LTC - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the LTC Properties, Inc.

Second Quarter 2024 Earnings Call. [Operator Instructions] Before management begins its presentation, please note that today's comments, including the question-and-answer session, may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC Properties' filings with the Securities and Exchange Commission, from time to time, including the company's most recent 10-K dated December 31, 2023. LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. event recorded. this that note is being Please

I to Wendy like to conference over turn the Simpson. would now Please go ahead.

Wendy L. Simpson

and operator, Quarter you, welcome, LTC's to Thank XXXX Conference Call. everyone Second

Malin, with today and call Kessler, Chief and Officer. Co-President Chief the On Pam are Clint Investment Co-President me Officer; Financial and

that The quickly ALG issues in did assisted at and are a second living according provided Senior, with of challenge communities partner We went plan. generally by but select very we respect solutions quarter operated interest our best to encounter to the occupancy LTC, shareholders. our

cooperation ALG, additional review. portfolio full and the part Clint able With our to with us as of portfolio security. to impact neutralized his the providing enhancing will were while LTC, explain we of

years, REITs, responded and with have industry by over to headwinds. presented As operator-specific the we challenges other

Our and demonstrates different. expediency done transparency, is so and track with no that situation ALG record we've the

changed, and to mission committed and Our remain have growth. philosophy future not and we guidance XXXX our

Clint B. Malin

Thank exchange, level, you, high joint the at of due venture our quarter a the At our took Wendy. X assistance ALG affiliates investments. of into loans in some the we discuss issues ALG for end underlying occupancy and X investments I'll provided of reconfigured rent first we mortgage the to address from second steps of investments.

XXXX. assisted receivable. balance from First, at for through we property agreed in that May $XXX.X a had as This portfolio for ALG rent June joint XX, receivable a $X.X a and to a total in to accounted we XX June living million defer North million venture related an financing of of own Carolina

census would month The $XXX,XXX December to $X.X Additionally, July as build million. we rent of XXXX. per defer remainder they the be rent agreed as through to from to needed, maximum deferred in up back

this the for property rent At South $XX.X Second, LTC September in was lease on XXXX, of off a annualized we of gross book value $XXX,XXX value with resets assistance, rent net conjunction June May receivable had market-based In million rent thereafter. wrote and a rent quarter. book no this Carolina rent single lease the quarterly second $XXX,XXX. to approximately in Previous XX, of agreed with through $X.X million. straight-line on property a XXXX,

Third, X mortgage for we another. us under funded rent million were to these XX In X I X joint joint consideration mortgage X and $X.X discussed, majority the in venture in loans. XX ownership converted in giving assets, ventures, stake assistance loans

related are $X.X in now additional that the South in loan assisted investments configured After XX these a in the exchanged Carolina living Carolina. communities, rest $XX.X XX our owns venture of XX% as properties million follows: North for venture joint to We the joint mortgage loan funding, interest and a one million

being a venture with loan Carolina. the accounted these Each million through leased $XX our master affiliate leases, in now In accordance to communities are a June an X these assisted GAAP, options receivable. living at under a with end XXXX. that for purchase of properties for XXXX, XX-year of June of mortgage ALG joint then joint exchanged We available owns investments the as interest XX% in North financing ventures maturing

additional million X under under as invested. new of leases Combined we million is cash million a previous master with compared loan cash the result $X.X rent mortgage $X.X contractual annual $X.X the due the in interest annualized of

our contractual of a total less the we July, investments, deferral. to interest received rent For related month $XXX,XXX and ALG

cross-defaulted us now cross-collateralized, and our with providing added ALG are security. with investments All of

sales within our of proceeds investments for third their Our from the a occupancy of pathways rent to of through are potential deferred options, properties purchase party. through repayment ALG's exercise or improvements

working transitioned, repaid of previously as these Lease collected to managed successfully $X.X represent in note rent Pam capital through X% the they in HMG in million income. our maturities contractual additional and $XX.X $XX.X which July. XXXX, related million an former including will all extension, properties operators rental discuss. quarter, XXXX We second their in maturities have million We on from

in to increase continues supplemental our across on Page XX, our detailed As coverage portfolio.

to our million quarter, With loan senior in pipeline, to the construction respect the the for subsequent fund to of housing a community end Illinois. committed we a $XX.X second mortgage of

term forward commitment our after to quarter. XXXX $XX.X in to has to next an construction. expect We of and The begin X funding the pipeline fund at million you on of equity X% a years, updating IRR contributed of X.X%. progress current We borrower loan early look the is the approximately initially rate this of

Now review I'll a results. our financial turn things for over of to Pam

Pamela Shelley-Kessler

Thank significant of XXXX and compared Form to on detail my XX-Q, today. second at release, our Please you, that supplemental discussed the Because all a keep Clint. will numbers otherwise same are high unless quarter noted. press we note in I level for XXXX, have period remarks provided the

over had just million including million cash total our nearly hand, of on we credit $XX of $XXX XX, available June roughly $XXX At and under our liquidity. ATM. on with liquidity start $X million about line available of I'll million,

Net expense insurance credit Moving to was income interest per $X.XX our Fully expense, an for loan receipt and and higher principally income higher and FFO to year, to loss. provision originations offset share loss impairment second shareholders proceeds from compared increased, with due G&A interest partially diluted of by quarter $X.XX. available common last financial results. lower

FFO nonrecurring $X.XX with share per Excluding items, was $X.XX. compared

events, and mortgage as Resorts $XX.X loan second quarter Ignite revenue discussed investment to last originated from As Medical a the $XXX,XXX million of this during recorded we subsequent quarter.

funded disclosed full million $XX.X million previously commitment, loan with of $XXX,XXX a mortgage to $XX.X remaining. revenue $X.X expect the We record We for year. of million approximately

$X approximately second we third community and assisted on quarter, sold an living sale Subsequent of million the recording quarter. to gain for $X.X anticipate the a in end the million of

$XXX,XXX. contractual the remainder received would amount part January the the the rent term, of which in As have of in through lease transaction, we expired XXXX of

to prior years, end quarter, of received a income former we HMG's note. the the million $XX.X we capital working portfolio recorded subsequent operators in of million mentioned, As to paydown on transitions $X.X and Clint related from

off to the the receivables pay We X $XX.X totaling of before also expect maturing end million loan year.

the second shares our We $XX.X principal senior XXX,XXX program. for common our $X notes subsequent proceeds net the under quarter million in stock paydowns of paid quarter, on during ATM sold repaid scheduled to additional unsecured During of $X.X million XX. we million June an and LTC's

unsecured quarter, and of we the share $XX.X dividends second line under monthly credit. revolving of per During also $X.X million in paid borrowed our million $X.XX

real X.Xx X.Xx quarter. for from ratio coverage prior adjusted annualized X.Xx to to debt adjusted quarter fixed our up to EBITDA the from and charge is Our annualized estate for prior for the down X.Xx is

income guidance is items former per the $X.XX quarter quarter for items, nonrecurring FFO, $X.X third in and for excluding the third collected Our rent $X.XX connection and discussed million the in the between to operators earlier. property with as share. from relate sale Nonrecurring

pay the recognized our share. for or excluding nonrecurring earnings the This $X.X $X.XX $X.XX I as guidance to well detailed remains that that equity third maturity. financing activity, does as date assumes quarter release. items for per Nonrecurring guidance FFO, year year assume in items, investment full items but includes off the receivable no asset issuances, the as mentioned to loans nonrecurring additional full Our sales, for million expected the

call closing Wendy the back turn for remarks. to I'll Now

Wendy L. Simpson

Clint. you, Pam and Thank

in and help This address them partners investments. gaining improving quarter, one of ownership security position majority with a we our our challenge, a our worked cooperatively largest to while operating

the LTC's mitigating I on with they done that improvement of are quickly that proud optimistic we as very for With across continued and industry, challenges arise, respect I'm record we've growth. remain track right to so and transparently. successfully our path

Brad Preber. his look comes closing, of contributions. to member, to the our to Before of Committee welcome Thornton. We retiring would I new Bradley Audit like after as is CEO Board Chairman LTC forward our and Grant

us take to everyone you to joined forward after today. you ready again look third talking are quarter. who questions. to Operator, We Thank the we to

Operator

Markets. coming from Your Sanabria [Operator Juan Capital Instructions] is first with BMO question

Juan Sanabria

on could comment why bit the negotiations? be as take And maybe as and of the these you changes what could in the happened part issues more that of them Just provide to you part option? I all place? return a purchase caused guess, kind little on specific bit deferrals about a a got that, that you And of ALG, little

Clint B. Malin

Juan. Sure,

it's challenges communities. the One was came in occupancy that Wendy May. life challenge referred a XX that issues of So in two the to which of to really, on these ALG, surfaced on her remarks function prepared

communities, XX in were smaller those markets, some On staffing challenges. there

an of affordable that some Carolina, is senior staffing component. those evident of waiver product occupancy. a have the And to Medicaid long-standing decline in And challenges North in impact living were Medicaid An had component in a they've a program. these waiver a has investments really buildings additional

that And impacts revenues, a on probably recall, did Change the their Healthcare impact on on felt. Medicare cyber you ALG for temporary attack through as that which Medicaid that aspects intermediaries. and reimbursement have And they impact was short-term Medicaid happened did

of for see I a exacerbating And we that this we nursing didn't further line skilled you think as which credit didn't have our is see in impact. far in did ALG is Medicaid skilled why which place portfolio find reason -- why nursing, typically on the receivables, not as

short-term certain was this a And really, this that is starting amount by attack, cyber impact communities giving then lesser has that experienced led So deferred occupancy declines to of which July. was it this challenges through evidenced rent assets. in in staffing at us certain

to always as these be far intended as were term options, shorter ALG through -- the take these on out really And the financing. agency purchase for to investments

kept investments. those the different we we was different that. a investors it negotiation integrity ALG pools. So because had had of in Obviously,

which equity maintain. that that. was mortgages of for us across the So allowed from cross-default an ALG we being for our investments, to that aspect important options negotiation purchase position was getting part and that an able that an position, and the all cross-collateralization convert mortgage In a to exchange important into a was facilitated of

-- Additionally, in have rent, it acquired the really mean underwrote occupancy. we we on the basis an They That in it buildings. this a impact. positive pretty that this drop XXX when portfolio is big points when I coverage portfolio had provided we about deferred of had

on able they'll be point occupancy to able improvements, think back a ALG's to with we focus staffing So they build back being can where to that get cover. through

from And the provided a did to an the what recovery XX also get portfolio. this we is was that think deferred we credit purchase for on element rent another important options, standpoint. we created giving of in we And that property pathway

Juan Sanabria

understand You're ALG. then correct? just you're sticking for this, not guidance accounting? Is with deferrals Is that because cash not are straight-line the I And so reducing Okay. accounting that --

Pamela Shelley-Kessler

Yes, Juan. effective to method mortgage correct, is That's the similar interest loans.

So no properties the for loans FFO in difference receivables. owned there as accounted and between was mortgage financing

Juan Sanabria

should correct? you difference the through deferrals and And think FAD FAD, we capture between about FFO? won't Presumably, the how normalized

Pamela Shelley-Kessler

we said we're as collecting correct. prepared I million the $X.X quarter. my that in that But is Yes, remarks, in have third about

year. the So for those offset

Juan Sanabria

one last one just then for me. And Great. Okay.

to occupancy Sorry to here side? on looks for happened looking the at like It footnote disclosure June that hog mic in the the well SNF But start. trends latest the of SNF? the as what declined

Clint B. Malin

probably more at see that impact to just any I seasonal think is don't summer. looking big that. I

abnormal. summer that's You do see think don't some I anything in months, dips there's and

Operator

Austin question Your Wurschmidt is Capital next KeyBanc coming from Markets. with

Austin Wurschmidt

ALG some did routes, you consider following and in ALG of of with of sounded leading there sale distress items these And well? rural sticking the for year, of highlighted assets you up guess earlier any May? older impacted signs it alternative to re-leasing guess, here. mean Just like the I them, this portfolios I the as were some that I

Clint B. Malin

paying of and we the financing allow want wait not is financing an pay Because I'm ALG timing, and deferral looking investments. the them these close. Well, at other would alternative. there off. it didn't off for the to when to was and sure alternatives

remains on execute that. I the be to to them benefit able will on And ALG, this. out provide deferral, for portfolio the of taking But objective long think us to agency that I financing, for this term. ownership we So through ultimately, think needed their

as as -- impact needed And for became -- they us May more became the really assistance. in when obvious far

is still think up them. be that execution acquire think was the to that with But to we Change Healthcare in catching still these their issue the interest. sort I able their of impact buildings of

Austin Wurschmidt

staffing And question, it. mean to the this, starting remarks you to are an to you I response in sorry Got occupancy challenges or I prepared but these assets And of see highlighted earlier then that they recover? have maybe? in of addressed if your begin missed some

Clint B. Malin

in that thing portfolio, to buildings, the financing. now of has of getting right agency One gotten this ALG pursuing has XX the -- been -- process on It the appraisals.

works in that So that's working already ALG on. has been the

So have we do that.

and increasing portfolios, just stable X Really other this challenge this XX occupancy the other. as or concerns. The as occupancy was primarily building in the portfolio, been has portfolio far

So and it occupancy, really point one able And to ALG seems at challenges which they this in to portfolio. to be those being focused working we're had regain with understand on this. staffing

Austin Wurschmidt

And it. me. then for one Got just last

deferral the onetime to a time? I recover collections big couple is what in place these how that -- do you on a Just of of you've that? those highlighted. had agreements balances have over rents balance And you've guess

Clint B. Malin

Well, our outstanding primary $X over probably little a balance is bit million.

Pamela Shelley-Kessler

Yes, X.X.

Clint B. Malin

one operator From X.X. specifically.

have assets, personal place from We security in various instruments guarantees.

We include it, certain did recovery. We Not but... able when obviously, not our have to we'd a collect, pathway be in to earnings.

Pamela Shelley-Kessler

Yes, in didn't we several accrue is guidance we the uncertain, it why the don't timing negotiated it which when is we and years why deferral include ago.

Austin Wurschmidt

Understood.

ALG? from deferrals Just just that's make the And the that provided to understanding recognizing to that, and I'm offset you you're so sure new that correctly.

Pamela Shelley-Kessler

a not last was transition -- to apply Yes, related It to year. happened does Correct. this operator. earlier that not actually it it's

Operator

next John Fargo. coming from Kilichowski is Your with Wells question

William John Kilichowski

the I more more asset year? started a pipeline; inflection Like on investment for fee you positive like half get simple the we in call of to the guess, Are the first, a, it we positive and expect on nearing second potential last that? should larger acquisitions. felt b,

Clint B. Malin

while. NIC-published have data. talking been in a we've billion through debt maturities we now of debt this about $XX And XXXX. wall Right There's for

have that. haven't fruition cuts money holding We seen part owners of think is invest as opportunities thought. for rate had on we see are maybe hope I that the potential some come the and additional that to maybe out to And

between type opportunities. the on those and of So ask there's still disparity a bid

we're -- and fruition. come watching still to for and And hope monitoring so opportunities actively these we're

William John Kilichowski

continue forward, portfolio these it take Got could as will it. you minute those in terms options to be the a And necessarily And of do the purchase outstanding. in How estimating then if dive size you go you provide maybe risk be execute executed you to on? into of think to have you the to what will how of deals?

Pamela Shelley-Kessler

of near be were environment. projecting any these Well, the purchase lot the exercised. currently, options lower much in of a rate in we're not A term to given interest

the sure not from raising I'm and standpoint. there math So debt is an equity

talked when is and purchase and a maturity -- comes, is that there option. we've just a and is maturity A distinction to purchase And between that. a a debt debt investors, big gives certain It's we're at something option thing doesn't psychologically their asset. for the give operator optionality in able in be the some difficult future, it's a point important future. to And us be the for them, to control on. to, to it seem very And it

that certain And Actually, subject sell the purchase assets we been to believe have purchase to elected memory, options. to operators. a even had exercised. in recent option sold have don't we've assets not my We've I

you option? capital it why math could would smoothly, reason would really much in you good to it and compelling, want take if You you equity The only everything provider, and exercise relationship raise you're out. with the your is if going a purchase say would that to is do a is

Wendy L. Simpson

ton so that purchase our laddering in in back we careful of year. options any don't coming X very we're cash But have a

Pamela Shelley-Kessler

X not year. Yes, in all correct. They're

option debt purchase Just well. ladder, as our maturity are windows like laddered our

Clint B. Malin

John, the options, in provided is other And alternative on we've thing this, a purchase opposed we some an purchase option. of to an done, of as earnout too, our

So really an operator that. flexibility giving on

But our relationships, build goal, options. obviously, purchase is we get

operating as additional option. purchase deals, focus laddering partners extend options. the work we do our the proactively those different purchase options with can there's ways of out we that to I to those And you As on address mean, purchase day to continue

Operator

is question Rich with Anderson from coming Wedbush. next Your

Richard Anderson

third offering $X deferrals offsets ALG. you're of Is more clarity. of million offering a need Just -- and I the $X.X just right? in so million deferral collections little There's potentially the that I that that quarter, apologize. bit

Pamela Shelley-Kessler

That is correct.

Richard Anderson

quarter, million but just the terms $X of come -- I'm in, million $X.X the would end third in the the And will Okay. ratably the to thinking whereas be modeling. of through in right? year,

Pamela Shelley-Kessler

Yes, that's right.

through the $X.X coming million and have for have in then coming You $X.X May quarter you million July and second the June, December.

that's the sold, quarter, previous I third the related received collected through to sorry, asset we X cash comes the mean, I'm quarter. you then, $X.X from was term, in we and So the that you'll probably yes, side. deferrals, which the And to want if call deferral the that in -- that, there third $XXX,XXX normalize. -- second of initial where All it the million the then rent

Richard Anderson

fourth is the in impact the the Well, quarter? negative million, the the the offset ratably the but $XXX,XXX is third per over and quarter, third $X.X impact -- from month

Pamela Shelley-Kessler

Correct.

Richard Anderson

Okay.

to offered In you expect what you exercised. terms don't said them Do of feel the you you just purchase that option, also ALG? way be for

Clint B. Malin

to always intended a financing. takeout to be No. That was agency

already still in -- financing. they they of so that think process were we So agency

think that So we continue. will

Pamela Shelley-Kessler

Yes, mean anticipate. I do -- we expect that

Richard Anderson

it we when happening expect out to have trigger? about, on year? something we're this Or XXXX. what talking could of You Depending what this idea any should

Pamela Shelley-Kessler

probably. year this problem No

Clint B. Malin

It be will different one at time. will for probably at not be all It some properties times.

of So end possibly it's year, I would of 'XX. sort the the and a but rata few at mostly through pro say, 'XX,

Richard Anderson

the option figured way that purchase And then rata And purchase Is exercise you get happens into payback pro the you're just one because to in -- your right? through back? the option math. saying you that

Clint B. Malin

Correct. in investments. to would relieve purchase funds across excess Because of other the liabilities of cross-collateralization, all the LTC received price

Richard Anderson

Okay.

it So of -- why sort option rescue a options that's your where exit across purchase to they've guess but on is and you I'm get to gave partner the essentially of X and just to intention the board? all curious JVs, not I a really been that the there's I you ways, many come and the get purchase ultimate to one your has ALG entirely goal for in you problems. as know Is out why

Pamela Shelley-Kessler

option. purchase a had original The

deferrals, the property option. So purchase the already gave had portfolio we XX on the that which

Richard Anderson

Right. Right.

So that's why you gave...

Pamela Shelley-Kessler

loans converted integrity that to purchase loans investment out, X X we options agency the of on was, what bridge the which, of to pointed that short-term retain yes, converted -- as Clint other original the was kind gave The financing.

Clint B. Malin

we're think see probably permanent just to solution from long-term better -- X talking living it that product. a just agency. We because Rich, I affordable through senior they're that's that about think financing the Medicaid waiver a

Richard Anderson

me. Not an ALG more for Last picture. but Okay. big question,

the Or I a that spot you really to of talking have other you think deferral, standpoint? could better happen the barring road? of Would we're list still there is that situation, that all sort this still for watch a operators soon hoping say you be Or some deferral your the of eye in on? from like sort down of about end much sort you're for a -- post-pandemic. word, situation

Clint B. Malin

Right tick now, we've seen our in little up starting a to bit coverage portfolio.

On the increases. positive. rate be Skilled we is that private pay Medicaid nursing side, view getting to

So aspects are now, going right forward. those positive

Operator

question Carroll from next Your is Markets. Michael Capital coming RBC with

Michael Carroll

to Just based on the broad one I dollars them offered ALG. give of issue and related new know assets, you did it? group assets. is mortgage incremental real How of then quick a on deferrals another group you loan but an of

the it -- the So just other that loan deferrals the you are is to? group you capital issue that did mortgage need Or gave incremental the through the problem the provided? additional assets with

Clint B. Malin

gave we on. assets the deferral The

Michael Carroll

So additional that what loan was JV the reasoning an mortgage when from did JV, your in capital -- you you to, behind the to provided the mortgage to loans? a So investment JV. you why transitioned a

additional of So capital? providing that the what's reason

Clint B. Malin

positive they in portfolios, buying different value. we where Well, X into there investor was that had and those groups were

part the that nature. estate of in So some negotiation, impounds, were we that, used hold things -- that. overall real as participate holding were There tax security that we're deposit to contribute security. for of had funds We on to

out portfolio. of So nothing came that

overall just transaction part So on that the of the was conversion.

Michael Carroll

pay they think million? investors was to taxes? said? Or it you back additional with Is was pay what $X million. just that that like Did accrued out $X I go Okay. it

Clint B. Malin

security. [ log. things that. portfolio. current, We They were brought It no There like all took some the Taxes. ] stayed within AP, distributions

Michael Carroll

option certain process. why was debt? next Is a I to related XX-month to before does thought next access then the the how to is purchase few years? over few I that assets mean the long they And the guess, at a I agency the to go like want do debt, need stabilize Okay. that the they level it get it? options purchase over take agency years,

Clint B. Malin

Correct.

it. Just afford them time It to into go take does a while.

the $XX the already of in the at on the they they've financing. been has And looking properties were USDA portfolio that. million, addition, XX that are as in Although process

is advantageous financing is agency to that to financing senior mechanism an does they the them a this pursuing. are there and use for USDA provide As to a affordable that product, rural that the And markets, living were mechanism. financing product is that rates

Pamela Shelley-Kessler

this experience in He already operator financing. that. And USDA has has

how it qualifications and he So to the knows thereof. do

Michael Carroll

purchase we financing? expect some of happen later Okay. they're if rather getting options to these process secured in the than the Could sooner already of

Clint B. Malin

could to at happen time. I expect I think this of that it's year, chunks, all mentioned see you're XXXX. end of be previously, But the financed the would There going it. will to one be to towards It as probably probably over over It not in out the course we some be Mike. course of but be XXXX. going will

Pamela Shelley-Kessler

we're first out. money But

Mike. out, first money are We

it's going So gets asset -- allocation first or refinanced. out. percentage sold like on gets a We're to not money first the be that it's the

Operator

You have Capital follow-up with Austin Wurschmidt question Markets. from a KeyBanc

Austin Wurschmidt

for versus rent but the quarter? deferral quarterly than me. takes the million I $X.X guidance gave in Just annual being last clarification affirmed, offset XQ guidance what the puts for more understand and you one

Pamela Shelley-Kessler

not you're sure understand saying. I question I'm the

Wendy L. Simpson

financing. to converted was it Because

Pamela Shelley-Kessler

Oh, yes.

guidance. So it's in FFO

So financing the and effective receivable interest your mortgage receivable, it method. has same loan your

-- the any it's So accounting is not different.

interest. then affect giving FAD, does It through guidance. guidance FFO the effective deferral FFO the So but because we're of go is

Austin Wurschmidt

had specific then Right. the Right. came just than $X.XX Was above drove else something forecasted? I achieved guess, still that there the high what guess, range. of amount you quarterly I end that, you higher And in,

Pamela Shelley-Kessler

was just was rounding. -- it basically No, it

Operator

no closing back Wendy over this turn Simpson queue at remarks. would to the like additional time. floor in now any for I to are questions There the

Wendy L. Simpson

Q I tried both for and questions model, But and clarifying questions. remarks. having again, you our next to And talking you, run and forward to everyone, look a Thank supplemental explain we these was complicated it your you quarter. in our joining transaction, Pam. indeed, in us we our if know it call have day. prepared to Have great to a still and

Operator

conclude conference does This call. today's everyone. you, Thank

You your you time, at a wonderful your day. phone may for disconnect lines have and this Thank participation.

LTC Properties (LTC) 30 Jul 242024 Q2 Earnings call transcript