Mission Produce, Inc. (NASDAQ:AVO) Q3 2024 Earnings Conference Call September 9, 2024 5:30 PM ET

Company Participants

Jeff Sonnek - Investor Relations, ICR
Stephen Barnard - Chief Executive Officer
Bryan Giles - Chief Financial Officer
John Pawlowski - President and Chief Operating Officer

Conference Call Participants

Ben Klieve - Lake Street Capital Markets
Gerry Sweeney - ROTH Capital Partners

Operator

Greetings and welcome to the Mission Produce Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Jeff Sonnek, Investor Relations. Please go ahead, Jeff.

Jeff Sonnek

Thank you and good afternoon. Today's presentation will be hosted by Steve Barnard, Chief Executive Officer; and Bryan Giles, Chief Financial Officer. The Company's President and Chief Operating Officer, John Pawlowski, will also be available on today's call for participation during the Q&A session.

Comments during today's call and the accompanying presentation contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements.

These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC. We'll also refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release, which can be found on our investor relations website investors.missionproduce.com for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.

And with that, I'd now like to turn the call over to Steve Barnard, CEO. Steve?

Stephen Barnard

Thank you for joining us today. Our momentum in fiscal 2024 continued with another strong financial performance in the third quarter. We grew revenue by 24% year-over-year to a record $324 million and generated a 49% increase in adjusted EBITDA to $31.5 million.

Combined with our solid working capital management, these results translated into a $62.7 million improvement in our year-to-date operating cash flow performance versus the prior year period, which showcases our team's remarkable execution this year.