Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the InfuSystem Holdings Inc.

First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note that today's event is being recorded.

At this time, I would like to turn the conference over to Joe Dorame, Managing Partner. Please go ahead.

Joe Dorame

for the today ended first XXXX. thanks financial review March and for results quarter morning, joining to us InfuSystem's XX, Good of XXXX us Lachance, President DiIorio, Chief Operating are Steele, With Financial and the Officer; Chief Carrie Executive Barry Richard and Officer; Officer. on today Chief call open the After will of questions. for prepared today's call conclusion we remarks, the

the conference statements management Before certain statements everyone statements the of Exchange we and with to including team conference may InfuSystem under ended the the the Litigation like of and detailed Commission, this Form remind on XXXX. Private begin forward-looking the annual XX, with XXXX. year risks Reform would prepared of call by and factors during the that which contain XX-K company of meaning Act are this by December uncertainties, historical for some forward-looking fact, Securities within Except remarks, the risk constitute call report statements I Securities made filed involve for documents of

speak and to as statements, of be no were give as date The the forward-looking made. any only disclaims information, not new of of forward-looking events a can statements that does undertake will InfuSystem future the prove company correct. such statements update to any otherwise. specifically obligation assurance result statements whether Forward-looking or

Rich Executive Officer Chief over of DiIorio, Now like to the Rich? turn I'd call to InfuSystem.

Richard DiIorio

message First convey to earlier we joining you, release first XXXX Thank and earnings us our everyone, to services, $XX issued with today company's another are We InfuSystem's start Call. strong morning, demand and business revenue Quarter We record XXXX. for led see strong quarter in Thank history. GE this want that the by off our our morning, welcome Healthcare. oncology first service our quarterly a core to and achieved biomedical all the milestone today. Joe. Earnings is you million, with for We a Good in I surpassing press

on current our Wound call, organic seeking entered continuous last while efficiencies. and with the execute a Care, we most against year our opportunities, biomed discussed business in with operational to our in growth in As particularly Sanara driving strategic focus improvement GE

we pressure we over Our last in pipeline The that the focus and leases are through of the started pump quarter. expect executing. revenue approximately in March more orders and coming to have had December $XXX,XXX negative from dividends, paying first to expected We end recognized the realize is materially in ship we quarters. the

the I up with line prior continue XX% emphasize Pain and an year will our to be -- pain business. that business the Management strong, to of XX% is continues to from contributor top quarter. be want important to our

to particularly of I during facilities the the devices onboarding highlight under service master biomedical want and But first the strong of today, our services quarter, with the performance agreement new Healthcare. GE

with we as especially We capacity InfuSystem long-term explain, do been for progress report strong, servicing and am ahead year. to it and has that I execution additional by Barry to GE today so, important plan our agreement expenses we related accelerated and biomed are drive add onboarding the creation. training Our to and believe running is the order and to further plans technicians. of will our In pleased onetime value will the GE hiring, on the that

first over on summary touch wanted of Barry the I a to points. his call quarter, Before for couple key more to handing the financial

provide to entire with available negative This Cork, by wound pressure In to important our products. to negative issues equipment pressure that looks to addition care This partner, making be Genadyne devices our ship will portfolio distribution manufactured with announced number our help starting material supplier. and partnership our strong new we addresses initiative Genadyne of week, multiple an supply and a another agreement as be last customers options. of to an with devices chain mitigate second

is As is in positive recently part sell as another well pressure received with bill development Sanara. care few is I the advanced minutes, a hope Wound our joint necessary And that aware, will now SI wound negative Care everyone to Carrie only discuss wound care of strategy. products under we venture for our accreditation and

great is Finally, Oncology, it a XXXX. off to start in

gains, pricing. are and share higher seeing market patient rates improved volumes, We collection higher

through discussion that, our with have Barry of quarter our a I'd And us detailed first CFO, financial Steele, like results. to walk more

Barry Steele

and current main everyone, focus the on the on results for to resource for today. going the Rich, of you, our you, thank and reserves. Thank financial the quarter's drivers I'm topics, two call joining status us

First, results segments way the also fifth the the leading totaling the biomed. straight and first quarter, the The of for with $XX.X and with sixth quarter for from operating record record representing growth revenues services period. the in X let year for a revenue touch and a totaled the in for both me XXXX biomedical setting came our new XX.X% for last year-over-year Net $X.X increases million on Oncology from prior million of Oncology quarters. increase $X.X all-time dollars our million, financial

XX% basis, a very of for pain wound XX% Care were Pain for percentage with care On Wound both and management. strong Management growth and

a pricing. crown helped usual collection The yield, in and from including increase Although improvement by improvements revenue also biomed some improvement suspects, XXXX. by the XX% volumes in improved took incremental resulted in the but Oncology percentage over achieving was

of services master revenue services health from last was agreement company, that The GE diagnostic global new technology and a with year. in that care included leading Healthcare, yes biomedical revenue launched April

proceed previously first under a faster the driven greater previously previous sales hoped expected follow. our than during we had safely next will the The during can few increase quarter, Wound that we had equipment pressure the now predict Care ship thought that was is quarters. in that agreement we foreshadowed pace continue to in by through to fourth we as more negative we even and quarter, accelerated significantly revenue call, As

biomedical costs Services gross during These additional expenses. percentage G&A These were biomed to are the created services other in during large for the and both biomedical Preparations which expenses both increase the for and segment expenses. to these offset along margin quarter and partially or higher get grow general and biomed increase the included of this DME profit by sales our services quarter volume, agreement, cost decrease our diminished workforce with anticipated administrative as revenues. continue expected revenue and other higher an in the we absorbed expenses,

cost overall for is bonuses, as costs service expenses to lower and time development such manage in field. both in fees They team. this capacity recruiting our higher the volumes. training our workforce travel well and acquisition that the devices building of field hiring as also included Much higher contract employee productivity largely as onboarding is in attributable and the include This initial

We upfront earlier than team These planned. than the these should higher and the previously elevated estimates. in continue members phase, because quarters next that were our approach in during amounts predicted, original will the we several margin onboarding that timing expenses bring level over will at dissipate was to these when of needed anticipate but biomed we some our

but in of a X.X% totaling decrease EBITDA during the which or our result revenue of slight these first represented adjusted million margin $XX,XXX, a XXXX XX.X% quarter, totaling from a was net $X.X in last As impacts, increase XX% amount year.

financial our few and a in capital position reserves. to Turning points

from earlier credit growth revolving amended with our an net of may this week You revenue rate LIBOR from this, to X-K XXXX interest credit well positioned be and our week, and The of strong service significant our Term amendment we continue from fund filed flow to that Because we and seen years. reserves by leverage index operations debt term available manageable backed last liquidity cash SOFR we requirements. also line X renewed agreement. to the from have changed to

the our quarter, revenue mentioned operating the coming working service to this flow the to expenses higher cash to primarily increases launch volumes. metric Our recover significantly capital and in related expected previously decreased biomed team This the quarters. due higher is for in

million The partially higher totaled end as at debt debt end slightly total trailing by quarter. X-quarter and liquidity quarter of EBITDA, $XX.X million, in the debt available total at offset EBITDA to months our attributable by ratio $X.X the fourth Part net to at XX during of of adjusted adjusted our to for Our the increase quarter. to last million $XX.X X.Xx caused the XXXX the of the the the the period. is end modestly increase the repurchased to X.XXx this increase to compared stock $X.X of in increased million

requirements, borrowings next revolving balance debt of a fresh on no Our consists million X increasing with term in an the for outstanding interest payment $XX rate term years and through X rates swap interest protected remaining of credit from of with the years. line our

color on in President Carrie our is Lachance, will Wound who provide additional Officer, Care Chief Next Operating up some our and business. development

Carrie Lachance

on accreditation to like Wound for good I Wound Sanara's of color and Therapy everyone. morning, Genadyne partnership Care distributor their as our Barry, X in products. recent Negative would Thanks, with provide line products receipt business, full developments care a Pressure the to of and wound our advanced sell

accreditation. the First,

not as a announce to solutions as products are entered mile Medicare. of to was care provide submit limited success we mostly additional of role Sanara payers with was authorization critical We Cardinal, are of CMS are us business Sanara's pursuing for the clinic-to-home When we with well the private to This our to pleased partnership. from wound network now last accreditation. in very that we the step reimbursement to authorized broad obtain our did require that

us were In and with skilled the distribution long-term limited nursing prevented contractually from agreement facilities. as Cardinal care into fact, we selling

facilities those joint the Under new our venture, initial focus. are

services for Wound partner products. but a suite is pulled of We advanced we time. distribution billing a expertise for InfuSystem and accreditation wound together care only products also payer exclusive such record our near Sanara, status are and us channels chat of in Pressure suite those in not offering acquire going because but as to in and updated great Negative Sanara's the CMS also allowed because pumps, products,

we for quarter, a expect in to force hand, the second reimbursement the to Care begin in to Sanara connections to all now process necessary complex second that commenced in the of products codes payer year. efficiently we Wound third-party This completed sales of team requests cycle our submit the With allowing selling revenue and is our half be creating the have for payers. accreditation tables,

in and the New Wound suite products exemplified and Genadyne This Pressure are said systems York a that is in related Care. Genadyne. is in toward couple relationship new Negative by with I've times announcements to based a specializes of products. our we now of moving

similar We into are other care options device-agnostic, remain customers lines offering the device our multiple to of business. wound moving quickly to market

given impact do have the is and issues This ability level approach, how part can any supply devices concierge chain manufacturer also important it service we that made during the of agenda of of to is report but supplies and available a take to other one significant to offering to have when I and and advancing requested. care our far am happy retooled market. first quarter, our progress wound stronger

the expect material commence Care with year Sanara the to in results Wound second SI deliver half XXXX. starting in to partnership of and We the

this to Rich. turn over to I At like the point, call back would

Richard DiIorio

Carrie. Thanks,

like going our into year developing said is of major come. our Before that driving topics. years be is growth a think Healthcare be business the I'd strategic to few This means GE a existing a new growth some each partnerships and to of opportunities focus Sanara, We Q&A, for which and with time to especially we focus spend going with further XXXX execution. driver organic will on

trying pain asked have the to management our last strong important be offering seen joint I the from you that strategic our After and convey still were multiple can is of call as why potential. differently wound prior the have venture Sanara the care first up new pain XX% an opportunities opportunities of is than you past. we we last to quarter we want year-over-year. our future year, in has with of part many breakout growth growth, X that announced assure on that InfuSystem What spoke and the GE results, call, through

our to line. expectation and Wound current grow that year and our biomedical year next easily will this surpass and pain's is quickly top Care contribution bottom services It

marketing. we a early to the reallocate GE. of and in bulk our the is to now resources Additionally, the to of which position. investments opportunities Care they development, and We pain still build that getting because are IT wanted appropriate us This in call made our growth these our good business, allows Wound out, resources will to stages be in

biomed and care a Material developments at to pace. relating steady wound are occurring

We and added second are Genadyne a as now have supplier. shipping Cork pumps

half launch We our will received of process can also the the the to third-party and that the of Sanara accreditation billing in begin year. implementing second us products we allow processes hope

We This markets, On years into GE large acute a national the plan space. reach it add the care. that health of to materially to service for for us. will TAM in focused is biomed side, year top reiterate time big and will the InfuSystem was Each there the advance this thing a home all build care really I'm with acute emphasize stage in footprint. niche happy launches on our relationship to various knowing also our the our our outside agenda but out line, only not further spent rollout

city, deployment When will techs a most to local is team to the go regional presence. are who model health important country. technicians, major provide centers mobile the has and for the built site of biomedical in The will hiring the contract have anywhere services Our is in regional be country. the components: care year-round GE the mobile team But to maintenance. all a under from and we complete, adjacent each to rollout X there in we site service

with to geographically depot of and is each with biomedical our the devices. regional the of mobile basis. problems covering the initial and new addition in asset be InfuSystem this in and performance our will additional beyond potent service centers lead excellence, Creating solving strike GE. will of daily at under facilities, growing GE, agreement X presence the U.S. service variety Canada. This is a service with potential available X,XXX and then And manufacturers master to on teams with involving there dispersed a a opportunities hospitals

from me before, exceed this to from coming the helping current I'm I only build. I revenue the most is oncology reputation relationship the that not think and to that and can result heard biomedical talking is the services about catch the our When contract, to revenue likely the we You've say about see business talking infrastructure GE InfuSystem just GE business. from opportunity, revenue speak I'm

strategic want highlight discussion services moving before business. There's the off to three biomedical final our I ideas of

First, service par on with the business, previously on level biomedical has with therapies in moving the business ITS GE agreement our services unit. a master jump-started really had into we focused our

build in year, to GE we the account. and is pleased allowing obsessively rollout. us this the on It leverage reference good we come future from being GE are Second, nothing, the infrastructure very can focused but will a

concierge-like describe But to become levels those expect our biomedical business for services services the is white pay the approach use are concierge desired plan to our where market positions. lastly, And willing to available biggest we of often not for analogy company. instead, our retain our to glove service. We

We believe role to problems. solve assets deploy talents to our discrete is unique and our

high-quality a anytime For health making issues our solves billing available. business dependable facilities, always We Oncology to equipment take hotline providers patient for of provide day. care and care example, problems sure XX-hour and arise might the is that resolve a

peripheral facilitating our help Management Pain quality we problem society redeployed of post improved These patient for assets patient The surveys prescribed continuous service surgery. reduce the the for the need and are opioids, skills and being problems opioids blocks deliver care. nerve of and solving includes in an providers that of facilities and where solve can

they some In with of care. demand and of payers, Wound and improving has skills InfuSystem patients, regularly costs. providers health provide assets delivery high Care, a quality because to technologies InfuSystem by for Sanara solve set health plague unique companies, in that patients' advanced is largest and and lives care working of valuable the reducing healing, the problems

cycle educate providing and patient, most and and solutions, all logistics. medical quality payers help efficient manufacturers. and InfuSystem management, helping quality equipment perform patient answer health the solutions and revenue is provide with health is deploy and the questions We and supplies. last device especially, facilitate benefiting safe, mile maintain We dependable What care, about to provider, durable

of the We beyond. the momentum are first are and the I rest XXXX, extremely a off start and continuing pleased with for the forward during in strong year the progress made we and look quarter, to to

margin. As to than out to will get need year on into reaffirming changes. any make visibility We revenue if estimated adjusted greater the see year events annual to growth full how will for XX% X% of the XXXX, have today, more net with guidance we play and we XX% EBITDA further are of our and

like their for To our and would thank prepared for I continued InfuSystem hard live conclude work the shareholders remarks, helping healthier support dedication lives. to and longer my team and their entire and our patients

to with And that, we happy any questions. are answer

Operator

Markets. Brooks Capital [Operator with Today's O'Neil question first from Street comes Instructions] Lake

Brooks O'Neil

but results I start Do that quarter sustainable? is we've lot were You seeing. than better you of of performance territory, the the kind quite allergy mean to kind covered this been traditional I a of business. want there a think bit with

Richard DiIorio

think added definitely added have early going year late not after we so. to good some sustainable some customer times I supply I summer. -- after issues year, mean big We one our it's spring, but this. like we're chain last

a So bit that's little given us a lift. of

revenue doing team Our a cycle phenomenal job on bill. the collecting is

improvements while, our going So starting a and impact the are for that see been we're have that on those to numbers.

is but to of still it's year grower going low there'll some be after bit mid-single-digit it's -- never So be a it XX% growth a but business. times a kind little year, higher, when it's

Brooks O'Neil

Okay.

good. Okay,

strong Do in what nursing reimbursement reimbursement this. do me facilities. talking think Are she opportunities going Or reimbursement are wound to about Carrie you opportunity. that can the you in wound in for sense to since Let My care about do care speak some it think to how is skilled was ask for there benefit pretty area? setting? that guys from positioned? you Maybe you're good

Carrie Lachance

you're Brooks, opportunity. do I some think we well. have I hope

at DME bit facility. good But that sales a from very So those to the in we anywhere. the home they selling team of collections little have our products billing base very And retail much for there, us in our similar and there. large nursing is of then from business newer what go patients a line team. skilled They're pretty do, to

billing but team, first seeing thinking we we successful see we're or that So there. to be bit going a different, no have no little problem, issues

Brooks O'Neil

mean, Rich, services focus seem Yes. Cool. care home and equipment And at businesses this my health ask I then traditional your your I there. if least that and historically, in bringing have listening to the maybe to in medical brain, just patients was you correctly to durable on morning,

bit opportunity see little biomedical you growth home morning, talked talked in and nursing you wound the acute Carrie the in this also then care. You mentioned tremendous care a just I about services And facility. with

you because by spreading broadly of these you So are a, care? of deploy do Or just flip have side too opportunity, think certain all X of you're opportunities diverse X . enormous these on offer focusing is all maybe settings the to

Richard DiIorio

Yes.

we're there markets wanted think it's But to ask just are Brooks, I if I ourselves important -- the question, -- a then. to So think good a into. spreading we've get fair it's part always

I our is still devices. no, So the cycle is clinical think built piece. doing in core piece. revenue It's still the everything answer still It's right? around still because competency, the we're it's

on for devices been XX repairing years. So the even side, we've biomed

on doing no or So right? it at set. same site it's It's the skill the hospital is different,

itself, can less competencies, think but we I the as market core wouldn't stay it's say important. as I irrelevant, long So our within it's

build and in to are customers, we have pain out have pain sell we the ability markets as that's surgeons When orthopedic have go a right to to sales to long and which they As we to have those team, that the specific they do, we place have anesthesiologists. those right? within what and reps find contacts the into team

some care experience great and LTAC wound the we skilled reps facilities. the have On that in side, nursing have

but bringing competencies those So that's difference, we're our into really core the markets. only

about. worried I'm something not it's So

Brooks O'Neil

Great. year. Congratulations the a to strong on start

Operator

Nowak with Capital. The Craig-Hallum next Alex comes from question

Alexander Nowak

QX, seems wrong Okay, it weights in like take way, it great. but this seems Don't the lead are removed. the like

XXXX, back. I'm it's curious, kind one always maybe of So and we forward, went X steps been through step

since I think X much forward. this What steps quarter is very changed QX?

Richard DiIorio

good a it's So question.

in leases because They've the the right? X.X right? fourth chain we've been They're supply things right? It's years, the performance in They the other should up quarter issue. showed freed nothing Alex, had there. in the We that not first one up right? Care doing come changed issue So Wound chain quarter. example, really have the supply up. of for now, think for a So finally showing in, was thing, I last than

and On showed was a the going just was ramp-up effort in was that and by little a knew put be GE QX, it bit It in year but biomedical team. there operations side, to we slower, up ago a that's period. our

shifted the more Care either, show -- we don't last I hoped over if all it's year dramatically and right? is and about Everything talked so, than know has for had or So up, to yet starting Wound right? anything it's not here other February board devices. still think on mentioned kind the hope we and on isn't This its But had side, here, get 'XX way it's of hopeful, some call, of like I thing. on it's we on a to GE certainly right? the

We We have it. coming. know visibility into it's

starting would So and fall calendar. on just into exactly it on things know knew just the we've didn't we that think place been We to a for up. quite I show are when working while,

Alexander Nowak

It's back, where does device it normal, but it's seems help to bit the whatever this be call all to also it, just that of great reports seem cycle, rising nurses little care other, hospitals to back, tide, well. I've as is seen so staffing got a a And are see. a it given we've be, is. it health might back back, imagine to big far, are getting earnings mega

Richard DiIorio

is feels into much business, shape. right? wood, yes, and of But we in did think really normal having supply feel a chain knock some Yes. facilities from or field jinx and pre-COVID, more decent good, from even standpoint it in getting don't the on credentialing mean, there's in us. right? a that those as But sorts we things. more general, I I trouble they're Normal hear We don't Just general, like

sealing. kind we're hopefully, floors So through a of the it's and smoother there,

Alexander Nowak

growth. though, no it year and here expecting look you based model, dynamics wound, at of you're talked numbers here look as I at full we and growth, see But guide, a on biomed. sequential be why number the should basically When the sense. sequential we whether QX through Makes my from GE

that shouldn't maybe why subsequent implied your in expect grow we at expand on a to least So guidance?

Richard DiIorio

are we strong. at leases supply the quarter. We don't a in just So early -- lot of right? move this in something lift of wound and coming year. right? see have us There's chain the should should a there a the or growth remain see We hits a us what already end of oncology next little issue if little So more quarter opportunities, the It's bit for bit just to guidance, next we that. see month like that care

any I think behind little being giving So just we're more a before make and we're runway us we conservative, ourselves changes.

Alexander Nowak

two just questions. then And final

On costs you're were discussed the keeping sense, guidance you higher, but EBITDA that that I the think that, all makes same. the DME

see So the from? gains where the last popped the you quarter. that then do just cost And up issue fixing come control status of internal

Barry Steele

biomed the activity can really things extra for. for we that plan the cost is And Yes.

have We to a team. build

step There's as workforce. you We add have a to build the functions costs. on

end So our won't by as but of EBITDA the getting original We that we'll through be through close. improve ramp play other the clearly lower accretive get year, margin margin for business, our out. of to which the and still believe the we up will we be businesses, our but estimate that than year will are that completely that

that's So a improvement. significant

generally, and bad that like just higher first debts The little bit things are margins quarter a low typically. usually

natural lift go So year. have as through the we just we'll some

other there'll bit things in expenses the just -- so tougher that little too. be timing and is quarter, first And of a

So your our our still we I intact given... end still of for will margin view What think, guidance where other for is a year, that. have up and was good the question,

Alexander Nowak

Just the controls. internal

Barry Steele

get the we address some clean obviously to we'll need a next eliminate before more progress material month auditors to different for but but be to success planning literally time there, weaknesses. some found the of to XX-K have year, we the We're it. where efficiencies obviously then audit that, finished be We're made we've hard ago. working through maybe And able even our the

Operator

The next & Jim Instructions] Sidoti question Sidoti [Operator with comes from Company.

James Sidoti

was margin costs can Understandably, come impacted some gross us the gross where sense for margin start-up give to in will But you think related year? GE. the the you by

Barry Steele

Yes, not cost gross of about margin. of these guidance costs because an giving go -- do improve, us We EBITDA it obviously, X%. from we're will will away. some on It perspective

maybe expect back little a side. So bit terms the gross on improvement in better you can of number, similar probably that margin a

James Sidoti

marketing, Okay. general on more quarter? typically in items administrative are lend Or costs. those going there and sales and And then Were onetime the rates and any forward? your

Barry Steele

Yes. We come things marketing and some some the first have the expenses quarter, in we do whatnot. do -- of we

also and controls to We couple audit that thousand. had hundred on a up audit cost the had an finish the extra internal audit of we was

at But onetimer. generally, from prior So the the the be a that look you heavier will some years. hopefully there's just just cost in typically as pattern first quarter

James Sidoti

the the general, positive flow cash for improve and in close that year? cash assume flow to should throughout free reasonable year should be you it is to So the

Barry Steele

The We driver inventory. for built working capital. negative flow cash the was being main Yes. slightly

cetera, the for we et Some biomed higher cetera. need of that contract, was parts inventories we et for oncology, to volumes support the supplies need that

So through is as year. reverse we that expect moderate rest the all or we go actually the will of

James Sidoti

annual last but had revenue then GE, beyond. you you to same 'XX from Maybe and be one, it And not before? do in Okay. thought still the level expect that that XXXX,

Barry Steele

how level. bit in maybe which next of it's bit maybe we a we that get facilities the What quarter sometime up that's we and and we we to shake many have fourth year quarter XXXX, under devices From bit little does that to could see first onboard million quarter, all on little get said north to But we is quicker. contract, will expect a than an $XX a think, Yes. little basis. to, where the how what total we'll first the there, bit third annual sort little the go perfectly Yes. are of sooner a be devices might out the end certain, of not in

James Sidoti

that's $XX Okay. revenue think that starting number. of good annual million XXXX, still But a you

Barry Steele

Yes.

start to at I XXXX, not that think higher. good that bit we have run a a just little opportunity in rate really

James Sidoti

into are price escalators that And built agreement? there

Barry Steele

I the couldn't question. hear

James Sidoti

escalators are as pricing -- will price that pricing part XXXX, XXXX? agreement Well, of from there increase

Barry Steele

throughout Yes, flat pricing contract. is the

Operator

queue. showing At this questioners closing to conference for the Rich in our turn like any DiIorio time, no to concludes And the further remarks. over session. this I back we are would question-and-answer now

Richard DiIorio

day, Chris. Please you hope everyone host call. thank to second when talking to everyone I participating stay great look again and I call. we want Thank I has our safe, today's with forward quarter you, on for thank a you. and

Operator

and The today's conference has you disconnect. now may now concluded. Thank you presentation, for attending

InfuSystem (INFU) 4 May 232023 Q1 Earnings call transcript