Mission Produce, Inc. · NASDAQ:AVO
Mission Produce — Investor Presentation (March 2024)
20 slides from Mission Produce's investor presentation, Mar 15, 2024
Slide 1: March 2024 Investor Presentation
March 2024 Investor Presentation © 2024 Mission Produce, Inc. The MISSION & TOWER DESIGN® and MISSION PRODUCE are trademarks of Mission Produce, Inc. All rights reserved. 1
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
Mission Produce A global leader in the worldwide avocado business with four decades of investments in people, technology, and infrastructure ➤ Global Marketing & Distribution ➤Year-Round Supply ➤ Vertical Integration ➤ Strategically Located ➤ Long-Standing Grower Relationships ➤ Large, Addressable M
Slide 4: ion opens its largest North
ion opens its largest North ‘American forward distribution center in Laredo, Texas Grupo. Mission purchases the remaining 50% interest in Peruvian Joint Venture, establishing vertical integration MISSION EARNS $1B IN REVENUE Mission opens 228k sq. ft. packing, distribution and 0 i ripening facility
Slide 5: A Long Track Record of Growth
A Long Track Record of Growth $999.1 million LTM 1Q24 Revenue 5.3% ’13-’23 Avocado Volume CAGR 7.9% ’13-’23 Revenue CAGR LTM 1Q24 Avocado Volume654mm lbs. Note: Fiscal year ended October 31. Revenue reflects Mission Produce only. 1 lug = 25lbs, or 1 box. (1)Non-GAAP reconciliation located in the app
Slide 6: Fiscal 2024 First Quarter Overview
1Q23 1Q24 $213.5 1Q23 1Q24 Fiscal 2024 First Quarter Overview (1) The International Farming segment affiliated sales and adjusted EBITDA generation are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season. (2) Non-GAAP reconciliation located in the
Slide 7: 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 8: Supporting Tailwinds Driving Market Growth
Supporting Tailwinds Driving Market Growth 1. Consumer Interest in Healthy Eating: • With more than 20 vitamins and minerals, avocados are associated with heart health, weight health, and skin health. (1) • More than half (55%) of consumers are willing to pay a premium for food that contributes to t
Slide 9: State-of-the-Art Infrastructure Covering North America Markets
State-of-the-Art Infrastructure Covering North America Markets Packhouse Advantages ➤ High-definition grading cameras ➤ State-of-the-art washing, sorting, packing, and bagging line ➤ Industry-leading post-harvest practices (cold chain) ➤ Ocean container plug-ins Forward Distribution and Ripening Cen
Slide 10: Channel Segmentation Strategy Based on Growth and Profitability
Channel Segmentation Strategy Based on Growth and Profitability We are the preferred partner across Retail, Food Service, Wholesale, and International Channels ➤ Leading our customer & partner relationships with excellence ➤ Competitive positioning in sales, sourcing, and operations to serve custome
Slide 11: Preferred Supplier Offering Custom Programs & Value-Added Services
Mission is Positioned as a Preferred Supplier by Offering Custom Programs & Value-Added Services We provide customers with leading operations and industry insights geared toward driving sales • Ripening to customer specifications • Logistics management (especially trucking) • Hands-on training to fa
Slide 12: Global Avocado Consumption is Poised to Grow
(1) Rabobank. Global Growth Far from Over. May 2023. (2) CIRAD. FruiTrop Magazine May-June 2023. Global Avocado Consumption is Poised to Grow 2022 Global Per Capita Consumption (1,2) Mission is driving year-round availability in international markets to meet growing demand International Growth Oppor
Slide 13: Multiple-Source Strategy Drives Year-Round Availability to Meet Global Demand
Multiple-Source Strategy Drives Year-Round Availability to Meet Global Demand 13 13
Slide 14: International Farming and Vertical Integration: Peru
We own 100% of our avocado and mango farming operations and packhouse, as well as a controlling interest in our blueberry farming operation. • It enables us to leverage our resources to grow, pack, and ship complementary commodities, such as mangos and blueberries • With commodities year-round, we c
Slide 15: Owned Operations: Cultivated Farms Annual Growth in Peru
1,730 1,800 2,630 2,630 2,630 2,640 3,000 3,360 3,720 3,930 3,870 200 200 300 300 300 300 300 300 10 80 110 140 230 340 350 390 460 560 1,730 1,810 2,710 2,940 2,970 3,170 3,640 4,010 4,410 4,690 4,730 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: Hectare count is approximate and has
Slide 16: Developing Origins: Guatemala & Colombia
16 Developing Origins: Guatemala & Colombia Cumulative Hectare Growth 200 300 740 0 100 200 300 400 500 600 700 800 900 100 0 2021 2022 2023 Guatemala: 16 570 600 700 0 200 400 600 800 100 0 120 0 140 0 2021 2022 2023 Colombia : 50/50 JV Note: Hectare count is approximate and has been rounded to the
Slide 17: Recent Capital Investments
(1) The Blueberries segment was consolidated prospectively on May 1, 2022. (2) Includes 2018 buyout of remaining 50% interest in Peru farming JV. ➤ Invested >$500mm across capital expenditures and equity investments during the past 10 years: (2) ➤ Mega facility in Laredo, TX supporting MX distributi
Slide 18: Long-term Financial Outlook
Long-term Financial Outlook ➤ Bullish outlook on avocado consumption driving global revenue growth, with volume and market share growth translating to improved leverage of distribution and farming investments ➤ Year-over-year variability to be expected in our industry – growth unlikely to come in st
Slide 19: Strategic Priorities Summary
Strategic Priorities Summary 19 19
Slide 20: Non-GAAP Financial Measure: Adjusted EBITDA
This presentation contains the non-GAAP financial measure “Adjusted EBITDA.” Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial