Earnings call transcript Q2 2023

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to ADTRAN Holdings, Inc.

Second Quarter 2023 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. [Operator Instructions]

the that ADTRAN based reflect currently of make expect on course known. statements forward-looking management's the conference representatives call to factors During best judgment

risks supplies uncertainties, detailed manufacturing ended statements and mix, other ending costs, development successful our our components and logistics for acquisitions, acceptance Form competition and ability Form on risks such these products, market with and cost, quarter our efficiently the However, ability December on XX, for XX-Q and of year our demand, freight mergers integrate in involve and XX-K component efficiencies, to XXXX channel in quarterly the to report report XXXX. of the June the annual products, align and customer product for XX, including market the

forward-looking and differ actual ADTRAN uncertainties in is investor presentation cause from found those for has the updated download. The Investor statements, website could may risks call. results which on materially been These to Relations be available during made and the

now pleasure ADTRAN Tom of the Chief turn go Stanton, my to call Officer to Sir, over Executive please ahead. Holdings. is It

Tom Stanton

is earnings Thank call. us for XXXX Good you With appreciate joining you, second Uli quarter me morning, Julian. our Dopfer. CFO, everyone. We ADTRAN today Holdings' conference

Following have. then Uli performance we my financial that will and may opening remarks, in will questions detail review quarterly the you take any

mix follow performance split. expected last within positioning, call and both that quarter were what closely this the said range then discuss at in looking regional product and near from the both market we by long-term. our guidance we last the will off current start The and and I'll the on QX we results

Access XX% with of revenues and quarter From non-US Optical consistent Network was came the quarters. revenue at US our split, the our by were and split past QX, The is led Aggregation the regional a Solutions. in XX%. Solutions the in and Like couple

the to fiber of US in quarter regional strongest markets. platforms continue segments, underserved particularly the one in service access Looking with provider build-out for various the footprint market customers fiber customer across our groups these as

did optimization lower the Due we inventory forecast year. attributable requirements, as and primarily customers optical to this bookings. their solutions, second to is networking This inventory German a projections capital and revenue lower pre-announcement half for adjust issue of corresponding on

and quarter being initiatives Access executing and broadband of are driving adjustments thereafter. subscriber along option forecasts see on expected networking XXXX this further with funding ongoing and and solutions upbeat networking remain fiber strategic Our synergies in year replacement inventory changed for portfolio. the to due in Aggregation past in We on investment with this fiber the made cross-selling The maximizing comprehensive progress opportunity great the solutions our our any scrutiny. our leading has industry Huawei not not we thesis to

this listeners Europe, I the vendor be Huawei replacement positioned To networks want broadband our and shift beneficiary across a we coming well of of shift. is landscape market fiber-based by bluntly, success seeing segment. we for more of than it business led to at away are in to our reshaping Europe largest and ongoing high-risk remind other this are we put any vendors, a funding from one time that have and unprecedented an the

this customers most benefiting US broadband customer growth came the in the with quarter. the home Starting customer had adding And fiber for operators, acquisitions. second quarter US. is regional service past to in We the funding group the in from the new quarter, stimulus second new providers. highest our ever with XX This primarily

of fiber and second of access regional in multinational EMEA year. success large growth another we total region added we region bringing Europe, large seven. US this fiber our and in in that customers the also strength run half This momentum in to the access for with customer service growth continue the in continuing expect our market has continued that Highlighting aligns our the operator platforms to the in provider access,

Most without contributions, surpassing to two for moved in not Huawei has even deployments and market these customers reached the North and number of EMEA and ADTRAN access scale have these share America combined. fiber platforms position yet

the that space. This current for underpins to I environment. as we replacement strategy -- our success are work revenue believe exit will Europe we seeing that are similar today Similarly, the opportunities significant vendor lead optical the in transport doing is we

region. we quarter, that a multinational the Metro key Europe a the had secured operator we large have success WDM with During win on ongoing in in building

We processes. we teams are as our cross-selling also integrate and our capabilities improving

Just expand selecting another our network this access that and customer existing providers us. fiber last an networking now with business customer was quarter, we selected service platforms fiber their customer existing optical optical an solutions. had One access has two our was large

these portfolio accelerate on to expect As integrate we introduce our operators customers, management focused under synergies. we enhance to common regional further portfolio our and system optical cross-selling our a complete our solutions

we of growth end growth in in software have ahead. operators software expect than year the customers to SaaS customers service the adopted We a number up On have recurring to more our SaaS XXX added quarter. now helped over that XXX past revenues significantly the from grow latest we last our the side, One, One offering. of record accelerate year new This just us Mosaic and Mosaic this

entire fiber to cross-sell and footprint the To in subscriber the we fiber attaching our where our the software the market, led see growth portfolio, and highest transport approach markets with our platforms. strategic by We including plan want Europe. is to access new US platforms and potential our to optical recap our capture then

continue was us this successful in past build strategy. helping quarter to momentum This very in

very we term rationalize our long-term are outlook, understand capital still of a near uncertainty remain that in in period confident plans. their we we While and customers inventory as

year. rest ADTRAN a saw and throughout non-GAAP this to decrease levels expenses As the expense of quarter continue we operating its our during result, you will reduce the

inventory the largest historic customer be to this us focus in globally. in fiber synergies networks fiber networking, beneficiary the situation improving have on operational investment Overall, positioned growth cost and our and

near near term they as Although and are they outlook are that, ever. term are the just we as remains headwinds reality, -- strong are

will turn things provide we'll Uli? questions remarks, of I it have. Uli's a financials to review you to open following may and that, any over Uli up to With the

Uli Dopfer

and consolidation Thank will the when everybody. will affects the comparisons, hello, results a this quarter the second case, QX third you, cover year-over-year financials, of quarter. discussing that since results. Networks our XXXX note consolidation our expectations Tom, which the year-over-year ADTRAN effects is repeating the of refrain I our full for quarter provide from results I include XXXX Please and comparisons

reconciliations on measures presented directly comparable most investor.adtran.com. information release at revenue financial Investor our web page and category, press segment referencing certain GAAP be non-GAAP by to which will with Relations available our information the is and in I also

US In financials addition, stated in have are Unless presented download. otherwise, updated we investor available is presentation the all for the to site, dollars. which

XXXX within up QX $XXX.X up year-over-year at X.X% revenue quarter-over-quarter. and in and our came million. of Revenue range guidance was million, million between XX.X% $XXX $XXX

segment QX to Network XXXX Our XXXX. accounted of XX.X% in for in compared Solutions revenues QX XX.X% QX XX.X% and in XXXX

subscriber experience revenues QX. Temporary with continued in and quarter to and previous segment Support Our Services X.X% softness XX.X% in quarter. & of category, the in XX.X% and in the especially ONTs solutions year-ago in compared order Ethernet the QX in contributed behavior needs

QX revenue X.X% SSME and contributed contributed XX.X% X.X% the ago of Aggregation grew year and XX.X% revenues. the X.X% XX.X% of quarter-over-quarter and and quarter. compared quarter compared Access year-over-year grew and to However, to previous

On QX and from Our XXXX. record by increased down contributed was by a XX.X% quarter regional year-over-year, grew revenue second XX.X% Solutions international X.X% Optical Networking quarter XXX.X%. a domestic category of in for and basis revenues revenue

made Similar QX. of total points XXX was non-GAAP to by basis revenue had points customers in basis QX domestic XX.X% year-over-year QX gross QX, We margin XX% or one to international and and up and revenue XX.X% revenue XX.X% contributed sequentially. increased more XXX revenues.

transportation increase more quarter-over-quarter is and a purchasing to improved and year-over-year due and mix. product favorable The costs

Our $XXX.X decreased quarter-over-quarter. non-GAAP XXX% expenses by but increasing operating million, X% were by year-over-year,

XX.X% area, savings QX of and our operating XX.X% was margin non-GAAP $X.X mainly of revenue The a operating XXXX. in X% high of QX which due and offset expenses operating to X% legal revenue Non-GAAP were of costs. revenues. to range within by in X.X%, compared was was XXXX the translates of revenue income R&D partially decrease into million, XX.X% quarter-over-quarter guidance between Non-GAAP which in of

by Non-GAAP operating margin basis points points sequentially. improved to decreased compared XXX a by X.X% negative but year-over-year, XXX basis

higher The quarter expenses. to third as a improvement profitability gross in attributable operating margins lower quarter-over-quarter and

realize the We're synergy making the majority plan expect great of in synergies run to XXXX. now our already of rate progress with and execution our

operating was The of The further we to the tax company's of benefit XXXX a non-GAAP expense QX tax quarter As provision result, company's million. $X.X expect a for was $X.X million. non-GAAP second GAAP decrease.

was was rates million ADTRAN out by non-GAAP results, mix the shareholders' Closing the income interest our adjustments non-GAAP between The SE. after jurisdictional $X.X GAAP net and difference Networks $XX,XXX the during non-GAAP total driven the minority in statement loss adjusting of for net income mainly quarter. and of

share. This resulted company share attributable per diluted in to $X.XX earnings of the per

million flow million for the compared million XXXX. flow at $X.X QX cash $XXX.X cash sheet used and quarter-end. balance Turning to by totaled and to and Cash statement. improved Cash operations equivalents $XX.X was

to million at in prior X.X% the to compared quarter, the $XXX.X days resulting at the in Inventories million first XX of were receivables accounts in were end X.X% resulting of the quarter. Trade days $XXX.X of quarter-end, XX compared in quarter. second DSOs terms

of DPO to in lead XX Tom previous the XX explained behavior customers shorter in now compared resulting quarter. to adjusted million, $XXX.X were payable order their earlier Accounts the how times.

and customers emphasis the Additionally, increase leading to rates flows. our among are in interest more on cash short-term inflation

negatively worldwide any to growth QX. this opportunities for impacting carriers our upgrades with network proceed our midterm catalysts revenue fiber. expectations expect and We to of is All long-term don't changes as

related well softness tremendous anticipate orders nature. high-risk temporary to are initiatives that vendor the government projects customer in the replacement from as opportunities, current Due amount to arising activities of as only and tailwinds of funding, the future we

us and well rich solutions feature comprehensive target map our as product positions offerings, as well markets. Our architectures all in of our road

expenses, of We prudent in anticipating will third operating further decline quarter. management the a sequential continue our non-GAAP

between ADTRAN's quarter operating and revenues page of available Once margin of $XXX Relations a revenues. between Investor For additional the at financial expect non-GAAP at web and to third and million of we X% expect range minus million XXXX, investor.adtran.com. we information X% $XXX is again,

will back I take to over Now will Tom your it we questions. and turn

Tom Stanton

open to have. may for Thanks, it Uli. ready All we're any Julian, people questions up right.

Operator

Thank you. from first Please from Instructions] Michael [Operator's Rosenblatt go question ahead. Securities. Our Genovese comes

open. Your line is

Michael Genovese

Thanks Okay. a lot.

I say or than maybe quarter of broadband and classic back third piece the right lower than Uli, the ADTRAN released guidance Germany. the organic, and consensus and when in the actually solutions that optical look Tom right? consensus year that the in for out Am I at third subscriber the that the the more core guidance the assuming that, the and of the question, versus I'd organic, for the what's given reading that Networks business, the Am in better of implied quarter not guide First to is business. ADTRAN ADTRAN XXX% coming related of is I the half

Tom Stanton

Yes, you let me don't mind. way, different a it if phrase

you legacy ag a of we So expect classic through well, it the doing if think like second ADTRAN, and of access is half business, and the looks ADTRAN year. growth

the business with the decline really, in kind and expect [indiscernible] ADTRAN of now. the about happening the in so, That's followed it's piece. we not the this in characterize a And of after the may situation way that I'd We inventory just the I that And And buying same different of access, the downturn. the that's in and if then thing think is kind the kind it cycle. is right subscribers. we're both it be all, going downturn, downturn that's -- And of that. the the hit And and side piece through about kind yes, of think flattish. Subscribers, uptick way we where that was majority, talked first in that optical then the because that's subscribers.

ADTRAN that the turn legacy that. is So will out kind quicker and pieces ADTRAN ADTRAN then and kind to expect follow of of we flattening

your correct. the of So premise question is

Michael Genovese

pieces want like up quickly I I to just and here Great. there's follow them. business follow three each want I think of to then in Okay. on the up

already for you can So just have how to the started who access deploy. aggregation, of sort characterize European and Xs Tier

in how we're particular, how are? Germany, like European the Xs second UK But thinking about Tier year, the are I'm sure. the of So half looking in the not those maybe

Uli Dopfer

second the in in strong half. the half. will in Very Europe general second strong be

Michael Genovese

are And us in this subscriber in are we then Solutions. mean, just where far how for inventory CPE. with a quarter later, in could you I inventory being we characterize of done? CPE correction So towards sort the

Uli Dopfer

there. visibility great Not

number it real lot a put but field, like on still bouncing the to picking we're it. market around we'll inventory start winning. flow offsetting of of and that there kind tough It quarter. bottom. feels just mean So original we're of in a the feels projects And that the there's the still kind incremental I like some are specific share in up, we That's was. actually, fourth shipping are what

So a just that I kind I of would we're through and this expect flattish say in change real don't year.

I the way year. forward So carry this through all end to expect that would the of

Tom Stanton

any Really, and, see offset new being even of growth extent, you just that offset as some in to wins. by slowness

Michael Genovese

hits any piece, you the of that once. sort sort this can at the understanding sort color inventory how And us on ADVA all on then I help optical guess correction of of just piece

Europe, just there. the provider. US, enterprise more So business whole just color being is like affected. seems on, across it's is any service magnitude, mean, a It big this And color I such

more And visibility you. these it here, that on final of question, then Thank to be thoughts leave any there. Or will you last in strong is, you -- make real issues year of pass just my should and kind which 'XX growth So a the some I'd that 'XX? early I'll think hard love 'XX, on color you'll do with say.

Tom Stanton

Well, that good a yes, last I question. question mean -- is and really

the a very we customers. and offset at it extent, large to on was product very look you because to were to extent, -- existing seeing I magnitude wins similar new difference we saw subscriber came aggregation, The look the dissimilar through The the that in of what If the customer inventory and, the decline the some piece impact mean, on line the decline, the if corrections let's went -- phenomenon. say, quickly. not the offset from of aggregation a first offset I ADTRAN, the can back that's I if timing, in remember.

was So think I phenomena the similar.

I So biggest and have we've biggest look no looking such on over I time. months, doubt, We're the it's we're ever take optical I at of Uli the probably customer wins mean short the the here, new customers. seen a if adding piece, six last probably customers period adding right. the a I'm but in it's at new

those know, long take time turn you As a to on. customers

which on at a earlier. And just it we it the grew access and doesn't kind size doesn't -- of so have that the and market pace did have same wise ag, runway different

So way that a change the is being think impact of I in there's don't felt. the kind

I So as think And that. that then answered far as next year.

the look, year, of and mean, the just or I this online, coming next for or yes, I a just have So mentioned awarded that are access that yet. there out that we either online that's customers piece. that are there slowly picking majority number the We're something like opportunities There's with been out of on still that XX customers haven't quarter. up significant very

the slowness the later, base recover And in on that the sooner I quickest. slowness access, in base. the eclipses, existing the that the that expect think to I or So existing would

I'm is ADTRAN have and we -- year. about kind next So a customers Service year do RGs inventory, is of the just because on subscriber, everybody's of fantastic not magnitude swap inventory the inventory worried should and and routinely. that that ONTs because access inventory inventory ag,

in we I be could in when actually see kind the the I it It a believe, optical could still aggregate, half hear it. to in difficult this will -- would second So don't -- be that more -- say as very bottom, there. half. the expect we at actually on we're last hanging into the I the a again. rebound. to look, second call In bottom, -- half year. difficult get. piece, would it see it second it's don't And half into one then which I I of of if year. bottom next be the just through it could the to in I year, expect though, it the hangover I'm expect that is willing out think expect relatively as just to some first that's don't long the of then next

in than and you latest and come then to So at second that's aggregate, pieces business in the kind feel got a two different look right bottom that the now. gangbusters. half if ag you that at trajectory going starting get we're online you of of that And access

So do solid I be expect next a year in to growth aggregate. year

Michael Genovese

for Thanks all Tom. Okay. the color,

Tom Stanton

Okay.

Operator

Our next Capital. comes WestPark go ahead. from question Greg Mesniaeff from Please

is line open. Your

Greg Mesniaeff

situation US. the Tom, we for Huawei some my I mean of sort out on in we're color question. extent Thank how for the both process? Yes. in much give replacement a here left times playing several have Europe us to tail of Can what I taking you referenced that inning and guess you that? that's some Thanks. in you do

Tom Stanton

I'll color. you Sure. some give

think still to be right in probably basically, Europe, should on still think But you're we that you which maybe we you're you're heat to better a have So give just where Huawei, sense in feel still then yet Europe, if of -- it, in kind do. you the now. still data, work for we're to in map you're about do if with I is a and way process Huawei And would Western public is my then it. could do because using

I or mean is my So it's that's be less probably XX%. it's we're awarded RFP either contract, got sense -- -- than to

piece, of So within the move, has cases, made And which access. countries, have kind because started these you way And see is that's those would base you carrier the potentially, of optical carriers. that's I And entire have later. just say in but usually, It in a have absolutely I would not you customer. carrier later. multiple each the no that then

really big inherent into at movement may awards we access the say, activity saw we least be year and six year a -- they ago months in, fee. some where network. that their capacity that that ago. And let's And But saw a had of on a

say far I not as they're would So into that.

I So your that answered question. hope

Greg Mesniaeff

Sure.

at talking several out. least we're So quarters

Tom Stanton

Yes. doubt, Yes, definitely. Without absolutely. a

on quarters to for right, that's it that's the out. Just win, excess several still you them. even and And piece, have for operationalize the the then wins, still

So, yes.

Okay.

Greg Mesniaeff

Thank you.

Tom Stanton

right. All

Operator

from comes Please go next ahead. George Notter Our from question Jefferies.

now. is line Your

George Notter

were I of where changing. peak are those how optical guys. lead for I'm sense just in you crunch. are about curious Can business. And ask at maybe where times and very a wanted give us Thanks the chain much. they now the times Hi just lead the supply to

Tom Stanton

Yes. a thumb is XX general, in of are that longer, there but about general. that' rule some are Maybe X shorter, months some a good good think there of that as it I I in months, are -- that's rule mean think are thumb

George Notter

do those to times level And it. expect lead Got the forward? sense? then from you that Does going performance make shorten

Tom Stanton

take probably a because aggregate, know components optical of In to some George, of build. while not, some aware, just you the you're these

So -- historic. latitude four I if think to a of you months, me the that's three comfortable give of kind

So that of now. we're kind range in right

George Notter

letting Is And so. deliveries, assume fair? reschedule then you that I customers are

Tom Stanton

Yes, Yes. that's fair.

if near me It inventory. help term, it of Right. may doesn't help It me Okay. they bunch term. have a me does long help

customers So, yes, are rescheduled.

George Notter

it. Got

that, you're pacing that, of what would other how on Okay. to about how curious finance was thoughts directionally, it, just interest. be. I looking out there's a business I new guess, you handle you piece process And minority thought on Any the the then Obviously, time. take the over the ADVA question, your

Tom Stanton

Sure.

letting overall initially investment what we're of So were -- depending in doing interest it rates at situation out think where process up sit we're current at that things Board kind something right with looking something earlier, we're We is on that comfortable the meetings, that things, comes base. to it's earlier we hurry that's retire and that and again, I but in now. it where just not is and our right sit the now, comfortable actually looking a that in there

George Notter

Great.

much very guys. Okay. Thanks

Tom Stanton

All right. Thanks.

Operator

Next go Needham Company. Koontz from question Ryan comes & ahead. Please from

line Your open. is

Ryan Koontz

OpEx. touch to the on I wanted

kind assume synergy-related might here to OpEx the of any primarily there looking historically You expect slope Can the give on exit what and are on talked cost to those XX you've and Thank cuts. rate? color you I these in. you talked down cost of about run curve pull about you. cuts say us

Tom Stanton

about Yes, kind X% of next of year quarter, X%. X% our rule next thumb, the -- out of at of kind easy will quarter then be think that math and exit X%, is level. again

Ryan Koontz

the on the and in strength access ongoing like across aggregation it like as saw it. you Tier and RSB, read Xs, Xs kind of Got the sounds sounds your that look US Really what I kind Xs helpful. some side, strength And in Tier you of some Is executing? regionals? It that heard in some Xs.

Tom Stanton

That Yes. it Actually, Yes. high just business. kind of basis, a teens. up on sequential was

OLTs stuff was they then So subscribers and definitely still and just Subscriber really good actually had buy a of right, quarter. stuff. the but lot a and has access down, ag, the

Ryan Koontz

you've are you're how the product some OLT there out? of on times kind there products rolling And lead got know type I there. transitions

So the on transition? any comment

Tom Stanton

is ramp gone that is we're the Yes. I through. of them. that literally European talked XXXX mean not European going It the Well, the quarter. still our we're bar. the magnitude predominantly that products, ever probably has XXXX, this so I -- about shipping good RAF it's new of the is that a point. It somebody we and so biggest ship tens can't It is in and second organic. mean company business a millions to still is business pretty -- half the on doing of It's be that it's

gated a wouldn't would But is a call availability. significant by issue. product I So and ramp. that of supply it some just call chain I that

Ryan Koontz

impressive? is Got US, very the SDX of kind And product how it. the about how

Tom Stanton

-- Thank US base in there. cards just issue. -- But there. just call TAXXXX doing really gated general gated that combo Access mean we're we're I here just I -- number is sheer in doing All wouldn't actually you. traditionally right. supply some based am shipping US by the is customer supply think and yes, eight kind by a port again, of good. I I the US is that Ag am U.S. , doing I there we're okay. are tightness

Ryan Koontz

that. Thanks for

Operator

Bill comes question last Our from Tieton go Capital from Management. Dezellem Please ahead.

line is open. Your

Bill Dezellem

want I historic And didn't up end to on the the anticipate? you guess drop? trying is business. surprising Why my next more circle you. how what had you that really wrapped I ADTRAN that this correction this wasn't that I'm that's was guidance. head back the Thank given shoe to around you it get did to obvious to inventory what changed the

Tom Stanton

Yes. And we call. on touched last the

ADTRAN So the the significant real solution. in ADTRAN drop subscriber the the was business, in business drop

So didn't we on nets. at ag it really business, but looking access the of Ethernet IP at saw a adding been And was we on customers were ONTs. new was -- and and RGs, We was adding customers. that subscriber also see on new of it ag, big last kind the which again drop have the the that of access and point, [indiscernible] here

that of new customers coming some And is online.

that different of pieces. just Some is

So from kind It I and was subscriber. order slower number quarter as would a then say the felt not it rate maybe a bad, surprise of quarter-to-quarter. just little was of was in the like substantially the but bit push-outs

So it kind between of that. in was

just want that this start the just when kind halting that -- orders. out to were customers customers. it out was hey, a So sudden, of that was saying, I back -- go gone and the next It customers, was slide start so existing and also to We is is of slide it And mean to I the now was much want wasn't QX and The it number it quarter. so was of of doing start talk we all and hey, we saying, that want that. were a we've fairly customers significant year. to they're not

Bill Dezellem

choose were to last lead QX. they shorter totally to to starting as customers specific using their just times that's ahead you QX didn't Tom, or have from comment, and plan to it different? Do think And something far program that move and that therefore, being

Tom Stanton

I is think No, that I think do case. no. that, do different. particular in that that

on project all, And inventory right? -- you the waiting business if six there's other business last first So thing of related. about there's last is on amount last sometimes optical and there's different a necessarily sometimes weight then months. year, on the a that So starts. multiple projects those optical that's don't significant They is years. wait of project both, that they And

right? upgrade So it they're their footprint like not ad they the go So is with done, and base it's in, pro. fiber subscriber

we now that two and in saw QX. is can didn't of So now right literally in going start think And to QX are inventory. explicit, I we're what like starting have they

So, a yes, of capital for this that their year. kind was literally of rethinking

Bill Dezellem

you. Thank Okay. color. Appreciate the additional

Tom Stanton

Okay.

that queue. think handles question I our

see So joining all us -- to just I you see. call on forward I Julian, hanging I sure out some of appreciate look the you last there, all the and me left make today guys people I the because that's do else let think anybody time in I -- question question queue?

Operator

queue. in we no questions further have No,

Tom Stanton

not we been but We'll has. really question issue talking this you, answer together. a the right. issue anybody that and about do for broader we've that happy get is ADTRAN. any -- a is had to I about of thesis us joining think then deliver, We're news all issue is come we'll This a near-term than With will that we All through everybody, thank today. just think the that, this and

So thanks very much.

Operator

Thank for concludes This participation. today's call. conference you your

You may now disconnect.

ADTRAN (ADTN) 8 Aug 232023 Q2 Earnings call transcript