Veritiv Corporation (NYSE:VRTV) Q3 2022 Earnings Conference Call November 8, 2022 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 Third Quarter 2022 Financial Results Conference Call. As a reminder, today's call is being recorded.

We will begin with 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.

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 third -quarter business performance, followed by Steve, who will provide more details on our financials. After Steve's comments, Sal will conclude by providing an update on our revised outlook for the rest of 2022 as well as some initial perspective on 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 2021 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

Thanks, Scott and good morning everyone and thank you for joining us.

Today we reported another strong quarter of financial performance, building on the strength we had during the first half of the year. We reported 15% year-over-year organic revenue growth for the third -quarter and record adjusted EBITDA and adjusted EBITDA margin, despite the impact of recent divestitures.

Third quarter adjusted EBITDA was $141 million, representing growth of more than 50% from the third quarter of 2021. The third -quarter marked The 11th consecutive quarter of year-over-year adjusted EBITDA margin expansion as adjusted EBITDA margin was 7.8%, an approximate 250 basis-point improvement over the prior year.