TreeHouse Foods Inc. (NYSE:THS) Q3 2022 Earnings Conference Call November 7, 2022 8:30 AM ET
Company Participants
P.I. Aquino - VP of IR
Steve Oakland - President, CEO and Director
Pat O’Donnell - CAO
Conference Call Participants
Andrew Lazar - Barclays
Jon Andersen - William Blair
Chris Growe - Stifel
Bill Chappell - Truist Securities
Rob Moskow - Credit Suisse
Connor Rattigan - Consumer Edge Research
Hale Holden - Barclays
Operator
Welcome to the TreeHouse Foods' Third Quarter 2022 Conference Call. All participants will be in a listen-only mode. After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.
At this time, I would like to turn the call over to TreeHouse Foods for the reading of the Safe Harbor statements.
P.I. Aquino
Good morning. Thanks for joining us today. This morning, we issued our earnings release, which is available, along with the slide deck, in the Investor Relations section of our website at treehousefoods.com.
Before we begin, we would like to advise you that all forward-looking statements made on today's call are intended to fall within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections and involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. Information concerning those risks is contained in the company's filings with the SEC.
On August 11, we announced the sale of a significant portion of our Meal Preparation business. On October 03, we completed the divestiture of that business now knows as [indiscernible] for a base purchase price of $950 million. For the purposes of our discussion today, we will first cover our third quarter results on a whole company basis as we own the divested business through the entirety of the quarter.
Results for the quarter are provided on a continuing and discontinued operations basis in the press release. However, the majority of our discussion today around our operating and financial results will center around performance on an adjusted continuing operations basis. We have provided recasted historical financial for TreeHouse continuum operations for 2019 and 2020 on an annual basis and 2021 and 2022 on a quarterly basis, so that you can best compare past and future operating performance. Please note that these financial statements differ from the GAAP pro forma financials filed shortly after the transaction closed because they take into account historical onetime adjustments and certain costs associated with the divested business, as well as certain pro forma adjustments only required by SEC rules. A reconciliation of non-GAAP measures to their most direct comparable GAAP measures can be found in the release and the appendix table of today's earnings deck.