OHI - Earnings call transcript Q1 2024 | Omega Healthcare Investors, Inc.

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Operator

Greetings. Welcome to the Omega Healthcare Investors First Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Michele Reber.

You may now begin, Michele.

Michele Reber

Thank you, and good morning. With me today is Omega's CEO, Taylor Pickett; COO, Dan Booth; CFO, Bob Stephenson; and Megan Krull, Senior Vice President of Operations.

and conference statements are our such potential operator this may historical financial during transactions forward-looking be as prospects made call not that facts projections, Comments generally. outlook statements regarding the SEC. cause could the differ those detailed results Factors forward-looking with that are the actual statements filings materially to from in company's in

measure Reconciliations such FFO, adjusted comparable FFO, During the refer generally will the NAREIT we under non-GAAP to some to and principles, as in EBITDA. of accounting call today, non-GAAP these measures financial are measures, quarterly the accepted FAD most available supplement.

operator financial by on verified that In coverage addition, is our not discuss has that Omega. based certain provided operators by and information independently we been data

I to now will the call turn over Taylor.

C. Pickett

for conference quarter XXXX Thanks, our joining key Michele. and Good call. I first our first trends. earnings morning, financial discuss results operating will certain you thank Today, quarter and

as than next the was First should result continue quarter per which the transitioned FAD $X.XX FAD, in improve share quarters. portfolios of will funds meaningful for upside and expected of distribution being several over are few better available to process in

quarters. payout remains ratio of upcoming but elevated, drop the dividend mid-XX% in the slightly into range Our should XXX%

Maplewood We full AFFO handful cash-basis continue and difficult our XXXX of to to impact LaVie FAD and operators, have will year including that making a go-forward FAD predict.

and Maplewood However, longer flows term, positioned rent. well are particular, generate assets, all to and of in we cash related believe but reliable growing these

AFFO our between to we year and accordingly, quarter guidance conservative first guidance. Although of to XXXX per share share. $X.XX maintaining we've $X.XX AFFO full of our $X.XX are remain strong, per with respect was elected And

total moved above slightly and The coverage. operator Xx under X.XXx EBITDAR operator slightly metrics coverage to of XX.X% below rent rent Dan continue metric EBITDAR discuss, X.Xx from coverage due to As coverage X.X% rent that from X.Xx slightly total a at XX.X% key moved of occupancy to coverage will tenant up improve. to

X.Xx the be at of In above Medicaid X.X% below coverage break not a therefore, back strong of XX.X%, operators. balance move rent can of increases, leaving XX.X% issue. eventually should are of to of operator Xx payment balance looking rate state the credits, operators, due coverage into this Operators we expect We to an X.Xx buckets. and a the representing XX.X% XX.X% handful below

January relationships. representing quarter Operators operational increases X.X% representing and of state to above basis. or operators leaves that consisting expect have go-forward from we fourth are coverage and benefiting just X.Xx EBITDAR on X.X%, small operating improvements a That eight continue rate

rule and final the minimum were that government issued use best of for final rule. facility the of Lastly, ideas many skilled certain staffing. industry the nursing its included not practices comments has Unfortunately, constructive technology the include and in

optimistic improved there we final cautiously be time implementation the As for the remain of the long next will rule, of couple over rule is the a lead that years.

I call will now to Bob. over turn the

Robert O. Stephenson

Thanks, morning. good Taylor, and

primarily the XXXX. to the our first quarter. XXXX timing compared year-over-year of operator restructurings, increase for million of transitions result first items Turning adjusting impact $XXX of certain quarter XXXX. throughout was revenue is $XXX completed to nonrecurring quarter from before Revenue million the first new financials for for The and investments the and and for

by that period. completed asset same offset partially sales We during

the million quarter share first $XXX FFO was per XXXX. quarter Our to compared $X.XX or or NAREIT first for the per for million $X.XX as of $XXX share

to well with items release net our in website. financial $X.XX our FFO, outlined was the $XXX million quarter to found for $XXX both exclude and as in our quarter our historical per income FFO, posted FAD or first FAD supplemental several or share consistent $X.XX FFO per as NAREIT earnings and practices share and was adjusted adjusted million Our our and reconciliations

million repaid in These the the excluding ATM from issuance stemmed all in asset $XX strong. previously transitions. quarter remain we under In investments HUD LaVie and and balance CapEx, balance to cash funded program. continues borrowing We disclosed sheet credit $XXX $X.X the and ended billion totaling sheet in of over million balance new repayments first equity on the sales $XX mortgages with the the and $XX with Our outstanding million investments, million. of facility completed our over the in we cash quarter, capacity. our In sheet first quarter,

maturing to quarter funded balance was fixed April our in of net XX% Subsequent annualized fixed X.Xx. remaining repaid our borrowing at March April rent charge X collections $X.X facility. coverage cash, adjusted was bond X.XXx using was our rates on sheet million to and we and our At XX, debt balance the debt on end, X, $XXX billion and ratio credit EBITDA normalized the

guidance. to Turning

assets month $X.X pay the the We're assuming As the operators no to to for adjusted Taylor revenue change rent. related pay ability in million of rate first a contractual the accrual to existing sale our portfolio reiterate basis of until assuming few we per in in assuming call, restructuring at our of asset mentioned, We're to full of at assumptions sales guidance and Maplewood's quarter. and related completion FFO between the on from $X.XX revenue end continues affirmed facilities earnings last recognition. the year classified per To share. held of continued $XX we're improvement of $X.XX as an million key LaVie the

they quarterly interest earned balance expense the through We've included charge release. material or investments interest interest as cash no quarter. sheet completed $XX.X on million on borrowings. changes million project the continue facility in credit $XX.X X, XXXX our impact to the market earnings per We run as We disclosed either between expense in annual relate to May to our rates G&A of and assume

guidance Our other or was XXXX any asset as include adjusted transactions not mentioned. investments as what any additional capital FFO new additional sales than well already does

to provide unknown, wide a to guidance. continue transitions As our several we the in timing and still precise AFFO are operator negotiations range is

first in As stated And $X.X press on million in the paid rent. approximately LaVie rent. $X.X in they paid in yesterday's million earnings April, quarter, release,

two In $XXX,XXX recorded quarter, related LaVie first related and addition, in transition. rent transitioned quarter facilities to rent in that to per in anticipate the we $XXX,XXX

We Guardian. the first deposit has received in starting remaining annually. with potential and additional $XX,XXX and annual quarter rent up the to in increase from no $XX.X Guardian $X.X applied in transitioned was to with the million Turning been cash portfolio of the million security rent estimated mid-April to

his Maplewood quarter. lastly, And $X.X April, provide million in rent. Maplewood rent color in $XX.X remarks. first additional Dan in million the operators in In on prepared these paid will paid

that, call And the to will over turn with I Dan.

Daniel J. Booth

everyone. Thanks, Bob, and morning, good

had Kingdom. operating beds. of portfolio with facilities spread operators an asset facilities states across were within March third-party approximately operating XXX located XX,XXX in of Omega and United As XXXX, the XX These XX, XX

EBITDAR September for period December as Trailing to XX, coverage of XX-month for XXXX, our portfolio increased ended XX, X.XXx XXXX. versus core operator trailing XX-month the X.XXx

approximately the of operators cumulatively recorded third stimulus million as recorded quarter. XXXX, quarter approximately fourth federal the our funds During to $XX.X compared million in during $XX

including XX-month EBITDAR of when stimulus million stimulus Trailing during and funds, for without the as This any quarter X.XXx in stimulus federal to would X.XXx, stand-alone of the EBITDAR core excluding quarter the $XX federal benefit to third ended increased the and of X.XXx favorably funds. X.XXx funds. the million December XXXX the federal compares with stimulus respectively. fourth XX, stand-alone coverage federal our third quarter of for quarter the portfolio for compared coverage have operator XXXX, X.XXx, was excluding to X.XXx $XX.X and

that form in XXXX, During the the the basis. to began federal the its after knowing to half report the to provide stimulus all cash-strapped Omega throughout began short-term offer relief federal our of before country, coverage second to intended pandemic impact payments were meaningfully virtually began stimulus operators the both stimulus dollars as on of government operators, the to and to operations, ratios home tenants nursing relief direct

quarter from stimulus in in federal XX.X% reporting coverage Occupancy preliminary of overall essentially of XXXX a exclude dollars beginning of operators. mention funds. XX.X% to any first our January mid-April upon federal continued XXXX As XXXX based stimulus our of of will of low our core reporting recover as from portfolio for ceased has have to the

purposes, COVID core occupancy the was XXXX, XX.X% to just quarter prior portfolio comparative For pandemic. for the of the of for our fourth onset

paid LaVie month after approximately of of in and portfolio X April Omega's Virginia first $X.X with last LaVie. of and considerable XXXX in LaVie the in quarter XXXX, has per Pennsylvania, X ongoing XX X matters, portfolio in be Florida. X XX remaining facilities, We divestitures on remain including North in future million a the overall for in LaVie consists XXXX. X Carolina, facilities. include facilities which to Turning months, number of Maplewood. these with of of the in rent Mississippi, in remaining We'll XX discussions best each

see Maplewood the facilities $XX.X million. of million Maplewood During XXXX, strong the the quarter paid rent. with April of XX portfolio stabilized. first to Maplewood performance in of XX $X.X paid rent across XXXX, In of fully continues

Occupancy City while at communities Inspir XX at is New currently at XX%. York stabilized Guardian. the currently are Maplewood XX%

the Guardian This formerly the our were Guardian third assets XXXX, X unrelated that X During concludes to first relationship our of our Omega facilities of overall. months remaining released party. an portfolio restructuring and

relatively Omega small transitions, several with to various restructurings other aforementioned addition the operators working is on In and restructurings.

new to investments. Turning

were XX% interest care loans to XX%. an rate new in $XX.X with in operator in annual have real cash of new investments, million XX in million million with it of an X.X%. an acquired Subsequent in of investments. escalators existing yield up an of million During $XX back estate on whereby a escalators. back estate CapEx to sale-leaseback subsequent $XX.X an XX.X% to estate cash transaction X.X% weighted and acquisitions million average loans, The the comprised in yield loans Omega real Omega a $XX $XX.X in The $XXX have to Omega of and Michigan of bear loans initial include operator a investments, closed the XXXX, U.K. facility real operator completed acquisitions a leased first one leased and a million at million them million average annual The acquired million sale-leaseback of and annual new at rate X%. Omega transaction, $XX.X in acquisitions. and quarter million of escalators of first and $XX.X new new with The $XX.X total X.X% whereby in the existing of initial $XX.X made interest acquisitions comprised in XXXX, homes weighted yield a X.X% U.K. quarter

investments. turn the Year-to-date, Megan. $XXX million Omega now on will to over in has closed new call I

Megan Krull

to The despite funding a staffing mechanism. delayed and for everyone. do And and take versus implementation no than that consideration variability Dan, a adjustments in based residents actual on States made geographic waiver United that across or the at provided the other any majority rule no CMS wide urban requirements not facilities finalized the into staffing exception, morning, to given the rural, in regions, of is very April currently limited final there Thanks, access building. meet mandate good was were fact level although in of the acuity of a the

largely hours some change that overall of The to in X requirement from despite covered to was was LPMs facilities unchanged for take urban number overall CNAs the additional calls effect RN for any the stayed be that XX/X for mix for proposed with covered from rural. X years was be cover the or made rule be support. to the Instead, to years initially RN LPMs to to to on-call and of X.XX by and what X.XX one used RNs, by telehealth added is proposed requirements, X increase or the

proposed XX/X the and nursing in day rural urban required X.XX aids, requirement for RN resident years rural. for years from urban X and per effect going into and for respectively, X into Unchanged years effect going for rule X.XX in years for X RNs the and facilities were and the facilities X hours

mandate longer-term this implementation. a reminder, is have the industry, the impact on could obviously term the negligible there in a given while As is near impact delayed the that

set requirements lot can be happen enforced. A is in set of first until to the the years X

couple will coming potential has irrespective already that end the introduced and years. if in ones the There's that the will to congress, legislation the last in day, remains as has rule-making legal to the And inflation, the bipartisan way all the up the case, years states been focus over really step related in mandate as in of mandate change that, for additional to addition the primary potential need action. reimbursement a meaningful that is. of been at this also on this are the In of

business. Notwithstanding positive the in they're the overhang, of remains momentum fundamentals the

eliminated in has We entirely. been is continue agency to our portfolios hear operators from that down usage and certain

steady XX%, its reported improvement remains. wide XX% by a the Occupancy number with of at However, facilities slight third months. is quarter. in in core now up from market slowdown the winter recovered variation the the continues anticipated The

of the XX% fully XX% yet for will above core I not call or have Additionally, occupancy. up questions. are facilities recovered that at now open

Operator

And Hughes question with is James. from Instructions] Raymond first [Operator our Jonathan

Jonathan Hughes

Thanks I the what loans for you could size was more in terms U.K. the like pipeline recently. you the maybe today acquisitions investment by hoping since some in prepared opportunities looks versus share there and deals details commentary. of remarks simple some we've fee seen of and

Daniel J. Booth

a in substantial I today dollar across of U.K. that say housing, years. that's deals, U.S., to would pipeline That's the is lot flowing frankly, active at seen there's don't quite Yes. as spread just it's amount senior that's many really really that number that but it in and the moment. a as toggle SNFs, of about We deals everything we've that's

very I'd active. So say

Jonathan Hughes

replacement operator All are was see the I industry, you normal longer and the regulatory your great are, now it a on of labor recently those to I These because availability mean the right. transitions more operators completed. to challenging some part just And business then maybe and or the guess, be nursing of there uncertainty given transitions. do have found uncertainty. might skilled take facing in more on Guardian maybe front find it

Just there any on great. be would color transitions

Daniel J. Booth

states. was in I we that in years. took the assets it several was think parts probably Guardian a left some the what difficult restructure over with at depends. greatest place end were And three

for the So But over part, -- those years, the several hasn't really challenging. what what all it's looking and we've course at of most we the restructured last that are been challenging. were not

with -- number given which but to big a of a our we're time. of not in first sold [ restructure fortunately, right the do not now, But the we're exception choice, be assets, the was mode better we've is Now portfolio. remaining that ] thing

seeing of lot that. not a we're So

Jonathan Hughes

then What's And maybe Guardian That's line Okay. time quick the for great. the potential. one. one rent increase more

could million. from there I the go it to Is saw think or I $X.X several like year more and next years over now? today, million that possible $XX

Daniel J. Booth

this It's really kicker, a So if you will. revenue-based that could be it's year.

in that's has operator today the So sent XX there there in came days. that been for just

midpoint, It expect say, once it too early there some it's increasing going out just be based. low to high early to where point, revenue So the predict of could they're to too But revenues. is come in do increase be to number point, terms XXXX. We again. in over the

Operator

questions next are Mizuho. the from line Malhotra Our Vikram with of

Vikram Malhotra

ultimate given to enough the collection? staffing? situations collection resolution revenue upon maybe building industry our Maplewood more to below two unique just assets, visibility the I side. maybe you new Just have still two those is rent on guess headwinds guess seemed this -- LaVie just versus wondering, at across to read was a it level minimum are any expectation it rent and of least or for -- are I other where maybe bit be those there some restructurings. you Guardian, Or I'm Guardians or with

C. Pickett

Yes.

is Just Taylor. -- this

a Just color. little more

mentioned, I Maplewood, from team desirable the team, And will business that rent the $X.X and stakes and our in perspective, Pennsylvania, forward team As very finalizing are from was that especially noise today, difficult which month and flow. extracting as call today out increase very on our toggle getting away is moving substantially. and is we're the really those just of Guardian the a the wouldn't business our will then expect then those flows not of focus with management over the improve issues LaVie, expectation cash we management able finalizing it's process the to I'll unique a Dan collecting work And million to bulk in a baseline where with their deal themselves the with from current throughout out estate, the we have state meaningful the cash is even year that estate. that assets

Vikram Malhotra

just year, clarify this this in going Guardian forward? trying point that over you should of the sort Okay. guess, FAD And the the then I guide? is at just of That's we FFO especially rent helpful. trajectory Bob, perhaps low understand was into think baked second, to And could current or somewhere really about how the

Robert O. Stephenson

would guidance in we Well, things. million. $XXX a a be of but so the have the would to ranges the at of range well. end, would million couple sound low same at be that $XXX like From the standpoint, of higher gave a wide as aspect one And well. That it end, the Guardian approaching you

if quarter, I at acquisitions. there a the to think quarter the taking have a should million number all impact -- a you give components, have we it addition, would operators going quarter second you can't of just flow impact and look basis. of full on second the cash of the from at but I In look $XX first

release credit those you FAD of cash. sold record held the $XX got for facility and/or the for second saw to sale. assets $XX bit in the three roughly million there. quarter assets $XXX asset pay the side, on you sale, of ATMs, X, acquisitions and on fund remaining actually The on off And April already look a announced million fund $XXX,XXX the of first did of a million of the And in $XX already second we you we quarter buildings offset combination did acquisitions that. of in off in press Guardian. Dan you million $XXX for related and We with expense bonds, held to of had sales, paid And we have we already if to last March. update the But million it, have little week at the in then gave we of

So hopefully, that helps you.

Operator

line with Citi. of from Griffin is question the Michael next Our

Michael Griffin

more I -- know done or where quarter? assume on see you acquisitions earnings? to how to provide little to fair are mean, the I this trying color this balance to the get just these the you year. midpoint annualized and guidance, it year was in the get just speculative that a above just your that to the so don't the I that we guidance, wanted given but acquisitions might of maybe far of expectations is you've Should accretive immediately throughout

Robert O. Stephenson

deals I Sure. and Even We're Yes, believe, going immediately to see it loan a accretive. the is first quarter, starting you'll properties. of active. of pipeline we again, XX% quarter our them did in we acquisitions couple our the and which to quite lion's yield in are be that's, is share first and normal what numbers our though butter, would as subsequent the expect quoting of deals simple forward. Once the fact in point, fees bread

Michael Griffin

but Great. That's the appreciated staffing highlight maybe around realize helpful. minimum I some initiatives to the in prepared rolling again, remarks. And to up your early comments just days, Can Megan, against it's you undertake mandate? your of the I kind looking and maybe industry is that line

Megan Krull

Well, legislation The that. pretty government is feel introduced, $XX congressional said of all, I good people cost And budget about the I you been that's congressional to first actually think out mandate that and have federal the right? the think I has billion. mean, going already come office

they manage. that because this belief There's the have to books role have will staffing. helpful did that that's to there's step statutes right to on like So because in several that do from rate already also the CMS really they a way government perspective related will states federal not of a the up feel the feel

think thing then of you is can that through. at currently. be so end the route doesn't kick legal at to And years. potentially their the gone lot they're and fact folks in day, change another X years. And looking that going for basically are And there the of at the said even will that this CMS if their and And look continue a sheet I role role, continue X what's on in seeing looking going industry the before

Operator

of with proceed Tayo, from line is please Okusanya Excuse questions. next Bank. Tayo Our with the question your Deutsche me,

Our the Markets. Capital Juan is from line with of next question Sanabria BMO

Juan Sanabria

Pennsylvania the implications LaVie. of and for on Just Guardian kind follow wanted question and any the see issues there's in up if to the

I that think operating selling prospects there's you And around those transitioning there. assets or your comments the in nine state. the difficulty assets said of given

C. Pickett

good a Juan. question, it's Yes,

our North difficult So will there at actually environment desirable We are that operating Carolina up current That package. be it looking the rate. are to won't Mississippi given assets flows, folks nine support and I that are again in whole reasonably substantial and well which above cash the do tell assets. have chop But Pennsylvania. will they so generate run you Virginia, rents

Juan Sanabria

that more it just of get And where bucket. sub onetime bump coverage missed to think of Xx picked prepared a in will remarks. kick if Great. I Medicaid the in above does up rounding issue. on sounds that tenant When you the is the then benefit And apologies back like this the into kind

C. Pickett

October the Yes, occurs rate change X.

that's it's other we So, but coverage, coverage, at said why I'd one out look point thing you the X.XXx EBITDAR eventually. if have the over And X.Xx. is you

coverage to that So October there's of around that flexibility quarters. sheet for have manage concern but EBITDAR We a bounce to few level entity in be able and to will they number the really this costs that lot balance next flex no at X. of

Juan Sanabria

Pennsylvania this received, state? summer to staffing incoming that being that could mandated in I additive incremental sorry, one operators there any in just be And a question drag would is that that be

Megan Krull

concern already and it get things it staffing major the Yes, -- think from there is But worse we we're worse. will don't gets we're that there, now. little monitoring much, the have a a state still much is bit than I mandates situation. where

Operator

RBC. question line Michael Carroll next with is Our the from of

Michael Carroll

you do LaVie. just re-tenant back to to mean, touch portfolio? done on within I many wanted situation? that that more left how What's and/or to sell need to I be assets resolve

Daniel J. Booth

assets total. XX there's in So

gave by think state. I a you I breakdown

Robert O. Stephenson

at states looking good. not very are all assets point. We're Those this those to very, sell

been revised restructure, So restructure and not yet or a whether has re-tenant the nature a finalized. of with the it's tenant the existing

Michael Carroll

Okay.

about need new just suggest to do? we flow. negotiate the guess, need what done? to been a of no rightsizing previously be that, So talked transitions rent done also? I they is cash to ABL does you there's they assets I those know that other that that I before LaVie their need on with can necessary waiting Has you? get Or are major

Daniel J. Booth

to not not or a as or portfolio we're shrunk No. our yet That more automatically once the less sales. was concluded -- asset their done But our negotiations it's just with again, LaVie. due discussions

it's with So just that go which renegotiating too could early in way say active rent this We're to LaVie. discussions. ongoing It we're at still any point.

Michael Carroll

one me. those that And just highlight the in I April? is paid I Okay. first that they then last with rents and mean guess, in can you EBITDAR well currently that kind the are they paid it generating, above of assets quarter the

Daniel J. Booth

materially. Yes,

Operator

with come questions Feygin from Baird. next Alec line the Our of

Alec Feygin

is million the The Guardian trajectory plus rent? of to new curious, first what Kind the care of getting tenant facilities. one the in health sold is $XX that to on

Daniel J. Booth

-- it's know been in a again, and You once for revenue-based XX days. the there kicker tenant has

tell. would and how on speculate that we would be the just way early I revenue from benefit to to it's trajectory much just of too the So darts. throwing

Alec Feygin

Okay. Fair enough.

some the criteria get back company changed? is underwriting is, rule following the the it changing But Second I the when highlighted plan the me for rule. their of would Megan know ways -- -- days doesn't on and does early the industry it's CMS on already does if this pushing

Daniel J. Booth

the that underwriting. fact I to year think have change have we'll you have today, doubt, we any a But without sure, given reason to a for plays And just how the out. there's next more lot think see don't facts. I

Alec Feygin

have me. U.K. one last now And United the relative you better Kingdom? one the right concerns Got regulatory you United the Are for opportunities for the any front do to seeing And States? it. in on

Daniel J. Booth

more latter during of -- part the out -- the come were seeing we're U.K. that seeing think I of we the coverage, deals

think we're a about bit U.K. it actually. this the little we I about evenly in point. And environment good feel weighted the very at it's more concerned not regulatory

Operator

is question Emily next of line Green Meckler from Our Street. the with

Emily Meckler

coming due following on but in that. I anticipate areas months on uncertainty know property of up you it's types, to dislocation kind rural an particularly overhang mandate? the in the more and early, staffing do Just of

Megan Krull

Can you repeat that?

Emily Meckler

Yes.

an anticipate the wondering months values, particularly on to the in Just due I uncertainty was staffing guys property you areas if mandate? rural in more in the of coming dislocation overhang

C. Pickett

know election, and just I where until the least mechanically rural. don't that out are how that they're are rural waiting work. even politics don't people fully to to exceptions know pricing is legislation we there dislocation -- around see because play And carve-out see we'll after the and going remember, in at there a the policy

So I don't think point. now. today, here sitting see it maybe pricing from you'll pattern back then we're year you still have dislocation a we at with same to start If that the now see

Emily Meckler

that lagging that be fundamentally state? then Okay. are large for again, staffing Great. markets? in primarily the And something follow-up these issues Texas? relative abnormally might just to drivers challenged responsible in of staffing for one the there you. What the occupancy issues gains main Are other the is Or

Megan Krull

Texas really rural market. pick where so you right? very relying towns lot of small very not you're it's staff easy have town, areas, mean, neighboring up on from the local go a has I look, And your to

and So that plays into a vast. very wide

Operator

Pickett for closing now comments. At Instructions] time, to turn back I Taylor conference this the [Operator will

C. Pickett

Thanks morning. our this call for joining

the prepared Have follow-up is always, questions. great a for team As any day.

Operator

This concludes today's conference.

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

Omega Healthcare Investors (OHI) 3 May 242024 Q1 Earnings call transcript