Vital Farms, Inc. (NASDAQ:VITL) Q3 2023 Results Conference Call November 2, 2023 8:30 AM ET

Company Participants

Matt Siler - VP, IR

Russell Diez-Canseco - President and CEO

Thilo Wrede - CFO

Pete Pappas - Chief Sales Officer

Conference Call Participants

Pamela Kaufman - Morgan Stanley

Adam Samuelson - Goldman Sachs

Matt Smith - Stifel

Robert Moskow - TD Cowen

Robert Dickerson - Jefferies

Matt McGinley - Needham

Ryan Meyers - Lake Street Capital Markets

Matt Siler

Thank you. Good morning. Welcome to Vital Farms Third Quarter 2023 Earnings Conference Call and Webcast. I'm joined on today's call by Russell Diez-Canseco, President and Chief Executive Officer, Thilo Wrede, Chief Financial Officer, and Pete Pappas, Chief Sales Officer.

By now, everyone should have access to the company's third quarter 2023 earnings press release issued this morning. This is available on the Investor Relations section of Vital Farms website, investors.vitalfarms.com.

Through the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual result to differ materially from those described in these forward-looking statements.

Please refer to today's press release into the company's quarterly report on Form 10-Q for the fiscal quarter ended September 24, 2023 filed with the SEC today, and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

Please note that on today's call, management will refer to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Please refer to our earnings release for reconciliation of adjusted EBITDA and adjusted EBITDA margin to their respective most comparable measures prepared in accordance with GAAP.

And now I would like to turn the call over to Russell Diez-Canseco, President and Chief Executive Officer of Vital Farms.

Russell Diez-Canseco

Thanks, Matt. Good morning, and thanks everyone for your time today. I'll start by sharing updates on how we delivered on our commitments to our stakeholders during the third quarter. Pete will then provide some insight into how we are benefiting from being a trusted partner at retail with a strong brand. Finally, Thilo will provide more in-depth information on our quarterly results and our annual guidance before we take your questions.