BellRing Brands, Inc.

and thank you for standing by. Welcome to Bellring Brands' fourth quarter fiscal year 2024 earnings conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Jennifer Meyer, Investor Relations for Bellring. Please go ahead.

Good morning, and thank you for joining us today for Bellring Brand's fourth quarter fiscal 2024 earnings call. With me today are Darcy Davenport, our President and CEO of Hall Road, our CFO. Darcy and Paul will begin with prepared remarks, and afterwards we'll have a brief question and answer session. The press release and supplemental slide presentation that support these remarks are posted on our website in both the investor relations and the SEC filing sections at bellring.com. In addition, the release and slides are available on the SEC's website. Before we continue, I would like to remind you that this call will contain forward-looking statements which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. As a reminder, this call is being recorded, and an audio replay will be available on our website. And finally, this call will discuss certain non-GAAP measures. For reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website. With that, I will turn the call over to Darcy.

Thanks, Jennifer, and thank you all for joining us this morning. Last evening, we reported our fourth quarter and fiscal 24 results and posted a supplemental presentation to our website. Fiscal 24 was a great year for Bellring Brands. Our net sales grew 20% with adjusted EBITDA of 30%. Our full year results for the second year in a row meaningfully exceeded our long-term algorithm as we added shape capacity and began to layer in demand drivers. The end of the year is an important time for us to reflect on the past and reassess the future opportunity. There were three things that stood out to me. The first is the expanding growth potential of the convenient nutrition category, specifically the segments that we compete in, ready to drink shakes and ready to mix powders. Ready to drink is the category standout, delivering double digit growth in each of the last four years. Despite all of this growth, it still has low household penetration at 48% compared to most mature categories that are close to double that. This, combined with strong macro trends like the mainstreaming of protein, growing popularity of functional foods and beverages, and the continued rise in healthy, convenient foods, highlights a long path of future growth. The second thing that stood out to me is the power and incredible future potential of our brands. This year was a pivotal year for our largest brand, Premier Protein, because we steadily increased our supply and we demonstrated that the demand is there and will continue to grow as we layer in demand drivers. Premier Protein reached new highs across many key metrics, including household penetration, market share, distribution, and buy rates. What is truly unique is that we did this without significant advertising or promotion at many retailers, further illustrating the brand's strengths and future potential. The third thing that struck me is about our organization. Our team has been working hard to prepare for the moment when Shake production would be unconstrained. We have fantastic advertising campaigns prepared, compelling category story that will unlock shelf space for the category as well as our brands, and we develop delicious new products with a promising pipeline of innovation. At our core, we are a growth company, and we have been preparing for this moment, and we are ready for a strong 25. Now let's get to Q4 category and brand highlights. The convenient nutrition category grew 6% in Q4. It is rapidly transforming into an everyday and sports nutrition category. These segments make up 75% of it and are growing approximately 10% in Q4, which better reflects the category momentum. From a form perspective, ready-to-drink growth accelerated and continued to lead the category, up 13% driven by household penetration and buy rate, a fairly rare combination in CPG. Mainstream, everyday, and sports nutrition RTV brands continue to drive most of that growth and are up 25% versus a year ago. Ready to mix grew 4%, slowing from Q3, which was boosted by incremental feature and display activity. We continue to be excited about the tailwinds that protein provides consumers and its high relevance with a broad swath of individuals. Turning to our brands, Premier Shake consumption growth accelerated this quarter, up 14%. Growth was strong in mass, food, and e-commerce channels driven by accelerated velocities, feature and display activity, along with distribution expansion in mass and food. Club grew despite lapping a longer promotional event in the prior year. October's overall consumption accelerated, up 28%, lifted by distribution gains and pumpkin spice, our fall seasonal flavor. Pumpkin Spices demonstrated impressive incrementality to the brand and was the number one pumpkin item at a major mass retailer this fall. As I mentioned earlier, our brand metrics remain strong, with Premier Protein reaching all-time highs in TDPs and household penetration. Shake TDPs grew 21% versus Q3, and we improved in-stocks and expanded both forms and pack sizes. Household penetration added just over three percentage points, reaching 19.4%, surpassing our goal for the year. Impressively, we saw growth in repeat and buy rates, with repeat rate increasing to 52%, demonstrating our category-leading consumer loyalty. Premier Protein, with RTD market share of 23%, maintained its position as the number one brand in the RTD segment, as well as the number one brand in the broader convenient nutrition category. All of this is especially encouraging because in a high growth category with low household penetration, we see plenty of room to continue to grow our brand and expand the overall category. Premier Protein Powder continued its strong trajectory in Q4, with consumption growing 43% behind strong velocities and distribution gains. In fact, at a major mass customer, It was the fastest growing brand across the entire powder category in the quarter. We remain encouraged by the growth potential of Premier Protein brand in this format as it reached over 75 million in net sales. We expect another year of robust growth in 2025 as we invest more marketing dollars to drive awareness. We continue to believe the brand will be a contributor to mainstreaming the powder category in the same way Premier did to Ready to Drink. Training to Dymatize. The brand remains one of the strongest in the powder category with velocities in the top third at key customers. Household penetration and overall distribution levels remain stable. U.S. consumption, which covers about two-thirds of the global brand, was relatively flat versus last quarter, but down compared to a year ago as a result of the ongoing softness in the specialty channel and a tougher comparable at food and clubs. Encouragingly, Dymatize's international business continues to be strong, with net sales up 30% this quarter. As a result, global Dymatize net sales delivered growth for the quarter. Our national marketing campaign with San Francisco All-Pro running back Christian McCaffrey launched on November 14th during NFL Thursday Night Football. In addition to new advertising, we have new product platforms launching in the first half of fiscal 25. Overall, we continue to be bullish on the sports nutrition category opportunity. Now to our outlook. As you saw in yesterday's press release, we are anticipating another above-algorithm year. We expect fiscal 25 net sales to grow between 12% and 16%, and adjusted EBITDA to grow between 5% and 11%. As a reminder, our algorithm in net sales growth of between 10% to 12%, with EBITDA margins of between 18% and 20%. Our plan reflects strong volume growth for Premier Protein and a pivot from supply focus to demand driving. We are eager to have all of our demand drivers in place this year and are stepping up our marketing dollars on Premier Protein. We are excited to see our national marketing campaign on Premier hit screens late in the first quarter, ahead of new year, new you season. EBITDA growth in fiscal 25 is expected to lag net sales growth as we experience input cost inflation across our portfolio most notably on our powder business and our increased marketing activities. Paul will provide further details on our fiscal 25 outlook. In closing, I'm thrilled with our performance this year. Our confidence in the long-term outlook of Bellring remains high. Strong macro tailwinds around protein are driving robust long-term growth in our category with ready-to-drink and powder segments in the early stages of growth. Premier Protein and Dynatize are leading mainstream brands with low household penetration and strong loyalty, with Premier Protein maintaining the number one share position in the category. Our innovation pipeline is rich, enabling us to bring excitement to consumers and our retail partners for years to come. Last, we have a scalable, regionally diverse supply chain able to support our long-term growth projections. Finally, I would like to thank all of our employees customers, and operations partners for an incredible year, and I look forward to a fantastic fiscal 25. We will provide updates on our progress next quarter. I will now turn the call over to Paul.