UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 March 31, 2023. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to (Exact name of the registrant as specified in its charter) Delaware 20-2311383 (State or other jurisdiction of incorporation or organization) (I.R.S. Empl ...

TreeHouse Foods, Inc. (NYSE:THS) Q1 2023 Earnings Conference Call May 8, 2023 8:30 AM ET Company Participants P.I. Aquino - Vice President of Investor Relations Steve Oakland - Chairman, Chief Executive Officer, and President Patrick O'Donnell - Executive Vice President and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Capital Bill Chappell - Truist Securities Matt Smith - Stifel William Reuter - Bank of America Michael Coppola - JPMorgan Hale Holden - Barclays Capital Operato ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------|---------------------------------------------------------------|-------|-------|--------------------------------------------------------|-----------|--------| | | | Location in Condensed \nConsolidated Statements of Operations | | | Three Months Ended \n2023 \n(unaudited, in millions) | March 31, | 2022 | | (1) | Growth, reinvestment, and restructuring programs | Other operating expens ...

Business Operations and Divestitures - TreeHouse Foods completed the divestiture of a significant portion of its Meal Preparation business on October 3, 2022, which included various consumer packaged food products and 14 manufacturing facilities[19]. - The company completed the sale of a significant portion of its Meal Preparation business for a purchase price of $963.8 million, using $500.0 million of the proceeds to pay down debt[109]. - The company completed the sale of a significant portion of the Meal Preparation business on October 3, 2022, which may negatively impact financial performance due to integration challenges and additional costs[88]. - The company faces risks associated with acquisitions and divestitures, including potential integration challenges and unknown liabilities[89]. Financial Performance - Net sales for the year ended December 31, 2022, totaled $3,454.0 million, an increase of 17.2% compared to $2,945.9 million in 2021[123]. - The net loss from continuing operations decreased to $16.1 million in 2022 from $80.9 million in 2021, representing an improvement of 80.1%[112]. - Adjusted net income from continuing operations increased by 24.5% to $66.1 million in 2022, up from $53.1 million in 2021[112]. - Gross profit as a percentage of net sales decreased to 14.9% in 2022 from 15.8% in 2021, a decline of 0.9 percentage points due to labor and supply chain disruptions[125]. - Total operating expenses rose to $536.4 million in 2022, an increase of $9.5 million from $526.9 million in 2021, primarily driven by higher freight costs and employee compensation[126]. - The company recorded a net loss from discontinued operations of $136.3 million for the year ended December 31, 2022[165]. - Free cash flow from continuing operations was negative $176.4 million in 2022, compared to positive $54.4 million in 2021 and $128.1 million in 2020[203]. Customer and Market Dynamics - For the year ended December 31, 2022, the ten largest customers accounted for approximately 56.6% of consolidated net sales, with Walmart Inc. representing about 22.1% of total sales[25]. - The private label food and beverage market has been growing, with private label products gaining market share, particularly during recessionary periods when consumers seek value[26]. - The company has faced significant inflationary pressures over the last two years, which has strengthened the private label value proposition and supported unit share gains across retail channels[27]. - The primary sales channel for TreeHouse Foods is retail grocery, accounting for approximately 80% of net sales[23]. Workforce and Employee Engagement - TreeHouse Foods has approximately 7,500 full-time employees as of December 31, 2022, with a workforce distribution of 6,100 in the United States and 1,400 in Canada[39]. - As of December 31, 2022, 42% of the hourly workforce and 48% of the salaried workforce were women, while 40% and 19% were from racially or ethnically underrepresented groups, respectively[41]. - The company’s Learning & Growing program aims to enhance employee engagement and career development, focusing on strategy, collaboration, and growth[42]. - The company offers comprehensive benefits packages, including medical, dental, and retirement plans, to support employee health and well-being[43]. Supply Chain and Operational Challenges - The company aims to enhance its supply chain to meet growing demand for private label products while ensuring quality and cost efficiency[24]. - Labor shortages and increased competition have led to higher labor costs, negatively impacting profitability due to overtime payments and retention programs[49]. - The company is heavily dependent on third-party suppliers and manufacturers, which poses risks to operating costs and profit margins if not managed effectively[47]. - The company’s ability to manufacture and sell products is critical, and disruptions in the supply chain could adversely affect financial performance[46]. - Supply chain disruptions in 2021 and 2022 have challenged the availability of raw materials and packaging supplies[210]. Financial Risks and Liabilities - The company is exposed to fluctuations in foreign currency exchange rates, which may negatively impact its results of operations and financial position[82]. - The company has entered into $875.0 million of long-term interest rate swap agreements to lock into a fixed LIBOR interest rate base[80]. - The company’s ability to service its debt is affected by its financial condition and operating performance, which are subject to various external factors[73]. - The company’s participation in multiemployer pension plans may lead to increased contributions and potential withdrawal liabilities[67]. - The company may be required to recognize impairment charges if the fair value of its assets falls below carrying values, which could be material[65]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to advancing its environmental, social, and governance (ESG) initiatives, integrating these efforts across its strategic growth pillars[22]. - The company is subject to increased compliance costs and operational risks due to climate change regulations and the need to reduce greenhouse gas emissions[84]. Financial Metrics and Projections - The company incurred approximately $85.1 million in growth, reinvestment, and restructuring program costs from continuing operations during 2022[91]. - Long-term debt outstanding decreased to $1,406.2 million at December 31, 2022, down from $1,921.5 million at December 31, 2021, a reduction of $515.3 million[158]. - Capital expenditures for 2023 are estimated to be approximately $130 million, reflecting an increase from $94.8 million in 2022[170]. - The expected loss on disposal from discontinued operations was $128.5 million, calculated as the difference between the fair value and carrying value of the disposal group[177].

Q4 2022 Results and Outlook 2 1 Delivered category leading unit growth versus both national brands and private label in retail measured channels in the fourth quarter 3 1 Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA Margin are non-GAAP financial measures. See "Comparison of Adjusted Information to GAAP Information" in the Appendix for the definitions of the non-GAAP measures, information concerning certain items affecting comparability, and reconcili ...

Financial Data and Key Metrics Changes - In Q4 2022, revenue grew by 22% to $996 million, driven by a 24.6% increase in pricing to recover inflation, while volume and mix declined by 2.2% [3][128] - Adjusted EBITDA for Q4 was $120 million, representing a 12% EBITDA margin, which is a 320 basis point improvement sequentially [128][143] - The company ended the year with a covenant leverage of 3.2 times and liquidity of over $500 million [5] Business Line Data and Key Metrics Changes - The core retail grocery business, which accounts for approximately 80% of annual revenue, achieved 3% volume growth across both measured and unmeasured channels [8] - Operations declined by $35 million in Q4 due to supply chain disruptions and investments in employee retention [9] Market Data and Key Metrics Changes - The overall retail landscape saw a 17% increase in pricing to recover higher input costs, while total edible consumption on a unit basis declined over 3% [139][140] - Private label units grew almost 3.5% within retail measured channels, outperforming national brands, which saw a 5% decline [140][141] Company Strategy and Development Direction - The company is focusing on becoming a higher growth, higher margin private label snacking and beverage business, with strategic partnerships and investments in capabilities [6][21] - The long-term growth ambition includes annual revenue growth of 3% to 5% and adjusted EBITDA growth of 8% to 10% starting in 2024 [127] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro environment supporting private label growth, with expectations for improved service levels and capacity investments to drive growth [133][144] - The company anticipates mid-single-digit inflation in 2023, with pricing actions already taken to offset some of the inflation [34][126] Other Important Information - The company plans to invest approximately $130 million in capital expenditures in 2023, with half focused on growth and supply chain initiatives [18] - The divestiture of a significant portion of the Meal Preparation business has allowed the company to optimize its portfolio and strengthen its balance sheet [20][137] Q&A Session Summary Question: How much of the supply chain recovery can be expected in 2023? - Management indicated that while they have not provided an exact number, they expect to make progress in recovering from supply chain impacts [16][17] Question: What is the expected magnitude of net inflation in 2023? - Management expects mid-single-digit inflation, with some pricing already in place to offset it [26][34] Question: How does the company plan to address capacity constraints? - Management acknowledged capacity constraints but expressed confidence in their ability to recover and optimize operations to meet demand [28][39] Question: What is the outlook for private label growth in 2023? - Management believes that private label growth will continue, supported by strong demand and strategic investments [69][72] Question: How will capital investments support growth? - Management stated that capital investments will facilitate capacity expansion and improve operational efficiency, which is crucial for achieving growth targets [41][82]

Financial Data and Key Metrics Changes - In Q3 2022, TreeHouse Foods reported a revenue growth of 16.4% to $875 million, with pricing rising by 20.7% due to inflation recovery efforts, while volume declined by 4.2% due to supply chain disruptions and intentional exits from low-margin businesses [21][22] - Adjusted EBITDA for the quarter totaled $77 million, representing an 8.8% margin, with a sequential improvement of 220 basis points [23] - The company ended Q3 with approximately $1.9 billion in total debt, which was reduced to about $1.4 billion after using $500 million from the divestiture proceeds to pay down term loans [30][31] Business Line Data and Key Metrics Changes - The divestiture of the Meal Preparation business allowed the company to focus on snacking and beverages, resulting in a simpler business model with improved margins [10][11] - Private label products outperformed national brands, with sales and volume growth for total edibles showing private brands outpacing national brands by 400 basis points [18] Market Data and Key Metrics Changes - 65% of consumers expressed high concern about the economy, with inflation exceeding 8%, leading to a shift in shopper behavior towards private label products [14][15] - The price gap between private label and national brands remained wide at 27%, indicating significant savings for consumers opting for private label goods [16][17] Company Strategy and Development Direction - The company aims to drive growth through a focused portfolio in snacking and beverages, with plans for an Investor Day in 2023 to outline future strategies [12] - The new corporate purpose emphasizes engaging and delighting all stakeholders, including retailers, consumers, and employees, to drive long-term sustainable growth [44][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in the labor market and supply chain, but expressed optimism about improvements in service levels and operational efficiency [19][51] - The company expects strong private label demand to continue in 2023, driven by economic conditions that encourage consumers to seek value [49] Other Important Information - The company anticipates Q4 revenue growth of 22% to 24%, primarily driven by pricing, with expectations for flat volume due to ongoing production constraints [34] - The interest income from the notes receivable from the divestiture is expected to total approximately $40 million in 2023, contributing to a more efficient capital structure [52] Q&A Session Summary Question: What is the expected impact of the $80 million peanut lag on 2023? - Management indicated that the lag should diminish as pricing has caught up to costs, and they expect a significant portion of the lag not to be a factor in 2023 [57][58] Question: How is the company addressing labor and supply chain challenges? - Management noted that labor conditions are slowly improving, and they are actively working to enhance scheduling and engagement to make TreeHouse an employer of choice [71][72] Question: What is the outlook for volume performance in 2023? - Management expects volume to improve in the first two quarters of 2023 due to better service levels and increased demand driven by economic conditions [85] Question: How does the seller's note affect leverage calculations? - The seller's note generates significant interest income but does not offset debt in leverage calculations, impacting cash flow positively [87][88]

Q3 2022 Results and Outlook Steve Oakland, CEO and President Patrick O'Donnell, Interim CFO and Chief Accounting Officer November 7, 2022 Forward looking statements From time to time, we and our representatives may provide information, whether orally or in writing, which are deemed to be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Litigation Reform Act"). These forward-looking statements and other information are based on our beliefs as well as assumpti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 June 30, 2022. 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: 001-32504 TreeHouse Foods, Inc. (Exact name of the registrant as specified in its charter) Delaware 20-2311383 (State or other juri ...

TreeHouse Foods Inc. (NYSE:THS) Q2 2022 Earnings Conference Call August 8, 2022 8:30 AM ET Company Participants P.I. Aquino - VP of IR Steve Oakland - President, CEO and Director Pat O’Donnell - CAO Conference Call Participants Andrew Lazar - Barclays Bill Chappell - Truist Securities Chris Growe - Stifel Robert Moskow - Credit Suisse Jon Andersen - William Blair Michael Coppola - JPMorgan Operator Welcome To the TreeHouse Foods' Second Quarter Conference Call. All participants will be in listen-only mode. ...