MD - Earnings call transcript Q2 2022 | Pediatrix Medical Group, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Pediatrix Medical Group Second Quarter 2022 Earnings Conference Call. [Operator Instructions].

As a reminder, your call today is being recorded. I would now turn the conference call over to your host, Charles Lynch. Please go ahead.

Charles Lynch

good and Allen, you, morning, everyone. Thank this and Marc me morning Officer. are Officer Executive Chief Ordan, Richards, Mark With our Financial Chief I disclaimer over our will turn quickly call the and to then Mark. read be Litigation information during of call deemed the Certain statements of forward-looking Private XXXX. this within Securities and statements Federal Act may conference be to Reform the meaning current developments experience These management in Pediatrix' other assessments made and of believe appropriate. forward-looking assessment by to statements future are based on conditions, historical they factors trends, of and assumptions their expected and be light statements Any of such result as duty statements, Pediatrix during to forward-looking today, no a as new made made information, this call undertakes any whether of future are update events revise or otherwise. and or cause differ including Form results, decisions Form reports described actual business XX-Q report recent are statements quarterly its could materially on entitled forward-looking the Form current and to X-K, company's in most on the Factors. and on sections annual developments factors Risk Important its from XX-K, that reports remarks management, metrics. be will by we discussing financial non-GAAP today's In report Form to and reconciliation can www.pediatrix.com. release, most non-GAAP on these quarterly financial the of Form on press on found and our measures earnings website reports in comparable be GAAP annual this A our XX-K morning's our measures XX-Q at With that, to call the Mark over Ordan. I'll turn

Mark Ordan

change how name play our our outlook into Thanks, Charlie. year; the I'll the strategy comment this Group. morning and on they for quarter for three areas; Pediatrix our and results our Medical the to

services difficult in No faced to both hospital results QX. in quarter grew in first thoughts more what in on mixed comps quarter. the office-based and the Patient And Act. Surprises second we had We some the based volumes despite

was mix as ongoing by impacted to partner. and revenue RX our payer our However, our RCM transition both

activity internal was and the with our the this team today our speak which rise Marc to differential transitioned and with related to not any we in QX which given only in a to We're QX impact And faced impasse, is below result, today was we gave which XXXX By a results that stages a relationships extent, behavior. should we for meaningfully to in want in significant our and RX are on versus or retrospect, challenges we our our affect further to revenue transition. day call is pleased improved transition. speed primarily but of RCM that our adjusted transition with RCM detail Its day area mean to and that during RCM well, slightly off year. I expectations change that from lesser moving function a to shared last is is stress the I this effect I therefore impact front-end or beyond substantially quarter the revenue. alone, this no that that that impacted setback our our the will function EBITDA see early As pay this pleased we results.

reported we to costs the actively million P&L. environment our in labor, not tough forecast. roughly around any In change still we seen mitigate working costs material our the labor on On QX us. was in also our XXXX above are X effect clinical clinical of aware but that salary QX, certainly We had clinical were

trend in. and discussed, we're environment the it tough I'm much other is out given providers smaller have only calling a change smaller, this While much cost in labor

our and turnaround efficiencies strategy. We our as continued in services to part reduce overheads of generate support

away operating to to compared will efficiency and significantly declined our versus and projections our expense without dedication find last G&A year, from taking to continue we we believe care. internal enhanced Our that

cash in adjusted flow significantly was enabled more enabling our strong down expense QX than our of of fund XX% And saved half shares. We year-over-year to to X.X refinancing interest us the growth repurchase also finally, our million debt EPS.

our and for a CapEx I've XXXX described achievable, the of but we does confluence range point year. expect remain $XXX The thus and factors EBITDA, growth to one far, now million all changing debt our that of and levels. for acquisition to million adjusted the $XXX XXX without I'll between turn and Our million leaders who strategy.

All the the required are On amazing July well in and and X, focus. clinicians research, their women's, leaders and complete on our vital this provide formally underscore efforts to education, to Group who improvements health, of Pediatrix Medical our and care, as name children's to focused affiliated be our as baby's quality field. we changed on safety

three pediatric a last Our discussed of and XX under and our quarter we team from will population of Swift, XX across across end the in between growth plan our Operating clinics in our markets to half our that Chief XX much to we're Jim this between serve Tuesdays us move will eight dozen Dr. of help broadly and now into and XX, effectively. now additions Officer, I care XX clinics a combination fully anticipate primary urgent current footprint and to underway markets more we expand states.

with adjusted growth come de and we a execute confident internally to generated in that will from this combination also will EBITDA. We're fashion novo that we our fund of dilute acquisitions. can and this intend cash not expected clinic We openings a growth flow

network arbitration the today, in our manage data thoughtful to I RX the idle, are a still capability process HHS said, No built care as That haven't for of robust related really finalize to arbitration in we're alongside way. a of and mentioned this certainly sitting the out notable waiting driven behavior the not earlier payer we seen have any cases, process. guidance, Surprises our details managed partners, team Act we to tools, change On

again, for been process on Here could we're prepared have own. much this than our better we

this years what I our and really do In to Before I operators hard Pediatrix, Marc? want to organization. across team awestruck Marc, the our now their call clinicians, for by thank dedication our two support people and to I all am affiliated turn families to my nation. our for work at

MarcRichards

contribution transition Thanks, and Mark. today comments top-line, Good component Then the dollars morning, matters exclude cycle QX reported At periods. from which unit in you in the was same we measurably financial related to our my pricing decline position. from The magnitude discussed, revenue outlook both pricing first the process. management we RCM a Mark add CARES our when than less focus our revenue less bucket Mark's impact as everyone. the was the the of I'll quarter. half of comments on than in on

in a Payer fluctuate can million. which $X represented in modest a QX. roughly tailwind are quarter-to-quarter headwind mix, QX We versus

created still second RCM, small RX $X accounts quarter than receivable this a net to component one you'll in transition and in of of our DSOs year. told, direction, declined press an affected the and increase the quarter degree, All to the I see modestly and revenue unfavorably We're this day first in both reserves, release related AR our lesser pleased this quarter to are higher to days. with the at the a normal. and which quarter pay by referenced. and end Looking AR related quarter. our down our followed March, private build to XX for continued our by significant The in but XX negligible up not March million the morning filed gross by quarter DSOs RX is improvement a of at the This collections for was impact in that certainly managed XX-Q beyond cash came end business towards compared our

As we bifurcated. our view of today, RCM as activities

continue represent current do for range patient to related through our factor to we trajectory this could running the within billing of and normal year. year. noted, swing services. pace aged are now also activity we're collecting Mark remainder expected As and activity more the working The of will of the a the EBITDA AR Separately, and so

the our For the XXX.X outlook modeling first by of half EBITDA adjusted purposes, in year XX million. reflects

our expect in we to XXXX. to EBITDA of adjusted percent XX mid-single the outlook, in our quarter the third within Increase third quarter compared for the range digit million Additionally,

quarter a about our million flow the in in repurchases, acquisition. funded in position. CapEx We operating XX million over quarter, strong based XX. year-over-year, our XX million remain was $XX small financial normal times. practice a we up the share At XX just generated cash three turn and under of debt in And effectively second unchanged our trailing I'll to was Lastly, leverage million Mark. back call EBITDA end, XXX that, total on adjusted With from March

Mark Ordan

Thanks, Marc. We'll any questions. to open the now call

Operator

Stifle. Our Instructions] from [Operator first question come Tao from Qiu will

Tao Qiu

DSO Hey, the good mentioned second [anybody] towards pretty morning, day, can get [ph], the next you in one number you think you in in but quarters? fast saw down the improvement is of still some collection the down do quarter, end And second quarter. much how few that the you

Marc Richards

in here improvement third and into quarter. the Marc the doing? the it's I quarter, you Tao, certainly and Richards. we'd Hey, through that's goal mean, are fourth How the quarter fourth expect third

days. historically, As you our XX know, right DSOs sit around

to have that work shave we So Tao. do normal a still cycles down to to

Tao Qiu

it. Got

terms and Medicaid I give of rate commercial In that an rates. pricing of you either on update what and out could much Medicaid their provide commentary kind will think growth us you are recovering in you. appreciated. of there seeing, terms know any some I commercial increased open could inflation, are be more often rate, have states it to rate you payers higher Thank

Charles Lynch

the Charlie. side I it's the Tao, in out. on saw anything call know quarter we that Medicaid Hey, don't to

came flattish generally the through. in it that's something is expectation general Our range. And how

related usual we're some I've seen managed of As digging modest we've unit, impacts year, view still one renewals quarter to matters, of we're that impacts as reported to same something X% this our And plus overall in and in effectively half of similar pricing, as or some RCM as related care past, And the X%. payer excluding to of business the said to of the pricing Mark Ordan the this mix, the through in first range. the in contracting. our general mentioned, in peer range

Tao Qiu

of squeeze more. you'd have that second the rebranding half Got you. was there this efforts. I on concerns. impact And the the in expect kind this the G&A second quarter, may, I cost during here? delay Congrats due impact remember If in what would pandemic, a to on lingering of initiative any one

Charles Lynch

team. very work changes. a Head If of It lot we actually made of a have internally, had the had marketing modest much a done we we terrific And the had Marketing effect. of and so a

going the name to think effect a really So I the have galvanizing incremental was on and the organization. to is expense negligible change formally

Tao Qiu

you. you. Got Thank

Operator

of We'll Tanquilut go next the with line Jefferies. Brian to

Brian Tanquilut

color just the model guidance, guys. without can into Marc. Hey, good Mark I we to guess on any you for as and QX. going us quarterly morning, Mark, consider comments guidance or qualitative maybe make

Mark Ordan

Sure. appropriate that the the going into were We number. quarter was XXX the thinking

much item. line certainly we the had lesser the I recover, I then payer RX that will extent at most setbacks quarter, -- certainly a and a we'll it know As doing that a by XXX us. hits have because can it of incurred the hard by how in year. achievable what would of and working a revenue and to out in we of effect cost on And was been QX, I was negative major we've is and it, we from to then see this said, QX But the the that from say end transition look as it that terrific cost, quarter the to that team mix fluctuates had and shake

we the we So a range a on But again, transition range how that XXX. end from to that we're where more on that to to we recover can't we we analytically and effect felt XXX say, major efforts depending it's call will fall have that up. will in described, appropriate of

Marc Richards

Brian, QX we the low in quarter-over-quarter growth expect to of XX, when single to back on digits. quarter-over-quarter QX, your specific question looking

Brian Tanquilut

it. Got

Mark, like any you mix? Okay, mean, that's during we show up very helpful. mix. you saw obviously, this Do are the seeing the guess, broader environment payer this that starting payer you recession. on in I is since the last macro touched think, And then to I signs

So just curious of ahead what maybe seeing time? you're

Mark Ordan

not haven't. that. we seeing No, we're No,

pattern That As a fluctuate have because same And would that it pattern, or And no we a I shift out. there the any really payer not would matter of fact, I thing lot. mix organizations, see. can know of other from payer called mix. indicate is

Brian Tanquilut

All right, got you. it. Thank

Operator

next the ahead. go Go of Kevin We'll line Fischbeck Bank to with of America.

Kevin Fischbeck

thanks. Great,

million like potentially that as kind XX XX and the mentioned you about about in low in in million think Is on of that you're of guess I should your high think think there like, range? range? that guidance other I the besides that RX back Is and factors QX X Are in to how end QX the and transition. something coming much recouping? million headwind we So how of that

Marc Richards

that of gone. component a of the in think loss the it’s of would year, I No, first half

what still Some that's parsing of it of right course, out and now. we're is recoverable

Kevin Fischbeck

Okay.

to mix this XXX their at pressure, on uncertainty least -- way, say XXX? if just I'll you're like then main think least other not XXX labor way, is about? being, What there this besides just that’s it that saying are least how at about we buckets shift let's we thinking and now at thought So it were but fact, being

Mark Ordan

factor. Labor is a small relatively

I think focused people didn't on to it called because tough we're in a I want As I environment. said, that not this out the that fact we're labor time,

and than a have others mix other do We do. different than labor -- hospitals

So it make hit that factors I another left. think us

gains going in of solid RCM be are swing the see transition volume primary we for the the don't what we can we is So but recover and a combination today in had Obviously, quarter. factors we XXXX process. for that to mix what forecast

all where that will determine we things So are in those range.

Kevin Fischbeck

in outlook, last through per factors? volume year from it's se the Okay. change But other no your

Marc Richards

No.

Kevin Fischbeck

side, have in expended businesses, then on you've a specific it business. part more lot different the any different is And of the the labor you labor difficult businesses, you of say been would

Mark Ordan

have call I that That's there. mean, time integrate they it. recruiting we arm would and I terrific out a not really something last

pace So the increase in the are area calling there's particular of costs done driving in very a modest, and out, worth keeping we've good job increase turnover, but with and that's thought I nonetheless. relatively no costs

Kevin Fischbeck

right. Great. Thank you. All

Operator

of And with line next Chickering the move Deutsche we'll to Pito Bank.

Pito Chickering

a questions the to part that half charges million receivables RX. simply to first $XX a that why charges. the that in million of the payer out was here. My I understanding why year of up when Thanks get core into a gone? RX guys. hence first $XX of bill of not sort the aged in morning, said simply buckets good the of of explain to my Can sort little that didn't billings? that's with the out is different due gone. aging of Hey, taking thought recoverable of component On it is would But is you caught be unclear tends you sort a

Marc Richards

of filings. is Now, and timely the denials that component

to out, issue. point correct has point in contracts, payer bills extent by timing lost. that been that bills it's at the So any your set in under those the timing haven't at time, money been are If set dictated out, time, not a is

component So I that's a referred to.

Mark Ordan

from plays AR through. and is into, effectively of into reserve plays will the And just that that them buckets based on they against we experience, what as flow

Pito Chickering

the Okay, fair impression was are enough. of million $X both variable costs contracts physicians fixed which and And forecast, components. then to the multiyear I the follow most up your on the with Kevin's under above of under question sort on about salary that

these are of always you from So labor pressures. some more insulated

been [indiscernible] So sort I I through where you that. guess million that are from guess $X came you of because thought actually walking excited I in more

Marc Richards

mind, in organization. the it's, we've providers got keep Pito, XXXXs the Yes. across of clinical in

it's turnover rates our are, with So is. there there as relatively general is but as we modest, pleased still turnover,

into, and and open call the hadn't and that that existing extra to in out. filled level to a et practices, of know, to refilling the that like, second those position shifts been there was position. The cetera were the financial take So for where we instances quarter need and thus, on clinicians yet looked that turnover prior in like, call at you majority related dug overtime, of as practice either the modest individual

but run And, some roughly we over work do internal a general versus again, each in And the with in Mark tone as mentioned, that minor. cost So recapture forecast of think is instances, our is how obviously, we those $X saw quarter. relatively been there's of one there's a million that saving, there plan.

Pito Chickering

of on today potential right. were All where environments on pricing, you As refresh revenues in Thanks much. payer we And today, sort does just versus this question the where Last so us versus year the XXXX? on we are think about can also will of network government mix? so end? are here where commercial you versus out change

Mark Ordan

are continue If -- I with in in to less correctly, understand network. X% over our we your question than we network less of overwhelmingly be XX%

And in pattern that So or changed at haven't seen last years. the said, I behavior. change two as any all over we hasn't any,

While I? answered that your Did from sure not for we I'm I exactly wait but clarity question. HHS,

Pito Chickering

Yes. people guess from question Then as that's are is, And I the risks that Friday about, government networking. commercial was different in recessionary thinking ’XX? mix What's our today? here. where

Marc Richards

can couple about very five for even stats years have standpoint, it, period maybe now. kind this and I it past been comparable four through from And where to role right of had favorable bps hand by or it's know our it, gross for out ago. an where which speak that But how ’XX what component it experience or government patient from call it middle a expansion that is the stages of to our as on past the we sides, if in us. or topped volume, of the don't And absolute two I actually, latter has over I percent is today, a lower of we the quarter economic growth years. over charges than been where to on government at XXX measured prior more the four the stand non-government, of is years. look is during as view the terms employment likely pandemic either And we

Operator

we'll SVB Securities. line Mayo to the with Next go of Whit

Whit Mayo

to I curious what you've from question. your Maybe of I on are revenues payer today don't but just up disclosed exchanges? follow commercial coming patients percent mix know Thanks. the was if just on the this,

Marc Richards

and a exchange was whether clean same we to the perfectly exchanges, view initiation on oftentimes, the carrier, the be going a if it not. submitting claim I we've program because had that or generally, to of would don't back know even ever Whit

So any perfectly payer. had under existing we've ACA of clear the general, contract But the never that had that covered said, kind in of volume. view were a with we contracts have that we

So comparable. they normal were exchange or had program, an insurance contracts program our a

Whit Mayo

maybe a I it way. to in ask guess different

back to If just and did sense of that. attributed in that patients? a at an you where mix, guys XXXX to to could how be of you commercial go sort trying look you I'm about exchange see your uptick think get maybe

Mark Ordan

will Whit get we think, that. to I on you back

Marc Richards

I can anything. Yes. didn't. By But being don't recollection, back. we remember my track we

Whit Mayo

website trying just could the go is has that you probably headwind notice negotiation. if headwind. I'm out question in this there's think fair. potential Georgia can't away, United I discuss nothing That's the may that a be network be there XXXX. subsidies of a is maybe to, ongoing the this. like about indicates sure I'm this. But abnormal if what about obviously, on But their in you other just presume

just just XXX. I And anything ask to thought any then the So really you question, better worse or a on I'd about if feeling talk G&A that? about final there. there's target Are

Mark Ordan

that, On the aware XXX first, we we processes payers, contracts. of with that. our of wouldn't comment over have And normal I'm there's negotiating all on

into there's wheel And that comfortable we're with G&A laid targets, yes, that. out. else our So nothing we've what

Whit Mayo

Okay. Thanks, Appreciate guys. it.

Operator

to next go We'll Blair. William Daniels with Ryan

UnidentifiedAnalyst

question. [indiscernible] for This guys, taking I Jack one have quick my question. Thanks on is just Hey, Daniels. for

been questions I really answered. think all my other are

guess, any wasn't acquisition. market But the et acquisition have Do just care supplement the rephrase kind this, So an areas you et Brave conditions more and rising side with color cetera. you and I and when I cetera. to know of you possible are looking at mindset that update Brave, rates, your investments appreciated? on current investments? what's on given kind it to of M&A be investments, urgent the pipeline inflationary kind comes like would the environment on outright other technology, Any growth have of to integration

Mark Ordan

vague. business, area Well, sound excited We any it's were not and to it where core too accretive. fits where grow to in our

we of a at in footprint. many serving partners to outright find And And and both mentioned this Swift do So of both Orlando Brave to in gross. also and with my our at of I we of ways we we Certainly million actively And hospital look of time were cash time without urgent acquired shares using of you Houston. grow those buy We'd will subspecialties, novo can at changing hospital mentioned, of prospective increase lot all. acquisition NightLight think NICUs our flow. our undue looking as and on de we're all pressure we is spent to ways our We care, like primary able which like of systems in X.X NightLight and growth to increase. stock important. debt is very also think with without to levels back and

when So grow we are to there are eager opportunities.

Some clarity of of it probably informed. the HHS, lack from

out there. lack but we're Some and still

UnidentifiedAnalyst

Thanks. Perfect.

Operator

Rice [Operator Instructions] line We'll ahead. with Go AJ to of the Suisse. go Credit

AJ Rice

up we Is to of second I on Hi, to thanks. couple in the that going an valued think quarter that? commit capital buybacks, the about ask to Hello, everybody. begin A opportunistic or Obviously, things. forward? wanted that you step should the going more to you're that

Mark Ordan

Well, with I a work use have to the unanimously kind that is of put answer. shares. closely good capital. are And back be Board we the when time we where our was felt capital, our And of that's a felt that think buying strong classic -- we Board. we this CEO decisions our the These

future comment on can't So I activity.

AJ Rice

you the like, they to in Do that this? to try of what has concession the like -- forth something RX A on is this? because I'm did that. ones had drop transition is a And do on make there resulted the happened? owe and any any not ball, there today. you you kind I of feel you are wondered of something was Okay. this has revenues recourse would can back transition you within and happen that impact XXX% lot when as clear, the it's just context characterize

Mark Ordan

moved we retrospect I in that too comments my said had in abruptly.

to what We did RCM should an give hoped. say in big longer mean, retained no to move we up get go time I'd we RX, I team and as happen. RX didn't say abruptly that by RX. team, had always thing And That's handy. speed. to There's kind And the that RCM RCM just from had team our more it than can this we say wish have to we more I it the to team, of recourse I'd with is now hindsight, So which had. And I more would collectively abruptly. is smoothly as

an We enormous function. RPM have

function. in I we think We're arbitration have we had. it did we And wish solid own. it, a able at point. that to where as we did today, we're said capability as addition but very So well, pretty well as I a not importantly, point at to that, Having match RCM I mentioned, we on that have an we been have never would our a

now as collecting out right very side fact and us. RCM that from kept the the that by RX. as the can, disappointed was not and of pointed we possible. all. on other I by as we good transition, have the recover our longer, to But a would a at the it that We're think we very good much as had costly it transition disappointed much decision better transition earlier for with effort turbulence we move to less So people Marc to that as month team believe rightly is We're been a -- our

AJ Rice

Okay.

this be to your with might geared that your Surprise gearing you've be at happen? for No comments Or to deal that arbitration You you to with team issues any point? cases some did up more? mention was is respect go more your if Are seeing of arbitration to up an in result. that -- may arbitration just I actually are to able wondered Act them seeing you

Mark Ordan

had one the are in pleased been these the and out and with some network, areas results. settle that we're the we and to We very have settle these in arbitration, we arbitration. overwhelmingly ruling, will of increase seen there final a days arbitration, will -- network, will we've we in where there things But of have know haven't so we a only process need in will be be to

AJ Rice

of recontracting it. It in you're seeing people way for correct? you're just rules Is like like that out. waited it’s MCL as sounds sound doesn't it final are course. Is any describing the sort to delay this those come And normal

Mark Ordan

of people latter Yes, that's tougher say the correct. I last year much -- a part to were be it a lot of And would expecting environment. people were

date haven't we haven't that. to seen We certainly

AJ Rice

this in because care to where progress a away were adults.” in the place. change they go you demand pandemic? maybe All right. catch known lot “Hey, from saying, seeing Obviously, of parents I'd now. put you pediatric the just want business And during more might or on COVID optimistic urgent and little urgent from, was while And of places And the is for centers. making some Anything just center, Are quick a any pediatric area, keep opportunity developing I question them profile the of a to my last about care my kids COVID as economics we either push less for that you've the through set. the

Mark Ordan

what's decision at at historically. like weren't you on on a what's going what saw any but We acquisition, the not look what -- was went at the only going on on we bump time our basing COVID moment,

COVID in into earnings. froth So of a because we moving weren't this

So there these don't pleased want our the reasons, blip all this. of opportunity do and obviously, very the continued P&L another of be COVID, you our driver thinking and about because COVID. not obviously, a operations with are a to hasn't upward it reason these of of for to there's which no, economic that's we times changed. the when If But

to markets. major it's in that ability pediatricians, on step an to largest filling the our and babies enormous And think in this is, we our that of what we are important always do is employer mothers reason and Our pediatric impact as very this been have we care markets, a out to help our children. happens in

AJ Rice

That's Thanks great. so much. Okay.

Operator

up with from Kevin have of Bank line We follow a the of America. question Fischbeck

Kevin Fischbeck

to mean what wouldn't do get you place you the about now to have able color a improvements just exactly been before? arbitration in little I maybe what with maybe RX, about you wanted Great, that thanks. more are guys have

Mark Ordan

we're And process, case-by-case where only know, now of Well, we're And the the Texas. would have in where people that only is a we network right the I is principally arbitration process. arbitration many of we say out don't process network. are out is place which

could a you process imagine could it like that laborious how So ever be, became if significant.

our our handle have would I to and think care you intelligently. that to our a I our with own. have difficult in place think that handle machine partnership that to RX. So we team have And build on And today been with have and team, thanks that to to very managed

Kevin Fischbeck

pricing Okay. meeting I that be above assumption almost where guess because if definitionally, in network, is in it's is of do versus kind you the median out sense you'd network. have rate. your about My network you're a of

guess might that some about risk, X%, there think to speaking, that? I any be broadly So way in but

Mark Ordan

It and so don't varies that. by have I payer contract, payer don't. contract by We

Kevin Fischbeck

Okay, great. Thanks.

Operator

we have lines time. gentlemen, at queue no And in this further

Mark Ordan

Enjoy all, forward look summer. thank we and you on we well, Great, to of you understanding, for your our forward. rest updating the your progress move support as your

Operator

Ladies and AT&T and gentlemen, your Event that call participation using you will Teleconferencing. conclude today. for for Thank your for conference

now may disconnect. You

Pediatrix Medical (MD) 8 Aug 222022 Q2 Earnings call transcript