Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the MoneyLion Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Sean Horgan, Head of Investor Relations from MoneyLion. you. Thank

begin. may You

Sean Horgan

Good earnings and conference Operator. second to quarter XXXX call. morning, you, welcome everyone, MoneyLion's Thank

Joining me today CEO, Dee to discuss our and Rick results CFO, Correia. Choubey; are MoneyLion's

on earnings note that filings in forward-looking the our presentation subject You commentary in our press and any Relations Harbor to can Please earnings SEC our statements find Safe release release. investors.moneylion.com. website, our this accompanying our are made in Investor found statement

over Now, I the Dee. call to will turn

Diwakar Choubey

and thank our morning, fall for earnings Thank for Good you, you joining us second presentation. Sean. XXXX quarter

am MoneyLion performance to quarter I in pleased yet strong share with that of delivered you QX 'XX. another

we milestones we for profitability for long This quarter operating growth run. were healthy the important path as to we and saw additional execute the profitability. And we and markers reached for our looking

performance on business This results tangible ecosystem a in our our embedded of is is model. advantage, driving which reflection the flywheels inherent compounding

incredibly made, proud the are their and our consumer execution decision. vision help best team's and reflects financial make mission every which We to progress we've of the deeper

QX into for key takeaways Now let's dive the XXXX.

revenue first of $XXX to XX% The growth we million quarterly in million is achieved $XX the and item quarter. that year-over-year. million. our exceeded This of revenue to We record highlight represents XX% $XXX quarter-over-quarter guidance

both Importantly, model. record our strength quarterly and of enterprise our business achieved and consumer businesses revenue, scalability reflecting the

by up X end XX% our driven of enterprise our is high takeaway This to guidance margin from gross profit was margin advantage. points plus second consumer XX% expansion XX%, profit QX The exceeded her ecosystem Gross XXXX. expansion. in combined of the This was XX%. margin

reduced marked in of $X Board second of generated operating This improvement and We highlight. compensation expenses. of on across our quarter adjusted QX We the represents million. provision, profitability, to $X X% million and $X also year margin. positive quarterly exceeded drove efficiency. million adjusted more leverage acute towards consistent quarter EBITDA takeaway record our adjusted marketing EBITDA with a and guidance third a of than EBITDA to the highlighting focus The consecutive

not but in million year-over-year the XX% total of million nearly customer 'XX. total XX X.X customer and quarter-over-quarter customers to as customers. This a in a testament last during And reached growth effectiveness quarter represented growth. marketplace The We least, up record million added QX we channel. acquisition the increasing from X.X customers our total growth is XXX%

XXX% our increasing became across company As since you can insights, and growth ecosystem year-over-year personalized of our content, breadth. set quarter public see, product has of expanding over widgets and the leveraging almost strength a customer by total providing been channels We've XXXX. we every diverse customer acquisition been for in a

is Importantly, building and ago customers This immersive we're result a of more ever. an adding a implemented in we year efficiently strategies experience. holistic the than

mix. This million over increasingly our It Turning an products XX% have with products overall total consumed 'XX design 'XX. products evident QX party platform QX of to up products, part product in representing our is are party part planned XX% total into been to from third larger of becoming our XX that a is trade-off through third strategy.

cross-sell financial our and recent the that of represents offers. customer year-over-year. velocity ads see given natural leveraging You'll the future meaningful products spectrum of has This full per customer is average product and monetization declined non-financial and opportunities

right of aim product financial products personal be partners. to party of party We product a their aim find match whether with product provided first trusted a Our for enterprise customers philosophy is regardless from our that's to us to third or situation. by single customers the most source the right one simple. for We the

benefit of right the exclusively better the at next interaction, each for customer With entire dataset our first from MoneyLion offer predicting our platforms the that base. products. exactly differentiates This gets other best party action

is growth strong Our execution and profitability. sustainable creating

total Our growth, adjusted by revenue profit, attractive into quarter-over-quarter product EBITDA results and marked translating total growth healthy are gross financial trends margin customer and expansion.

that Now ecosystem. I'll enterprise our provide business. an for Starting update of party initiative year-to-date a $X products incorporates new quarter billion credit our businesses, Performance liquidity with strong. our continued combined and our originated power the consumer our on consumer was and during building and the first over demand and products. We demonstrating

with quality quarter. to healthy second within the remain well credit incredibly target our Our performance

We technologies As consumers. long effectively dynamic effectively issues number the in in before, industry large building environment. risk us positions manage in as to American fraud face said managing we've and decade in experience a of identity leader providing payments a economic our continuously scaled an products liquidity of

selection risk robust demonstrate quarter-over-quarter, credit consistently consumer year-after-year. our Our performance allows business to

products in party model. are flywheels embedded of first the important business our part Our

MoneyLion the with make to The of what we is range unmatched giving financial platform believe right consumers a an ecosystem offers and products more options is decisions.

adjacent also content, providing learning conversations. We're the rapidly product working less move around with making all that at reinforce proposition and continue have financial content insights next right about expect We stressful mission right for experience hard powerful customers products, a right releasing matching the families, money our time. the a to an strategy, us engaging of

second of an our quarter, provide face business quarter-over-quarter. in enterprise XX% headwinds. incredible record wide over business. revenue industry is accomplishment In This the me Let update MoneyLion an embedded our finance growing on enterprise platform. achieved the

marketplace our business. In

is delivered product our This selling is to marketplace ecosystems. meaningful high cross of direct the marketplace synergy consumer margin of revenue from a during right the of combined benefits consumers. the Our a result the financial our quarter, which

additional offered a the offers our many of revenue in streams impacting In a of in revenue some offset from with these Growth like with now products our mix our revenue more. the helping and lending traditional party accelerated yield headwinds this enterprise quarter high third products special our to year savings, lower enterprise representing ago. marketplace continue marketplace, we diversify to loans considerably mix

while in customer the out million enterprise top of of quarterly next valuable added of million network, XX trove a to-date house ecosystem, the served media to second intent in on more team and our of capabilities treasure continue on benefits scaling XX business, our build having to phase we business. content a the Having inquiries the with In media we profitably with media customers and reap addition many stays MoneyLion consumer through preference the in our quarter data. focused in

consumers apply the Our better consistently for ecosystem learning ability to machine alike. outcomes enterprise across leads clients to and

When So applying financial to accessible in to value to products XX-years pioneers we're what's a make artificial MoneyLion machine of ago the moving experience. next, XXXX, learning started we first search more in were as and we intelligence more users. deliver

capabilities of providing layer vision the guidance the all becoming the product same right at those for right use fulfil the we'll interface Americans. on Now, financial to time

positioned is Generative the to we to a on of top MoneyLion of is bring believe what AI vast search best market company's data lake. building natural extension

will Just AI information find like machine better action. and how take outcomes, and learning technologies consume change technologies consumers generative lead to

Our place a bold question. the they will product. be go be vision the financial first is have MoneyLion consumers adjacent all to or all when a place go consumers or need money first a they money financial question have a when

intelligent MoneyLion of with insights actionable blogs to in our owned exist in today. hard We comprehensive there, answer in this marketplace. the links or will are while that this, instead world operated personalized then of company assets, properties. provide to do only the is to generate exciting tools, entire capabilities and the believe own, the content market the isn't and just long and right. part own the as limited navigate The is, the and written technology through tips list most right will a technology incorporating product MoneyLion offers generated of MoneyLion our

also partners of integrate will monetization in Internet empower The made their to financial will easy decision network to is technology finance technology. across deliver opportunity This available business. to enterprise We be our to the any to search of broad embedded us. consumers front and make to best technology

over to us And with let's the performance financial through to quarter's turn that, in walk detail. Rick it

Richard Correia

Thanks, and to morning Dee good everyone.

the to look I'll financial our details for June XXXX. our and quarter. quarter XX, the I outlook ending discuss for also sharing guidance second third forward performance about

quarter please financials unless stated we of that note to the quarter all second otherwise second XXXX. As year-over-year through the XXXX of versus comparisons period going were refer the

on resulting our we are company's Our about the from charge decline Separately, the future today's goodwill of you're affect market non-GAAP impact adverse a impairment for approximately we attributable in capitalization and the recorded note or about conditions. have GAAP macroeconomic non-cash the reconciliations XX-Q $XX to It our important hear that in is operations not release impairment encouraged does assets growth and any goodwill consolidated to financial is filing. remaining statements our available have prospects. position earnings charge million. as and highly market remain cash impairment The to charge the

quarter second the our Okay, now in gears shifting to XXXX. performance of

top an represents First a channels acquisition including acquire influencers, with and various organic the way on marketplace, as channels. of customers, strategy. which to our digital update Starting we brand, funnel, that lifecycle marketing paid to customer and allocate resources our

XX of total funnel And million new from X.X total approximately X.X QX X.X customers XXXX. top in added drove million record we million million million customer These products compared from total X.X to inquiries converted up XXXX. to XX customer Our in in XXXX. million inquiries a QX up QX

who us believe party earlier, approach find only their offer vast more of represents this financial products own breadth the and mentioned of our options customers Dee our best many gives from of agnostic to a opportunities. peers We third monetization them. future As differentiates and first products products for breadth product

second unit economics quarter. to the our for Turning

highly million customer allows CAC effectively. under mentioned, acquisition scale customers rapidly did cost As and our to that at new strategy, reflects was that marketplace we added and effective we which a $XX. us dynamic This X.X

going sub we payback to expect three And Our be forward. to it XXXX. with period consistent remain months, QX constant continues

with represents second unit aligned in economics significant of customer with breath of are trends our our time. ARPU was the $XX monetize growth positioning to the customers product strategic over the combined with quarter opportunity velocity a directional

steady our trade-off lower. sustainable deliberate expand mix party produce state customers more products, a trend first TAM, to ARPU growth. towards and and expect third of and we revenue term introduce can This we is long As trend

drive Our propensity to historical lifetime in evident is our value retain customers cohorts. and

the can across and and revenue. our lifetime ability both repeat product our XXXX continued generate demonstrate of consumer into see, drive historical As you and quarter second businesses. value cohorts our upward enterprise This trend to consumption

from came the cohorts. our from business, enterprise revenue similarly, our came historical with almost over of of prior cohorts. second consumer in consumer revenue from XX% enterprise Starting marketplace our In XX% year quarter,

to sequential and was part due diversify products Our second products party in marketplace, in marketplaces. our to quarter in growth increased for enterprise significantly revenue strong consumer demand large the efforts through the made the third into

through team Despite economic a enterprise growth in revenue quarter-over-quarter headwinds XX% business. challenging industry, over our facing has delivering the our navigated environment,

Going forward, we the of growth will continue to profitable regardless pursue environment.

add and consumer network We to will partner expand opportunity revenue deepen significant and for to continue the position demand meet and industry ourselves value as enterprise our a rebounds.

We XX% saw performance XXX total were Total up our second continued in year-over-year. strength the origination in quarter. originations million,

was at Our work MoneyLion. as example below of X%. expense which less a percentage AI of of and machine hard originations X.X%, our This learning remains target provision is another yet than at well

As credit always, flow to manage balance cash growth, we performance. to will originations and continue

for to exceeding million $XX Revenue Simply franchise. end the $XXX the outperformance of this high million to of grew entire XX% strength driven across put, quarter $XXX by year-over-year our the million. was our guidance

and As record Dee in mentioned, revenue enterprise record consumer our KPIs both into divisions. translated divisions we which both achieved in

$XX to the of funnel Enterprise XX% non-lending to the in quarter-over-quarter comprised vertical up This the prior to million. XX% shift Enterprise by XX% higher. our mix overall shift Consumer quarter. XX% in the in mix and XX% is expanding sequential higher diversification and revenue overall quarter. to the mix the during in vertical. customer revenue Turning drove conversions of increase of what both quarter. prior was our This increased revenue revenue large top significant part from the driven compared enterprise lending comprised our

hard consumption Importantly, to result profit mix overall enterprise our in we revenue, is the margin our develop the were to also of of while consumers new higher of verticals quarters. margin worked This able gross recent we over our largely increase that products for expanding enterprise quarter. the

XX%. $XX in Turn quarter profit million profit gross gross XX% a generated second margin of compared to representing our We gross to guidance XX% profit. into the of

mentioned, Dee ecosystem combined expansion during gross the drove As margin profit the quarter.

this is Despite demonstrating a is value the gross increase profit enterprise expanded. and margins our such combined That consumer enterprise It the outcome. of why in the is ecosystem. great mix,

and our marked the the was EBITDA million and path adjusted our of XXXX negative in of QX onto EBITDA quarter continued of Now to $XX XXXX adjusted positive our profitability. quarter second quarter $X margin second Adjusted was million second adjusted expansion. EBITDA consecutive sixth quarter to compared improvement. EBITDA in consecutive

basis cash during XXXX. quarter-over-quarter progress significant in adjusted second QX XX generating near ended Also, quarter flow We towards of breakeven of flat flow. we Importantly, debt. senior cash after points made million with financing $XX with cash million the the which positive quarter, net down and expanded our even EBITDA investing $X activities, including operating paying of is quarter-over-quarter margin million operating $X

scaling committed While we are continue we to profitably. enjoying to be growth, highly

Shifting gears to guidance.

As provided guidance XXXX. our metrics exceeded of for previously second Dee all discussed earlier, the quarter

revenue Our guidance million to million. was million $XXX our $XXX $XX exceeded of

Our compared gross EBITDA to to profit was to compared margin million $X our XX% million. of adjusted of guidance XX% was $X XX% guidance our $X and to million

to Additionally, EBITDA X%. margin expanded our

and year-over-year growth be had For between to quarter revenue the $XXX from we $XXX the expect XX% year-over-year second growth upcoming XX% million, million third in of a the we will quarter. representing to acceleration XX% XXXX,

profit of $X globe profitability. my adjusted teammates financial adjusted XX% to million. our that to we've proud and the expect achieved second EBITDA am gross XX% between EBITDA $XX in progress incredibly We made and the quarter consistent around be towards record million I margin and of the performance

to and now sustainably. to year. the in forward second half the this growing efficiently momentum are on of look build We I continuing

over With that, to closing Dee it back I'll turn remarks. for the

Diwakar Choubey

Thanks, Rick.

base second demonstrate $XXX evolution EBITDA. These a to a over profile. into We with that scale important recurring and adjusted and reflect of our cross-sell achieved businesses profitability have incremental annualized financial an Look, in our we our company revenue results in over as continues consumer And million annualized revenue both capabilities expand. revenue highly $XX record million our enterprise with quarter with in results QX.

marks margin base. flywheel off, those generation point total rapidly from cohorts gives consumer realizing expansion benefits inflection getting of customers and evidencing healthy record the come paying for us. we're Adding to us customer And company. as of just are the started an of a effect operating a markers businesses now of Synergies mature. profits confidence the our enterprise are higher cash We're in the and working, important increasing

As Rick our driving proud of more financial mission the and vision. said, importantly, we're incredibly of towards But results. we're proud

coming We releases, on decision. additional solutions soon momentum this finance a of with in AI everyone make will suite embedded build that innovative power an to their the search give financial powered best

questions. and much, forward look taking we Thank to you your very

Operator

Capital with Our Craig-Hallum comes George from line question. Instructions] of [Operator question with first proceed Sutton Group. your Please

Unidentified Analyst

This is on James guys. nice results. Hi, George,

tool also is from talk makes might offering impact consumer about your it would take How search might interesting pretty it P&L? AI it? could generative Could it ton partners you partners. a enterprise about share? the how For mentioned to and of a sense perspective. And talk you you how you your help But use it

Diwakar Choubey

James, Hi, Dee. for the thanks question. It's

scales. positioned about you talk look, about utilized, at So AI it think I implement think is you anytime large the got is company how to actually to

to if entire document - have call we fraud artificial If you the MoneyLion's stack, pioneers think have XXXX, you to about pioneers. checking been FinTech will, applying issues it since to in been history intelligence, we the

about we've four base think your And trained right, been over own blessed you with inside really artificial base, intelligence last having cultivated so we've If XX-years. incredibly our walls. talent that personnel the talent

it's our to DNA say safe machine been since artificial So inception. have our that of part learning intelligence

the papers are, language models, that as know, good on dataset. as without as So large written about right, models large you think the language we are

spending media we've financial money that have how is versus create really Tuesdays of is. and that that on across transactions us data transactions, consumers set versus videos, around for intentions, literacy looking conversations, things the consumer to four our aggregate by money adjacent the what allows are Thursdays. So conversations, terms on an what and best of consumer saying know In one preferences around intelligence that across we around content, around Mondays action next in of right views population really dimensional what basis massive always of a the consuming they're we been way of they're

intelligence place, XX-years consumer that And we or out one of in of that first work, hard is and So, doing about create search about all been artificial accessible. the dataset we've it make MoneyLion it prove driven experience. whether that an strategy to we're abstraction talking talking we're done whether on really, the transformers put GPUs, the to work have

best code, we we're using product is can example The five very five money card earning back on Uber access return of the embed so it driver access financial an spend publisher, next lines stage code, servers it be making can you to you our digital business that call really as that on speak, of talk working capabilities right, that MoneyLion to take abstracting account. the Uber, quickly Internet, and bank easy those lines with We of about, be and our any and world is. debit Uber, money always on next what into your your an can any

for to search that's into we're it more that experience and we you side over go MoneyLion, partners And consumer Uber Uber transactions, out cross-selling then consumers go substitute first into time. instantly a try available into we if make on make immersive go any of can to with So to our much we their MoneyLion the can going offers, that can on benefit Eats. enterprise

to a significant we're innings In earning to us. impact on that. it's you still for going of to say know, P&L, proposition it's safe terms early that, But be

Richard Correia

Yes.

a top monetization kind what of increasing kind a increasing a really adding of model of at and is funnel, from of to which perspective, on lifetime water conversion financial proven today, value and the kind the you're of moments looking So from is platform. just customers increasing

Unidentified Analyst

ad anything what's guess to you to approach your customer park guys that every acquisition quarter. the have been all, without competitors, I well? changed out then working customer And away so your at of giving you. Great, thank Is them hitting

Diwakar Choubey

Yes, the I so right. adds, total look, customer think

of So of this about million customers, Rick talked at to customer we customers doing to if be credit incredibly ended year incredible products X.X well. - at the at base. have total look continue products in fit. lot you quarter a effectively, were that terms total consumer doubling products, million it ago, our the year-over-year an product we It's X.X market a that's continue things the liquidity building

gives that financial side, And of enterprise the and overall that to On add segments for is, value find to more ecosystem. does more it population partners the continuing just in to what And for better. marketplace reasons non-financial we larger the is the cross-selling continue strategy. and us more to get capability

From perspective. the we Look, - our to channel us. more lending incredibly a to come have add of strength always incredibly a ability in addition consumers diversified. in continue we're gives really products and interact capabilities, we've opportunities for and to lot having now verticals, to But been with

Unidentified Analyst

Great. Thanks guys.

Operator

Thank you.

Riley next question. Please line Securities. Hal the question from Goetsch with Our comes B. proceed with of your

Hal Goetsch

Good It's Hi. like to that's quarter-to-quarter. your big that see that Thanks. in part to Terrific from just to basis this of enterprise the a mix. exposing quarter allowed a morning, And you magnitude. I it. marketplace. a points guys. to Wait maybe that Yes, third back some and change wanted quarter. party XXX time shift tactics spend happen

Diwakar Choubey

high well. I saw Rick offer the great think tailwinds asset can that Hi a yield solutions We look of from question. in saw tactics tailwinds lot non-personal I'll did team set. in job Hal, expanding We team a thanks perspective. and the partner a our savings. classes or for sales But in our - loan of chime start as

last as started quarter about that some been the off We installed really really this pay of the well. and synergies also talking year, to saw for get we've in

capability on partners are I that's experience, synergies the from marketplace by MoneyLion available overall what right. And product on available the our app now every consumer mean is,

to as exposed in started work the customers of they our in before. increase So app, more well, the than the of marketplace. number entirety as total the really get that proposition quarter now And to

Richard Correia

product marketplace. the what in you'll is see our diversification net-net, Yes,

took So the vertical, we the the of across leading that technology the that market verticals. lending underpinned rest

return the the second you're expanded And an that coming lending, so and last quarter. giving benefit increase in on worked a applicant to all over implement to what the lift hard quarter we've the slight to conversions addition verticals in the kind overall fruition, this and of the several you big of to seeing is quarters, that

margin slightly you're in so And is, what lending margin seeing verticals. are the we're this because profile a non-lending expansion, versus to addition that, of verticals higher getting the kind

lift able being across kind well. So is in to overall some of new as those margin verticals, of go giving the that

Hal Goetsch

like, know, tight. of a consumer you right holding And kind punters seems the back? now? the to It enterprise last of but balance of there you're how that macro are Or where's seeing kind want demand kind Is tremendous right quarters would amount describe of front? that on now? what

Diwakar Choubey

It's a great question.

you've I so few been been it's credit, quarters, challenging of if listening market think to You kind that kind us credit a now, take know, for profile. of

we innings, know, you I applicants. basically carts, had early we demand would is some, are based it that from wasn't supply increase for abandoned partners. the say in seeing, of in steady because of kind but While on were there those of an product increase conversion product a just the data, that having our we've

insurance, cetera. to that to was have et diversify us to meet mentioning, to it's, this certainly they to kind woods a call as for yet. from across away a from of they move from it's So breadth out quarter, the multiple have account, times verticals needs of of perspective, that just have, macro exposure those customers out being where that of But And able to really try our away see early whether a then kind we allows started of investment it's kind for us positive account, that that auto of turn. we're too be And able the to savings trend. a again, need refi, I credit,

that again, tightening away that's credit markets. of quarter. from we given allowing getting that diversify the to the trend But that saw kind So us of we're lift, this

Richard Correia

we're see the we from consumer continue and and the folks market, continue foresee see banking in healthy, strong forward and staple in second that that on house, that to going to And business and remain are that shows we to of labor the liquidity Hal the we've the growth up the on we add our rating to the half that, a consumer showing similar side products of year. rely to just that's

Hal Goetsch

guys. you Thank

Operator

[Operator comes Our from proceed question Fitzgerald. next with of you. Instructions] Siegler with line Josh Thank Cantor Please question. your

Will Carlson

Hi, Josh Carlson is on team. for This Siegler. Will

First question, from are marketing? conversion AI uplift driven seeing you material any resulting lifecycle in MoneyLion's

Diwakar Choubey

We - - Yes, are Will, so conversion how're our hey always optimizing you? the funnels right.

So if you expansion the we And think right? gross our perspective. from margin also from operating up, EBITDA about the saw a going we story saw expansion with quarter, margin profit leverage margin

How that? Right. do we do

quantitative. So data always very DNA company say across that the intelligence of there's, the the We're applying Board, is artificial we you driven. right. know, It's

think it in shows users. the that number up are an nominal AI, really required So automation, shows if up of where about marketing acquire you dollars the is it to incremental

So that is happening. continuously optimization

get before, better. as lifecycle, said continues to Rick has Our

it's multi multiple now You whether across can to know, it. a there's consumers offline, retarget they're we dimensionality channels, whether digital,

So optimization in them. time, really meet right customer at the absolutely right that's ability we to that continue - we drive our the product always with our say, words, at where that to for they're as see

Will Carlson

year? remainder then for profitability, And your growth do optimizing trending the thanks. between how when Great, you about the of thinking see and CAC

Diwakar Choubey

great Yes, question.

our really is of kind formula kind that optimized of what You've going heard profitability an around - get And to increasingly that becoming be a business of is model. and this, kind both function of to us we greedy. growth say

we And so our CAC of from you'll sub $XX. that a CAC continue to kind perspective, have see

expect to We continue that that.

we machinery And kind an seen TAM. that to use machinery our the top the come of XX to perspective. continue funnel And from applicants of million is so that working And you've acquisition going quarter, expand this from we're perspective. to through had

customer that And were of able going so new in customer see Yes, and so X quarter. you're we continue growth ads to well. into that the to as million convert velocity

velocity what's revenue is a the lifetime what of kind outpaces as we our see of that from about we and so extend unfold, know, that's to yes, revenue that's customer see growth growth going to slightly perspective. perspective, denominator you kind going drive kind from tick driving a adds numerator very ARPU gross deliberately, think you're kind of of term to going our And a down when But function, - long of and sustainable to that value. you're as

focus our lifetime costs TAM, expansion perspective So continuing of driving from an low our kind to value. very it's keep of a and deliberate around acquisition that

Will Carlson

Thanks, team, congrats on and the quarters.

Diwakar Choubey

Appreciate it. Thanks.

Operator

Thank you. This concludes conclude thank We and your our call Q&A for today. you participation. thus and our interest session

now disconnect lines. You may your

MoneyLion (ML) 8 Aug 232023 Q2 Earnings call transcript