Williams-Sonoma, Inc. (NYSE:WSM) Q4 2022 Results Conference Call March 16, 2023 10:00 AM ET

Company Participants

Jeremy Brooks - Chief Accounting Officer and Head, IR

Laura Alber - President and CEO

Jeff Howie - CFO

Conference Call Participants

Anthony Chukumba - Loop Capital Markets

Max Rakhlenko - TD Cowen

Oliver Wintermantel - Evercore

Cristina Fernández - Telsey Advisory Group

Marni Shapiro - Retail Tracker

Operator

Welcome to the Williams-Sonoma, Inc. 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 conclusion of the prepared remarks.

I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

Jeremy Brooks

Good morning. And thank you for joining our fourth quarter earnings call.

I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including guidance for fiscal '23 and our long-term outlook. We believe these statements reflect our best estimates. However, we cannot make any assurances these statements will materialize, and actual results may differ significantly from our expectations.

The Company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's call. Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results.

Specifically, we recorded an impairment charge of $17.7 million in the fourth quarter to write off certain software and hardware costs and goodwill associated with Aperture, a division of our Outward subsidiary. This impairment charge does not affect our ongoing use or strategy of the Outward technology in our portfolio of brands and in our design and room planning functionality. Accordingly, our non-GAAP results for the fourth quarter and fiscal year '22 have been adjusted for this impairment charge.

A full reconciliation of non-GAAP measures to the most directly comparable GAAP measure appears in Exhibit 1 to the press release we issued earlier this morning. This call should also be considered in conjunction with our filings with the SEC. Finally, a replay of this call will be available on our Investor Relations website.

Now I'd like to turn the call over to Laura Alber, our President and Chief Executive Officer.

Laura Alber

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call.