Mission Produce, Inc. · NASDAQ:AVO
Mission Produce — FY2022 Earnings Presentation
21 slides from Mission Produce's earnings presentation, Dec 22, 2022
Slide 1: December 2022 Investor Presentation
December 2022 Investor Presentation © 2022 Mission Produce, Inc. The MISSION & TOWER DESIGN® and MISSION PRODUCE™ are trademarks of Mission Produce, Inc. All rights reserved.
Slide 2: Notice to and Undertaking by Recipients; Forward-Looking Statements
Notice to and Undertaking by Recipients This presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. This presentation may
Slide 3: Mission Produce: At a Glance
• A Global Leader in Avocado Marketing and Distribution • Year-Round Supply • Vertical Integration Mission Produce: At a Glance • Global Distribution Network of 12 Forward Distribution Centers (FDCs) and counting • Large Addressable Market • Economies of Scale 1 A global leader in the worldwide avoc
Slide 4: A Long Track Record of Growth
A Long Track Record of Growth $1.04 billion FY 2022 Revenue 19 World-Class Facilities Across 9 Countries (2) ~19% FY 2022 Avocados Sourced from Owned Production ~8.9% ’11-’22 Avocado Volume CAGR ~9.7% ’11-’22 Revenue CAGR FY 2022 Adj. EBITDA (1)$48mm Source: Management and other publicly available i
Slide 5: Focused Growth Strategy
Focused Growth Strategy Capitalize on strong growth trends in our core U.S. market by expanding our nationwide distribution network Leverage our global supply chain and distribution capabilities to continue developing international markets Diversify sourcing to enhance our global market-leading posi
Slide 6: We Operate In a Large and Growing Market with Supportive Tailwinds
2021 Global Per Capita Hass Avocado Consumption (lbs) 18.0 8.6 6.3 3.3 1.4 0.6 Mexico U.S. Canada EU Japan China $14.2B $21.4B 2018A 2026A We Operate In a Large and Growing Market with Supportive Tailwinds Significant Growth Opportunity (2,3) (1) Knowledge Sourcing Intelligence LLP. Avocado Market S
Slide 7: Strong Global Distribution Network and Customer Base
Strong Global Distribution Network and Customer Base Top 10 customers represent less than 60% of total revenue in FY 2022 High-quality, global, diverse and long-standing customer relationships Serves retail, wholesale, and foodservice customers in over 25 countries 5
Slide 8: Extensive Infrastructure With State-of-the-Art Facilities
Extensive Infrastructure With State-of-the-Art Facilities 4 packhouses in Peru, California, and Mexico • Proximity of packhouses to our growers deepens the relationships and differentiates us from other buyers 12 FDCs and Ripening Centers Globally • Our FDCs allow us to store and allocate volume eff
Slide 9: Our unique distribution scale and capabilities enable us to grow volumes
Our unique distribution scale and capabilities enable us to grow volumes with new and existing customers across multiple channels —The U.S. is our largest market, where our ripening and distribution centers are strategically located in key markets, in close proximity to our highest-volume customers
Slide 10: Key Customer Channels
ü Provide specific grades of fruit and tailored specs with cost and margins in mind ü Offer around-the-clock customer support, localized distribution, and consistent supply to promote customer retention ü Provide ripening expertise to satisfy demand for high-quality, ready-to- eat fruit üProvide rip
Slide 11: Overview of Value-Added Services
Overview of Value-Added Services We provide customers with leading operations and industry insights geared toward driving sales • Ripening to customer specifications • Bagging and custom packaging • Logistics management (especially trucking) • Hands-on training to facilitate proper fruit handling •
Slide 12: International Avocado Consumption is Poised to Grow
• U.S. avocado consumption has seen significant growth over the past decade • Mission is driving year-round availability in international markets to meet growing demand 3.8 8.6 US - 2010 US - 2021 18.0 8.6 6.3 3.3 1.4 0.6 Mexico US Canada EU Japan S. Korea Significant Growth Opportunity (1) Internat
Slide 13: Europe and Asia Growth Opportunities
Europe • During the past decade, the European (EU – 27+UK) avocado market has grown at an average rate of 12% per year, and the total market is currently estimated at 861,000 metric tons(1)– a clear indicator of the European market’s growth potential. • Mission continues to increase exports from Per
Slide 14: Diversified Sourcing and Year-Round Supply
Diversified Sourcing and Year-Round Supply Colombia Colombia can supply avocados year- round with one-week transit time to the U.S. Provides additional service to the European and Asian markets South Africa Partnership with one of the largest growers of avocados in South Africa Provides service to E
Slide 15: International Farming and Vertical Integration: Peru Case Study
International Farming and Vertical Integration: Peru Case Study 14 We own 100% of our avocado and mango farming operations and packhouse, as well as a controlling interest in our blueberry farming operation. Being vertically integrated enables us to leverage our resources, and employ our workforce,
Slide 16: Disciplined Approach Towards Long-Term Investments in Vertical Integration
EBITDA Margin Accretion Increase year-round supply coverage with complementary growing seasons Vertical integration capital planning We are focused on applying our successful Peru model in other emerging origins, such as Colombia and Guatemala Our vertically integrated investments provide us with lo
Slide 17: Experienced, Values-Based Leaders Who Nurture a Culture of Innovation and Growth
Experienced, Values-Based Leaders Who Nurture a Culture of Innovation and Growth Bryan Giles Chief Financial Officer Juan Wiesner Director of Latin American Operations Steve Barnard Founder and Chief Executive Officer Jesus Garcia Director of Mexican Operations • Seasoned industry pioneers and veter
Slide 18: Environmental, Social, Governance (ESG) Highlights
Environmental, Social, Governance (ESG) Highlights • Food Waste: In FY 2021, we applied shelf-life extension technology to 34.8 million pounds of avocados to combat food waste • Packaging: We are working to reduce the plastic in our bags by 50% by 2025 – as of FY 2021, we are 34% of the way to reach
Slide 19: The Mission Advantage: Barriers to Entry
The Mission Advantage: Barriers to Entry Key Relationships: Our relationships extend across thousands of avocado growers and regions globally Time and Capital Investments: Capital investment, ripening and logistics expertise, and significant lead time from seed to fruit Economics of Scale: Company-o
Slide 20: Appendix
al als, APPENDIX
Slide 21: Non-GAAP Reconciliations: Adjusted EBITDA and Adjusted EBITDA Margin
21 Non-GAAP Reconciliations: Adjusted EBITDA and Adjusted EBITDA Margin