Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q4 2024 Earnings Presentation
23 slides from Vital Farms's earnings presentation, Feb 27, 2025
Slide 1: Vital Farms, Inc. February 2025 Corporate Presentation
VITAL FARMS, INC. (NASDAQ: VITL) February 2025 Corporate Presentation
Slide 2: Reporting Disclaimer
REPORTING DISCLAIMER This presentation contains, in addition to historical information, certain forward-looking statements, as defined in Private Securities Litigation Reform Act of 1995, that are based on our current assumptions, expectations and projections about future performance and events and
Slide 3: Bird of the Quarter
BIRD OF THE QUARTER Jubilant Julie prances through the pasture, serenading the morning with her joyful clucks.
Slide 4: Our Values Are Rooted in Conscious Capitalism
2024 Earnings Report Our Values Are Rooted in Conscious Capitalism We operate a STAKEHOLDER MODEL that prioritizes the long-term benefits of each of our stakeholders Our approach has been validated by our designation as a CERTIFIED B CORPORATION, a certification reserved for businesses that balance
Slide 5: We have developed an alternative to factory farming practices
2024 Earnings Report We have developed an alternative to factory farming practices Year-Round Production Our Framework LIVING OPEN AIR, 108 SQUARE CONDITIONS FEET PER HEN OMNIVOROUS, FEED INCLUDING GRAIN, PLANTS, INSECTS LAND SUSTAINABLE PRACTICES MANAGEMENT DIRECT RELATIONSHIPS NETWORK WITH FAMILY
Slide 6: Our model allows us to deliver quality at scale
2024 Earnings Report Our model allows us to deliver quality at scale Network of more than National Distribution 425 Family Farms (Products in 24,000+ Retail Stores) WE DELIVER WE AGGREGATE EGG CENTRAL DIRECTLY TO PRODUCTS ECS STATION CUSTOMERS AND FROM FARM Wash Springfield, MO THROUGH RETAIL NETWOR
Slide 7: Performance Charts
PERFORMANCE CHARTS
Slide 8: Aided Brand Awareness
2024 Earnings Report Benefits of a Brand: Growing Consumer Awareness Vital Farms’ aided brand awareness is pulling away from competitors Aided Brand Awareness Source: Vital Farms Proprietary Brand Health Tracker 8
Slide 9: Benefits of a Brand: Retail Expansion
2024 Earnings Report Benefits of a Brand: Retail Expansion Total Vital Farms TDPs rebounded throughout 2024, nearing all-time highs • Tub butter discontinuation Egg Bites • Butter supplier changeover discontinuation Source: Circana Unify+ Total US – Multioutlet+; All time periods are 13-week-ended M
Slide 10: Benefits of a Brand: Retail Expansion
2024 Earnings Report Benefits of a Brand: Retail Expansion Vital Farms Total Distribution Points (TDPs) in 2024 grew strongly in shell eggs, and butter recovered quickly after our tub butter discontinuation and supplier changeover in late 2023 • Tub butter discontinuation • Butter supplier changeove
Slide 11: Benefits of a Brand: Increasing Sales Velocity
2024 Earnings Report Benefits of a Brand: Increasing Sales Velocity Vital Farms’ sales velocity ($ per week per store) increased sharply in 2024, reaching an all-time high Source: Circana Total US - Multi Outlet+ Source: Circana Unify+ Total US – Multioutlet+; All time periods are 13-week-ended Mark
Slide 12: Benefits of a Brand: Market Share Gains
2024 Earnings Report Benefits of a Brand: Market Share Gains Vital Farms’ shell egg dollar and volume share has trended higher despite varying price gaps with conventional eggs 6 8.00% $5.08 7.00% 5 $4.77 $4.08 6.00% 4 $3.57 4.3% 5.00% 3.7% 3 4.00% 3.0% 2.9% 3.00% 2 2.5% 2.00% 1 1.8% 1.9% 1.00% 1.4%
Slide 13: Benefits of a Brand: Gross Margin Stability
2024 Earnings Report Benefits of a Brand: Gross Margin Stability Gross margin has remained stable across another Avian Influenza cycle Source: Vital Farms and Cal-Maine Company Filings 13
Slide 14: Financial Update
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Slide 15: 2024 Key Financial Metrics
2024 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA Diluted EPS $606M 37.9% $87M $1.18 +28.5% +352 bps +79.2% +100.4% 15
Slide 16: Financial Summary Highlights: Q4 2024 Update
2024 Earnings Report Financial Summary Highlights: Q4 2024 Update Highlights Financial Performance • Net Revenue increased 22.2% to $166.0 ($ thousands) Q4 '24 Q4 '23 % Change $ Change million on a reported basis and grew 30% like-for-like when accounting for one fewer week in Q4 2024 (13 weeks) ver
Slide 17: Financial Summary Highlights: FY 2024 Update
2024 Earnings Report Financial Summary Highlights: FY 2024 Update Highlights Financial Performance • Net revenue increased 28.5% to $606.3 ($ thousands) 2024 FY 2023 FY % Change $ Change million in fiscal year 2024, compared to $471.9 million in fiscal year 2023. The Net Revenue $ 606,307 $ 471,857
Slide 18: Financial Summary Highlights: Net Revenue Growth
2024 Earnings Report Financial Summary Highlights: Net Revenue Growth Net Revenue Summary Net Revenue by Product Segment Highlights Growth Rates • Net revenue for Q4 2024 was $166.0 million, 2024 and Q4 ‘24 Net Revenue Growth 2023 2024 Q4 '23 Q4 '24 compared to $135.8 million for Q4 2023, ($ Million
Slide 19: Financial Summary Highlights: Margin Performance
2024 Earnings Report Financial Summary Highlights: Margin Performance Gross Profit and Margin Operating Expenses Highlights Gross Margins SG&A as a % of Net Revenue • Gross profit increased $14.7 million in Q4 2024 versus Q4 2023, driven by greater 34.4% 37.9% 33.3% 36.1% 21.6% 22.1% 21.2% 22.5% ope
Slide 20: 2025 Guidance
2024 Earnings Report 2025 Guidance NET REVENUE At least $740 Million ADJUSTED EBITDA At least $100 Million CAPTIAL $50 to $60 Million EXPENDITURES Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks described in the "Risk Factors" in
Slide 21: Our Long-term Financial Goals
2024 Earnings Report Our Long-term Financial Goals NET REVENUE $1 Billion by 2027 GROSS MARGIN ~35% ADJUSTED 12% to 14% of Net Revenue EBITDA MARGIN Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks described in the "Risk Factors" i
Slide 22: Appendix
APPENDIX
Slide 23: Adjusted EBITDA reconciliation
2024 Earnings Report Adjusted EBITDA reconciliation 52-Weeks 53-Weeks 52-Weeks Ended Ended Ended ($ thousands) 29-Dec-24 31-Dec-23 25-Dec-22 Net income $ 53,388 $ 25,566 $ 1,230 Depreciation and amortization 13,093 10,490 5,761 Stock-based compensation expense 10,268 7,417 6,040 Provision for income