{ "docId": "019de518-7cf0-700e-ad7b-c2bd0512ca96", "docSlug": "4bfe0a068ad4f75a7a9f21897a8653bf", "documentTitle": "Freshpet | Results Presentation Deck | 38 slides", "authorId": "freshpet", "authorName": "Freshpet", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-08-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 2, "pageCount": 38, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "front_matter", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-7cf0-700e-ad7b-c2bd0512ca96/2", "deckHref": "/decks/019de518-7cf0-700e-ad7b-c2bd0512ca96", "deckJsonHref": "/decks/019de518-7cf0-700e-ad7b-c2bd0512ca96.json", "deckAnchorHref": "/decks/019de518-7cf0-700e-ad7b-c2bd0512ca96#slide-2", "components": [ { "bbox": { "h": 0.369, "w": 0.315, "x": 0.037, "y": 0.339 }, "kind": "paragraph", "text": "Certain statements in this presentation by Freshpet, Inc. (the \"Company\") constitute \"forward-looking\" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations and assumptions. These forward-looking statements, which include any statements related to the timing of Freshpet Kitchens Expansion and capacity, our long-term strategy, focus, 2027 goals, our pace in achieving these goals, growth prospects, FY 2024 guidance and associated considerations. Words such as \"anticipate\", \"believe\", \"could\", \"estimate\", \"expect\", \"guidance\", \"intend\", \"may\", \"might\", \"outlook\", \"plan\", \"predict\", \"seek\", \"will\", \"would\" and variations of such word and similar future or conditional expressions are intended to identify forward looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements including difficulties in construction, third party data presented accompanying such statements, and most prominently, the risks discussed under the heading \"Risk Factors\" in the Company's latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this presentation. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1436431e-744c-45cf-a291-93c6c82c6bc1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.399, "w": 0.315, "x": 0.665, "y": 0.339 }, "kind": "paragraph", "text": "The non-GAAP measures are not and should not be considered an alternative to the most comparable GAAP measures or any other figure calculated in accordance with GAAP, or as an indicator of operating performance. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company's overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.\nCertain of these measures represent the Company's guidance for fiscal year 2024. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and impact of certain items, including the timing of and amount of costs of goods sold and selling, general and administrative expenses, that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. The unavailable information could significantly impact our financial results. These items are not within the Company's control and may vary greatly between periods. Based on the foregoing, the Company believes that providing estimates of the amounts that would be required to reconcile these forecasted non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cb466a6f-d7f8-48c5-8981-c2ee894a449b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.459, "w": 0.315, "x": 0.351, "y": 0.339 }, "kind": "paragraph", "text": "Freshpet uses certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA as a % of net sales (adjusted EBITDA Margin), adjusted Gross Profit, adjusted Gross Profit as a % of net sales (adjusted Gross Margin), adjusted SG&A and adjusted SG&A as a % of net sales. These non-GAAP financial measures should be considered as supplements to GAAP reported measures, should not be considered replacements for, or superior to, GAAP measures and may not be comparable to similarly named measures used by other companies.\nFreshpet defines EBITDA as net income (loss) plus interest expense, income tax expense and depreciation and amortization expense, and adjusted EBITDA as EBITDA plus net income (loss) on equity method investment, non-cash share-based compensation, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, and other expenses, including loss on disposal of equipment, COVID-19 expenses and organization changes designed to support long-term growth objectives. Freshpet defines adjusted Gross Profit as gross profit before depreciation expense, COVID-19 expense and non-cash share-based compensation, and adjusted SG&A as SG&A expenses before depreciation and amortization expense, non-cash share-based compensation, gain (loss) on disposal of equipment, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, COVID-19 expense and organization changes designed to support long term growth objectives.\nManagement believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. Non-GAAP financial measures are shown as supplemental disclosures in this presentation because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company's operations and, when considered with both the Company's GAAP results and the reconciliation to the most comparable GAAP measures, provide a more complete understanding of the Company's business than could be obtained absent this disclosure. adjusted EBITDA is also an important component of internal budgeting and setting management compensation.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f2a2234b-1e37-42c2-9703-cc657613a04a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.23, "x": 0.75, "y": 0.835 }, "kind": "source-note", "text": "Q2 2024 EARNINGS PRESENTATION freshpet", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "de9d7b34-a30e-437f-88aa-9b9aa580023c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.039, "w": 0.741, "x": 0.041, "y": 0.209 }, "kind": "title", "text": "Forward Looking Statements & Non-GAAP Measures", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2cd2671-2e4f-4e60-84f2-716804dc6c7a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "from": 1, "beatId": "7d4801b4-36e3-451d-80ad-c5ee54816120", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Attention", "beatSlug": "monroes-sequence-attention", "evidence": "The presentation starts with a cover slide and highlights", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }