Earnings call transcript Q4 2022

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Operator

Greetings and welcome to the Grove Collaborative Holdings Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] Please note that this call is being recorded.

I will now turn the conference over to our host, Alexis Tessier, Investor Relations Advisor. you. Thank

begin. may You

Alexis Tessier

you call joining CEO are Sergio and thank me Stuart today. on CFO, today's Grove's, Cervantes. all and us for With Landesberg Hello Co-Founder and

started, safe get Before the quickly forward-looking we harbor I'll statement. cover

cause a of uncertainties may our prospects, actual about Such be our trends our considered financial make respond that successfully involve industry future ability strategies, forward-looking. statements to differ we number business to to Some and materially. the and today could of that risks results, business results statements risks

All view of today. our we on these statements are it of business based our see and the world as

described in for the assumptions change As and as SEC our world and underlying changes. facts statements business can the these our filings,

in are filings the For more information, on please available refer website discussed most SEC, with our to @investors.grove.co. which Investor factors the Relations our recent risk

will our non-GAAP non-GAAP GAAP During discuss our in provided items today's website. and also Investor which available Relations the on are measures. these financial most to also call, directly comparable supplemental earnings earnings Reconciliations are of presentation, we certain release measures financial

it turn I'll Stu. to that, With over

Stuart Landesberg

top goal in Thank were value In to call of plan achieving out XXXX, laid bottom that ahead against full you Hello for and our and both report XXXX, line growth our this of and a progress 'XX. joining I'm today. results our that we with profitable everyone you, for guidance drove year Alexis. earnings creation thank pleased on strategy

on the quarter. upon net revenue management discipline, Our made and expense four improved expansion, each fourth plan omnichannel and value pillars, during creation is progress marketing built operating efficiency, we

the profitability of second half XXXX. of to make We have leveraged the value this important course strides to plan over creation

will and the on challenging Grove are working growth That have marketing. overspend In talk cohorts beyond, comparables in we XXXX, revenue more back for up of to as we XXXX Now growth benefit you'll with stabilizes beginning set of XXXX to XXXX. we today's through half hear when will call. this starting overspend for the in year, drivers ourselves marketing the XXXX, but about

Our levers core potential. for our drive strategy the in upside three investing for XXXX profitability is while to material business

The including is on category we mergers wellness expansion Wellness, site which talk via call, and HumanCo three, retail, that we'll leveraging on partnership channel we last acquisitions, and which first expansion push continue the allows approach to above for more unique overall launch while I've this long-term our position and the through with think trends. We market previously and into about announced quarter. us announced growth discussed industry GCC profitability our into Grove today, this to of our

on marketing in to particularly continue fourth lower paid spend to across our efficiencies results, levels social quarter channels, organic. on and improve Now

XXXX. fact, cap In saw lowest the fourth since quarter, our

the our enhanced marketing we have further technology and creative In addition, with out stack rolled we new targeting segmentation, in XXXX.

pleased accelerate impact initial refine the results on and year capabilities. customer We engagement that are further we through with the our as anticipate will

the over places official The its walmart.com. personal retail growth than about lifetime November, gain has announced nationwide of Amazon in Plastic, but capital that plastic-free excited is Grove Co, puts on the launch zero Walmart select only anticipated. in our extraordinarily purchases this launch. one We not distribution of sales our launch in where continue progress brand, million remain category care efficient, approaching products waste in stores home though was omnichannel is by strategy We which are XX% Peach not XXXX since made. and to rollout Amazon We on our flagship been Amazon care learnings expansion, Grove facilitated on our slower initially brand the at recently make from

on particularly important optimization these party our During response continuing initiatives been revenue with focused initiatives we while both third and in products in to response net are strategic has high provider. on actions. this DTC inflation line on in and management the net stubbornly price expectations, of to elasticity consumer pricing, remains monitor and where several revenue implemented environment fourth quarter, are growth we These our consumer's also brand

maintaining results year. by our Successful of strict are towards creation profitability for plan future discipline, improvement resources Lastly, our objective aligned initiatives and operations market we've redirect to expense while that investing value drove able four-part this throughout long-term been execution the our in attaining financial most with streamline growth. of

quarter a $XX.X the in XXXX, half Adjusted of compared our we 'XX loss to VCP. half improvement million of $XX.X the a as million million fourth first loss loss quarter of as second million last in $X.X of million million year. XXXX $XX.X $XX.X and the was compared EBITDA In $X.X third in EBITDA the adjusted staggering was fourth of of loss as in the to implemented quarter

noting we focus basis to spend channel. Margins back XX lower most strategically declined as X,XXX points advertising points year-over-year improved on worth despite on sequentially revenue basis and will It's efficient also here sequentially cut detail that was came and margin the the in his that on and give EBITDA both items, more non-cash margin and over of year section. gross remove we once up impact year. Sergio

million the XXXX. Revenue of fourth was in as quarter $XX.X third compared $XX.X million the in to quarter

and advertising on has profitable for strong advertising right the improve the growth in future. in our efficiency While position driven confident remain efforts spend in to year-over-year revenue, ourselves resulted that pressure the results we step have comparative is to current reduction

Grove revenue up towards significantly or XX% the zero XX% from products, plastic, beyond free progress the meaning fourth either brand's During reusable fourth of our to quarter standard, the plastic XXXX. plastic from being in make single we refillable goal of from companies use quarter, came quarter, XXXX. by waste net the continue of In

from Site-wide pounds and plastic plastic Grove per across also a through revenue X.XX to in We growth. others sustainability pounds I'm from per plastic move plastic the industry intensity and improves disclose that as on plastic our brands, in retail metric challenge every fourth 'XX. plastic quarter XXXX report from we of in revenue. paragraph moved XQ X.XX revenue plastic We same a of for partners, and the in all of to is this X.XX record improved pleased away lead or the for in $XXX intensity from metric of $XXX of $XXX our pounds pounds $X.XX in intensity

-- I environment first sight the As challenging is have core am we the business advertising we of about mentioned, stabilizing one despite overspend lap things most in I line our lap XXXX. half excited of that the we of advertising the as as to

retention customers capabilities and growth. stack in set We communication are for to on stage down for and the new improve doubling our benefits investing our in best

market announced distribution I've take launch omnichannel Wellness. the growth already XXXX. with sustainability, in dietary of on Grove on discuss complicated curion alone, for like so centricity, M&A. a the supplements the consumer to efficacy, two and a US other always to touched been is world. Wellness I'd they're massive the Grove in Today to we opportunity, and known a expected $XX wellness of billion the has reach in levers; minute basis innovation

our forward claims this products across how XX% excited has is other drive further founding, Grove consumers are and to about make there Since been investigated and consumers' over to points trust never we industry wellness to help category. yet health human their wellness provide find leader our sharing goal and respondents and Consumer improve our look I they expansion force with for true a to future has and into no sustainability the said to can mission we excited this important been lives would cost. in trust strategic are to of we As as brands see to more more another they sustainability CPG environmental our and practices positive our the and product. them to bad space exciting, wellness. bound pain and

strategic The future growth other lever is M&A.

path of private quickly deep profitability. and that a business quarter, mission in evaluate with to the into operational co-founded us their Carb that material and of will and can the we by founders billions agreement dollars has fund health and company, identify, HumanCo the companies. mission-driven investment, and entered and wellness Under markets During M&A holding Jason subsidiary Grove's opportunities HumanCo, deployed help impact scale and shortening accelerate expertise an agreement, HumanCo Ross driving by we Behrman. our public announced have and capital HumanCo

strategy Importantly, making opportunities HumanCo more for single consumers extensive million HumanCo impact diligence, highly and to the to our percent our live intention After lives. it sustainable or has for up capital consider agreed easier in HumanCo passion a acquired more shares our $XXX of growth funding profitable one end, to announced. to this previously as ownership of partnered has healthier digit M&A with and finding We company. synergistic new to accelerate that meaningful

quarters and we stronger in for environment could evaluate the mission We changes capital better strategic create and improve leverage profitability positions that to HumanCo to emerge quarter, those continuing we entity, will remain change to and laser demonstrated step believe to think an coming years. focused and to and opportunities exactly shareholder While macroeconomic as the provide we plan with allow our advance partnership this our path would our over step shareholder growth growth value that opportunities on as independent create meaningful difficult value.

right and through market we plan We business we increase future strategies drive are our profitability and leadership. achieve value of are will that stable growth execution creation the that in our confident of continued investing to

Sergio, to Before to for I all they I day. the call want thank our members over work team each turn do the of hard

each and is what a true alongside work possible. to It of our privilege Your our customers to you. commitment is mission everything to makes

review over And Go in more to call to now our like to I'd the turn financial ahead Sergio Sergio. detail. results

Sergio Cervantes

quarter-over-quarter the Similar the to we'll changes, we in the provide ourselves the as comparisons addition year-over-year Stu. sequential previous steps better and believe have to taken we you. position to reflect for in profitable calls growth. Thank sustainable business the trends comparisons

reduce growth sustainable Stu comparisons $XX impacted quarter company revenue million and the strategic quarter year-over-year. advertising Fourth in by as the from X% XX% XXXX XXXX was achieving discussed. to Both the as of down focuses decision were profitable net on spend third

and and which XX% to quarter-over-quarter continued quarter-over-quarter trends were were million were year-over-year declines total X% DTC over year down a XX% Similarly, XX year order, on quarter down orders total active X% net positive orders of to trailing offsetting X% in in $X.X XX% per customers and to $XX.XX. basis. and the over was revenue $X.X Partially quarter year-over-year month million

a driven well from management Grove on at was increase and as introduction brands of as impacts party the of price quarter, of strong performance third the the third initiatives, by products primarily fee and This of implementation revenue including net the seasonals. chain increases end supply both by

note, in trend strong QX in continue QX. these expect softer be it'll seasonally we We long-term but to and

points XXX XXX quarter year-over-year XXXX the from down XX%. basis was points third of up basis margin to Gross and

fourth offset the improved primarily of been gross in and Excluding reserve as well year-over-year by increase positive management margin the would The quarter, freight net was have revenue costs. by promotion the mentioned strategy the of partial above by driven charter full impact including increased cost, inbound the inventory XX.X%. initiatives impact the

Grove year-over-year brand of quarter-over-quarter decrease new a by XX.X%. party customer of to as number as a year-over-year third points brands tend XXX to as basis large the driven which compared website basis percentage our was to declined on include brands products. orders, a products in by more and launch net points Grove Grove revenue new of to XXX as well The decline

note, and less fell as Of spent severe. we and advertising, impact operating that investment the XX% much to is our XX% $X.X on reduce improving marketing quarter-over-quarter revenue and strategic advertising we reflecting pleased are year-over-year focus pullback efficiency. to million expenses

are in change, this from improvement cap our which We resulting XXXX. since with efficiency lowest advertising pleased drove

XX well company. public and asset driven June being increasing these in related and performance $XX.X as by by year-over-year we expense SG&A impairment quarter-over-quarter million related to a as right to from increase from the which going $X.X to condition expense in record largely cost started $X.X of public use to expenses an increase charges stock-based XX% was The when related million. to million met operating reviews XX% related to increased was had compensation, year-over-year our related

driven by to reduction due a and volume by to salaries reef offset fulfillment partially decrease in occurred benefits and lower that a in This headcount largely was lower cost oil XXXX. attributable in a

the third the of than than X% right permit and Excluding less in expense XX% quarter the or and difference stock-based would've last year. been period million assets-based SG&A use the $XX.X quarter same less of XXXX compensation,

reports professional reduction quarter-over-quarter an and was The by to partially a to driven salaries decline due lower increase being cost related by fees. company offset benefits and public in other

fourth quarter the of to of As quarter of net in a been SG&A in would've XXXX third XX.X% percent XX.X% the revenue and XXXX. expense compared XX.X%

quarter Our quarter XXXX from in $X.X a adjusted material the $XX.X the fourth a despite EBITDA loss was loss slight and improvement third in $X.X sales. the million loss improvement from million, the lower million of

EBITDA margin improved primarily inclusive in points due by minus over the non-cash improvement was and to by XX reserve. stand. The adjusted quarter Our quarter XX.X% basis impact to basis advertising points, inventory declined year-over-year reduction the of of X,XXX year-over-year

in derivative third fourth quarter of the million quarter million, income a of of of was to XXXX. $XX inclusive the $XX.X of million $XX.X of quarter loss in in quarter re-measurement in and compared and $X.X respectively the in income loss million Net $XX.X was quarter gains the million of XXXX Net fourth third of capabilities. XXXX net

yearlong reserve. cash equivalent the adjusted our end quarter efforts quarter, balance in now improve with mainly September, an $XX.X by increase finished working down inventory $XX distributed partial fueled down coupled EBITDA from $XX.X the the end capital, capital. losses, to XXXX, million quarter in million the Turning cash, to we in by from million cash, inventory of with working balance of the million from a offset and sheet, $X.X We with previous the improvements

not As a our covenants until our The maturities. also was challenging does XXXX we eight extend previously data to operating have limited and announced market. new term at loan third $XX amortization obligation during over in or quarter, terms million summer any refinanced executed maturities the facility

from we'll to total structure. and our Of capacity profitability capital needs. end our our quarter, loan $XX continue actively capital on and we about and account addition our of feel We managing calculated loan of which liquidity facility aggressive capacity position inventory based in years strategic with for three support plan initiatives for working balances. our borrowing an sequence term to the good to is current to push and is The the million closed a asset

the outlook, on we and We we focus towards the hit retail the significantly growth lower seeing XXXX. macro for we new generate reduction began will XXXX a continue environment to position businesses, view in made with. a channel. Consumers sources to The in as rate impact profitability to which particularly considerable rate turning our pressure we growth as for XXXX across continue and profitable spent ending stride than Now are year feel profitability the challenging. remains are our we the core began the in second year during XXXX of our to in left our of that transitional in advertising business half sales growth

we and date year, expectations of for to performance our our following Factoring the remainder guidance. offering the are the

XX, For the XX%. of $XXX to margin to revenue ending X% of XX minus adjusted net months $XXX minus million, EBITDA million period expect December XXXX, we

give over year will headwinds while in EBIDA is the right other the conclusion, challenging one. adjusted. down reduction that the us confidence In for our on the spent tighten environment strategic strategy in drive revenue over remains year our improvement year is XXXX, year

such future drivers and we vertical away CPG m and wellness and as omnichannel are the and long-term strategic ourselves future excited in expansion, invest success to the for industry plastic. leave growth from about continue as health position We the

to turn back I'll call now closing Stu. to like for for Stu the remarks. Go it some over

Stuart Landesberg

Thank you, push profitability, with improvements the towards despite moving pleased we challenging in Sergio. very that have EBITDA We're the positive the rapidly environment. our company made to

through liquidity to sheet very our strong also no are restructuring pleased efforts We until ensure with with balance maturities our XXXX.

in challenging continue and past to aggressive our a line variables and year mission should in XXXX. ourselves our the are make this and for drive stakeholders. for to especially combined m plan bottom very wellness for once we we stated, growth That up exciting with marketing Sergio As growth in Grove, all to retail, outperform, throughout to overinvestment a set push on for XXXX opportunities the and

for questions We have. are Operator, line now questions. any happy please you may to answer open the

Operator

[Operator your Susan from Please first state Canaccord comes instructions] Anderson Genuity. Our question question. with

Susan Anderson

category I about. third brands least And this you you the health site it's was Hi, the be the that talked distributing my more wellness be quarter. taking your on profitability going DTC new through if you to your creating category could in at I question. Stu, this I party? color give will for and evening. good Thanks own Nice improving or new job own on some guess wondering maybe for assume beginning.

Stuart Landesberg

question the for Susan. Thanks

retention XX% that desire look It's at that regimen that overall a like the mentioned blew love other our them When incredible the also and compelling in them. our and away. trust and we has when XX% reasons. call So vitamins stat taking to of size provide you for out market surveyed product would to the when get impact, within us consumer are on are mentioned we something a built. supplements think call. categories the is we brands one over consumers few they incredibly create and of already wellness consumers, I I truly Grove

leadership that P&L, these and exciting to at of lot you at can business our And from look a the elements than a when care of are forced perspective, revenue category. look do almost higher for done category And products well, the core of so, business it us. when average a home lack when in also really it. higher space, we unit sort There's and margin be compelled, were the sustainability you

first of terms platform. our to who it for already how we'll folks come In Grove and life; customers direct-to-consumer will through existing start come life are it'll to of

does brand brand called of vitamins I which shouldn't called brand have sort legacy supplements a vitamins, pretty that HONU, HONU, We is say well.

to model are allow create future certain be that but in playbook we in us, personal a direct-to-consumer that that from gathering I that innovation the one in what is works and we are care, one will answers care us customer the is of works of home need certain business real unclear for think it's VMS. a will work data to

So the way expect out offering. you roll first of to is that as should the enhancement to sort wellness direct-to-consumer an

not help innovation as over but a long. hopefully, second as today, care improve sustainability a can expansion. in you timeline from just P&L the through a for second too pillar can our and to drive category we really place in time home much we innovation And, where do just then brand And build perspective can be like not learning well us category know that efficacy did the leverage product in I

come want use driving financials, don't say to personal playbook our innovation satisfaction, really I side. going So expect been the care that's same that's successful the and certainly to and to home we but out and XXXX loyalty customer impact in on

expect on to both We think side. long bring term over huge same a to that this wellness and there's the playbook I direct-to-consumer brand side here opportunity building and the on

Susan Anderson

category you, I ramping do And should on kind we of to your needed, site? kind thinking the any, how business Great. ramp that about about that like think of up, guess investment if just

Stuart Landesberg

I bit to comes think willing in building build the investment time of even brand invest little is on it the to being in takes if site, awareness. of a really form the

and talk profitability And this last call call, and focus, on that on so, a Sergio you've probably about right? the lot heard is I absolutely our

said As in first the I word meeting, is and growth profitable. team earlier a today profitable

customers build of with base have So really over-investing here brand an feel can and fortunate of we to are cautious organically. that we extraordinary

And to so we're -- going where that's are to we going start.

support ton an and in us have investment we the it'll that, big see that for category. what's data really the that's be make a we here, change one do of can that in step a happening because us you conviction investment to If have

Susan Anderson

Great.

not and to the the the you're any target. etcetera. big in I'm there on or just if one seeing wholesale channels if Amazon, in, if such and rollout any as curious DTC also already if own I recent talked just early I'm there's any did if impact DTC you business was your site the then like other Walmart, in could there reads I'm quarter, about And that more Okay. growth divergence sure there then curious, you add versus

Stuart Landesberg

Sure.

too of relative of we're thinking on them, growth to So and But in just say early excited about both it's those we're to Obviously but cases we're question not term, going not the the both to channels. Amazon, about answer long comment channels short Walmart in yet. term.

we but they very to it's direction which in. so, too to also go aware how it's exactly I'm excited, those will -- I'm early go, see understand will too And early

from the believe And we yet we've and XXXX from doors a over there's In us X,XXX other. there's in we impact side. to perspective wheat reason well a is cannibalization customers who happening other losing across and to to are channels, seen target in one happened from target any consumer gone probably cannibalistic to haven't sort probably some and customers target now of our other come to practice, then find places is what's direct channel

So have any yet growing channels. that is awareness of trading but our what we across will biggest think to and that don't among growing really is omnichannel is reason retail the the benefits do we footprint, long-term we're have off we see result our that customers presence think

Susan Anderson

Thanks someone this I'll so much. Good year. let great. else Okay, rest luck the in. hop of

Operator

from comes Our instructions] your with Telsey next question. Advisory Group. Please state Telsey question [Operator Dana

Dana Telsey

everyone. good afternoon Hi,

As And to the upcoming is there? marketing with you EBITDA you health adjustments business spend? the much with fiscal loss, to guidance, about new of and lesser forward how but with as invested go is reduced this the marketing a due in for this much how earnings the year wellness, the sales lowered think

add lastly the do And doors? particular of you on do more Would how Thank planning expansion company When it? -- XXXX? then How add you. expansion that more into you you it when think do you're retail, different? assess and into just Is you inventory? how do each

Stuart Landesberg

after reminder I'm Hey the one. you but for best questions. sequence, may Dana, in them need to I going do question to thank my a answer

how Sergio question. more can priority then a of line. about your revenue think So to in I'll specifically of the terms bottom high speak and level we give And

possible optimistic. we year; think drive that across I do profitable think, hit do that we it's that still push -- driving we our out believe will we to we look very growth and in profitability year profit will still and when grow XXXX,

cohorts of about just curve for goal our little of to start we and a of the the is as sort bottom 'XX spend marketing will we where hit the really understand -- in bit a life strong of XX our a first you reminder a and particularly months cohort's you after the the if and folks, lot are to the then first investor months really of call, presentation, first the whole seen that half us see months degradation. imply haven't six the really are what strong Talked and big The then first growing. first don't XX

we through the are tough marketing XX lapping, can if is there sort stop So high we'll from spend basis. months June, comparables year-over-year of you a where particularly having on

also So margin pushing faster been and which do that best for I've we but what pleased controlling our gosh, metrics job the and see and around we're and right year-over-year can because marketing really builds gross extraordinarily for And revenue look basis, efficiency, the P&L muscles build less say, the XXXX? with nice down P&L improving margin. payback and down doing we at progress improving down up a on you including came came gross a margin how can

investment. the growth. building think to of across want the to can Sergio our metrics drive the with is that in let and the we're we healthy and but goal we marketing now. specifics, you to healthy Sergio, P&L that profitable question make And an XXXX set if a I'll putting emerge to blocks speak of practices speak place really sustained sure business from So incredibly overall specifically

Sergio Cervantes

some as will the probably course. I reminders need of And Dana, question. Yeah, I answer

Okay.

think the So answer first to of question all, is your I yes.

is future biggest discussions the decision is of one a we So, that we per have previous prioritizing conscious seen into profitability. as impacts the and move

growth yes, projected XXXX. that guidance investment that the impacting, have level So before reducing and have impacting the as it's of we for out we put it's

So the is first question answer yes. to that

that would I'm marketing is, is because Second I much going you not from how coming answer, the is from you coming question, specifically in is said how which reducing it I advertising could imagine. clarify I'm say to you at from coming basically and point, digest other tell to and much reduction this so the believe majority as but split the going factors?

that level not slower at winning, environment but to it is that the the And grow. we that part retail it of that growing the want spacing still still favorable. is second pace a to is at is be one we We're wanted not

that So you part that of me reminder? remind question. Can answers the of the

Dana Telsey

you're when to is the the assessments allows The -- thinking the you other with about added? how one expansion, more of retail with you're expand new less, you or what businesses forward just what's when that, progressing just

Sergio Cervantes

to Yes, compliment Stu to take of answer. is question that so and I'm going the going part

strategy pushing the course we, of pretty levers basically as important was us have Stu part it's So for we the growth. growth of continue and as that describing, three for to for

to those So expand the growth business one we want the and to the get of opportunities is retail that. environment

term how of the is which to much the the the action, we come want So expand how long basically based us chains to is to create decision the return big investment partnerships? give players, the and where expand are do labor where expand the that to can the that to decisions expanding retail, and work fastest, on are on

those of out each to on this beginning investments, assessment you and by going pull in investment of cost? each and brand the of businesses to go they that there, levers of some space beginning level launch to also better So volumes, having we question. by of leverage the would of how at profitable can those carry that and the in having our to different more what we also in for the answer grow And imagine at of impact we expect would market, with of the course, channels, the become regions, reducing that by different as the the awareness they but profitability go of we much the assessment this the of leave I'm have together assessment. that's type How part Stu is that required

Stuart Landesberg

over be a clear leader I I And from zero the said, a retail, plastic. big decade And at two keeps retail. away in in want every high XX% single continuing see board, action that like I say, Dana, something and something, push us. think, DCC when to I years think have a use push look, our learning will US we're market single to such we I the the at not experience partnerships from a look Sergio. is And we of waste consumers think just think across us even that's I of conversation. for consumers into brand little I that towards in level, think, on sale see use plastic that's well it is a in taken

as so And good think the in that put up continuing continue velocity to growing to skew distribution, learn channel, thing to and really allowed gaining numbers in is successful into I core us so be value being the counts drives really price an intrinsic that approachable can in point. proposition repeat. need unmet terms waste product a of a high that And zero answers of that that that extraordinary has be at efficacy consumer we available

in And we are anticipated, a still so rates but very I bit the segment originally than slower little growth think, this has rollout Sergio's right, had healthy. been

that's to them grow and allowing much be us the very intact. to We continue healthy to expect core is thesis

I third a lost had in. I you and it think, question I think think somewhere there, I Dana,

Dana Telsey

can we that No, it you. I'll No take on. pass Thank problem. offline. no,

Operator

are no to conclude. there this the And you. you. Landesberg back Thank floor at time. hand Stuart questions to Thank further I'll

Stuart Landesberg

thanks looking through our to today. grove.com\wellness you exciting for very for you Thanks all support you listening. out check hope Well Many a and go all for new to XXXX. forward launch Thank everyone much. very I Really much. your wellness year thanks

Operator

day. Thank All may you. great that parties concludes conference. Have disconnect. And today's a

Grove Collaborative (GROV) 14 Mar 232022 Q4 Earnings call transcript