CRSR - Earnings call transcript Q1 2022

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Operator

Good afternoon, and welcome to the Corsair Gaming's First Quarter 2022 Earnings Conference Call.

As a reminder, today's call is being recorded, and your participation implies consent to such recording. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] With that, I would now like to turn the call over to Mr. Vice Finance Corsair's Investor Veen, van President and of Relations. Ronald sir, please you, begin. Thank

Ronald van Veen

afternoon, you first Thank for and you. everyone, Good thank XXst, results call March Corsair's conference for for ending the quarter XXXX. financial us joining

any outlook, the have will Paul; CFO, Andy financials then questions. highlights the review Michael our the time and our review and first will the today, quarter have and Andy business On then call from CEO, for we we will Potter. environment. and Michael

allow the begin, a related regarding include we forward-looking results provide Before me the therefore disclaimer are future statements statements. forward-looking to including of call, Q&A forward-looking and our to expected statements. call, This the portion company of may

to uncertainties of risks Today's include in SEC actual non-GAAP uncertainties. The remarks forward-looking and that our a other also number to differ results earnings projections Our may are and risks filings. will are materially financial statements subject from and described measures. to release due references our

Additional between non-GAAP release to over provided the information the information information, that, now including financial market turn in press after issued Andy. I'll we call reconciliation today. the is With the to GAAP closed financial

Andy Paul

everyone, QX to and earnings call. XXXX Ronald, you, Thank welcome our

sector. Russia hardware headwinds with faced in positive see in costs, While we we to gaming conflict, inflation, and the QX and continued Ukraine continue freight trends high underlying the growth

pre-GPU still are at cards, shortage and gaming GPU this of which slightly build saw most higher PC, with the premium, a And high than PC expensive a roughly was we QX, premium, During even in level. MSRP. item gaming pre-pandemic activity XXX%

caused XXXX surge in the of large QX shelter-at-home pull in entrance time. that X% saw of more pandemic first does during to segment QX builds forward and grew Our QX for last XXXX have the an The appear by before not gamers compared period so we new a the activity building shelter-at-home. the Components and with

the in perhaps below to cards be discounted GPU will that next expect MSRP. few back MSRP We weeks,

surge in with with We We second of to XX% of activity XX% expect the half peripherals becoming priced that some to trend reasonably year's available similar down compared peak, XXXX. last while generally it is levels. -- and a appears the market positive and see be substantially GPUs to see a above will still we XXXX pre-pandemic

as grew segment in Peripheral our QX XX% Our think from Day to to XX% growth. the to we continue presentations, Investor And XXXX Peripheral market XXXX. annual QX XX% that will we drive outlined

with new continue believe also XXXX software to will We that expected. products Having that, said innovative our lower take IQ ever-expanding market revenue pipeline, we share. QX and control than was our

are of be the particularly our through optimal, inflation of we seeing entry in want constantly working coupled than will we war with or a now, consumer adjustment. that the committed inventory huge affect at that to gamer business dampened to Europe, level, casual higher gaming that mostly We the since will but is demand. their part effects don't buying inflation impulse affect are caused important think the expect committed Russia-Ukraine certainly has channel who setups. We This, to the inflation which, that It's we not upgrade sector. cater gamers and note turn, in has to

on. complete $X.X product detail therefore, outlook Michael billion. billion to later are, year We $X.X more the Many go outlook and reducing our in our of revenue our between will for through a The streamdeck saw progress our is staff growth great in central our group showed products, for in lines QX. creators systems and center controllers. control compelling streamers. our streamdeck and We

accelerate iDisplay relationship XX% and company which this in our underlying using allow working this their companies much around in we acquired road Taiwan of behind a hardware map year, a comes will and January Streamdeck displays. closer a Some technology of the share products called from between of our

Systems pipeline, to expert are phenomenal, PSX We repeatedly. been our sold want custom With launched us Our every to sector gaming many there And who group, new see do have or since causing products well origin market custom targeted are share the made did will gaming who be we Corsair to memory demand late market build One, time to division and of hold our number of PCs. opportunity, our further new the have for in growing components within our expanding year. skill gains over do and builders are building In innovative very towards last very has SCUF controller and is their out our our the business Corsair gamers PCs, as we to comprises a while amazing gaming And of ever control then, bulk that. we IQ like in months, the spot PCs not every that And continue who and own one engines since platforms the Group we people skilled share. systems take software PC major categories. we which last QX, XX category. continue

is line reasons creators Our are progress of products. enjoying extensive new in suite the are that do cameras our believe our products that one to of good categories, creative software continues and microphones. our new making Elgato we key well, Elgato for We and products

a past few about the innovation, in on touch have months. products to few introduced we talking would While I like

the market. X, in high-performance solid-state First, our drive. storage portfolio to designed MPXXX-Pro-LPX product This which console for PlayStation the adds expansion a addressing the product is

Second, strips GPUs a and building RGB perfect CPUs. amazing platform the our Corsair system RGB a controller. for and iCUE case. high-power latest is a This is This airflow RGB an by case using X XXXXT high pre-installed lighting with fans iCUE controlled cooling

for turn latest second. call to Series capture also second results PSX discuss the the as built XXXXP which the now Variable the Michael into feature the XXP over card, both VRR, XXXXP new quarter, quarter. that well This XXX. I'll for launched a It X. the our during at to supports Xbox Refresh, supports XXP we at Rate Finally, card HD our and a stands financial as a is

Michael Potter

of we QX Over good that and and consumer led million, our Andy, of conflict reasonable start the record was We to QX everyone. the demand. following QX seamless region, levels XXXX by million the which above was XX% revenue a dropped decline we've Corsair, XXXX of channel European compares checks first Thanks, million. $XXX.X in well revenue XXXX, $XXX.X European inventory the sharply Ukraine. has pre-pandemic afternoon, In for products. of the XXXX in believe the in quarter seen of of net QX, pent-up This $XXX.X in level delivered QX, versus as sentiment

but are on compared we current shipping inventory cause their consumer to be expected based at demand inventory during QX. ago. and the expect channel adjusting levels year and levels short-term will decreased a partners This Our times normal to today headwinds,

Turning $XXX.X of now million million net from GPUs in during decrease supply to healthy and a QX and QX, was increase contributed quarter, segment constraints. an QX, of our contributed the XXXX, points $XXX.X above XXXX. segments. Gamer basis logistics million. pre-pandemic XX.X% net Systems in from a million a XXXX, The $XXX.X contributed during $XXX.X segment The million Creator revenue $XX.X net of revenue, and Gamer QX, XX.X% shortage XXXX's the It of Components of still total first XXXX, The Creator Peripherals QX, driven of and revenue XX.X% XXX and million. segment revenue net primarily $XXX.X X% XX.X% quarter, but of level in reasonably from a priced above by decrease Gaming of XX.X% of Peripherals

QX chain basis and moderated gross due the XXXX. to XXX quarter which rebate decrease record XXXX, logistics logistics by contributed in absorption margin fourth normal in logistics freight towards profit memory costs the was fourth Gross shift of Sequentially, products, Creator Gross periods under-absorption to points XXXX. was record also levels. promotional revenue margin Gross quarter continue in points half of of XX.X% from and as million, first revenue logistics promotions. XX.X%, on the and $XX.X gross favorable raising of was $XX.X to QX, Peripherals QX, in basis in a chain countered strength decrease the & million $XX.X expect XXXX, and mentioned of the some to points decrease the costs. and diverse more in record Elgato largely in margin largely XXXX, level revenues. pre-pandemic of million, especially to million XXX XXXX, our QX, the and XXX profit $XXX.X and up was a primarily volumes. the record driven to margin same XX.X%, $XX.X million costs reduced The normal and QX by the lower and quarter the severe over from from ocean in logistics and promotion Gamer higher-margin the with of was supply and Components revenue XX.X% the reduced from the decrease where well portfolio return inflation over in decrease came XXXX, Sequentially, activity. segment XX.X%, XXX XX.X% costs, the and basis lower previously Gaming profit this QX, flat, $XXX.X in due branded decrease a profit by appropriate profit The durable largely over XX.X% more mix fourth of the of such roughly in points previously over to significant primarily XX.X% and the primarily costs a decreased shows increased during as periods, and decrease a to This logistics was with margin decrease in XXXX, supply revenues, of due a return freight, primarily $XX.X margin chain in mentioned from driven levels. was prices from Sequentially, cost increases our supply costs was of The effects from products. some Just XXXX, QX. up due gross activity increased We've Overall, XXX basis associated headwinds the was segment to basis rebate QX points a of due more by Scuf of XX.X% a million. driven XXXX, million costs logistics products. actions Systems same mainly profit XX.X% by increased quarter a

was segment this Our in for memory XX.X% margin the product quarter.

income reduced million, XXXX. revenues was a $XX.X first The Adjusted SG&A outbound rates. and operating freight outbound was expenses $XX.X million offset costs. a million by decrease million compared XXXX, the in to $XX.X quarter million, ocean increases air impact in due decrease a of QX primarily due from the of decrease to in X.X% $XX.X of QX slight costs in $XX.X quarter were and XXXX First personnel-related of freight to in

which $X.X Gaming, diluted Inc. diluted attributable $X.XX of share million, quarter $X.XX per $XX.X of QX First $X.X million to compared net loss XXXX. of income in was to loss as million or per a Corsair net a share or

million EBITDA was First for or per as adjusted of quarter was the net XXXX. per first net XXXX. of diluted $XX $X.XX for QX X.X% quarter QX share Adjusted $XX.X resulting margin diluted EBITDA adjusted of compared $XX.X to compared in in income QX million to a adjusted compared $X.X million XXXX million decrease $X.XX or income $XX.X share million, in of XXXX, XX.X% to

repayment. million sheet. of million Turning We at no for million debt and $XX.X spent revolver with $X.X draw debt for $XXX our of now our $X.XX value. We cash balance million ended principal unrestricted quarter to $XXX.X face CapEx the on and million

new Additionally, we product This or such for share in continue prioritize barring -- strategic levels. used we XXXX acquire to development million to the to our as opportunities of cash investments look look another balance efforts. growth bring opportunities, markets use XX% a in as regenerate. our to QX $XX.X and cash to bolster in iDisplay back is we investment QX we R&D net to cash controlling

range of operating We split outlook. expected In XX% the as There additional for second second first XXXX, in in the $X.X previously half million million in range year range half we our to of our higher full now of billion. changes revenue represent and are portion. $XXX to expect an some will details the outlook follows: and are million $XXX adjusted $XXX the underlying the the revenue a terms half income modeling believe $X.X in -- updating Adjusted and the now XX% EBITDA million. slightly $XXX total to approximately we of billion

to sales consumers. inventory out the and reflect seeing We than to are balance during channel an of the sales demand, adjustment we that to current into half, channel be of first we the our less significantly expect expect

We we QX. some still normalized We see to gross channel in in expect the but expect half margins costs, the pressured improvements. first year, have started be remain logistics of inventory by to late to especially

product vigorous to invest We will development continue schedule. in a to maintain in release new order

expenses current We the tune will with in other operating moderate business environment.

Fed rate forecasting is cycle interest With more the expense difficult. progress, in

judge expect year recognition further of of and patent million no paydown, weighted rights in XXXX put on timing uncertain $X QX to unlikely associated the XXX of could what summarize, remain for to approximately This iDisplay. The several even shares. to expense in There is our approximately in despite a To of accretion Assuming next this XX% impact tax debt our There $X rate of approximately rules, on if is subject the trends XXXX QX was accounting executing be EPS may time. appeal quarter. the An everyone. interest is to to it $X.XX any, $X.XX effective is not with over we in the of an now and diluted average are but trial we per impacting years, million million quarter. the underlying depending outstanding outlook. full vary strong, win growth gain, at and for approximately performance, on macro XX% be headwinds any further depending due this shares million of XXX amount

believe gaming environment growth, will we continued XXXX, operating cash that increased improvement about. prices expect will PC our and the move continue In we We flow. are through this to flow the for have through and more PCs as to demand components which moderate, as increase GPU improve operating particular, to will margin revenue

the Operator, Q&A? occur will for that, to up for of We in please open will call the XXXX. we're half you this expect continue second the line happy questions. open With now to

Operator

Lu will question session. Barclays. conducting Ladies first Please a is with Instructions] Our Thank and question-and-answer Mario gentlemen, now you. we be proceed. [Operator from

Mario Lu

for Thanks Great. the questions. taking

revenue more just color So GPU the know kind by in the was one this first us summer. with scenario, $XXX pricing is if guide. frame GPU guys especially can I full I upcoming But on the you the coming million. down year it you wondering until the just give and upside down took of

of So how any guide? are you color can terms year in provide those Thanks. catalysts full new in the embedded

Andy Paul

Yes.

get that that way, of a they're below GPU ramping convinced prices. happening, of we've the So obviously, little a is a QX. range end by next range. component bit in MSRP. certainly we see pickup back the the Asia, to get end given the pretty I the where notably we started good MSRP say see would to we're sales already from US, to go assuming up as in the we've going upper in GPU prices month, By And

going that's -- Europe, be that as that's it inventory to the currently baked that to to some going in. So need is it's year, clearly We but assumed in make. throughout some have we in. severe think we we in general baked softness particularly going continue market, that adjustments We're to have because don't think is the we've I as

we've we all it's about a I feel today, today. that range. we a taken So start different have available know going matter. everything But on the off, Obviously, good we data pretty based nuclear that what weapon we where see think on

Mario Lu

despite market revenues the I being outpacing seems Thanks, the if products And of Great. it are still your then Andy. year-on-year, commentary, on the could, industry. share one, just down rest

curious, gained product few in share that the meaningful lines just months? to out, So any particular, over call last has

Andy Paul

area, in much one-thirds the two-thirds In March, product gained you XX%. than notably ones and supplies the think market and expected are by business We've think which two XX% memory memory, we doing category first which and is line that from -- is the more every of we was right? our and share XX% QX is peripherals. pretty I been if a while, power which we were every went has the businesses components, memory, we've three-thrids, about Well, to QX for in components in is got -- our

we rest So components, most showed those our well. two the that the Other up outstanding we've compared did product with ones. well. we But very lines same pleased in you were look cameras, We share we single-digit are the and very but took of those. that to of a huge gaming as on which systems. share, market market jump of the presentation That's the can website, at got we've And market small market have pretty well. making our a And share no is That's got market and Deck Stream really very a lastly, year that a both And on systems ago, clearly, a only that's we much a XXX% have. then did issue market with because where now device have new not that we business also progression. microphones the and significant share. share although share had categories, everybody two that

pretty categories. we're happy all So with those

Mario Lu

Great. Thank you.

Operator

Our Please next is from proceed. Hall Goldman with Sachs. question Rod

Rod Hall

the components to start the cases? of guys. that. wonder it the differential got to the follow-up go from for one point in a any see demand view, peripherals with Hey, I is is worse Europe And to the development and -- Thanks you wanted than between and that question. situation. then kind a both of I same is other there or I inventory back

Andy Paul

Yeah.

more So call demand I that buy impulse the things enthusiastic than than have Rod, terms products. consumer what in it, think to of that tend sub-$XXX affected seen, let's the, is kind we've are of casual research that the more been

But moved to away yes, thing back the don't and be people from buying computers, the little a holding by more bit. have much $XXXX casual on that or prices. people that's changing be to seems their peripheral habits seem CPU So GPU driven

thing. first the that's So

mean in actually I too what two similar. excess say, channel weeks just inventory, both categories. of we've It's different for reasons high got channel it's that uniform on. somewhat across going Now, the in is, categories. But the I'd pretty for what's in there's means both inventory few a terms

Rod Hall

Logitech isn't FX, And do you that? everything. inflation for curious in deal whether talking as increases. think that you're about curious I do what just working maybe it Okay. thinking to increases, for which a wanted combating direction you given price increase even then, know I on to flexibility price another they're was big or you, but just is And you need I'm -- to there's prices, and

Andy Paul

Yes.

not new the right? containers, because thing, So, of increases obviously, even we've is watching with this been a -- and a that Price we've actually been before tariffs. of cost while for

So, there's of a cases, products into percentage cost lot a of means quite is fit significant, where like the don't cases the which some be XX%. can in chairs compared few and with containers, goods we've got the you the freight

otherwise those have companies we So had everybody had and making things gone quite early just to, raised the some out prices business. shares on, of we and that

whether sure yet. would haven't come that categories, in freight prices. debating down, So, costs somewhat disappointed that somewhat we're they We raise obvious been come were other little down a we've last pretty and to year

fact, to through tend to XXXX. they we're way In going peak in all seeing they're the and still elevated be QX,

difficult, our started on So base we we waiting got lot prices are But And them to categories, that drop for They've competitors to two prices. then a been it's there been actually components we again. will because pricing component sure to raising pretty peripheral, us we have follow. leading would prices. not we've more big we're that have raise share, market the when competitors have were a in reluctant in of to and raise now

position and longer have, going fact, the they've lot a a channel got discounting I so think on. there's we In inventory that of in

for the market to very So I -- share. us to in losing prices without that us it's peripheral have categories think raised difficult

The because we our can't. So US we in of are them most in dollars. where raise, can. Europe some buy distributors FX for essentially have raising situation But us cases, a we in price means we

rates. raise we to so to prices need they the then, because exchange money don't So lose of

Rod Hall

true, see not. this I for as much kind of promotional you and of that are activity you as is And they're too? what it the or to you competitors back with seeing relative come not is affect some that guess of some guys stuff,

Andy Paul

have I take go not promotional people view our if Well, a more into we've and when view started And -- to thought is our you discounting activity. you're have to that some experience. recently somewhat back dial you this all anyway. market, that on to careful, think But soft is is you would discount you're a actually doing that that

need just some do think the So don't we through work take to that to of inventory. time a going It's discounting. to lot we

Rod Hall

you. Thank Great.

Michael Potter

side. well. to you a And stuff And give those currencies. quick the FX, for to have Rod, expenses different sell the insight in under just on revenue that's in do regions it's on we we X% as Obviously,

go so also on revenue expenses when the So profitability than is effects net so the the X.X% currency even less is or on the side. down. down, the goes it

So it's hedge we we not a significant part the of our can. where exposure business, sheet balance and

Rod Hall

Great.

Thanks helpful, Thank That's a very lot. the you Okay. Michael. Appreciate answers.

Operator

next with Stifel. Drew question Crum Our from is

Drew Crum

Good guys. Hey, Thanks. Okay. afternoon.

serve catalysts components So peripheral business. peripherals peripherals second GPU of to a Andy, the years. think Does suggest or Components indicated Systems kind macro as guidance the has easing for the the outpaces related company-specific tailwind it Thanks. as half suggested XX%-ish. you segment that, category year for you the to your I you starting was business XX% Any last two & the segment. for prices the And that will the see down

Andy Paul

Yes.

obvious. business console I that's typically happening, see see it's where in or the of something QX mean more The GPU some of you can already pretty that's base play QX. base, parts we QX any So QX And talking of in think, going ASP a the seasonal being much fact, out. Firstly, So you see QX. is about people than and and more lower on right? do to XX% business, you done being market in data, them, that get how The that's it sector see is I four segment or peripheral right. and

today see is So little think a I I to shock Europe factor actually I and know pretty there's recover think in news on. leisure quickly, I the all effective that this inflation which going time travel one the and April. of don't that going the we're seeing a bit which a that was businesses will on of sudden, saw you UK, record though went obviously in is naturally actually down, even what people if that's most spending in when But of happen.

shrug So off think of there's issues, definitely the some bit end these and QX shock of people factor -- of of I QX but end a a going into QX.

So be that business of the I stronger half in second think half, do first peripheral market will the a terms lot versus yes.

Drew Crum

it. Got

guys. Thanks, Okay.

Operator

[Operator Instructions] Granda Our is from Please next Franco Davidson. question proceed. D.A. with

Franco Granda

Hi, good afternoon, everyone.

hungry, So least of this coming rumors there's the out one. most around a being power GPUs out recent to lot very year relative going at

So of some how over year? the of what have your past your I power expectations around curious been the year the details was to for and perhaps get Thanks. the PSUs trending are remainder

Andy Paul

Yes.

and fans, system. very just us. not but suppliers, and it's game part good actually, question, It's calling air to helpful So the whole and that's something also that's moving to calling of overall power all cases system the the and calling it's a the of

So most be watts XXX watts I'd year to an to years, watts seen steady the last XXX average last a their is will up to people we've from over XXXX, required that step the X,XXX say XXX to looking expectation at XXX XXXX, of power systems. five

is on steadily supplies the up is on in steadily going the market, cases. us ASP going that and what means that up Now power for

goes if quite see steadily complicated is more seen actually that, the like ASP of -- so look systems moving to NPD like market XXX cases up the hungry. those can you more So something data, from , as power from get at we've and appreciably up moving the you XX

Franco Granda

That's performance very quarters? you as helpful. been about And can demands talk it's CPU seeing Thank out the you. Corsair for then, any monitor, the that down? Thanks. go that about correlation the now two you're for also between prices can Gaming over you Yeah. talk And the of Monitors

Andy Paul

Yeah.

out sure at to to we perhaps and a be overall, time correlation We people And first part, building market. monitor We then how they monitor will. pretty These are much where The results. sell planning $XXX monitors. second been the obviously, wanted system high-end. are have new the high-end not is we've the think I $XXX, buying a to happy start buyers the with very huge probe rushing volume. So the weren't is going I'm and directly and the

So get to we our come on start done market get more launched. front And the to is wanted established that. a product with lot to the and we monitors. in brand this But first just we've that

Franco Granda

Okay. for Andy details. Thanks

Operator

Creutz Our Cowen. with Please next Doug from is question proceed.

Doug Creutz

last is, to the to think How rates. I baseline year I Analyst of gave that it about we those the growth trend growth to If off those get Is think about the of? kind January right Hey. long-term guidance question going after on gyrations Thanks. year? going this think rates year Do your back into of rates you're is do and should feelings changed. of this kind that your is depressed at assume assumed Day, growth a think the you you two what predicated sort that? years, was long-term XXXX. some growth industry apply of that And of haven't I above guess you

Andy Paul

Yeah, that's a good question.

I given year war outlook. going not in in are market, coming to a think be in that reflected that's we now on clearly going the inflation is that the XXXX conclusion for our and Europe, obviously in the growth

going that actually a mining. GPUs we're year going is because, means in new a and it's past years. be We're going that have to to little CPUs what to think firstly, I crypto say, future big growth Now, XXXX out. early to be

coming. good And games some pretty

going to there's think I when that's So a growth. be big

been what pre post, about or of it's at grow going that's if to -- year's X% think than yes, that fair model, actually, components X% home if average pre-COVID if a running. look it's you an start at are forward. we faster this about move to But -- baseline, chance you that. say on there's at the you components. I'd shelter our And last we to If look said

market Now, baked the that we've think quarter gain, and in X% more already. that other done is in I a we this already first thing than share

that So But get new Peripheral yeah, in line market and at it's more predicated I QX because there components this again, market, think wise, I how of pretty and up something we year. are all think, going with the mind XX% XXXX market. area. I market in the to gamers the share already in surprised Bear just we the much market we're the growth can from growth or on coming much it's a is be expanding. in we're think

-- growth. think a still modeled there's at So XX% XX% and market I overall -- to that we

there's of it in growth off market. seeing So on XX% what But compared now, last to to to yes, probably available will XX% that's of be year, we're be based perhaps down plenty year. likely based this the

Doug Creutz

Okay. Thank you.

Operator

questions the are remarks. to turn like no There Instructions] [Operator closing further call Mr. back would this at any for to Andy time. Paul I

Andy Paul

you. which our remain Thank three firmly at look, just Investor in and want pillars they outlined we Day, have Well, of right. in All growth, I remind place. closing, to we everybody,

of and during now at gaming will half shelter-at-home. next this in XXXX to majority We half three And and continue of the buy believe think over that a the years. XXXX of is creation from we buyers, fast growth hardware to back, the can expected they first the surge five pace. market do surge during is content clearly new we a long-term in see activity Firstly, and to looking second grow

in take highlighted Secondly, categories. most fact that we external the market This the markets by share in was from to sources. track we we -- continue

top in sell category we're build gaming almost have number every three allows market we of in to every one share in category. PCs. that And gamers peripheral We that the almost high-performance components

market our two in in In in our fact, even categories. we further QX, gained components share area biggest

Thirdly, creators we both resulting continue higher inventory by markets, development last consumer inflation microphones channel some for certainly acquisition. categories levels. to face enter and by the European for and desired from and than in months, headwinds organic entered confidence three gamers XX creators. new and new cameras both and monitors we content We and And short-term the content

GPU the as of continued overshadowed be prices joining normal support, return and return time to today. However, gaming on by for builds you we a thank levels. think will Thank you us and call platform your for this

Operator

for This you conference. Thank concludes today's participation. your

now may disconnect. You

Corsair Gaming (CRSR) 6 May 222022 Q1 Earnings call transcript