Sovos Brands, Inc. (NASDAQ:SOVO) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Josh Levine - Vice President-Investor Relations

Todd Lachman - President & Chief Executive Officer

Chris Hall - Chief Financial Officer

Conference Call Participants

Ken Goldman - JPMorgan

Peter Galbo - Bank of America

Jon Andersen - William Blair

Matt Smith - Stifel

Cody Ross - UBS

Michael Lavery - Piper Sandler

Operator

Greetings, and welcome to Sovos Brands' First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Josh Levine, VP, Investor Relations. Please go ahead.

Josh Levine

Good afternoon and thank you for joining us on Sovos Brands first quarter 2023 earnings conference call. On the call today are Todd Lachman, President and Chief Executive Officer; and Chris Hall, Chief Financial Officer.

By now, everyone should have access to the earnings release for the period ended April 1, 2023, that went out this afternoon at approximately 4:00 p.m. Eastern Time. The press release as well as supplemental slides can be found on the company's website at ir.sovosbrands.com and shortly after the conclusion of today's call, a webcast will also be archived and available for replay.

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it and as such does include risks and uncertainties. If you refer to the company's earnings release as well as its most recent SEC filings you will see a discussion of factors that could cause Sovos Brand's actual results to differ materially from these forward-looking statements.

Please remember the company undertakes no obligation to update or revise these forward-looking statements in the future. We will make a number of references to non-GAAP financial measures. We believe that these measures provide investors with useful perspective on the underlying growth trends of the business and have included in our earnings release a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures.

Please note that all consumption data cited on today's call refers to dollar consumption on a total MULO basis as of the 13-week period ended April 2, 2023 and growth versus the prior year comparable period unless otherwise noted.

And lastly to avoid any confusion for discussions pertaining to first quarter results and full fiscal 2023 guidance and growth expectations, organic net sales growth is calculated as net sales growth adjusted for acquisitions, divestitures in the 53rd week in 2022.