Earnings call transcript Q2 2023

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Operator

Good day, and welcome to Benchmark Electronics Inc.

Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please, note this event is being recorded.

to Electronics. conference like Mansky to now Benchmark with would turn over the Paul I ahead. go Please

Paul Mansky

Thank you, earnings thanks, second Betsy, and quarter for us fiscal Benchmark's today year XXXX call. everyone, for joining

Jeff second Joining me Lakkaraju, After and quarter our earnings of market the financial CEO section an have on President; today, on issued reference pertaining will website on and call. the XXXX, CFO. we we Benck, closed Investor release this Roop call and performance that are available Relations will afternoon to be This live, for presentation we a bench.com. call. available prepared webcast following and our replay Both at this being the are is a the

earnings release well the provided presentation take the to on in has Please as the reconciliation appendix in two company advice moment presentation. forward-looking GAAP statements a the the to to Slide review a our as The in of non-GAAP measures

we will discuss information. During our call, forward-looking

historical not spending. supply any reminder, undertakes described of a materially of ongoing no SEC uncertainties press and forward-looking involve in macroeconomic most As forward-looking filings. update and which our as conditions may statements to due releases notably today's are statements from results constraints, equipment differ risks any and to which statements fact chain Actual semi-cap remarks, these obligation are Benchmark statements.

guidance. wins results. quarter by first For third trends discuss today's financial call, closing more and Jeff will of and insight providing Roop then remarks. to will provide sector, our quarter then demand a will our begin by then detailed on results summary business return our Jeff

CEO, the to will Jeff turn I Benck. please turn you'll call over If three, to our Slide

Jeff Benck

the the executed market availability as to afternoon, and everyone output operating continued in semi-cap The impacted call joining issues income high revenue and second we and quarter. quarter end Thank of above lingering despite the the that weakness today. in guidance some for you, in Paul. well our delivered thanks Good company component

XX% excluding year-over-year SCP. company revenue excluding grew growth, chain revenue we premiums quarter believe X performance. when more reflects the supply pass-through in Specifically, revenue the We margin our or assessing accurately

an and $XX As reduction. This QX SCP million year-over-year represents in in XXXX. $XX million a million $XX example, QX XXXX, was

X.X goals. margins non-GAAP more year, quarter, days prior gross operating guidance up of were higher margins X.X%, non-GAAP the to enabled deliver at we X.X%, came last from in year. up end do the SCP, non-GAAP our points our the were from modestly down still Excluding of while us to inventory achieve have range. Inventory EPS This but to X.X%

generated we quarter. and flow cash operating the free Lastly, positive in

Looking computing, four at the medical drivers of year-over-year sectors, from double-digit our saw industrials, including six our advanced communications. XX% next-generation growth, and we of performance

industry Although be into appears performance encouraging, deeper our around market potential in was shifting sequential commentary broader to the recovery semi of XXXX. timing cap

deliver Nonetheless, constructive market secular are anticipated we diversified optimistic firmly accordingly. our We to our long-term investing the trends on sector current allow the us growth to and cautiously our profitability believe demand weather while profile to future underpinning the in will which uncertainty we sectors, continuing across believe in this remain targets.

growth. market and and global sector team. valuable incredibly making marketing, the within specifically continued experience to plans of at approach, highlight to talent to I'd Chief industry leveraging attract to Benchmarks' joined Officer, strategic commercial strategy, an engineering, us Benchmark. including EMS, it sales David role turning our has across his reinforcing vertical our in will a David's like as over is Benchmark. to addition direct made, XX-plus tech key ability to drive which go-to-market Roop, recently we've world-class new of a operations, Before deep David and expertise Moezidis announcements couple business Commercial years

global he a of cap, brings new operational such and knowledge our our announced XX same principles aerospace record extensive At years Dave we for With to lean manufacturing in excellence. as successful executive a Dave Chief and known Valkanoff automotive has defense, as global time, joined semi industrial, team. experience operations Operating sectors over also in is the track Officer. driving and

pleased to have executives very I'm they and impact. a board, confident significant make are We both on will

in Rob I begin also current set years Chief Revenue our wish thank want to over him to for four and August. the in Officer, his contributions Crawford past retirement well his

our pass guidance Now to share on quarter June more to over Roop let for it me detail the QX. and

Roop Lakkaraju

QX, sequentially and revenue year-over-year. market higher Jeff, you, Slide to Benchmark higher afternoon. $XXX Please sector. turn by which in good our five and Thank X% X% for is was million Total revenue

of Jeff performance the level section and can Appendix XX% A excluding presentation materials. the in be reconciliation the period. the in As of year-over-year this effect our found sector up mentioned, SCP, was revenue of

to Turning was revenue year. Medical quarter second the the six. XX% versus Slide for up prior

expectations. strength programs by new revenue Our line our to existing Semi growth was and continues availability, decreased with of A&D year-over-year. Defense down in was ramps. be the in revenue program by fueled XX% with programs coupled X% year-over-year, challenged supply ramping. cap timing

commercial for the execution by of programs as mobile as This the ramping increased XX% we programs. areas, in measurement are was quarter high-performance and continued computing increased revenue customer partially in aerospace. benefited new test including energy growth computing year-over-year Industrial's Advanced year-over-year second efficiency. from offset and XX%

up In the Revenue next-generation year-over-year. XX% sector, was communications

driven our secular revenue. total communications. was satellite XG in customers by XX% strength XX and performance top year-over-year of infrastructure second Our the represented In continued quarter,

to turn Slide seven. Please

results share quarter costs GAAP the for included $X.X Our totaling and per GAAP was restructuring million. onetime other our $X.XX, earnings

revenue due points sequentially For QX, primarily non-GAAP to margin gross our XX of semi-cap decreased X.X%, lower sector. within our basis and

guidance. which our in X.X%, with gross was margin line was Excluding SCP,

lower operating taken compensation. sequentially the half, $XX.X was X%, our SG&A variable range. first of end million, excluding in cost the Our with coupled high was because margin actions representing operating X.X%, Non-GAAP margin down was guidance of SCP,

a non-GAAP QX XX.X%. was In rate tax XXXX, effective

the ROIC X.X%. quarter the Non-GAAP For non-GAAP $X.XX of EPS higher was was in quarter, second of midpoint our $X.XX the guidance. than

trended discuss $XX on to declined versus Please of million XXXX. SCP QX, turn basis. QX eight to Slide million $XX and to in the QX In a million $XX SCP effects in

sequential million, of or or increase second a Excluding and revenue was XX%. million quarter million year-over-year increase SCP, our $XX of a in $XX $XXX the X%

to turn cash cycle conversion nine Please review Slide performance. our to

Our days cash Total largest sequentially decreased were QX $XX in XXX QX. compared the days by decrease to inventory inventory. in cycle to second a The quarter in XXX the contributor conversion was reduction in million.

QX, allocation. capabilities and in from CapEx to growth Turning and and cash to on for our In an of in Slide unit. continued Precision Technologies generated million XX $XX liquidity $X enhanced Mexico update invested million operations facilities support capital our at we business

$XX be million QX and in between $XX million. to spending CapEx our expect We XXXX

year to to between CapEx For expect we $XX full the XXXX, million range $XX million.

balance $XXX Our XX on June million. cash was

$XXX XX, our cash June million of million outstanding borrowings $X.X revolver we of regular on and $XXX dividend million. term outstanding revolver. our million $XXX to As loan, against quarterly available QX, borrow paid under our we had In our

Please of for a turn to Slide our XX XXXX quarter third review guidance.

We expect revenue, to $XX expense from $XX million million. between excluding million million. range SCP range and $XXX $XXX will to SG&A

Excluding our be margin to SCP, X.X%. operating non-GAAP range forecasted X.X% is to

includes stock-based this compensation. approximately reminder, a basis points XX of As

million other to intangible $X.X restructuring the excludes non-GAAP guidance assets costs. of of and Our $X.X and million estimated million in of $X.X monetization impact

to to the the Our non-GAAP interest midpoint primarily rate Other to to be in $X be expense, $X.XX. due $X.XX which diluted of is to are due earnings or approximately range expenses of grown $X.XX has a share expected million expected higher per net environment.

that We be XX% and XX% non-GAAP weighted count effective our of between tax million. for average will expect QX, and rate share the XX.X

I'll call over to back that, turn the Jeff. you, with And

Jeff Benck

are metrics I'm by the strong are I products All XX. benefits Slide increasingly SCP. demand seeing to we understood. turn in the from we defibrillator existing subsector becoming continue excluding trends life-saving see readily demand our In of demand accessible particularly to also referenced we the by Please sector new well Roop. while seeing medical, Thanks, ramping to are as of related these having effect here are strong the devices encouraged programs are

We to new this during across our success on our wins offerings. continue build quarter, past future securing

we design example, used engineering, the applications fluid program won an manufacturing, a field pumps medical won Within in subassembly in DOD. engagement to For deliver we to sterilization equipment. in views by

Lastly, develop company we were be the to devices. to with treatment a pleased collaborative engagement design awarded cardiovascular

demand solid and on underlying year-over-year full in period year continued strength product expect improving the a a steadily the growth chain, supply basis. and we medical With

cap, we're our been the have by better point semi may low the quarter March Within the performance revenue encouraged semi believe in in cap quarter for and year. the

bit heard broader pushed However, of as have mentioned initially may out we than timing anticipated. be further the from I several earlier, a market OEMs that recovery the

For QX, be expect we relatively sequentially. flat revenue to

still ecosystem. build silicon intact, long-term much decreasing quest a and the the the very growth foundry sizes secular for drivers penetration, However, ever global efforts to are node broader including

commences. upswing space We to continue share disproportionate as next this in capture to the invest

to Moving A&D sector.

to defense. We continue new wins in score

for provide Just modules a range extension an manufacturing extended rocket this multiple actuation win quarter, guided secured we system. to control

engagement camera to demand digits our Army expect up us. in live Within aero, with U.S. A&D Combined, commercial round ability training both Additionally, ranges. gunnery to be meet improve we the we for expanded to an continues sequentially and manufacture systems existing to it QX tank revenues used and double year-over-year.

automation, manufacturing, with teams include a the efficiency enable customers we measurement in in megatrends, and and solutions. controls ourselves environmental same which test efficiency industries. business QX Turning to At security areas platforms. geospatial new participate and engineering additive in manufacturing design for have productivity and agriculture position of the well and energy specifically our as construction collaborating to such in Examples Industrials, this devices, detection time, win secured

conditions which Looking improvement, will in continue. showing are forward, we industrials supply anticipate

full to grow the sector expect revenue in We the and year. quarter for year-over-year

largely provided revenues guidance were with In quarter. computing, advanced consistent our last

cloud As sponsored of high-performance are are of the a some not world. and These infrastructure. machines efforts helped and the in advanced by sophisticated government largest center our most support Rather, data build reminder, definition, macro often resilience. computing agency relatively we in computing or

still that a we to quarter. complete We project to sequential up expected quarter translating a highlighted in decline This albeit second XX% year-over-year. last the happened during revenue, nearly significant

completed of revenue sequential to will quarter the project, first expectations declines. third that and year-over-year quarter full translating Our without be from

expected first this in strong sector on QX, growth a a the anticipate in continue new coupled basis. we with With half win full ramp performance, to year to

satellite is Lastly, communications in carrier areas. demand in broadband near programs spending rationalization term. remain for we cautious positioned this investment remain to the on and connectivity the infrastructure, communications, next-generation going rural broadband focused sector on new operator and and that on given well capture We CapEx

macro these of infrastructure deployment are some initiatives to delays exposed However, and sensitivity.

each half we in expect second quarters. revenue performance two challenged with sequential be As to declines of the next such,

Although on a to growth. full year basis, expect we continue

In to summary, Slide XX. please turn

always room I'm pleased macro the in improvement, team's semi-cap Despite for and While challenges with quarter. there execution is the cyclicality. the

initiatives At or rate quarter's we discussed annual income twice operating generated non-GAAP growth XX% time, same XX% cash bear of delivered benchmark with capital SCP, in the The Excluding revenue flow to grew growth. the fruit beginning revenue than the last positive the are on quarter. in free operating working call quarter. more and

to the customer demand. to reduce on particularly chains focus enabling second expect fulfill and are of inventory to improve, to our our to Looking maintain as we continue more to expected operational supply us half, execution, continue

future We will given secular protect drivers. the investment in conviction our particularly long-term from semi growth sectors, cap,

Although for excluding we ready XXXX be as the collective high will know the uncertain of us when will give it recovery, of come, in SCP. as the the digits grow confidence revenue efforts to it. we shape in can These continued effects and single we

now to operator to I'll turn that, With Q&A session. conduct over our the call the

Operator

go first from ahead. question today Please Company. The with Jim Needham comes Instructions] [Operator Ricchiuti &

Jim Ricchiuti

question you're on Hi, a good that chain afternoon. just I about. supply premium the talking had revenue

have you for million anticipating QX? but said is QX? it what I believe $XX may given you in was You are it, what

Roop Lakkaraju

good you. This Jim. have Roop, to right, That's is

for $XX QX QX or million. QX. So guide We SCP actually was didn't

is of SCP year. we So throughout exclusive gave guide done we've the the as any

As to a do We've I'll but at do we've we think million. sequentially specifically We thing back think 'XX, should part of of high seen one year, in that comment to we going continue is guided seen, if QX just that. $XX it we decline. that, haven't this anticipate so -- to though, the second point I incrementally about you of guess, the were

Jim Ricchiuti

can about give we us of the just margins gross Got current any mix you're color it. on quarter? some for And thinking the anticipating should be you how given

Roop Lakkaraju

about growing We our think high at gross volume Actually, getting Xs, Yes. XX% we to up revenue anticipate potentially the more coming distributed more should gross as throughout through, or margins continue strengthen margin that so. network. to towards down level, ramp

we about So pretty good feel distribution. that

Jim Ricchiuti

been issues. it respect to chain with own anticipating the I we've seems where Got it. also commercial... verticals, but Jeff, maybe their you weighing anticipate supply apart it's on And like -- from dealing market with customers pickup you of have mean confidence. the a But most I A&D, some can all just has do in and think been your that,

Jeff Benck

color a to across happy verticals. the provide bit Yes, some little

in we As we OEMs, semi-cap, to second see we into a the maybe were of initially, saw talked our talking that half bigger recovery XXXX. about we pushing 'XX. And

is of we're new Seeing up with So side. strength, but expecting But customers semi. on in supply ramp continuing us. there, up and improving. not we're even freeing a Certainly, a happening number A&D chain particular significant there some is to commercial the defense for stuff step-up

look that the be to in So for bit half. better a second

growth the there depending and up industrial environment. segment on a everybody like defibrillator also defibrillator anywhere the be right, might well at because talked pockets sectors about in, current We life-saving see medical customer you then with We can devices. held good for around a little wants in And but they're great which softness, bit us, both strength other of are still medical put like it, really is space, we where the that see the seems in areas.

And strength as so well. see there

With -- and out is deployment we've push we bit a had but on some we've to think that weighing well little just first turning larger a we're of probably strong seen positioned, some half. comms, that, infrastructure

hopefully, to going not So in the 'XX. second that's of -- actually not that maybe strong well, But serve us half helps. color but as

Jim Ricchiuti

jump It I’ll does. in queue. Thanks. back the

Operator

Schmidt ahead. Next Please question comes with Street. Jaeson from Lake go

Jaeson Schmidt

in in chain I QX. the guys, a continued it you sounds second at $X want about in my like supply declines supply down just here of improvement a just than But half chain the to sequentially in the further guys expected? for Or standpoint half. premiums? chain high from questions. the supply should has weaker level, taking it supply I we million environment premium Hey chain. expect kind second follow And to up was thanks a you on be originally the how little that know think

Jeff Benck

it's newer or there what have earlier broadly, been might are continued parts, times and are some still supply challenge where even ago some, continues would and has nodes of be where I lead we're to still maybe to Instead there's year a a say, challenging. the and the -- things some pockets of of -- gating long it's there, handful used year been that of to technology, us. a all of We ASICs to the with thousands hundreds improve. this still legacy went custom some be now

it. customers, to as it's QX. still of So we've It's smaller there that sequentially it's are hard communicate because premiums, to to about seen seen in Hey, everything is where down talked Roop We has being a see drop it. getting great getting we we as go. chain the have where kind What significant areas point in quarter-to-quarter supply

down look, is It QX. so was $XX over And let's to we're trend. that saying, part it's that that in a forecast just perfectly ability the it without of it, recognizing guide downward reason million

need of be brokers kind there and chain not supply because these where there's much the leveraging we're wrapping has as to around improved. broad-based going So

Jaeson Schmidt

helpful. at your you seen Okay. have when it any to when decommit significant kind business or And or cancellation of you changes That's standpoint? backlog look comes pipeline,

Jeff Benck

our the I -- mean single-digit mean in talked line depending they're may thoughts participating softness. very consistent. in customer, There see or with are going I'd it's it's a where with what kind been. broadly, on say high them is we which where some of about in holding pockets a what's year, growth on I have

on some that next-gen areas. for We seen, we've little certainly in, there. weighing comps a of that's certain in touched example, it kind So communication, bit on

We're serving chain you would well. grow us our standpoint, things we pretty when hold -- supply that from from for expect to seeing exclude And year. believe But sectors portfolio diversified shipment, that is we seeing premiums product X say well. a full X I overall, up of we're the

Jaeson Schmidt

queue. jump then just and back I'll in And the me, Okay. last for X the

following those the to there? of segment. sort scheduling It be in deployment on I you thought sort guys shipment originally What driver correct, Just expected or timing? was your primary sort comments up up. it of on just was communications Was obviously that down sequentially I'm of QX.

Roop Lakkaraju

some door. some say, quarter little got it Yes, in to that's We got more us of parts Jaeson, out one-off. produce that fair a the it's and helped kind the

that us So helpful on for that comps. was

we As latest indicated outlook, in of view the sequential our we down kind comps sequential standpoint. based are sector expecting on a come from to

profiling that demand of year. bit just customer a is seeing the how So little and through timing

Jaeson Schmidt

it. Got lot a Thanks guys.

Operator

ahead. next The from Fox question Steven Advisors. comes go with Please Fox

Steven Fox

questions me. Hi, from good of afternoon. A couple

all a markets terms pushed of new How First seeing sort existing just of little or sort off, you what get in bit Are would programs are programs just maybe out? seeing the it pushed the the get certain the just going programs second versus of Can Or of comments. related programs? of out if dice for half of you to on is flattish? new new types year? it describe semi-cap end of programs to things of you're mix stay you sort existing closer

Jeff Benck

say color, and And lot some strong number certainly Yes. they little of those that next-generation a sense year because kind super the that, year. in And it's of activity of still programs expected little active a those say they're I a we just are bit I of of of pushed out. last in you bookings bit dug had it's would that that a -- tools. both. have 'XX will good little a a into you

we're building it's a about this win let's six on, whatever, but like build or right? where year." now might OEM there's "Hey, have said, an So fear no tools Maybe losing

that when on the new we going kind recasted of I activity bit. wind would And there's see lot of February, more a weighed anticipated sort building So it anticipated a moved And has I say, a when front, right. going bit programs we probably in on, 'XX. in we we that's the certainly would of while -- little to

-- sets, And deposition have it's a we the or across tool of front-end a processes. broader or then footprint whether lithography just wins of lot

huge sequentially have QX. we we preparing kind it anticipate that, certainly, seen ramp a we're that the And initially broad third we'd up certainly just so And came in in from It's in right, down. -- a stabilized of of and guiding QX, based, sort be business quarter. that quarter, for fourth flattish

And now longer. signals be it Hey, we're just here and may little a that,

some in Act, labor see some published under I taking that just of of some in that here some to also fabs the we're on such like areas It demand, of was those not beginning While just 'XX. here there's because legacy fulfill benefits the new recently some But say build would there's those I the of certainly force that. CHIPS builds the strength and don't people We're and Valley the Phoenix of -- purchase I'm are seeing an tools, of looking Valley OEMs who are restriction to of that example. seeing in the and the are nodes. at longer as

in long just and But still we're be the right it significant. the space will it in So 'XX. -- upswing not believe happens calling that when it's that now,

Steven Fox

that sorry, don't aero have quarter-over-quarter the the have all? this if aerospace fact sounded first the piece then of I better. and aerospace like and have defense And was commercial me, and Understood. I down it was front right, but on of I -- slides in Do right defense, I'm

Roop Lakkaraju

that's a to fair it, Steve. Yes, way characterize

Jeff Benck

XQ. We push program into thought that did that's XQ in we have defense would start one

in defense. in So that that weakness a was factor certainly

Steven Fox

challenging I is to with quarter-over-quarter? able you only in like have because like piece then aerospace specific and question of one the grow market reason very to are there? in you in problem your know The defense, guys on Okay. get. it to number Do just sounds that is the feel seem that part shortages I of ask a guys defense there's was peers other line And that especially performing are that my part you

Roop Lakkaraju

Yes.

down comes really there. to kind it program-specific think considerations of I

some in of And things. and in ramps the sector that year, outlook, are program sort to we our expected got programs, come these some later of commented our we've

it could So whether part specifically, of growth. programs is are on what it be

previous say in throughout piece we've trend that are year came that and that performed is ramping in, has cycle. can has What to far we through see been new so is upward commercial other The new got we 'XX. the wins more in aero an quarters some expect consistently programs,

Steven Fox

that. Got it. all for Appreciated. Thanks

Operator

[Operator The Anja question Instructions] ahead. next Soderstrom with Please Sidoti. go comes from

Anja Soderstrom

could Thank revenue you behind you for much -- supply chain do quantify you taking my questions. your I'm left the curious, how challenges? just

Jeff Benck

north I last that $XXX of we carried some don't million that over. we but don't six specifically it I the it out, called that, we come if call. unfulfilled of we've will quarter's last down on frees was know of but months. kind know over the is chain have year. into amount half that a it supply more we rolling addressed Obviously, fair second as this still up, fulfill than It's

Anja Soderstrom

Okay. inventory? Thank other you. down And do bringing to you what improve than other flow cash the have opportunities

Roop Lakkaraju

inventory. Well, Part it Anja, number is I of of think a mean, I got we've items.

to we have with We have. the work inventory

top And of actively inventory on and customers to said, clear were these things. I of obviously our schedule really levels so that the the be aero sure working with on that are And sort we primary. these build those to collections think the With things. make demand aligning we're

The and well effectively other finding as terms within aligning suppliers greater from strategic we're terms, of things in that doing those more more flexibility terms. those strategically standpoint as terms

But challenges the it's flow. priority biggest clear So and multifaceted is to drive bleeding inventory continue that that cash as set to we just inventory kind to of then grow. build a alignment down to of

Anja Soderstrom

to going your then just utilization? the of terms lastly, you. capacity and in of out affect a Thank semi-cap being terms you that think in how Okay. pushed bit, do margins And that's

Roop Lakkaraju

in standpoint, add I'll incremental -- can of margin color. Yes. from Maybe terms a Jeff start maybe

from talked a margin side us semi as screening for precision especially cap market sector and we've think overall the the about gross I semi-cap, is standpoint. a and strong very

range that we're That's liking in cyclical, is provided investments that invest And because to the a why continue have. and going as CapEx we've we is it market are semi-cap basis. to on upturn coming. concurrent We

What investments when come drag we've that is they programs out we got then, as Jeff or have margins reduced to starting said, they some done might limited. are is new on of ramp And that be those effectively a how such paced there. course, online,

of expectation with will going interim, the very profile to recover well of In an is cognizant the we margin combined that this, managing And work as it this margin bode overall through from we're enterprise softness. all so the standpoint.

Jeff Benck

the Maybe improving, I side add, would is Yes. which just EMS on of the great. business, is operational efficiency

I product think has the incremental in revenue helps that absorption. we've of -- shipments given seen in areas

So quite our margins are performing well.

in You and without see of the recovery saw you'll XQ, in that that guide semi-cap. the

of -- kind we semi-cap forward the our of corporate look end So higher is on margin. gross to

when we've to of that dealing now, successfully there able with some been putting we're the downturn that's kind So pressure overcome.

to So really that goal significant further looking the growth. to comes as forward to back with drive towards opportunity continue we're strategic semi-cap our

it. how about that's think maybe So we

Anja Soderstrom

all was me. That Okay, you. thank for

Operator

Mansky, any like I conference our turn This remarks. the for question-and-answer would Paul over concludes session. closing to back to

Paul Mansky

you, Thank Betsy, and for quarter earnings participating you, everyone, second at Benchmark's call. XXXX thank

soon. to remind With support, conference you with that, Virtual be your August XXth & you that look and speaking on again Clean Tech, the I'd to attending we Before we'll go, Tech one-on-one thank listeners Annual Industrial forward Robotics X. we Needham for like

Operator

now today's has Thank for attending you presentation. conference The concluded.

You may now disconnect.

Benchmark Electronics (BHE) 31 Jul 232023 Q2 Earnings call transcript