TRNS - Earnings call 1 2024

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Operator

Greetings and welcome to the Transcat First Quarter Fiscal Year 2024 Financial Results. [Operator Instructions] As reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Barbato, CFO. Please, sir, you may begin.

Thomas Barbato

Thank you, operator, and good morning, everyone. We appreciate your time and your interest in Transcat. the and is Mark our on CEO, President Doheny. here Rudow; Lee Chief me call our today and With Operating Officer,

then We prepared call call the questions. we'll and for will the open with up begin remarks, some

Investor markets found Our the yesterday, transcat.com on that will our earnings wire prepared our the slides both reference the website, closed during earnings Relations and remarks the release we crossed section. after release can in be

Slide X. If you would, refer please to

in the forward-looking SEC. make statements statements to the that the you events, are materially other may As These of and we These the we and from the presentation cause documents teleconference. company which risks as with where outlined portion as today. apply news as well filed during actual Q&A as to factors aware, formal release could future by in results well uncertainties are this subject differ are are the factors to

on we the our sec.gov. SEC's You on can website website as information find regularly about company well where those at as the post

required events correct otherwise, precautionary obligation as conjunction factors. result or in future publicly new update this the these law. by a our of review forward-looking undertake no statements information, statements We call, forward-looking as to whether except Please with any of contained or in

useful evaluating performance. our Additionally, during today's believe call, we will discuss in we will certain non-GAAP measures, be which

a or release. to the provided consider in not for We've compared the as isolation should the prepared You substitute accompanying earnings measures in in information, presentation tables GAAP this non-GAAP with information results of of reconciliations GAAP. accordance additional

Lee. With over that, I'll to call the turn

Lee Rudow

of fiscal XX% first for driven in suite earnings diverse up across our expanded I'd $XX call points with NEXA's to demand compliance instrument you, XX.X% our grew, to and basis a Transcat's by business Consolidated expansion expanded delivered entire XX overall acquisition was margins given XXX unique points of to Tom. revenue, Distribution EBITDA, like you the joining successful $X.X on and portfolio. us the cost strong calibration, Good XXXX. complementary better-than-expected pipette's, today. from services, segments. Thank everyone. our was morning, Adjusted both start gross control [ margin rentals revenue strategy performance quarter We Thank and metric and us to over our XX% for in including and basis Service by ] million margin year. million, services. and Consolidated prior key driven

Turning Service to segment. our

as up from regulated value totaled unique Service from quarter recurring up prior continue to year. was streams XX% million, benefit revenue years. proposition in XX in XX% and the channels. synergies revenue and over First we of $XX represents highly differentiated year-over-year year-over-year Organic growth our our growth. business for consecutive quarter a growth our Service little between The XXth quarter markets, quarter every combined first That's growth

continue organic also expectations, We our The basis a of XX continuous improvement throughout drive increased result point process operations. our which double-digit increase a our a exceeded was operations with year. automation Service and reported gross lab prior to client-based expansion, represents which margin margin growth lab in XX.X%, Lab productivity network. over combined traditional of and

Moving Distribution. to

high-margin prior basis margins part driven XX% from XXX First rental year, in growth quarter expanded gross by in the points business.

ability to customers differentiator to important our continue our it face. solutions is for as We strong an challenges see which offering, to rental demand offer Transcat's enhances

value continues including strengthening proposition. Service our generating channel, to segment, overall leads our growth significant rental Distribution Our by of number a organic and foster

our expanded business addressable fiscal entire Looking first resonating in from benefited we the at proposition XXXX, that is the portfolio our value markets. quarter differentiated throughout

Transcat's good we in an growth. leverage see business, compounding double-digit synergies growth gross The NEXA continues and business rate. is organic Service operating synergistic pipeline opportunities generated with at our incremental as business of inherent Service our to the calibration the strong margins impressive core benefiting demonstrated also from We from

we're attributes be calibration to market seeing similar continues market service in traditional NEXA the the While fragmented, competes. spaces where

Early acquire who Services. to commissioning, validation diagnostic instrument provides the recent Thermo single-source pharmaceutical, acquisition in important others. to management to in medical clients, device ], SteriQual, were delivers to qualification our as process quality and Transcat's able as Fisher, view Pfizer, assurance Labs solution opportunity another specializes SteriQual Monza capitalize which July, [ on and River engineering, and complements manufacturers. We project also services we differentiator the SteriQual NEXA like and Calibration Charles platform, of

based At labs and newly the we with into Services. Louis realization and in bolt-on cost consolidate calibration of will current the anticipate the start one. solid of our will as acquisition we St. first acquired within year, operation lab operation integrated growth The the revenue the the St. also acquired support Metrology we next synergies various of TIC Louis quarter, the be

first job the balance in our we working million ratio done managing free flow. and excellent cash Overall, $X.X sheet And current remains We've capital. strong, of an our is generated quarter, our X.Xx. leverage

fiscal acquisition Over with strategy. deploy revenue-enhancing capital of the and margin along the integration course and to of to execution expect to continue XXXX, initiatives we our ongoing

that, with to over first the at things look more quarter. for Tom I'll turn for And financials a the detailed

Thomas Barbato

the the regarding segment of I'll consolidated fiscal basis XXXX. detail for of on quarter Lee. which revenue first Thanks, deck start a website, our Slide posted earnings provides our on by and X on

revenue the quarter business. strength First Distribution revenue of in performance consolidated was solid prior up and million of year our segment, $XX.X versus Service XX%

from growth at XX% Looking remained acquisition. and revenue the organically at of with by segment, XX% other growth coming it very Service strong the X%

strong our in As remained business quarter. Lee demand mentioned, in Service the

of million year. was Distribution. to with consistent $XX.X prior Turning Revenue

business. see continue in to excellent Within segment, the we Distribution high-margin performance the rental

Slide X. to Turning

Distribution drive our which value $XX.X business. gross and XXX margin segment basis million Service margin margin was to up first performance basis previously And technician levels points, expanded driven gross quarter. the XX.X% quarter of year. Service to in was productivity consolidated of proposition, up XX.X% in demand. ability to differentiated the continues of gross points XX first our by gross mentioned strong profit demonstrated from prior of further basis levels XXX for the XX% leverage points. Our expanded margin our increase the higher rental The high

business to per diluted earnings $X.XX. $X.XX. Flipping levels per income execute year, the EBITDA basis in is earnings as prior decreased as tax purchase points. is benefits important margin. came to we ongoing as non-GAAP, and QX Turning Slide strategy, and EBITDA well accounting. With The last our EBITDA adjusted expense. was consolidated expenses because impacts $X.X income these expanded believe deal-related to combined X. adjusted by adjusted adjusted of for earnings diluted our on up QX ability from this hit impact year-over-year was of Net that was higher adjusted best at to from operating to as transaction generate of same we items adjusted this per our cash EBITDA adjust in segments X% metric and share to the continue XX of million performance XX% as measure quarter of as of of year, well interest for it highlight was costs. increased to costs from adjusted growth QX stock-based Slide that year. which where QX of share X, show net gauge diluted in $X.X shift our normalize becomes and and our more margin statement will noncash the negatively first use year acquisition Both a the mind, does upfront the to million adjusted it We income to performance EBITDA, of acquisition had our compared prior impacted X quarter in the from share. $X.XX well share as last we report We per EBITDA acquisition-related year even

reconciliation supplemental can found EBITDA and of to operating a always, net presentation. income section As the of adjusted in be income this

$XX.X had ratio with net in X. which automation projects. Slide quarter be million of Operating available capabilities, and first year quarter, $X.X we QX capital higher from facility. segment leverage million a was $XXX,XXX flow continue X.Xx. to around had technology, cash Service and than growth including million credit significantly centered to end, total debt future $XX.X a year-over-year. prior up of our At expenditures We was were Moving the

we SteriQual of $X.XX company the for quarter, just the million the XXX% acquired end paid after As in first previously stock. announced,

Lastly, I'll turn that, we market expect back to it file our the Form XX-Q you, closes. With on X August Lee. to after

Lee Rudow

believe I'll ultimate cycles. growth We a things business over continued Okay. a years is Thanks, has team, we've resilient that track advantage. proven Tom. to and important, most performance wrap and economic many over be up pointing profitable consistent which very And competitive Transcat by leadership out model. perhaps assembled various generated the skilled of very record we has many, our

deliver strong to expect look balance we fiscal throughout forward, XXXX. of As we performance the

time. double-digit high range, organic single-digit in margins continue service growth increase expect and gross low the over will We the to to

] our to including and organic add rentals We cost of footprint our both acquisitive on NEXA's diverse our to execute and From lab suite will geographic acquisition opportunities expand and control our infrastructure. expertise, regional perspective, that will channels, bolt-on and into instrument an markets continue services. leverage to [ focus important our remain strategic capabilities calibration, compliance strategy current and pipettes,

leverage unique of As cost resonates highly the regulated value is our the the will high proposition markets past, the and in we failure where most.

their customer focus base, is that partner. service to can In that remains competencies, We risk-mitigating this leveraging demanding words, together. we Our trusted to go-to-market theirs. win Transcat by our the our on be them same, allows as which strategy core other to regulated do demonstrate

quarter strong hallmark improvement been and allocation designed initiatives our As strategy. our organic gain growth remains through Effective we of and of acquisition and a traction. work growth our to the always way to has continued Transcat second fiscal the capital of at our of pipeline drive heart XXXX, margin service

shots. started. just like of business our many as as amongst we strong internally expect to and team trajectory discuss our balance sustainable, remain supportive value. we the leadership We we're we ways, the and We long-term sheet leadership feel team, In getting calling shareholder like drive our

with open questions. for operator, the line And please that,

Operator

comes Our Instructions] question Palm Group. Craig-Hallum Capital Greg [Operator first from with

Greg Palm

Service maybe great But on side want wasn't just raised to Awesome. quarter. long ago surprisingly, of the that results, more Congrats you on full least organic since an months the -- for you quite you for exceeded the the so growth. ago, I It nicely the couple with outlook expectations. year, update, start at a gave everyone.

you just specifically? you that for curious, So of the confident gates, an quarter uptick in seeing the see one Or out did outlook that I'm you June what in are the July year? raise makes you

Lee Rudow

look Yes, appreciate a pulse the like We consecutive going can and or the about quarter. When from. pulse that at pipeline where at imagine. as think second quarters talk just quarter, had coming We've growth. halfway really in quite we that least in into at It's you it We second lot through being look X Greg, the simple. stated. almost supports the we're question business double-digit activity, range is I we we internally, of our general,

more change, major a appropriately of a not but subtle So I one, timed. think

Greg Palm

to end of couple Yes, a were specific makes areas sense. months ago? maybe markets that what Any your expectations are outperforming or relative

Lee Rudow

I we wouldn't than NEXA synergies Transcat. point to some anything of specific way and like the working between say the other are to

And I working the X continue working to or a that the business on acquisition. of as together another. I'm result by complement, referring are before think these levels activity the businesses increase to versus complement separately one

probably more and So traction anything. that's as some gained momentum than or I much think

Greg Palm

guess gross surprised margin Distribution, the just strength byproduct then way of in somewhat gears there. And it's us positive rental. really what caught Okay. in shifting I was to And a a

you a a mix part of of ballpark sense of any where and is what rentals distribution So maybe growth can overall? was terms in us as give way rentals

Thomas Barbato

I to as for overall level -- to just Yes, Greg, it's Tom. characterize perform stronger a the the business. margins is than And -- than kind one. what seeing would said at the on rental I that higher in we've would are rental we're the business. -- side growth of I'll take [indiscernible] the continues favorable distribution significantly it past, the it's with Service well

benefit advanced buys, So that we I'll to some continue continue to kind do the as able side which well. out margins of been overall Distribution also have to point

the not only it's well. we as of kind see half we the get into So the moderating rentals, but that second as of year

Greg Palm

I a to in figure normalized of been best we've normalized a think certainly fiscal because record, forward, of clear, in be sort of to since as was, specifically given out seen really what obviously, don't can one low you used assuming help going a 'XX we've just rate But outsized mid-XXs, just of know company. an I'm the fiscal if us had year but a QX. and that's the was margin Distribution that a I rentals kind result it run to here it not of the bigger tracking is, but the we mean, that maybe is Okay. you that mix good in but part rate

Lee Rudow

thing going mix, growth We've perspective. seeing from was focus say where on to real see we'd the done to side lot margin to the I of would our on allocating quick. one the dollars you're mix intentional is to see where What come from. like a like

as And it's see as as invest anomaly. higher over I more this speak seeing over the up in XXs low margins, we but of of an long from don't quarter, time, think think to mix may so time. continue it low over pick And past XXs becomes in that high this we're transpire business margin some the I we and more to the time, concentrated we

the channels, you're towards allocate to that changes think to as and design, higher-margin see increase. I capital by going continue mix we

see different? mean, Tom, I do you any

Thomas Barbato

And -- rentals of we're No. of business And end business, desirable in of is as the growth us the kind opportunity I'll making lower thing is step of think margin giving less just to from other I add conscious the business. well. away traditional shed of that distribution some some to that kind kind the the decision a

Lee Rudow

do a in years position nice that to couple Greg, versus we're a ago. And now, of

Greg Palm

luck. Well, congrats, again. of Best

Operator

Gerry Our LLC. ROTH ahead. question Partners Please Capital next go from comes with Sweeney

Gerard Sweeney

want of that opportunity if see word, and of isn't market. feel the on not wanted and of really you're there a It's I out you But size I a maybe time you. market business. been but spend NEXA NEXA, side bit purchase sort to what the little following could behind right about to just the up little talk on Obviously, with better sure for bit wanted a I'm more acquisitions. opportunity strategy a SteriQual. great to it just for that lies get entire

Lee Rudow

take to first, back I describe Well, to mean, Right. the step different models. just one small

On traditional calibration we the Transcat side, services. do

all, of everything use side, in the calibration cost compliance their they at services control around but NEXA the On they And ecosystem. because in calibration calibration done where process life work we large the the most and don't perform that, words science around companies, do is they're to the where where anything costs instruments, more could data over efficient doing they're of to being from a to next, is CMMS efficiencies adjustments looking at consolidated ways uptime, their through work, from the one of be reliability, be system involved. lower usage time interval

calibration So do the programs. they essentially We improved calibration work.

complementary the at can nature to can see we an problem when bring their a clients, you natural opportunities into where We cost over XX,XXX, factor, into have them can effectively. So is performing see They they of the a we vendors between clients a the bring efficiency see factor. one when our of two. because us opportunity which calibration

all is value Gerry. is difficult we're to and to both that the in compete a also just think NEXA well, against we the us organic stars way. Transcat probably And customer we're a and the just natural of there's our together, So seeing we and where perspective, prop biggest a it when the perspective going together pitching growth it's to kind at It's this sort And fit really from table, continue. and working effective. of an it's aligned that's go good same when point, from

Gerard Sweeney

clear. big opportunity? I that a get I NEXA? that, certainly But wasn't efficiency market maybe and that cost how is apologize, outsourcing big [ and is it maybe XXX% curious market that of control How I was ]

Lee Rudow

to SteriQual, billion get be to prop, sense, in that North America. now is than you calibration. significantly It's going so going give shareholders. to that their be that to come than world part a a today, and meaningful something $X.X the the a of calibration and other value say plants that to billion significantly than so because you to I'm our commissioning, in market market other just well, forth. $X of able startups The on business on with up particular, get to working we're be NEXA larger larger -- driven you That's in size would it's not to range in try is than

around close capital spend science facilities market that a we to And country, build there spent is But so life capital that -- as and estimates are about look within the the while getting bigger as us take certain for at. ecosystem. we expand bigger that services

XXx significantly figure, it larger be that try I we'll but work to from a in range could calibration say on the So business. traditional will

the by serve. then and us inherently they So share that and gain of they'll help share, business channels nature gain the their we'll

Gerard Sweeney

So your strengthens house. you're and nascent lot sides and pretty to of expands dramatically a that synergies while small, of market, market of it's in lots suffice say, the it addressable runway, both

Lee Rudow

then Yes, but difficult business we of their And on as We've Ireland doing even equation of done is we're nature think the beyond scale some it's well, in so. the that business Ireland. their business, to work. their side not

last customer said different to go visit, have Europe, periodic speak, I not do Germany same a big of another visits. do work because It's in and the country. Belgium to and service think Ireland, a so leap behind on-site to in quarter the we the back computer, them, you an to XX% facility as

bit easier calibration, which and it's as border. have scaled, a we unlike So scale you will it's little cross

we that's the attribute So like. another of business that

Gerard Sweeney

there's perspective? fragmented? bunch look what Got players, that of market a I calibration, from a Or how couple is, it. than does to players calibration is And market small market of how similar the the larger mean, but

Lee Rudow

the we think Well, that about goes that fragmented. quarter particular so. release more we answer discovering market It each as even And to we're business. equal to it in this side is was the or but by, and of part more as script is more question to fragmented may on calibration learning our work do we're the than the be development acquisition say that my

So we acquisition and to it see and earnings opportunities with integration those like that in group. that, that's why we lends the itself Transcat. it mentioned We traditional

Gerard Sweeney

what This One does You should but look think it's Got And I is positive. leverage. about easier last like? to by is -- margin I talked profile the get notice, to question. all what Maybe it. way. trying actually this the just

sounds it components NEXA at -- or opportunities either margin there Maybe there are So the some leverage least on just... like side.

Thomas Barbato

the the overall in and the for said leave at we've that we'll are kind higher what generally just of mean NEXA Services, it they I Tom. past, margins are -- than is right, for It's so that. gross we'll

Operator

Our next Northland Securities. Jackson with question comes from Ted

Edward Jackson

Congrats on the quarter.

new Just to to the want some go of to customer-based margin of keep online. kind labs. about calendar One guess, questions year, I'm impact to I regards things talk and bit there was some of about discussion forward. the going that it X first little stuff a mean, I half coming is let some with the In with

what as pipeline back is an So I'm to we and behind curious that roll looks we then margin in this like year of to could regards opportunities into, regards through half what new see tied kind operating the with that expect to of and calendar there? moves the with

And a then got follow-up. I've

Lee Rudow

it. get I Okay.

of of gross stages land CBLs, service as handful So CBL, couple margins just first CBLs year and have on have quarters a year of lot you at for sense. the latter a in we the of of reasons a yes, early that or when make to bit drag tend typical is the won last a

the of the learning staff, of the you're processes operating. Your that lay the lab land, new

routinely a time. correct That So over where at peak couple not quarters definitely there you're tends itself efficiency. to is of

quarter, expansion the necessarily And you the didn't number -- of some a we some I out look put first I anticipate at can't coming of it of quarter, think when margin started. think fourth and CBLs the but a of of out it any up guys quarter it and getting some definitely I they or there byproduct since on don't is a can, running over in X

relatively to exist at be overcome always period know does And going there's it factor. margin of drag in So the short a to we time, the how but outset. that

made progress there. yes, we've So some

as question, I pipeline think far the second continues the solid. a perspective, product it's part which perspective, the As And base that your client is from has lab as pretty CBL ever It's to been. from technicians. difficulty finding be pipeline, of the as the I market of a solid is think a

They customers they set they hire proficient when it's like that up. run X have And They in so don't world quite to we that struggle, lab, way and have. a there's at you not hire a in-house frankly, hundreds in networks or would going the a but technicians, the we year technicians no XXX year, the that technician different school, our University when a even in start as normally don't an technicians with it. Transcat we they And struggle have be way. they're don't fine that

So backup. labs the around we've a struggling. client-based these people given to have. who always got any lot that can we've text, time like adds of be And we move We the got value could at

CBL So is of that's good business, business, lab base our a labor those playing us as types client type I to year out -- and well. this growing environment our thing always for think going be

Edward Jackson

Okay.

let clear of me to mean, kind within And where M&A bolster? the that it I feel which your mean spoke, the like regards to my mean we and general? When was does like the for the pipeline. the to that with next, into of it pipeline you'd then pipeline the kind on where move -- last interested going NEXA time is around So of that was consulting NEXA and opportunities? the the fair adding little accentuating, side, in. look in I'm do want would amount do to see acquisition M&A kind a bit robust, portfolio around you like a business on of with which and on look NEXA that behold of What's was look area like more be like kind there within you front. discussion you then on to areas consulting I How made opportunities first M&A the I opportunities services?

Lee Rudow

strategic very calibration. at look stringent our think as this opportunities sort say opportunities rentals, our meet We're for disciplined. pipettes, that acquisition we're across NEXA well. I say criteria. some for of We'd -- looking we we'd And always growth for growth Well, of

don't We got track at a disciplined and in process remain a team in we great record, versus that unless success of lack You disciplined have the a in great outset that success does of work. you're of We've this very like terms do, way. sort upfront.

So just having an of as the space said are comment, a space that it looking good we sort control compliance, foundational that think because is we a at cost Services NEXA and called example. fit. They're

I the Transcat walk comfortable to acquisition let's They So pretty we by feel made saying although won't NEXA, this is, out. ever last we SteriQual be the way want prove the before run.

think sure that we it things on that like integrating. their I as can plan leadership well it's to Let's as integrate see as this fits fit, to we proven. going team make as well

it And in to that so and yes, we us on not hits that with rush team would side going be well equation, that opportunity will fits there they our the I the we get that, of that question, the we're but this leadership do more until expect proven could acquisitions think likely space, acquisitions. has

to a I it Transcat they too in way before jump but very it's we have confident every reason will, to far. prove just that and believe

our way the all of with comment. to So But of make want I it's same kind again, acquisitions. that

next the others Our time. that fit. pipeline all areas, support will be we and to be is there made one in And diverse these want SteriQual up, sense, able it is to just because

Edward Jackson

where rental walk one, And exiting is the of in quick side, low mean, around clearly -- kind In you're aggregate it, the a kind kind are sneak kind But GDP that going that should to where answering forward? prior sort of change growth the always, Distribution longer-term you I think business calculus in equation of sales there's an last the and really about secret item, Nothing of from in but for we about which of that growth one [indiscernible] in competition not some of as you a walking should really of just is equipment margin things mentioned, question much there. should side as terms lowering some of Does side Distribution? profit lot you've in worth business. of stuff, actual of the of seeing big so. margins, kind a growth I you're you retooling we away line on the Can past, away the there. how Probably, that from, of call squeeze. the the think and how there things

Lee Rudow

I'm I way characterize it exactly would directly business. not the we're in Distribution not that sure the exiting did, you

I it. think get with in it, of totally I'm no, more no, get -- totally line I it's incremental thinking allocation future capital.

got some of We As rentals, everything. bridge other we with streams recurring regulations. the and business kind driven the to between which we and got get with spend to our have Service channels. NEXA We've is and look plays by capital of like able over here revenue business a control cost that how

at decreasing last has basis. it's on years. we've we And When capital, by a double And we just size distribution the it allocate allocation of the X how business? time could, go-forward as we a is look Distribution you percentage can we way, core And say, that strategy. because the but we you Can won't million? make it that's not and our investors for had $XXX says, your well, over

customer. the more go more than the a so recurring like line And to forward, it of mix as are by has it mix better Distribution the about margins and rentals nature think old we because we

an it up And for these is a X, was last how we years the momentum. X, This so something it. characterize how more that's This pick dollars. That's sustainable. thing. to half been overnight last that's continues spent And got margins. that's running, X I the incrementally they're we've over evolved not That's decade, why and

pattern continue you're So -- continues if growth results, kind and that that allocation, going in think, draw similar of line I over you see of time. Tom, over if margin [indiscernible] out, we to you would profile the time it that

Thomas Barbato

And I low I margins a moderate getting we business or And of, that we we And we would I going question kind rate, growth years continue year into ultimately, what The perform X doing. a yes. -- of we're well benefit kind had think talking Ted change second these forward? been will on here. X XXs been from trajectory GDP-like started with But piece advanced versus the a half only the should to the we've margin have caution about some little we think say expect to and mean, a is of I that there's the mid-XXs is a of say, that again, think that I get Yes. that's just expect of still, would kind I ago... bit. the margin of as it business buys

Lee Rudow

It's more sustainable.

Thomas Barbato

sustainable, more yes. It's

Edward Jackson

comment Okay. And Tom, to I with advanced the did catch that regards buys.

reiterating, and congrats again for the on thanks So quarter.

Operator

further at for turn go this are Lee like time. There Rudow comments. no ahead. to floor I back would over the to questions closing Please

Lee Rudow

interest all joining on you thank appreciate Transcat. for the today. call us continued We in Well, your certainly

at on free We will Conference, quarter. next We'll free Tech look the be on with call Oppenheimer the them us. conference which at to be excuse in X. is there Annual time. We us If participating with forward of check join any speaking for at XXth me, participating. August the which Feel -- the XXth to or everybody us again to not, feel end is

again, for participating. thanks So

Operator

This concludes today's conference call.

at your participation, your may a have disconnect and for you Thank good lines day. You this time.

Transcat (TRNS) 1 Aug 232024 Q1 Earnings call transcript