road, the the you you to the help terms ratio where ratio? obviously, a down terms would in little more the service services, understand

Shawn O'Connor

been has hold this XX-XX in our point at Well, mantra time. and pretty consistently, to I that

is to line revenues profitability. I and different to to sources revenue input two that think it's -- profitability bottom Obviously, growth contribute in software top line service revenues ways. number the and mix that important of revenue those can an

for broaden opportunities to arise to that before. growth always top split line that sort we've clients in exist didn't and So of into our maintain right profitability. Service the company service create support and Immunetrics opportunities of good us and targeted the are ways our that opportunities

So is above-market going revenue profitability to time, be growth at to but commitment and a line top maintain profile and there's out over good model. high the of trade-off good always the our

Operator

Thank you.

line comes from question next Our the BTIG. David of Larsen with

David Larsen

I that like REG PBPK, QSP, correct It follow-up and quick CPP, be ADMET, or deck, that, like is maybe not? ] here. a Just of PK/PD some and cheminformatics, then the in Other sure wanted the renamed. CPP [ other. to case just Monolix, the would were Gastro, seems divisions make that's Is

Shawn O'Connor

Yes.

ADMET CPP the report the is product pharmacometrics primary software is the Monolix we underlying Dave. cheminformatics. [ there, and business strategies the You've When the in the the product PBPK, units. the primary software presentation two of GastroPlus and CPP is units regulatory software details, unit. product business Predictor primary of in PBPK ] pharmacology, in cheminformatics, and are got the business The forms clinical

business information as So is summarized as product. unit well by we're summarized that presenting by

Operator

for time. this would over at questions floor closing to further no turn I the back Shawn to are Mr. O'Connor like There comments.

Shawn O'Connor

Simulations year operator, today. Take reporting Good I the your Plus, quarter. care. all forward you, and and to good. Thank start look thank of next you results for to continued by Very attention

Operator

teleconference. This today's concludes

lines Thank disconnect your You may at for participation. your time. this you

Simulations Plus (SLP) 3 Jan 242024 Q1 Earnings call transcript