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    Jon Andersen • William Blair & Company

    Jon Andersen's questions to Primo Brands Corp (PRMB) leadership

    Jon Andersen's questions to Primo Brands Corp (PRMB) leadership • Q2 2025

    Question

    Jon Andersen of William Blair & Company, L.L.C. asked about the extent of future brand rationalization and its potential top-line impact, and also inquired about the sell-through and growth opportunities for the super-premium brands, particularly at Walmart.

    Answer

    CEO Robbert Rietbroek stated that the largest part of brand rationalization is complete, with the current focus on simplifying regional brand offerings to improve operational efficiency. On the premium business, he highlighted its 44.2% volume-driven growth, fueled by expanded retail distribution like the PET launch at Walmart, direct delivery availability, and a strong focus on the food service channel. He noted that new production facilities are underway to unlock future growth.

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    Jon Andersen's questions to Primo Brands Corp (PRMB) leadership • Q1 2025

    Question

    Jon Andersen inquired about the performance drivers for Primo's premium brands, Saratoga and Mountain Valley, and sought details on the factors contributing to the first-quarter EBITDA beat versus expectations.

    Answer

    CEO Robbert Rietbroek attributed the 49% sales growth in premium brands to strong volume, new distribution in Walmart, and significant marketing exposure, including a viral social media moment for Saratoga. CFO David Hass explained the EBITDA beat was driven by strong base business performance and operational efficiencies, in addition to the on-plan $20 million in synergy capture.

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    Jon Andersen's questions to Vital Farms Inc (VITL) leadership

    Jon Andersen's questions to Vital Farms Inc (VITL) leadership • Q2 2025

    Question

    Jon Andersen asked for a breakdown of the expected revenue growth acceleration in the second half, questioning the contribution from pricing versus volume. He also sought details on the decision to pull forward capital spending for the Seymour facility.

    Answer

    CFO Thilo Wrede stated that the back-half acceleration is primarily driven by a step-up in volume as supply improves, with pricing acting as a 'cherry on the top.' CEO Russell Diez-Canseco added that accelerating the Seymour investment is a strategic move to catch up with strong brand growth and satisfy unmet demand. Both executives confirmed the project will be self-funded using the balance sheet and operating cash flow.

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    Jon Andersen's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Jon Andersen inquired if the Q1 volume growth was in line with expectations and asked for more detail on the expected cadence of volume acceleration throughout the year. He also sought to confirm the magnitude of the recently announced price increase for shell eggs.

    Answer

    President and CEO Russell Diez-Canseco clarified that underlying branded volume growth was a stronger 5.6% when excluding lower-margin breaker egg sales, which decreased due to higher processing efficiency. CFO Thilo Wrede confirmed a 'low double-digit' price increase and stated that volume growth will accelerate through the year, with Q2 being a transition point before a more significant ramp-up in the second half as new farms come online.

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    Jon Andersen's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Jon Andersen asked if Q1 volume growth was in line with expectations and sought clarity on the cadence of volume acceleration for the rest of the year, questioning if it would be uniform or have a specific unlock point. He also sought to confirm the magnitude of the price increase on shell eggs.

    Answer

    CEO Russell Diez-Canseco clarified that underlying branded volume growth was a stronger 5.6% when excluding lower sales of breaker eggs, reflecting improved processing yields. CFO Thilo Wrede corrected the price increase to 'low double-digit' and stated that volume growth will accelerate in the second half of the year as new farms ramp up, with Q2 serving as a transition period.

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    Jon Andersen's questions to Vital Farms Inc (VITL) leadership • Q4 2024

    Question

    Jon Andersen asked why Vital Farms' network appears less affected by avian influenza and inquired about the sustainability of current marketing spend levels and expectations for 2025 maintenance costs.

    Answer

    President and CEO Russell Diez-Canseco suggested their network's resilience may be due to greater vigilance in maintaining farm infrastructure and biosecurity. CFO Thilo Wrede indicated the current marketing spend of 5-6% of sales is a comfortable level for measured brand building. He also stated that 2025 maintenance costs will be similar to 2024 overall but spread more evenly throughout the year to ensure consistent operations.

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    Jon Andersen's questions to Vital Farms Inc (VITL) leadership • Q3 2024

    Question

    Jon Andersen of William Blair asked about the dynamic between household penetration and buy rate in relation to the company's long-term plan, consumer brand loyalty versus switching behavior, and the expected evolution of advertising spending as a percentage of sales.

    Answer

    CFO Thilo Wrede noted that household penetration is on track, but recent growth has been driven more by increased buy rate and consumer loyalty than initially planned. CEO Russell Diez-Canseco added that while many consumers use multiple egg brands, Vital Farms sees a growing pool of heavy users. On spending, Thilo Wrede confirmed that marketing as a percent of sales was at its highest level since the IPO in Q3, with elevated spending expected to continue in Q4 to build long-term brand awareness.

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    Jon Andersen's questions to Sunopta Inc (STKL) leadership

    Jon Andersen's questions to Sunopta Inc (STKL) leadership • Q2 2025

    Question

    Jon Andersen of William Blair & Company, L.L.C. requested more detail on the gross margin progression, specifically the tariff headwind in Q3 and recovery in Q4. He also asked for color on the new business pipeline, how aseptic capacity is balanced across products like broth and milk, the fruit snack line investment details, and capital allocation priorities for 2026.

    Answer

    CFO Greg Gaba quantified the Q3 tariff impact at roughly $2 million, expecting it to be fully passed through by Q4. CEO Brian Kocher added that the strong pipeline, particularly in fruit snacks and plant-based beverages, gives confidence in hitting the high end of their long-term growth targets. He explained that broth production is used strategically to manage production seasonality. Gaba confirmed the $25M fruit snack line investment will occur mostly in 2026 and that hitting the 2.5x leverage target remains the top priority.

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    Jon Andersen's questions to Sunopta Inc (STKL) leadership • Q1 2025

    Question

    Jon Andersen sought clarification on the composition and sales potential of the expanded business pipeline, the company's visibility on the Midlothian wastewater project, and whether the outlined gross margin path incorporates the impact of tariffs.

    Answer

    Executive Brian Kocher detailed that the pipeline is now approximately 25% of annual revenue, double its size 15 months ago, and is heavily weighted toward plant-based beverages, broth, and existing customers. He affirmed that volume limitations from the Midlothian issue are factored into 2025 and 2026 guidance. He also clarified that the current gross margin guidance does not bake in the fluid tariff situation, as the goal is to protect gross profit dollars, which could affect the margin rate.

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    Jon Andersen's questions to Sunopta Inc (STKL) leadership • Q4 2024

    Question

    Jon Andersen sought clarification on the gross margin cadence, the drivers behind the second-half revenue growth acceleration, and whether the long-term 20% gross margin target is still achievable. He also asked about the impact of the Midlothian electrical upgrade downtime.

    Answer

    CFO Greg Gaba confirmed the 44%/56% split refers to gross profit dollars, driven by new roles and unlocking trapped capacity in the second half. He affirmed the 20% long-term gross margin target remains. CEO Brian Kocher attributed the revenue cadence to the timing of known distribution wins and innovation. He also stated the Midlothian downtime cost about 50 basis points of margin in Q4.

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    Jon Andersen's questions to Sunopta Inc (STKL) leadership • Q2 2024

    Question

    Jon Andersen from William Blair & Company inquired about the specific drivers behind the strong Q2 revenue beat, the resilience of the foodservice segment amid market softness, and the reasons for gross margin pressure despite high volumes, seeking clarity on short-term investments and the expected Q4 margin recovery.

    Answer

    Executive Brian Kocher explained that the revenue strength was broad-based, stemming from new product launches, TAM expansion in protein shakes, and strong performance of the brands they support. He attributed foodservice resilience to deep customer integration, participation in limited-time offers, and new product innovations. Kocher detailed that while strong volume growth tested the supply chain, the company is making targeted short-term investments in areas like downline efficiencies and equipment uptime, which caused temporary margin pressure but provides confidence in a sustainable margin expansion starting in Q4.

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    Jon Andersen's questions to elf Beauty Inc (ELF) leadership

    Jon Andersen's questions to elf Beauty Inc (ELF) leadership • Q1 2026

    Question

    Jon Andersen of William Blair asked for an update on digital sales growth and its mix of the total business, the long-term target for international sales contribution, and whether pulling forward fall innovation created any gaps in the product pipeline.

    Answer

    Senior VP & CFO Mandy Fields reported that e-commerce channels grew nearly 20% in the quarter and now represent about 20% of the total business. CEO & Chairman Tarang Amin expressed high aspirations for international growth but did not provide a specific long-term mix target. He also confirmed that pulling forward the melting lip balms did not create a hole in the innovation pipeline, stating that the overall fall innovation slate remains strong.

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    Jon Andersen's questions to elf Beauty Inc (ELF) leadership • Q4 2025

    Question

    Jon Andersen of William Blair & Company, L.L.C. asked for clarification on the gross margin outlook and how management became confident in Rhode's long-term sustainability versus being a more fleeting celebrity brand.

    Answer

    SVP & CFO Mandy Fields reiterated that no specific gross margin guidance was being provided. Chairman and CEO Tarang Amin detailed his confidence in Rhode's longevity, citing founder Hailey Bieber's vision, the brand's proven ability to scale, its high-quality innovation, and strong consumer repeat purchase rates as key factors.

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    Jon Andersen's questions to Bellring Brands Inc (BRBR) leadership

    Jon Andersen's questions to Bellring Brands Inc (BRBR) leadership • Q3 2025

    Question

    Jon Andersen from William Blair & Company asked about the incrementality of the Indulgence line, the Premier brand's performance in the almond milk segment, and any shifts in capital allocation priorities.

    Answer

    CEO Darcy Horn Davenport reported strong performance and high incrementality for the Indulgence line, with about half of its sales from category expansion. She noted it was too early to assess the new almond milk line. CFO Paul Rode stated there has been no change to capital allocation priorities, which remain focused on balancing debt paydown with opportunistic share buybacks, while M&A is a longer-term consideration.

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    Jon Andersen's questions to Bellring Brands Inc (BRBR) leadership • Q2 2025

    Question

    Jon Andersen requested more insight into the initial performance of the Indulgence line and asked for details about the next major innovation planned for later in the fiscal year.

    Answer

    President and CEO Darcy Davenport shared that the Indulgence line is seeing early success, driving incrementality by targeting new occasions like treats and desserts. She noted it is also surprisingly bringing in new-to-category consumers. She revealed the next major innovation, planned for Q4, is strategically focused on attracting new consumers to the brand.

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    Jon Andersen's questions to Scotts Miracle-Gro Co (SMG) leadership

    Jon Andersen's questions to Scotts Miracle-Gro Co (SMG) leadership • Q3 2025

    Question

    Jon Andersen from William Blair & Company, L.L.C. asked how the outperformance of retailers who participated in promotional strategies is influencing 2026 line reviews. He also requested details on the company's visibility and timeline for reaching its mid-30s gross margin target.

    Answer

    CEO James Hagedorn stated that activation funds will be directed towards retail partners who actively collaborate on driving POS, a strategy that has proven successful. President & COO Nate Baxter added that discussions for 2026 are ongoing. On margins, EVP & CFO Mark Scheiwer outlined a path from 30% to 35%, driven by approximately 100 basis points annually from supply chain savings and another 100 basis points from net pricing. Nate Baxter also noted that future product innovation will be margin accretive.

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    Jon Andersen's questions to Scotts Miracle-Gro Co (SMG) leadership • Q2 2025

    Question

    Jon Andersen of William Blair & Company inquired about the significant delta between the 12% point-of-sale (POS) unit growth and the low single-digit dollar growth, and also sought confirmation on the company's confidence in achieving its medium-term gross margin target of over 35%.

    Answer

    CEO James Hagedorn and CFO Mark Scheiwer addressed the questions. Hagedorn explained that the unit/dollar growth gap is primarily driven by aggressive, retailer-funded promotions designed to increase store traffic, which he views as a positive indicator of consumer engagement. Scheiwer quantified the drivers as 60% product mix (higher volume of lower-priced soils and mulch) and 40% promotional activity. Regarding margins, Hagedorn affirmed the 35% goal is a board mandate, with the planned Hawthorne divestiture expected to provide a tailwind of at least 100 basis points. Scheiwer added that ongoing supply chain savings are on track to deliver over 200 basis points of improvement by fiscal 2027.

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    Jon Andersen's questions to Scotts Miracle-Gro Co (SMG) leadership • Q1 2025

    Question

    Jon Andersen of William Blair & Company inquired about the expected cadence of gross margin improvement through fiscal 2025 and sought updated thoughts on the path to achieving the mid-30s percentage goal by fiscal 2027, particularly the more challenging final steps.

    Answer

    Executive Mark Scheiwer detailed that for fiscal 2025, about two-thirds of the gross margin improvement will occur in the first half, driven by lower commodity costs, with the remainder in the back half. Executives James Hagedorn and Nate Baxter expressed high confidence in reaching the mid-30s target by 2027, citing a clear line of sight through supply chain savings, SKU simplification, innovation, pricing, and the margin uplift from separating the Hawthorne business.

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    Jon Andersen's questions to Scotts Miracle-Gro Co (SMG) leadership • Q4 2024

    Question

    Jon Andersen asked for clarification on the company's three-year financial targets, specifically questioning the $700 million EBITDA goal and the path to achieving a mid-30s gross margin rate by fiscal 2027.

    Answer

    CEO James Hagedorn confirmed the $700 million EBITDA target by fiscal 2027 is firm and aligns with the goal of reducing leverage to approximately 3x. He stated the mid-30s gross margin target is also intact, explaining that while significant pricing is difficult now due to consumer sentiment, the goal will be reached through a combination of targeted price increases, incremental volume growth, cost-saving initiatives, and potential M&A.

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    Jon Andersen's questions to Simply Good Foods Co (SMPL) leadership

    Jon Andersen's questions to Simply Good Foods Co (SMPL) leadership • Q3 2025

    Question

    Jon Andersen asked for more details on pricing actions and capital allocation priorities. He also followed up on whether the company could still achieve its long-term top-line growth algorithm in fiscal 2026 despite the drag from Atkins.

    Answer

    CEO Geoff Tanner confirmed pricing was taken on Atkins shakes and more is being evaluated to offset costs. CFO Chris Beeler outlined capital allocation priorities as M&A, followed by debt paydown and share buybacks. Regarding FY26 growth, Tanner reiterated that it's early in the planning cycle and acknowledged the drag from Atkins, but noted its impact will lessen as its portfolio mix declines.

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    Jon Andersen's questions to Simply Good Foods Co (SMPL) leadership • Q2 2025

    Question

    Jon Andersen asked for the reasons behind raising the full-year outlook for Quest's point-of-sale growth and inquired if brand extensions like salty snacks create a halo effect for the core business. For Atkins, he asked what specific signals investors should look for to gauge the success of the brand's stabilization over the next 12-18 months.

    Answer

    CEO Geoff Tanner attributed the stronger Quest outlook primarily to the salty snacks platform, which is growing rapidly now that supply constraints are resolved. He confirmed a significant halo effect, with platforms like salty snacks and bakeshop bringing new consumers to the entire Quest franchise. For Atkins, Tanner advised investors to monitor the underlying base velocity of the business, adjusted for the planned reduction in shelf space, as the key metric for stabilization.

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    Jon Andersen's questions to Simply Good Foods Co (SMPL) leadership • Q1 2025

    Question

    Jon Andersen of William Blair & Company, L.L.C. requested more context on the optimization of low-ROI spending for Atkins and asked about the competitive landscape for the OWYN brand.

    Answer

    CFO Shaun Mara explained the goal is to create a more sustainable Atkins business and reinvest savings into Quest and OWYN. CEO Geoff Tanner gave an example of cutting unprofitable trade promotions. Regarding OWYN, he stated it is the clear plant-based leader due to its superior taste, which attracts mainstream dairy consumers, and noted a lack of significant emerging competitors.

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    Jon Andersen's questions to Simply Good Foods Co (SMPL) leadership • Q4 2024

    Question

    Jon Andersen questioned the fiscal 2025 point-of-sale growth assumption for OWYN (20-30%), which is much lower than its recent performance. He also asked about the ROI and appropriateness of marketing spend for Quest and Atkins.

    Answer

    CEO Geoff Tanner explained the OWYN forecast reflects lapping a year of significant distribution gains, with FY25 growth driven more by velocity and filling voids. CFO Shaun Mara added that this growth rate would still double the business in three years. On marketing, Tanner praised the high ROI of Quest's campaign, which will see increased spending, while noting Atkins' spend is being reduced, primarily in non-working areas. Mara quantified the total marketing spend will decrease from low-9% to mid-to-low 8% of sales.

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    Jon Andersen's questions to Hain Celestial Group Inc (HAIN) leadership

    Jon Andersen's questions to Hain Celestial Group Inc (HAIN) leadership • Q3 2025

    Question

    Jon Andersen asked for any preliminary thoughts on the outlook for fiscal 2026, how Interim CEO Alison Lewis's past experience at larger CPGs applies to Hain's situation, and the expected timing for an update on the strategic review.

    Answer

    CFO Lee Boyce and Chair Dawn Zier stated it was too early to provide a 2026 outlook. Interim CEO Alison Lewis explained that within her large-company background, she has extensive experience leading smaller, agile brands and business turnarounds. Chair Dawn Zier reiterated that it is too early to commit to a timeline for the strategic review update.

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    Jon Andersen's questions to Hain Celestial Group Inc (HAIN) leadership • Q2 2025

    Question

    Jon Andersen requested more detail on the company's 'Better-for-You' and GLP-1 positioning and its impact on innovation. He also asked about the rationale for revising the long-term top-line growth algorithm and sought clarity on the cadence of the pivot to growth in the second half.

    Answer

    CEO Wendy Davidson explained that 'Better-for-You' means providing 'healthy nudges' without sacrificing taste or convenience. For GLP-1, the strategy is to identify and market suitable products to consumers on that diet. She stated the revised long-term growth algorithm reflects learnings and execution timelines, noting they are behind on revenue management but ahead on productivity. CFO Lee Boyce reiterated the expectation to pivot to growth in Q3.

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    Jon Andersen's questions to TreeHouse Foods Inc (THS) leadership

    Jon Andersen's questions to TreeHouse Foods Inc (THS) leadership • Q1 2025

    Question

    Jon Andersen inquired about the impact of macroeconomic uncertainty on private label demand and the company's consumption trend assumptions for its full-year outlook. He also asked for clarification on the expected impact of margin management activities for the remainder of the year.

    Answer

    CEO Steven Oakland explained that TreeHouse's guidance conservatively assumes no benefit from consumers shifting to private label, positioning any such trend as potential upside. He noted that private label's value proposition is strong. CFO Patrick O'Donnell and CEO Steven Oakland added that margin management actions were intentionally front-loaded in Q1, and the full-year organic volume and mix forecast remains a decline of approximately 1%.

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    Jon Andersen's questions to TreeHouse Foods Inc (THS) leadership • Q4 2024

    Question

    Jon Andersen asked about the expected cadence for the remainder of the supply chain savings program and for more detail on the multiyear glide path for capital expenditures, questioning how low the CapEx-to-sales ratio might go over the next few years.

    Answer

    EVP and CFO Patrick O'Donnell stated that 2025 savings will include carryover from 2024 procurement initiatives, plus manufacturing and logistics savings. Regarding CapEx, he noted that as multiyear projects conclude, the rate should move toward the low end of the historical 3-3.5% of sales range, especially in a lower-growth environment.

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    Jon Andersen's questions to TreeHouse Foods Inc (THS) leadership • Q3 2024

    Question

    Jon Andersen from William Blair sought to reconcile TreeHouse's volume declines with broader private label share gains and asked for an update on the $250 million cost savings program, including its progress, 2025 outlook, and any volume dependency.

    Answer

    CEO Steve Oakland explained the volume pressure is linked to weakness in large traditional grocery channels, impacting all center-store private label categories. CFO Patrick O'Donnell highlighted the $20 million positive supply chain benefit in Q3, driven by procurement initiatives, and confirmed the company is on track with its savings plan, with future contributions expected from TMOS and distribution network efficiencies.

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    Jon Andersen's questions to Celsius Holdings Inc (CELH) leadership

    Jon Andersen's questions to Celsius Holdings Inc (CELH) leadership • Q1 2025

    Question

    Jon Andersen asked for more detail on the expected shelf space expansion for both the core Celsius brand and the newly acquired Alani Nu, and how the company plans to activate consumers around these gains.

    Answer

    CEO John Fieldly highlighted that new innovations like Playa Vibe and Retro Vibe are expected to gain placements. He emphasized significant wins in secondary placements, such as checkout coolers in large national retailers, which will improve velocity. For Alani Nu, he expressed strong optimism for distribution gains, particularly as the team prepares for 2026 buyer meetings, leveraging the brand's momentum and strong connection with female consumers.

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    Jon Andersen's questions to Freshpet Inc (FRPT) leadership

    Jon Andersen's questions to Freshpet Inc (FRPT) leadership • Q1 2025

    Question

    Jon Andersen asked about full-year expectations for distribution growth, the dynamic of TDPs growing faster than store count, and whether the growth in high-value MVP households comes from new or existing customers.

    Answer

    President & Co-Founder Scott Morris confirmed they are on track to add 100,000 cubic feet of fridge space this year from new stores and second/third fridges. CEO William Cyr noted the large TDP increase was driven by Walmart adding second fridges. Morris then explained that most MVP growth comes from new customers entering the franchise, who often start with affordable items before increasing their spend and becoming high-value, loyal consumers.

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    Jon Andersen's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Jon Andersen asked for clarification on distribution metrics, specifically the difference between cubic feet and TDP growth, and for an outlook on the expansion of second and third fridges.

    Answer

    Co-Founder and President Scott Morris clarified that the focus is on growing cubic footage through second and third fridges, which drives higher growth than store count alone. He noted that Walmart is now allocating more space to Freshpet in its company-owned fridges. He sees consistent growth from fridge expansion as retailers recognize fresh is the key growth driver in the pet food category.

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    Jon Andersen's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Jon Andersen asked for clarification on the difference between cubic feet growth and TDP growth, the role of retailer-owned fridges, and the future outlook for adding second and third fridges in stores.

    Answer

    Executive Scott Morris explained that adding second and third fridges is a key growth driver. He noted that Walmart is the primary retailer with its own fridges, and Freshpet is now successfully gaining space within them. For other retailers, Freshpet's company-managed fridge program is preferred due to its high efficiency and low maintenance, with less than 1% of fridges down at any time.

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    Jon Andersen's questions to J & J Snack Foods Corp (JJSF) leadership

    Jon Andersen's questions to J & J Snack Foods Corp (JJSF) leadership • Q4 2024

    Question

    Jon Andersen asked about the outlook for the marketing expense line in 2025, the expected normalized top-line growth rate, the role of pricing in the 2025 plan, and the forecast for capital expenditures.

    Answer

    CEO Daniel Fachner projected marketing expenses to remain flat around 7.4% of sales and guided for low-to-mid single-digit normalized top-line growth in fiscal 2025. He confirmed that price increases are planned for January across all three business units. CFO Ken Plunk added that capital expenditures are expected to normalize to a run rate of 4.5% to 5% of sales, equating to approximately $75 million to $85 million.

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    Jon Andersen's questions to Vita Coco Company Inc (COCO) leadership

    Jon Andersen's questions to Vita Coco Company Inc (COCO) leadership • Q3 2024

    Question

    Jon Andersen asked about the key drivers of the international business, the reason for plateauing ACV levels, and for a reminder of the long-term growth algorithm for the branded business and the scale of planned capacity additions.

    Answer

    CEO Martin Roper highlighted strong growth in the U.K. and Germany, with plans to replicate the German market entry model across Western Europe. CFO Corey Baker explained that flat ACV was a result of inventory constraints impacting on-shelf availability (TDPs), not a loss of shelf space. He reiterated the long-term goal for mid-teens branded growth and stated that capacity is being added to return to a more flexible 80-85% utilization rate to support future growth.

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