Keurig Dr Pepper, Inc. (NASDAQ:KDP) Q3 2023 Earnings Call Transcript October 26, 2023 8:00 AM ET

Company Participants

Jane Gelfand - VP, Investor Relations and Strategic Initiatives

Robert Gamgort - CEO & Chairman

Sudhanshu Priyadarshi - Chief Financial Officer

Conference Call Participants

Drew Levine - JPMorgan

Dara Mohsenian - Morgan Stanley

Bryan Spillane - Bank of America

Robert Ottenstein - Evercore

Bonnie Herzog - Goldman Sachs

Chris Carey - Wells Fargo

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Keurig Dr Pepper's Earnings Call for the Third Quarter Of 2023. This conference call is being recorded. [Operator Instructions]. I would now like to introduce Keurig Dr Pepper's Vice President of Investor Relations and Strategic Initiatives, Jane Gelfand. Ms. Gelfand, please go ahead.

Jane Gelfand

Thank you, and hello, everyone. Earlier this morning, we issued two press releases, the first, detailing our third quarter 2023 results and the second, announcing our sales and distribution partnership with Grupo PiSA for Electrolit.

During today's call and consistent with previous quarters, we will be discussing our Q3 performance on an adjusted basis, which reflects constant currency growth rates and excludes items affecting comparability. The company believes that the adjusted basis while not in accordance with GAAP, provides investors with meaningful comparisons and appropriate insight into our business and operating performance trends. Details of the excluded items are provided in the reconciliation tables included in our press release and our 10-Q, which will be filed later today.

Due to the inability to predict the amount and timing of certain impacts outside of the company's control, we do not reconcile our guidance. We'll also speak about the concept of underlying performance, which removes the impact of nonoperational items in the current and prior years. These items include gains on asset sale-leaseback transactions, reimbursement of litigation expenses related to the successful resolution of our BodyArmor lawsuit, a business interruption insurance recovery, and a change in accounting policy for stock compensation.

Finally, our discussion this morning may include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties that can cause actual results to differ materially, and the company undertakes no obligation to update these statements based upon subsequent events. A detailed discussion of these risks and uncertainties is contained in the company's filings with the SEC.