Whole Earth Brands, Inc. (NASDAQ:FREE) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET

Company Participants

Jeff Sonnek - ICR

Irwin Simon - Executive Chairman

Bernardo Fiaux - CFO

Rajnish Ohri - President, COO & Interim Co-CEO

Jeffrey Robinson - President, Whole Earth Brands Flavors & Ingredients Division and Interim Co-CEO

Conference Call Participants

Scott Mushkin - R5 Capital

Ryan Meyers - Lake Street Capital Markets

George Kelly - ROTH MKM Partners

Arthur Arnold - Odeon Capital Group

Operator

Good morning, and welcome to the Whole Earth Brands Second Quarter 2023 Results Conference Call. [Operator Instructions].

At this time, I'd like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. Sir, please go ahead.

Jeff Sonnek

Thank you, and good morning. Today's presentation will be hosted by Irwin Simon, the company's Executive Chairman; Rajnish Ohri and Jeffrey Robinson, the company's recently appointed interim co-Chief Executive Officers; and Bernardo Fiaux, Chief Financial Officer; Nigel Willerton, President and COO of Branded CPG North America region, will be available for Q&A. The comments during today's call and the accompanying presentation contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC.

We'll also refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release, which can be found on our Investor Relations website, investor.wholeearthbrands.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Additionally, we've provided a supplemental earnings presentation on the Investor Relations website that may be useful in your analysis of the company's performance. With that, I'd now like to turn the call over to Mr. Simon. Go ahead, Irwin.

Irwin Simon

Thank you, Jeff, and thank you all for joining our call today. We produced second quarter revenue of $132.9 million and generated $18.2 million of adjusted EBITDA. We continue to demonstrate meaningful progress with our margin improvement initiatives in the second quarter, along with a top line performance that was consistent with the prior year quarter on a constant currency basis and ahead of last year, when taking into account our strategic decisions to decrease wholesome bulk sugar sales to avoid incremental tariffs.