W.W. Grainger, Inc. (GWW) Q4 2022 Earnings Call Transcript

W.W. Grainger, Inc. (NYSE:GWW) Q4 2022 Results Conference Call February 2, 2023 11:00 AM ET

Company Participants

Kyle Bland - Vice President, Investor Relations

D.G. Macpherson - Chairman & Chief Executive Officer

Dee Merriwether - Senior Vice President & Chief Financial Officer

Conference Call Participants

Tommy Moll - Stephens

Ryan Merkel - William Blair

Deane Dray - RBC Capital Markets

Chris Snyder - UBS

Jake Levinson - Melius Research

Christopher Glynn - Oppenheimer

David Manthey - Baird

Ken Newman - KeyBanc Capital Markets

Chris Dankert - Loop Capital Markets

Pat Baumann - JPMorgan

Operator

Greetings, and welcome to the W.W. Grainger Fourth Quarter and Full Year 2022 Earnings 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 conference is being recorded.

I will now turn the conference over to our host, Kyle Bland, Vice President of Investor Relations. Thank you. You may begin.

Kyle Bland

Good morning. Welcome to Grainger's fourth quarter and full year 2022 earnings call. With me are D.G. Macpherson, Chairman and CEO; and Dee Merriwether, Senior Vice President and CFO.

As a reminder, some of our comments today may include forward-looking statements. Actual results may differ materially as a result of various risks and uncertainties, including those detailed in our SEC filings. Reconciliations of any non-GAAP financial measures with their corresponding GAAP measures are found in the tables at the end of this presentation and in our Q4 earnings release, both of which are available on our Investor Relations website.

This morning's call will focus on fourth quarter and full year 2022 adjusted results, which exclude the gain related to the divestiture of Cromwell's enterprise software business, which was sold in the fourth quarter. We will also share results related to MonotaRO. Please remember that MonotaRO was a public company and follows Japanese GAAP, which differs from U.S. GAAP and is reported in our results 1 month in arrears. As a result, the numbers disclosed will differ somewhat from MonotaRO's public statements.

Now I'll turn it over to D.G.

D.G. Macpherson

Thanks, Kyle. Good morning and thank you for joining us today. I'm going to discuss some of our key accomplishments from 2022, and then I'll pass it to Dee to walk through the specifics of our fourth quarter performance and our outlook for 2023.