Vital Farms Inc 2024年度报告

MESSAGE FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER DEAR FELLOW STOCKHOLDERS, 2024 HIGHLIGHTS Financial Results:Our strong results in 2024 have keptus on track to hit the key financial targets outlined at our2023 Analyst Day, including our goal to grow to $1 billionin net revenue, 35% gross margin and 12-14% AdjustedEBITDA Margin by 2027.1Our annual net revenue rose28.5% in fiscal 2024 to $606.3 million. Gross profit forthe year rose to $229.9 million, or 37.9% of net revenue,compared to $162.3 million, or 34.4% of net revenue, lastyear. Our Adjusted EBITDA grew 79.2% in 2024 to $86.7million, or 14.3% of net revenue. Our Adjusted EBITDAMargin rose 405 basis points compared to last fiscal year. We are pleased to share the 2024 Annual Report ofVital Farms, Inc. Vital Farms had another remarkable year in 2024. We servedmore households, partnered with more farmers and cared formore animals than at any point in our history. We worked todrive long-term sustainable value for – and importantly – withall of our stakeholders, and we’re well on track to hit our nextbig growth target of $1 billion in net revenue by 2027. 2024 was a year of important milestones. First, we exceeded$600 million in net revenue, well ahead of our initialexpectations for the year. Second, we added more than 125new family farms, the largest single year expansion of our farmnetwork in company history. We now have over 425 familyfarms in our network, and when these new farms are operatinglater this year, they will expand our egg sourcing capacity bymore than 40%. Third, we announced the site of our secondworld-class egg washing and packing facility in Seymour,Indiana. Our current facility in Springfield, Missouri continuesto gain recognition as one of the best in the industry, and welook forward to bringing our next Egg Central Station facilityin Seymour online in 2027. Supply Chain:We continued to invest in our resilient,growing supply chain. We added 125 family farms to ournetwork, and we now work with more than 425 familyfarms across nine states. We announced the location forour next world-class egg-washing and packing facility inSeymour, Indiana. Combined with our existing, award-winning facility in Springfield, Missouri, we believe ourSeymour facility will create the capacity to supportproduction beyond $1 billion in net revenue when itcomes online. Trusted Brand:We had another excellent year connectingwith our consumers and further building the VitalFarms brand. Our brand awareness is up, our householdpenetration increased significantly, and our buy raterose double digits. We maintained strong retention andloyalty rates among consumers during a period of supplydisruption and increasing competition in the market. In2024, aided brand awareness increased to 26%, up from23% at the end of 2023 and 9 percentage points higherthan 2020. We’re converting this increased awareness intomore households who buy Vital Farms. In 2024, we grewour household penetration to just over 14 million homes,up 2.3 million households, a 20% increase year-over-year.This brings our household penetration to 10.7% – a 1.9percentage point increase from 2023. While it is tempting to look at any year’s results in isolation,it’s just as important to remember how we got here: playingthe long game, balancing the needs of and returns from ourbusiness across the full stakeholder community and stayingtrue to our purpose. This year was yet another one in which ourfocus on long-term value creation and our unwillingness to cutcorners enabled us to navigate significant potential disruptions. When our Executive Chairperson Matt O’Hayer foundedthis company 18 years ago, he laid the foundation for theresilient company that we are today. We aren’t just weatheringemerging threats like avian influenza and inflation, we arethriving. We are getting sharper with our brand, holdingourselves accountable to being transparent and “Bullsh*tFree” with consumers, evolving the way we recruit and supportour farmers, deepening or commitments to our crew, moreimpactfully serving the communities where we operate andcontinuing to humanely care for our hens and cows. Our abilityto do this year over year, in the face of potential threats to ourbusiness, continues to prove our resilience. Crew Investment:We continue building new programsto develop our talented crew. In 2024, we conductedour first crew member survey using the Great Placesto Work platform and achieved certification from this organization, with 86% of responding crew membersrecognizing our workplace as a ‘great place to work.’ Weexpanded our investment in crew member development bylaunching a ‘Core Competencies’ framework, a quarterlygoal-setting process and immersive learning programsfocused on emerging leaders, change agility and problemsolving. Developing people leadership skills continues tobe a priority – our people leader training program drovea 16% increase in manager effectiveness. These initiativesdemonstrate our commit