Feb 21, 2018 • 08:30 am ET

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Presentation
Operator
Operator

Good day, and welcome to Wolverine World Wide's Fourth Quarter and Full Year 2017 Conference Call. (Operator Instructions) This call is being recorded at the request of Wolverine World Wide. If anyone has any objections, you may disconnect at this time. (Operator Instructions) I would now like to introduce Mr. Chris Hufnagel, Senior Vice President of Strategy for Wolverine World Wide. Mr. Hufnagel, you may proceed.

Executive
Christopher E. Hufnagel

Thank you. Good morning, and welcome to our fourth quarter and full year 2017 conference call. On the call today are Blake Krueger, our Chairman, Chief Executive Officer and President; and Mike Stornant, our Senior Vice President and Chief Financial Officer.

Earlier this morning, we announced our financial results for the fourth quarter and full year 2017. The news release is available on many news sites or it can be viewed from our corporate website at wolverineworldwide.com. If you would prefer to have a copy of the news release sent to you directly, please call Tyler Deur at (616) 258-5775.

This morning's press release included non-GAAP disclosures, and these disclosures were reconciled with attached tables within the body of the release. Comments during today's earnings call will include some additional non-GAAP disclosures. There is a document posted on our corporate website entitled WWW Q4 2017 Conference Call Supplemental Tables that will reconcile these non-GAAP disclosures to GAAP. The document is accessible under the Investor Relations tab at our corporate website, wolverineworldwide.com, by clicking on the webcast link at the top of the page.

Before I turn the call over to Blake to comment on our results, I wanted to provide some additional context information. As communicated during the company's last quarterly earnings call, the company's 2017 fiscal year is comprised of four 13-week quarters versus a 12-week quarter for the first 3 quarters and a 16-week quarter for the fiscal fourth quarter in the prior year. When speaking to revenue, Blake and Mike will primarily refer to underlying revenue, which adjusts for the impact of foreign exchange, the impact of retail store closures, the transition of the Stride Rite to a licensed business model; and for 2018 guidance, the sale of the Sebago brand and the sale of the Department of Defense business.

We believe underlying growth best reflects how our global businesses are performing in the marketplace. In addition, we will be providing adjusted financial results, which exclude restructuring and impairment costs, nonrecurring organizational transformation costs, including divestitures and incremental inventory markdowns related to store closures. The impact of foreign exchange and noncash impairment of indefinite-lived intangible assets, environmental and other costs and the impact of recent changes to U.S. tax law. You can find tables reconciling these disclosures in our earnings release and on our corporate website. I'd also like to remind you that predictions and projections made during today's conference call regarding Wolverine World Wide and its operations are forward-looking statements under U.S. securities laws. As a result, we must caution you that, as with any prediction or projection, there are a