The Motley Fool was founded by brothers Tom and David Gardner in 1993. Through our website, podcasts, books, newspaper columns, radio programs and quality investment services, we help millions of people achieve financial freedom.
Image source: Motley Fool.
Vital Farms, Inc. (NASDAQ: VITL) 2021 Third Quarter Earnings Conference Call, November 9, 2021, 8:30 AM Eastern Time
Good day, thank you for your support, and welcome to the Vital Farms 2021 third quarter earnings conference call. 【Instructions】. Please note that today’s meeting is being recorded. 【Instructions】.
I now want to hand over today’s meeting to your host, Matt Siler. You can start.
Matt Siler-Vice President of Investor Relations
Thank you. Good morning, and welcome to the Vital Farms 2021 third quarter earnings conference call and webcast. I am very happy to be in today's conference call with President and CEO Russell Diez-Canseco; and Chief Financial Officer Bo Meissner. By now, everyone should have access to the company's third quarter 2021 earnings press release released this morning.
This can be found in the Investor Relations section of the Vital Farm website Investors.vitalfarms.com. During this conference call, management may make forward-looking statements within the meaning of federal securities laws. These statements are based on management’s current expectations and beliefs and involve risks and uncertainties that may cause actual results to differ materially from those described in these forward-looking statements. Please refer to today’s press release and the company’s quarterly report on Form 10-Q for the fiscal quarter ending September 26, 2021 filed with the SEC earlier today and other documents filed with the SEC to discuss in detail the possible risks leading to actual The results are materially different from the results expressed or implied in any forward-looking statements made today.
Please note that in today's conference call, management will refer to adjusted EBITDA and adjusted EBITDA margins, which are non-GAAP financial measures. Although the company believes that these non-GAAP financial measures provide useful information for investors, the presentation of such information should not be considered in isolation or a substitute for financial information presented under GAAP. Please refer to our earnings release for the reconciliation of adjusted EBITDA with the most comparable measure compiled under GAAP. Now I want to forward the call to Russell Diez-Canseco, President and CEO of Vital Farms.
Russell Diez-Canseco - President and Chief Executive Officer
Thanks, Matt, good morning everyone. Thank you for joining us today. We hope you enjoy the cool temperatures as our girls on the grass at this time of the year. We performed strongly in the third quarter and are satisfied with the momentum we have maintained throughout our business in 2021.
We achieved record-breaking net income in the third quarter and continue to manage our profit margins, even though we have seen abnormal inflation in many areas of the global economy. Net income was US$64.6 million, an increase of 21.1% over the same period last year. We expanded our network of small family farms to more than 250, and continued to increase retail distribution. Our products are now available in more than 18,000 stores.
Finally, the household penetration rate remained stable compared to the previous quarter, with more than 5.5 million households, an increase of 5% over the same period last year. We are improving our revenue outlook for fiscal 2021, which reflects our confidence in continuing to maintain the positive momentum experienced throughout the year. Bo will elaborate on our detailed guidance in a few minutes. Now turn to business update.
A few weeks ago, due to the COVID-19 pandemic, we held our first investor day in Springfield, Missouri, a relatively new public company. Our Investor Day was the first time we were able to meet some of our shareholders and other members of the investment community in person. This is also the first time they have the opportunity to visit our world-class egg washing and packaging facility Egg Central Station and meet with staff from across the company's functional departments. We are particularly happy to introduce analysts and investors to the staff of Egg Central Station.
We saw the real interest and enthusiasm of the people who participated in our investor day, especially in the many instances where they saw our stakeholder model become a reality, including the culture we cultivated among our crew, our small and powerful family The farm network, our environmental protection efforts throughout the supply chain, and our thoughtful way of building loyal relationships with consumers. We believe in co-creating with stakeholders. For our crew, this means that we listen and make decisions that benefit their long-term sustainability. We believe that if we prioritize their career development and financial situation, they will be as prosperous as our business.
Two topics of particular interest that emerged on the investor day related to our pricing strategy and the desire for more details of our marketing strategy. So I want to spend a few minutes discussing these areas. The first is pricing. As I mentioned before, we are in a period when inflation affects feed, transportation and labor costs.
So far, we have absorbed these incremental costs because we think most of them are temporary. We also helped offset these costs in our own supply chain. However, the inflation of some of our key inputs in recent months has been severe, and in some areas, it seems to be more persistent, which has led us to moderate price increases for approximately 40% of our product portfolio. The planned price increase will take effect early next year.
Recognizing the close partnerships we have established with stakeholders, we have communicated this update to our retail customers over a long period of time. We believe that they understand that this is a responsible decision made in the best interests of our stakeholders' long-term sustainable development. Now I want to clarify a few points. First of all, this decision does not deviate from our consistent position on pricing.
We have always said that if we feel that inflationary pressure lasts longer than we have seen before, we will take action to offset the impact of increasing input costs. Second, we have not seen the substantial impact of the shortage in the US labor market. Although we cannot avoid these labor issues, our supply chain has always remained flexible, and we believe this proves our continued investment in human capital.
Now turn to our marketing strategy. We are often asked how to connect consumers with multiple stories about our brand. In slides 17 to 20 of our investor presentation released this morning, we provide more detailed information on how we can build on eggs and other areas through high-quality positioning, breakthrough personalities, and consistent perspectives. Strong brand. Our storytelling is bold and honest.
Although the focus on ethical food is a thread that runs through all communication, we connect consumers with all aspects of our brand through diverse storytelling, including family farmers, girls on the grass, and those who like to cook with us. consumer. The most recent example is the hen behind the lens launched last week. For this new event, we hope to show the day in our girls' lives in the most honest and transparent way. So we created a way for the hens to take pictures of their lives in the past year.
The result is a series of unedited, beautiful and sometimes lively pictures of ranch life taken through the eyes of the most honest resident hen. This is our first outdoor event, which will be displayed on digital billboards and geographically targeted mobile devices in major markets across the country. The initial reaction of consumers to the hen behind the lens was very positive. We are very happy to see that this event was selected as an advertisement of the day by [inaudible] magazine.
Consistent with our belief in the experiment, we are excited to meet consumers in new places and understand the effectiveness of channels other than paid social media. We have a thorough understanding of our core consumers and how to reach them in different places that they are familiar with. This includes online videos, podcasts, retail stores on e-commerce platforms, and countless social sources, as you can see in Slide 19. We know that our strategy is working.
In the past two years, our consumer base has added 2 million new households, we are a leader in the dollar share requirements of all premium egg brands, and we have the highest brand iTrust score among buyers. Finally, we are happy that Vital Farms is often recognized for creative and disruptive thinking about how our brand appears in the world. Just a few weeks ago, we were named an important brand of 2021 by Fast Company. The list lists 95 companies and organizations that have achieved relevance through cultural influence and social participation, and truly conveyed their mission and ideas. . We are very happy to be listed with many goal-oriented brands that we admire, including Patagonia, Nike, Sweetgreen, YETI, etc.
Now I will take a few minutes to review home penetration, retail distribution, food service and innovation. Our egg household penetration rate exceeds 5.5 million households or 4.4%. This indicator is stable compared to the previous quarter, and has increased by about 60 basis points from the same period last year. Given that we offer an expanding product portfolio, we think it would be helpful to provide you with our brand household penetration rate indicator, which is currently 5%.
This is also higher than last year. As we discussed before, we are focused on gaining retail market share and are happy to report that we gained another 20 basis points of share in the third quarter of 2021 and now account for 5.8% of the entire egg market. In terms of retail distribution, our products are now available in more than 18,000 retail stores across the country, an increase of 10% over the same period last year. From another perspective, our total store impressions increased by more than 19% compared to the same period last year.
We have seen strong distribution growth nationwide, including the further distribution of certain SKUs at Whole Foods. I am also happy to announce that we have recently launched Vital Farms, Farm shop, which is our first e-commerce storefront with 11 SKUs, including butter, ghee and our convenient recast products. This will make some of our products available to new families across the country, and enable us to learn more about today’s direct-to-consumer landscape in the process. Now turn to catering services.
Since the end of 2020, we have increased the number of food service distribution centers that ship Vital Farms products by more than 175%. We believe that the first key step in expanding our food service business is to allow our products to be distributed in many parts of the country. This allows us to expand our influence through new regionally focused food service concepts, including relaxing cafes with branches across the country. About innovation.
As we shared on the last earnings call, we recently launched new products in the breakfast and butter categories. What we learned today about convenient breakfast, especially egg bites, is that 70% of the quantity is an increase in this category, and the rest of the purchase comes from other existing brands. We are very pleased to see the reaction from consumers and retail customers, as our breakfast bars and pasture-raised spreadable bath butter have increased nationwide sales. We believe that spreadable bathtub butter raised on our ranch will be especially popular on the dining table this holiday season.
Before I transfer the call to Bo, I want to conclude with some comments I shared recently at the Conscious Capitalism CEO Summit, an annual event that brings together conscious business leaders. I think there is a misunderstanding that conscious capitalism is a trade-off for successful capitalist competition. We believe that over time, this is a better way to generate excess returns. I believe our market leadership and our continued revenue and penetration growth in the specialty egg segment and broader categories are testament to the intensity of our competition.
In short, if I don't think this is the right way to do business, I won't do it. I now want to transfer the call to Bo.
Bo Meissner - Chief Financial Officer
Thank you, Russell. Hi everyone, thank you for joining us today. I will review our financial results for the third quarter ended September 26, 2021, and provide an update on our full-year outlook. As Russell said, we achieved a record quarterly net income of $64.6 million, an increase of 21.1% compared to the third quarter of 2020.
We achieved a two-year compound annual growth rate of 37.7% in net income, which is 100 basis points relative to the growth we experienced in the second quarter of 2021. Increases in distribution revenue and butter-related sales from existing customers, new retail partners and existing retail partners. Gross profit in the third quarter was US$19.9 million, accounting for 30.7% of net income, while gross profit in the third quarter of 2020 was US$18.4 million, or 34.4% of net income. The change in gross profit was mainly due to the increase in sales.
The change in gross profit margin was mainly due to the increase in grain input costs (occurring in the second quarter of 2021) and the increased planned promotional expenditures as we resume normalized expenditures for retailers. SG&A in the third quarter was 15.3 million, compared with 12.2 million in the third quarter of last year. The growth of SG&A is mainly due to the increase in the number of employees to support our continued growth, the increase in marketing expenses, and higher broker commission payments based on the increase in sales, resulting in increased employee-related costs. Compared with the third quarter of 2020, transportation and distribution increased by 68%, or 2.6 million, due to rising third-party freight rates and, to a lesser extent, increased sales levels.
Adjusted EBITDA in the third quarter was 200,000, compared to 7.1 million in the third quarter of 2020. Now update our capital structure. As of September 26, 2021, our total balance of cash and cash equivalents and investment securities is US$97.6 million, and we have no outstanding long-term debt. Turn to our forecast for the full year 2021.
We raised our net income guidance to US$253 million to US$256 million, an increase of 18% to 19% from 2020. Finally, we are tightening our adjusted EBITDA expectations and expect it to be between US$80 to US$9 million for the full year of 2021. Thank you for your time and interest in Vital Farms. Before we start asking questions, I want to reiterate our confidence in the current business trajectory.
Our high-quality, ethical food portfolio is trusted by millions of families across the country. We remain focused on further laying a solid foundation to drive the future growth of the company and brand. With this, I will turn the call back to Russell.
Russell Diez-Canseco - President and Chief Executive Officer
Thank you for your interest in Vital Farms and for your time today. We now want to give it to the operator to answer your question.
Thank you. 【Instructions】. Our first question comes from Pamela Kaufman of Morgan Stanley.
Pamela Kaufman-Morgan Stanley-Analyst
Russell Diez-Canseco - President and Chief Executive Officer
Pamela Kaufman-Morgan Stanley-Analyst
Can you elaborate on how your inflation expectations have changed compared to the previous quarter? What do you think is more structural and transient? Then as a follow-up, do you hope that the pricing you are implementing can completely offset next year's inflationary pressure?
Bo Meissner - Chief Financial Officer
Of course, Pam. I would be happy to talk to it. Thank you for your question. I mean, I think that as we have been talking about, you can see in the outside world that we still see food prices falling, but they are still high.
But especially in terms of transportation costs, we have seen a significant increase compared to the past, and these do not seem to have fallen back. So this is one of the key areas where I think we still see pressure on our income statement. What is your question about pricing?
Pamela Kaufman-Morgan Stanley-Analyst
The question is, do you expect that the pricing you announced will-should it completely offset the inflationary pressures you anticipate next year?
Bo Meissner - Chief Financial Officer
Well, it’s hard to say everything because we don’t know exactly where the transportation and food costs will go. But we think we will offset a large part of it, but it is difficult to say whether it will offset all of it.
Pamela Kaufman-Morgan Stanley-Analyst
thanks. Then I have a question about your distribution expansion. Therefore, you have seen good store growth during the quarter, which has accelerated in turn. Are there any different things you are doing that contribute to the expansion of this distro.
If you see specific growth in specific regions or existing or new retail customers, I am curious about the composition of store growth?
Russell Diez-Canseco - President and Chief Executive Officer
Thanks, Pam. So the first thing I want to point out is that last year, about a year ago, we hired Pete Pappas to lead the sales of our organization. He is not only committed to building an organization, but he also developed a real strategy around how to focus our team and how to allocate resources. Frankly speaking, I think the biggest factor that comes into play here is that we start to see the strategy and the team come to life in the results we see.
Frankly speaking, in this regard, we are only executing at a higher level than a year ago. In addition to this, I think this is our investment in everything from marketing to category insights, and we strive to be a trusted partner and thought partner of retailers. This will also help us continue to build these relationships in a mutually beneficial manner. So there are a lot of factors here, and this is back to the stakeholder model or conscious capitalism that I have been talking about, but I think the specific thing is the excellent execution and frankness of our marketing and sales teams, despite the fact that the entire industry this year There are many interesting headwinds, but the supply chain is very resilient.
Pamela Kaufman-Morgan Stanley-Analyst
Thank you. 【Instructions】. Our next question comes from Adam Samuelson of Goldman Sachs. Your line has been opened.
Adam Samuelson-Goldman Sachs-Analyst
Good morning everybody. So I think my first question is to consider distribution expansion. I just want to know that this year’s big push is to really increase the placement and total number of items in each store of traditional grocery stores, where your index is significantly lower than the category. Operations performed in natural channels. How do you-have any details on the progress there? When you consider the 22-year shelf reset, are you optimistic about the increase in acceptance rate? Or is it just built slowly and steadily from where we are today?
Bo Meissner - Chief Financial Officer
Yes. I am grateful, Adam. You are absolutely correct. The traditional grocery store is a huge opportunity for us.
We have enjoyed the No. 1 position of branded egg sales in many places in nature, and we have established a good relationship there for some time. I think there is an element of the flywheel effect. A few years ago, the natural success helped us enter the traditional grocery store. As power accumulates there, it becomes easier and easier to open more doors over time.
I don’t know if I will call a specific area in a traditional grocery store, although I think it’s very consistent, but the biggest opportunity for us to increase our share is in the northeast, which is of course where we invest additional resources. As I mentioned before, the team we built last year under the leadership of Pete Pappas did bring in additional sales resources. So we have grown the team, and we have really started to play more roles in bringing great people to great opportunities. Therefore, I think this is the real reason for this growth momentum.
Again, although I don't know if I will predict whether it will continue to accelerate or just become more the same. What I want to say is that we did not let go of the throttle. The work we are doing is to let the right people face the right opportunities and develop stronger partnerships.
Adam Samuelson-Goldman Sachs-Analyst
OK. Then just follow up the pricing point quickly. You mentioned that 40% of your portfolio will be affected by price increases. That is-is there any way to quantify or help us determine the magnitude of wholesale price movements when considering them?
Bo Meissner - Chief Financial Officer
certainly. I would love it, Adam. Again, you are right, we said 40% of the portfolio, and we are doing a mid-single-digit price increase for that part of the portfolio.
Adam Samuelson-Goldman Sachs-Analyst
OK. great. This is really helpful. I will pass it on.
Thank you. Our next question comes from Rob Dickerson from Jefferies. Your line is now open.
This is Rob's Matt Fishbein. Thank you for your question. Therefore, the household penetration rate in the third quarter was 4.4%, compared with 4.5% in the second quarter. And I think the family is basically the same.
Maybe we parted ways here, but in the first quarter since the lease in 2019, there has been no continuous increase in household penetration. So I want to get your opinion. Taking into account the new distribution revenue, whether it is in the breadth or depth of distribution, how much of the continuously flat household penetration rate is due to the fact that the household penetration rate of the egg category is relaxing, because perhaps consumers have more commuting time instead of cooking and go home. I think this is just a broader follow-up question. When we consider brand awareness, is household penetration the best measure we use?
Russell Diez-Canseco - President and Chief Executive Officer
Yes. Thanks, Matt, for that. You must have seen the eagle and I think it must be a very small order change. Look, the headline here is the headline-household penetration rate continues to increase year by year.
The reality is that this is what it looks like for 52 weeks. Therefore, if you consider the previous period, the previous year comparison, and the continuous comparison, we will compare with the second quarter, when there may still be some initial inventory needs in the household. Therefore, the reality is between this and the time point used in this calculation, and there will inevitably be some slight rounding and so on. We are not too caught up in the 10-basis point change from quarter to quarter.
The trajectory is still up and to the right.
Cool. Thank you. It's just an impression of the third quarter. I think the number you mentioned is a jump since this summer. Assuming that some of these families have already purchased, you can share any information about who these incremental impressions come from, but can you see the combination of potential new families on the receiving end of the update message?
Russell Diez-Canseco - President and Chief Executive Officer
It is really early that we will definitely look at the experiment and learn from all the different types of advertising work that we put down in the investment in the insight team of the marketing team last year. Therefore, although we don’t have any clear readings to share, I want to say that everything we do is intentional. It aims to continue to learn and follow along with how we invest in building our brand and spreading our story. It gets better over time.
great. I just want to squeeze a follow-up. Considering the pressure of the entire food distribution field, are there any third-party related one-off transactions that we should keep in mind this quarter? thank you very much.
Russell Diez-Canseco - President and Chief Executive Officer
Third-party suppliers give us or?
Dealer. Is there anything happening this quarter or currently for modeling purposes that we should keep in mind?
Russell Diez-Canseco - President and Chief Executive Officer
understood. No, there is no major one-off, but the increase in freight rates is the biggest thing we have seen.
Bo Meissner - Chief Financial Officer
great. thank you very much. I will pass it on.
Bo Meissner - Chief Financial Officer
Thank you. Our next question comes from Jacob Nivasch from Credit Suisse. Your line is now open.
Jacob Nivasch - Credit Suisse - Analyst
Russell Diez-Canseco - President and Chief Executive Officer
Jacob Nivasch - Credit Suisse - Analyst
Here is just a follow-up on pricing. What expansion should we consider-I think, yes, considering the price increase of 40% of the portfolio, how should we consider the elasticity of demand, I think, once the pricing is determined, do you think this is a kind of risk flow? Then I follow up here.
Russell Diez-Canseco - President and Chief Executive Officer
I can take that. So this is a very good question, and of course it is also a question that we have considered a lot. The reality is that a large part of it is related to the work of the rest of the category. So we are more interested in the cross elasticity of demand than the elasticity of our products, especially because it is related to the interaction of the shelf.
What we hear and see is that some other high-end brands are also pricing. So we will not have the confidence to know until next year we see how all this develops. But this is the BDO decision we are making, and we can make adjustments at any time according to the situation. And the role of competitors.
I believe that because we enjoy frankly, I think that the profit margin of this category is very high, and enjoy, we believe that the most powerful brand in this category, we have more room to play.
Jacob Nivasch - Credit Suisse - Analyst
Get you. OK. Yes. Then, I want to have a greater understanding of catering services.
I think you mentioned that food service distribution increased by 175% this quarter. I just want to take a long-term view, what is the business strategy in this regard? Where do you see this game-what role do you think it plays in the enterprise? That is-I guess you see a change from the initial expectations? Yes, there are any colors there.
Russell Diez-Canseco - President and Chief Executive Officer
This is really interesting. If you asked me about food service a year or two ago, I might be more cautious. Hey, look, we have a great product and a great brand. On the basis of more opportunism, we found that these truly powerful partnerships with local and regional concepts are very effective for both of us. Under the leadership of Pete Pappas, frankly, we are more optimistic about catering services.
Pete is forming a catering service team. As you can see in the content of our report, the first step is to truly establish our distribution network. Once we enter these distribution points, we can have a dialogue area by area, at the right place and at the right time, with the right concept and the right food service concept. So this will not happen overnight, but this is definitely where we make incremental investments, and we hope to see some good returns over time.
Jacob Nivasch - Credit Suisse - Analyst
Understood. perfect. OK. thank you very much.
Russell Diez-Canseco - President and Chief Executive Officer
Bo Meissner - Chief Financial Officer
Thank you. Our next question comes from Matt Smith from Stifel. Your line is now open.
Matt Smith - Stifel Financial Corp. - Analyst
Bo Meissner - Chief Financial Officer
Matt Smith - Stifel Financial Corp. - Analyst
Compared with last year, sales promotion activities have increased. But if we take a step back, can you talk about your current level of promotional support in the market? Has the recent inflation you face affected your ability to achieve the required level of in-store activity to support new customer trials?
Bo Meissner - Chief Financial Officer
Russell Diez-Canseco - President and Chief Executive Officer
Bo Meissner - Chief Financial Officer
Russell Diez-Canseco - President and Chief Executive Officer
Bo Meissner - Chief Financial Officer
Yes, we have discussed the level of promotional activities in the third and fourth quarters in the past, and we must support that the new distribution is a planned distribution. I don’t think how to get our feet out of the cost of inflation, because we think it’s important to promote the experiment. In fact, like all other competitors, we just returned to a more normal rhythm after a year of COVID. We see that the basic pricing and promotional pricing in the market are reasonable.
Therefore, we have no real surprises in this field.
Matt Smith - Stifel Financial Corp. - Analyst
OK. Then as a follow-up, will the recent pricing actions allow you to maintain a more normal promotional calendar next year? Or I think, do you want to achieve a 40% single-digit price increase in your portfolio? Or should we expect to take some incremental promotional investment in response to price increases?
Russell Diez-Canseco - President and Chief Executive Officer
What I want to say is because of the way we communicate it to retailers, and frankly, we are not out of scope, because according to my report, some CPG companies do their best in terms of pricing. We do not believe that we will see the pressure to return all of the promotional expenses, and we will work very hard to maintain discipline in this regard.
Matt Smith - Stifel Financial Corp. - Analyst
thank you very much. I will leave it there and pass it on.
Russell Diez-Canseco - President and Chief Executive Officer
Thank you. 【Instructions】. Our next question comes from Ken Zaslow of Bank of Montreal. Your line is now open.
Ken Zaslow - BMO Capital Markets - Analyst
Russell Diez-Canseco - President and Chief Executive Officer
Ken Zaslow - BMO Capital Markets - Analyst
Just two simple questions. I think a simple answer is that because of the egg market, you won't get any pre-orders or accelerated purchases, because until you raise the price, yes, you can't hoard eggs or the like. Therefore, your sales distribution has not changed. That is-I assume this is right? Is it fair? Then I only have one follow-up.
Russell Diez-Canseco - President and Chief Executive Officer
Yes. I think the key factor there, you are right, frankly, it is a very perishable product. Therefore, the number of long-term purchases by retailers is limited. Therefore, although they may want to do this, this approach is very limited.
Ken Zaslow - BMO Capital Markets - Analyst
OK. Then the second question is that you talked about pricing that may or may not cover the entire inflationary pressure. Can you talk about other opportunities that you have to offset, what are you doing in the contract you are signing with the distribution center? Can something like this stabilize your profit margins in 2022? I appreciate it.
Russell Diez-Canseco - President and Chief Executive Officer
Yes. Of course, Ken. Therefore, we are always committed to eliminating waste in the system. I mean waste in the sense of lean operations.
Therefore, there are a few things that I think are very exciting opportunities. We have been working hard for a while, and we will continue to pay attention to them in 22 years. One is related to the utilization rate of the trucks we transport products. Therefore, this is just an opportunity to completely cube each truck. Our team is very focused on making it a 2022 target, which helps offset freight inflation.
The price of trucks has risen, but if our use of it rises faster, it can really change the rules of the game. The second thing I want to point out is that we have this amazing network of more than 250 small family farms. They provide us with a very rich set of data about what works in agricultural practice and what It doesn't work. So we have been working hard. This is an important part of our strategy, which is to have a lot of resources, internal resources and ground boots to support these farms, which helps those farms that have not achieved the best results in the network to get closer to the best results.
When we help these farmers increase efficiency and effectiveness, we will have the opportunity to share these savings. So this is an example. It has better results for farmers, better results for us, and frankly, better results for animal welfare and the environment. So these are the two areas where I will eliminate waste in 22 years, which will help offset some of the inflation we are seeing.
Ken Zaslow - BMO Capital Markets - Analyst
I appreciate it. thank you all.
Russell Diez-Canseco - President and Chief Executive Officer
Thank you. And I did not ask any more questions. I now want to turn the call back to Matt Siler's closing speech.
Matt Siler-Vice President of Investor Relations
Just want to say thank you, everyone, for today's time. If you have any questions, please feel free to contact us. Have a nice day.
Matt Siler-Vice President of Investor Relations
Russell Diez-Canseco - President and Chief Executive Officer
Bo Meissner - Chief Financial Officer
Pamela Kaufman-Morgan Stanley-Analyst
Adam Samuelson-Goldman Sachs-Analyst
Jacob Nivasch - Credit Suisse - Analyst
Matt Smith - Stifel Financial Corp. - Analyst
Ken Zaslow - BMO Capital Markets - Analyst
The discount offer is only applicable to new members. The stock adviser will renew the subscription at the then quoted price. The price of the stock advisor is $199 per year.
Stock Advisor was launched in February 2002. Returns as of December 11, 2021.
The average return of all referrals since its inception. The cost basis and return are based on the closing price of the previous market day.
Make the world smarter, happier, and richer.
Market data powered by Xignite.