HIPO - Earnings call transcript Q2 2024

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Operator

Â Ladies and gentlemen, welcome to theÂ Hippo Holdings Second Quarter 2024 Earnings Call. My name is Aida, and I will be coordinating your call today. [Operator Instructions]I will now hand you over toÂ Mark Olson to begin.Â

Mark Olson

Good morning, and thank you for joining Hippo's 2024 Second Quarter Earnings Call. Earlier today, Hippo issued a shareholder letter announcing its Q2 results, which is available at investor.hippo.com. be Chief and Financial will Rick Executive discussion and Mchron, Officer, today's Hippo Chief President Officer, Leading Stewart Ellis.

remarks, prepared questions. management's we'll the up Following call open for

discussion to Before presentation. we'd about of expectations our based statements remind as will are information contain that management's you and we other predictions, like this that on begin, business of forward-looking expectations, date our current the

competitive but performance or include, statements and industry predictions and are business financial and to, expectations Forward-looking not Hippo's of conditions and outlook. limited

Forward-looking subject that risks, materially and could this today from set uncertainties cause results filed our differ XX-Q those our and historical earlier statements year. to forth Form to are Form filed other in forecast, including our factors actual from Hippo's and/or results XX-K

please XX-Qs and entitled For All Form discussed particular, refer other factors filings, risks they whenever Form Hippo's section cautionary in statements are the to to appear. our and and the in in any uncertainties SEC forward-looking in applicable we XX-K. make statements Factors more Risk information,

otherwise, carefully consider or the SEC a no other as statements, required result those law. and under in place Hippo information, any should do disclaims as for updating events as future otherwise uncertainties except responsibility or revising and expressly any not statements discussed reliance filings factors undue obligation and is offering whether on risks forward-looking You forward-looking of by new

non-GAAP refer measures EBITDA. generated also During as call, and to financial will this we conference adjusted premium such total

quarter letter, has CEO. the is And financial and can I'll our found reconciliation available GAAP with to results McCathron, President Our be shareholder SEC the measures our over description which second with the on our and call GAAP to full furnished turn and website. non-GAAP Rick a of that, been in to XXXX

Richard McCathron

and Mark, good morning, you, everyone. Thank

an and have quarter past the improved created to delivered momentum over We year added XXXX. second we the of

quarter we as past broader homeowners to despite test first reduction in catastrophic of year-over-year severe Our losses its in meaningful delivered weather. volatility reduce suffering a our elevated the the another program substantial plan industry

to further parallel this, value quarter delivered in to line technology down these continue customer costs. where In increased efforts, some the we of Beyond operations, with the leverage homes to we growth top we largest efficiency proprietary resulting customer acquisition of lifetime homes with and another our new our our insurance country's strong new lower doubled improving consumers on and homebuilders. are purchasing channel, for access of improve

the doing weather-related in focusing to CAT has to on exposure or allowed customer, was as driver continue weather the and our results the us ability an by our improvement our of lost This ability by our not growth CAT by reserve policy has maintain other our XX%. agency the to whether to last The to and points longer hail earn our opportunity my plays percentage letter, rapidly year fast role quarters. yet rates In losses reduced managing carrier. these enabled financial to place and for from convective to Hippo storms generated our loss severe every XX when results. The and impact We over talked to to through The premium the we have the a retention agency the fundamental program. finding development, benefits positive continued the second will high approaching last improved we benefits our we from believe high for favorable presented been business reduce showcase of second time quarter X needed quarter be our event technology, to with are team's execute from customers primary work best changes I the plan exposure drive geographies. are to the which total line our carriers we compared about while next changes no PCS bottom will of the to excluding and wind ratio dollars been

agency products significantly premium to cross-selling like personalized satisfaction also umbrella growth customer and flood, other and our by opportunities of offered improved through auto, earthquake, contributes Our carriers complementary more.

and leverage. driving our year-over-year are year-over-year year-over-year allowing to us In additional in benefits operating increase we to the a our increase XX% Beyond agent while conversion cross-sell line our also our second customers, a cost increase to our significant benefits lead and in XX% quarter, the productivity, structure. a there rate XX% rate, grow top productivity in realized

are focused have we efforts year fruit. the on past bearing this of now All

needs now and more Wind long-stated Our confident We a more are is meeting of past growing because more of to quarter to we business and of work could forward has has efficient customers' and quarters. of year. look better work is can our end prouder manner. benefits in positive adjusted sharing cost-effective the remain in this our inherently I Hill the and goal EBITDA team less operating that quickly achieve we our by the their with not you of this exposure future accomplished be

as turn Now future. Stewart call Financial expectations over I'd our to Ellis, Chief to our for highlights XXXX walk the results as the Officer, financial like the QX our of well through to

Stewart Ellis

morning, Thanks, Rick, everyone. and good

in in and at hurdle cleared point of track for biggest of did guidance we extend the Hippo. line quarter exposure record our issued we seasonal metrics, a was core beginning Midwest. our to the of what was improvement year-over-year achieving consistent inflection we bottom arguably second Not our with the weather XXXX the The year, critical hail only wind also associated

in programs as existing to growth helped to XX% Insurance guidance and QX, a in P&L, give our our also As comfortable million, led offset during results bringing path adjusted line services and CAT losses year-over-year positive of our confidence In grew as segments Services strength to services XX%, for guidance and continued explain to segments. growth more reduction from I managing insurance TGP than in high quarter. our continued TGP with these in our customers despite us -- our increase higher-than-expected result third-party driven XX% of total and to line walk collective wind year-over-year lines from of EBITDA. bottom drivers the in growth maintaining our the TGP grow This of the a Service premium a our hail XX% our up segment, ago. how TGP, walk $XXX placements by we why of I'll our policies X carriers of top the TGP are exposure XX% the I'll through year by XX% through to key these the raising geographies. from HHIC a

we other growth segments XXXX. TGP up higher half like no As volume year-over-year the second by drivers management in relative portfolio. levels of we to accelerate we and HHIP QX longer of the insurance growth. and million, of in Much growth, service and the the expect the last were the to QX from and to million the the look quarter, primary HHIP at at outpaced year, the Revenue in increases year-over-year exposure QX channel the reductions to QX in again our $XX increasing offset as of services TGP in is our areas growth homes at XX% $XX cat complete retention achieved the TGP of new growth

to predictability premium confidence has magnitude own and of share a us of our our previously, discussed both have we write on balance the loss ratio enabled in the our greater sheet. we retain increasing As the

a to of gross with result In Connect recognize revenue rose premium revenue of premium a in growth to grew we the XX% As a where in retention business basis agency, by our earn mix customers from TGP than a commissions of Services revenue as carriers and on paid we some Service net gross shift our driven on up programs. retention, premium from segment, a to gross of higher was programs, the first this our our augmented agency slightly the net premium year XX% take mostly commissions HHIP slowly where from Insurance existing to earned higher growth more as by platform, earned continued a percentage ago. percentage our risk the basis. due a by QX,

we grow we the retain to old our to the premium complete the ability we current the structure the look reinsurance year, benefit XOL structure to to share As more revenue to our quota second written than as continue TGP expect from from transition faster of of Hippo. half and for

and were of On in XX%. XX difficult gross their By homeowners driver Our percentage demonstrated a full despite QX HHIP ratio losses million hail, this to for this portfolio, results. our insurance for higher-than-expected business. less changes from through by the approximately a losses improved slightly $XX the we've when a of our up work be year, development, next loss time last wind significant way should results million from of effectiveness underwriting manage financial to convective the been industry have weather we year, bottom the the have these a HHIP-PCS chance quarter, QX year. of our represented win we for favorable and of measures the Because from severe $XX basis, million quarter a the year $XX taking but had storm points down line QX taken this of our perils. saw year-over-year PCS significant exposure we actions loss excluding cat the ratio benefits to prior and to

we expect significantly weather guidance year. Looking which PCS consistent to decline second to the their with ahead shared XXXX, losses is CAT peak off half of HHIP seasonal earlier in this QX, the of we

our because of X development, pressure XX% policies CAT year year-over-year on a continued is of loss nonweather for prior in HHIP/non-PCS benefits cat the driven losses we have the to portion excluding to Beyond favorable despite a ratio. high ratio. improved of in weather, saw this expected mix greater this due geographies, Again, number lower improvement premium percentage reduction the points their ratio also which, shift loss temporary by

year, the both improvements to improvement dominant this complete and drove in ratios nonweather a we expect in action the substantial drove second versus in the our exposure percentage the more benefit ratio, XXX we become an our to points an loss of improvement at last quarter, structure, of to cap in quarters gross by material of from rate of HHIP level high from the combination XXX% weather in The prior HHIP to This a in QX just improvement our I and even mentioned, portfolio in drive reductions year. improved which metric. As ratio, came total half year-over-year year. points XX net with larger improvement of during XXX% which percentage XX% last QX reinsurance improvement, combined improvements the loss loss in

P&L. down further the Moving

scope realized our cost the streamline to year's full we the were last As discussed structure from QX. efforts of last quarter, benefits in

our top as areas continues our discipline these in fixed to our continued grow. expenses line quarter-over-quarter in holding We QX, flat

to expect our we roughly year, expenses While at impact the expect do level rest to have for the a this of we this on hold fixed not negative growth.

of helped benefits earlier, GAAP agents investments XX%. and marketing period, marketing, enabled have XXXX year, productive $XX revenue, have the The When our we by development revenue and to general same of revenue year-over-year dollars of technology us Rick this combined and significantly points XX% QX our decrease in have these and over by mentioned expenses QX As from our that percentage shrinking our XXX% while year-over-year. Relative to changes XX XX% and in conversion made sales the quarter. become with last that declined to reducing to million, of a and rates. sales increases cross-sell past of administrative has in fell collectively improved and revenue technology costs these by more cumulative grow spent continue of

levels in the of continue us to in QX. positive the We factors the hold to revenue in adjusted second our And a expect will at moment, is continues EBITDA year, half help one to I'll that discuss grow. this these these to as while of converge costs

improvement other adjusted a an Turning operating main less QX, our adjusted businesses to by the a In at widened leverage QX EBITDA complemented experiencing stayed EBITDA PCS update of have now The that for million in insurance ratio, the driver $XX a quarter-over-quarter $XX.X loss loss year-over-year gross $X structure, the of in our our PCS and second XXXX. entire loss our continued adjusted And form XX seasonally in at and percentage services. million, XXXX a improvements cat are like despite improved gross that to reinsurance in to industry million EBITDA service has as our driven growth in underwriting with for the and EBITDA. values came would decrease gross offset basis by in higher of better our HHIP losses the seasonal weather. loss guidance, by business. XXXX. our loss actuarially was point cat flat Quarter-over-quarter, $XX.X now volatility, half HHIP, adjusted million, improvement weather versus adjusted susceptible the expected guidance of initial quarter-over-quarter increase EBITDA I'd been by areas consistent our

in in complete as in CAT trends earlier, exposure With adjustments the have half the I of we same of losses. and convergence QX adjusted areas now positive To of will by our our far portfolio. the trends start geographies in positive is to drivers than why second the by increase drive will to that as Hippo's homes path channel no we that seasonal new a adjusted in we in expect in our second quarter much clearer behind key QX. sight that that EBITDA us, more reaccelerate of are growth line TGP smaller to EBITDA but the adjusted high QX widened convergence longer offset to explain year, magnitude our loss recap expect EBITDA to weather This other a and meaningful to the the growth the we reductions mentioned the be

than to were and we from the our expect monetisation renew We TGP policies reinsurance we revenue retaining. the full able benefit grow new continue to continue structure, onto XXXX faster are in written of to as risk to

significantly the volatility, we as in decline our policies action higher ratio PCS away their no earns by loss lower offset improve to is shift expect longer policies. from off QX, premium rate CAT We to mix and and lower seasonal losses previous weather premium non-weather significantly peak in toward expect higher volatility,

like our in costs dollar to enabled positive continues cash roughly minimum results expect with levels, in expect line been and has trends to The adjusted by investments, and we we these efficiency of finally, cash significant CAT excluding in decline expected as with EBITDA QX open positive million improvements by in And when where line be provided to turning that We somewhere aided $X letter, before load operator, $XX our in fixed grow, $X turn in our in I'd even remain to that, QX million adjusted million our floor should PCS levels QX generate from loss EBITDA. the platform. than EBITDA between and our the technology million more loss enable we between expect $X questions. restricted we to adjusted now $XXX And positive top assuming QX. to QX shareholders to and to million

Operator

first from [Operator Kinar from Jeffries. Instructions]Â Our is question Yaron

Yaron Kinar

now, Congrats on you CAT PCS on that improvement. your comment the call think start I just quarter. a also Rick, shareholders, I repeated loss in want with where the weather the you ratio attribute to

discussed out necessarily And lot I tackling thought a that and things First past, the technology. regions, and would foremost, that you've just of and pulling have blocking aren't things technology-driven. in certain of but the

more little in this. the maybe to role love hear a So about played I'd technology

Richard McCathron

be Great the exposure dynamic. changes, in reduction concentrated of somewhat got for this deductible When talk exposure about mind underlying That's tackling Rick. the the inclusive things put right. we price and And you're to in would market, technological improvement. increases blocking which changes, the be management, high is clarifying keep is into reason And clear, question. the advancements, that coverage we like the to Â This you've that areas.

put higher accept at and we higher higher with market, or the rates the going actually know in what percentage put renew really are deductibles higher to customers deductibles market when the So don't or in of the rates. you we accept

us we time to analyze at need breathing time comes It's time, adjustments really the the real adjustments these into improvement. living those real make into technology our market. and put where platform a that's And that to and adjustments those real real have look we on to to time iterate effect. our allows technological So make ability

improved quickly the technology of the we So how and dramatically factor an attributing I think really accelerates loss ratio. is

that helps clarify. I So hope

Yaron Kinar

Definitely. towards second be and more may And Stewart. this then my question,

and EBITDA also a us that better bit prior With line the So the that again? help lower the with is now expected takes Can puts guide, think the better. growth is relative midpoint. to maybe through operating leverage guide the new at top that you comes

So it is expected? deterioration. driving I when it's really a that's into ratio two, the also looks first ratio that initially that second is the Or in forward-looking And it true, it backwards-looking, like assuming is than mostly that bit And loss guess, half? a worse true? was is loss the namely, half

Stewart Ellis

It's a clarify. good try Happy question. to to

right. think, I So you're absolutely first,

higher I our TGP a result PCS for we've a expectations to entirely and on what a weather. are And we year little Our But also the But And year. we've worse. can correct being last OpEx QX it talked of than over both what the massive higher already the ratio flat bit being of interpretation remaining that's our all was QX higher was attribute a mentioned. improvement expectations slightly Rick and that think are reasons expectations. for call, revenue but of loss the almost said. about

we PCS And PCS in about beginning around financials, think so broadly of we guided I when year, in the the think annual load. XX% to the

XX% QX and you future, kind where we expectations the get into mostly you which just our going look to If annual you today, are the PCS of is maintain a load. at results,

of yes, guided and annual most beginning than to of XX%. on the rather Revised forward-looking. the basis is XX% an million. to we an the on somewhere there guidance midpoint for in a XX% XX% around there $XX of between So year looking with XX% of midpoint In difference with is -- non-PCS a backward basis annual

that other in weather driving business loss driven EBITDA greater are -- for overall today know today the that the have the happened adjusted thing is it's result to adjusted about the we confidence in in gives And QX, the guess, the everything also areas the QX. EBITDA we that QX. widened the I EBITDA year, PCS same as of than that outperformance, events probably I increased the should guidance guidance think mostly the me in So And that a about The the amount driving are smaller a includes factors convergence by loss the updated that to are the future QX. weather factors positive relative ratio thing. for TCS say that

Yaron Kinar

'XX Got it. to quarter to we same supply events and and pullback second of expected saw from If All one sneak expect geographies. to else or the 'XX in would in. we one the you assume the If the that PCS you've you fast last XQ completed what forwarded I the could have would ratio equal, PCS CATÂ loss that of just CAT-exposed be? what

Stewart Ellis

to terms a well. reminder, one Happy like management geographies. just also just take it's to It's and Yes. not CAT higher mentioned. as deductibles Rick that that the exposure and additions It's changes as

of portfolio, an QX in were of do would additional events have to this you XX% expect like-for-like dollars we weather year. lost rolled changes if a same through to reduction compared So after our these all

Operator

fromÂ Thomas is from McJoynt question KBW. next The

Unknown Analyst

It's [Indiscernible] on for Tommy. ratio the loss guidance. My first question is PCS on

Is the forecast above historical So or normal average on industry like what according for? are on? you based guys it based year

Stewart Ellis

have the and we on ago, question. as the QX.Â our The is happened and far portfolio said updated in events today Thanks to updated everything that I for a that it's reflect, the based moment adjusted know have. so been guidance And geography expectations that we about actuarial PCS given

Unknown Analyst

you second since structure question the is have a now. that gross written My new reinsurance premium on near-term ratio guys

premium for to think ratio the we should how segments? near So different gross written about

Stewart Ellis

that to one. Happy take

bit, still reinsurance or to proportion had we the that reinsurance, rewind premium some in were were the feeding quota of a share them participation were of we share of we losses. retaining users premium. off the a in a ago, features greater losses Those treaty proportion than share that loss fairly at meant hindsight think of heavy a where and we're just year I a quota so

our means more of coming balance reinsurance quota that loss that on risk so change to move paid XXXX, buyer And the and of structure make a traditional retaining. into more heavy a excess being we're to to we're decided share sheet our a getting from retaining That structure. we and of for premium the

of the we structure more as tail, to will a a where use the less policies seed share earned using as of reinsurance and of loss quota retain some still reinsurance excess premium new but is to result portion We which the able, share year-over-year have premium faster treaty. on our that we XOL we still the TGP than not be quota going means We to the protect our were of yet to are off premium, the XXXX growing in XXXX renewed that structure. shift have

to beneficial talking new about will but And and in the expecting next so premium ratio terms been over be think not those in improvement the in forward. policies the share deductible the so and will we structure far also a renew, which only going as which new that will they we on areas conditions, the earn this for greater XX will call we've the have that on to of we're renew loss months,

Richard McCathron

still have share, one the portfolio volatility, is of Yes, perspective loss we improvement. more our deductible is I shift could is loss that, only we are reason project share confidence which purchasers and both If ratio doing reinsurance but management underlying we strong we if we would thing. ratio underlying from the of comfortable been the on have in and This likely were quota our in quota the from an to away because CAT The attritional Rick. didn't strategy confidence have that Dean, change. add work

those that of things is paying structure, gave All the the to confidence and rein shift shift us off.

Operator

JPMorgan. from Singzon Pablo from is question Next

Pablo Singzon

right? the competition competitive and areas where far agents? about you. you're still concerned compensation attracted But products to presume you your as features I talk you to home are in price still that to were out want the not please compared regions for the position of naturally as writing? you of Can do How be you

Richard McCathron

question. different This is of Rick. to your A question. great couple facets Pablo, Â Yes.

to been and loss So going where is that we as where are very concerns. that aggregation have company, clear first, we think we only positive catastrophic a avoiding we've write ratio an I expected are

areas those up, something a on. -- and where doubling consumer we we've both a about that have advantage We've down confident in deployed that home new we in in tech our is new that have are channel. adoption So talked we advantage. opened product This channel. and technology predominantly

have choose carrier channel that the agency. in partners way comes into what additional we a best solution And We third-party because the then in customer remember, our essentially digitized is customer. for the

Hippo it's the product, new home it's product. Sometimes home sometimes third-party new

So the better players. allowed technology us to has aggregate that amongst various additional business

builder as We that in channel have new partners. -- well.

So we're excited. very

that As become we Stewart a that and which to eliminating complete and channels mentioned, because we business, as no we is efforts, to generally, will aggregation loss in continue management where will tailwind currently headwind strong ratio. we grow have a growth longer a our profitability will be expected

So answer I the to your think fundamental question. that's

Pablo Singzon

the Is about more [Indiscernible] to fast home business hear new it wanted growing? growth? what's segment, how driving And question. is penetration. a it actually, I And the that's increasing partners,

from to just there's your business. industry And what's think that going sort in right, recognition I an segment attractive, perspective. perspective that, Pomona on particularly from is that I'd of hear of be a curious

Richard McCathron

down and we good X excited Pablo, doubling we share point, what that are different to in question. Yes, facets channel. which is this growing At are really

mentioned, I alongside Hippo's come carrier as product additional to and partners customers. that First, offered

third platform. And the metrics our Second operational builders continue is to we improve. to is are more adding

receive quote of improvement improved rate doing. through improved attach the to wanting rate customers portfolio are that that's and and rating the for a economics for work opt-in customers unit the the in going we're So because of that those changes combination

combination But we'll this on X that in So quarter in confidence gene. much at particular very all share more growth it's have a next to us factors this. have point, given that of

Operator

The from Jefferies. Yaron from next Kinar question is

Yaron Kinar

back could. can a First Connect? from with you I portion the of of within couple One, provide TGP coming follow-ups, if I'm services,

Stewart Ellis

it's Yaron, This it's provided. have -- detail we of a not level that Stewart. previously is

XXXX about suggestion not to as today. a this as was happy it significant so our started, as take reporting. think we we When And as is it

a makes out. sense thinking So direction that that consider about next start for it's in it trending obviously, we'll where But breaking year. to

Yaron Kinar

then accelerate the had of with the of in TGP, that re-acceleration year? question the other services to in I expect Â And you HHIP? also do coming only really the Or [Indiscernible] second from half is

Stewart Ellis

So as growing services and I helpfully in quite have been insurance XXXX. think, a service

the of acceleration the as that bulk underlying comes exposure growth the a because know, segment broader HHIP home that the sells business allowing think within homes insurance with you're and doing headwind to channel see also talked going will become associated as the new going we more from, dominant the product. the about away benefit services That our business. I management we're in the Hippo the the factor you to agency in our at also

eliminations almost consolidated when at of the Services growth think HHIP. eliminated that continue understand we'll to has the But I at the the the have couple results, segment been been through you it's to the so And changes the also and has actions Obviously, rapid. at -- through fairly management portfolio important look that gets to itself of of this the the year. Services in by segment been growth that winding the despite do HHIP quarters first exposure for but the is of kind entirely, due acceleration of I think, up rolling October of is the

Richard McCathron

I'd like couple is add Stewart of this to said. Rick. to Yes, what a Yaron, things

mentioned Services in efficient with things the within also more cross-sell I -- far the we like segment. As getting are letter,

And reason. to prowess for the significant same that within to will continue things. arena, to a do customer. more in improvement which increased in of as continue that So CAC operational selling will we're to Services putting down be to individual couple And each help and increase continued anticipate ultimately, will technology One, -- TGP it it we drive both because LTV expect products will we segment. that effort we improve

Yaron Kinar

growth the would to And circling delta in point services business the within the segment then start because to growth Okay. the between that from Connect? the more downwards inflecting HHIP the maybe TGP around reacceleration again be Would would suggest potentially impacting of segment. growth revenue service Stewart's agency also opposed ultimately that as back and of growth also First

Stewart Ellis

-- Â I were question. when not your think XXX% understood we sure I'm I

misunderstood, agency, is know, within set and when paying results is please I'm let we MGA try internally a the roughly if I've agency So angle. agency different the commission that we at the the me revenue But market to rates. happy the to that report -- take

-- but that if was sure know I'm question, your me the let so not. And not that's if please

Yaron Kinar

the far a of is portion question that my is fraction You fee a the a fee, fee. a lower the agency revenues commissions, TGP Â So versus of are because come right? that which First percentage gross on Connect you in commission from collect collect

question of my is to come revenue some Services is was ultimately, segment's quarter.Â HHIP growth down expect in if then it should to the and the the is accelerate going TGP through within commissions, delta a back expected we bit that into So to relative where services second growth growth now and

Richard McCathron

Yaron, I'll Yaron. this jump on go ahead and one, in

answer I your correct. So think is

collect in the we because -- and in the a it's carrier. sorry, largest its smallest largest terms HHIP the It's second portion commission. of revenue First share, commission in Connect about revenue the agency think because of you because in share full we the the share If and we're services TGP in

grow revenue to in something we delta will HHIP from. we as receive more because continue decrease So between services writing HHIP, we're that more the and

observation your think I is correct. So

Stewart Ellis

of that also lower, the stream. revenue First in a said, I'll actual higher-margin Connect revenue structure That Yes. meaning cost add, is it's though,

a of revenue a of The as the revenue. of platform lower percentage TGP if costs shift. because even First marginal percentage mix Connect has a So commission the as of declines

the of all shift our profitability. mix accretive is that overall segment to So within

Richard McCathron

help, Yaron? Does Great that point.

Operator

further [Operator no Instructions]. questions. We currently have

Richard McCathron

Â Well, speaking with we're this we of the appreciate much to and there a morning, next further questions, no Have looking your very if are forward attention great you quarter. day. rest

Operator

concludes joining. This you Thank today's call. for

may You your now lines. disconnect

Hippo (HIPO) 8 Aug 242024 Q2 Earnings call transcript