Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — Investor Day (February 2018)
106 slides from Conagra Brands's investor day presentation, Feb 20, 2018
Slide 1: Conagra Brands
CONAGRA *BRANDS-s SGAGNY 20 1 8
Slide 2: Forward-Looking Statements & Non-GAAP Measures
Forward-Looking Statements & Non-GAAP Measures Note on Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and ch
Slide 3: What We Want You to Take Away From Today
What We Want You to Take Away From Today New company with significant potential On track with transformation plan Key to success: focus, discipline, capabilities, and culture Modernizing iconic brands is at the center of what we do Compelling investment opportunity 1 2 3 4 5
Slide 4: Compelling Investment Opportunity
Compelling Investment Opportunity Dynamic sector with latent value creation opportunities Diverse, inherently-hedged portfolio with leading iconic brands Aggressive, efficient, and agile leadership team Long-term growth and profitability will be achieved via strong innovation, execution, and M&A Dis
Slide 5: Who We Are
WHO WE ARE 1. WHAT WE HAVE DONE 2. HOW WE CREATE VALUE FROM HERE 3.
Slide 6: New Era, New Company
New Era, New Company 1919 1971 Diversified Conglomerate Agriculture Branded Pure Play 1993 2009 2016–Today
Slide 7: ~$8 Billion Business
~$8 Billion Business $3.2B Grocery & Snacks $2.7B Refrigerated & Frozen $0.8B International $1.1B Foodservice FY17 Net Sales by Segment Note: Excludes the Commercial segment because there are no ongoing operations in the segment ~$8B
Slide 8: Iconic Brands Span Four Domains
Iconic Brands Span Four Domains Frozen & Refrigerated Meals 47% of sales Snacks & Sweet Treats 23% of sales Condiments & Enhancers 18% of sales Shelf-Stable Meals & Sides 13% of sales Note: Percent of sales reflects the percent of Domestic Retail sales Source: IRI MA POS data, TUS-MULO+C, 52 weeks e
Slide 9: Private Label Penetration Remains Low
Private Label Penetration Remains Low Source: IRI MA POS data, TUS-MULO, 52 weeks ending 1/21/18, Dollar Share Private Label Share Total Industry CAG Categories 63 Index to Total Industry Private Label Share by Domain Frozen & Refrigerated Meals: 13% Snacks & Sweet Treats: 12% Condiments & Enhancers
Slide 10: Strong Executional Capabilities
Strong Executional Capabilities Scale in all three temperature states Productivity mindset Customer alignment Focused Growth Center of Excellence Analytical approach Significant M&A experience
Slide 11: On-Track With Multi-Year Transformation Plan
On-Track With Multi-Year Transformation Plan Reset top line Expand margins FY16/17 Improve top line Expand margins FY18 Accelerate growth Expand margins FY19/20
Slide 12: What We Have Done
WHO WE ARE 1. WHAT WE HAVE DONE 2. HOW WE CREATE VALUE FROM HERE 3.
Slide 13: Three Years Ago: ConAgra Foods
Three Years Ago: ConAgra Foods Conglomerate Focused on volume Significant SKU proliferation Erratic A&P/innovation Inefficient cost structure Reliant on trade/push Weaker margins
Slide 14: Set the Table for Conagra Brands
Set the Tablefor Conagra Brands Built new management team Sold private brands Spun off Lamb Weston Right-sized cost structure Infused disciplined A&P spending Committed to executing value over volume Created Growth Center of Excellence
Slide 15: Investor Day Commitments
Investor Day Commitments Increase Margins Improve Top Line Build a Winning Company
Slide 16: Right-Sizing SG&A
(19)% % of Net Sales 11.0% 10.3% Source (right chart): Wall Street research & company filings Note: “Adjusted” financial measures are non-GAAP. See the end of this presentation for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure. Right-Sizing SG&A Adj. SG&A (Do
Slide 17: Driving Realized Productivity
FY17 above original expectations Driving Realized Productivity Supply Chain Realized Productivity (% of Cost of Goods Sold) Key Drivers Focus on realized productivity, not gross Conagra Performance System Mastering complexity Network optimization Supplier excellence
Slide 18: Achieving Strong Margin Improvement
Achieving Strong Margin Improvement Adjusted operating margin excludes equity method investment earnings. Note: “Adjusted” financial measures and organic net sales are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. Adj
Slide 19: Upgrading Volume Base
Source: IRI MA POS data, Conagra Custom + Syndicated Categories, TUS-MULO, data thru 11/26/17 Note: Base Sales Velocity = Base Dollars / Avg Weekly TPDs Upgrading Volume Base Domestic Retail Scanner Data Avg. Weekly TPDs (% Change vs YA) Base Sales Velocity (% Change vs YA) Base Dollar Sales (% Chan
Slide 20: Modernizing Iconic Brands
Modernizing Iconic Brands Swiss miss
Slide 21: Bending the Top-Line Trend
Bending the Top-Line Trend Includes ~220 bps benefit from Hurricanes Organic Net Sales Growth1 (% Change vs YA) Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Note: Organic net sales growth
Slide 22: Recent Performance Even Stronger
Recent Performance Even Stronger Conagra Domestic Retail Sales (% Change vs Prior Year Period) Source: IRI MA POS data, TUS-MULO+C, 52 weeks ending 01/21/2018, Dollar Sales
Slide 23: Continuing to Reshape the Portfolio
Continuing to Reshape the Portfolio Acquisitions Divestitures/Spin-Off Pending Canada, Pending
Slide 24: Reinvigorating Culture
Reinvigorating Culture Fewer layers and broader spans of control – agility, speed, and empowerment Differentiating capabilities – growth and margin expansion Right sized – lean, self-service, and strategic outsourcing Silo-free, collaborative and fun
Slide 25: Yellow Mustard
YELLOW MUSTARD — —
Slide 26: Driving Significant Value Creation
Driving Significant Value Creation Source: FactSet as of 02/16/18 *Measurements represent period from 8/10/14 to 2/16/18. “CAG (incl. LW)” calculated as Conagra Brands Share Price + (Lamb Weston Share Price / 3) to account for the 3:1 distribution ratio **Total shareholder return represents share pr
Slide 27: How We Create Value From Here
WHO WE ARE 1. WHAT WE HAVE DONE 2. HOW WE CREATE VALUE FROM HERE 3.
Slide 28: Our Strategic Imperatives
ACCELERATE MOMENTUM IN FROZEN TAKE A NEW APPROACH TO SNACKS & SWEET TREATS MINE OPPORTUNITIES IN CONDIMENTS & ENHANCERS RENOVATE SHELF-STABLE MEALS & SIDES SUPPORT GROWTH THROUGH ENHANCED CAPABILITIES OUR STRATEGIC IMPERATIVES
Slide 29: Accelerate Momentum in Frozen
Slide 30: Significant Opportunity in Frozen
Significant Opportunity in Frozen Large space poised to capture long-term tailwinds Stronger velocities enable large, modernized brands to outperform smaller brands We are well-positioned with a scaled business of authentic brands across dayparts and need states Significant opportunity for expansion
Slide 31: Frozen Meals Is a Large and Growing Segment
Frozen Meals Is a Large and Growing Segment $8.66B $8.69B $8.81B Source: IRI MA POS data, TUS-MULO, 52 weeks ending 12/24/17, Dollar Sales +1.4% +0.3% Frozen Dinner & Entrée Dollar Sales
Slide 32: Young Adult Engagement Increasing
Young Adult Engagement Increasing Source: The NPD Group / Historical National Eating Trends; 2 years ending February 1985, 1995, 2005, 2014; Filtered IH/CFH *Millennials are born 1981-1996, currently ~21-36 years old Trended Annual Eatings per Capita of Frozen Foods (Among 21-36 Year Olds; Excl. Des
Slide 33: Millennials Driving Household Penetration
Millennials Driving Household Penetration Source: IRI Panel data, CAG Custom DB, TUS-All Outlet, 26 weeks ending 12/31/17 vs YA Frozen Single-Serve Meals Household Penetration Growth (Last 26 Weeks; % Change vs YA)
Slide 34: Poised to Seize Long-Term Tailwind
Poised to Seize Long-Term Tailwind Source: The NPD Group/National Eating Trends®; two years ending August 2017; Filtered IH/CFH; Pew Research Center, US Census Google Data *Millennials are born 1981-1996, currently ~21-36 years old Percent of Millennial Parents with Kids 6+ Annual Frozen Eating Occa
Slide 35: We Have a Scaled Frozen Business
We Have a Scaled Frozen Business Source: IRI MA POS data, TUS-MULO+C, 52 weeks ending 1/21/2018 Total Frozen Retail Sales (Excl. Ice Cream, Novelties, Beverages; Dollars in Billions)
Slide 36: Our Iconic Brands Serve Multiple Need States
Our Iconic Brands Serve Multiple Need States Active Lifestyle Comfort Food Authentic Ethnic Meals American Classic
Slide 37: Big Brands Drive Velocity and Growth
Big Brands Drive Velocity and Growth Source: IRI MA POS data, TUS-MULO, 52 weeks ending 1/21/18 Note: Velocity is defined as sales divided by average weekly total points of distribution (TPD) Fast Growing Small Brands = Dollar Sales <=$25M in L52, top 20 w greatest absolute positive dollar change vs
Slide 38: Our Brands Are Leaders in Velocity and Velocity Growth
Our Brands Are Leaders in Velocity and Velocity Growth Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending 1/21/18 Brands Shown Are Top 10 Dollar Sales Note: Velocity is defined as sales divided by average weekly total points of distribution (TPD) Frozen Single-Serve Meal Velocities Fr
Slide 39: Our Brands Have Driven Category Growth
Our Brands Have Driven Category Growth Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending 1/21/18 Base Business Innovation Frozen Single-Serve Meals Category - Frozen Single-Serve Meals Category (Excl. Conagra) Frozen Single-Serve Meals Frozen Single-Serve Meals (Dollar Sales Growth v
Slide 40: Innovation Driving Improved Pricing
Innovation Driving Improved Pricing Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending 1/21/18 Conagra Price Growth Drivers (Frozen Single-Serve Meals) Trade Efficiency/ Price Increase Premiumization Through Innovation Percent of Price Growth Average Price/Unit (Growth vs YA) +4.4 %
Slide 41: Banquet Reimagined
Banquet Reimagined Basic Value Restaged American Classics Total Banquet Sales: +6% vs YA Mega: 80% premium to base Mega: Millennials 121 buyer index to base Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending1/21/18 IRI Panel data, TUS-All Outlets, 26 weeks ending 1/28/18
Slide 42: Healthy Choice Reframed
Healthy Choice Reframed Heart Health Focus Broader Health Benefits Modern Food Attributes Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending 1/21/18 IRI Panel data, TUS-All Outlets, 26 weeks ending 1/28/18 Total Healthy Choice Sales: +16% vs YA Power Bowls: 41% premium to base Power B
Slide 43: Growth Opportunity by Achieving Fair Share of Shelf Space
Growth Opportunity by Achieving Fair Share of Shelf Space Source: IRI MA POS data, CAG Custom DB, TUS-MULO, 26 weeks ending1/21/18 Top 15 brands by dollar sales Note: Fair share index calculated as share of Total Points of Distribution (TPDs) divided by share of total dollar sales Distribution Fair
Slide 44: What's Next in Frozen
What’s Next in Frozen Extend Into New Dayparts Expand Modern Wellness & New Cuisine Offerings Pursue Handheld Options
Slide 45: Healthy Choice Power Bowls Continuing Momentum
Healthy Choice Power Bowls Continuing Momentum
Slide 46: Healthy Choice Reimagining Frozen Breakfast
Healthy Choice Reimagining Frozen Breakfast
Slide 47: Healthy Choice Addressing Demand for Meatless Meals
Healthy Choice Addressing Demand for Meatless Meals
Slide 48: Banquet Reimagining Where We Can Play: Handhelds
Banquet Reimagining Where We Can Play: Handhelds Note: Packaging under development; subject to change
Slide 49: Banquet Reimagining Where We Can Play: Meats
Banquet Reimagining Where We Can Play: Meats Note: Packaging under development; subject to change
Slide 50: Banquet Reimagining Pot Pies
Banquet Reimagining Pot Pies Note: Packaging under development; subject to change
Slide 51: Marie Callender's Modernizing Comfort Food
Marie Callender’s Modernizing Comfort Food
Slide 52: PF Chang's Introducing Single Serve
PF Chang’s Introducing Single Serve
Slide 53: Tennessee Pride Relaunching With Breakfast
Tennessee Pride Relaunching With Breakfast Note: Packaging under development; subject to change
Slide 54: Tennessee Pride Relaunching With Handhelds
Tennessee Pride Relaunching With Handhelds Note: Packaging under development; subject to change
Slide 55: Take a New Approach to Snacks & Sweet Treats
TAKE A NEW APPROACH TO SNACKS & SWEET TREATS CONAGRA
Slide 56: Compelling Opportunity in Snacks
Compelling Opportunity in Snacks We compete in strong, vibrant categories that are aligned with consumer demands Well-positioned in the categories in which we compete Instilling a snacking mindset will enable future success
Slide 57: We Have a Focused ~$2B Snacks Business
We Have a Focused ~$2B Snacks Business Source: IRI MA POS data, TUS-MULO+C, 52 weeks ending 1/21/18 $657MM $524MM $228MM $400MM Meat Snacks Popcorn Seeds Sweet Treats CAG Retail Sales
Slide 58: We Compete in Attractive Categories
We Compete in Attractive Categories Source: IRI POS data, TUS-MULO+C, 52 weeks ending 1/21/18 CAG Snacking Categories: Meat Snacks, Seeds, Hot Cocoa, Popcorn, Prepared Pudding/Gelatin Non CAG Snacking Categories: Potato Chips, Bars, Cheese Snacks, Fruit Rolls/Snacks, Dips, Apple Chips, Tortilla Chip
Slide 59: Our Categories Are Aligned With Pockets of Strong Growth
Our Categories Are Aligned With Pockets of Strong Growth Popcorn Meat Snacks Seeds Sweet Treats Protein Snacking Plant Based Vegetarian / Vegan Distinct & Provocative Flavors Portable & Different Pack Sizes Indulgent Treats
Slide 60: Millennials Increasingly Turn to Our Categories
Millennials Increasingly Turn to Our Categories Source: The NPD Group / Snack Track, CAG Snacking Categories: Meat Snacks, Seeds, Popcorn, Prepared Pudding/Gelatin Data for rolling two years ending September 2017 *Millennials are born 1981-1996, ~21-36 years old Trended Annual Eatings per Capita of
Slide 61: We Are Well-Positioned in Our Categories
We Are Well-Positioned in Our Categories Meat Snacks Popcorn Seeds Sweet Treats #1 Fastest Growing Sunflower/ Pumpkin Seed1 #1 Sunflower/ Pumpkin Seed #1 Microwave Popcorn #1 Fastest Growing RTE Popcorn2 #1 RTE Pudding #1 Hot Cocoa Mix #1 Meat Stick #1 Fastest Growing Meat Snack1 In absolute dollar
Slide 62: Snacking Business Historically Undermanaged
Snacking Business Historically Undermanaged Slow innovation cycles Under-leveraged merchandising opportunities Lack of marketing ubiquity Limited product offerings and sizes
Slide 63: Instilling a Snacking Mindset Into Conagra
Instilling a Snacking Mindset Into Conagra Increase innovation Market with purpose Drive impulse consumption Master price / pack architecture
Slide 64: New Acquisitions Fueling Transformation
New Acquisitions Fueling Transformation
Slide 65: Introducing Duke's Tall Boy Shorty Sausages
Introducing Duke’s Tall Boy Shorty Sausages
Slide 66: Expanding Duke's Beyond Shorty Sausages
Expanding Duke’s Beyond Shorty Sausages
Slide 67: Relaunching Seeds
Relaunching Seeds Note: Packaging under development; subject to change
Slide 68: Reinventing Microwave Popcorn
Reinventing Microwave Popcorn Note: Packaging under development; subject to change
Slide 69: Relaunching Snack Pack
Relaunching Snack Pack Bold Hispanic Flavors LTO Fun Kid Flavors Larger Package Sizes Note: Packaging under development; subject to change
Slide 70: Modernizing Swiss Miss
Modernizing Swiss Miss NEW | RECIPE! NOW MAKES AN 802 MUG NO ARTIFICIAL: + SWEETENERS + PRESERVATIVES o_. 7 | CONAGRA
Slide 71: Ramping-Up Pace of Core Innovation
Ramping-Up Pace of Core Innovation
Slide 72: Increasing Points of Interruption
Increasing Points of Interruption
Slide 73: Driving Impulse Purchases
Driving Impulse Purchases CONAGRA
Slide 74: Providing Multiple Product Configurations
Providing Multiple Product Configurations
Slide 75: Marketing With Purpose
Marketing With Purpose #CrushIt #ShortcutsSuck #SeedsTheDay #WeDontDoSmall
Slide 76: Angie's
; ya ANGIE’S ZZ LIMITS. CRUSH IT. ‘POWER UP WITH _WHOLE GRAIN
Slide 77: Focused Priorities in Remainder of Portfolio
FOCUSED PRIORITIES IN REMAINDER OF PORTFOLIO RENOVATE SHELF-STABLE MEALS & SIDES MINE OPPORTUNITIES IN CONDIMENTS & ENHANCERS
Slide 78: Frontera Launching Provocative Salsa Flavors
Frontera Launching Provocative Salsa Flavors
Slide 79: Reddi-wip Extending Into Non-Dairy
Reddi-wip Extending Into Non-Dairy Note: Packaging under development; subject to change
Slide 80: Renovating Forgotten Brands
Renovating Forgotten Brands Note: Packaging under development; subject to change
Slide 81: Expanding Chef Beyond Red Sauce and Meat
Expanding Chef Beyond Red Sauce and Meat
Slide 82: Introducing Chef Boyardee Throwback Recipe
Introducing Chef Boyardee Throwback Recipe Note: Packaging under development; subject to change
Slide 83: Support Growth Through Enhanced Capabilities
SUPPORT GROWTH THROUGH ENHANCED CAPABILITIES CONAGRA
Slide 84: Key Growth Capabilities Identified and Improving
E-Commerce Marketing Innovation Key Growth Capabilities Identified and Improving Reduce cycle time New manufacturing capabilities Omni-channel focus Non-traditional approaches Focus on engagement Personalizing with digital Tech & data infrastructure Product/package customization Presence in all e-mo
Slide 85: Accelerating E-Commerce
Accelerating E-Commerce >50% CAGR Domestic E-Commerce Net Sales Focus Areas Partnering with e-tailers Optimizing online content Leveraging emerging technology
Slide 86: Relentless Focus on Margin Drivers to Fuel Growth
Relentless Focus on Margin Drivers to Fuel Growth Realized Productivity Margin Accretive Innovation Improved Pricing Capabilities Brand Mix Channel Mix Trade Optimization
Slide 87: Disciplined M&A Provides Upside to Plan
Disciplined M&A Provides Upside to Plan Modernizing Acquisitions Synergistic Acquisitions Tend to be smaller Consistent with emerging trends Provide platform for expansion Tend to be larger Can enhance network and capabilities Can offer material economic benefit Divestitures Limited coherence with s
Slide 88: Summary
Summary Making tremendous progress in transforming the company Clear vision on how to create value in domains Accelerate momentum in frozen A new approach to snacks & sweet treats Mine opportunities in condiments & enhancers Renovate shelf-stable meals & sides Disciplined M&A provides upside to plan
Slide 89: Dave Marberger, Executive Vice President and CFO
DAVE MARBERGER EXECUTIVE VICE PRESIDENT AND CFO
Slide 90: Strong Financial Results
Strong Financial Results Organic Net Sales1 (% Change vs YA) Adj. Gross Margin Adj. EPS2 (% Change vs YA) Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). From continuing operations Note: “Adj
Slide 91: On-Track for Productivity Commitments
FY17 above original expectations On-Track for Productivity Commitments Supply Chain Realized Productivity (% of Cost of Goods Sold) Key Drivers Focus on realized productivity, not gross Conagra Performance System Mastering complexity Network optimization Supplier excellence
Slide 92: Tax Reform Impact
Tax Reform Impact Key Financial Metrics From To FY18 Effective Tax Rate 33.5% to 34.5% 29% to 30% “Normalized” Effective Tax Rate 33% to 34% ~23% to ~24% Capital Loss Carryforward Gross Tax Asset $2.8 billion $1.1 billion $2.8 billion $740 million One-Time, Non-Cash Gain From Remeasuring Deferred Ta
Slide 93: Updated FY18 Outlook
The inability to predict the amount and timing of future items makes a detailed reconciliation of these forward-looking financial measures impracticable. “Adjusted” financial measures and organic net sales are non-GAAP financial measures. The FY18 Outlook includes the Wesson oil business for the ful
Slide 94: Remain Committed to Balanced Capital Allocation
Remain Committed to Balanced Capital Allocation and Investment-Grade Rating Invest in Business
Slide 95: Remain Committed to Balanced Capital Allocation
Remain Committed to Balanced Capital Allocation and Investment-Grade Rating Manage Debt/Pension Invest in Business
Slide 96: Remain Committed to Balanced Capital Allocation
Remain Committed to Balanced Capital Allocation and Investment-Grade Rating Manage Debt/Pension Opportunistic Share Repurchases Invest in Business
Slide 97: Remain Committed to Balanced Capital Allocation
Remain Committed to Balanced Capital Allocation and Investment-Grade Rating Manage Debt/Pension Opportunistic Share Repurchases Maintain Strong Dividend Invest in Business
Slide 98: Remain Committed to Balanced Capital Allocation
Remain Committed to Balanced Capital Allocation and Investment-Grade Rating Manage Debt/Pension Opportunistic Share Repurchases Maintain Strong Dividend Disciplined M&A Invest in Business
Slide 99: What We Want You to Take Away From Today
What We Want You to Take Away From Today New company with significant potential On track with transformation plan Key to success: focus, discipline, capabilities, and culture Modernizing iconic brands is at the center of what we do Compelling investment opportunity 1 2 3 4 5
Slide 100: Reconciliations
RECONCILIATIONS
Slide 101: Organic Net Sales Reconciliation
Impact of foreign exchange Net sales from acquired businesses Net sales fom divested businesses Organic Net Sales Organic Net Sales Impact of foreign exchange (pp) Net sales from acquired businesses (pp) Nese rom deed ses) Organic Net Sales 2017 Fo Fan $2734 $1,042 Fiscal Year Fas Fas Fae 37,8269 $1
Slide 102: Adjusted Gross Margin Reconciliation
(oltars in milions) iscal Year i 2015 NetSales 37,8269 $8,6641 $9,0340 Gross Profit $1173 $ 6583 $ 519.0] | $2,3421 $2,4292 $2,2962 . 7 - Os 7 - Nee expense related to restructuring pla 72 490-26 he sting devvatve isses eas) Sa (16.4) sa $2,3649_$2,461.8 _$2,343.4 Gross Ma 29.9% % — B.A% Adjusted Gr
Slide 103: Reconciliation of Adjusted SG&A
Reconciliation of Adjusted SG&A (dots in mitons) NetSales Selling, general, and administrative (SG&A) ‘Advertising and promotion expenses Net expense related to restructuring plans Net expense related to early extinguishment of debt Net expense related to pension valuation adjustment Net expense (be
Slide 104: Reconciliation of Adjusted Operating Profit and Adjusted Operating Margin
Reconciliation of Adjusted Operating Profit and Adjusted Operating Margin Company operating Profit: Total operating profit for segments consisting of earnings before interest expense and equity method investment earnings, and income taxes. Segment operating Profit: Total operating profit for segment
Slide 105: Reconciliation of Adjusted Diluted EPS from continuing operations
Diluted EPS from continuing operations Net expense related to restructui tmogaran aimedtonsplonriad hed ete [Net expense related to pension remeasu [Net expense related to eary extinguishment of debt Corporate hedging derivative gain Net benefitrelated to unusual tax items Rounding ‘Adjusted Diluted
Slide 106: Conagra Brands
CONAGRA -BRANDS-