Vital Farms(VITL) - 2024 Q4 - Annual Results

Financial Performance - Fiscal Year 2024 Net Revenue reached $606.3 million, a 28.5% increase compared to Fiscal Year 2023[1] - Fourth Quarter Net Revenue increased 22.2% to $166.0 million, driven by volume-related growth and price/mix benefits[4] - Adjusted EBITDA for Fiscal Year 2024 was $86.7 million, representing a growth of 79.6% from $48.3 million in Fiscal Year 2023[16] - Net Income for Fiscal Year 2024 grew 108.8% to $53.4 million, compared to $25.6 million in Fiscal Year 2023[14] - Net revenue for the 13 weeks ended December 29, 2024, was $165,989,000, representing a 22.2% increase from $135,811,000 for the same period in 2023[31] - Gross profit for the 52 weeks ended December 29, 2024, was $229,926,000, up 41.6% from $162,326,000 in 2023[31] - Net income for the 52 weeks ended December 29, 2024, was $53,388,000, compared to $25,566,000 in 2023, reflecting a 108.5% increase[34] - Basic net income per share increased to $1.25 for the 52 weeks ended December 29, 2024, from $0.62 in 2023[31] - Net income for the 13-week period ended December 29, 2024, was $10,582,000, compared to $7,210,000 for the 14-week period ended December 31, 2023, representing an increase of 47.5%[43] - Adjusted EBITDA for the 13-week period was $19,086,000, up from $13,894,000 in the previous year, reflecting a growth of 37.5%[43] - Net revenue for the 13-week period reached $165,989,000, compared to $135,811,000 in the prior year, indicating a year-over-year increase of 22.2%[43] Growth Projections - FY 2025 Outlook projects Net Revenue of at least $740 million, indicating at least 22% growth versus FY 2024[22] - FY 2025 Adjusted EBITDA is expected to be at least $100 million, reflecting at least 15% growth compared to FY 2024[22] - The company aims to reach a $1 billion Net Revenue target by 2027[1] Operational Metrics - Gross Margin expanded 352 basis points to 37.9% in Fiscal Year 2024, compared to 34.4% in the prior year[13] - Total assets grew to $359,332,000 as of December 29, 2024, from $275,178,000 as of December 31, 2023, marking a 30.6% increase[33] - Cash and cash equivalents at the end of the period were $150,601,000, up from $84,149,000 at the beginning of the period, indicating a significant liquidity improvement[36] - The company reported a total operating expense of $166,374,000 for the 52 weeks ended December 29, 2024, compared to $129,072,000 in 2023, reflecting a 29% increase[31] - The company’s total liabilities increased to $90,030,000 as of December 29, 2024, from $82,501,000 in 2023, indicating a rise in financial obligations[33] Capital Expenditures and Investments - Capital expenditures for FY 2024 totaled $28.6 million, significantly higher than $11.5 million in FY 2023[19] - The company added approximately 125 new family farms, bringing the total to over 425 by the end of 2024[2] Future Reporting - The company anticipates filing its Annual Report on Form 10-K for the fiscal year ended December 29, 2024, on February 27, 2025, which will provide further insights into future performance and strategies[28] Expense and Income Analysis - Adjusted EBITDA margin for the 13-week period was 11.5%, compared to 10.2% for the 14-week period, showing an improvement of 1.3 percentage points[43] - Net income margin for the 13-week period was 6.4%, up from 5.3% in the previous year, reflecting a 1.1 percentage point increase[43] - Total depreciation and amortization for the 13-week period was $3,264,000, slightly higher than $3,194,000 in the previous year[43] - Stock-based compensation expense for the 13-week period was $2,696,000, compared to $1,915,000 in the prior year, an increase of 40.7%[43] - Interest expense for the 13-week period was $239,000, down from $268,000 in the previous year, indicating a decrease of 10.8%[43] - The company reported an income tax provision of $3,740,000 for the 13-week period, compared to $2,351,000 in the previous year, representing a 59% increase[43] - Interest income for the 13-week period was $(1,435,000), compared to $(1,044,000) in the previous year, reflecting a decrease in interest income[43]