Grove Collaborative Holdings, Inc. (NYSE:GROV) Q4 2023 Earnings Conference Call March 6, 2024 5:00 PM ET

Company Participants

Jeff Yurcisin - Chief Executive Officer

Sergio Cervantes - Chief Financial Officer

Conference Call Participants

Susan Anderson - Canaccord Genuity

Operator

Good afternoon and thank you for standing by. Welcome to Grove Collaborative Holdings Inc.’s Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Hosting today’s call are Grove’s CEO, Jeff Yurcisin and CFO, Sergio Cervantes.

Before they begin their prepared remarks, I will review the forward-looking statements, Safe Harbor. Some of the statements made today about future prospects, financial results, business strategies, industry trends and Grove’s ability to successfully respond to business risks maybe considered forward-looking. Including statements regarding the impact of transitioning order volume to other facilities, 2024 product launches and category expansion, changes to our customer experience and their impact, including an increase in addressable customer base, improved first order conversion, and a reintroduction to less active customers, our guidance for 2024 net revenue and adjusted EBITDA margin revenue growth in the second half of 2024 while being adjusted EBITDA profitable and our ability to invest in an advertising as a higher percentage of revenue. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All these statements are based on Grove’s view of their market and their business as they see today.

As described in their SEC filings, the underlying facts and assumptions for these statements can change as the market and their business changes. For more information, please refer to the risk factors discussed in their most recent filings with the SEC, which are available on Grove’s Investor Relations website at investors.grove.co.

During today’s call, they will also discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided in the earnings release, which is also available on their Investor Relations website.

I would now like to turn the call over to Jeff Yurcisin to begin.

Jeff Yurcisin

Thank you, operator. Hello, everyone and thank you for joining the call today. I am excited to be here with you and to share updates about our financial performance for the fourth quarter as well as the full year 2023. I recently passed my 6-month milestone at Grove and continue to be impressed by our team’s contributions, dedication to our mission and our incremental results. I remain confident in the strategy that we put into place in November of 2023. And more importantly, I am deeply excited about our future.