ARHS - Arhaus Inc. (ARHS) Q4 2023 Earnings Call Transcript
2024-03-07 11:31:12 ET
Arhaus, Inc. (ARHS)
Q4 2023 Earnings Conference Call
March 7, 2024, 8:30 am ET
Company Participants
Wendy Watson - SVP, IR
John Reed - Co-Founder, Chairman & CEO
Dawn Phillipson - CFO
Jen Porter - Chief Marketing & eCommerce Officer
Conference Call Participants
Peter Keith - Piper Sandler
Jonathan Matuszewski - Jefferies
Peter Benedict - Baird
Steven Forbes - Guggenheim Partners
Jeremy Hamblin - Craig-Hallum Capital Group
Max Rakhlenko - TD Cowen
Simeon Gutman - Morgan Stanley
Phillip Blee - William Blair
Cristina Fernandez - Telsey Advisory Group
Presentation
Operator
Good morning, and welcome to the Arhaus Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow formal remarks. Please note that this call is being recorded, and the reproduction of any part of this call is not permitted without written authorization from the company.
I will now turn the call over to your host, Wendy Watson, Senior Vice President of Investor Relations. Please go ahead.
Wendy Watson
Good morning, and thank you for joining Arhaus for the fourth quarter and full year 2023 earnings call. On with me are John Reed, Co-Founder, Chairman and Chief Executive Officer who is joining us this morning from Italy; and Dawn Phillipson, Chief Financial Officer. After prepared remarks, they will be joined by Jen Porter, our Chief Marketing and eCommerce Officer for the Q&A session. During Q&A, please limit to one question and one follow-up. If you have additional questions, please return to the queue.
We issued our earnings press release for the year ended December 31, 2023, before market opened today. Yesterday, after market closed, we filed an 8-K to inform investors that we identified an error in our unaudited, condensed consolidated balance sheet as of September 30, 2023, related to certain leasehold and landlord improvements prior to showroom completion being incorrectly included in prepaid and other current assets rather than property, furniture, and equipment net. This error resulted in inaccurate cash flows ascribed to the operating and investing activities in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023. As such, we will restate our financial statements for the third quarter of 2023, and revise the December 31, 2022, comparative balance sheet that will be included in the amended third quarter 10-Q. For more details, please refer to the 8-K. Those documents are available on our Investor Relations website at ir.arhaus.com.
As a reminder, remarks today concerning future expectations, events, objectives, strategies, trends or results constitute forward-looking statements. Actual results or events may differ materially due to a number of risks and uncertainties. For a summary of these risk factors and additional information, please refer to this morning's press release and the cautionary statements and Risk Factors described in our most recent Annual Report on Form 10-K and subsequent 10-Qs as such factors may be updated from time to time in our filings with the SEC.
The forward-looking statements are made as of today's date, and except as may be required by law, the company undertakes no obligation to update or revise these statements.
We will also refer to certain non-GAAP financial measures and this morning's press release includes the relevant non-GAAP reconciliations. A replay of this call will be available on our website within 24 hours....
Arhaus, Inc. (ARHS) Q4 2023 Earnings Call Transcript