Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh eggs [7] - The company's mission is to be the most sustainable producer and reliable supplier of consistent, high-quality fresh eggs and egg products in the country [8] - Cal-Maine Foods has competitive advantages including operational expertise, vertically integrated operations, quality product choice, a disciplined balance sheet, and blue-chip customers [12, 13] Market Dynamics and Strategy - Approximately 97% of U S households purchase eggs [41] - Ten U S states have passed cage-free legislation or regulation for implementation by 2026 [42] - The national flock will need to be 71% cage-free to meet both legislative mandates and stated commitments [42] - Cal-Maine Foods is deploying capital toward production and M&A opportunities that enhance cage-free capacity & capabilities [44] Financial Performance and Capital Allocation - Cal-Maine Foods sold 301 million dozens of eggs in Q3 2024 [112] - The company is committed to delivering value to shareholders over the economic cycles through a variable dividend policy [36] - Since FY2000, Cal-Maine Foods has paid $744 million in total dividends, with a 5-year average of $1 39 per share [81]