BRC Inc.

Greetings. Welcome to the Black Rifle Coffee Company first quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Tanner Doss, Vice President of Investor Relations. You may begin.

Good afternoon, everyone. Thank you for joining Black Rifle Coffee Company's conference call to discuss our first quarter 2023 financial results, which we released today and can be found on our website at ir.blackriflecoffee.com. With me on the call today is Evan Hafer, founder and CEO, Tom Davin, co-CEO, Greg Iverson, our chief financial officer, and Toby Johnson, our chief operating officer. Before we get started, I'd like to remind you of the company's safe harbor language, which I'm sure you are all familiar with. On today's call, management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, please see our previous filings with the SEC. This call will also contain non-GAAP financial measures, such as adjusted EBITDA. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release, furnished to the SEC, and they're also available on our investor website. Now, I'd like to turn the call over to Evan Hafer, founder and CEO of Black Rifle Coffee Company.

Thanks, Tanner, and good afternoon, everyone. It's hard to believe that this is our sixth earnings call since we became a public company. As most of you know, it was only a decade ago that I was bagging coffee with my wife in our garage. At that time, I had a vision to create a business centered on supporting the veteran community with an authenticity that doesn't exist in other businesses. Over the past eight years, Black Rifle Coffee has evolved from my original vision of a premium direct-to-consumer subscription coffee business into an omnichannel CPG business. And today, I am pleased to report that we have met or exceeded our financial expectations in Q1, and we are well-positioned for the remainder of the year. While our business model has evolved, I'm most proud of the company's mission and purpose has remained steadfast. Our commitment to serving veterans, active duty military, first responders, and their families has stayed constant. Being a mission oriented and purpose driven company has always allowed Black Rifle Coffee to punch above our weight class with regards to attracting and retaining talent. I've always tried to surround myself with the best and the brightest team members that are going above and beyond to support Black Rifle's mission to create value for all of our stakeholders. Last quarter, I highlighted our new CHRO, Marty Manning, and our new CTO, Chris Clark, both of whom are talented executives with deep business experience who also served our country through active duty military service. Both Marty and Chris are passionate about Black Rifle's mission and have the skills and experience to help me continue to deliver sustainable growth. Today, I'm also excited to announce our new Chief Marketing Officer, Chris Monsaluski. Chris brings over 20 years of consumer marketing business in leadership experience, most recently serving as the chief growth officer of Mars 12 billion plus global pet care business. More importantly, prior to his business career Chris or five years in the United States Marine Corps deploying wants to support operation desert freedom. Outside of his own service, Chris has a deep personal connection to the military and law enforcement communities. His wife served in the Navy. His brother and sister-in-law are still in active duty in the Navy. Another brother is a police officer in Pittsburgh and his daughter serves as an active duty surface warfare officer in the Navy. Chris's business background working across multiple sales channels and his commitment to our mission will be instrumental in our marketing and branding efforts. as we optimize our marketing spend to become more of an omni-channel focused business. Chris's addition to the senior leadership team rounds out a very seasoned executive group that not only can deliver results to our shareholders, but also are driven by our mission to support the veteran active duty and first responder communities. As our leadership team continues to drive results, we continue to use our platform to give back to our loyal and growing community, which has been ingrained in our culture since day one. As I built this business out of my garage, although I didn't take a paycheck my first year, I was able to donate tens of thousands of dollars back to the veteran community through nonprofits. As we continue to scale, our commitment to our community has never been stronger and our impact has never been greater. A recent example of our commitment was the two U.S. Army Black Hawk helicopters that crashed on a training mission outside of Fort Campbell, Kentucky, close to Clarksville, a Tennessee outpost. Over the course of two days, our Clarksville outpost raised over $50,000 for the Screaming Eagles Aviation Association, which will go directly to the families of the nine soldiers who died that day. Here at Black Rifle, we know that no monetary donation can compensate for the loss their families endured. but we wanted to show our support for our brothers and sisters in arms and let everyone know that the community had their back. Another example is our recent donation to the Special Operations Warrior Foundation. which will help fund the preschool program for children of fallen special operations personnel and Medal of Honor recipients. These donations are used to ensure their education support from preschool through post-secondary education occurs at no cost to the families. This was funded by our commitment to give a portion of our proceeds of every bag of coffee and box of rounds that we sell through the FDM channel. In the short time that we've had this channel, we were able to raise over $500,000 for this donation. As you can imagine, I spent over 20 years in the Special Operations community, and I know just how impactful these donations can be to the families to relieve the stress of losing a husband, a father, a wife, and a mother. These are just a couple of the recent highlights that are at the core of our mission and continue to build our unique connection with our community. The larger our brand continues to grow, the larger our impact will be to those who serve. We are constantly working with our partners to donate a portion of our proceeds from the sale of our bagged coffee, rounds, and our RTD to ensure we continue supporting the veteran, active duty, and first responder communities. None of this could have been done without the support of the community. And I just wanted to thank everyone who has supported and continues to support through the purchase of our products and support of the brand. My goal has always been to build an enduring brand that will be around for generations. In order to build a sustainable brand, we need to be adaptable. As the world has changed over the past couple years, we knew that we had to adapt our business model to fit the changing economic landscape. As the economic backdrop changed over the last 18 months, We've adjusted our priorities as well from maximizing growth at all costs to profit in capital efficient growth. We know this might've seemed like a sudden shift in our overall plan, but we knew that the entry into FDM was the right area to focus in the short, medium, and long term. To date, this has paid off and we're excited to share more over the following months from this channel. With that, I want to turn the call over to Tom for additional color into the quarter.