Mission Produce Inc at ICR Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ben Bienvenu - Stephens Inc. - Analyst : So when I think about the design-in characteristics of the Mission story for any long-term investor, I think it's that the Company is taking market share and augmenting the volume growth associated with the business exposure to the secularly growing avocado category. At the same time, there can be short-term volatility in earnings as margins vacillate with market pricing. What would you say to investors who grapple with that dynamic of balancing the two elements of the story?

Question: Ben Bienvenu - Stephens Inc. - Analyst : Okay, that's great. Along those lines, can you talk a little bit about what happened in the last year that's driven some of the variability in results? And can we expect to see some of these variability elements resolved as we had into calendar 2022?

Question: Ben Bienvenu - Stephens Inc. - Analyst : Okay, yes, makes sense. So shifting back to the volume growth opportunities for you all in the industry, I know this has been historically a US-centric story. Do you expect it to continue to be a US-centric story? And you talked about Europe and the per capita consumption. Can you talk about how you see markets like Europe developing? I know you've recently expanded capacity to serve this region.

Question: Ben Bienvenu - Stephens Inc. - Analyst : Yes, okay. Maybe pivoting back to the US, can you talk about the opportunities that still exist? How far along do you think we are in terms of per capita consumption opportunity? And as you think about the channel opportunity, either by food service or retail, what opportunities do you see?

Question: Ben Bienvenu - Stephens Inc. - Analyst : Yes, okay.

Question: Ben Bienvenu - Stephens Inc. - Analyst : I've seen that, Steve. That's a market -- a good (multiple speakers).

Question: Ben Bienvenu - Stephens Inc. - Analyst : Yes. Can we talk about the contribution of the Laredo facility? I think we and others are having a hard time thinking about how this impacts the business. Is this a facility that's simply something that allows you to sustain your current share gains? Is it something that should allow you to enhance market share gain and growth? And is it something that is margin accretive ultimately? I totally get the rationale for building it, but how should we think about how this facility actually shows up in the financials of the business? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 11, 2022 / 2:00PM, AVO.OQ - Mission Produce Inc at ICR Conference (Virtual)

Question: Ben Bienvenu - Stephens Inc. - Analyst : Very interesting. So it sounds like the growth outlook for marketing distribution on the volume front is really solid and there is clear line of sight. Can you talk about the opportunities that exist to expand profit per box, and what are the major critical components to achieving higher profit per box? I assume growing Laredo is important and leveraging some of the fixed costs, but help us think about some of the other dynamics at play. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 11, 2022 / 2:00PM, AVO.OQ - Mission Produce Inc at ICR Conference (Virtual)

Question: Ben Bienvenu - Stephens Inc. - Analyst : Okay. The Peru business -- you talked about some of the port challenges, but the Peru business performed really well this last year. Yields performed nicely. That volume is growing as the acreage matures. What are -- I know it's early to tell on the contribution for this year, but what are some of the things that we should be focused on as we think about the contribution in Peru at the back half of this year.

Question: Ben Bienvenu - Stephens Inc. - Analyst : Of this coming year.

Question: Ben Bienvenu - Stephens Inc. - Analyst : (multiple speakers)

Question: Ben Bienvenu - Stephens Inc. - Analyst : Okay. So you've invested a significant amount of capital in Peru. You talked about the maturity curve associated with the acres you planted. How else should we be thinking about your expansion into international markets? And in particular, international farming, what opportunities exist beyond Peru that are in your sights as you think to balance the distribution or mix of your marketing and distribution versus your [first]-party business?

Question: Ben Bienvenu - Stephens Inc. - Analyst : All right. I think we are close to the top of the 25-minute mark. Appreciate your thoughts on the business, Steve and Bryan. Thanks for your time, and we'll catch up with you in the breakout. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 11, 2022 / 2:00PM, AVO.OQ - Mission Produce Inc at ICR Conference (Virtual)