BellRing Brands, Inc. (NYSE:BRBR) Q3 2023 Earnings Conference Call August 8, 2023 9:00 AM ET

Company Participants

Darcy Davenport - President and Chief Executive Officer

Paul Rode - Chief Financial Officer

Conference Call Participants

Andrew Lazar - Barclays

Ken Goldman - JPMorgan

Bryan Spillane - Bank of America

Jim Salera - Stephens

Matt McGinley - Needham & Company

Jason English - Goldman Sachs

David Palmer - Evercore ISI

Jon Andersen - William Blair

Robert Dickerson - Jefferies

John Baumgartner - Mizuho

Matt Smith - Stifel

Operator

Good morning and thank you for joining us today for BellRing Brands Third Quarter Fiscal 2023 Earnings Call. With me today are Darcy Davenport, our President and CEO; and Paul Rode, our CFO. Darcy and Paul will begin with prepared remarks. And afterwards, we’ll have a brief question-and-answer session. The press release and supplemental slide presentation that support these remarks are posted on our website in both the Investor Relations and the SEC filings sections at bellring.com.

In addition, the release and slides are available on the SEC’s website. Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. As a reminder, this call is being recorded, and an audio replay will be available on our website. And finally, this call will discuss our non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure see our press release issued yesterday and posted on our website.

With that, I will turn the call over to Darcy.

Darcy Davenport

Thanks, Jennifer, and thank you all for joining us. Last evening, we reported our third quarter results and posted a supplemental presentation to our website. I’m pleased to share our Q3 results were above our expectations. Net sales grew 20% over prior year, and adjusted EBITDA was up 8%. The momentum in the business is palpable as we restart demand drivers on shakes. This quarter, we brought new capacity online, which allowed us to relaunch our temporarily discontinued shake flavors and expand our successful limited time offer program. Consumer and retailer excitement around these new flavors is incredible. Both Premier Protein and Dymatize powder businesses are also proving to be strong growth engines with both brands expanding distribution and responding well to media.