Grove Collaborative Holdings, Inc. (NYSE:GROV) Q3 2023 Earnings Call Transcript
Grove Collaborative Holdings, Inc. (NYSE:GROV) Q3 2023 Earnings Call Transcript November 11, 2023
Operator: Good afternoon, and thank you for standing by. Welcome to Grove Collaborative Holdings, Inc.'s Third Quarter 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 may be considered forward-looking. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All of these statements are based on Grove's view of the world and their business as they see it today.
As described in the SEC filings, the underlying facts and assumptions for these statements can change as the world and their business changes. For more information, please refer to the risk factors discussed on 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 our Investor Relations website. I would now like to turn the call over to Jeff Yurcisin to begin.
A person browsing the world's largest e-commerce marketplaces for the perfect product.
Jeff Yurcisin: Thank you, operator. Hello, everyone, and thank you for joining the call today. I want to start this call by saying how honored and excited I am to be joining Grove as CEO. I'd like to thank my predecessor and our Executive Chairman of the Board Stuart Landesberg, the Board of Directors, the Grove leadership team and all of our employees who have put their trust in me to lead the next chapter. We have all been incredibly supportive during my transition. I joined Grove because, fundamentally, I believe that every individual can make a positive impact and drive change beyond themselves. What unites growth team is that we are all committed to a singular purpose, one that is bigger than ourselves. We create and curate high-performing Planet First products and aspire to transform the consumer product industry into a force for human and environmental good.
Having followed Grove for some years before joining, I have made a number of assumptions about the business. And after 75 days into the role, I am reaffirmed by 4 core themes. First, we have an incredible brand. Grove is the leading platform for natural shoppers and is well positioned with our customers, including both active customers and those that haven't made a recent purchase will continue to come back to us because they believe in our mission. When you listen to these "inactive customers", you realize they too love our product and brand. With the home and personal care market amounting to roughly $180 billion, we know there is room for our trucked brand to grow. Second, we are the leaders in sustainable home care and have strong potential to expand beyond that category.
Our formidable foothold in home care is an entry point and a springboard for growth to expand our presence, deliver innovations and launch wholesale into other categories that are relevant to natural shoppers. We can do this because of the trust we've built in our core products and offerings. We said we would expand into health and wellness, and we are doing it week by week. More customers continue to trust us for their broader sustainable needs. Third, we have best-in-class talent. The Grove's team is one that has made difficult decisions, endured cost-cutting measures and work through unfortunate but necessary reductions. And yet, our employees, teams and the broader culture are incredibly strong, resilient and united around our mission. I am deeply impressed by the team and energized by what we can accomplish together.
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