KLIC - Earnings call transcript Q4 2019 | Kulicke and Soffa Industries, Inc.

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Operator

[Operator Instructions].

Our first question today is coming from Tom Diffely from D.A. Davidson.

Thomas Diffely

Yes.

So I guess first question on the PIXALUX line. see accepted to customers. nice very that by being Obviously, the how the Curious, about benefited margins you talked it during quarter. structure kind Was that for? true helping the accounted were tools product margin the of margins? because some Or of is the of that's the already that

Lester Wong

it's Lester. Tom,

because tools, market quarter, was it's expensed R&D contribution until already by the that, fact the the higher been the For margin like acceptance. gross to PIXALUX of many new through

into fall-through all margin. the X -- tools terms So gross complete in a of is

Thomas Diffely

Okay. Or... On do basis, we expect above corporate the be a go-forward tools average to for margins?

Lester Wong

Yes, gross the ownership so a very will company. PIXALUX our We on advanced we among the it be has customers. is tool do. and technologically most believe margin for for market, of PIXALUX higher low-cost and the among the fastest the the

believe we remain that high. will the So margins

Thomas Diffely

think big point? And how Okay. do this Good. market you is at that

Fusen Chen

the can you repeat Tom, questions?

Thomas Diffely

is or big How the or the PIXALUX solutions? Yes. miniLED other for micro market for

Fusen Chen

going We electronics. at big consumer this for Okay. believe of application lighting to market early grow stage the we a are and significantly, is

we us, of revenue about XXXX. the annual ramping to believe, customers. We for So target depends our X% in XX% do on schedule

future, plan. mini So think that's adoption could And -- as in and our bigger the getting continues. I of microLED

Thomas Diffely

for just mobile screens the today? for or this And clarification, Okay. for size is is computer screens? screens What

Fusen Chen

customer are is electronics, multiple actually screen need But size and can very to display working we probably be display auto still future, the -- already consumer direct the the customers industries. we the is to actually and big actually, live. with productivity. including view screen. in Well, The actually, in from small increase But big display,

Thomas Diffely

was margins then you're flat the times Curious bit OpEx look on differences the in a because fourth in little It relatively -- And you at the on wondering side. quick wedge any like I see the revenue, of where margin to you're higher model to Great. a lower a the of the a the if bonder itself. side, it's going boost on on front margin front. when on bonder little been. a see you though, sequentially expect quarter, Okay. ball is similar sounds the question lot

Lester Wong

I Tom, at. is XX% margin to probably think the we're looking we're Well, that -- still looking at That's margin, corporate what XX%. margins between the the

Operator

next Craig from is Ellis B. Our question coming FBR. Riley from today

Craig Ellis

Congratulations on strong in the the guys. earnings performance quarter,

one was had clarification. Tom's I of really to relates question. It question first The of a more

or eight couple that So a accepted just sale you I by that? about more broadly quarters think are systems what most recent for quarters, a customers? customer, are those talking have how discuss three in in there the shipped last ago, one I've Can that two we quarter. than of heard is five the Are being couple even

Lester Wong

Lester. couple it's about a We're Craig, of talking customers.

it's not So one customer.

So evaluation now sales it's several been customers. at several have among going customers. The through spread

Fusen we at So half going customers. second be, ramp in the will X the that different said, as and X forward, probably or believe

Craig Ellis

certainly, Is any rec West, since the at if from we systems? capacity internal Okay. be capacity we was be shipment that five would of sounds as it announced tens ramp And in Fusen's your and business' are us. would in of to where that be? capability systems, rev to it there aware What's ramp SEMICON there so, on system? of? issues clearly, look need material back the the that this expectation that, product at commentary front And But this like a

Fusen Chen

prepared while. Well, the no, Craig, coming we ramp. We know a for it's for

the will a be that ramp. during So not believe we capacity do our production bottleneck

as produce is we're ready systems required. think as to I So many

Craig Ellis

back, questions. then go of one to to And Fusen, Excellent. I your wanted

you opportunities it revenue got that could revenue list? if assume sounds by the see? opportunities of there growth near that a very But mentioned visibility there. prioritize us help some pursuing, new I good ranking of new just you just and PIXALUX like I was were the you wondering you've us top. was number is could You that that help on company the

Fusen Chen

Okay.

think, first seen customer think signs quarters. clearly, few the quite whole that March recovery semi no of XXXX year, past than all, are capacity trough. And there we and over. about made industry, our next the from good ahead growth our they by So industry. is quarters, of to NAND for a We for two adding downturn throughout the followed adding us calendar quarter-to-quarter the only is story that not I XXXX, memory with expect actually is capacity, the I see and first we the more are see And wholesale and industry And the also positive the big and XXXX us. a expand year positive X DRAM. memory, And actually Historically, right? then themselves, for

ramping market That's few months or a X year addition PIXALUX or this year calendar bright expect X do good can the I said a I of specifically late conditions And going X% us, ramping times, depending a XX% schedule, on I whatever, a revenue. but us, to be for to think a customers' to XXXX. be for we one. described, is it's So in and in actually spot just

because and with of it some chip have the expect have customers our good for we And also are customers free multiple TCB market also, production. in in already we show -- qualification. traction engaging We

believe do growth, both show good in fast and of XXXX in TCB we So in which traction XXXX.

the our So market for that's industry. have we in all seen and

Craig Ellis

I'll ask has favorable That's low yet I to well XX%, the margin And some get business and the are does helpful. the of on the gross as there. Lester. are of we the bridge Can at the trough, near at Okay. end out side. model the it just range? to target mix, where gap you long-term take are to model, benefit to us things very into the is help target company between you what going look a that Lester, margin with operating target gross understand, here the the on longer-term model the we believe, question very

Lester Wong

the and Well, think believe on TCB is range, more 'XX, We the about I what what Those well of tools the becomes margin 'XX at are that call revenues and as some kicks Fusen beyond long-term Craig, as as -- those PIXALUX higher-margin company's the would what talked Katalyst of target as looking as we in. forward. APAMA we're that well model new XXXX tools. -- drive gross that, X.X we

huge always Fusen a know, for has well you As focus been cost.

carries And terms gross initiatives the core been APS years across one businesses. over costs Fusen of margin continue higher X in is then We equipment. our also, capital of to our sales. reduce board that has than our for the increase APS pushing

So I we different target margin presented. we those think believe between can elements, gross the we towards drive

Craig Ellis

buyback me Can trough. with Okay. were in the closer its level to in quarter of at a its or you or seeing that the the to what gentlemen you're should really the we're help of I'll $XXX back the hop the stages And early did Fusen, Last share million we in something repurchase to looking prescient like and point for a quite the as we call terms in one quarters of where most buyback mouth quarter. just queue. of is share activity into early understand similar recent at money what then recovery, great the now? intensity looks putting how March us prior company were a this X a Now expect quarter? you being very job X

Fusen Chen

Okay.

can to want capital before the logic. us, right? thinking I M&A. number, So we I the think you Craig, is is So answer have with growth, for I to I believe the tell most capability, at and repurchasing a payback, do including stock you important dividend our allocation company, open our

think I certain want but at proven. point, with our make be engaged M&A, So to we a development we will for organic sure sure,

strength. have We a

We have knowledge.

We And traction. think have a are we commitment. I seeing

near-term from consider already So say, year now, a would horizon, yes, in the I we I seriously M&A. think

to repurchasing to precise because but I need a among and you our right? it's very a to -- going answer we repurchase the also repurchase the we activity. And depend our hope I and amount, program. to balanced use So among we dividend, it's on answer continue think the M&A, them to are of I committed we'll -- when continuing questions. dividend, difficult So your continue with capital committed, view, be are we M&A decide and to trigger

Operator

David today next Our Securities. Duley is from question coming Steelhead from

David Duley

a Just clarification.

to said in bottom? from was -- and in was the it wire or remarks, reference, business that I total bonder your the up XX% bonder sequentially up business the XX% you think prepared

Fusen Chen

it's of overall Actually, equipment.

a course, big Of ball part the is that. bonder of

past see the in wire coming bonder back strongly. actually quarters, I we think and few

revenue. our of XX% about represent they think I

I talking overall, So would we're ball say including about bonder.

David Duley

you perhaps give -- the higher what market. talk you're a you that think -- seeing you could the understand wire are or utilization of And mentioned rates from the or about Okay. if don't in then Could bonder lower utilization And rates what fleet. I China help there? us measure us

Lester Wong

Sure, Dave.

So in the XXs. utilization rates we the high is in see field

However, that and as the end businesses region. well is the out I'd customers as uniform it like to point not all across

China it's has China, down question rate the Korea your the we XXs the Taiwan Actually, regions actually of in and highest XXs, all come to is Specifically while the at in about low utilization in as mid-XXs. see.

China. by utilization a of lot think been driven has rate So I the growth

David Duley

helpful. business a key content? talk the guess running now. space, or growth? That's the more as I spur you what very vehicle is in get the businesses what as each will Or the trigger and segments just And automotive it kind more is two stabilized And far and to of mentioned gradual you're in electrical of one improvement For these Okay. memory you segments -- those of Could XXXX. again? vehicles the instance, automotive up electrical in have about the expecting

Fusen Chen

we'll memory. memory, assume, on also in the This and consumed server growth what we among areas, largely and And is high-performance But think, we So first And expect memory in the will don't based can bottom. we to memory, assume, still I sign here. I I I was think it's big in in growth. increase much the quarter-to-quarter. auto also believe our server historical our lower that right? right do from computing. think, the computing consume believe, traditional -- fairly auto, the now, results, So But automotive will we

we step industry the already I be our will expectation. growth. that And and up, quarter and is will see recover, think holding next the the price then whole X

David Duley

that as year, the these like LED -- is, other back may get think million I peak reason recovery and get to up can't and have space starting business Is you think spaces. contributions far business you next back allow as guess any ramp maybe in can't reason question back the a to there there product you then to that segment is recover core And to Do levels? there million just new not of kind you that -- you Okay. you or some rates? bunch of have up happening, looking $XXX first -- any and it $XXX run get seems that think any to quarter of to is per revenue not of to

Lester Wong

that think target. semi, I as going general in be optimistic are high there in. not But auto. particularly was a Dave, we So cautiously hit about Fusen a well LED significant we're quarter pretty the think a recovery, sure while both think recovery, I eventually, to XXXX. I'm $XXX And will said, million we memory as as in coming And is the

Fusen Chen

more maybe all believe of do greater David, is you. bit for We a recovery little recovery this So a color.

So example. an let you give me

times think for I Christian model original $X.X the few me model, our about the asked billion. a XXXX,

little it a So the you this probably probably can I answer, color our -- bit in if give mind. of

about million year $XXX current level talking goal the assume So baseline. as a XXXX talking set I'm bring XXXX, the of XXXX, 'XX, I'm the a recovery we about after as to will original a baseline. of

to next $XXX probably the revenue also So market. additional chip, million, mentioned right? the free X and we PIXALUX In revenue This a the we years, can product our is that's we X $XXX revenue, organic TCB, including additional million growth total 'XX, baseline. years, believe as introduced APS from additional Lester add 'XX, the 'XX,

about So right? I to So we're we going the to $X now, at probably look do reach I million the it, $XXX hit But time. $X.X XXXX probably million believe quarterly will revenue, as and to to $X.X time be is this, $XXX time billion, reach this will we average billion like XXXX. it's about from despite think -- billion. XXXX Maybe 'XX right beyond

So expectation. will that our be

Operator

Group. Capital coming from Craig-Hallum Our next from question Christian today Schwab is

Christian Schwab

and automotive have business in memory Fusen, an revenue this to give cycle? can both you quarterly you if idea us the peak trough that

Lester Wong

Lester. Christian, this is

the now, trough. and memory auto near we is So believe right

So auto rate X/X is was, quarterly to run roughly memory what XXXX while XX% is about of X/X.

Christian Schwab

Fantastic. Okay.

see equilibrium fair? And could That have my a spending that half in money so out a material the supply of quickly, on to up memory Is Is we second more fair again side. we demand memory year, and -- this true if that opinion. assessment? a ramp pulls get more could cycle and in the CapEx back

Lester Wong

it's Right say fair. memory revenue. highest, to X% I'd X% close now, it's closer its is of XX%. At to to

in rate. a So could a be both, I think NAND. is recovery, recovery I If DRAM back, if there think, seeing comes there significantly, faster I we're some think,

Fusen Chen

shares Yes. the know, And Christian, as high memory market you in actually have space. very we

Christian Schwab

levels me. business. about that Or can the based a to Right. automobile gradual for business there I side, of of questions an at greater next units recovery then automotive a is more over it. that year lack a Or units? should on series recovery It nice two that if could these just time? much was know type into kind in of for automotive vehicles, see a recovery? stay with clear of of word, Right. or Is recovery business, the wasn't upon And the a going electronification, better

Fusen Chen

any know sudden. will be you Christian, segment Well, not recovery

expectation. momentum. bit my half maybe would it's The a a next take So of little show and really maybe say more will auto second year. digestion I stronger

Operator

[Operator Instructions].

Sankar is & from question Company. Krish Our next coming from Cowen

Robert Mertens

on Krish. behalf Robert of Mertens is This

one housekeeping had the size quarter? I this quick packaging of follow-up. then a a and business real the first, What's Just advanced

Lester Wong

size advanced of was The packaging XX%. about

Robert Mertens

Could some then little strengthen is going sort December stronger broad-based just softness this it's and continuation? next quarter? takes of to And Great. bit sort that's Or into you're puts weakness. quarter-over-quarter, around you guiding typically a in of one areas other the Is you're flat area Okay. of quarter sort there some some where and seeing give which seen seasonal be ones?

Lester Wong

as think still I but recovering, have auto call, still soft Well, we is think on indicated we the and memory right now. they're

the and recovery semi China. ahead more much LED particularly think I in general is and in

the China. utilization As very in a OSATs at are I high rate running indicated,

of believe the we flat LED. So the growth that and coming maintenance at or revenue semi general the from is

Operator

for floor comments. of over any We end to back session. turn reached the to or question-and-answer our further the I'd like closing management

Mr. Elgindy: Thank you ____________

inform several throughout London. the be wanted in roadshows upcoming in we Quarter, conferences Before to will closing, New and investors that City Dallas, December we participating York and

Additional details can be found at investor.kns.com.

at adjusting Also going to timing the Xam our approximately forward, of pre-market we calls will be Eastern-Time. earnings

for Thank you today. time all the

As always, feel Operator our this any follow-up questions. day. to call, good please concludes free with additional directly

Operator

does Thank conclude you. teleconference. today's That

and may for you your You a today. your wonderful participation We have at line thank time, this disconnect day.

Joseph Elgindy	Director, IR & Strategic Planning
Fusen Chen	President, CEO & Director
Lester Wong	CFO & General Counsel
Thomas Diffely	D.A. Davidson & Co.
Craig Ellis	B. Riley FBR, Inc.
David Duley	Steelhead Securities
Christian Schwab	Craig-Hallum Capital Group
Robert Mertens	Cowen and Company
Operator Greetings and welcome to the Kulicke & Soffa Fourth Quarter Results Conference Call. At this time	all participants are in a listen only mode.
A brief Question and Answer session will follow the formal presentation. If anyone should require operator assistance during the conference	please press *0 on your telephone keypad. As a reminder - this conference is being recorded.
It is now my pleasure to introduce your host	Joseph Elgindy - Senior Director of Investor Relations and Strategic Initiatives for Kulicke & Soffa. Thank you - Mr. Elgindy you may begin.
Mr. Elgindy: Thank you
Welcome everyone	to Kulicke & Soffa’s fourth quarter fiscal 2019 conference call. Joining us on the call today are Fusen Chen - President and Chief Executive Officer and Lester Wong - Chief Financial Officer and General Counsel.
For those of you who have not received a copy of today’s results	the release - as well as the latest investor presentation - are both available in the Investor Relations section of our website at investor.kns.com.
In addition to historical statements	today's remarks will contain statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results and financial condition may differ materially from what is indicated in those forward-looking statements.
For a complete discussion of the risks associated with Kulicke & Soffa	that could affect our future results and financial condition - please refer to our recent SEC filings - specifically the 10-K for the year ended September 29 - 2018.
I would now like to turn the call over to Fusen Chen for the business overview. Please go ahead Fusen.
Fusen Chen: Thank you Joe.
Since the March quarter, we observed a gradual recovery in our overall businesses	improved field utilization rates, increased demand within both capital equipment and APS segments, continued progress within our Advanced Packaging program and we recognized revenue of several Pixalux mini and micro LED systems.
Considering these improvements and the state of our industry	we will include comparisons from the March quarter - in addition to sequential comparisons - to provide a broader perspective - during today’s call.
In parallel with improving market conditions, we continued to operate very efficiently	generating strong gross margins, and executing on near-term cost saving opportunities - without jeopardizing our ongoing development projects.
For the September quarter we recognized revenue of 139.8 million dollars	an increase of approximately 10 percent sequentially - and over 20 percent from the March Quarter.
The sequential increase in both Capital Equipment and Aftermarket Products and Services segments was driven by improvements in general semiconductor	LED and Advanced Packaging. Demand from General Semiconductor and LED - our largest end market - increased by nearly 17 percent sequentially and 74 percent from the March Quarter. We have also continued to see improving demand from our OSAT customers - during the September quarter.
As you may recall	demand from memory and automotive end-markets declined fairly dramatically in the June quarter - partially offsetting the same period improvement within the larger general semiconductor and LED market.
However	demand has largely stabilized within Automotive and Memory end-markets through the September quarter. This stabilized demand - improved NAND pricing and growing semiconductor opportunities in Automotive - provides confidence.
Overall	our Automotive and Memory solutions remain highly competitive and we anticipate general recovery in Memory and Automotive throughout fiscal 2020.
Capital Equipment sales within the September quarter increased 12 percent sequentially	and increased 25 percent from the March quarter - which again - we believe represented trough demand. The prior two quarters of sequential revenue improvement - help to highlight the resilience of our end markets and also our ability to generate demand for new products through the cycle.
Within Capital Equipment, we experienced increased sales within many of our businesses	ball bonding, wedge bonding, Electronics assembly and advanced packaging. Within Advanced Packaging, revenue for five more Pixalux systems – our mini and micro LED tool – were recognized. These system sales provided strong margins, which Lester will share more detail on shortly.
Our aftermarket products and services segment	APS - has increased by 11 percent from our March quarter - and 6 percent sequentially - to 39.4 million dollars in the September quarter.
This demand is consistent with our longer-term quarterly APS average of approximately 40 million dollars in quarterly revenue	which supports our view of a healthy utilization rate for our large installed base of ball and wedge bonding systems.
Healthy APS sales	improved utilization rates - increased demand from global OSATs and ongoing traction with our new products provides increasing confidence for stronger 2020 performance. As we look ahead - we remain focused on customer engagement and operational readiness of our new products and are very confident of our competitiveness in these new markets.
I would now like to turn the call over to Lester Wong who will cover this quarter’s financial overview in greater detail	Lester?
Mr. Lester Wong: Thank you	Fusen. My remarks today will refer to GAAP results - unless noted.
Net revenue for the quarter was 139.8 million dollars	gross margins of 46.8 percent generated 65.4 million dollars of gross profit and net income of 6.4 million - or 10 cents per diluted share. Gross margins were clearly stronger than we expected last quarter - this was partially due to our ability of recognizing 5 Pixalux tools ahead of schedule. In addition to receiving acceptance earlier than anticipated - these initial Pixalux systems generated gross margins above corporate average. Similar to other newly developed products - the majority of the bill of materials is expensed through R&D until products have received market acceptance. We anticipate recognizing revenue on the final 2 fully expensed Pixalux systems during the December Quarter.
Operating expenses also came in more favorably than our expected target model of 53 million dollars of fixed expenses plus 5 to 7 percent of variable expense tied to revenue.
We have also restructured a small fraction of our global R&D team	which resulted in a discrete 1.6 million dollar expense in the September quarter. We continue to seek out opportunities that will enhance the quality and efficiency of our global organization.
Over the coming quarters we maintain our current operating expense target of 53 million of fixed quarterly expense plus 5 to 7 percent of variable quarterly expense	tied to revenue. While we are cautious of cost in the soft environment - we continue to invest heavily in our ongoing R&D programs which will drive meaningful long-term value and market share expansion.
Turning to tax	we booked a net tax expense of 3.8 million dollars - which was inline sequentially.
Over the long-term	we continue to target an average effective tax rate of approximately 18 percent.
Turning to the balance sheet	we ended the September quarter with a total net cash and investments position of 532 million dollars - or 8 dollars and 28 cents on a diluted share basis.
During the September quarter	we have continued our repurchase activity - and deployed 15 million dollars to repurchase 680 thousand shares. At the end of our September quarter we had approximately 97.1 million dollars remaining under the existing share repurchase authorization.
Cumulatively	over the last 5 years - from the repurchase program’s inception through the September Quarter - we repurchased 17.2 million shares in open market transactions - at a total value of 302.8 million dollars. Roughly 1/3rd of this total value - 100.6 million dollars - was deployed in our fiscal 2019 period alone.
The repurchase program	combined with our dividend program - prudent M&A and aggressive market expansion through new product development provide a powerful platform for long-term - sustainable - shareholder value creation and delivery.
On a book value per share basis	we closed the September quarter with 12 dollars and 6 cents - an increase of 3 cents from the June Quarter.
Working capital	defined as accounts receivable plus inventory - less accounts payable - was effectively flat at 207 million dollars - down 1 million dollars sequentially.
From a DSO perspective	our days sales outstanding increased from 107 days to 126 days. Our days sales of inventory decreased from 129 days to 108 days and days of accounts payable decreased from 56 days to 44 days.
This concludes the financial review portion of our call. I will now turn the discussion back over to Fusen for the December quarter’s business outlook.
Dr. Fusen Chen: Thanks Lester.
We have clearly experienced a recovery in the general semiconductor and LED related business	while Automotive and Memory seems to be near - or at - trough levels. We continue to anticipate ongoing and gradual recovery in all of the end markets we serve over the coming quarters.
Uniquely for K&S	we are also aggressively pursuing several new revenue opportunities throughout fiscal year 2020 that expand our served markets and further increase the diversification of our broadening portfolio.
Looking into the December quarter	we are forecasting revenue in the range of [130 to 150] million dollars - representing a flat outlook. Considering the historical seasonality in our business - we believe this supports our view of gradual and ongoing demand recovery for our products and services.
Over the past 5 years, the sequential revenue change	December over September - represented an average 14 percent reduction, with a range of plus 3 percent to negative 45 percent. Considering this 5 year trend, our December outlook indicates an improving and fairly resilient end-market demand.
We have also made fundamental improvements to our core business	development process - ability to identify and target new market opportunities and also delivering shareholder returns.
More specifically	for the past three fiscal years - we have dramatically increased our market share in the high-volume LED business - rapidly developed and recognized revenue on several new tools - entered the high-growth mini and micro-LED market and collectively returned approximately 250 million dollars to investors through the repurchase and dividend programs. We continue to believe these improvements are fundamental in nature - demonstrate our ability to expand served markets - and provide a sustainable platform for future value creation.
With that said, I’d like to provide a brief update on our Advanced Packaging initiatives. Overall, we continue to be very focused on working towards new customer qualifications within all of our advanced packaging businesses	Liteq, APAMA, Katalyst and Pixalux. These tools continue to be very promising and highly competitive. We expect they provide new growth prospects and will contribute meaningfully to long-term profitability.
Our lithography	thermo-compression and high-accuracy flip-chip businesses - continue to be at various engagement levels at multiple customers - supporting qualifications and also high-volume production. Overall - these products are delivering new solutions to our customers - higher levels of productivity and continue to driving new customer interest.
In addition to our view of a gradual core-market recovery	we also anticipate our Advanced Packaging progress to accelerate through fiscal year ‘20 as we ramp production with existing customers and proliferate these solutions to new customers.
For our mini and micro LED tool	PIXALUX - we recognized revenue on an additional 5 machines in the September quarter - 8 machines in total. We are currently aggressively preparing for a production ramp. As a reminder - backlighting within the display market is a main target market for Pixalux system - although we are also very focused on opportunities within direct-view displays - automotive and also consumer electronics.
We continue to anticipate Pixalux will ramp through 2020 and enhance overall profitability.
In summary	we are highly confident our core market is past trough and also that our newly-developed - market-expanding offerings will provide the industry with enabling technologies. We believe our enabling solutions are increasingly aligned with major trends such as the evolution of Electric and Autonomous vehicles - the rollout of 5G technology - the proliferation of IoT devices - the increasing attention of Advanced Packaging and emerging opportunities within the Display market.
Our entire organization remains extremely committed to execute toward our long-term strategy of value creation and delivery.
This concludes our prepared remarks. Operator	we will now be happy to take questions.

Kulicke and Soffa Industries (KLIC) 14 Nov 192019 Q4 Earnings call transcript