RADCOM Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 2, 2023

There are 6 speakers on the call.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Radcom Limited Results Conference Call for the Q2 of 2023. All participants are present in a listen only mode. Following management's formal presentation, instructions for the question and answer session will be given. As a reminder, this conference is being recorded and will be available for a replay on the company's website at www.radcom.com later today.

Operator

On the call are Eyal Harari, Radcom's CEO and Hadar Rahab, Radcom's CFO. Please note that Matt has a pleasure to be here today that will be used during the call. If you still need to download it, you may do so through the Investors section of radixact.com website at w dotorgesrelations. Before we begin, I would like to review the Safe Harbor provision made in the conference call involves several risks risks and uncertainties not limited to the company's statements about its full year 2023 revenue guidance, the potential to scale up to a midsized software company and levels of gross margin, operating expenses and headcount growth in 20 20.1 expectations regarding the enterprise market for telecom operators, including trends in the market and the effect of continued investment in and benefits from research and development as well as sales and marketing, It's expectation to gain further interest from operators and play an important role in facilitating the transition to 5 gs, the potential to leverage continual technology and products to the benefit of Radcom, its expectations of the leadership position, AI and cloud strategies increase in market share and momentum further demand for its products and growth, the company's expectations with respect to its relationships with AT and T Rakuten DSH and potential grants from the Israeli Innovation Authority, the company does not undertake to update forward looking statements, The full Safe Harbor provisions, including risks that could cause actual results to differ from these forward looking statements, are outlined in the presentation and the company's SEC filings.

Operator

In this conference call, management will refer to certain non GAAP financial measures, which are provided to enhance the user's overall understanding of the company's financial performance by excluding certain non cash stock based compensation expenses, acquisition related expenses and amortization of intangible assets related to acquisitions, non GAAP results provide information helpful in assessing Radcom's core operating performance and evaluating and comparing the results of operations consistently from period to period. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliations of GAAP to non GAAP financial measures included in the quarter's earnings release available on our website. Now, I would like to turn the call over to Eyal. Please go ahead.

Speaker 1

Thanks, operator. Good morning, everyone, and thank you for joining us for our Q2 2023 earnings call. This quarter, we achieved several all time financial records and continued investing in our solutions to drive future growth. Revenues for the Q2 were $12,400,000 the 16th consecutive quarter of year over year growth. We significantly improved our bottom line, achieving net income for the Q2 and 1st 6 months of 2023 that hit a 5 year high.

Speaker 1

The improvement in our profitability KPIs continued our strong momentum and are driven by strong execution and revenue increase. At the same time, with a robust business model, our software centric company delivers high gross margins and recurring revenues, driving the business and providing good visibility into the future. A note on the business strategy. We announced last month the nomination of Mr. Andrew Fouch to the Board of Directors.

Speaker 1

His nomination will be voted for at the AGM tomorrow. Andre has served in various senior executive positions at AT and T, the most recent of which was the Executive Vice President and CTO of Network Services. We are excited that Andre has accepted our invitation to be nominated. And I believe it will contribute significantly to the company's strategy and future growth. Turning to the 5 gs market.

Speaker 1

With uncertainty around the macro economy, some operators may take longer than others to roll out 5 gs, expand on transition to standalone 5 gs. Still, the market direction is clear, and we believe our position as a leading assurance provider for 5 gs will continue to drive positive returns. Not only does 5 gs complexity require assurance to help manage the networks with extensive automation, but operators also work in a highly competitive environment. They are under pressure to control cost and streamline EnOcean enabled this for cutting edge AI and analytics. Operators use our assurance technology to manage the network through actions that means our customer experiences while saving OpEx and driving automation.

Speaker 1

This is our added value and why we are well positioned to win additional business. An example of how our insurance solution helps operators roll out 5 gs is DISH. Building one of the world's most advanced cloud native 5 gs networks and the world's first standalone network on a public cloud. It recently announced that it has accomplished a significant industry milestone by providing network coverage to over 70% of the U. S.

Speaker 1

Population. Last week, DISH announced it is bringing an exclusive offer to Amazon Prime members to sign up for its mobile services. New customers can quickly sign up without setting foot in a retail store, which improves customer touch points and offers a completely digital experience. The DISH Amazon partnership has lots of potential. Using cutting edge technology, DISH and Amazon can offer innovation and on demand services, not limited by legacy infrastructure.

Speaker 1

Our assurance solution seamlessly integrates into AWS cloud, enabling DISH to understand what is happening with their network 20 fourseven. These insights are critical in helping drive a more intelligent 5 gs network and are key to delivering advanced 5 gs services to multiple verticals as the network build continues. We feel proud to be DISH assurance partner as they create their network and meet these significant milestones along their journey, providing best in class assurance that ensures subscriber enjoy great customer experiences. Turning to our cloud strategy. With our solution maturity and cloud native architecture, combined with our team's extensive cloud expertise, we continued to integrate it with Radcomm ace into the cloud ecosystem for 5 gs.

Speaker 1

We are excited to announce that we have launched our solution in Google Cloud last month. So we are now integrated with all 3 leading public cloud providers, Amazon Web Services, Microsoft Azure and Google Cloud, extending our market availability to more potential customers. This new integration with Google Cloud has already received positive feedback from potential customers, and we have several ongoing opportunities for adcommates on Google Cloud. We offer multiple assurance use cases to automatically prevent service degradation, drive network automation and save operational costs powered by AI. Integrating with these top public cloud providers means telco operator can choose whatever provider they want to use our assurance technology to manage their 5 gs rollouts.

Speaker 1

Turning to our AI strategy. Generative AI applications such as JetGPT, GitHub Copilot and others have captured the imagination of people around the world. The latest generative AI applications and large language models can perform many tasks and analyze the massive amount of data to providing personalized experiences. At its core, it is about creating smart machines that can think and act like humans and combines analytics, machine learning, natural language processing. In the telecom industry, generative AI can ingest documented processes to offer engineers interactive guides to speed up and simplify installation tasks and help operator identify areas where they are losing revenue or incurring revenue leakage.

Speaker 1

It can recommend troubleshooting actions and procedures to networking engineers when there is a network failure. We use AI to automate the network and automatically boost service quality, making the operator's network more intelligent and efficient through our solutions analytics. It enables the operator to transition to automated workflows with AI, doing the heavy lifting and analyzing massive amount of data, providing insights that drives 5 gs network operations. As I will elaborate further, we continue to invest and develop our AI use cases. Turning to Continual.

Speaker 1

In May, we completed the acquisition of Continual. We believe that adding Continual's core assets will enrich our solution and create new opportunities for Radcom in top tier customer. The initial customer feedback has been positive and these engagements have already burned fruit with additional opportunities added to the pipeline. I am pleased with the progress and solution integrations made so far and believe this can generate more opportunities for Radcom in the future. We announced the Radcom Virtual Drive Test or Radcom VDT launch as part of the solution integrations.

Speaker 1

Telecom operator spend significant OpEx on physical drive test to ensure service quality. Typically, physical drive tests require a fleet of vehicles equipped with highly specialized electronic devices that drive around to test various network parameters, radcom VDT aims to replace physical drive test with a powerful AI capabilities. It offers telecom operators a significantly more green, sustainable approach to drivers test. It also save operators significant cost while providing better insights, helping boost the mobility experience for subscribers. Continual mobility experience analytics powered the new solution.

Speaker 1

Turning to our product innovation. We continue investing in product development because we believe it is a crucial enabler for future business. We serve as the operator's smart co pilot to help us navigate 5 gs network complexities, which means continually evolving our assurance solution to maintain our 5 gs assurance leadership. I'm excited to announce that the company and our products recently received industry recognition as we were named finalist for the 2023 Leading Lights Award. This telecom focused program recognizes the industry's top company's achievements in the next generation communications technology, strategies and innovation during the year.

Speaker 1

We were named the finalist for outstanding use case in AI and Machine Learning awarded to a company that innovatively use AI to improve network performance, customer service or business operation. We were also named as a finalist for Innovative Public Company of the Year awarded to the company that stands out from its competitors and innovates constantly. Our North Star is making networks more intelligent and autonomous through our AI powered analytics. We remain confident that our product offering, aligned with market needs, are best in class, and will increase our market share by winning opportunities as the 5 gs transformation progresses. As the 5 gs market evolves, we will continue investing in sales and marketing to take the advantage of the increased assurance demand.

Speaker 1

To summarize, our strong momentum continues with solid financial results that set 2 all time companies record for quarterly revenue and non GAAP net income as we improve our profitability KPIs. This demonstrates that we are on the right path and we have unique market position supporting telecom operators as they roll out 5 gs. Our ongoing sales engagement shows that the demand for our solutions is robust, while also our multiple year contracts provide a strong backlog, driving consistent results and giving us good visibility into 2023 beyond. At the same time, we are increasing our assurance capabilities and AI use cases to bring more value to customers, while continuing our solution integrations into cloud ecosystem to expand the availability of our technology to additional operators. So we remain confident in our ability to cross the $50,000,000 annual revenue threshold, scale up to a midsized software company for the first time in the company's history and deliver a 4th consecutive growth year.

Speaker 1

Therefore, we are reiterating the 2023 revenue guidance of $50,000,000 to $53,000,000 With that, I would like to turn the call over to Adar Raa, our CFO, who will discuss the financial results in detail.

Speaker 2

Thank you, Eyal, and good morning, everyone. To help you understand the results, we will refer mainly to non GAAP numbers, excluding share based compensation. Now please turn to Slide 8 for our financial highlights. We achieved record revenues in the 2nd quarter, reaching $12,400,000 representing a 16th consecutive quarter of year over year revenue growth and an increase from $12,000,000 in the Q1 of 2023. 2nd quarter revenue grew by double digit with year over year growth of 11.2%.

Speaker 2

This resulted in non GAAP net income for the quarter of $2,100,000 a 6 year high. At the same time, we continue to manage our expenses while investing in the business strategically and efficiently. Our gross margin on a non GAAP basis in the Q2 of 2023 was 73%. Please note that our gross margin may fluctuate between the quarters depending on the revenue mix. We expect that the 3rd quarter will remain at a similar level.

Speaker 2

Our gross R and D expenses for the Q2 of 2023 on a non GAAP basis were $4,400,000 a decrease of $290,000 compared to the Q2 of 2022. We received a grant of $190,000 from the Israel Innovation Authority during the quarter compared to $197,000 in the Q1 of last year. As a result, on a non GAAP basis, our net R and D expenses for the Q2 of 2023 were $4,200,000 compared to $4,500,000 in the Q2 of 2022. We expect the Israel Innovation Authority grant in the 3rd quarter to be on a similar level. Sales and marketing expenses for the Q2 of 2023 were $3,000,000 on an non GAAP basis, an increase of $480,000 compared to the Q2 of 2022.

Speaker 2

G and A expenses for the Q2 of 2023 were $929,000 on a non GAAP basis, an increase of $88,000 compared to the Q2 of 2022. As Eyal mentioned, this quarter, we completed the acquisition of Continual Ltd. Onboarding continual teams increased our operating expenses by 6%. However, thanks to the positive impact of foreign exchange rates, the increase in total operating expenses from the previous quarter was lower than expected. In addition, at the closing date, the company allocated transaction pricing recognized in its balance sheet goodwill and intangible assets in the amount of $3,200,000 Operating income on a non GAAP basis for the Q2 of 2023 were $842,000 compared to an operating income of $176,000 for the Q2 of 2022.

Speaker 2

The increased revenue and favorable foreign exchange rates drove this growth. Our financial income for the Q2 of 2023 were $1,300,000 mainly due to interest rate income on short term bank deposits. Net income for the Q2 of 2023 on a non GAAP basis was $2,100,000 or an income of $0.17 per share compared to a net income of $15,000 or a net income of less than $0.01 per diluted share for the Q2 of 2022. On a GAAP basis, as you can see on slide 7, our net income for the Q2 of 2023 was $781,000 or a net income of $0.05 per diluted share. This compares to a net loss of $1,300,000 or a net loss of $0.09 per diluted share for the Q2 of 2022.

Speaker 2

At the end of the Q2 of 2023, our headcount was 298. We expect our headcount to remain similar in the Q3. Turning to the balance sheet. It's shown on Slide 11. Our cash, cash equivalents and short term bank deposits as of June 30, 2023, were $78,300,000 That ends our prepared remarks.

Speaker 2

I will now turn the call back to the operator for your questions.

Operator

Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. The first question is from Arjun Bhatia. Please go ahead.

Speaker 3

Yes, perfect. Thank you, guys. Al, you called out in your prepared remarks that the macro might have might be starting to have some impact on the 5 gs rollout at some telcos. Can you just elaborate on a little bit what are you seeing? How might that impact your business from a downstream perspective?

Speaker 3

And how severe or minimal are these push outs?

Speaker 1

Good morning. So yes, as mentioned in the competitive map, we all see the macroeconomic pressure on the general, and we see some operators reporting reducing some of their CapEx spend as part of their alignment to the new conditions. In general, we are still confident on the market evolving into 5 gs, and we still see a demand for our products. And as we executed well this quarter, we're expecting our growth journey to continue. We do still see that 5 gs is strategic to top operators and they are still progressing with their 5 gs programs and continue to spend into evolve into 5 gs stand alone and by that creating the demand for our products.

Speaker 1

We are seeing 2, I would say, 2 separate influences. One is that our solutions with automation and AI are helping operators to save and be more efficient with the staff. And under this environment, this is highly required and this is one of the things that enable and excite our customers and potential customers, we drive more demand to our requirements. And in parallel, we see some operators spending less on the 5 year, which obviously we are targeting those operators and it might slow things down. So I think those two things are kind of balancing and we continue to see the demand is solid.

Speaker 1

We still have a solid pipeline and we will continue to monitor the market investment into 5 gs. But what's important is that strategically, it's all going toward the right direction.

Speaker 3

Okay. That makes sense. That's helpful. Thank you. And when you think about some of the newer capabilities that you launched, you announced VDT with Continual.

Speaker 3

What does adoption of that look like? How do you think that plays out over time? And is that something that you incorporate into your core platform, something you can monetize separately? How are you thinking about the strategy there?

Speaker 1

So we are continuing to add more and more innovation around analytics and automation and the newly announced offering with the virtual devices, mobility is definitely part of it. It also aligns with what mentioned before, operator desire to find better ways to manage the operation and do things in a more advanced way, in a more efficient way, and BVP is definitely answering this lead. We already started and we are in a good shape with the integration between the continual product lines and Rackham and this is all going to be part of our portfolio. While we are still offering the PDP as a standalone application on top of existing data sources the operator can provide and obviously to get more value while you take the full package integrated with the Rascom AS. We start in this stage, we just concluded the acquisition in May And in the last few months, we are marketing this new offering, meeting our existing customers, new customers.

Speaker 1

And overall the message is very positive. We already have new opportunities in our pipeline. As we know, sales cycle in telecom is taking time, and we expect to see some of the results in 2024.

Speaker 3

Okay. That's helpful. And then just last one for me on the Google Cloud partnership. It sounds like you have some customers that are live with ACE on GCP already. How does your customer base differ between the 3 big clouds?

Speaker 3

You have all 3 now. Is there one that you have more exposure to? I'm trying to figure out, I guess, how you have an opportunity to say now that you have GCP in addition to Azure and AWS on your platform?

Speaker 1

So first, our vision, our strategy is we are aiming to be the leading solution in the cloud environment, and hence, we want to be available for any cloud choice that the operator is preferring. We know different operators. We choose strategic partnerships with different cloud providers, some work with AWS, some with Azure, some with Google. And we want to be to have our portfolio available for all of them. We build a product and architecture, so we will be large native and by that easily available on all different platforms.

Speaker 1

And we see in some cases that some operators are using unique. They want to have multiple cloud providers in order to have sometimes best of breed into different applications, sometimes in order to have to minimize the strategic risk, backing all their workloads into 1 cloud platform. So we are our approach is to be available on all the leading platforms to expand our market addressable market and availability. Google is very powerful in Europe. We are also very powerful in the analytics space.

Speaker 1

We are happy to see Google now added to our portfolio and this new partnership is also expanding the activity that was done around continuing product lines in the last couple of years. And our the fact that we are now available also on the Google marketplace is opening us more doors. We are not betting the best set on one direction. We are looking to continue maintain the integrations with the key cloud providers. And every one of them that is successful is good for us as all the integration into cloud is enabling

Speaker 2

an accelerator

Speaker 1

of adapting our technology as when operator move from legacy the cloud, this is what drives the opportunity for us. So we will be happy to cooperate with all cloud providers and more success for them and it's usually more success for us.

Speaker 3

All right. Very helpful, Al. Thank you. Thank

Operator

The next question is from Alex Henderson of Needham and Company. Please go ahead.

Speaker 4

Thank you so much. So great quarter and thanks for the nice prints pretty consistently. I'm looking at the number here and thinking you've got an acquisition with that and 6% to the OpEx line. And I'm wondering if there was some of that in the June quarter or is there some more of a sequential increase into the September quarter? What should look like in both the 3rd and 4th quarters?

Speaker 4

Is this going to be 5% or 6% above the $8,000,000 that you you just did or what? So

Speaker 1

thank you, Alex, and good morning. We already incorporated the operational expense of the acquisition in MOS. The results are better than expected due to both some advantage of the ForEx and the weakening of the shekel, which gained us some benefits as well as higher I think higher than usual gross margin. We are expecting operation expense for Equals to be in similar levels with some increase. As mentioned before, we are continuing to invest into sales and marketing.

Speaker 1

But we already let's say, the step function that we mentioned last quarter is already in most in the numbers.

Speaker 4

So am I thinking then that given the run rate revenues in the back half of the year is going to be at the midpoint that should be higher in 3Q and 4Q? Or is there some offsets? Because you're running well ahead of Street expectations for the year so far.

Speaker 1

So we reiterate our guidance in terms of revenue, and we are still looking to do in the 50% to 53% range, which means that we are likely to have a higher second half of the year in terms of the revenue. And if no change in the ForEx and we execute on our plans, then we continue to perform strongly for the rest of the year and see also seeing a trend on the bottom line.

Speaker 4

Right. So I mean, mechanically that would suggest that you're going to crack $1,000,000 in profits at the operating level in both 3Q and the ups from the first half EPS level. Is that a Brian, at this point? Yes.

Speaker 1

This makes sense. Again, under the current environment and false conditions, it definitely gives us this potential.

Speaker 4

That's helpful. In terms of the end markets, and I certainly get the macro impact commentary, but we are actually hearing that there's a deeper root problem with the 5 gs open core, cloud data core that there's operational challenges that have come up that have undermined the ability of the service providers to continue to ramp their business. There was obviously very weak results at both Airets and Nokia in the 5 gs, particularly in the U. S, where U. S.

Speaker 4

Operators are more cloudified than international operators. We've heard that they're cutting back on spending in 5 gs because of that and specifically cutting back even on the RAM investments because of that. Can you comment on what you're seeing in terms of the efficacy and the performance of the existing 5 gs core technologies and whether there is any change in the willingness of the key customers to to continue to push down that path given what we're hearing from the field, there is some operational challenges.

Speaker 1

So overall, and I think this is the most important, operators are strategically investing into 5 gs standalone. This direction continues. We don't see any operators hesitating with that. And actually, we are seeing more and more operators joining into this strategic investment with more and more commitment. This being said, it's true that this is a very complicated technology.

Speaker 1

It requires the cloud environment. It's introduced some complexity that the telecommunicate still didn't solve. But it's also important to add that we are this complexity means that there is more need and more value for our solutions. And therefore, while things are taking time and are likely to take time, As an industry, we are still trying to figure out how to reach smartly the 5 gs network. We see that it's moving forward.

Speaker 1

We see companies like DISH and Rakuten continue to be very bullish with 5 gs. And with others, this is something that is an industry will be sold. And later operators, they join again, it will be easier and easier for them. I think that most of the weakness reported by companies like Nokia and Ericsson is driving from less spending to the radio, which is they cover a lot of the cell sites in North America where the most of the population are based and maybe the higher value customers are based and due to the economy that slowing down with the implementations. But in the fall, we are continuing to invest.

Speaker 1

This is eventually what will drive new services and new revenues. And what's the main now is the complexity. And I'm positive that this is something we will overcome as an industry and we continue to do so and identify those uses that create a return on investment.

Speaker 4

One more model question. The interest income line rates have been going up a year. I think a similar sequential increase in the interest income line as we saw in each of the last couple of quarters where it's gone up pretty nicely, a couple of $100,000 plus sequentially? Or should we flatten it out at the current level?

Speaker 2

Hi, Alex. Well, we experienced a decline of the interest rate. So we expect the financial income to be lower in the next quarter.

Speaker 4

Like the interest income to come down a little bit in the September quarter?

Speaker 2

Yes, correct.

Speaker 4

More along the lines of the Q1 level? Is that right? Yes. Okay. Thank you.

Speaker 4

I'll see you at the store.

Operator

The next question is from Charles Elliott of Inflection Point. Please go ahead.

Speaker 5

Hi. I'd like to ask a specific question about VVT Virtual Drive Test. At the moment, I understand that companies including Google, Apple, Here, TomTom have vehicles driving around gathering data for

Operator

3d

Speaker 5

say go into competition with the map makers.

Speaker 1

So the visual drivers application is still offered to our traditional customers, the mobile operators, the 5 gs carriers that are looking to optimize and ensure customer experience on their network. They are traditionally were using vehicles in order to go around different geographies of the country in order to see what is the quality of service. This is very tedious, very costly, not so green. And we are adopting an approach that is taking the analytics and based use available data points in order to emulate and create what we call the visual dry test, which not only save on costs and more green, but also provide you much more information in terms of 20 fourseven analysis and a much better coverage. So go to market approach is very similar to our approach with the RASCO MACE product.

Speaker 1

We see synergies between the two products. So definitely going into our installed base and other prospects as an add ons and as an advantage is our key approach as well as continuing to promote it as a standalone solution as it complements the automate, but it can continue to run as a standalone on leveraging available data that the operators already can provide.

Speaker 5

I'm sorry. So it's an extension of your quality assurance. It is not a map making?

Speaker 1

Yes. It's extension of our quality assurance that could be as a standalone or as an add on.

Speaker 5

Thank you. And second question is on R and D. At the gross and net levels, this is still a very high R and D spend, but it's down year on year. Why is that?

Speaker 1

So the R and D expenses is, as mentioned, we are looking to maintain on a similar level. We do see that percentage wise, we will see an increase as we increase the revenue and keep the R and D level in a similar number, the Placentix brand we invest less in R and D. This quarter, we had a one time increase in the level due to the acquisition of Continuum and the onboarding of the R and D into our teams. This is why we have the incremental expense that should be our new working level. But we are looking to maintain the R and D level in similar numbers, again, taking into consideration fixed FX.

Speaker 1

And while we continue to grow the top line, this should be allowing us to see improvement as we've reported in the last couple of years, significant improvement on the bottom line.

Speaker 5

Thank you. I see the leverage around the R and D, but 3 months ended June 2022, your GAAP R and D number was €5,150,000 and it fell to €4,770,000 in the latest quarter. Is that just currency making for having a funny impact? Or has there been a in any way a cut in your R and D spend?

Speaker 1

It's primarily FX change that the share can weaken and therefore our numbers in dollars are a bit lower with some optimizations we did along the beginning of the year, as I mentioned in previous calls.

Speaker 5

Great. Thank you. That's great.

Operator

This concludes the Radcom Ltd. 2nd quarter 2023 results conference call. Thank you for your participation. You may go ahead and disconnect.

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Key Takeaways

  • Record Q2 Financials: Revenues reached $12.4 M, marking the 16th consecutive quarter of year-over-year growth, with non-GAAP net income of $2.1 M and GAAP net income of $0.8 M, both at multi-year highs.
  • 5G Assurance Leadership: Radcom’s software-centric solutions, including its partnership with DISH’s standalone cloud-native 5G network, help operators automate network management, reduce OpEx, and enhance customer experience.
  • Cloud and AI Expansion: Radcom ACE is now integrated with AWS, Microsoft Azure, and Google Cloud, and the company is leveraging AI analytics to drive automated 5G network operations and personalized troubleshooting.
  • Acquisition of Continual: The May acquisition of Continual led to the launch of Radcom Virtual Drive Test (VDT), an AI-powered alternative to physical drive tests, generating early positive customer feedback and pipeline opportunities.
  • 2023 Guidance Reiterated: Management reaffirms full-year revenue guidance of $50 M–$53 M, aiming to surpass the $50 M annual revenue mark, scale to a midsized software company, and achieve a fourth consecutive year of growth.
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Earnings Conference Call
RADCOM Q2 2023
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