Whole Earth Brands, Inc. (NASDAQ:FREE) Q3 2022 Results Conference Call November 9, 2022 8:30 AM ET

Company Participants

Jeff Sonnek - ICR

Albert Manzone - CEO

Duane Portwood - CFO

Irwin Simon - Executive Chairman

Conference Call Participants

Scott Mushkin - R5 Capital

Bobby Burleson - Canaccord

Ryan Meyers - Lake Street

Alex Arnold - Odeon Capital

JP Wollam - ROTH Capital Partners

Operator

Good day, and welcome to Whole Earth Brands, Inc. Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would like to turn the conference over to Jeff Sonnek, ICR. Please go ahead.

Jeff Sonnek

Thank you, and good morning. Today's presentation will be hosted by Albert Manzone, Chief Executive Officer; and Duane Portwood, Chief Financial Officer. Executive Chairman, Irwin Simon, is also participating on the call and 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 refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release, which can be found on the Investor Relations website, investor.wholeearthbrands.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Additionally, we provided a supplemental earnings presentation on the IR website that may be useful in your analysis of the company's performance.

With that, I'd like to turn the call over to Albert Manzone, CEO.

Albert Manzone

Thank you, Jeff, and thanks to everyone for joining the call today. Our business generated another quarter of consistent growth. In the third quarter, we drove consolidated constant currency revenue growth of 8.1% and generated adjusted EBITDA of $21.5 million.

At the segment level, our Branded CPG business grew 5.9% on a constant currency basis driven by price. Our Branded CPG portfolio is well positioned in the current environment with a diverse assortment of strong brands. The diversification in terms of its channel presence, product assortment and geographical reach is a strength that continues to drive results.