A. O. Smith Corporation (AOS) Q4 2022 Earnings Call Transcript

A. O. Smith Corporation (NYSE:AOS) Q4 2022 Earnings Conference Call January 31, 2023 10:00 AM ET

Company Participants

Helen Gurholt - Head of Investor Relations

Kevin Wheeler - Chairman and Chief Executive Officer

Chuck Lauber - Chief Financial Officer

Conference Call Participants

Saree Boroditsky - Jefferies LLC

Michael Halloran - Robert W. Baird

Jeff Hammond - KeyBanc Capital Markets

Will Jellison - D.A. Davidson

Charles Perron - Goldman Sachs

David MacGregor - Longbow Research

Lawrence De Maria - William Blair

Andrew Kaplowitz - Citi

Operator

Good day, and thank you for standing by. Welcome to the A. O. Smith Corporation's Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

And I would now like to hand the conference over to your speaker today, Ms. Helen Gurholt. Ms. Gurholt, please go ahead.

Helen Gurholt

Good morning, and welcome to the A.O. Smith fourth quarter and full-year conference call. I'm Helen Gurholt, Vice President, Investor Relations and Financial Planning and Analysis. Joining me today are Kevin Wheeler, Chairman and Chief Executive Officer; and Chuck Lauber, Chief Financial Officer.

In order to provide improved transparency into the operating results of our business, we provided non-GAAP measures. Free cash flow is defined as cash from operations less capital expenditures. Adjusted earnings, adjusted earnings per share, adjusted segment earnings, and adjusted corporate expenses exclude the impact of non-operating, non-cash pension income and expenses, as well as legal judgment income and terminated acquisition-related expenses. Reconciliations from GAAP measures to non-GAAP measures are provided in the appendix at the end of this presentation and on our Web site.

A friendly reminder that some of our comments and answers during this conference call will be forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include matters that we described in this morning's press release, among others. Also, as a courtesy to others in the question queue, please limit yourself to one question and one follow-up per turn. If you have multiple questions, please rejoin the queue. We will be using slides as we move through today's call. You can access them on our Web site at investor.aosmith.com.

I will now turn the call over to Kevin to begin our prepared remarks. Please turn to the next slide.