PRM - Earnings call transcript Q2 2024 | Perimeter Solutions, SA

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Operator

Greetings and welcome to the Perimeter Solutions Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder this conference is being recorded. I would now like to turn the conference over to your host, Mr. Seth Barker, Head of Investor Relations for Perimeter Solutions. Thank you, sir.

You may begin.

Seth Barker

Operator. you, Thank and Quarter everyone, for Perimeter joining Good Earnings thank Call. Second XXXX Solutions' morning, you

of release and on of that, presentation, Haitham Khouri, will regarding other statements Speaking contain made will call or filings subsequent to are to have today's SEC Officer. to these the that Also, would be Kyle forward-looking of nor as Sable, website may measures, those EBITDA. on that advise review statements. today's which current of of they may Officer; listening not These for and and this Chief Executive our the including available non-GAAP turn be on both today's be management's beliefs X, statements Financial be, been, impact you updated on are call call a the our earnings Haitham we environment SEC's today, items that over will Officer. We made a August on statements want to also our found to and in expressed remind reconciliation results all actual and differ about Please today may our business today's factors who be Chief can based complete The referring from in results. The call. we anyone assumptions replay company which will call expectations, and Khouri, discussion to could information call. are our materially financial implied website. With like operate, and the press call I and more XXXX, these Chief Executive during our

Haitham Khouri

you Good morning, us. everyone. Thank joining for you, Seth. Thank

summary Slide As X our comments always, strategy. I'll start on on with

growing X for specific secular a goal is Number and one, plan growth market. tailwinds. economic the by following recurring We and businesses define public larger the attain three, economic returns We flow evaluate of long with of portions acquisitions. streams. equity for stated our account liquidity predictable very owning, capital. number Number these believe this returns term high-quality current use operating uniquely to five, generation high-quality opportunistic uniquely and at streams. we products businesses. four, through revenue goal to Our that the We free that to critical consolidation. like criteria new are private Number small cash with deliver And criteria. Number high potential on two, these criteria significant but tangible potential value present businesses, X

seek X products value drive As improvement number creation drivers, in productivity new equity business; and three, the number continual they number to which services pricing provide. consistent our one, Slide to value described long we profitable term two, X, and via our on operational improvements; value are,

we creation value capital capital as as our our X In maximize a allocation focus on the equity through drivers, well structure. operational the of value addition to clear to seek of our management

the to power to business' due belief value our in of this of North our starting implementation I've power X, Fire on Safety with the Safety. financial emphasized repeatedly earnings increased rigorous has and Fire that sustainable Turning Slide results operational our wildfire similar roughly should market. that core our also American drivers. with levels activity when suggested repeatedly periods evident reporting earnings comparing I've be significantly

year-over-year earnings versus in lower of the QX comparison. While Alaska power QX acres ex evident slightly Fire of XXXX is experienced burned increased XXXX, U.S. Safety's

and significant growth. internal Both Safety's a adjusted Safety and while retardants quarter increased to combination financial revenue results global improvement factors. driven suppressants businesses of this year-over-year. than A contributed XX% EBITDA was Fire in Second tripled by Fire global more are external

the our utilizing our their season, customers evident with preseason tanker was aerial as utilization customers air with retardant. our front, battle against external are by these of the during extension aerial robust This by assets retardant and increasingly active wildfires. fire contracting in attack as of On well

increasingly fire are growth aerial with in drivers seasons, wildland our market with our external referenced increasing long-term our fluorine-free in activity that foams we also conversion of and proactive posture longer believe where secular Perimeter to air towards tanker strong fleet, in X acres repeatedly, fluoridated along attack, of have growth was the suppressants clear burned a urban interface. The the business, supportive coupled I volume As customers' business environment in QX leader. from with the steady is

front, is rigorous drivers, further value increased new our tie the individual clearly drive To our on of value retardant This significant each business business. We've and illustrate with examples this starting to to financial businesses profitable second business. strategy directly in the R&D Safety which suppressants focus investors, the suppressants directly quarter R&D tied significant internal point profitable I'll financial provide spend technologies, QX and results each results and of investment this new therefore to operational of Fire drivers. that working. On implementation customer value are into our we our to fluorine-free expect and significantly our

for portion of XX converted most recently Firefighting aircraft traveled rescue fluorine-free to Perimeter XXX airports fluorine-free the compliant at this foam of airports airports these the in have selected FAA Solutions, Aircraft States. date, For including And of airports. United have foam we a example, XX% year. certified Rescue XX to A meaningful

fluorine-free XXX we of portion the compliant to FAA opportunities. these the over to the an years, expect airports of also to outsized convert majority several expect next capture We and XXX

over decreased we've our of suppressants America's XX cost roughly past improve diligently believe and productivity, very As that suppressants an example XX% unit material to structure, average raw the cost worked months. per has

highly our these value. price reflect to and customer's products products aligned Finally, our this we with and unique differentiated objectives, fluorine-free are

customer's retardants our of mission. of service. on of retardant profitable bulk in increase our upgrading bases bases to in to new again new and with example bases, building investments and full an We're heavily deploy bases, existing starting investing business. the Moving These including air we converting support amount

significant tankers fire the X we to capability XX,XXX-gallon For of efforts speed variable throughput not base would tanker electrical against air and of the the Fork pumps, Salt new a throughput XXX,XXX-gallon only fires. loaded Mexico one with and upgrading significantly over season, prior the to tanker results are New throughput our the X XXX,XXX tanks previously gallons load gallons compares daily air being existing day in and customer's XXX,XXX capability simultaneously over XX,XXX-gallon investment our Albuquerque, annual able This This the Albuquerque's air approximately results. On to versus at years. average South base XXX,XXX-gallon bases is to our support LATs. June season, Albuquerque single without prior of only several have of example, tanks, air bases our load investment infrastructure, to to prior fire preseason we plan one versus we the been prior our this introducing drives QX to into tanker, the upgraded building 'XX our The and air additional upgrade reflecting able 'XX being replacing load base possible upgraded frequency the Albuquerque. load XXXX air to several to VLATs Albuquerque XXth, season. previously

realize We're this This Moving McClellan and out so. as on throughput system labor We bases, productivity. improving to retard to and to retardant air an example additional and efficiency Redding new do additional productivity of our we a technology while base and air costs. increases rolling benefits bases. daily technology proprietary recently eliminating logistics expect repackaging and to retardants mixing introduced

these Finally time address building solutions more ever our understanding and and before. customers products, on to an diverse we services objectives. working diligently deeper needs, spending retardants, with customers' best more to ever people retardant of more wants than have the and We're deliver customer

is share As our driver this greater in these long consistently throughout should investors examples our initiatives also value amount driver sense a are performance rigorous value value provide operational rigorous results for ever our value financial we a sense recent a hope of hope driving performance. creation. I destination. these as we that Optimizing our a journey customers, a by than give our for our I rather company. activity financial implementation the financial deliver to how

each with earnings to maintain that as individual long-term at drive the sustainably of business intensity each units, of continue opportunity which we'll we power we confident Perimeter's chase point long higher. I'm As our

with first XXXX. second Turning both was improvement to Specialty Fire a Products. markedly of financial of Products' Fire by in Like Also EBITDA much the like and doubling the driven performance external and factors. improved, adjusted is combination Safety, Specialty quarter half Safety, year-over-year roughly internal

to last inventory On from the year's continues market emerge period. the external front, destock

On implementation the the of paying internal rigorous front, our model off. operating is

Products' with profitable did just results I with specific business. key tying new As Safety, starting Fire to initiatives, provide specific examples X I'll Specialty financial

and for driven team, a This PXSX novel addressable R&D from difficult-to-replicate PXSX's expands business. On SKU Specialty wind drives turbine customer, Products' developed by profitable new Our key product a applications. market productivity. feedback

elemental key raw Products' One of material is phosphorus. input Specialty

quality of industry's services me, has the industry's highest supply finally, Products maintaining pricing common technologies to process reduced plant have standards. And an Specialty from value feedback our invested to our provide they cost significantly sources. this associated increased elemental in while and We excuse pointed various our with raw closure Customer in -- of operational surety This capability the products and material most business. example logistics, challenges to utilize phosphorus the bin and valve. reduced,

now new extremely standardized shared creation a and the Customer fully value-based value which valve positive, is bid new fleet we've pricing. bin valve, feedback closure on created and our team is patented across engineering Products refreshed our Specialty Our technology in fleet. through

creates of We're as significant progress IRR all the Specialty M&A. over This criteria while capital businesses to when We're between actively the retardants constantly alternatives. on operational our value confident our X. Slide by strategy value is the now articulated at X right applied to X months focused reinforced by and businesses defined Perimeter: XX right also operating past driver our various allocation the at targets, Turning target M&A economic our the evaluating searching that Products. tradeoff suppressants, for confidence

towards consistent of through leverage excess to a well I've expect we as as previously As quality as incremental deploy combination the my safety track the special of of and always positions bar the relentlessly M&A, dedication IRR will reassert never we the also I we brief will and of serve expect each provided take and that and organic their granted. highest end our integrity the and Rather, by far the all standard generate missions. With flow public Many this as earn EBITDA is team. passion to in we I the raise our record and cash with that, capacity Kyle. products, conviction service our Perimeter stated of leadership repurchases company, as share efficacy over always-strive-for-better growth on that better are today life serving push the them the our to of privilege to customers turn ourselves. and evidence the we market day, call for reasserting of mentality. of remarks our examples the our dividends. I'll expected I'll We every our will saving gold

Kyle Sable

stay We'll on figures period. where Haitham. Thanks, the are growth prior year comparable versus shown Slide X

in Second XX%. up quarter year-to-date, $XX.X sales our business XX%, and were up Fire million, million Safety $XXX.X

Fire and quarter business Second million, Safety $XX.X year-to-date, million our $XX.X up was up in XXX%, XXX%. adjusted EBITDA

As year-over-year Haitham businesses global suppressants contributed noted, our and retardants global results. to the improved both

up in million, up million Second $XX.X Products Specialty XX%, were our and quarter $XX.X sales business year-to-date, XX%.

adjusted in in period, prospects the again quarterly first market business. the Products Products increasingly $X.X year's up up performance. emerging financial the EBITDA and in Specialty was year-to-date, quarter feedstock business quarter recovery is we're XX%. Specialty The quarter comfortable million improved drove confident continued our and from and We're year-over-year that financial million, last second in experienced Second $XX.X the market our XXX%, we for steadily

Moving on to consolidated the business.

were sales $XXX.X up year-to-date, $XXX.X up consolidated quarter XX%, Second XX%. million, million and

XXX%, adjusted $XX consolidated was quarter million year-to-date, up up $XX.X XXX%. and million, Second EBITDA

below was million, quarterly line was QX. regular $X.X was our while rate. $XX.X also in in for Depreciation run $X.X approximately expense in expense million income the $XX.X CapEx in quarter $X.X million QX. million, was adjusted Interest million. EBITDA. paid Cash with Moving approximately amortization second was tax

business unchanged our depreciation at run Slide to target. year. millions return expense, projects is are and to summarized historical productivity long-term million on profitable And interest or IRRs for tied X. We single-digit the hope million CapEx capital our $XX expectations long-term with in spend high spend Our CapEx incremental above new between or and above this rate $XX all-incremental and

capital expectation Our position long-term working working unchanged from also XXXX, significant capital to our I've in a noted given the previously, we for year. inventory although, entering net is expect as receive benefit

QX. the benefit expect this in majority generate to We of

our redomicile We've our will from to legal approval our to structure. Turning Delaware. generate align begun the process U.S. the Luxembourg This company majority revenue with shareholder our to seeking of and operations, which of move EBITDA. our parent better structure corporate

We generate expect reduce accounting to management, profile. regulatory streamline reporting and cash an the tax transaction our and improved legal, and complexity,

for QX. We transaction $XX.X approximately outstanding. With to authorization operator cash call notes, Q&A. the shareholder quarter XXX.X that, to upon senior proxy the million We million $XXX hand of and expect completion I'll ended final in will approximately the statement transaction of with seek for million shares of the close and the back the basic approximately

Operator

[Operator comes from line Instructions] Stanley. Dan Our first the Morgan with question of Kutz

Daniel Kutz

the wanted given kick just U.S. off per to is on third acre involved intensity kind XX. And that of of [indiscernible] lot in month of significant it from you a a in significantly high-level of pretty from based I to first disclosure the lower there's seen also lower indicate suppression intensive XX rest the We we kind question about suppression burned of seems and that can and the in of more then spend in -- but quarter, can relative or Fire, per the So California the triangulate of California guys and with that. spending guesswork kind Cal in acres versus burned we've fire XX. broader lower -- the what to

the numbers So the wanted ask convert acre I the we're kind the to in least of at burn California regions burn or the kind estimates just rest as U.S. spending to for talk us acres quarter? the financial of just question. through maybe across of of Could trying per relative these and the to kind different you U.S.

Haitham Khouri

be the against use of exactly acres jurisdiction up from an Yes. I longer the where Considerable a Service, getting as would advise Fire, caught lands. state of portions too perspective. in Forest jurisdiction I'll California example. geographic just California burn of Significant bureau federal portions management, under Good California federally-protected typically Indian agencies, the of fall various of it typically line Cal Bureau Affairs, land.

lot even mix interstate a might there's So expect. than one more

burns remarkably, Now over-extrapolate whether California is minor. firefighting. perspective from that in Southern or on sophisticated been aerial technological and Cal in wouldn't said, a sophistication an Fire Oregon general a impressive again, edge certainly the I and differences far California The remains remarkably cutting as firefighting California acre always relatively Arizona. and or Northern successful just as organization. Southern But Northern or are has

Daniel Kutz

then earnings super I've it this some on calls. not but to wanted to of like come interested the kind maybe to That's Understood. in helpful. across I kind the clear I you've Haitham, addressed folks, does Great. And And to past know feel I everyone. and have in the you I story, chance And asked past more give question as getting of we which investors just ask just remind think in the a others.

kind acquisition economic it about of was different maybe on your the that, thinking targeted you bit the But And X like just answer what you and a you're you of between bolt-on vertical the for when companies M&A answer maybe comes So might And could clearly for everyone smaller in versus is. I because highlight I could industries what kind out for existing for synergy -- of you be question those integration outside to X are similar a refresh answer to wondering looking the little parse then criteria. to of if is types deals. up, the like major transaction that if a then businesses. think

Haitham Khouri

Yes. Yes.

Okay.

I question, hopefully question, very, much think audience. So good too of very helpful the

rest do win. would business The we our more with where the to value all transact very business businesses and of we a the all coming over type else, right M&A deep We and we're to that that subset the type strong of small simply have are anybody going very are, have on after quite more aggressively going term long a say, humility, stuff. years can the create focus which to that's I narrow sense than shareholder in we and of and in a go of virtually with, that of

have the or going may right participate. simply as don't not be, companies to interesting may clear obvious win, not As we if to we're and a

of businesses to progress confident sense If profitable as and similar, growth and where So think clear that our driver get right, can within of drive EBITDA owners, at improvements different measure operating our a lots and give drive are X. win, results value segment of Specialty and very If business the productivity the to with right whole for rigorously suppressants act makes strategy. business us. And highly we leaders it's business, flow can as like and Products, new on operational you unit far it's value, where segments all question you guys we broadly businesses really I and done a we've and operating lots then all quite well truly autonomy, X cash lot where businesses. have create implement we can look are is, to think pricing them accountability, X a Perimeter: retardants, again, our structure,

anything accountability, create think to a like X install our go management going operational drivers. a and high an act very team. existing with at or We're then we're value can If the company. are meaningful our we a to and that all in care very much into those industry We're value we question criteria about The keep we don't we What fits profile, matters a much all existing not about. with X checks our business. buy with find much all by to that it's business matters standalone synergies that as can right, it frankly care very value almost implementation operational owners, articulated. are boxes, confident what to economic very autonomy, we through business We we in less. profile. that fits strategy. That's our So them shareholder What business incentive, retain want it's why going less. it clearly because value a X create so becomes, going and that's high of geography driver quality We're quality integrate going target make

Daniel Kutz

if And one Helpful. one maybe could I Kyle. for Awesome. quick in, sneak

you like going maybe that of But be you million what because into to the would XXXX, said $XX to So was would of there maintenance already kind thought that like completed but I seem going some kind it million, XXXX of in underlying number. thought flags of to bases -- for the does Albuquerque there's that at to million the assume number to you comment just this and $XX long that the capital you higher. million endorsed I were some push air more this million $XX $XX you probably the I with that number be endorsing million investments term a year, that CapEx wanted wanted $XX square said investments few kind year. also as that confirm could for season. I $XX based capitalized And that number that to I that for still the CapEx you

Kyle Sable

absolutely. Yes,

behind Haitham heard both the us our now. that it's that IRR mission of customers' talk when that Albuquerque CapEx We an we're run rate in right some set opportunity to capital So you drive and back a airbase. historically. high able millions, single-digit high be use both potential the has to about, growth set and such in bit excellent company. as our historical of pretty the think front the just to more of about for the at excited look there seems we capital When very to little of of it put projects sorts opportunity we maintenance that the rich The that think us, supports

and both so lean hopefully next we see year till similar this into set. we're opportunity a over And that going to

Operator

line Our Spector next from UBS. Instructions] Joshua comes the with [Operator question of

Lucas Beaumont

Josh. Lucas on Beaumont for is This

performance quarter. of back So I to Fire the to just go the in Safety wanted

data XX-year sort the the single-digit acres side. really the did But to versus guys down I on sales was XX% you high average I and mean percentage well year-on-year. mean down So burned the of

the pass wondering some potentially mentioned there. you more. a drivers this I just of out you could bit if So was of kind

factors in in intensity data? terms think related the in So think there of like other it aerial for or quarter to anything volumes XQ should in That is terms [indiscernible] from not like to of sounded about stocking like great. the be like side. Were mean, about advance higher of there that pull sort you're forward the alluding that? main maybe in like season any I on of the to anything, would burn instance, we usage

Haitham Khouri

Yes. Lucas. Thanks,

entire nonrecurring QX like So forward mean just pull business in there of is essentially or emergency or sort is anything is in nothing that time that. or stocking anomalous I response. our

volume you also quite prepared perspective that have our QX. can remarks you well did Now -- -- we from a we clearly that are inferred in from

volume world, prepared quarter. area Europe just customers the and behind by there's say widespread customers mentioned the think use with in performance. Number deep preseason the driver like and referenced, I U.S., towards you could to [indiscernible]. to our by acres. these proactive resources that posture in in tanker then of outperformance contracting. the remarks, is I X throughout aggressive way, which relative air a one, in and you aggressive I'd really And very same aerial drivers very the evident these in And Canada, see put this really, second active first volume robust the was our

as the at the at is relevant tanker gave a goes I call and in tanker over have made about could have usually completely Perimeter, in our tanker investments past, and have upgrade I base list capacity talked our Springs. base second talked very could I air on Colorado X air aggressively about new just one. McClellan. capabilities. it, is have talked converted brand The example, the could our rebuilt our on. very I I about which talked I mean Casper. about Albuquerque could base base the have months Redding. we, your

of use hand, the our assets. have tanker on one air and added by capability then customers contracting of those capacity lots So aggressive and

aided the say of September. of third by from then hand, much capabilities. their would a own in On start quarter air The to second this and I primarily the perspective, investing usage. timing is the distribution to a volumes, our severe opened mission tanker quarter. There's biggest in the and we've had a fires the driver point nationally in QX, capacity very conducive were X bases them more very retardant other just early And in mild more there end to second we

early tanker April. approaching sorry, in You're XXX-year --

air nationally approaching aerially. play to You're as And in more well. lot these a June. QX role tanker There's fight in XXX late that bases just did opened capacity fires some

Lucas Beaumont

from obvious Right. the is then of the quarter. just then follow-on thinking kind I mean about I that guess like third

So 'XX I sort was been an it's sort strong mean, towards, July been has levels, of a XQ mean of sort the I average sale. which I off Xx XX-year guess, of to tracking above average yield.

with the So, of activity made about changes the should to we through I that mean with you've pulling to that level? business, think above-average how volumes sort

Haitham Khouri

Yes.

Alaska. So first July million, burned take, of all, think XX-year X or X.X just or acres the ex I million. rough million average X of is the have X.X numbers, in U.S. million, give In

constraint average. the wouldn't the aerial matter up to would way Acres stronger I clearly on nonlinear year-over-year Xx unusual season you start in increase for hit going out been month. air to April simply certainly it's of in of the above say a tankers relatively business. it's is I mild fire the that our retardant. XX-year a for say A resources. It's to more So acres. it's need run comparison severe

tankers there'll in You out be run and to of incident severe and likely call for have months. commanders are more air tankers much unavailable

severe but need our directionally, support their fire retardant. about careful linear certainly more seasons to for mission be the us extrapolation, I'd customers with increases So in

Lucas Beaumont

Right.

back going the second also just quarter. to so And then

as was So EBITDA the I in really South strong well. Fork mean

very basically quarter, during is the margins which XX% high. You incremental had

so to, just that we get as going think should forward of I what of was was if wondering drop-through sustainability on driver there. being about can I of So we you kind high it talk well? portion how the of that volumes And as the guess, the

Haitham Khouri

Yes.

real just the had plants heavy have all of -- incrementals fabulous, these profitable in via the have little in So little concert. on Safety, being suppressants. driver of we around including the performance dramatically manufacturing a X on business couple drivers quarters. gets suppressants across those Suppressants operational in profitable But lost in risk much a a that's are of right? You high. And quite new world those Fire certainly tremendous retardant in more chemicals and the so and reactive had shuffle working repetitive, clearly is incremental new fabulous We at the serious we business, suppressants counts, all a chemistry redundant margins truly QX. business, really producing our business of

we in given thing. a intent perspective is XX%, we're the little of suppressing America When pricing. delivering over and solving value side certainly of every then their to material X, big you And being productivity And value-based perspective like XX cost. unit you grinding seeing come our savings. And the a or together to And a buy, per profitable not able lots billing have really, then new accountability business gave quarter. very just second provide strong price, It's those what diligently months. at points, past and really, our to you're actually, the share finally, think volume should you're as at high your really act high you're their responsive, and of we margins. cost growth a when incremental out that through portion our and materials So We autonomy more than cost corner value the -- addressing retardants the basis, really example just the customer, down suppressants, per to really and that's team it's and owners adding when long I XX% hit needs, value work very of unit share on about helped. wants North a on one it's business grind little our pain all think business, XX creation and facility. raw across a out XXX when incrementals, as initiatives in on to from by

Lucas Beaumont

help to bit, of guess I to opportunity I you quarter a sort And us lastly, maybe frame give can. I the third Right. just just wanted mean you an if

So obviously it's off to a strong start.

did those are way It million obviously $XX quarter has then, third 'XX leverage probably similar of operating like underlying But the improvements. up you to it's be had things tracking. of set underlying You've changed. EBITDA. the the looks in sort to Back

think guess about be how would we better So [indiscernible]? how similar this volume that on I much Any environment thoughts year? a should in

Haitham Khouri

say trying I'll not X on than to comment while things Yes. a anything reported other quarter.

very, therefore, -- July been July say and guess. acres thing XX is on month we're I X. the very I'll book days into and it's XX-day XX amongst quarter important up First And burned relatively in QX is days not written. severe, the is are And most or July far a the while from

little comparisons would X just the the see probably more extrapolation until I and weeks. to a with we careful be So X

The you've and in personally second these our clear driver work rigorous thing our and of a operational result that tremendous a earnings We've just should scenario, say emphatically been of is And volume on in like-for-like calls. be businesses. done the of I'll I been each one every have higher. amount is

out if in be has Our profitable for sharing margins, to economics unit business new driving you're value productivity, customers, cost and and via and grinding it. improved high creating your

our -- and should also shapes done. it's be little horses unit when up and bit our hold better, I economics see a So QX we but how said should all

Lucas Beaumont

I if Right. more follow-up. could ask Maybe just one

Is out just to then kind the capacity. when how that the of seasons of point they basically And on of that evolved some capacity there's overall? you of that those earlier data there aerial is when since aero run any mentioned you but kind strong, thoughts Just is happened? historically any the

Haitham Khouri

it's that's acronym, aerial in of out resource published the very There out activity resources. in Lucas. I high there or by not periods a mild short periods forget call seasons happens, short or available run common, during even always not mild is something. And otherwise met exact government. the to essentially stat of season, It

new. nothing We We've it that's it We've see much more seasons. far certainly of seen in some so So every of year. virtually severe seen of in some it July.

Operator

Ladies gentlemen, you. Khouri and question-and-answer any Thank for back that our I'll the turn session. concludes to final comments. floor Mr.

Haitham Khouri

days you, the XX us. so. you, we'll again Thank you. Thank talk And joining good everybody, work. or operator, for Thank in for

Operator

call. Thank you. This concludes today's conference

time. at your your disconnect may participation. You lines you for this Thank

Perimeter Solutions (PRM) 1 Aug 242024 Q2 Earnings call transcript