TBI - Earnings call transcript Q4 2024

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Operator

Greetings, and welcome to the TrueBlue Fourth Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to remind everyone that today's call and slide presentation contain forward-looking statements, all of which are subject to risks and uncertainties, and management assumes no obligation to update or revise any forward-looking statements. These risks and uncertainties, some of which are described in today's press release and SEC filings, could cause actual results to differ materially from those in the forward-looking statements. Management uses non-GAAP measures when presenting financial results.

You are encouraged to review the non-GAAP reconciliations in today's earnings release or at trueblue.com under the Investor Relations section for a complete understanding of these terms and their purpose. are the a stated. prior today same to made in period year, comparisons based comparison on the Any unless otherwise

Executive a President available at to over company's Please on the transcript my of Officer. call, copy pleasure will replay full and the Lastly, provided will to call. It audio be now be and prepared a call TrueBlue's after ahead. conclusion Taryn turn the remarks website Chief the the Owen, of soon today's go investor of is

Taryn Owen

operator, and with joined am being I a you, and agility We Officer, welcome Thank was call. everyone and navigated you I by Carl incredibly discipline. to proud am here appreciate Financial XXXX year today's with of us. our how Chief challenging team Schweihs. the

seek industry doing confidence trends curbed business strategies. can Uncertainty hiring Our tremendous market the areas significant to weigh customers control. to with remain but staffing continue we we as work on their improved adjustments are the reduced and workforce focused making on before and teams spend caution

needs immediate staying well-positioned Our their to to address we flexible with demand also short-duration with and support as clients are highly solutions, are engaged while teams needs ensuring expand.

their serve onsite their primary and transportation staffing provider as our in provider expanded X an as X serve sole team's and have in to by supplemental business example, exceptional for stepped the and staffing provider For driven additional a company to international logistics service, facilities. locations we in

our year needs technology business strength agility new meeting in our expansion with of our teams client partnership their of and allowing with transformative exclusive proprietary commercial expanded we opportunities resulting was example for growth business across account company XX demand expand Another relationships today's profitability Midwest. These a additional requested creating comes our sites control our of also growth. XXXX customers positioning app, XX Fortune a examples milestone for TrueBlue the also to in digital our the where to the our a on demonstrate while new, our customer strategic and our the the We JobStack driving long-standing from a our priorities service achieved strong as of we to for volumes to associates. made transformation return. significant and the and critical bring when the launch progress roadmap executing and value in continuously us company, customer

and placements. strong in RPO made We in we our attractive commercial markets, and diversifying such notable also performance skilled attractive including business driving energy professional work, higher progress skilled, health care verticals delivered as and

to actions strengths in our and of organizational the including global onsite leverage as to better our consolidation growth look structures, we our opportunities of inherent structure, to ahead. capture Our position simplify sale on-demand Canada strategically business leadership us our labor and

and remain XXXX, off our growth margin through capturing to as long-term committed are we we a expansion, we As market on top-line strategic start. profitability clear turn enhancing you and share have fast to seen, may priorities to and focused

user to a on digital creating focus advance with We will and continue enhancing our the experience transformation efficiencies.

Affinix, user allow innovation enhancements address and to quickly and needs. us JobStack including to evolving technologies, proprietary Our accelerate implement

more reach optimizing customized, to our and market by our the expand experience. and invite deliver to qualified of with while For our technology with expansive up which to easy individuals, Affinix us AI ReadyMatch differentiated for JobStack's and best-fit example, requirements on-demand digital digital to job introduced to success the drive customers presence pool it to combining shown transformation we instantly a reduce of and positions processing technology expertise, our workers interviewing self-scheduling making technology using X has recently business growth job matches proprietary assisted, our times rates. The days a latest reliable,

as in capitalize high-value high-growth also are on on growth focused as secular presence well our roles, under-penetrated to markets expanding We and opportunities. end

to recent for critical talent skilled our development as market trades while as staffing continue pool bolstering outpacing businesses careers build our strong market to well position our the workers in improve to skilled broader skill with programs gaps. We years, opportunities providing in trades skilled WorkUp in our and apprenticeship fill

We have drive additional in momentum expansion to professional and with our opportunity growing services. health revenue care

Our recent in advancing milestone key Staffing acquisition care strategic Health Professionals space. of care marks expansion health our in a the

by look to excited fastgrowing of expertise and as the realize we with and HSP enhanced recruiting are technology We growth significant our to team clients roster to agility. long-term value TrueBlue potential combining untapped footprint, and welcome their

advisory candidate having in attraction further presence delivery the as also employer landmark for services to announced sector. team a win recently a the provide been expanding our partner government selected PeopleScout U.K.'s Forces, talent and Our brand Armed

traditional poised expansion growth we rebound the continued for are a end markets and With markets, underpenetrated we well-positioned serve and growth. in our strong accelerated for

to priority optimize growth ultimately is business enhanced improved our and profitability. key Another drive accelerating our sales model to focus,

brought structure and that teams organizational synergies closer each our increased eliminate and to in silos our our resulting create simplified cross-selling. customers, have We to other efficiencies and to

as joint recently well global, For supervisor, skilled collaboration. the work long-term to PeopleManagement positions roles won example, as strength and PeopleReady closer environmental pursuit temporary services in which as a our speaks warehouse company serving of our a they teams to and staff teams administrative

on growth new are and Looking ways and enhance focused differentiating capture demand. to forward, we

one by expected our to be focused to will aligning of country for organization For network. and complemented the and and field sales, of on-demand operations sales territories to added across our JobStack more on by customer dedicated representatives or app, summer, both responsibilities territory the strategies addition Sales capabilities into by in representatives of our are the digital sales XX%. The grow that include representatives is across implement of results with targeted combined we we our increased working the example, will each have PeopleReady, end branches in base. number improve the in field collaboration sales demand

to cost this better create make a deliver us long-term, our disciplined more to cost-neutral will profitable growth. leverage assets a business strengths way and to our actions Optimizing our We simplified thanks investment structure. model allows in to

outlook our profitability compelling While cycle are needed long-term agility evolving and the business. shortages The we structural challenging, conditions improve. and with the discipline for market to for current labor positioned are growth strong needs dynamics are remains and through staffing we ensure and workforce positive managing opportunities as strategically staffing create

We share details delivering assets, over strategic will connect our are financial work around excited to many to combination about now the advance and and enable opportunities results ahead pass shareholder our in confident with strengths the us and mission further who will to outlook. value. I priorities, people while long-term and that Carl, are call our our will

Carl Schweihs

the a was points a million, XX% of extra the quarter $XXX by a XXth the resulting Taryn. basis. in with percentage decline year, XX-week X XX% you, for prior comparable on Thank revenue decline in driven Total week

labor spend. cautious hiring As continued suppressed to around be their expected, and temporary needs volumes and uncertain business as clients permanent remain workforce of

market factors softness in our to on these overall led continue to While capitalize verticals. demand, growing teams

points For and with margin quarter, continues favorable example, was workers' contributed XXX partially favorable outperform Lower and basis costs non-cash XX another reserves of second committed in profitability. mix the PeopleScout, enhancing more software our PeopleManagement in environment margin business to cost development and in drove PeopleScout decline points consecutive Pricing we EBITDA in SG&A disciplined to services This segment now prior XX% prior trends lower a double-digit EBITDA as in in year was revenue team as with the adjusted basis reduced points. expansion. market calculations. We our depreciation basis reported points offset mind, of by quarter, points. by margin, changes the our depreciation well XX up professional new highest pressures of by our decline our commercial driving driven growth decline is services drove another compensation remain XX as basis XX.X% wins, a year business, of decline. our delivered Gross from software basis which roles. consistent excluded for XX Keep in and and of for current contributed especially of

licensing in version, to quarter. the of expense third-party the million the as transition associated well accelerated we fourth $X of in accelerated additional This with costs recognition the associated With we the JobStack an proprietary and fees EBITDA from revenue to expense with XX%, our continue non-cash outpacing technology legacy other adjusted our software our adjusted app, can resulting as control. upgrading basis, we areas by calculations. On excluded we on focus SG&A PeopleReady are as our adjusted reduced previous decline net income

included in to our with primarily expense environment tax While X mean efficiencies rebounds. We our loss grows, operations traditionally demand the benefit on on million expands profitability a that reported foreign this which we our allowance million tax positioned quarter, to improved revenue tax better and of our deferred as structure U.S. net assets. income quickly effect $XX essentially U.S. operations profitability due $X income valuation associated of lean the as and even deliver enhanced are cost

debt As net Adjusted has $X positive the on no covenants. loss allowance was million. or impact adjusted was a $X million, EBITDA reminder, valuation while operations, our liquidity

turn XXth XX%. across year contributed let's to decreased volumes points extra includes decline, in in points The decline of from Lower X PeopleReady resulting our XX-week week Canada. the client our a on-demand on decline XX% sale of specifics prior most revenue and continued segments. the geographies. X of the verticals Now, business revenue reported of basis, which comparable of in additional year-over-year

uncertainty segment basis, to compensation to favorable XX% as adjustments, building workforce but we to reduced in profit client as year-over-year hesitant navigate contributed trades extra in reserve in saw momentum points which market sequential the points, XX-week meaningful We significant margin year an of were a decline resulting trends cost face and decline we revenue businesses additional the improvement in operating in challenging which revenue decline, needs. have skilled they largely by yet workers' XXth workforce quarter. reported includes the trends week leverage last partially declined. PeopleScout from Customers dynamics. was of volumes a underlying exited PeopleReady make driven as adjustments shift comparable quarter. decreased up XX by revenue discussed we The to We on lower with see their prior loss to overall continued basis encouraged our are of around as see their point pressures X strategies offset client XX%. X are

was resulting While segment these outperform volumes as X revenue XXth wins, with the basis additional subdued extra we year return. and points new teams in conditions offset the contributing with business due consecutive macro was of second verticals profit declined. PeopleManagement margin drive points, cost segment of expansion lower relationships our week its comparable PeopleScout factors XX-week client to hiring to onsite decreased to continued decline volumes, in the delivered lower serve. operating was as primarily these prior in customers' up to year-over-year by leverage efficiencies. double-digit to a in a X% The due growth. of was margin consistent led in quarter by drive further X%. revenue the down reported on points XXX we in XXX partially PeopleManagement's the improved strength basis continue to expect driving driven demand actions client basis revenue decline commercial decline, This our services which profit disciplined management volumes,

turn availability. We quarter of $XX to in the million let's finished million debt sheet. and $X with the borrowing Now, cash, $XXX balance million of

purchased Staffing additional strategic terms care our over next Professionals, a to of returning of favorable we a Staffing recent results balanced investments capital capitalize strategic take debt million care $XX January Health liquidity if to at XX million leveraged Health strategy possibility on shareholders of years. for opportunities. This of the the X with diligently attractive amount strong modest have We was an growth balance pursue on maintaining to where enabled or $XX on consideration position achieved capital excess our HSP, the with are sheet focused Professionals, to strong and opportunity. acquisition

a the segment next $X X HSP XX of to over business with which forward-looking profit corresponds million expect produce to to $X Xx. of months, multiple We the

are HSP shareholder to portfolio and as we into growth the to bring excited value. We work enhance accelerate together TrueBlue

in X Turning to X acquisition from of of percentage Canada, HSP. of growth quarter, business offset percentage we inorganic our sale of includes to headwind the our outlook for from XX% point X%. decline by This expect the revenue a the of first points on-demand

outlook have turn. a as because trends of Our are reflects demand definitive to encouraging while indication we trends there see when signs continuation a overall for new to year, market yet will current the

with $XX of which million, to $XX manage represents period to year improvement enhance we roughly to conditions this that positioned a million compared and profitability to expect through prior We ensure as cycle the market commitment of improve. an we well are SG&A $XX as our

our on presentation Additional in outlook information be on our shared found website our can today. earnings

want I closing call we turn the Taryn up questions, Before to some open to for it for back over remarks.

Taryn Owen

you, Thank Carl.

we priorities to our the committed cycle market to heard managing advancing today, the to strategic discipline with ensure ahead. this have opportunities and remain challenging capitalize needed and agility through we on positioned you As us are from growth

that advancing our call are please right concludes the people, for technology, and confident drive and remarks. mission shareholder connect the This and now resources our our We people prepared value priorities open work. forward, strategic have questions. we to Operator, enhancing to

Operator

first [Operator with Brunemann from Instructions] Northcoast is question Will Our Research.

Will Brunemann

are recent the looked your in growth health about HSP's on expectations experienced into I So on pressures congrats your as expectations? bit revenue was us was HSP little tell referred that as press HSP more and like the in has growth. industry specifically could the wondering And to growth, care what to a acquisition. going high years how plays release ask if you I

Taryn Owen

Thank you Will. for the question,

welcome team base the and customer thrilled TrueBlue. We to are HSP to

TrueBlue and Although over of making sectors, of an then the through long-term many and finally, which an offer and excited health and in some years, in we're and care that to our to government educational has the couple care health footprint, at about markets, market help the we growth into cycles. trend. last good health opportunities. clients, niche end has technology feel in. record strong accelerate recruitment HSP's doors both for geographical new aging periods provide service their track long-term while stability expansion time, to contraction, which care secular more and have pressure potential seen various for continue that population HSP's staffing care space same They participate rates ability will the industry TrueBlue growth outperformed the attractive health market over opens opportunities, the potential growth are sophistication of market at And us expand typically really HSP

Carl Schweihs

but as well. But we'll put little months, XX you're add next months revenue, just about have today. million high to $XX XXXX, about in the over higher traditional on and and million than the just of million anywhere of talking a think too, to bit in really in staffing we EBITDA, And there, this we deck as $XX investor million the $X single-digit businesses our revenue impact Will, of $X margins between about XX

Will Brunemann

have All Great. more just I Okay. right. one for you.

and the revenue about the the If the U.K. Forces Armed some the well. you length provide details could of more potential, contract, contract margins as

Taryn Owen

services team Will. brand several their Thanks, Serco, an marketing pipelines the report secured is we be happy We'll win PeopleScout's a the Yes. part this to one that significant for forces. very here what delivery the new contract. talent government multiyear includes U.K. Forces. provide a advisory We're to for Armed is Armed employer partners of and and scope candidate which attraction of international that hires is of services, recruitment fill for have The across to provider U.K.

transition where will extend the It's years we will the Navy, contract option after British an for be will service some initial additional XXXX about but begin here. XXXX X years Royal are implementation that full think X-year Navy with revenue, of the XXXX. Royal see you the contract with included in If Air and an Force period. a and to work

the comes margin, deal PeopleScout back a terms deal within top segment which profit There's be expect we of certainly revenue some contributor lower will scope, PeopleScout. of them but In within to bit size, a our a double-digit margins. one to at bringing be of clients to media

Operator

Marcon is next with Our Baird. question from Mark

Mark Marcon

indices that Any of certainly to We've regional you're improve. business I'm seen confidence of PeopleReady signs small currently with business, sort discuss wondering the you any seeing? can regards differences improvement?

That's seeing question. the Just first if to revenue you're that translate at any all? of wondering

Carl Schweihs

Thanks kind of and for as Mark. just Yes, far, of so well. me there question, revenue add in talk then I'll trends let let color kind the Taryn some

is As That's California, you months kind of about trailing Texas, of know, our opportunity XX PeopleReady's largest geographic right? revenue. Florida, X/X

not markets. in throughout bright some also But in are And some weather pretty Florida kind our were specific QX. been seeing we've spots seeing impacted of improved closely in end during that trends seen markets trends country. Our California, aligned the by we to have what in we are Texas

Taryn Owen

positively some year, in I If the improved add southern other after the a in that migration last around to as with the weather focus was impacted seeing within some important handful are by to on border trends we Also we're that trends where have as significant January, we've states, seen. our month. with growth new in encouraged country. positive some here impacted that, our of which new weekly slow trends issues demand believe a We increased sequential that really pockets February Mark, over we're start the could revenue administration PeopleReady by along holiday the note has in seeing well the that

are fill those rates our some clients teams high are areas those Our to that turning and reporting absentee in to experiencing us jobs.

encouraged of couple weeks So but a of are it's we by signs. data those certainly

Will Brunemann

Taryn expand terms much just and regions? you're in how particular that of a how little those is getting could volume in a of of on widespread you that bit benefit some

Taryn Owen

still a know, see in some January. to outlook. into I it's -- we're trend, a weeks February too hard of an be to It's only this it's soon I'd couple with say our there could this Let and outlook From as you But me continue, talked in upside of thing -- just -- after on back Look, add kind couple with it's holiday think first, of from weeks February, I it's line a sequential about this impact They're Mark. we I'll the right? is kind good first which to call trends, standpoint, seeing. if one of of maybe what we think weather that a here.

Taryn Owen

Yes.

Mark Marcon

tragedy of of are all obviously, dealing not of California, things then in terms that? with sorts been that any up Western are pick you terms of of Did disasters? you issues. parts in the still participating speaking in in remediation in those there's Southern of a of see news, have sort been And Or business Carolina

Taryn Owen

Yes. Thank you for the Mark. question,

participating are in that. We

business provides on-demand in PeopleReady disaster efforts. Our support recovery

We we in and work and PeopleReady the there plans started the approved in construction on upcoming we are role play are focused a those would that XX in expect are And in Florida. cleanup now. in and efforts. that support are California organizations are have as Florida Carolina awarded to North those working months in restoration And rebuild the efforts we permits California, working and skilled with as We're different trades will California North Carolina. in

Mark Marcon

then Great. commentary perspective from industry in or strength weakness, areas it And any of particularly as particular an sort of terms PeopleReady? relates to of

Carl Schweihs

Well, is the in a be I'd bit doing then and in we're energy, to as stated continues just prepared us talked bright say one but We this business from end of spot, kind right? market. remarks about skilled little an I'd too, transportation, what thing for a also well,

not distribution, doing and continue for transportation and been a just think industry and in that good And the us. but in better for in expect PeopleReady, foothold portfolio market that I So for to has QX. us got across we've

Mark Marcon

the Great. on you And terms in of... a nice job SG&A, lastly, did just then

Carl Schweihs

So was we did -- bit in we guidance overperformed a our what QX. of little here

think point. X probably I by

as I'd SG&A HSP in noncash XX%. opportunities longer XX%. million GAAP adjusted growth, be that to SG&A of but basis, $X as say material. to nothing in QX about look the down about to to of note licenses will million, our of that about we we million find about about But a for up and thinking some you're which being term, down QX. XX%, think and be It's we'll we've a as an includes midpoint select EBITDA. about I down adjustment ended -- $X from some to of software hit kind That third-party acquisition. was the there just was important guided That make our we forward for year, $XX investments is expected

run So cost pretty standpoint. I rate think good a that's a from

that at This to taken field teams our where what kind of really also about we've kind our to these looking our been. we've and others You where simplifying have necessarily associates, talked mentioned customers structure where support is are action. we've about. just Similar the asked not organization, closest of and

Taryn Owen

If sales I this in organization that to could the our a into come is one of just to from realign PeopleReady territories that, on-demand opportunities our add cost-neutral manner. has ability

be our a base. together So forward. those branch going branches territories comprised each customer to single grow multiple our will working one moving with of dedicated territories under or leadership here sales be of representative are to

So think some we we this. we if today, our the will be organized headcount move mid-summer. cost increase XX% those took as you about out of that we do and forward, us into And sales in by actions branches by XXX field territories the will again, have to enabled have XXX

Operator

Jeff Silber Our with Markets. BMO next from Capital question is

Unknown Analyst

Ryan for on Jeff. It's

revenue with by you off if quantify you question. out start exit if to different the the then coming also segments? was Just a I had guidance numbers And rates quick of the wondering the could quarter.

Taryn Owen

for Ryan, the question. Thanks, Yes.

includes X-point at acquisition end the the down for of PeopleReady, to to But PeopleManagement, So the a to standpoint give PeopleScout, from were midpoint We minus important It's of I'm down X% TrueBlue midpoints that impact due kind that, XX%; here, to just segments, XX%. minus XX% a right? going X% one about XX% TrueBlue. each down minus for at of HSP note of and our January. of the midpoints the positive

-- Just reminders another a there. other X in couple --

headwind Our both lapse And going last also X over creates client for those point PeopleScout, lapse QX about and loss which headwind and then comps for and as exit Canadian TrueBlue TrueBlue exit here. that divestiture discussed point is of we we're as well. PeopleReady, hospitality we approximately comps to as QX for a those X the X we'll points we quarter about

Unknown Analyst

year? a seeing we from of on policies impact the might And through of questions. if then as And that trend if the some piggybacking have then how of yet outlook deportation. regarding you one Trump just was any the kind curious prior material progress you're I on

Taryn Owen

Yes. Thanks, Ryan.

due and business In rates. that to addition the to related increased I that what talked some demand PeopleReady seeing absentee of we're about to earlier

to that internal complies the across a United with the are led workforce to industries customers of they business. performing particularly that workforce and authorized that to to prospects new momentum our work some increasingly ensure this are multiple win Many the that current customers regulations. in in to increasingly audits has looking TrueBlue their we're ensure We on-site have seeing, have that's States. And

deals we've Just meet business, than this in closed that. And think that policy all XXXX more of actually a the note, focus XXXX. is in to the in our on-site ensuring we that workforces contributing on

Carl Schweihs

And to that add one, too, maybe just on Ryan. to

some a Just other short is from affect has our about a manufacturing, of that might look, in got be perspective. what challenges geared labor across term, In brands But our tariff XX% play for needs the this here. chain some kind increases customers. costs, manufacturing reminder, to we support is and exposure a in don't onshore there know to but as we're is could going just supply this how out, input TrueBlue

our And business. the ultimately so we're do we feel where long-term and good for that could what about positioned of nature

Operator

Sidoti. from Our with is next Riddick Marc question

Marc Riddick

and So I of I the congratulations touch -- seems attractiveness a wanted encouraging. little more HSP. on both a bit care little on touch was could health to the the on bit acquisition you which market, if wondering

point. think the the the -- be a broader on at and beneficial. of levels component And I can regional current looks maybe expected a thoughts this what spend maybe on little to there's around attractiveness space a you within then maybe like acquisition that's pipeline mix scope, also time maybe

Carl Schweihs

Yes. Thanks.

flow on going our a bit this from accretive add to carry from to X% HSP took immediately standpoint. Marc. be about a anywhere debt Thanks, X% right, financials, to this, We one. variable I'd P&L just and here loan of right? a on term will excited that interest. we're a So is cash

$X expansive expense million of a this kind about within anywhere of upside synergy would of PeopleScout open business our all our -- of million a we there's And think to there's generate on year. to think help Also, business from of assist is standpoint, their exclusive to valuation. lot care million between longer able opportunity bid fill kind should initial kind million, a In with a million our orders. some to and that non-health network and a interest this think We be roles. the of joint this EBITDA. couple just recruiting be opportunities $X of So $X that to all $X term,

also think So prospects. I'd save would their we'd anything be a business, with able say accelerate the just type the additional perspective, that what we're to current be and future trajectory savings janitorial to cafeteria help HSP any investments of growth intent of cost resources our at really synergies PeopleReady good experiencing. really those here, redeploying and from in works that in is into growth And

Marc Riddick

was I little progress could then And with Great. you rollout. making the the wondering about sort you're if of spend a time talking JobStack

Taryn Owen

Marc. for Thanks Yes. the question,

needs and of users. our really As we addressing rolled ensure year, out our are new app, map last proprietary successfully well you the know, JobStack we road which positions us to that our control

includes Our significant to revenue growth sales efficiency, just a XXXX delivering increase drive continued improve effectiveness really operational for customer enhanced map and experience. enhancements designed road by

far. in invite We best join way fit completely us. able to a workers workforce. launched that customers the our really is our which with We're and if candidates also I'll requirements for that manner onboard with engage out field now quickly matches call customers digital couple out pool and job. to digital have a candidates so things of that within to job that of makes easy the our to it our in technology ReadyMatch choose allows they One, that Just we successes to instantly our rolled JobStack a both experience been our onboarding

are both customers finally, also And our PeopleReady. associate orders allows associate to digital a to we've added customers and program referral to in that base. able a Our immediate refer to enter customer associates manner and have access and our

Operator

comments. no are I over would to at this floor Taryn for back Owen any hand the questions closing There to time. like further

Taryn Owen

customers our to this and you to also investor newest you thank to forward their and efforts HSP opportunity the people dedication to everyone, service mission upcoming team. another all take and want together. on look We associates and with We're and us take with to Operator, in colleagues our entire board TrueBlue at tremendous to moment speaking TrueBlue their exceptional for thank to I providing welcome to look events our working want forward you, next have today. you, for connect call. our Thank I quarterly excited joining advancing to at team and to work. on the

out. any great If you hesitate Have questions, please don't to reach have evening. a

Operator

This concludes conference. today's

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

TrueBlue (TBI) 19 Feb 252024 Q4 Earnings call transcript