Goodfood Market Corp.

Good morning, ladies and gentlemen, and welcome to the Good Food Q4 2023 Earnings Conference Call and Webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. As courtesy to others, we ask that each participant limit themselves to one question and one follow-up. Instructions will be provided at that time for you to queue up for questions. Please note that questions will be taken from financial analysts only. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded today, November 22nd at 8 a.m. Eastern Time. Furthermore, I would like to remind you that today's presentation may contain forward-looking statements about GoodFeed's current and future plans, expectations, and intentions, results, level of activity, performance, goals or achievements, or other future events or developments. As such, please take a moment to read the disclaimer on forward-looking statements on slide two of the presentation. I would now like to turn the meeting over to your host for today's call, Jonathan Ferrari, Good Food Chief Executive Officer. Mr. Ferrari, you may proceed.

Thank you. Good morning, everyone, and welcome to this call for Good Food Market Corp. to present our financial results for the fourth quarter of fiscal 2023, ended September 2nd. I'm joined on the call today by Neil Kugge, Good Food's President and Chief Operating Officer, and Ross Aouameur, Chief Financial Officer. A press release reporting this quarter's results was published earlier this morning. It can be found on our website at makegoodfood.ca and on CDAR. Please be aware that we will refer to certain metrics and non-IFRS measures. Where possible, these measures are identified and reconciled to the most comparable IFRS measures in our MDNA. Finally, let me remind you that all figures expressed on today's call are in Canadian dollars unless otherwise stated. I will now turn to slide three to review the highlights of this quarter and year. We are pleased to continue building on our profitability momentum by delivering a third consecutive quarter of positive EBITDA and record EBITDA for the full fiscal year. This performance demonstrates our commitment to build on our improved financial performance to generate growing profitability and cash flows. In the fourth quarter, we delivered positive adjusted EBITDA of $1 million a margin of 2% during our seasonally weakest quarter. Operational efficiencies we have worked to gain in addition to continuous pricing optimizations drove robust gross margins with gross profit stable year over year on a lower net sales basis. Combined with unwavering SG&A discipline, the improved gross margin has led to strong EBITDA performance. For fiscal 2023, We are also pleased to report our largest ever positive adjusted EBITDA performance of $5 million, or a margin of 3%, compared to an EBITDA loss of $41 million, or negative margin of 15% last year. This successful turnaround and record performance stems from the operational efficiency gains, as well as our focus on consistently improving our unit economics over time through enhancements to our customer value proposition. On the SG&A side, we have reduced annual non-marketing SG&A by $34 million this year, enabling a cost structure that can consistently drive growth in our profitability metrics. Our marketing efficiency initiatives have also begun bearing fruit as our customer acquisition cost has decreased by double-digit percentage points compared to the same period last year and to the early quarters of this fiscal year. The efficiencies our team have been laser focused on achieving are key to Goodfood's profitable growth. Both in recent months and into the future, we continue to build on the momentum we've created by consistently strengthening our customer value proposition to increase the stickiness of our customer base and unlock new TAM. We have increased and continue to increase our assortment of delicious recipes. We are investing in the user experience on our digital platforms. while doubling down on sustainability and building inspiring partnerships with good food brand ambassadors and brand partners. More on that later. Overall, we are lean, mean, and disciplined, which puts us in a strong position to continue delivering EBITDA growth and look forward to accelerating that growth in profitability. On that note, Ross will now provide additional details on our financial performance. Over to you, Ross.

Thank you, John, and good morning, everyone.