Grove Collaborative Holdings, Inc. (NYSE:GROV) Q4 2022 Earnings Conference Call March 14, 2023 5:00 PM ET

Company Participants

Alexis Tessier – Director-Investor Relations

Stuart Landesberg – Co-Founder and Chief Executive Officer

Sergio Cervantes – Chief Financial Officer

Conference Call Participants

Susan Anderson - Canaccord Genuity

Dana Telsey - Telsey Advisory Group

Operator

Greetings and welcome to the Grove Collaborative Holdings Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] Please note that this call is being recorded.

I will now turn the conference over to our host, Alexis Tessier, Investor Relations Advisor. Thank you. You may begin.

Alexis Tessier

Hello and thank you all for joining us today. With me on today's call are Grove's, Co-Founder and CEO Stuart Landesberg and CFO, Sergio Cervantes. Before we get started, I'll quickly cover the forward-looking safe harbor statement. Some of the statements that we make today about our future prospects, financial results, business strategies, industry trends and our ability to successfully respond to business risks may be considered forward-looking. Such statements involve a number of risks and uncertainties that could cause our actual results to differ materially. All of these statements are based on our view of the world and our business as we see it today. As described in our SEC filings, the underlying facts and assumptions for these statements can change as the world and our business changes. For more information, please refer to the risk factors discussed in our most recent filings with the SEC, which are available on our Investor Relations website @investors.grove.co.

During today's call, we will also discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided in our earnings release and supplemental earnings presentation, which are also available on our Investor Relations website.

With that, I'll turn it over to Stu.

Stuart Landesberg

Thank you, Alexis. Hello everyone and thank you for joining our earnings call today. In 2022, we laid out our value creation plan with a goal of achieving profitable growth in 2024, and I'm pleased to report that progress against this strategy drove full year results that were ahead of our guidance on both top and bottom line for '22.

Our value creation plan is built upon four pillars, improved marketing efficiency, omnichannel expansion, net revenue management and operating expense discipline, and we made progress on each during the fourth quarter. We have leveraged this value creation plan to make important strides to profitability over the course of the second half of 2022.