Earnings call transcript Q1 2023

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Operator

Good morning and welcome to the Whole Earth Brands’ First Quarter 2023 Results Conference Call. All participants will be in the listen-only mode. After today’s presentation there will be an opportunity to ask questions. Please also note today’s event is being recorded.

At this time, I would like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. ahead. go please Sir,

Jeff Sonnek

Officer; good North the presentation be Franklin, company’s Officer; also of call Chief Chief and and today’s Accounting by Cherry, on and Andy the be for Global Irwin available Executive VP Financial Fiaux, Bernardo Simon, Executive Branded and will Litman, morning. you Q&A. Chief will Officer; CPG Today’s Finance hosted company’s Brian America Thank and Chairman; are Michael FP&A

number are contain Reform today’s forward-looking future the other during Such and from XXXX. facts in that call forward-looking differ These on historical statements. meaning management’s of accompanying current presentation are the to All expectations subject of could within to comments of discussed statements. statements The and risks statements Safe a the assumptions the the forward-looking Private cause events. Act of beliefs statements and provisions statements materially based and results as Harbor as are statements considered unknown known results uncertainties forward-looking Securities actual concerning than Litigation of the well

directly Some the of refer of can We’ll uncertainties financial these the to certain discussed GAAP reconciliations non-GAAP identified in Please found earnings comparable tables most be to the measures. measures today. financial refer SEC. non-GAAP measures also website, on for filings investor.wholeearthbrands.com, company’s included risks in the which to Relations and the and with are release, their Investor

Investor website in analysis performance. your we company’s have supplemental useful be Additionally, that of may on a presentation Relations provided earnings the the

ahead, Irwin. over call turn Go I’d Simon. now that, With to Mr. the like to

Irwin Simon

an has officially feel has on it his board joining alongside excellent we’re business. and Significant relentless to exciting the tag. had highlighted Michael our point in you, our business been join in gaining about momentum our have and months of directors, to is in and remove and future and inflection Michael we’re as full-time for profitability. the our now first today. clear made four agreed results, done call We focus you incredibly thrilled job the an that company Thank interim his our Jeff, QX changes organization thank announce in in our I, of confident all

and Our Michael’s support. is his changes leadership he in chapter confidence during is of I’m evident growth. we our the forward fully making next leadership to looking

Additionally, on happy we sector seven America; and like of Ohri, Worldwide for ahead. passion I’d CEO of Commercial Fiaux, the I’m Robinson, exciting interactions than to be Rajnish the new North a and his Officer be America. Manager evident, performance; welcome and and joined our to great International; now Nigel energy General and congratulate also our President and that, Willerton, of to the his times by welcome to Jeff team to Heinz. my team North I to Daing, want with Kraft leadership is value-added President our team consumer Rishi a Mafco after of with Chief With our also dedication Bernardo his who In early team. more the years will Bernardo, leadership building

turn would Michael. to the I like to now call over

Michael Franklin

seat. Thanks, honored Irwin. I’m in to call. officially thank you everyone, the time full-time join the to for Good morning taking and CEO be the

the and As across to I will forward and I that said those on Since this the long-term look Board beliefs lead believe opportunities create our excited platform. I to only grateful global reaffirmed. of have are our have you many business I last am for on all progress. support updating initial our individuals I am been for started, talented call, that value, there I significant shareholder

component critical valuable, and our focused course comprised immensely enthusiasm we to want the are, of I to a go. of focused where several be be and months organization continue priorities. where Aligning interactions team. ensuring on prove have over These of strategy critical and our depth, the The quality of few and had collectively I’ve in-depth to where impressed we cross-functionally were, months on reviews, that corporate by the last we is is goals,

sustainable The enhance and leadership personnel our and structure are this are and at now key levels. Officers April as business, In of XX strive structure, roles at engagement the business, are priorities changes product focused Chief & on International that CPG have in enhancing promoted giving CPG inside generate and collaboration North on and activities segment. from corporate will within high Branded performers announced cross-functional respectively, Branded enhancing our and our all both Flavors our three more operations We productivity our long-term have Operating we three our teamwork, Ingredients to aimed and simplifying America and responsibility we growth. organization. Streamlining lead Presidents fostering our all

Nigel Willerton and America. has been of names Brands’ Whole North Branded Earth COO CPG President

with success business his other pollinate the given here of branded and that largest have business prior Sweeteners CPG largest to led the one to is are our we Wholesome as operations. within of brand, as our help continue brands February, factors the Nigel as United founding of acquisition You two Nigel XXXX. for us segment, Wholesome and across sweetener fair cross nearly the driving trade to CEO, in thrilled well States. may our in Nigel’s it making Wholesome name, organic and decades recall momentum its companies

has has seasoned transitioned operator than COO Complementing President dynamic industry business. markets the XX with CPG and broader ability role underdeveloped is region. Nigel geographies more He the Branded VP Branded of and CPG He and was to formerly and who a business demonstrated into Managing entrepreneur accomplished Director his growth him across drive of lead of Rajnish are Ohri, CPG an is a Rajnish in years in international to International EMEA our and is achieve we of results. leader cultures. various organization outstanding our experience and in He have team. happy a

consistent business important demonstrates which cohesive move strategic common unit, one operating the to with changes future our working one philosophy us of is one components one enhanced for as leadership and our goal. build team, a commitment making, streamline are decision towards business, These company, growth. to collaboration, all CPG manage helping as This scale

Looking evolving a competitive. consolidated we global marketplace, pursue continue as us navigate ahead and and will rapidly stay our opportunities innovative, to enable approach new to agile,

than most leadership been of for leadership, excited this Robinson. our with year with I’m its goals his we business very been Branded content Jeff double to Nigel our CPG a record Ingredients closely in now. our segment, working the Flavors executing of a revenue business. Rajnish be to long-term entire to accomplish growth well, more notably, have and track Under have Within across has digit fortunate &

for We to our our and business are to this further in diversify new Ingredients reinvesting success forward channels. looking applications to sales continue building on

In valuable addition, most we asset, also support are our people. concerted making a to reinvest our effort and

stock an One an to opportunity employee the plan. our to those and owner implementing equity initiatives want includes to of teams have value think to owner, only the purchase achieve. not creation We hope share become an but like we

us home top unified and but continue together. our Individuals the building be culture, support organization. We a office, also is priority to to announced and intention office, return in being both back our in can and collaborative culture the person strong at a productive to build that to the requires and in recently

internally out to initiatives continue We a we and other forward excitement, to to that excellence, culture several exciting are rolling energy. have looking build of

I’m plan that progressing shut also our our is down share manufacturing happy according to planned. to facility Alabama to

end with and cost of in up will with us moving environment established lower we co-manufacturers, delivering on delivering the equipment of this We new assist our capital, by quarter the costs, lines are that should the year. be in running our controlling ensuring working customers. commitments into managing third are and those process margin, This and

In provide summary, making I’m we the will it global support by to the encouraged operation. our are and changes

job team in energized that putting them impact. make an an have can My succeed. to position a We is

with are we our to will successes on initial in these the We and build result ahead. pleased continue year early the of efforts,

to we I Whole leadership to Before our CFO, our Earth an call I Fiaux, important where at at team Brands. joins the to pass point Bernardo want welcome over us also Bernardo inflection new Bernardo of to energetic should next as chapter experience approach demonstrated in of a the look on that growth. His embark on opportunities front team we capitalize with hands-on number his lie our elevate coupled of us.

that, over you. With Bernardo, to

Bernardo Fiaux

everyone. morning Thank to and good Michael, you,

get financial Before on excitement performance, to into I like my express I’d the Whole Earth. joining

the the celebrations of Firstly, lifestyles, everyday the I bring power enable company’s believe us helping and to moments in enjoy together. which people healthier that is life’s mission,

costs, reduce I of the the for more well see brand growth already on The as one meet these to supply to focus especially a the company CPG perspective consumer in In reach as amount drive this weeks, to industry. set and be fastest chain and uniquely geographic a new growing categories in revenue value nimble growing opportunities positioned world of from significant needs portfolio growth management. channels, only drive two and

looking to value team sharing Heinz with and here. Portwood finance Capital aim and third in conference business my the solid forward the is My believe broader you at that our help I Duane details in long-term XG will put that more build to predecessor, the during upon for investor foundations and place the upcoming have quarter. my experiences our stakeholders, sustainable I’m the and Kraft accounting generate

financial through you walk quarter me let that, With our first performance.

press refer to release our our you at additional Relations reconciliations to please As website. our the for a Investor detail, and earnings non-GAAP view encourage of the supplemental end presentation on I reminder,

consolidated to versus quarter quarter. March ended the For first XX, year X.X% prior grew $XXX.X revenue million product XXXX,

the On to a as a revenue ingredient is quarter. versus The previous X.X% quarters constant in first basis, to acceleration attributed largely wholesale sales. the prior currency year decline product increased growth compared

that to profitability. conscious jeopardize import avoid we would incremental as decision So tariffs a have made

Reported driven quarter. million gross the in $XX.X prior was to million was partially inflation, gross cost prior actions. profit offset first profit pricing Adjusted $XX.X The decrease million compared by the $XX.X year year million to by in largely period. compared was $XX.X

the cost goods on price. but protect Reported higher gross profit gross the due partially gross profit to of margin mitigated dollars, period. sold percentage was margin. through was decline XX.X% first in of quarter results increased compared inflation function year cost of a prior year-over-year in XX.X% year. resulted profit basis the profit The primarily a to margin compared in prior sales in in the gross XXXX higher the was to XX.X% Adjusted lower XX.X% to This

the basis was sugar addition, including sugar to organic consecutive QX, at for reversing inflation points the margin price improved cost be has Compared strong. demand to tariffs XXX XXXX. our continues profit due as decrease of in both declines increases, trend increased gross In to adjusted

period. year operating $X $XX.X net million. income Consolidated net to Consolidated was quarter. million income high $X.X first expense $XX year million prior book in $X.X income was prior net income interest loss the and compared to compared over in tax The of operating was million million loss by exacerbated of of

for cash expect to tax net refunds in payments We million million between the XXXX. year full $X $X of

EBITDA $XX.X $XX.X prior $X.X of adjusted quarter. The million of year million foreign unfavorable Finally, compared dollar. to strengthening consolidated due was impact the million to the to due an the U.S. first decrease currency was partially in

currency foreign the decreased consolidated impact Excluding adjusted EBITDA X.X%.

to Branded basis, in quarter to constant prices product results segment the as prior volumes. Detailing essentially for year prior revenues revenues the currency first same compared $XXX.X of flat offset CPG the a were by were million $XXX compared On million $X.X lower period segment higher for decreased X.X% QX. to XXXX, million product for year. or

sales is largely sales where to tariff [ph] before, to sugar incremental attributed As ingredient to we import made avoid organic deceleration decision reduce a [ph]. lower penalties I of conscious mentioned

dollar. the for segments by project, unfavorable in $XX.X the XXXX Ingredients to a prior supply revenue associated higher the to XX.X% loss period product impact year. to first year. Branded in XXXX U.S. $XX.X our for compared of income the from of with Operating increased million chain impact prior inflation, was compared same same cost of first was cost The quarter the and million million stronger for for renovation & Flavors the decrease $X.X in driven operating CPG of period segment $X.X million quarter the

consecutive On increased was from by in driven XX.X%, efforts. of Pricing to growth currency the the segment also product for of the growth versus X.X% year. a growth was line line sixth the top revenues X.X%, strong volume basis, primarily a constant licorice contributor consecutive extracts Ingredients company’s growth segment. & top prior due the and This expansion significant of and commercial growth Flavors resulting increasing innovation part double-digit eighth

by of $X.X current million in the of favorable million income offset and revenue gains accounting increase mix, by inventory purchasing Operating reevaluations the first quarter product operating the prior did adjustments related reoccur prior income compared primarily year for that in driven quarter. same XXXX partially segment the million was of period to not period. was The in favorable year $X.X $X.X in to

quarter million to the Operating decrease compensation favorable period. were adjustments and of corporate million expenses transaction not year that by for prior $X.X $X.X in the XXXX the first lower for compared was in expense The to did due related year prior repeat. costs driven

flow cash capital activities March for million. quarter adjusted resulted XXXX by operating balance $X.X first expenditures million, free Cash was in to ended free of provided and cash for same flow approximately Moving XX, million, the period $X.X was and $X.X which cash flow and sheet. million of $X.X the

cash million debt XX, and and of we of debt long-term costs. XXXX, unamortized March equivalents $XXX.X of had net As million cash $XX.X of issuance

of pay by from million more of amortization of approximately year-end $X.X down as million. and result revolver more and a decreased debt Our long-term $X million $X XXXX

X.XX $XX The credit of XXXX, revolving to by a agreement, facility. to into increase facility. near-term total total our enter XX, ratio of ratio temporarily our quarter four on credit At lower next quarters, times end increases and flexibility million between in to $XXX and drawn On then temporarily times were the X.X XXXX, leverage March ratio provide X.X an consolidated to covenant leverage XXXX. second XX, the improve and April million our access consolidated leverage return we which there revolving maximum of the regional will amendment

to stand, but can conservative goal. to you’re and decided expect are we environment, its balance we leverage challenging company’s Reducing ratio add sheet flexibility reach immediate at even if approach taking microeconomic we a more we By Even to we take our though, to minimum cost. our remain priority. to X comfortable where actions times the top constant, our where XXXX, leverage

full our are year that today. to reiterating shift outlook Let’s we XXXX

on the on reported which basis. growth presented a expectations basis, is As reminder, an of our our for a currency represented and outlook foreign includes impact translation organic

of expect we $XXX the be XXXX, to to million consolidated to in X%. X% product growth of representing revenues For $XXX range million,

expect We in $XX $XX to range consolidated million. the adjusted million of EBITDA be to

terms adjusted not first in sequential While the remaining over margin, we lowest the quarters quality to quarter expect we of guidance, be followed and the quarter adjusted adjusted improvement are do the and by overall providing EBITDA year. of

two and generation what’s the to reflection results a flow quarters of the cash priority of past and is top Our that come.

capital expenditures $X Finally, million. we be expect total approximately to

Michael, now back that you. to And prepared you. concludes remarks. Thank my

Michael Franklin

Thank you, Bernardo.

margin today, As see was growth, our you can which primary in our profitable improved results our focus is on in driving performance. reflected

since generally drinks As we our the in call, performance and in certified sales the to reiterate due had we I that has surrounding impact wanted QX a FDA Erythritol. U.S., use Erythritol as slightly negative safe. approved it foods net discussed press XXXX for and the to has as our on on recognized

We loyal to products, with strive customers with we’ll use our for others. among as and Argentina, countries, quality monitor Canada, Japan, more European provide and has of Similarly, to high always, XX updates been safe approved Erythritol continue products. Union, any in including Australia, the all than our

sales news, but saw our the to Following continued an on we sales, have impact immediate recover. those

as ingredient significant declines impact our mentioned, branded Additionally, quota CPG Wholesome volume limitations. to a Bernardo segment on due had

CPG CPG the the a segment, revenues. X% For impact reduction branded in branded was

QX XXXX X% Excluding as basis. XXXX revenues by a ingredient QX constant on currency sales, increased for to branded CPG approximately overall other all compared

Part we to EBITDA build reorientation impacts, of improved our corporate of is execution, our those to we a result leadership solid to Despite is deliver continue a streamline structure. were which aim our adjusted with margin performance to able upon.

about remain efficiencies a the to wherever year, find ahead. have to start we good opportunities we enthusiastic possible. and continue will the Overall, We

the Q&A, call day. I I make for Operator? the for every like the our would our thank open that members team efforts opening continued all around to to Before With globe like Q&A. to would their better call that, company

Operator

Burleson the of ahead. from Thank line you. comes from question your [Operator Instructions] Bobby Please go Canaccord. first And

Bobby Burleson

Yes. taking question. Good morning. Thanks for my

curious, And XXXX there within Flavors look the year. basis the growth on of terms in that the sequential Any mix we’re like CPG color Ingredients? reiterating wondering for guidance, of I’m throughout mix on like it So congratulations shifting what going branded the between to that year? and a might balance and just see sounds &

Bernardo Fiaux

can a question end? Sorry, the as at you up broke just your bit repeat you

Bobby Burleson

the in about to contribution terms shift & Curious of mix out CPG mix Yeah. between wise and outlook? branded Flavors that those the do Ingredients balance year, play the how throughout expect of to you

Bernardo Fiaux

Yes.

you on & – had as about. obviously we obviously we’re excited continued with for strong have quarter for – of QX, Ingredients, So We have one so saw QX, which we growth. our Flavors

continues throughout that hoping of We’re year. the balance the

TBG the year this expect that branded balance we year. of throughout our segment, up to For catch the

we the off, conscious some QX – obviously not so, decision some had volume ingredients we drop we took had we some made to pricing, a And into sell volumes.

QX grow to to We come that continue towards expect back and of XXXX. and QX QX,

Bobby Burleson

Okay, down great. just of mainstream talk value continuing premium from a follow-up, curious. And or consumers been trading maybe year and this there’s as then to products

are those guys Whole volumes been has and skews terms and, tiers, pricing when to broadly what in a relative very of taking. your Earth you’re to terms positioned actions impact the to also sense on You for the get in

versus the to know that there. lot yes, But there’s dynamic? the is I unpack how’s main a portfolio So, thing positioned

Michael Franklin

serve that segment, Branded about and is macro types a regards we to down. in business that’s any of That, if a diverse products sell trading start those I’d some of off For the that With changes. changes broad question. Flavors trade Look, segment, great consumer consumers by products, are from Ingredients CPG and insulated & right? talking downs, products consumer of set

three today. that’s we about We label and we a have premium whether to private into value, all sell, where sell that’s channels, stand able we so products feel We’re good business. whether

our business. have We branded

We ingredients have business. our

of in set trade diverse any we’re down. So terms the navigating, mix, for

in any products. based for any on So changes consumer changes and changes appetite macro the

Bobby Burleson

thanks. Great,

Operator

And Jefferies. question comes Thank Please Dickerson the your next on you. of line go ahead. from Rob

Rob Dickerson

Great, thanks so much.

mean, import import you the or you but just Just you be able I fee, an because was capacity additional you’d but still not but you won’t then to through constraints the those I decision like don’t point right was then question, has clearly get hit amount, I you the pay sugar to your said, volume hear And a sugar, offset. essentially kind different, guess just does to of sounds product, there inflated, down. to more and need cost, because I if and in were, the think incremental back away? situation, so don’t guess of I the to, you so focus talking organic, trying go therefore QX, I XX and to wanted to go constraints drive just Because will on decent to volumes as regular you the I import. tariff not it know then asked, capacity, is size, I’m that frankly sugar pricing about year, decision going have the hit to

a So why also trying to doesn’t I’m have clarity guess, more coming. there’s like just of get Then a I And to kind follow I up. bit pricing Thanks. as corrects. that sound little

Michael Franklin

when the year, went thing we beginning for We And our one made to at And XXXX. wanted the the have that corporate allocation, When that year. about had we’re Rob. mentioned think planned margin thanks today. right? right? we QX looking This business of we was allocation the from priorities, we the that didn’t into that repair a quote we receive Yes, profile we decision conscious I our is, that

a that back pay order made in channel, that through to ingredient for pair margin us. we we tariff which we to – ingredients selling to the is So on channel into sold. ingredients lower a channel, had the sell conscious the on would’ve And a decision

priority were profile. preparing So line very our this is our margin of was a in we corporate conscious and decision, that with of top one cognizant

Rob Dickerson

Okay.

not new prepare it and I’d few many I kind but assume large a in I same I’ll that clearly, sure visibility I’m the Okay. the company different also over the of kind same growth assume there you you’re terms leave of go, at you just rotation channels can I remarks then time, it. mean, new there’s time, you’ve and it opportunity are that. so Got as at at there’re now, And years. on also past you’ve of in of a mentioned where the management. But of that looked lot before. know at had legacy some channels.

growth So see maybe kind touch like new are, on those of you going just what forward? what channels

Michael Franklin

goods related I you that and outside we and core our in whole with with exclusive as announced when foods Regenerative out our of finding Yes. using the obviously consumer for team’s that might and industries the finished incredibly channels our CPG new flavors which I’ve about. our side Yes. and our products the excited Organic applications can impressed look been and ingredients, business, Certified right? product go and at started then products, innovation launch we We’re since of consumer areas of coming Look were incredibly new we business, after have seen, selling we

coming That and our to We on it’s is we XX% great future. When have is driven hope Swerve. think over are something incredibly [ph] incredibly important some sales us, CPG continue of the by innovation. important build net And to in business, right? our we for of innovation that about out innovation

Rob Dickerson

be All little again in around, question right, a quick just prepared broader the then great. office. last back bit of the commentary remarks some one And just is

You if kind Thanks. the have an what culture, culture ideal to define situation? Maybe that broadly of management try be the team right? in could new would building you

Michael Franklin

your function, individuals communicate and in want within cross-functionally, often. members together, look, to Not We for working building just our individual but relationships. in our important it’s be Yes, us, organization incredibly for team right? to working communicate

the rotation it’s making in just said if as be change. prepared great to are as together. office in home, we’re at a can you’re the office. But that’s why remarks, as productive I you the build as – tough culture not just And you think you the are I in

Rob Dickerson

Thank you.

Operator

Scott from you. comes from of the your go Please next ahead. And Thank Capital. line question RX Mushkin

Scott Mushkin

taking Hey guys. my thanks question. Yes, for

actually around in back go area, sugar So dynamics still volumes we to tariffs kind that as were sugar branded, the wanted area, XQ XQ, the in the play organic question the in to just was just in and that move I the asked XQ? to of the XQ, and a

Michael Franklin

look, we’re going we’ll it continue to and QX, Yes, is the appropriately. QX, message we’re going what continue and to the for manage quarters obviously to monitor to ahead for QX, allocation

Scott Mushkin

kind remiss, whatnot. And I their new I Okay. and then, was of should have congratulated roles everybody, even

So years. looking term. congratulations a you over is longer to to more all My on obviously, the last forward with changed things guys. bit second mean, the just question working call, couple and it’s since have I quite

So B? Mike, Thanks. a it’s So kind B. plan and then plan gets kind what more if what’s you the what’s term? I for economy are do part was and the of two of part difficult, question, turnaround two-part – So one, of company wondering is, the your kind vision what things long vision is worse, much

Michael Franklin

of us we to the Yes, to expand for have. business look, our team so my to about team much the to organization when into. that business countries lot from today would really talk for international of that mean, There opportunity we I continue about made CPG reorg, our talk we’re want and that is currently not vision of I – we in grow. the have great place. we’re I in excited about And obviously as leadership part a a perspective, mean, changes we

growth grow have into. It’s seeing China the that I products. over find international grown talk growth that opportunities we market we’ve hanging has continued sure relative to QX we could to North We that that make – mean, low about mean, go I new business new sell for mentioned, want it’s historically. America innovations and In we I to that for after has and opportunities go XX%. second. material will entered fruit to with can to for lot we XXXX products create of a want sell business just after, to QX continuing business we many that continue seen we’re XXXX continue we to sure pattern continuing where operate upside. as I and for that a And have find to ways new has create applications the that us that make we [indiscernible], new

Scott Mushkin

And then Plan than especially macro? a B, worse expected, things if are

Michael Franklin

comfortable feel think priority. Plan that Our think, our We stay – and is feel we top sure where good we we think very is on we look that we make I No, about there’s I about We for go to plan of XXXX, to where today. lot we all A feel a after, are our – stand. Plan want B. opportunity

Scott Mushkin

Perfect. Thanks. Thanks the for taking questions.

Operator

Thank you. to Street [Operator line next Instructions] And your go from Lake of Meyers the Ryan Please ahead. question comes Market. Capital

Ryan Meyers

Hey, my Thanks questions. guys. taking good morning for

where wonder you more more you guys can I you like the me, and for one some some can take cost efficiencies? First out of gain feel call could feel if business out some areas that you like you guys

Bernardo Fiaux

for is question. you this Thank Ryan, Hey, the Bernardo.

has $XX mentioned chain believe Similar is the chain, So like for we Mike improvements to that opportunities receive in before. supply remarks, the savings spoken Other cost million that areas also and year-over-year prepared that. – looking to supply our drive [indiscernible]. we in biggest [indiscernible] are network what better reinvention it’s in we upon and for build is supposed logistics supposed to is

Ryan Meyers

underlying question, that Got terms was the kind what – questions that said sense in you a business wholesome a of demand other I so of the all a Branded not we the it. what other can could volume, kind little look have then you wondering That’s the get of good of to the like bit just and understanding addressed, a get helpful. lot volume ingredients And for X%. so of next the up of trends unpack price ingredients using and was looks what excluding if like. business, the that CPG

Michael Franklin

half Page a side. volume into by to to on price the amount offset of the [indiscernible] CPG deck sure also that, QX of take X. decrease a because going that being business of in our For but had of ingredients our We about Ryan, Branded a visual you welcome X.X% look and supplemental back your question, same

As will starts through more expecting are weigh the the we as growth realizes through the price we away balanced year, quarters. as decelerate progress to

Ryan Meyers

makes my questions. Thanks That it. Got for sense. taking

Michael Franklin

you. Thank

Operator

to your Thank of comes question you. ahead. the JP And line ROTH Capital. next Wollam Please from go

JP Wollam

could morning questions. start taking kind Branded Maybe the for if thanks regarding new Good everyone, organizational of we CPG. on Great. and just structure the

kind thinking kind for more you’re there’s way there? of there some that, terms any an not, within maybe Thanks. opportunity of cost corporate was about to just Wholesome an is And or out? opportunity about that if whether costs if thinking so, In SG&A of there cutting and

Michael Franklin

So changes done empowering were lead job who historically wanted going in a our teams the leadership to the organization and sure that of reflection a individuals make business forward. to we great have our

have done with international great excited sell to an into Now to builds want and Nigel Wholesome And has that to excellent a finding we’re where has is lead job a today that on. Rajnish this and for additional where regions done continue continue to our hope obviously pattern. build we to and in him, business. job Jeff so growth opportunities it great continue been new acquisition we something MAFCO, us could is product. has Wholesome we

JP Wollam

mention. like queue call if briefly great. looks performance out to year-over-year, anything there’s down bit special This with in just looking to specifically the then I Okay. just through was anything wondering It sounds is And Europe? the there maybe, it a and

Michael Franklin

go And and they our France, in sell primary had, market we for we to of are us important areas look for space we when we that Europe, Europe, Look, brands us, look at white when after. products leading very Europe that is three the for ton is and in Europe, brands. there’s UK. that us, is in a Belgium And at

We build and hope telling excited share growth opportunities in go to we regions to want have had that going those the we are and We’ve we to to incredibly that Europe about continue after. that continue and some grow something forward. in it’s market

JP Wollam

Very for helpful. Thank the you time.

Operator

are proceed. there this Franklin, Mr. no questions you. time. further Thank Please at

Michael Franklin

of the also appreciate and to With progress. support members our all for that, our opportunity our thank joining team you forward you to continuing to their dedication update Thanks all take and on importantly, you everyone. thank Jeff, to for and Most globally efforts. just I We today. call your thank wanted look

Operator

you our conclude today. does all That you. for for participating. conference Thank Thank

now may disconnect. You

Whole Earth Brands Inc - Ordinary Shares (FREE) 10 May 232023 Q1 Earnings call transcript