COLL - Earnings call 4 2023 | Collegium Pharmaceutical, Inc.

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Operator

Greetings, and welcome to the Collegium Pharmaceuticals Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded.

I will now turn the call over to Christopher James, Vice President of Investor Relations at Collegium. Thank you.

You may begin.

Christopher James

Fourth Full Pharmaceuticals Conference XXXX Collegium Call. to Quarter Year and Earnings Welcome by Chief our Ciaffoni, Tupper, joined Joe I'm today our Financial and Officer. our Officer Executive Scott Commercial Dreyer, Chief Chief Colleen Officer;

of provision we Litigation are of information promotional, made the none XXXX. and pursuant today's participants to forward-looking Reform any harbor is the we to to presented want Before remind of begin statements Securities that that intended Act today the Private be call, made safe today

that may cautioned involve and commercialize and able are may statements You such the the risks we current Commission. successfully are not we uncertainties, in forward-looking limitation, incur without other risk future company's to and significant our prevail of that risks including not that and products or detailed that filed expense the Exchange we be periodic company and pertaining with Securities to reports in litigation may risks our These business.

today. current may results future Our discussed differ from our expectations materially

Our earnings non-GAAP call discussion press include this information. release and of certain will

find at You website non-GAAP on relevant reconciliations press including release, corporate earnings our collegiumpharma.com. our can

I will our over call Ciaffoni. Joe now the CEO, turn to

Joseph Ciaffoni

during full Today, on Thank afternoon, joining fourth call. you, our in and XXXX. we execution operational year and the performance will everyone, you, the quarter XXXX and discuss focus for thank Good Chris. our

as living As well. we do people conditions, improving serious with build do we of a leading lives medical good diversified strive specialty to pharmaceutical company the committed we to

We communities. access with are to stem to of proud our and underserved partnerships education organizations equitable drive

pursuing will recently Massachusetts-based scholarships award U.S. major program this Pharmaceutical which of high a we scholarship at related to we commitment, a Collegium full the stem University. part As school seniors, launched X for

learning to students achievement, they demonstrated this as provide need, to pursue and service who We academic have a career a step. to commitment proud and are leadership, community financial opportunity

on their contributions their for team reflects responsibility, encourage for our commitment XXXX XXXX. our in integrity strategy. to read Collegium report to to a capital and financial our report we year our ESG delivered commitments Collegium the our accomplishments you was and like recognize also which We yesterday, on to Also, Pharmaceutical. and I for purpose. published the commitment mission website. and XXXX I'd executed operating with deployment our banner

Key fourth record adjusted accomplishments X.X% year-over-year we in We include growth in compared sequential and and QX Belbuca delivered quarter, XXXX, XXXX. record quarterly prescriptions total XXXX to quarterly EBITDA. QX Belbuca grew revenue In to growth starting the saw QX. and in returned prescription QX

renegotiated in prescription improvement. will This major year-on-year Belbuca Belbuca Medicare expect a materially rolling plan for to gross Part in result accounting successfully access We see We prescriptions to rebates. D XXXX. back of growth maintaining and net XX%

new Xtampza access to won XXXX. renegotiated We covered in Xtampza a all to Part gross XX% maintaining Medicare improving of XX.X%, decrease and of representing XX% X XXXX also ER in We successfully approximately contracts, million ER D We improved rebates percentage lives. plan prescriptions X.X of net plans. points over representing

net gross XXXX. see improve to XX% to to to in expect XX% We

X, extending an to if that in submitted Nucynta, exclusivity extend of for the XXXX We from of approval exclusivity new received period the exclusivity June franchise X December XXXX. extension population pediatric XX, July Nucynta the patient franchise months. U.S. for a We additional

for our bolster together The a half extension exclusivity new the decision franchise Nucynta outlook patient XXXX. XXXX. of Nucynta the pediatric with the second XXXX and in potential expect We population in for

in over in returning securities. capital $XX and executed in million our the million debt cash our paying program repurchase We marketable we and $XXX deployment $XXX.X our ended share shareholders with to capital through strategy and million down year

and for in success organization in XXXX the operational and Our beyond. achievements record position financial performance XXXX

free cash deliver to revenue, expect in EBITDA, XXXX. adjusted and income We record flow net

by fueled be will growth line Xtampza Belbuca top ER. and XXXX, In

are encouraged of XXXX, with full we the prescription we and to Belbuca gross see along the growth quarter We year growth saw in XXXX by expect in to fourth prescription improvement. net

Over accomplishment all This prescriptions will ER renegotiated XXXX. back the Xtampza XX% access is and in of rolling X plans. representing contracts Xtampza a rebates revenue in that maintaining past XX% years, of ER growth we major fuel

improve franchise XXXX The We We Act key eliminating expect of gross to on the to pain the is because portfolio. to on American is XX%. cap. pressure to net The a do team some anticipated to pressure XX% contributor revenue to franchise hard in our mitigate Nucynta prescriptions. Recovery Medicaid working expect Nucynta

royalties stable and to the relatively franchise Nucynta Beginning year-on-year in extensions in be with in to anticipated results. the expect XXXX bolster from we in we the population XX% along outlook exclusivity, to XXXX, on sales new achieved franchise for June reduction able X% for XX, franchise pay XXXX XXXX. beginning Nucynta pediatric loss our The deliver on and for exclusivity XXXX through the of in the XXXX,

on is focus execution. In operational XXXX, our

deploying returning our financial financial objectives. to shareholders. achieve our I program. am repurchase to shareholders for and financial long-term we share and committed $XXX to are paying our million rapidly opportunistically capital well to debt capital on capital positioned achieving our down create by aim and to while deployment We deliver confident value record our We that are objectives performance leveraging

call financials. over hand I to to the the Colleen discuss will now

Colleen Tupper

product year flows XXXX financial a We deployment our due XXXX BDSI include fourth of cash XX% to discipline record in for Financial the in million the revenue our million Collegium revenue revenues a XXXX XX% record the sales execute up Good of $XXX.X strategy. on banner the year-over-year product quarterly XXXX were and reflect leveraged fourth compared full and maintained timing all our year a was million, Belbuca We XX% year were in we objectives. net in revenue up Joe. and basis. highlights net financial for achieved full capital strong which $XXX.X quarter, year a our a year-over-year. afternoon, $XXX.X EBITDA Thanks, fourth up year-over-year. partial of adjusted net the a a and a quarter, and both record year-over-year. revenues to for million was XX% on of quarter generated record everyone. $XX.X XXXX record revenue to up full acquisition. year

the Xtampza net Xtampza For record net million, revenue gross XX% was XX.X%. to $XX.X ER and was fourth ER a up quarter,

For XXXX, a revenue was net Xtampza XX.X%. ER gross up record million, a was $XXX.X net to and XX%

XX% we $XX.X GAAP $XX.X quarter, were operating was the We X% a the X% XXXX year-over-year million year-over-year. expect XXXX. XXXX, quarter, contract Xtampza million year-over-year. down up in net in in the franchise XX% $XXX.X net expenses to the fourth completed successful revenue ER result down to be of in in gross to range fourth million renegotiations as and Nucynta XX% of in

million operating XX% million, XX% in were GAAP expenses expenses XXXX, the down operating fourth year-over-year. Non-GAAP adjusted down quarter For were $XXX.X $XX.X year-over-year.

loss For compared expenses was operating net to quarter a million, in $XX.X quarter fourth $X.X XXXX, were the up $XXX.X X% adjusted the fourth of million GAAP million for year-over-year. income of net XXXX.

compared in loss For $XX income 'XX. to million a net was XXXX, net million of $XX.X

share basic to EBITDA share year of earnings was fourth diluted $X.XX XX%. per and in the the fourth was GAAP loss and period. basic basic GAAP Non-GAAP share a per diluted up the $X.XX in adjusted quarter the share compared a adjusted up in full per basic for $X.XX fourth and earnings per million GAAP $XXX.X in million $X.XX record record was and versus fourth loss $X.XX per for $X.XX versus of Non-GAAP XXXX, GAAP earnings XXXX. $X.XX prior in in of and quarter quarter, quarter $X.XX $XXX diluted share was year XXXX XX% diluted the year-over-year 'XX.

million. the in robust ended XXXX, adjusted versus of to operating 'XX, our securities cash generated year. For million today see earnings of year issued reconciliation In results. non-GAAP earlier flows per was $XXX.X $X.XX release a prior of marketable GAAP and share cash press with equivalents for cash, we and the Please $X.XX non-GAAP $XXX.X

debt, the with year, the million year Collegium debt net $XXX.X EBITDA. paid For in approximately Xx of to down adjusted leverage ending

rate and by are financial of the the in strong the quarter We our cash in growing than year X.Xx to and increasing achieved revenue positioning at We adjusted XXXX. deliver commitments for financial EBITDA our goals our XXXX. year, position us full on more our encouraged fourth performance

announced We year. which this reaffirm we our XXXX financial earlier guidance,

$XXX revenues the We expect in net million million. range to $XXX of product

adjusted range EBITDA range expect $XXX million million the and $XXX $XXX expenses operating in adjusted to of $XXX million. in We to the of million

deliver ability confident our commitments XXXX. to in on our are financial We in

are value We long-term strategy. for capital on focused creating our through deployment shareholders our

rapidly paying return shareholders debt are capital opportunistically to through We repurchases. down share to and plan

of sheet, down net paying We rapidly million put $XXX would in adjusted over de year-end. deleveraging minimis us are XXXX, at debt EBITDA ratio at debt which the to locked balance into

delever to a is to generation. Our cash quickly our ability strong testament

through capital Since of open share repurchase share shareholders to repurchase combination returning of average $XX value a returned have of We price an and track $XXX XXXX, a of programs. accelerated programs, to XXXX, $XX.XX share average share shareholders. million In November. we've strong at million including $XX.XX market per at million an price of accelerated our since repurchased through per record repurchased our we $XX

to view repurchase Board productive stock believe be our we share capital to returns and use authorized our January, We repurchase In in continues XX a stock generate our to our undervalued, $XXX common for our a high repurchase as new that up shareholders. program share to program million over of months.

to over give will update. Scott I now turn to it a commercial

Scott Dreyer

Xtampza ER be to Collegium, and the share ER combined have leader At Belbuca, in XX% responsible Colleen. Nucynta ER Thanks, the management. proud of pain we're market. branded a

on key highly we well growth Our the the the to and that portfolio. organization contributor. have of our our a ER impact serve. XXXX pain the people pain be a communities focused and in portfolio with pain maximizing and commercial will positive momentum living with and is franchise on products are Belbuca for potential Xtampza Nucynta XXXX We lives of differentiated, ended positioned is the across

trajectory X% fourth XXXX total started the sequential growth we inflected prescription and the the second of quarter-over-quarter, quarter that X.X% year-over-year in In continuing prescriptions of Belbuca when Belbuca. the quarter, quarterly grew

an used uniquely clinical used the II more the believe broadly. is a We're positioned to of product doses we management, We should As that for market as before period. management requires that Belbuca with severe that differentiation Schedule and range responsible leader products treatment extended its broad II believe of Schedule III buprenorphine persistent and a grow. continues be pain Schedule the encouraged of in pain because

Belbuca drove second position execution XXXX the accomplishments XXXX. in quarterly XXXX. commercial in Stronger quarter sequential in of growth for growth commercial beginning Our

and execution, successful Medicare renegotiation expect X improved contract million to lives. plan a Part D major approximately covered of new Belbuca from a We the representing benefit the D addition of commercial Part

XXXX execution in Belbuca. Our in is on our support of focus strengthening commercial

the in Medicare through Belbuca's through field of in and investing our and strong push Part knowledge force, improving access pulling Specifically, D. training commercial

and do will successful, we if in as Importantly, to work growth Medicare It's beyond. coverage D for right Part the expanding and for catalyst XXXX on will Belbuca. serve thing a

Turning significant ER. to we XXXX, by Xtampza gross In to improvement. record driven revenue, delivered net

plans successful prescriptions. Xtampza to Our X.X offsetting gross for in renegotiations pressure prescriptions of reduced XX% ER XXXX, with percentage that contract on points, net accounted by

We ER expect successful all of a continuation XX% representing based contracts XXXX. off of in XXXX renegotiation dynamic our in that of Xtampza prescriptions

Xtampza differentiating it it from the Our ER quo ER health D. focus in Medicare and Xtampza is in access in has on strong OxyContin professionals. and status superior challenging label XXXX care has data both with commercial Part with its

Our with for replace patients. to OxyContin Xtampza aspiration appropriate ER utilization is

in we need new to D and wins. strive access position commercial strong Care, achieve through Part importantly, to Managed our In and pull

net and ability key of It's [indiscernible] to pain proposed to XX%. is differentiated have a care achieve is to portfolio. forever by professionals. We gross differentiated health to is wins favorably less Nucynta action. viewed a than with molecule contributor the and manage our highly mechanism a The new dual franchise

enables to in the manner relatively access Our in beginning XXXX strategy through of market contribution exclusivity. us franchise year-on-year, a loss Nucynta manage stable

achieving XXXX In our in commercial in operational through on accomplishments and closing, execution. I'm focused proud XXXX of objectives our

now back the to Joe. call turn I'll

Joseph Ciaffoni

Thanks, Scott. year banner XXXX a Collegium was Pharmaceutical. for

for XXXX XXXX Our the organization and our bolster in accomplishments XXXX and in XXXX. position success in outlook

operational is execution. XXXX focus Our on in

call will I and We to to deliver we deploying open are expect the for financial value capital questions. up long-term for our committed create now performance, shareholders. record to

Operator

from Sandler. [Operator Piper David with Our comes Amsellem question first Instructions]

David Amsellem

can you rearview So to ] then the On M&A. you're growth. landscape product. as Xtampza, the one kind then the and at I efforts talk extent question in the think you biz for on it And to to one on guess you with long-term question what return you point, Xtampza can, of the some that Do at you meaningful think the here [ to going look contract dev volume that mostly mirror, do renegotiations undertake commercial so. through is,

I Biz [ attractiveness thoughts the on are one. relative prices the of terms ], through being And just agnostic number you past, landscape. you're you've therapeutic asset talk Can your that think what assets verticals. And that's the So regarding latest talk Dev of that? to latest about your seeing in can then thinking out there, you talked in various and just [indiscernible] on

Joseph Ciaffoni

is then Thank this for and questions. come dev. back biz you going to David, Joe. address Scott and to start off kick over then Xtampza on So I'm the it and

go at First payer what thing the we we That that our the off confident it to for the the as off, that achieve be Xtampza, it really are is situation now is X XX% significant to net. is committed we XXXX to headroom and landscape. of we're now We try gives wins year-to-year course, will under asset. in gross move we're revenue to product. in continue then, through with grow forever us of renegotiation come Where have we're where managing contracts forward up to ability be typically the a for to accomplish years. after to with based X And every ability new that under that to

be So be commercial nedevelop. And to forward move there and to can there's of we new as the opportunity but efforts about where we talk will make there to this ones some happen. year, gross think that Scott to will things manage fewer continue

Scott Dreyer

David. Thanks,

There's I'd that room can strong plenty commercial have first Part say in organically. to through what foremost, D access first, of is, execution. we So still is we Xtampza. very And grow and pure grow for what means and

focus As our I how on And displacing is mentioned is appropriate patients. do that in prepared OxyContin challenging by remarks, my status for we the quo.

we change doing up to Belbuca, access, and forward. that, is as ability happens our been we to front Joe what by doing doing what so organically I'm behavior. the to see, we'll showing we've and customer of with in And the for said, payer where then similar have training confident people, we're move what And have as grow the right? we practicing

Joseph Ciaffoni

from business. David, strength in business one, what to confidence of is, a is emphasize the perspective, then, And financial important development I think our the

We with we strengthen ability we're execute gives us balance versus what along be and setting is to the on what financially each a BD that business to improvement as our further the sheet the clear-headed to core out And the continue, quarter do, position. from perspective.

have comment specific is, to So look, everything engaged be what your been board. I we with on continues would question, that to the

And to strong We people continue will the wait for to we we come deal to Collegium. there, And value in a right get the for position strike. done positions. when confident will be rational to is I'm

the are what differentiated exclusivity because number for acquisitions significant therapeutic on of million to critical that's From out agile be and opportunities we're peak focused think a XXXXs. And we want We reimbursement, we sales into perspective, are think a reiterate I'd there. want We $XXX commercial there only. stage assets.

Operator

William with Lugo Tim from Blair. comes question next Our

Lachlan Hanbury-Brown

the This quarter. strong Lachlan for Tim. Congrats on

changes is discounting cadence The this second number parity of D should Part year exams the if we any shift then with for or the given of question just redesign. of expect to the wondering And remind of that Medicare a XXXX, is, discounts course of contracts of have parity the year? the performed? like can between over in or any And discounts prior differences of are sort dynamics anything timing us how the if or contracts there you first

Joseph Ciaffoni

questions, about Thanks, our within we'll and question. take care and then answer talk Lachlan. managed positioning discounting Colleen, the Scott that will

Colleen Tupper

for then years, then type particularly coverage quarter. an nets to you and will net what most also product you as to XXXX as of which in I we've prior favorable the have it's relatively the be first seen third discounting in fourth. the bounces in and in gap have second is back cadence in And would far and and of hole positions, gross the donut gross quarter impact the Xtampza to as overall it say the seasonality known, or similar

continue redesign any of year So additional that we in to XXXX. for expect advance in another

Scott Dreyer

question Lachlan, then, your about parity And to positioning.

a we've know in what position And parity more. now there had to we grow. one before look, now, and have ample few So parity, there's opportunity is we major

share plenty in positions. of have to market left grow those We

Joseph Ciaffoni

in management, we've formulary. which as our are and Lachlan, in educating regards we And we instances are that physicians leader are renegotiations to profile is the I on come a pain at differentiated is in of think now only the positions. off And responsible only perspective, have Xtampza products. out ones asset I would with from parity the general, we access, with OxyContin the And clinical we the the there add, not just where maintained where in parity generally

Operator

question Belanger Co. & Needham next with Our from comes Serge

Serge Belanger

guess, I one, for Scott, on First Xtampza.

so X% if prescription you erosion expect year, Curious we've far you that's for and those for back? think seen to to this I what expecting were come Xtampza. about if a

And then second question, Joe. I guess, for

I think BD, for for the Has around lever a as in about your since think Regarding to talked such question, of view been evolved up strategy guess, also part priority XXXX. priority that company and for a you've BD transaction I that has transaction. or now past, wanting I the

So equity share with transaction? also complete purchase would the via curious the whether appreciation, price you to recent

Joseph Ciaffoni

then will Colleen Scott first Serge. the will Thanks, and share second. I the take and

Scott Dreyer

terms, performing the be. as be brand's to impact move throughout were line in year. right where where removed, And right quarter last where In year, the to yes, now the tends is greatest we'd we with Serge. similar Thanks, expect in the simple we to then first it

Joseph Ciaffoni

rapidly repurchase pay program. deployment. is we we're going what right we what leverage going is down Serge, do, and on to we're our know really regards debt. to with our will BD, I now share to focused is opportunistically And with would What we're start capital which

is really our take the and and of a One things our in executing stewards shareholders. of deals good record sense value pride track being of that make lot capital we for deliver of

the tell is and bit continue think we a there little talk can are in about as financial stronger, you when can Colleen I deal we at to get right a how the position is So we great aspects. price, about execute to what right the

Colleen Tupper

Yes.

So focus, Serge, is are debt debt or have which asset, would of below we the comfortable Xx What for around near-term raise to would ability our great the seeking on we in commercial a if with focused I as ability and say the the environment. our and use question also ratio on given noted, the stage And net positive are we're also have we market are side. I current say, equity supportive. EBITDA. leverage commercial what dynamics to is accretive

deal So right we along. think there a options comes multitude of fund the when we have it to

Operator

question with from comes next Our Truist. Leszek Sulewski

Leszek Sulewski

take the to Just opportunity. BD another on stab

one past in of $XXX sales. there peak one deals have smaller You terms chunky be is something in you we few a of asset an potential that versus mentioned can where see -- or potential the a pipe? in pre-approval would could Maybe million

Joseph Ciaffoni

a that is the I at we're we've potential been greater sales peak all they I be like And commercial-stage that the think looking previously, deals one The continues is the to mean doesn't commentary $XXX perspective, million into I be everything $XXX would with need differentiated would BD exclusivity million. XXXXs. already the appreciate done have question. assets, they what make board. of focused the fit for, than we think reiterate Look, from is I it what on to on that I criteria

have of go type the bring that to million the be position table, is the opportunity. a why one to can we of And So of around conviction can the execute we it resources if because we better opportunity, plus, reasons right $XXX that we're owner we, we're would that for the in then that. for great if

Leszek Sulewski

if squeeze it. I And follow-up. one Got might

special plans, capital you repurchases, potentially looked at dividend the of form have enactment On a dividend? any potential outside a onetime specifically some of a or payout the deployment of plan of

Joseph Ciaffoni

going one hand Les, question. I'm to that I Colleen. appreciate off that to

Colleen Tupper

continue options, we share all repurchase highly but you program over evaluate near in the we prefer that future. could see unless dividends, Yes, the and

Operator

question with from [indiscernible] next Wainwright. Our comes H.C.

Unknown Analyst

XX% large headroom to the near theoretical you cetera. of between gross that because how the on the mentioned XX%. might about exactly your still obviously we keep I not net and but years, Two, want now opportunities interesting guess find guess, talk if a plant, you to guidance I even big your would between, XX% couple maintain that ceiling et you term, Xtampza, mix Can to have volume Medicaid, that next don't opportunities, add Medicare under that potential you you see

on For gross the would that example, something keep a under a XX%? to I net table as [indiscernible] And follow-up. silver still that have you realistically at scripts

Joseph Ciaffoni

this appreciate Look, question. one, you're Oren, So that correct. I Joe. is

headroom together comes also We of go out year-to-year an update correct. that win have And on. something a plans. lot new provide we'll that to and is How you're

closing is the be thing be I to grow it volume catalyst of contracts management, it's moving able Part revenue. plans that in forward. The we'll in continue it sense, and/or to a we key confident it through If for patients. inch have I that's and But physicians are we that the more leader to be plans you continue update here addition that position and wide would then if is a when as can is say going want a you I'd continue path provide pain we on an in be together deep, that that there's forward OxyContin. from to can is where we to ER commercial And And will perspective Medicare that you how then but think to that that what profitable volume significant major in now mile Xtampza what getting year-to-year contracts Xtampza an happen. makes would piece where renegotiate D, emphasize access to also you a as ability, tell appropriate there move a responsible new to up grow more some whether open as are we look to, can to

Unknown Analyst

talk in flex is Can which think whether assumption that the view be little on well it's goes to acquisition you conservative runway now how [indiscernible] in our with bit that largest assume and now that's what guess product, on to appears existing and I that wins longer a on term certainly XXXX you talk the for that? now certainly, I acquisition. you. And product the fastest-growing to model about Can conservative I Because important your longer view Belbuca, that product But current settlements, most such litigation XXXX. potentially for that's regards that beyond, you patent away your and an and that or landscape.

Joseph Ciaffoni

question, the acquisition can Oren. appreciate you, Collegium job one I what for and tell has Look, an I that the So around. number executing was team one, BDSI done is the deal excellent exceptional an

start and Scott the most a think I things is his encouraging we're one amount deserve the because the credit that team the trends prescription of year seeing. here tremendous at that's of of

case a really view year filer a in we you is potential base there's do when that. From is following: first say we'll have an certainly acquisition BDSI settlement grow is Teva product their would that generic the IP a and prescriptions a worthy That's tentative say with Teva. So not has assume our relinquished a we exclusivity. to that's the there did They this approval. I strong what place XXXX. have of is I in because What we Belbuca perspective, would

filer Alvogen. The was second ANDA

themselves just They XXXX rolling an of who that was And then, with they are formulation. received And perspective, market us, course, perspective. Alvogen invalidity with from Alvogen third to For execute say ANDA to the invalidity a third first filer BDSI until IP, an pursuing which light attached that deal from Chemo the when from in half favorable regards holds the to the their received I of green CRL the the would bars XXXX. is noninfringement.

very or all have final generic, an case is XXXX Belbuca probably challenging of I with The regards and continue our generic because without to authorized the assumes make would particular, market, to we of We agreement think is make X need Pharmaceuticals what doses the happens achieve support will comment IP. come although see this it asset with players our invest whether the Teva. the we base is in I view could Par strongest and of to doses I upon infringing think Belbuca to do we in through to points

Operator

There no this time. over to questions Joe floor further for now would the I to like are turn Ciaffoni closing back at comments.

Joseph Ciaffoni

thank everyone, the today. year. for the to you and you, our forward joining you updating Thank progress throughout on look call We

Operator

concludes today's teleconference. This

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

Collegium Pharmaceutical (COLL) 22 Feb 242023 Q4 Earnings call transcript