Mission Produce, Inc. (NASDAQ:AVO) Q4 2021 Earnings Conference Call December 22, 2021 5:00 PM ET Company Participants Jeff Sonnek - IR, ICR Steve Barnard - CEO Bryan Giles - CFO Conference Call Participants Benjamin Bienvenu - Stephens Inc. Thomas Palmer - JPMorgan Gerard Sweeney - ROTH Capital Partners Operator Good afternoon, and welcome to the Mission Produce Fiscal Fourth Quarter 2021 Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be an opportuni ...

Mission Produce, Inc. (NASDAQ:AVO) Q3 2021 Results Conference Call September 13, 2021 5:00 PM ET Company Participants Jeff Sonnek - IR, ICR Steve Barnard - CEO Bryan Giles - CFO Conference Call Participants Bryan Spillane - Bank of America Tom Palmer - JP Morgan Ben Bienvenu - Stephens Operator Good afternoon, and welcome to the Mission Produce Fiscal Third Quarter 2021 Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. ...

Mission Produce, Inc. (NASDAQ:AVO) Q2 2021 Earnings Conference Call June 10, 2021 5:00 PM ET Company Participants Jeff Sonnek - Investor Relations, ICR Steve Barnard - President and Chief Executive Officer Bryan Giles - Chief Financial Officer Mike Browne - Chief Operating Officer Conference Call Participants Bryan Spillane - Bank of America Tom Palmer - J.P. Morgan Gerry Sweeney - ROTH Capital Operator Good afternoon, and welcome to the Mission Produce Fiscal Second Quarter 2021 Conference Call. All parti ...

Financial Data and Key Metrics Changes - The company reported total revenue of $173.2 million for Q1 2021, a 12% decrease from $197.5 million in the same period last year, driven by an 18% decrease in average per-unit sales prices, partially offset by a 7% increase in volume [16][17] - Adjusted EBITDA increased by 49% to $12.5 million compared to $8.4 million for the same period last year [19] - Net income for Q1 2021 was $2.2 million or $0.03 per diluted share, compared to $1.4 million or $0.02 per diluted share for the same period last year [19] Business Line Data and Key Metrics Changes - The Marketing and Distribution segment net sales decreased 13% to $169.6 million, with lower average pricing offset by volume growth [20] - The International Farming segment sales increased 27% to $3.8 million, driven by higher blueberry packing and cold storage service revenues [21] Market Data and Key Metrics Changes - Consolidated volume for the second quarter-to-date period through the end of February is trending up approximately 14% versus the prior year [25] - Sales prices for the second quarter-to-date period are trending down approximately 20% versus the prior year [25] Company Strategy and Development Direction - The company is constructing a new distribution center in Laredo, Texas, scheduled for completion in Q3 2021, which will enhance distribution capabilities in North America [8][10] - The company aims to replicate its year-round sourcing strategy for avocados globally and is expanding into mangoes, leveraging existing relationships and assets [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in supply stability despite lower California avocado crop forecasts, citing backup plans in Peru [31][32] - The company anticipates total annual volume growth in the high single-digit range based on current assessments of industry crop sizes [27] Other Important Information - Cash and cash equivalents were $91.1 million as of January 31, 2021, down from $124 million as of October 31, 2020 [23] - Capital expenditures for Q1 2021 were $22.4 million, focused on the new distribution center and land improvements in Peru and Guatemala [24] Q&A Session Summary Question: What is the confidence level regarding the California avocado crop forecast? - Management acknowledged a lower crop forecast due to weather events but emphasized backup plans in Peru to ensure supply stability [31][32] Question: What is the impact of the repealed agrarian promotion law in Peru? - Management indicated that while it may slow future investments from new entrants, it benefits the company as they are already established and harvesting significant volumes [34] Question: How is profit per pound trending in the Distribution business for the second quarter? - Management noted that it is early to determine final figures, but margins tightened towards the end of Q1, with expectations for stabilization as California harvests begin [38] Question: What is the current supply picture and when will sourcing switch to other regions? - Management stated that Mexico will continue to harvest at lower rates, with California expected to fill the gap until Peru's crop comes online [40] Question: What is the status of the Laredo facility after recent storms? - Management confirmed that the Laredo facility was unaffected and remains on schedule for a soft opening [44] Question: How is foodservice demand recovering? - Management reported that foodservice business has increased in volume due to takeout trends, although some segments are still recovering [46] Question: What is driving the pricing dynamics in the current market? - Management explained that their customer base is more retail-focused, which helps mitigate the impact of lower prices seen in the broader market [50]