Molson Coors Beverage Company (TAP) Q4 2022 Earnings Call Transcript

Molson Coors Beverage Company (NYSE:TAP) Q4 2022 Results Conference Call February 21, 2023 11:00 AM ET

Company Participants

Gavin Hattersley - President and CEO

Tracey Joubert - CFO

Greg Tierney - VP, FP&A and IR

Conference Call Participants

Bill Kirk - ROTH MKM

Drew Levine - JP Morgan

Kevin Grundy - Jefferies

Vivien Azer - Cowen & Co.

Eric Serotta - Morgan Stanley

Nadine Sarwat - Bernstein

Chris Carey - Wells Fargo

Filippo Falorni - Citi

Kaumil Gajrawala - Credit Suisse

Christian Junquera - Bank of America

Operator

Good day, and welcome to the Molson Coors Beverage Company Fourth Quarter and Fiscal Year 2022 Earnings Conference Call.

You can find related slides on the Investor Relations page of Molson Coors website. Our speakers today are Gavin Hattersley, President and Chief Executive Officer; and Tracey Joubert, Chief Financial Officer.

With that, I’ll hand over to Greg Tierney, Vice President of FP&A and Investor Relations. Please go ahead.

Greg Tierney

Thank you, operator, and hello, everyone.

Following prepared remarks today from Gavin and Tracey, we will take your questions. In an effort to address as many questions as possible, we ask that you limit yourself to one question. If you have technical questions on the quarter, please pick them up with our IR team in the days and the weeks that follow.

Today’s discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements. GAAP reconciliations for any non-U.S. GAAP measures are included in our news release. Unless otherwise indicated, all financial results the Company discusses are versus the comparable prior year period in U.S. dollars and in constant currency when discussing percentage changes from the prior year period.

Also, in order to better align with GAAP reported metrics in our filings and simplify reporting, references to net sales per hectoliter will now be on a financial volume basis, instead of on a brand volume basis. Further, in our remarks today, we will reference underlying pre-tax income, which equates to underlying income before income taxes on the condensed, consolidated statements of operations.

With that, over to you, Gavin.

Gavin Hattersley

Thanks, Greg and thank you all for joining us this morning.

I’m very pleased to tell you that three years after launching our Revitalization Plan to turnaround this business, and three years after pledging to deliver top and bottom-line growth, we have done exactly that. We grew the top-line by 7%. We grew the bottom-line by almost 8%. We brought our leverage ratio under 3 times. We stuck to our strategy and our plans and we delivered despite the fact that many people didn’t think we could.