John B. Sanfilippo & Son, Inc. · NASDAQ:JBSS
John B. Sanfilippo & Son — Sanfilippo John B & SON — FY2024 Earnings Presentation
41 slides from John B. Sanfilippo & Son's earnings presentation, Aug 29, 2024
Slide 1: FY24 Year End Investor Update
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Fisher Orchard valley harvest squirrel nuts since 1888 just the cheese FY24 Year End Investor Update NASDAQ: JBSS Proprietary & Confidential John B. Sanfilippo & Son, Inc.
Slide 2: Forward-Looking Statements
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Forward-Looking Statements Some of the statements in this presentation and any statements by management constitute “forward-looking statements” about John B. Sanfilippo & Son, Inc. Such statements include, in particular, statements about our plans, strategies
Slide 3: JBSS Corporate Overview
Est. 1922 JOHN B. SANFILIPPO & SON, INC. JBSS Corporate Overview One of the largest nut processors and snack bar manufacturers in the world with net sales of approximately $1.07B (FY24) State-of-the-art nut processing capabilities, including what we believe is the single largest nut processing facil
Slide 4: We are THE Nut Experts
Est. 1922 JOHN B. SANFILIPPO & SON, INC. We are THE Nut Experts Full portfolio of nut types Variety of value-added products Compliment of snack bars, dried fruit, and other snack products Customized, unique product formulas Sales by Product Type % of Gross Sales 11.4% 6.4% 17.9% 9.1% 18.2% 4.4% 7.8%
Slide 5: Strong Financial Performance
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Strong Financial Performance Pounds Sold 1 i n millions 240.4 +3.7% CAGR 346.6 +2.4% FY14 FY24 CAGR Margins 2 +2.8% CAGR Gross Profit Operating Income 15.8% 6.0% 20.1% 8.0% FY14 FY24 Diluted EPS 2 $2.36 +8.1% CAGR $5.15 FY14 FY24 Avg. Daily Stock Price $23.39
Slide 6: Pounds Sold vs. Net Sales per Pound Sold
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Pounds Sold vs. Net Sales per Pound Sold ( in millions ) 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 $3.24 $3.50 $3.52 $3.26 $3.30 $3.21 $3.04 $2.92 $3.04 $3.24 $3.08 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY2
Slide 7: EBITDA Trends
Est. 1922 JOHN B. SANFILIPPO & SON, INC. EBITDA Trends EBITDA IN $ THOUSANDS EBITDA per Pound Sold in pennies per pound $120,000 $0.40 $100,000 $0.35 $80,000 $0.30 $0.25 $60,000 $40,000 $0.20 $0.15 $0.10 $0.05 $20,000 $0 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 $0.00 FY14 FY15 FY16 FY1
Slide 8: Returning Cash to Shareholders and Investing in the Future
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Returning Cash to Shareholders and Investing in the Future Dividends Paid by Calendar Year*$6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5.2% 4.1% 8.8% 3.9% 3.8% 6.1% 4.3% 6.3% 4.1% 3.5% 3.1% $1.50 $2.00 $5.0
Slide 9: Strong Foundation for Future Success
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Strong Foundation for Future Success Net Working Capital $137,143 $168,145 22.6% INCREASE Debt to Equity 35.1% 8.5% 76% DECREASE FY14 FY24 FY14 FY24 Debt to EBITDA Return on Equity 18.7% 61% INCREASE 11.6% 0.26 80% DECREASE FY14 FY 24 FY14 FY 241.32 Source: J
Slide 10: FY 2024 Results
Est. 1922 JOHN B. SANFILIPPO & SON, INC. FY 2024 Results Proprietary & Confidential | John B. Sanfilippo & Son, Inc. 10
Slide 11: Strategic Acquisition to Increase Our Bar Capabilities
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Strategic Acquisition to Increase Our Bar Capabilities On Sept. 29, 2023, JBSS closed on the acquisition of certain assets including inventory and a manufacturing facility located in Lakeville, Minnesota The purchase price was approximately $59.0M which inclu
Slide 12: Net Sales by Distribution Channel
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Net Sales by Distribution Channel FY14 FY24 13% 4% 25% $778.6M Total Net Sales 58% FY24 10% 8% 82% $1.07B Total Net Sales Consumer Commercial Ingredients Contract Packaging Export Source: JBSS Form 10-K. Proprietary & Confidential | John B. Sanfilippo & Son,
Slide 13: Consumer Channel
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Consumer Channel $872M Net Sales +11% versus FY23 Key Drivers Private Label Growth E-Commerce Growth Club Growth Snack Nuts, Trail Mixes & BarsAll BrandsOVH Source: JBSS Form 10-K. Proprietary & Confidential | John B. Sanfilippo & Son, Inc. 13
Slide 14: Commercial Ingredients Channel
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Commercial Ingredients Channel $110M Net Sales Key Drivers -10% versus FY23 Foodservice Customers Net Sales -8.7% vs. LY Non-Comm Growth Lost volume due to competitive pricing Industrial Customers Net Sales -15.3% vs. LY Aggressive pricing from competitors JB
Slide 15: Contract Packaging Channel Net Sales
Est. 1922 JOHN B. SANFILIPPO & SON, INC. $84M Net Sales -8% versus FY23 Key Drivers Unfavorable Pricing Reduced Volume New Product Launch Cancelled Source: JBSS Form 10-K. Proprietary & Confidential | John B. Sanfilippo & Son, Inc. 15
Slide 16: Peanut & Tree Nut Spot Market Prices vs. JBSS Rolling Qtr. Gross Margin%
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Peanut & Tree Nut Spot Market Prices vs. JBSS Rolling 4 Qtr. Gross Margin% $8.00 $7.50 $7.00 $6.50 $6.00 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 24.0% 22.5% 21.0% 19.5% 18.0% 16.5% 15.0% 13.5% 12.0% 10.5% 9.0% 7.5% 6.0% 4.5% 3.
Slide 17: Retail Nut Category Year Trends
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Retail Nut Category 5 Year Trends Price per Pound 1 $6.14 $6.15 $6.25 $6.47 $6.48 FY20 FY21 FY22 FY23 FY24 % Increase (Decrease) in Price per Pound vs. Last Year 2 5.2% 0.6% -1.2% -1.4% -1.4% -3.0% -3.7% PEANUT PISTACHIO ALMOND MIXED NUT CASHEW PECAN WALNUT C
Slide 18: FY 2024 In Review
Est. 1922 JOHN B. SANFILIPPO & SON, INC. FY 2024 In Review Proprietary & Confidential | John B. Sanfilippo & Son, Inc. 18
Slide 19: JBSS Mission & What Matters Most
Est. 1922 JOHN B. SANFILIPPO & SON, INC. JBSS Mission & What Matters Most We're nuts about creating real food that bringsjoy, nourishes people & protects the planet. EXPAND CONSUMER REACH Win new customers by entering new channels, launching differentiated products and investing in new businesses. C
Slide 20: Expand Consumer Reach
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Expand Consumer Reach Accomplishments Expanded further into E-commerce and Club channels Expanded core business with new pack sizes across brands to unlock new channels and price points Expanded brand equities through innovative new product offerings Continue
Slide 21: Create Value with Key Customers
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Create Value with Key Customer Accomplishments Launched new core nuts and trail mix items at some of our largest, strategic customers. Gained new trail mix business at a top grocer Exclusive peanut butter supplier to largest broadline food service distributor
Slide 22: The Bars Opportunity
Est. 1922 JOHN B. SANFILIPPO & SON, INC. The Bars Opportunity Bars Category is $9.6B 1 Category made up of four segments All Other 6% Granola 19% Nutrition 49% Breakfast 26% JBSS Bars Net Sales 2 In millions Nutrition $11.5 Breakfast & Granola $115.8 Combined capabilities make JBSS a One-Stop Shop f
Slide 23: Private Label Nut & Trail Business Followed the Category Trend
Est. 1922 JOHN B. SANFILIPPO & SON, INC. JBSS Consumer Private Label Nut & Trail Business has Followed the Category Trend, Declining in FY24 Total Category Snack Nut & Trail Mix 1 LB volume consumption in millions Source: 1 Circana, Total Nut Category, Multi Outlet Geography, FY20 year ending 6/21/2
Slide 24: Private Label Over-Indexes in Snack Nuts & Trail
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Private Label Over-Indexes in Snack Nuts & Trail and Continues to be the Share Leader Private Label Snack Nut & Trail Dollar Share 47.2% PL Snack Nut &Trail2 19.8% Total Edible Food1 18.5% General Food1 Private Label Snack Nut & Trail Dollar Share 3 47.5% 47.
Slide 25: Private Label Bars have Significant Headroom
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Private Label Bars have Significant Headroom and have been Growing Share Private Label Bars under index vs. Food Average Private Brands Dollar Share 19.8% 18.5% 7.0% Total Edible Food1 General Food1 PL Bars2 Private Label Bars Dollar Share 3 5.7% 5.7% 5.8% 6.
Slide 26: Grow JBSS Brands
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Grow JBSS Brands Fisher recipe nuts SQUIRREL NUTS SINCE 1888 OVH Orchard Valley Harvest Fisher nuts JUST THE CHEESE SOUTHERN STYLE NUTS EST. 1922 Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.26
Slide 27: In FY24, JBSS Brands Make up 15% of Net Sales
Est. 1922 JOHN B. SANFILIPPO & SON, INC. In FY24, JBSS Brands Make up 15% of Net Sales OVH Orchard Valley Harvest.27% 14% 59% Fisher Fisher SQUIRREL NUTS SINCE 1888 SOUTHERN STYLE NUTS EST. 1922 JUST THE CHEESE Source: JBSS Sales Data. Does not include Fisher Foodservice, bulk or peanut butter. Prop
Slide 28: JBSS Brands are Found in Almost all Brick-and-Mortar Retail Outlets
Est. 1922 JOHN B. SANFILIPPO & SON, INC. JBSS Brands are Found in Almost all Brick-and-Mortar Retail Outlets in Addition to E-Commerce. logo OVH SPELLS GOOD! JBSS Brands ACV Trend Weighted Distribution 80.67 81.58 80.25 82.08 81.64 FY20 FY21 FY22 FY23 FY24 ACV is “all commodity volume.” This is a me
Slide 29: Grow JBSS Brands Accomplishments
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Grow JBSS Brands Accomplishments Orchard Valley Harvest grew shipment volume vs. FY23 behind its relaunch Continue to be the branded leader in Recipe Nuts with Fisher despite heavy competitive pressure from private label Grew branded presence in club, c-store
Slide 30: Meet consumers where they are
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Meet consumers where they are logo With the products, packs and price they want logo From the brands they know & love logo OVH SPELLS GOOD! START A NEW HOLIDAY TRADITION: NO LEFTOVERS.Fisher Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.30
Slide 31: Fisher Recipe lost net sales and pounds due to lost distribution
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Fisher Recipe lost both net sales & pounds due to lost distribution in mass and grocery. DOLLAR NET SALES1-15.8% POUND SALES1 -9.1% FY24 vs FY 23 Fisher Recipe Dollar Share – Total US MULO 2 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 20.7% 15.8% 15.5% 17.6% 16.9% FY20
Slide 32: Inspiring all kitchen creators to do more!
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Inspiring all kitchen creators to do more! Fisher E-commerce acceleration & impactful in-store events logo Value-Added Products & Packs logo Inspiring Content & Expert Partnerships logo Fisher Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.32
Slide 33: Fisher Recipe Distribution
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Fisher Recipe Distribution Fisher amazon.com QFC BARTELL DRUGS BAKERS FOOD4LESS Ralphs Smiths KING Soopers 1Super One FOODS Foodland frus Brookshires FOOD TOWN H.E.B ROUSES MARKETS Walmart HARPS MITCHELL GROCERY CORP. COBORNS logo Source: JBSS Sales Data. Pro
Slide 34: Orchard Valley Harvest grew pounds and net sales
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Orchard Valley Harvest grew pounds and net sales through distribution in new channels and updated products and packaging. DOLLAR NET SALES1 0.4% POUND SALES1 7.2% FY24 vs. FY23 Orchard Valley Harvest Dollar Share – Total US MULO 2 OVH ORCHARD VALLEY HARVEST 2
Slide 35: Launching the NEW Orchard Valley Harvest
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Launching the NEW Orchard Valley Harvest E-commerce acceleration & adjacent category placement Snacks that balance health & taste A distinctive design & campaign GRAPHICS OVH ORCHARD VALLEY HARVEST OVH SPELLS GOOD! Proprietary & Confidential/ John B. Sanfilip
Slide 36: Orchard Valley Harvest Distribution
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Orchard Valley Harvest Distribution OVH ORCHARD VALLEY HARVEST Legend logo Source: JBSS Sales Data.Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.36
Slide 37: Fisher Snack, Squirrel and Southern Style Nuts results
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Fisher Fisher Snack pounds and net sales declined due to increased pricing and competitive pressure SQUIRREL NUTS SINCE 1888 Squirrel grew net sales and pounds due to e-commerce growth and new product launches SOUTHERN STYLE NUTS EST 1922 Southern Style Nuts
Slide 38: Long Term Strategy
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Long Term Strategy Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.38
Slide 39: Our Long-Term Growth Pillars
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Our Long-Term Growth Pillars Grow with our top customers through value-added Private Label programs Expand capacity Invest in category & consumer insights Innovate with high-quality products Diversify our portfolio into high-growth snacking segments Build & b
Slide 40: Appendix
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Appendix Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.40
Slide 41: Reconciliation of Net Income to EBITDA
Est. 1922 JOHN B. SANFILIPPO & SON, INC. Reconciliation of Net Income to EDITDA Source: JBSS Form 10-K. JBSS Sales Data. Proprietary & Confidential/ John B. Sanfilippo & Son, Inc.41 (in $,000's) NET INCOME (LOSS) INTEREST EXPENSE INCOME TAX EXPENSE (BENEFIT) DEPRECIATION / AMORTIZATION EBITDA $60,46
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