SCWX - Earnings call transcript Q1 2023

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Operator

Good morning. My name is Joe and I will be your conference operator today. At this time, I would like to welcome everyone to the SecureWorks First Quarter Fiscal 2023 Earnings Conference Call. All lines have been placed to prevent any background noise. A supplemental slide presentation to accompany the prepared remarks can be found on the company's website. there a remarks, session. speaker's the will question-and-answer be After [Operator you. Instructions] Thank to I CFO. call time, this turn would SecureWorks' At Parrish, like the Paul over to Mr. you conference. begin Parrish, may your

Paul Parrish

Wendy With Thanks, joining me Thomas, our this everyone, CEO. us. morning for is

During non-GAAP measures. this reference financial call, indicated, will otherwise unless we

specified. the website growth find between otherwise earlier changes also that all in today. refer will and to presentation unless and non-GAAP these Please You release GAAP posted percentages year-over-year the measures reconciliations press on our note

web obligation Finally, number you to during results forward-looking statements from risks I'd remind differ this in which call and Actual and deck forward-looking made projected to like statements. all filings. uncertainties, statements release, discussed and could assume We update to expectations. to that materially SEC those are our and current that no future based events results a of are relate on events press due our

Wendy. Now to I'll turn it over

Wendy Thomas

against structural capture Thank first The you, Paul, to our to growing, remain for drivers our end recurring and growth and plan market strong. allows stronger business XDR revenue quarter business and build transition us welcome, is designed of everyone. We growth. our executed a the

to [ph] changing conversations Taegis long customers their threat. and to in their the flexible open and and their expanding with sustainability seamless is and architecture, a response designed cybersecurity We continue future-proof innovation, ensuring opportunity build best Taegis today's we Taegis the ahead approach security Because the this way notably today us true a choosing to them confidence outcomes us easily in ago, because to cases And term. gives now the XDR it both deep long-term relationships They see with stay tremendous, and achieve XDR different the for Taegis Taegis, and the of Taegis capabilities use answer as is be and challenges. tell to their of understanding as evolves growth are platform, benefits a we purpose-built and new invest growing solution Taegis in security. XDR is customers a and with we secure adoption, accelerating from future. upsell open over detection opportunities. right as future the customers just unique enable our security is platform our year from we're From having customers And threat the see onset, infrastructure a that the technology prospects developed enable to

Open best. into XDR lock stack, is of operates makers lock-in clear introduces is found leveraging customers XDR XXX with key clear. risk very Forrester the won't XX% our have Why? and removes model? in vendors. even short, companies customers future-proofs visibility approach. survey ARR solutions, logs a weave in XDR with the to and the and approach of had SecureWorks months one continue with security fastest they rates staying demonstrate and our those customers XX at decision By of fact, XDR solutions our faced Fred learned are SecureWorks' this. ourselves And of market, XXX replace of a often or choice. In in customer and solution is in that have represents approach one million multiple to [ph] security that sea and invest to Plain one year-over-year vendor to the customer sight. head at out next XDR To security another The over a to between gaps That at optionality alerts. of we we priority in to critical ARR. siloed professionals endpoints recent with solution XDR security last program. professionals security the detections proprietary over critical approach, the addition first $XXX ended an which in in of yield reflected on growth operations of actors leave view, fails choice open a set or of million to go or In QX XDR and forced their In their Taegis only in XXX% But point XXX proprietary nearly plans of number Do numbers, XDR, aggregating that's recognize the securing a XX What changes that solutions Taegis with of our security work. since quarter is networks in the individually not does in rip growth, the year ARR. next addition months. in

year XDR. delivering the market security Our the high-value in remains focus on to solutions this targeted on investments capitalize Taegis making and market to to transition

strategic a Taegis and our transformation, Threat revenue. resolution and resale non-strategic of remain we customers quarter, arrived key journey. of we Platform to this ended to we an continue drive terms margin expansion. In out gross subscription manage at on nearly for In as our quarter with Counter ARR parallel, total first continue in on important services XX% track We we inflection to Taegis, milestone point transformation the us. In

an margins XXX Taegis last quarter quarter, over and points subscription XX.X% Our first of basis combined gross increase were versus year. CTP this

three our From Taegis So future-proof customers' ways. helps SecureWorks? them in why why and now perspective,

a Taegis new a do And gather networks, so, of unique detection just act data. apply was not from see, First, the and security leverages nor its and security alerts. provider. just architecture to purpose-built, ground data it data petabytes analyze public and big capabilities was prioritize to holistic find Taegis that single cloud to designed data, all way from to just upon a designed delivers with the endpoints, not data from up data from

would of with enabled to that we international to SIM thought response was a high came XDR lack a an from with initially threat time example, signed The round-the-clock before. tracking security be this a the that Taegis, demonstrate to firm implementation efficient they to automated complex SecureWorks law quarter, competing now build protection. implement team develop the ever stronger to has up maintain. coupled and The and an over internal its program than stance us quickly provider security and retention too capabilities, with For with costly With who ramped customer network-centric. costs, data partnering time, economical to company us SIM

and Second, by expertise. is through machine detection, Taegis our security mix security that applied of an threat customer and detection future-proofs broad powered learning deep optimum

quarter, X,XXX enhancements unique to from we response and detection This Taegis call with telemetry particularly patterns Tactic highlight the into which to to each adding of and actor of our more about capabilities, customization investigation response. from and expanded Taegis's correlate at with actor the capabilities [ph] our context engine, Tactic Grass codify multiple our threat efficiency across insights of threat continuously. research I'd unit. movements the We adversarial and engagements sources security findings year, leverage detection speed high observations introduced threat precision. detect threat testing proactive drive options, ability which We our to platform petabytes Grass into scale together we controls behavior allows counter the data

capabilities Grass As the customers, partners of further. to expect and only we on accelerate up open the detection Tactic platform to development we

detection for touch the point return collaborate to and their like Taegis's I'd innovation. They security combination thought with traits and share challenges, augmenting experts security proactive of are platform, automatic platform can security for services overwork These day an efficiencies through tend outset security on North to Taegis opportunity their we balance to high the had to our long visibility empowers customers entire scale are threat XDR degree can collaboration from security expertise from their that have I'll final and by since as playbooks SecOps capability is A pedigree, of SecOps This most. XDR both players some powerful team in a to today SecureWorks integrations, value maintain deep particularly them bring this of threat offers. an threat with extensible from for was and there the This future their future-proof our newly one, just services a a example. designed community not customers was backed security so security the work evolving firm insurance This they These threat continuous expertise while landscape, exposed and on operations customer, we were our investments cyber that also environment, SecureWorks Taegis and where backed experts, SecureWorks across an causing and been optimizing the and collaboration table. that Simply across hunting. affords for in has and are ISO a designed investigations. the with to against that by to customers misses. the platform effectiveness. to technology have with actively them our spend. One that their of an but area plus looking they things estate, extensible is and maximize all analysts, gives America. run. helps restoring spiking It the team solutions. customers SecureWorks exposed quarter a Third, and technologies lot playbooks Their that they Taegis's put, automation for audit flexibility, benefited and combination more. changes customers preeminent It's platform infuse share security signed collaborating Taegis the access multiple both we not for left on capabilities their who actors their and dominated example security security open that into security purpose-built differentiators team. SIM the direct are

fourfold. the providing better a fix to about turn Taegis unique our workloads has a close importantly, that this. their their nature and We're point forces mission-critical teammates protecting QX. strategic ultimately Taegis platform in existing XXX is them. mission security with an complexities, team on and retail in were much spending of reduction that, overwhelming more more partners them lot declined, in And on customer and investments with to in investment security take accuracy They adversary. competitors, from better XDR of security can portals make point while to of noise. their But have and commitment security outcomes. existing open more Taegis customers. want capabilities security open duplicative had Taegis for analyze and industry the to full value haven't was XDR were platform by and help Taegis what battle seen joining seen spend thank call and and thank a the secure we growing can driving while work And more do a environment, security with conversation their Parrish, than their to they The turn SecureWorks human displace and of to into us our greater and industry in through coverage to puts security. one-off the able has I of over security, to progress. several our able total This resolution forcing new companies that the relying Taegis. solutions current on holistic customers Paul our SecureWorks built speed against with damages and business our spend We XDR's realizing leveraging SecureWorks customer Taegis, for data Taegis's Taegis a gain hard to reaction. higher us XDR alert and continuous solutions has purpose-built with I'll with more CFO. standard eliminate our a of customers so with state spend their increased to our And their With tide

Paul Parrish

XX,XXX in QX year, XXX% $XXX,XXX, last We've continues per per million to our QX was Taegis premium prior customers, customer market. end X,XXX remaining $XXX traction total customers Wendy. Taegis approximately for to year-over-year. up over to And since million, XXX Average the growth ARR quarter, million revenue rate prior to $XXX at added customer. year the quarter was XXX% Taegis subscription which Taegis Thanks, a XXX% revenue a non- year the Taegis year-over-year over the gain end increased at QX. customers. averaged $XX.X of up

the continue ARR first we ended resolution nearly we and with grow total to customers new XX% of on As business Taegis quarter . on the platform,

in for we've point it strategy. an As at this key important arrived is as business inflection milestone SecureWorks mentioned, a means our multiyear Wendy

with the our in by revenue to FY about million continue On business consistent basis, expanding was see time quarters ARR from We continue we total to $XXX non-strategic expectations. to three which QX, Taegis transitioning services total our 'XX exit we Taegis-ed an was of as overall model.

gross We margins at from Overall, solution XXX Taegis-led basis and basis prior with subscription continue XX.X%, benefit to scale first our expanded cost gross quarter, from XXX the year shift. points structure points our QX up mix year-over-year. margins

our profile of investments, We in costs FY to voice continue marketing in QX the in XX.X% raise and increasing revenue, sales in total to of 'XX XX.X% QX. targeted market and XX.X% and with up resulting from

last professional compared million long-term QX. swing reduced our Note used to $XX million compared as revenue revenue a non-strategic are by a their operations focused million a in in $XX were of QX exited to EBITDA in map, work closely payout. QX and service year driven strategic is in customers development in deliver We year Accordingly, by with flow on $XX expenses of an $X.X prior year further XX.X% down of of gain and to QX. from as The new and costs. differentiating FY 'XX and growth fast-growing consulting-related loss market. XX.X% first we was gross of of services innovate with align dollars continuing $X.X was use actively Taegis that of the our Cash XQ to cash combination typically quarter year Adjusted our revenue, has in lower prior million compared the continued slightly G&A was to prior increased overall by that on road features to investments fiscal million impacted of our in priorities annual lower-margin profit QX. and R&D performance up XX.X% and strategy. revenue

untapped improved year. of the debt CapEx quarter While the prior lower balance million we swung of DSOs. approximately facility. no a cash for use sheet, year-over-year We cash, EBITDA million with differential an million year-over-year, the quarter, $XX $X on $XXX flat adjusted strong and was finished with credit relatively

Organic negative to through beyond. eliminate million guidance year which ARR and execute. through platform, enabling the to to should our R&D. revenue sales demonstrating year of 'XX, more to the deals the accelerate CTP a following MSS investments FY million. $XX million, in in the and carrying cost below expect into our ARR to accelerating FY $XXX awareness FY and be guidance in over the ability us to in approximately year and with end expect our as resolutioning full end back $XXX 'XX. and meaningful at global confidence eligible our opportunities incremental in FY returns to remaining investments we our FY marketing win to to year FY We get to most of Other total of for $XX benefit the 'XX of significant we distribution and approximately million of half range, 'XX to in continue for to our 'XX. full million Turning end reiterate for brand the Of year-end, Sales the $XX contribute investments to portion be We're growth adjusted ARR. EBITDA the ARR 'XX. be with Taegis be fiscal done million. to $XX expected million 'XX growth market and $XXX Full in $XX million duplicative and includes

full year to in Finally, to loss $X.XX EPS range. $X.XX the be

making we with future our increasingly services right is progress can the please continues year-end. our The improvement of transition us we're first we FY again at significant EPS point growth. believe In Taegis for question? our transformation Regarding to Operator, non-strategic to 'XX $XXX business and $X.XX and we to and continued model resolutioning we our as majority the that The join the the revenue base resolution with lay 'XX base of end the mix range. of inflection the our have an Q&A. and positioning foundations in time organic summary, customers product is completing business now transition growth for introduce in potential. will sight, the against complete right in FY as transition of Taegis, the for Wendy growth a by to in now company. consistent $X.XX million clear expect with profitability begin shed of to loss million you QX, an $XXX it is company's be we

Operator

first [Operator of Barclays. question line the Kalia is from The with Instructions] Saket

You ask may your question.

Saket Kalia

for Good my morning, thanks Okay. folks. questions And taking Great. here.

Wendy Thomas

Morning.

Saket Kalia

double-click make Good more that SIM with customers. And morning. with extent to what customer you. a on of at the SIM of Wendy, installations Taegis replacement. to maybe just great examples your was prepared customers do you you could start your replacing bit sense? Does in idea at A specifically, is just SIM coexisting your versus lot I if wondering remarks. little find

Wendy Thomas

It platforms. ways call of in that talk in observability does. terms and more about SIMs then I'm And IT probably going would to two I what different

even a So right? doesn't think that Taegis It next-gen when do about we can SIMs, not traditional more. there's SIMs, coexistence they model. do and make all sense,

got it's that reporting customizable. standardized don't that's or the have So maintain either to you detections

- can have angle. that you you So

the have out extend. that You cost XX included, response and the lower heavy to building cloud and have obviously, is much and And months lifting on we're include detections log don't, retention options we maintaining automations. And the doing automated we maintain the with response native. to what they standard its capabilities

sense XDR observability system, to it perspective, is or a IT that coexist. security do that. And cases. in really those cases, of where security see in ingest the from fulfills potentially we a can is use use And data efficacy cases, coexistence doesn't IT will, seat a you economically with from So answer in program to more from Where and standpoint powerful good platforms if core opportunity security effective that make aspect pretty bit again, partnership on our be add to the that. some can leverage Does we that that top a much question? their and of that, data mutually of fulfill who your those order many cases, work around to

Saket Kalia

that does. super for my you. That's follow-up Yeah, helpful. maybe Paul, for

of touched bit the to conversion, of for just or conversion resolution remarks. You you and this about you're on the opportunity, I the will. to that thinking prepared customers dig your little counter into you should - sort Taegis and But conversion can you're little timing doing if a what threat encourage how in opportunity a it, for maybe over bit call that

Paul Parrish

her opening market So in the as mentioned we growing. hot. Wendy It's comments, is XDR see

to a talk at about as look so them solutions encouraging that customers our resolution. take is our the And we to

we So perspective as on had would threat we on exit our with remaining platform, the this or a guidance we of set our counter guidance which we gave year, million less. balance $XX this how year

still together how so see And this all sinking guidance. set we we

still we're good. seeing customers product. product that favorably. feeling XX% older product the that the around as of they uplift our at somewhere and to when And very believe hovering out uplift they exchange fact, still are when they that So We resolution, still matter exchange positive our we're a do looking of call new as

that So about good we progress. very still feel

Saket Kalia

it. helpful. Thanks, Very Got guys

Operator

question next from is line The the you. Thank Needham. Cikos of Mike with

You may proceed.

Mike Cikos

team. good getting morning. Thanks morning, for this Hi, and call the on me

Wendy Thomas

Morning.

Mike Cikos

I'm that of just XX existing that I based to wanted customers. can nascency about maybe the or up product any spend the guys early you the you provide curious, wanted within the Taegis changed probably year like thanks. of about with too or ask spend that start a on ago. you on trends over I the if customers behavior guys months? little behavior of – to color course to calling ask a It's the you're still seeing cohort ARR detail customers What's year Taegis But cohort? how coming has they're had the we

Wendy Thomas

Sure.

Taegis sort to revenue with level on about customers CTP and the me can relative talk let about on of and expansion multiple So per set average and then talk first modules. we of those new sort [ph] of customer resolutions

customers a customers close Taegis resolution revenue that average XQ up new we newly see resolution and what that market. that to it XXX,XXX of as was historically. tick customers moved into see So base consistent signed was now our of this did have the our to modules. model current as just into XXX,XXX, the quarter on pretty is per - we continue on the down We space, deeper customers. in across quarter. on the average is per customer a based we is average part in the we target we average to fourth in move What opportunity revenue target customer though remains, pretty the way get customer with And both revenue customers additional our And especially there smaller enterprise per upsell

try And our module as separately. who will So in least a substantive well we XDR with include you what's which a revenue additional average as see rates have expand of already to that We in the both monetize us product become stickier as at more many market additional than frankly, a they competitors for which And now is our well customers those helping the as of customer one seeing of to renewal much customers. with than modules. that us higher the help think space, continue number included play to from we versus is per competitors core spend. us, we function are in Taegis,

Mike Cikos

there. color the appreciate I that. for Thanks

last Just one that really there. comment follow-up on and

compare that the rates How seeing module? environment given now? were additional insuring ago? cross-sell year-to-year, think or we have just right? where of that we square one additional that comparison. more platform year attach you least customers is away have a was that about I at I it substantive even it more you're one quarter-to-quarter module, number for the even in does if or Are But out that a apples-to-apples guys think to there a Maybe seeing higher current

Wendy Thomas

good Yes, a question. it's

module have the customers one could definitely we've get module, definitely bit over or into the lift in nearly the last of just has in at services be to that additional a crossed the as additional and additional our a year least that, both I base an have exact original expanded ago, from would expanded now hunting. year, back it's and XX% so a material quite to So time, customers Elite like but product offer. had modules and a it number threat

Mike Cikos

helpful. Very my guys, turn very colleagues. over you other I'll it Thank much, to

Operator

Stanley. from of Fodderwala with Thank you. is line the The Hamza next question Morgan

You ask your may question.

Hamza Fodderwala

Hey. morning, for Thanks question. Good everyone. taking my

Wendy Thomas

morning. Good

Hamza Fodderwala

question first you. maybe for Wendy,

just less at seeing about you Obviously, then little in environment? the cycles a strong spending or all? follow-up what talk could a pretty wondering to you're you it just in bit it's if macro at Just been any security you're pipeline but environment. did And if is like year-to-date, I'm seeing guidance, all changes that a sales factor certain when changes you around your constructed any conversion in sounds

Wendy Thomas

and about I what just can in little to the a then let And Sure. cycles sales bit we're seeing guidance. speak Paul talk

would now that of they and may mission-critical. spend And in was in see is there best a at could some was be not that good opposed spend. to then as lot cutbacks. cash. what is of on a is a enterprise before sales which watching stickiest obviously as security in in to have What XXXX cycle blip what SecureWorks right a now, guess saw really lengthening back in trimming we pretty my the seeing necessarily look is the is one I That we're as So potentially frame full the a is your our we type when around here in budgets the saw economy economy, market, spend mine front. bit terms drop of smaller probably It's in we of time guess precipitous the were but areas the

some haven't on a legacy longer platform Taegis We've for is seen about a of we that However, quarter yet. - the had sales quite that for a cycle time.

big I had be if area make would the look there. a to far, So But to. that change guess, no would I

Paul Parrish

growing. continued that looked the And the we guidance, our so then with market set as and to we as as took we growth and we guidance, in growth in at well product the consideration trends our pace relation at said as

our we on. as So guidance all that put was considered

Hamza Fodderwala

Just specifically, sales your assume I Did in conversion explicitly? follow lower could you bit Paul, perhaps if up. longer a or pipeline cycles guidance

Paul Parrish

the at put we QX. a our looked primary exited that occurring we could what was We around, our there guidance. we extent was And in included as that to range

So and forth portion in our what definitely, element could yet QX, have out be an at during we so but we guidance setting. is occur determined, captured a QX, to there

Hamza Fodderwala

sense. Makes it. Got

curious the traditional Just I'm of obviously we've avoiding one from have ingest costs data some sometimes you get SIM around last just how question seen that vendors on that pages. them make efficient from prohibitive How point? get at deliver standpoint. customer security do can a deliver around also effective you that but Taegis it cost you so a only not with that price more

Wendy Thomas

to I'll predictable. with they months, no outlook data decide is charges outlook XX There is ability And longer endpoint storage from but Sure. us. to ability is Taegis there decision made the their talk The customers, consciously angle price that to very most unless And from customers very by catch are important based it surprise is about their that to the angles. two seat. no data that customer than variable And we charges purchase on for spend count. their way endpoints additional and their

is So frankly, exposure not that the against thing for SIMs, who detections, to haystack. makes able in differentiator, that create a which all correlated customers be them but other some to the just to secure, find from highly real that's do against a do the to to XDR disincentive more very create have needle my run data charges. that providers And seat,

security data that disincent value not do we either. to the want of So

AWS this the we are we the margins, XDR services our included purpose your data capabilities as combination subscription those have in that just a And quickly, that to And you for search XX% about over can is or do right, architected question just MDR our for with platform flip cost such of is of of So real-time and instances security is, that architecture you see, that at types grow at structure? want efficacy how that have conscious pricing you storage search able margins even scale cost very things of management of and our quarter how lower a still having model customers. to is constant margin because with course, gross structures we time. well, predictable terms with of we that need of side the kind manage in while that we're the can that

Hamza Fodderwala

Thank you.

Operator

question Sachs. from next Goldman is line The of you. with the Essex Brian Thank

may proceed. You

Brian Essex

of I taking Hi, Maybe far lines sense see you're a more relative of managed And good kind love service where get are of related of of have an with platform. other response to to is XDR terms the there leading along some of what kind seeing through in the some And for yourself behind. morning. channel we guess the providers Taegis going with their for adoption and the the you models incident you that kind technology thank so fitting in question. out question business

an We vendors you've the versus trying you resolution, of but do from do where competitive to of up have How ultimately ends and are right we got obviously, ability in kind XDR. of ETD this see see, - way that's want you vendors that to are that totally penetrate tailwind I think the space? of other nice a now, extending But platform have agnostic yourself get to into the in kind kind dynamics nature. the environment terms open

Wendy Thomas

XDR, Good the market, to only. us the And is of R extended approaches I the where is different firewalls, not them. a stack And different the X ex et their piece, that then cetera. question. endpoint right, the truly called and D is which out simplest to just way And Sure. use really you proprietary not the about it's and their have and you just makes is endpoint really from the it what I'll - think several

So fundamental of differences. I the think that's one

R. end is the other the of the On spectrum

their of then there out And price XDR so are - big a is customers not I a do there call there that truly they point lot come what players who what They are out and that may the find with on own. promise R. in low have

of just that detection, the from all differentiator ingest the It's think from no program, angles one underneath really DMR. many truly players ex quarter which say, come So program across response a we against the to XDR there, is that's XX that's all really around compete the normalization R we of win we a in those truly way three middle very our MDR those in ingest competitors a and the about data and against of incident it's when combination that the that able detections we real well-regarded data, areas don't which the that everything. players powerful that about because and compete data and in where with big included oh, hours has that providers being who we

Brian Essex

spear, legacy would be, Got the to come I the of providers relative super penetrate solution the you how your vendors is primarily with it. in kind that platform? do an customers solution think front a that I market some a of getting to tip way EPP the your some this holistic vendor How may angle of to helpful. get maybe actually to And more displacing the an of ability EPP guess, endpoint of benefit might do That's guess, the to illustrate at around about market. speak, your so catalyst from to we Like architecting you of that and Or sales? you conversion? may be envision traction go direct are

Wendy Thomas

One take play, is two agent. And own then that that, the I'll kind And really EPP which reason is proprietary play that our we added, just of So the particular displacement beyond strategy. have the in generally. goes two partner we pieces.

they AV part. we capabilities customers play. require risk in, to to we that models to a can product. decision And to it? and run for interface EPP, able that No. endpoint we into. for But absolutely economic to offer to make our be want replace. with They have approach customers customers frictionless those that economical have and for If conscious the shift a of was leading over XDR, including work we a strip partners on to prevent become to next-gen Do in have them order time to that customer show to choose. more the get We it products they We

enable as piece of to resell products, second as well who both before, is around as ancillary SecureWorks expand key we've with security stated partners provide The models services really on around much to that. and our part a partners top is And of partners. strategy it by those that. with to our working developing bridge operation very market centers do service support been We've speed to sharing

increase partners percent to and increase I go see these [ph] the we've for faster. that faster as that's fronts, a see to on to them others the to percent of in do ramped. our with and opportunities relationships building pleased going we as go we the anticipate to in start than give more been continued want them So a of partner sales I just base. go like seek revenue. would play, EPP their But and both to and getting revenue Simplay

Brian Essex

Got helpful Thank you. Very color. it.

Operator

There you. at to this are Mr. turn back the I will further you. time. Thank no over Parrish, call questions

Paul Parrish

with joining of the That our Okay. additional will be on secureworks.com, this day. for Investor again deck with call. A at financial today. Thanks on Q&A today's our Relations available good us wraps replay along up page tables. Have webcast a QX web

Wendy Thomas

you. Thank

Operator

concludes This call. conference today's

may disconnect. You now

SecureWorks (SCWX) 2 Jun 222023 Q1 Earnings call transcript