Bbb Foods Inc. · NYSE:TBBB
Bbb Foods — Q4 2023 Earnings Presentation
26 slides from Bbb Foods's earnings presentation, Apr 26, 2024
Slide 1: Fourth Quarter & Full-Year 2023 Financial Results
Tiendas 3B Fourth Quarter & Full–Year 2023 Financial Results April 2024
Slide 2: Disclaimer
Disclaimer Statements in this presentation, including the possible or assumed future or other performance of BBB Foods Inc. (the “Company”, “we”, “us”, “our”) or our industry, our targets or other trends and estimates, constitute “forward- looking statements”. Statements contained herein that are no
Slide 3: Today's Presenters
Today’s Presenters Anthony Hatoum Chairman and CEO Eduardo Pizzuto CFO 3
Slide 4: Agenda
Agenda • 4Q23 and Full-Year 2023 Key Highlights • Operational Performance • Financial Results • 2024 Guidance • Q&A 4
Slide 5: 4Q23 & Full-Year 2023 - Key Highlights
4Q23 & Full-Year 2023 - Key Highlights 4Q23 revenue of Ps. 12,316 million with 30.8% growth 2023 revenue of Ps. 44,078 million with 35.3% growth 2,288 stores as of December 2023 Negative working capital for 2023 was Ps. 4,559 million with Cash Flows from Operations of Ps. 3,140 million Robust balanc
Slide 6: Agenda
Agenda • 4Q23 and Full-Year 2023 Key Highlights • Operational Performance • Financial Results • 2024 Guidance • Q&A 6
Slide 7: Proven Ability To Expand Rapidly
Proven Ability To Expand Rapidly We opened a record of 396 net stores in 2023 to reach 2,288 stores, of which 153 were opened during 4Q23 Number of Stores Units ’19-’23 CAGR: 2,288 20.2% 1,892 +396 1,500 +392 1,249 +251 1,096 +153 2019 2020 2021 2022 2023 7
Slide 8: Total Revenue and Margins
Total Revenue and Margins We have grown our total revenues +30% year-over-year Total Revenue Ps. MM ‘19-’23 CAGR: 33.2% YoY Growth 35.4% 44,078 32,580 18,050 23,091 Gross Profit Margin 13,994 13.7% 13.5% 14.9% 15.1% 16.0% 2019 2020 2021 2022 2023 8
Slide 9: Attractive Sales Ramp-Up Evolution
Attractive Sales Ramp-Up Evolution Median Sales per Store Vintage(1) Ps. MM | Median 12-Month Period(2) Sales per Store(3) in Real Terms(4) 25.00 20.00 15.00 Store Vintage 2005 2021 10.00 2022 5.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Period (5) Sales of each new vintage start higher, and th
Slide 10: Sales Driven by Increasing Traffic
Sales Driven by Increasing Traffic 2022 2023 Var % Number of Transactions per store 23,767 25,635 7.9% per month(1) Average Ticket Size (Ps.) (2) Ps. 79.3 Ps. 82.5 4.0% Private Label Sales Products (% 42.8% 46.5% 370 bps of Sales of Merchandise) Notes: 1. Stores with five or more years of operations
Slide 11: Agenda
Agenda • 4Q23 and Full-Year 2023 Key Highlights • Operational Performance • Financial Results • 2024 Guidance • Q&A 11
Slide 12: Strong EBITDA Growth
Strong EBITDA Growth Track record of profitable growth despite one-off expenses and adjustments in the fourth quarter of 2023 EBITDA Ps. MM YoY Growth: 44.3% 1,992 (2) 109 YoY Growth: 32.9% (1) 1,883 (2) 654 94 1,305 (1) 559 421 (3) (3) 4.5% 4.5% / 5.3% 4.0% 4.3% / 4.5% EBITDA Margin 4Q22 4Q23 2022
Slide 13: Favorable Negative Working Capital Cycle
Favorable Negative Working Capital Cycle Favorable Negative Working Capital dynamics drive our self-funded expansion strategy Working Capital(1) Ps. MM 2020 2021 2022 2023 9.8% 9.2% 9.8% 10.3% (1,774) (2,122) (3,205) (4,559) 1,354 % of Total Revenue YoY change in Working Capital Notes: 1. We calcula
Slide 14: Agenda
Agenda • 4Q23 and Full-Year 2023 Key Highlights • Operational Performance • Financial Results • 2024 Guidance • Q&A 14
Slide 15: Guidance 2024
Guidance 2024 Range Number of New Stores (#) 380 - 420 Revenue Growth (%) 28% - 32% Same Store Sales Growth (%) Mid-teens 15
Slide 16: More of the Same - Better and Faster
More of the Same - Better and Faster Leader in Mexico Hard Discount 1. More stores 2. More value for money 3. More growth 4. More efficiency 5. More cash 16
Slide 17: Agenda
Agenda • 4Q23 and Full-Year 2023 Key Highlights • Operational Performance • Financial Results • 2024 Guidance • Q&A 17
Slide 18: Q&A
Q&A
Slide 19: Now Speaking: Anthony Hatoum
Now Speaking Anthony Hatoum Founder, Chairman and CEO 19
Slide 20: Now Speaking: Eduardo Pizzuto
Now Speaking Eduardo Pizzuto CFO 20
Slide 21: Contact Information
Contact Information Investor Relation Contact: Andrés Villasis Investor Relation Website: ave@tiendas3b.com https://www.investorstiendas3b.com ir@tiendas3b.com 21
Slide 22: Appendix: Financial Statements
Appendix: Financial Statements
Slide 23: Annex - Income Statement
Annex 1 - Income Statement In Ps. Thousands For the Years Ended December 31, For the Three Month Period Ended December 31, 2023 2022 % 2023 2022 % Revenue From Sales of Merchandise Ps.43,987,803 Ps.32,472,577 35.5% Ps.12,293,230 Ps.9,391,177 30.9% Sales of Recyclables 90,656 107,820 (15.9%) 22,374 2
Slide 24: Annex - Non-IFRS Financial Measures
Annex 2 - Non-IFRS Financial Measures In Ps. Thousands For the Years Ended December 31, For the Three Month Period Ended December 31, 2023 2022 % 2023 2022 % Net Loss for the Period Ps.(306,153) Ps.(565,110) (45.8%) Ps.(96,984) Ps.19,090 (608.0%) Net Profit Margin (0.7%) (1.7%) (0.8%) 0.2% Income Ta
Slide 25: Annex - Statement of Cash Flows
Annex 3 -Statement of Cash Flows In Ps. Thousands For the Years Ended December 31, 2023 2022 Loss before income tax Ps.(100,905) Ps.(363,747) Adjustments for: Depreciation of property and equipment 488,409 297,743 Depreciation of right-of-use assets 598,031 484,916 Amortization of intangible assets
Slide 26: Annex - Statement of Financial Position
Annex 4 - Statement of Financial Position In Ps. Thousands As of December 31, 2023 2022 Current Assets: Cash and Cash Equivalents Ps.1,220,471 Ps.984,976 Sundry Debtors 11,020 19,885 VAT Receivable 731,186 609,581 Advanced Payments 72,998 53,155 Inventories 2,357,485 1,931,605 Total Current Assets P