Earnings call transcript Q1 2023

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Operator

Hello and welcome to the Evoqua Water Technologies First Quarter Fiscal 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded and your participation implies consent to our recording of this call.

If you do not agree with these terms, please disconnect at this time. Thank you.

I would now like to turn the call over to Dan Brailer, Vice President of Investor Relations. ahead. go Please

Dan Brailer

Executive Thanks prepared to Todd. Participating joining for call Financial and us today’s Vice questions. Stas, Thank and to we President our everyone will first call Chief Chief President Keating, review are After results. and quarter today’s Ben call Executive our you, Officer. Ron for Officer; remarks, XXXX on the financial open

macroeconomic our targets, growth pending our full call with fiscal including year statements includes generation, order relating Actual long-term materially differ expectations, our recent cash end performance supply results – order conference relating expectations. and performance to from This statements our our financial merger in Xylem, conversion, general pipeline, to opportunities, acquisitions, forward-looking integration labor XXXX and conditions. outlook acquisition pipeline, strategy inflation, statements, demand our chain markets, may our of challenges, future and shortages

refer the therein. company’s on information the SEC to additional including filings, Evoqua, For described factors please risk

our XX or September in for the disclosed we on certain of the the to On non-GAAP call, included year, full XX. Relations otherwise Investor appendix the conference Relations fiscal conference and respect will days. at available a non-GAAP in obtained measures financial slides on to Replays via year references was be website. measures conference webcast website. were also for such be with Information call, call press specified, which presentation this on to this refer which Means posted this Evoqua’s measures. call is financial will can year this ends Unless discuss Investor to next of our archived which call to this access release,

over Ron? now turn the to With that, like to I Ron. would call

Ron Keating

for joining Thank you, us. and thank Dan you

Evoqua price the that XX, on we signing. Before Xylem Friday our acquire closing at premium announce to entered am a definitive pleased on our again we agreement an a January XX% in all-stock to into results, I to once transaction for present before

with team forces we Xylem to collective development impact is challenges. our complex combined platform for water for and look exciting The our the provides members. our an a we market increasingly opportunity global address and increasing leverage Joining combination strengths forward an exciting as to

focused As company, plan our remain we deal on until executing a the closes.

combination operate appreciate as will combination our insight business is am pleased by company results results the I both We agencies you to approved sets Q&A as your and into until transaction. usual limiting to quarter the we and or our shareholders. will provide and to prior regulatory of not

X. Slide turn to Please

to pleased We our start are very XXXX. fiscal with

were growth Our up prior year first quarter revenues period, XX% X.X%. organic over the contributing with

across across and sales We price late and for most ISS segments. to primarily dollar regions report strong revenue contributing X% both headwind, its volume XX% in growth a continues from to growth APT year-over-year. weakened end organic than with strong APT the the markets We was pleased quarter had growth. be revenue throughout are FX realization growth both nearly more September. peak to was revenue organic and all as

year XX% approximately margin basis up prior expanded was Adjusted and XXX over EBITDA the quarter. points

pleased very We to margin grew that are our XX.X%. basis XX EBITDA points LTM-adjusted

particularly broad-based beverage. markets, our and We end across sciences and to in life food demand continue key see

remains as over healthy pipeline Our order our book-to-bill and flow robust. remained well, our ratio again X.X with

commitments we the confident our are the Given delivering in and QX earnings quarter performance momentum, made call. year’s in first on the order

fiscal turn target flow was for as Net activity. in Operating inventory in impacted, working our exceed we support still flow quarter the to expect capital to year. cash we though adjusted conversion cash intentionally the free our built order XXX% increased

in ratio our sheet and is environment. a balance healthy and top reduce We net priority able debt remains X.Xx flexible rising our to to leverage are and interest this

reducing Water reuse essential requiring X. become ultra-pure industrial more treatment Slide accessible. while complex whether The Evoqua to increasingly we provider levels stringent vital through and production wastewater is is Manufacturers and purposes. daily of Please water the trends favorable an cycles. more are water human has for expect essential business clean strain water life, or to becoming turn making for in long-term commercial very market Water consumption, are is diminishing supplies our normal be on resilient municipalities. and protecting, market

recurring key organic revenue aftermarket This and growing up market conditions. service of growth our our are revenue. a and favorable resilient in our service driven and end by part business that metrics demonstrate slide making few streams approximately connected water, financial markets highlights XX% model in industry-leading just and strong with Digitally for outsourced our drivers unfavorable

down the for adjusted XXX% As for to stated cash of flow but achieved was that cash have free we target level years. and continue quarter, flow previously, several conversion

consistent is is recurring team stable, management on our Our supported of that generation cash focused profitable and strong driving and base revenues. by

as on see improvement becomes chain decisions strategic for we will and capital We consistent. working opportunities supply performance are making

to year the order quarter. Slide compared This represents chart end prior second our to turn second expected Please market by quarter X. activity

in could expect on long-term orders this upcycle, beverage volatility quarter. key timing – though period Microelectronics and we Microelectronics sciences, prior end been aquatics. the create timing to a the most strong and in schedules has continue project and across very end some market. strong year on food We life remains markets, similar and expect in particularly results

and commented, rate growing markets And see remainder XXXX. customer Overall, a delivery. we end expect convert order have for to to on-time across of previously achieve our us I well backlog of fiscal positioned inventory of demand investments the as higher most our stable effectively to our

schedule but delays customer to We and project some cancellations permitting have management, remain issues related immaterial. seen

We own our and at X. footprint environmental through customers. on also environment, to our through Slide our to the but turn services look impact Please provide products we the

on We are wins positively water attractive expected initiatives highlight to an handprint our recent investment. customers’ reuse pleased conservation are generating to impact which two and while return

goal designed combine regional in Virginia. platform. for per test system of the treatment plant and the water water a Law selected ultrafiltration pilot for chemical feed water XX,XXX a homes partnering A use. that was is impact support by the potential full-scale the in that to open drinking additional showcases serve to for municipal full-scale determine the of region. highlight will in treatment The with capacity on new industrial X,XXX than be facility the wastewater and with demand an for potential more the source pilot Bill. with Infrastructure the first the RO assemble and The mobile providing technologies high-quality system gallons from minute wastewater recycling would the and Infrastructure wastewater to facility a pilot reduce Evoqua system could to of design, Our a treatment manufacturing

to anaerobic also will high-strength into membrane The We converts This helped burden homes. waste the approximately the use waste waste using of into bioreactor. landfill reducing food day the producing per average organic divert biogas up tons of that supermarket million our biological X,XXX daily process annually, energy. X,XXX is system treat while then BTUs U.S. biogas of the XXX,XXX chain renewable which converted is

X. Please turn Slide to

While minimize own still our we are helping footprint. to our solutions, their customers our sustainability operations addressing our with improve

January only announce recognizes III when XX to We King c. creation The Carta was X at planet, Seal COPXX recently XXXX. was we are genuinely It ambitions as that the launched are pleased The were he the markets. their of Terra Seal. that to was driving companies demonstrating companies the innovation in Charles of with aligned awarded Carta global The companies Carta Terra the of Conference very people was to sustainable launched receive selected with commitment for which the plan and nature, to Terra recovery and by

sixth It XXXX. year are privileged position our included Evoqua We XXX and is XXX the an second in XXth the year improvement that has to also list been world. this the Corporate the have from of on companies the sustainable in most in top ranked rankings Knights’

sustainability our more are to and customers be leader, become a We recognized our services. to with solutions enabling as through our sustainable honored

Sullivan market-leading not category. unmatched and performance Water We Award but honored Year our the & we in Frost forefront service. industry. at the and us was for company growth of received in our customer Frost for of Global Last Company & recognizing XXXX innovation, visionary Sullivan the least, Technology The thank the innovation

has to and I the great am progress worked continue awards to thankful efforts their make. and that these we Our for team achieve tirelessly

like would now call to I turn the Ben. over to

Ben Stas

Thank you, X. turn to Ron. Slide Please

were and as versus saw capital prior reported quarter, revenues revenue most $XXX first driven million. XX% growth X%, regions aftermarket and year. volume across broad-based the up to lines Organic in growth. growth the realization price well by For services organic revenue as approximately product contributed approximately all and We

drivers primary XXX Favorable period. First positive improved EBITDA volume over overall to to for period points the mix margin the the increased and sales were higher approximately over adjusted pleased increased year price/cost margins approximately $XX.X Adjusted accretive an profitability. for million year XX.X%. and margins that XX% prior quarter. prior realization, price of quarter EBITDA were basis We was of

Slide turn to Please X.

across Integrated Services nearly primarily segment’s contributed markets. end to Our aftermarket price strong and revenues X%, were most approximately by up Organic million. and Life revenues strong were and Sciences quarter saw first realization. General $XXX and XX% Light growth Solutions revenues growth. Service driven

and prior up were projects XX% Digitally water quarter. over pipeline and outsourced Our the strong revenues enabled is capital versus year growing.

quarter and operations, million the increased price EBITDA to Cor’s Adjusted Mar $XX XX% for material by XX year. the EBITDA Adjusted favorable from points was XX.X%, productivity. basis the up inflation and margin due of to approximately consolidation offset partly prior

to XX. turn Please Slide

see We backlog. in year-over-year strong ISS growth continue to

XX% year up approximately First QX was quarter $XXX up backlog versus prior over X% quarter year. the million and of last on or

robust with Our end opportunities markets. pipeline multiple across be to continues

ratio year. expect the one We book-to-bill in to our see above fiscal remain

were most million Technologies XX%, X%. lines. turn Organic growth approximately Product than revenue strong to growth first up Applied and product revenue volume Slide by contributed and XX. $XXX price approximately with realization $XX.X more growth all revenues regions million, across driven quarter or Please

especially strong Microelectronics, in saw growth. APAC,

EBITDA the increased driven and to As favorable unfavorably productivity million and $XX partly points impacted price quarter translation first improvement adjusted XX volume saw a foreign FX. inflationary approximately nearly by margins realization, currency Ron to EBITDA basis impacts, and offset revenues. XX.X%, Adjusted higher by mix, XX% for mentioned, sales

to turn million of XX. spending, orders, primarily Slide was Capital approximately quarter $XX water outsourced Please revenues. the approximately or for X.X% for

working facilitate growth. to net order of XX% grew LTM to sales capital quarter strong First rate

the increase quarter, drove capital. net collection previously higher accounts in working in levels As stated, the inventory receivable and primarily timing

in stock be months and times, international support for Specifically, increase will converted. was another work backlog utilized built the We resin and this supply the coming anticipate strong certain is of membranes. in inventory materials to portion such demand. limited raw Due we to as needed extended forecasted process shipping as

plus our to target expect year. fiscal the cash adjusted reach for of XXX% conversion free We flow

Debt health. We Slide a sheet XX. our And allowed us strong reduction mentioned, build of a X action. ratio which at quarter to priority. profitability, remains Ron leverage our Mar Cor turn just after on net and is year Please had as now revenues X.Xx to the balance

turn call I would like Ron. Ron? back to over to now the

Ron Keating

Please to had with the quarter first Ben. across most Slide margin outstanding highest of margin EBITDA Thank reported have XX. are and EBITDA you, In turn the quarter since a We of particular, XX.X% we adjusted LTM becoming XX.X% a results key company. for financial metrics. margins strong public

we pleased and segments, organic strong, regions growth deliver remains are all demand lines. across product both and broad-based to most Market

backlog pipeline continues remains grow. to our and Our robust

and contribute double We rising we’re connected outsourced be value to continue water Customers again digits. to and revenue the up continue again growth once chain which continues positive with price/cost supply the were uncertainties, to for sales ISS’s of and manage model. see Digitally to to quarter. recurring costs pleased

in Heading to we and expected is operational pockets of overall and sales quarter, show as labor well. some be material strong positive convert execution into on Price backlog. the availability as focused our abates are inflation realization signs improvement second and to

challenges. continue customer timing timing and could and to orders supply We requests uncertainties purchase as regulatory chain the monitor of shipment create

Given and FY delivering activity, confident our order we commitments are ‘XX. in our for backlog

are However, given the transaction, official guidance. pending giving not we forward

the focus Evoqua transaction. now the will open and outlook on performance pending and remind you please not to for the I for call your questions

Operator

Dray with take Thank Instructions] Capital will question Markets. We Deane RBC you. first our from [Operator

Deane Dray

Congrats again Xylem. merger everyone. morning, with Good on you. Thank agreement the

Ron Keating

Good morning. Thanks, Deane.

Ben Stas

Deane. Thanks,

Deane Dray

seeing the can you interest? could within potentially about getting Asia? but these inbound you with talk are If start most we the you what the markets, kind of ISS rank could just take us pipeline, And or any through you’re end kind getting reverse customers in from that verticals, potential that customers Europe are from geographically, questions either of any you and where also inquiries

Ron Keating

Deane. Thanks, Yes.

very to As you strong. Slide as the end And at just continue be look we’ve Life robust. is Chemical processing out one the strength Sciences light across see and of X, canary on markets street a pointed to highlighted. majority was very general we continues in eye be and we’d continues that green. the had an we concerned about that the be to industry that always coal on, mine keeping the

about the as it. and well, highlighted So seeing we power and good renewables from we’re seeing in I certainly activity we’re feel really comments, strong that. actually,

all So you markets, they kind very of look good. are at those

As flat is this it we with and neutral. think be about Last show we just microelectronics fantastic, quarter we was will anticipate year. it and last year,

very Reverse that inquiries. seeing we’re end about now. markets good the feeling So we’re right

We’re really right you’re come obviously, out lot outlook combination are customers for we not hearing say, hearing partnering The but of with. is a now, who the we fantastic. and know kind

phase, we’re until right stronger but But we pretty we coming got plan out start international APT much great deal customers. opportunity of as in And and and the it planning. now, headway planning with Obviously, if closes. concerns We a the have only think make will of zero I is to out the only be can anything, gate. we’re –

Deane Dray

accounts great but collection just for the Ben would what’s more this, pace was a said hear. kind flow conversion the of And conversion, That’s cash free some timing, there receivable you conversion the to on Some that the flow so free of year. for of follow-up near-term year? timing suggest for expected cash

Ben Stas

Yes.

In to to Deane. and strongest of shipments to service they coming. end, the areas, the but QX, the delivered demand on demand in to we And the process ability we to and make are outlook secured looking organization through meet year. secure and conversion work sure improve are resins the to membranes that at opportunity we particular, that APT that building our stock. took some in to make our the – the for be We our continue be like expect had at free the sure we then go looking as cash quarter, on on their $XX certainly

typically times through cash that to the as at continue as but improve with you you that So and and head we calendar companies flow see payables fine collection. as we – know, go then we look hold expect a are of fine the some naturally did uncertain looking times, And we’re receivables free to year-end, bit, particularly in expect September see on we year-end, to and year. December, at we them

Deane Dray

Thank hear. sounds you. That great to

Ron Keating

Thanks.

Operator

Thank you.

of question Our Nathan Stifel. comes from next Jones Speak.

Nathan Jones

everyone. Good morning,

Ron Keating

Nathan. morning, Good

Ben Stas

Nathan. Good morning,

Nathan Jones

of free Deane’s the cash going I’m to second question a maybe more and a to start on bit with follow-up inventory flow bit now a on build.

higher projects ‘XX. I think of you of guys have been kind expecting kind outsourced capital speaking in of mix relatively a versus

seeing coming inventory Some deliveries capital kinds burn? projects. XXXX, those inventory on or are we it of these the because the were this on plan related with building in And of has to what into been orders when this build you’re better more near-term capital

Ben Stas

than front. We are we on strong orders Across seeing seeing strong anticipated. capital orders board, the the we’re

and secured we can orders. we decided make to to the through And sure – decided we those so as our order quarter, we we sure activity stock that those coming as make went be on we in saw orders the rates,

Nathan Jones

That’s helpful. Go ahead.

Ben Stas

plan And obviously, this to from time definitely things are business perspective, So good is developing stronger we thing we planned. have and it’s about want respond. – visibility – it the gives to us a than

responding we’re obviously, So accordingly.

Nathan Jones

just more and we rather around margins the to dollar was expect you Do what actually for made that Thanks margins actually remarks price/cost to that maybe positive a comment color question to second for it you provide around as in be positive? you is in through positive prepared year? move the expectation than your price/cost Can quarter. that. was a My the bit

Ben Stas

$X the actions happens The taking. holistically, did was cannot expansion. always will tell and course. of so margin benefits to we a seeing It million I of impacts. the certainly a that what been price wildcard on have part the there healthy we positive are It of things be you, And had But in realization seeing math. outlook. inflationary we But strong. was is certainly, down the we price/cost we lot that So provide nice to certainly seem

Ron Keating

Ben benefit for been quarter little the take in come And continue into play I curves have bit just Yes. the Nathan, to we of they for they think these. mean as out tremendous in us been cost have we waiting with pricing actions, a a was that and I and highlighted. to front flow-through.

Nathan Jones

intention last costs? your know I implementing be strategic back you your declines see have couple is actual as it you guys in far as covered got been over inflation to pricing years, XXXX, the pricing hold that increases bit by able up to a of if

Ron Keating

about very when Yes. those, calls, I is our we talked as prior highlighted have have in mean I sticky. pricing

So, go a with the a to It’s pull – increase, in. that it sticky price we is it price once confident bit back. we takes feel that

Nathan Jones

my Thanks very taking questions. much Great. for

Ron Keating

Thank you.

Operator

Sahil take next will We with Instructions] question [Operator Citigroup. Manocha our from

Unidentified Analyst

morning. Good Hi.

Ron Keating

morning. Good

Unidentified Analyst

Kind of quickly. holding in on really the ISS margins

saw you previously, onboarding new time? color you Could this how service onboarding And give are sequentially. some tech. You at on the XX bps they the had of us improvement mentioned

Ron Keating

We very of taken fiscal on a we were call the the We back quarter mean Yes. commented year. year. the last fourth of little last end of of actually to normal about our good the rate that And openings has onboarding feel at happened it. run it’s I our time. bit through

we So, would on. will you great what are normally are confidence see. And the have is seeing of fall-through continue efficiency that you expect seeing more as that got we to

Unidentified Analyst

the have second I question. Awesome.

comes PFAS-related you getting York, bump result Colorado a more have be of recently Maine, your I when a So, seem restrictive and these in New passed it as Have to California work seen seen states to like restrictions? PFAS.

Ron Keating

the the of about it, are things of It’s that were we a we is Yes, projects it’s already and municipalities question. ahead one putting in. states have And out great interesting. talked

are every those been PFAS to already talk still treatment. with third of in typically those. have you highlighting on and specific that about pipeline winning a million that call, we we that we are areas It $XXX operating speaks about So,

the supposed is actually to not occur. it happen think waiting the be to I everyone was big ‘XX, the at is That be contaminant and of calendar did passed on movement limits to the by end MCL, of the that maximum end – set.

very be you We say, market PFAS going that of would kind are I until it’s that soon. to see are happens, pending hearing flat. But

Unidentified Analyst

Thanks guys.

Operator

with [Operator will from question Joe take Instructions] We next our Cowen. Giordano

Joe Giordano

guys. morning Good Hey.

Ron Keating

Joe. Hey

Ben Stas

Joe. Hi

Joe Giordano

been color early is surprising. your light general, markets. are That of not our so in And in across companies industry, we hearing coverage, earnings those mean on well the within just I doing commentary was the absolutely sequentially. that other

maybe from So, facing some some from you? like is your distinction if there to what are their and can then of you between own demand point they are what customers demanding maybe

Ron Keating

Yes.

near-shoring of footprint at a with the So, regularity, more aligns what’s to trying exposure, reuse around we you to I well water it is thing Evoqua’s know, water level a take with as the Joe, and to do do feeds, America, companies treating our pretty the right to the it metrics marketplace. confidence. on our solutions challenges on-shoring other really speak look their difficult, very with us North mean good activity offering, and order very continues water, have into us trying we you as ESG minimizing that scarcity the recycle, to then pretty people that fairly the are And concentrated high and pipeline. we about end robust in for a carry continued heavily give market and

and well. from light wastewater seeing and you recycling thing seeing general across we is reuse. about one even to for are That heavily are as continues shifted we that very and industry processed has how water and our – pipeline just talk So,

Joe Giordano

that on Great. the then price how quarter, if much growth just, organic could versus of was volume? you Ben, this clarify And just

Ben Stas

it price price proportional lot a With in there. was it heavy to was APT, ISS, volume. have on certainly side. We With the price of relatively

Joe Giordano

Thanks guys.

Ron Keating

Joe. Thanks

Operator

with [Operator Instructions] JPMorgan. our take from Baumann We will next Patrick question

Patrick Baumann

what that’s Hi. of just… also my think I management, on end you I markets. different you couple around in if about schedule times Quick question. that’s maybe most, lumpiness, being customer Good mentioned specific microelectronics, are taking talking morning. mentioned you about, Thanks – Because question you for think. talked felt And a

Ron Keating

Yes, just, for?

Patrick Baumann

incremental of kind commentary that for looking Just scattered kind sort you around the of color lumpiness your in of thing. in projects, around project comments made delays,

Ron Keating

Yes.

working, you is chain have as about we we think we being are It the outlays, to actually aligned So, we for and to had is are supply one of customer project through prepared deliver to. difficulties ready difficulty this entire the deliver. our sites is, are us

that we more end then goes and in, when on gets for the to turn multiple in, contracts. having larger and getting on towards multiple other are because the the to subcontractors, system on to on to supply they it it in. ready The it’s time the challenging goes are go that our build maintenance around to it the system ready operating other the operate coordinate start So, until delays are system top they delivered. for our them more is be Again, and our complex be selling, they because chains our water. the turn operation, billing And or system

against about the So, think you Page projects. – complex, a larger customer the more the I more at the you X, be ones the timing on kind look be delays customer that like of little remainder that systems would and highlighted, of would that’s lumpy microelectronics the when

Patrick Baumann

that’s outlook. that you And in something had your embedded previously

are you saying. think I

you. a something surprise something that’s So, just not okay. that to highlighting are yes, that is as you It’s

Ron Keating

it this been certainly, but chain dealing this for past with this the, always, been chain managing We supply have the we We challenge. X difficulty years. from and that has supply deal issue, have say, with the exacerbated the I would

Patrick Baumann

versus performing then And how comment can comments. Cor on quarter expectations? and those Mar in is performed kind you that for the how business Thanks of

Ron Keating

on are have our say we an February, track. for about rollout anticipated. month very in things Mar as is. would it on of right feel expectation We still Cor, it’s good It’s I where the and track. up Yes. right lined SAP We exactly

Patrick Baumann

Have day. answering for the Thanks. questions. Thanks Great. good Okay. a

Ron Keating

too. you Thank

Operator

Thank you.

Mike from Our with Baird. next comes question Halloran

Unidentified Analyst

on Pez everybody. Mike. for morning is Hey. This Good

Ron Keating

Good morning.

Unidentified Analyst

margin mix amount of and price of was the given side for the healthy price/cost pretty maybe performance? current talk and embedded the just about backlog, performance question on expanding the the helping Obviously, things. you margins in there of a margin sustainability the Quick exceptional Could particularly you.

Ron Keating

I margins very backlog And our as the good it. about that again, mean thing with goes in pricing It Yes. we at It’s sticky. stays. We highlighted out. regularity. feel the one look we

Our backlog that And against price the is to and supply way already business are manage priced feel we increases. good managing the we around the chain. able

Unidentified Analyst

of a believe then question. heard something about I clarifying I permitting And some bit a hang-ups.

Just a quick clarification, projects? that is that a a permitting broader comment suspect or a more subset of environment, that’s on comment I with changing one-off is associated the of –

Ron Keating

dealing the with their place for us to the with rest getting chain, able dealing we specific It’s delays permitting, infrastructure again, supply previously question market deliver a regularity. few to against a projects to areas. the I how are are goes in is they customer When around really site. around on delays of had certain around we be And that that with in something manage

some occasion. creates recognition it’s dealing in the new in past. against haven’t with the that it on – nothing Sometimes revenue But backlog been lumpiness of we

Unidentified Analyst

color. That’s Thanks we thought. Appreciate Great. what guys. the

Ron Keating

you. Thank

Operator

it we Instructions] remarks. over Keating questions. like to for time, additional at or the no any this [Operator would back I appears to further Ron call now turn And have closing

Ron Keating

your interest for in again you Thank Evoqua.

of day competitive. very driving want us in deliver more to we expectations make the and and members I to team for making delivering care to customers sure of marketplace customers that always, As our every them have safely against our that take our thank the

I people. us against team fantastic market got speaking in guarantees look to with a you the all We having And makes deliver I of continuing interest Evoqua appreciate an promises. that forward today. the and have to of

Ben Stas

you. Thank

Operator

call. first Evoqua concludes earnings conference Thank fiscal you. Technologies today’s That quarter Water XXXX

thank your interest for You Evoqua. and in may now disconnect your you lines

Evoqua Water Technologies (AQUA) 31 Jan 232023 Q1 Earnings call transcript