Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 27, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Stephens Annual Investment Conference December 2, 2021 Dolph Baker, Chief Executive Officer Sherman Miller, President and Chief Operations Officer Max Bowman, Chief Financial Officer Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This presentation contains "forward‐looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected construction schedules, projected construction costs, p ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The company reported a net loss of **$18.0 million**, with total assets at **$1.21 billion** and operating cash flow a net use of **$24.1 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$1.21 billion** from **$1.23 billion**, primarily due to reduced cash, with equity at **$995.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | August 28, 2021 | May 29, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $16,684 | $57,352 | | Total current assets | $460,469 | $519,931 | | Property, plant & equipment, net | $667,963 | $589,417 | | **Total Assets** | **$1,211,730** | **$1,229,174** | | **Liabilities & Equity** | | | | Total current liabilities | $97,543 | $90,097 | | Total liabilities | $216,163 | $216,393 | | Total stockholders' equity | $995,567 | $1,012,781 | | **Total Liabilities and Stockholders' Equity** | **$1,211,730** | **$1,229,174** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales increased to **$331.7 million**, but rising costs sharply reduced gross profit to **$6.6 million**, resulting in a net loss of **$18.0 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Thirteen Weeks Ended Aug 28, 2021 | Thirteen Weeks Ended Aug 29, 2020 | | :--- | :--- | :--- | | Net sales | $331,704 | $292,782 | | Gross profit | $6,645 | $16,765 | | Operating loss | $(39,667) | $(27,223) | | Net loss | $(18,026) | $(19,399) | | Net loss per share (Basic & Diluted) | $(0.37) | $(0.40) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to **$24.1 million**, with investing activities using **$16.5 million**, leading to a **$40.7 million** decrease in cash and equivalents Cash Flow Summary (in thousands) | Activity | Thirteen Weeks Ended Aug 28, 2021 | Thirteen Weeks Ended Aug 29, 2020 | | :--- | :--- | :--- | | Net cash used in operations | $(24,112) | $(14,800) | | Net cash used in investing activities | $(16,485) | $(20,471) | | Net cash used in financing activities | $(71) | $(50) | | **Net change in cash and cash equivalents** | **$(40,668)** | **$(35,321)** | | Cash and cash equivalents at end of period | $16,684 | $42,809 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the **$48.5 million** acquisition of Red River Valley Egg Farm, revenue breakdown by egg type, dividend policy, and ongoing legal proceedings - Effective May 30, 2021, the Company acquired the remaining 50% of Red River Valley Egg Farm, LLC for **$48.5 million** in cash. This resulted in the recognition of **$8.5 million** in goodwill and a **$4.5 million** gain from remeasuring its previously held equity interest[37](index=37&type=chunk)[38](index=38&type=chunk)[40](index=40&type=chunk) Revenue by Product Category (in thousands) | Product Category | Thirteen Weeks Ended Aug 28, 2021 | Thirteen Weeks Ended Aug 29, 2020 | | :--- | :--- | :--- | | Conventional shell egg sales | $182,549 | $155,384 | | Specialty shell egg sales | $138,657 | $129,245 | | Egg products | $9,366 | $6,705 | | Other | $1,132 | $1,448 | | **Total** | **$331,704** | **$292,782** | - The company's dividend policy requires it to be profitable on a cumulative basis. As of the end of Q1 fiscal 2022, there were **$22.3 million** in cumulative losses to be recovered before dividend payments can resume[55](index=55&type=chunk) - The company's total flock consisted of approximately **40.8 million** layers and **10.3 million** pullets and breeders as of August 28, 2021[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales increased due to higher prices, but significant cost increases, particularly in feed, impacted profitability, while cage-free expansion continues Key Operational Metrics Comparison | Metric | Q1 FY2022 | Q1 FY2021 | % Change | | :--- | :--- | :--- | :--- | | Net average selling price per dozen | $1.238 | $1.078 | +14.8% | | Farm production costs per dozen | $0.898 | $0.716 | +25.4% | | Feed costs per dozen | $0.545 | $0.388 | +40.5% | | Specialty dozens sold (thousands) | 74,898 | 68,756 | +8.9% | | Conventional dozens sold (thousands) | 184,487 | 195,238 | -5.5% | - The primary driver of increased costs was higher feed ingredient prices. The average CBOT daily market price for corn increased **81.8%** and soybean meal increased **26.1%** compared to the first quarter of fiscal 2021[112](index=112&type=chunk) - The company is continuing its expansion of cage-free production, with approved projects totaling **$138.7 million**, of which **$39.3 million** remains to be spent[152](index=152&type=chunk) - The company incurred **$553 thousand** in direct costs related to the COVID-19 pandemic in Q1 FY2022, down from **$832 thousand** in Q1 FY2021. These costs were primarily for additional labor and increased packaging material expenses[106](index=106&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure were reported during the quarter compared to the prior fiscal year's Annual Report - There have been no material changes in the company's market risk exposure since the 2021 Annual Report[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[157](index=157&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[158](index=158&type=chunk) [Part II. Other Information](index=25&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including antitrust and environmental cases, with management assessing the risk of material loss as generally remote - The company is involved in several legal proceedings, including antitrust cases and environmental litigation, which are detailed in Note 13 of the financial statements[161](index=161&type=chunk)[80](index=80&type=chunk)[88](index=88&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported for the quarter - No material changes to risk factors were reported for the quarter[162](index=162&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **404** shares at **$36.34** per share to satisfy employee tax withholding obligations related to restricted stock vesting Q1 2022 Share Repurchases | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | 05/30/21 to 06/26/21 | — | $— | | 06/27/21 to 07/24/21 | 404 | $36.34 | | 07/25/21 to 08/28/21 | — | $— | | **Total** | **404** | **$36.34** | - Share repurchases were made to satisfy tax withholding obligations for employees in connection with the vesting of restricted common stock[163](index=163&type=chunk) [Item 6. Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data - Exhibits filed with the report include CEO and CFO certifications (Rule 13a-14(a) and Section 1350) and Inline XBRL documents[166](index=166&type=chunk)

Table of Contents 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended May 29, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (Sta ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended February 27, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Cal-Maine Foods BANK of AMERICA 2021 CONSUMER & RETAIL TECHNOLOGY CONFERENCE March 2021 Disclaimer Forward‐Looking and CautionaryStatements This presentation contains "forward‐looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected constructionschedules, projectedconstructioncosts, potentialfuturesupply ofanddemandforourproducts,potentialfuture cornandsoybeanprice trends,potentialfuture impact on our business of the novel coronavirus ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 28, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 29, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (Sta ...

Company Overview - The company is the largest producer and distributor of shell eggs in the U.S., with a mission focused on sustainability and high-quality products [15]. - The company has completed 22 acquisitions since 1989, enhancing its production capacity from 160 thousand to 7.5 million layers [19]. - The company operates an extensive distribution network across the southwestern, southeastern, mid-western, and mid-Atlantic regions of the U.S. [41]. - The company had 3,636 employees as of May 30, 2020, with 4.8% being part-time [57]. - The company expects to be controlled by the family of the late founder, which may affect corporate governance and influence over shareholder actions [102]. Financial Performance - For the fiscal year ended May 30, 2020, net sales were $1,351.6 million, a decrease of 0.8% from $1,361.2 million in the previous fiscal year [140]. - Gross profit for the fiscal year was $179.6 million, down from $222.9 million in the prior year, reflecting a significant decline [140]. - The company reported a net income attributable to Cal-Maine Foods, Inc. of $18.4 million for the fiscal year, compared to $54.2 million in the previous year, indicating a decrease of 66% [140]. - Total assets as of May 30, 2020, were $1,206.7 million, an increase from $1,156.3 million in the previous year [140]. - Total net sales for fiscal 2020 were $1,351.6 million, a slight increase from $1,361.2 million in fiscal 2019 [166]. - The effective tax rate for fiscal 2020 decreased to 8.6% from 22.5% in fiscal 2019, primarily due to the net operating loss carryback provisions under the CARES Act [190]. - Net income for fiscal 2020 was $18.4 million, or $0.38 per share, compared to $54.2 million, or $1.12 per share for fiscal 2019 [196]. Production and Sales - Approximately 87% of total shell eggs sold in fiscal 2020 were produced by the company, with 91% of that production coming from company-owned facilities [30]. - Total shell eggs sold amounted to 1,069.2 million dozens, up from 1,038.9 million dozens in the prior year [140]. - Conventional shell egg sales accounted for 62.9% of total shell egg revenue in fiscal 2020, up from 61.4% in fiscal 2019, with revenue increasing by $20.0 million [166]. - Specialty eggs accounted for 35.9% of revenue and 23.9% of volume sold in the latest fiscal year, indicating a growing market segment [40]. - Total dozens sold in fiscal 2020 were 1,069.2 million, an increase of 30.3 million dozen, or 2.9%, compared to 1,038.9 million sold in fiscal 2019 [160]. Costs and Expenses - Feed costs represented 55.4% of farm production costs, with annual feed requirements of 1.7 million tons, of which 1.6 million tons were manufactured in-house [28]. - Labor costs are a primary component of farm production costs, with approximately 74% of employees paid at hourly rates, making the company vulnerable to labor shortages and wage increases [100]. - Cost of sales for fiscal 2020 was $1,172.0 million, an increase of 3.0% from $1,138.3 million in fiscal 2019, driven by increased production volumes [173]. - Selling, general, and administrative expenses (SGA) were $178.2 million in fiscal 2020, a slight increase from $177.0 million in fiscal 2019 [180]. Market Dynamics - Shell egg prices are influenced by various factors, including consumer demand and the productivity of laying hens, leading to price volatility [25]. - The shell egg production industry is highly fragmented, with the ten largest producers owning approximately 54% of total industry layers, up from 50% in 2015 [49]. - The company faces intense competition in the shell egg market, which could lead to price reductions and loss of market share, adversely affecting financial performance [97]. - Market prices for wholesale shell eggs are volatile, with fluctuations impacting revenues and profits significantly [63]. Strategic Initiatives - The company plans to expand cage-free shell egg production capabilities in response to growing customer demand and legal requirements [151]. - The company is enhancing its focus on cage-free capacity when considering acquisition opportunities due to uncertainties in future demand [76]. - The company plans to pursue a growth strategy that includes selective acquisitions to expand cage-free shell egg production capabilities in key markets [81]. - The company has invested significantly in cage-free facilities to meet customer demand and comply with evolving legal requirements [37]. Risks and Challenges - Agricultural risks, including outbreaks of avian disease, could materially affect the quality and quantity of shell eggs produced, impacting financial results [95]. - The company is subject to various federal, state, and local regulations, which could increase operational costs and impact financial condition if compliance is not met [90]. - Future acquisitions may require significant capital resources and could divert management's attention from existing operations, posing integration risks [82]. - The company does not maintain insurance for product recalls, which could lead to significant financial losses and damage to reputation if contamination occurs [94]. Investments and Assets - The company invested over $371.7 million in facilities and equipment to expand cage-free production since 2008 [204]. - As of May 30, 2020, the company owned approximately 28.4 thousand acres of land with no material encumbrances [123]. - Working capital at May 30, 2020, was $429.1 million, down from $492.8 million at June 1, 2019, with a current ratio of 5.6 [198]. - The company retired all outstanding long-term debt, resulting in no long-term debt as of May 30, 2020, compared to $1.5 million at June 1, 2019 [199].

Index Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share CALM The NASDAQ Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended February 29, 2020 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period ...