Overview Key strengths Key risks Good position in frozen foods and snacks. Inflation and supply chain challenges persist, pressuring profitability. Commitment to an investment-grade rating, including a 3.0x-company-defined net leverage. Increased private-label competition. Satisfactory product diversity within key categories. Large, debt-financed acquisitions that could increase leverage. Good free operating cash flow generation (FOCF). Demand for the company?s products declines, resulting in volumes well below pre-pandemic levels. Volumes for the year ended May 30, 2022, declined about 3.8% while price/mix grew 7.6% for organic net sales growth of 3.8%. For the first quarter ended Aug. 29, 2022, organic volumes declined 4.6% while price/mix grew 14.3% for organic net sales growth of 9.7%. Volumes held up well despite higher prices, implying elasticities
