WNS - Earnings call 4 2023 | WNS (Holdings) Limited

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Operator

Good morning, and welcome to the WNS Holdings Fiscal 2023 Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. And now I'd like to turn the call over to David Mackey, WNS' Executive Vice President of Finance and Head of Investor Relations. David?

David Mackey

Thank you, and welcome to our Fiscal 2023 4th Quarter and Full Year Earnings Call. the CFO, have Sanjay on Murugesh; CEO, today WNS' and Puria. me call, WNS' I Keshav With A press release today. detailing our results was issued earlier release XX, remarks on our available fourth quarter results is Relations year fiscal This of ended full section March for the the website focus will Investor www.wns.com. Today's and on XXXX. the at also

website. or materially from and forward-looking limited call by those uncertainties forth XX-F. and on keep risks Such in Please Some and factors company matters is those include, will that expressed forward-looking. in actual not known implied cause of could to are document be such company's that that are Form available statements these results This the unknown statements. but subject risks discussed the on set uncertainties today's differ are also to, mind to the

will can financial useful non-GAAP During certain results GAAP information this in today. issued investors. earlier which provide financial Reconciliations for reference call, of these the press be we and believe release management non-GAAP found measures measures,

of management are Net as follows: as will is repair measures the defined non-GAAP defined revenue revenue discuss less Some financial payments.

margin turn terms is share-based intangible share-based Keshav? and operating intangible compensation, of to acquisition-related acquisition-related margin over CEO, be call used defined will all excluding These the expenses assets, impairment is throughout would taxes. benefits income, amortization goodwill goodwill Keshav profit or like the benefits, to expenses associated of call. I or now and Murugesh. or net amortization excluding WNS's as compensation, impairment. Adjusted ANI, operating as Adjusted defined assets,

Keshav Murugesh

WNS everyone. macro morning, good well. challenging David, perform to environment, Thank you, continues the and Despite

of for resiliency after of execute. Net a WNS' revenue reported million, basis representing currency results by and company's basis X.X% constant business of strength year-over-year net space, on to came financial and the a exchange. XX.X% BPM quarter $XXX the fourth ability at constant demonstrate QX Sequentially, model the a the foreign increased basis on on adjusting a for in XX.X% currency. revenue health and X.X% reported increase Our and

Our fourth fourth XX X% his remarks. Sanjay logos existing year-over-year financial further acquisitions our on and performance growth added XX and WNS relationships. in sequentially. In expanded the added prepared details new quarter to will approximately X% provide quarter,

are year, the in solid XXXX Despite is it our service continuing offerings clear For our to as acquisitions. broad-based fiscal significant expanded and while while on subject advanced the not leveraging X understand technologies delivered and a these pressures tuck-in and fact, to compete. geographies invest verticals, the savings not earnings driven prioritization. strength required constant are of that that means clients future. Top across macro, our basis, growth deliver full well in WNS' for currency services WNS XX.X% analytics revenue weak majority represent to across line generating budgetary clear, or digital benefits ability business processes by investment as optional, to necessary the but changes immediate and

by and kept a a and have client's are in the As managed transformed process which are evaluation activities nature, based best client strategic best outsourcing result, become decisions of in-house. and are on partner which

top solid 'XX, posted fiscal growth per share earnings delivered line to addition In margins of industry-leading performance WNS and once again in in XX%.

clients. the of niche technologies. focused on allocation key organically unchanged to adding and and and balanced, tuck-in integral our component M&A including program. towards enable and capital the to year, disciplined, evolving company M&A philosophy competitive of differentiation, analytics, a which also to capabilities, data plans both the an ensure digital is as WNS' and investment domain approach is During expertise, our meet of part continued remains needs invest ability as well our global inorganically our

a build design, From and office capabilities assets growth middle expand which long-term help acquisitions create have company our key targeted we across front, profile M&A is back integration and span, of perspective, and margin well. which criteria we a above rate, and average valuation. these X XXXX, run. or should client at these carry and industry reasonable accelerate to financial expect In fiscal assets need completed believe end-to-end going a WNS Our acquisitions, solutions

to also addition M&A, In capital are important share element our buybacks of an program. allocation

also of with capital at share significant the our on made management 'XX, our progress the fiscal an XXst years of fiscal During IRR March of company $XX.XX. equity price or X.X as and diversity, stock equates Based would buyback XX%. I and price, than has a inclusiveness of more our XX% our million programs. shares X.X total purchased return program now repurchased provide to you as ago, update training the an WNS efforts inception average commitments, In since social over past X WNS on 'XX, shares repurchased ESG and human on share like to environmental corporate this initiatives, and impacts well responsibility of a quick year. million

between tracking improved Our science-based commitment for and significant ESG training, aid and and diversity, system objective reskilling and targets a care Board reporting to highlights include Turkey financial employee Syria. The initiative in our earthquake zero of launch to net our the expansion initiatives. and affordable of internal

and well X in our including Officer. The Chief WNS' announced best organizational the Forbes Chief moved upcoming recognitions inclusion verticals combines and Award being structure. Business world's Index Bloomberg Business unit, changes employers. differentiated be our domain-centric SBU protect independent verticals Officers each awards business now to will social me groups, evolution as corporate stand-alone facilitate report a strategic vertical next directly is well remain in U.K. company programs leverage The believe into Peacock India. The this by of organizational the numerous company's as to We which level scalability, to a globe, the units organizational depth. logical approach our our as dedicated U.S., order will as enabling list enhance headed XX help to including we by has the growth create structure, business or received each XXXX will drive better Back and February, the our structure XXXX into also Care's existing will Equality company based Golden Gender for in business company BPM. of and to new the with generate stage around for the WNS leader and vital named at impacts, operating responsibility The the synergies, ESG to the

a outlook. and offerings to weak our business for fiscal enters strong XXXX macro. global our the Turning attention with and demand year expanding the pipeline the new momentum. WNS revenue broad-based Despite

the XX% including revenue volumes constant addition, present, of In client the fiscal visibility company which vertical. The net represents midpoint of guidance XX%. our to stable remained growth begins currency travel XXXX at with

of We the upcoming I also for to from stable of call business now expect shift industry increase clients value to investments believe ongoing domain, business remain our solutions enable largely sustainable drive extremely to well value our the our high all intersection normal This business, adoption forward and Puria, turn be has operating models, migrate well-positioned technology at evolution competitive and the advantage. the of clients company end-to-end will function WNS manage transform office We as the and momentum, is level rapidly on annual help margins work as more is going pressure. a their Sanjay our executing strong in our models. In environment. to towards our key be to a in requirements continued higher despite will focused Margin engagements and stakeholders. I healthy would and business pricing summary, non-FTE wage and their like further and opportunities to of results evolving a healthy talent for expansion to BPM create to our outlook. over discuss Sanjay? as long-term at year CFO,

Sanjay Puria

and fourth constant quarter at In up revenue Sequentially, basis. $XXX basis. basis fiscal on the constant revenue up quarter, you, by and the reported million on net from last in in $XXX XX.X% Keshav. on a of a X.X% a Net same X.X% million currency WNS currency increased Thank XX.X% posted came year

Acquisitions growth X% to contributed X% revenue approximately quarter-over-quarter. year-over-year and

on expense and hiring than of more The wages, return movements. other movements revenue $XX.X offset interest net the was net WNS as compared new refunds wage quarter, currency long-term $X.X quarter from tax stemming and the from increase from and and nonrecurring by our was the interest short-term of costs, of leases in assets balances quarter higher and impacts growth expense expense and first and July XX.X% currency XX.X%, $X.X long-term XX.X% refunds cash to favorable million reported of income quarter. The offset impact on partially operating our from million income office expense earnings Quarter These quarter to year-over-year debt Quarter costs The on of margin income movements were productivity of Cube last to in with last was care million. The $X.X benefits debt. quarter. $X.XX the performance more on our interest on operating the and the tax higher Quarter and million -- call. In expense a tax effective profit the headwinds was and our existing mix, currency effective and onetime a as and lower increases, million came return recorded favorable partially the fourth than headwinds tax last last and leases. Sequentially, sequential XX.X% Adjusted liabilities, mix favorable offset higher benefit clients. of and adjusted of in rates. changes operating fourth rates operating delivered as revenue. of benefits WNS' compared big tax geographical decreased and result last improved balances $XX.X higher X in office costs. Both annual favorable on $X.X $XX.X were volumes a of higher and same XX.X% the These for advanced result and full assets partially Quarter monetary was rate Our earnings net our facilities versus higher tax $X.XX offset by result $X.XX company's quarter. project ramps. fourth from to momentum for benefits broad-based million bonuses X These operating sequentially, by per process, were of cash OptiBuy X of on to down operating income in our XXXX changes with currency repurchases Smart diluted variance a driven quarter in ramp-down net of adjusted accounting associated quarter. in are the quarter. last and Adjusted rate margin and unfavorable share highlighted interest quarter. compared tax our XX.X% monetary in for acquisitions, and share shifts by movements Sequentially, XXXX liabilities. These same the quarter interest leverage quarter of acquisitions impact fiscal increased Health by reported X volumes, offset $X.X resulting large currency the Year-over-year income of interest of margin work and were decreased result as with Year-over-year, both incentive increased Quarter million company's in at were by during and net average of a of from driven XXXX full and last in year revenue and our fiscal of million largely year fiscal X higher

in With debt increased end to debt. In As the attrition incurred last quarter days the of Quarter at reported driven of compared last and metrics, previous million in year came XX% operating WNS operating XX $XXX.X sequential and respect at XX,XXX, XXXX, quarter by our investments capital year cash of fourth $XX.X fourth WNS' as compared generated other XX was was made quarter. scheduled South services of expenditures rate reported Africa the in as the and balances million, desire million X CX XX% quarter, activities quarter in to $XX.X in clients' XX entry-level in Quarter repayments X total had in XX% and million. and days from the of the March and DSO fourth the to in quarter. In in key million in voice-based in-office $XXX.X days headcount for delivery. Philippines company last XX, the for of $X and the quarter, cash our totaled attrition

in in-person in operations WNS seat XX,XXX time volatile and X over discussing would coming mid-XX% of towards We expect basis progress to quarter-to-quarter $X,XXX.X be fiscal came like before will currency. year. with brief constant but our on office for attrition the the during range normalize to averaging reported from million, the the our continued summary in XX.X% on capacity XXXX up now financial Net XXXX the quarter. I revenue XX.X% labor up current was provide you end outlook environment. to low XX% at a at the a in of a fiscal continue Quarter and Build work

ramp-downs costs acquisitions These year XX.X%, as from at was currency in both movements million XXXX realized expense effective balances and $X.X by year new as OptiBuy headwinds balances. The a and was operating XXXX. broad-based of a long-term for and operating Cube and growth XX XX%, partial debt corporate the than unfavorable the higher Our the change interest additions business the of offset offset of year rate unfavorable higher growth on leverage wage our a interest was and associated and more the increases, expense the during driven XXXX coming company's by cash. increased company's volumes, from came from rates in a other by new lease on the result recovery logo earnings last XXXX, a X% onetime office The diluted down net XX.X% tax favorability volumes. share cost year. a by improved partially revenue positions, tax the of cash average of cash than from lower creation healthcare productivity XX.X% during of reported $XXX strength services contributed movements. The and in higher result existing a percentage delivered mix in fiscal by operating travel generated more adjusted the were work travel. company our expansions. fiscal in Margin cash adjusted client to rate. Organic currency deferred verticals points the from offset profits basis growth $XXX fiscal Vuram, line million million return from Smart the fiscal of In In $X.XX. facilities Revenue in resumption year down X prepandamic across geographies, and fiscal company's in Top of also XX%, Overall, at margin was benefited per tax asset. in incentive geography, and improved free from Quarter benefit in operations, XXXX, in full with to

captive share. In guidance $X,XXX full diluted provided basis. on on the to the levels, reported year-over-year XX% we constant to Based of fiscal earlier today, a X.X million of be debt range million callouts, WNS a our and million $XX million on growth representing ended WNS spent in issued made expenditures release $X,XXX cost $XXX.X both share, our We visibility at year cash the net year, acquisitions expect current During the of XXXX. balance and on approximately press for currency million million, XX% a per initial $X.XX capital spent to $XX.X $XX.XX $XXX.X payments million. shares million and year of repurchased or net per stock of with scheduled of $X revenue or company's

expected exchange in XXXX. X% top pound line an Our our growth fiscal of contribute year. X.XX acquisitions to British to rate for U.S. average inorganic assumes And projection dollar the are

added recent levels, modified element revenues fallen accordingly. a project-based to and our visibility acquisitions to our As very of the to WNS work have low our have an approach short-term high-growth we portfolio have

of XX% net the based midpoint XX with be dollar XXXX expects share requirement is income of capital result, our to shares. With expenditures, exchange WNS now a $XX We'll to approximately of to to rate. This fiscal XXXX open visibility range million. to million for on call assuming to As respect US million be up XX.X XXXX Full in range. expected $XXX Operator? million currently year $X.XX $X.XX, implies a WNS adjusted for INR enters fiscal count $XXX the the to adjusted a EPS to diluted of fiscal questions. the for

Operator

our from [Operator Instructions] Needham. And from Tandon Mayank of comes the first question line

Mayank Tandon

terms quarters, margins, in of be could terms quarter should to and up? the the wanted I line top you would the here. side both about that our on If linearity just talk the in helpful. From guidance, how ask shape of the of

Sanjay Puria

Quarter from X X to is upfront be there as expect well mentioned. at we usually, the X Accordingly, time, which this flat hit wage generally revenue perspective. a the inflation, that as is the productivity. as loaded from there Also, an we know Quarter I productivity, as Quarter

So margins Quarter of in as we usually from down well is around perspective, are tax is benefits, it rate because as X sequentially going XX%. rate onetime some a percentages the operating couple to the -- of an tax lower, approximately margin be so saw somewhere was as

David Mackey

when throughout as is rate Mayank, across you expectation growth seasonality historically progression margins Kind soft quarters look our of at Obviously, we the line. business, should year. said be should to and bottom the expand. done, should line progress but if look that the top both on you all and at the the accelerate, QX the the

Mayank Tandon

such own entered many that's enterprise as Got it. break deal ask scope wanted And with seeing important deals into in follow-up. initiative Are as transformation? deal given to about sizes deals a larger then uncertainty clients the maybe this That's around terms size, year. as business? for seeing helpful. you've Or clients just are and smaller an I you actually of just their you in pieces

Keshav Murugesh

I'll take Mayank, that Yes. is question. This Keshav.

recession, of is agenda clients that. be moving the transformation only and like not and savings, front other agility, but the cost quickly cost to the and -- leadership the most mild potentially would is on continues important agenda think seen things see end now of being now So that like what I with to starting around I are we to point a lot make comfort here a sector

believe, has WNS, company more invested So domain terms in also of just as not very of the for in be as insights. importantly actually so a a sector. of will well transformation that data these much And we to both technology positive, combination but for

I that significant with any seeing deals. must In terms focus change. not on larger-sized wanting clients I'm I'm deal lot of continuing progress of sizes, to say see a to

very look are that really are are seeing for we of conversations. to is changes a probably is this decisions been the number of of because pipeline I all environment and seeing to point we through macro time. these discussion all very, faster also potential long of looking number them. And goes strong we towards future any good in continues of us coming in term. also actually, combination has kind carve-outs. around of clients WNS So terms other the potentially ahead of this The The be What well are may push interesting in think, at in discussions for the the a immediate

Mayank Tandon

Congrats on the quarter.

Operator

from question Blair. of Nolan And line Maggie our next comes the from William

Margaret Nolan

Can the the change contract you there you a the is you're structural types bit little into is visibility that which talk methodologies, a in guidance? in the have that seeing, change that influencing pricing about

David Mackey

I'll that, Maggie. take

I the close you still look business, the -- types you that at to think and short and our contract FTE to overall we're look when the answer running at answer that of pretty mix mix I is structurally, the mean between no. non-FTE. XX-XX

the of higher are as mix of I X-year a you this business, affected that's the you're of duration, duration side seeing growth acquisitions them that as our business So slightly. but reduced we've profile type done, on result will, if shorter visibility design types build of have, which is opposed think has projects, the of the visibility contract more consultative a that to being the efforts shorter really about the that integration, right? contract implementation, focused type the

we've contracts a of obviously, kind change, in no X% to tuck-ins the contract So months done the have major or changed through company contracts. of of the bit of X-year X the little between the X types, I and think X-year mix revenue terms that the but adding

Sanjay Puria

perspective rates, the the anymore the from stock. of earlier And that's the a happened from are even I'll all business upon build where but on and well seeing outcome not cost as because are they perspective, not just we add, pricing dramatic transformation focused through a where technology are enabling ownership. already of change focused the clients total as any And shift analytics

Margaret Nolan

Got year down it. to the geographies? normal then you And That's you comment imply new annual it come on more the think I you as does level? that specific of can levels to kind last then or inflation mentioned level has And similar a wage of helpful. normal? characterized Or historical pressure

Sanjay Puria

wage our Yes. which was have in of be there last up made spoke the regarding what of From we we expect talent, we move -- guidance. normalized, forward, in around but fact, and skills technology perspective, about believe it's years, a and specifically a percentage to X those some it couple high we digital that's as the and we

Operator

of And question the from comes from our line next Puneet JPMorgan. Jain

Puneet Jain

GPT applications new and wanted I like AI, processes? that all client in to about ask generative of AI your Chat technologies

Keshav Murugesh

Yes.

all, that of you and on first Puneet, for being call question. this So for thank

focused all we actually, the continue are Now to be we that all tools for we because things will a as that our our into so that is deliver add of now discussion and quite GPT and like will is about that new excited armory to this we Chat on domain, AI actually clients. excellence generative believe started happening on company that

because times, these into work level tasks the our technology. around work NLP is of is repeatable these models and and that And cycle pushing would the it while around and not So the And you and of of ability some has been really the of that. be we longer this, evolution it, things of changing support, the the higher kind language, is look is some lower-level benefits of think what I intelligence the of say look of scale, are like if the data, which also a I will real accuracy I in first tools. and learn for by of at some will kind can the lot artificial think -- as us some terms a help will complexity really tools we to around while. of foremost, get we size seeing probably term at of this and people new what in quite done reduced cost, use

a The everything not important this think takes a of is really obviously. evolves, tool we care provide. thing that to how this is see have solution us. that we'll really that we for And we like But is to to wait discern that a here long-term it tool

will -- Remember, So It humans in -- at to the suffer be creativity, terms will of you will extent, time, not also able will do tool really will of limitations, emotion. It in cannot domain the like -- at. focused so always on its human from understanding it beings outsource lack good clients' is thinking morality, the not, core very this yet we there really so as one also that we ability. actually understand leverage. context, are point it are that good critical introduce. a introduce think ethics, a to in bias, that which therefore, the And tool. well. at be for same that, is on like differentiator cannot it's that overall, It us a time, tool business But a fairness, not companies solution. things will And which

So we're excited. quite

Puneet Jain

That's great.

I like it's also or that's the on new margin or new And the this new large profile account guidance whether guidance client, imply you've gears, full sorry, Like operating characterization. -- what shared I'm a and tool So Switching not does the for that incoming, margins like large already this. year? year acquisitions? if can the comment solution. business you acquisitions like of

Sanjay Puria

Yes.

XX% of seeing. is know well we time. better have that pretty acquisitions project-based months assumed we it's range expanding we quarters. the So takes Sanjay XX% are high-growth been the the time, guidance here. it a margin the revenue client, some what of a It what phase, accordingly, stable, From is whole typically, to operating range [indiscernible]. large gradually Puneet, they XX the have company we as from And months. level been once the transition through a to margin some starts seeing this margin profile At with same the because X than margin as are profile, perspective, earlier can

mix expect all to the to elements, we So be with year. margin the of at those XX% operating next for XX%

David Mackey

to margin I And about into we operating kind you to QX the drove think that, margin operating the add we quarter fourth down to of the margin and Obviously, this had onetime a unusual bit we drove of in below the that some XX%. that just little what had quarter of year full talked pressures expected Puneet, walking corresponding, year

at Excluding have items, XX.X% operating at been been margin year would for XX.X%. the we which have third would those adjusted been the XX.X%, we've quarter consecutive that

with we've think the guidance the of you midpoint spot for is for to XX%. look of when and I guidance Sanjay years. that in range XXXX mentioned at The XX% fiscal line where been X

Operator

And our next of line question comes Bryan Bergin Cowen. from from the

Jared Levine

actually on Levine for is This Jared today. Brian

new you of the In about this in internal far? early structure terms of learnings under performance talk reorganization, operating can terms any key or thus surprises

Keshav Murugesh

at surprises are new structure no all. operating the quite and we excited Yes, sure. about Actually,

seen is operational their in those they're they're seen of lot of a lot with and rigor We've leaders go positivity. into more respond of clients seeing very of excitement terms roles fact, in terms not and focus higher. much any ability for core difference very those but And I because new the are In we've attention a leaders businesses, impact think also within tenured seeing well leaders agility higher. of even excitement we're the much, structures, faster, flexibility running Decision-making them. core much now to end-to-end businesses seeing with each because much the of move a because lot is

the think I positive. start been has very So

Jared Levine

seeing terms of various client are are And improvements Great. what And any terms subsectors travel you serve? the anticipating travel, you here? you of then in in Okay. additional in FY 'XX

David Mackey

Yes.

Jared. Let me take that,

travel side. volume us see stable for business to we're the think the has that I happy certainly on been

the with progress the that our and services expand new to ability customers. continue added we're well our existing providing to to that We logos we've

travel. the at look pickup guidance fiscal in we not 'XX, you assumed If for have a

relative those around to looking and still We that businesses in X% opportunity recovery still pre-pandemic artificially to international revenue forward. were travel. would the about levels reduced primarily So X.X% we have of see kind travel around business

Operator

Research. line comes from [Operator Instructions] the from question Our of next Barrington Vincent Colicchio

Vincent Colicchio

-- any growth pipeline, at just be just we in you're look wondering you from terms sales this standout year. if flattish aside travel? Keshav, assuming pipeline, is broad-based if travel do out particular of you I'm fairly will Yes. it your the or called -- verticals

Keshav Murugesh

Yes.

So Vince, thank you for that question.

and little geographies Dave core first I'll what And far as you is broad-based seeing appreciate all color as that so as well I are is have slightly that travel horizontals. give we better. a you concerned, he So as foremost, across said, verticals, demand more think

David Mackey

Yes.

the of but we're does to that vertical the not growth The think be we bit. year doesn't existing I a the recovery that assume that just little It pumping expect as expectation of volumes don't will own. the guidance addition grow new and a that through mean we already the the travel we clarify in by and volumes had the processes of of opposed to clients that this relationships lost. driven to travel expansion pickup

healthcare projected on healthy is of the and assumption I verticals the across our Keshav's saw We're on forward. To our this do weakness see volumes in not this the it's any to we obviously to the expect quarter end of We healthcare year seeing line composition in stable overall extremely we vertical have the relative with down board. based the going the large So again, really QX. clients client see ramp what point, that market. weakness think in

Vincent Colicchio

of And your make large that any for thoughts are in in top of 'XX? terms X lumpiness and XX clients growth there what close those opportunities And are groupings? deals on top

Sanjay Puria

move very client client, around with excited a really and penetrate the and top growth. little for growth from a growth as was, the top new X XX fact, lower XX really the of a bit has in additions good part ramp and of large than be forward clients And the number we perspective to the top a them But about healthcare level a because opportunity and one that are company specifically, -- to the radiate process down healthcare that. of clients. from scale we mentioned we of Yes, or opportunity

David Mackey

that. for add to just And

those relationships But at think that clients deeper. add expectation, be look going a XX average. the the those I to those the work fiscal have you top growth rate will the plan our vast the when ability company of opportunities to below would of at and think kind you make I largest additional be clients at broader customers, forward, 'XX, majority for expansion in look when the

levels and opportunities, to company grow, continue across will the expectations there will to the reduce. concentration are the So continue

Keshav Murugesh

that fact also exciting here coming fact just of and top the that conversations new XX want to us. with lot this over a element one dialogue deep, we I new top is enter with clients the period add getting with excited we Yes. time, taking think What's on of the are mild, clients have in we're whatever, us all engaging X. place of that of the seeing prospects all also will because very recession, a for happening, and while are we and sets is

those but the to their new there's happening not For helping interesting opportunity, just of preparing that's quality we example, also cost, I top it. at us, their taking kind for of the sets the Lots think in them PEs who of with are I manage like place transformation, terms clients to who with line areas. for for challenges, looking in help of prospects all So change recession, this positive think in their of very some from looking business them conversations and are are very for and costs about help at looking We're WNS right? a that. -- of their us things

Operator

today's you will call. conclude questions This for no participation. time, At have this Thank we further the queue. conference in your

You now day. disconnect. Good may

WNS (WNS) 27 Apr 232023 Q4 Earnings call transcript