Veritiv Corporation (NYSE:VRTV) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET

Company Participants

Scott Palfreeman - VP of Finance, IR

Sal Abbate - CEO

Steve Smith - CFO

Conference Call Participants

Sandra Liang - Bank of America

Operator

Good morning and welcome to Veritiv Corporation's Fourth Quarter and Full Year 2022 Financial Results Conference Call. As a reminder, today's call is being recorded.

We will begin with the opening remarks and introductions. At this time. I would like to turn the call over to Scott Palfreeman, Vice-President of Finance and Investor Relations. Mr. Palfreeman, you may begin.

Scott Palfreeman

Thank you. Colby and good, morning, everyone. I am joined on today's call by our CEO, Sal Abbate and our CFO, Steve Smith. After my remarks, Sal will share an update on full year and fourth quarter business performance, followed by Steve, who will provide more details on our financials. After Steve's comments, Sal will conclude the outlook for 2023.

We will then open the call for your questions.

Before we begin, please note that some of the statements made in today's presentation regarding the intentions, beliefs, expectations and-or predictions of the future are forward-looking. Actual results could differ in a material manner. Additional information on factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes the risks and other factors described in our 2022 Form 10-K and the company's other publicly available reports and exhibits filed with the SEC.

Today's call and presentation slides will contain non-GAAP financial measures, the reconciliation of these non-GAAP measures to comparable U.S. GAAP measures are included at the end-of-the presentation slides and can also be found in the Investor Relations section of our website.

At this time. I will turn the call over to Sal.

Sal Abbate

Thank you, Scott and good morning everyone and thank you for joining us. 2022 was another record breaking year of financial performance for Veritiv as we continue to relentlessly execute against our long term strategic and operational objectives. I am extremely proud of the achievements our company made over the last several years.

During 2022, we focused on our growth objectives and efficiency initiatives. We divested two low margin, non strategic businesses with low synergies, combined our print and publishing businesses for efficiency and maintained cost and price management discipline across all of our business segments. These actions contributed to the best earnings performance for any year in Veritiv’s history and above market performance within our packaging segment. This success was made possible by the hard work of our approximately 5000 diverse and talented teammates who focused every day on delighting our customers.