FORWARD-LOOKING STATEMENTS AND USE
OF NON-GAAP FINANCIAL MEASURES CM CAL-MAINE
FOODS, INC. FORWARD‐LOOKING AND CAUTIONARY
STATEMENTS THIS PRESENTATION
CONTAINS “FORWARD‐LOOKING STATEMENTS”
RELATING TO OUR SHELL EGG BUSINESS, INCLUDING
ESTIMATED FUTURE PRODUCTION DATA, EXPECTED
CONSTRUCTION SCHEDULES, PROJECTED CONSTRUCTION
COSTS, POTENTIAL FUTURE SUPPLY OF AND DEMAND
FOR OUR PRODUCTS, POTENTIAL FUTURE CORN AND
SOYBEAN PRICE TRENDS, POTENTIAL FUTURE IMPACT
ON OUR BUSINESS OF THE COVID-19 PANDEMIC,
POTENTIAL FUTURE IMPACT ON OUR BUSINESS OF
NEW LEGISLATION, RULES OR POLICIES, POTENTIAL
OUTCOMES OF LEGAL PROCEEDINGS, AND OTHER
PROJECTED OPERATING
DATA, INCLUDING ANTICIPATED
RESULTS OF OPERATIONS AND FINANCIAL
CONDITION. SUCH FORWARD-LOOKING STATEMENTS
ARE IDENTIFIED BY THE USE OF WORDS SUCH AS “BELIEVES,”
“INTENDS,” “EXPECTS,” “HOPES,” “MAY,”
“SHOULD,” “PLANS,” “PROJECTED,” “CONTEMPLATES,”
“ANTICIPATES,” OR SIMILAR WORDS. ACTUAL
OUTCOMES OR RESULTS COULD DIFFER MATERIALLY
FROM THOSE PROJECTED IN THE FORWARD-LOOKING
STATEMENTS. THE FORWARD-LOOKING
STATEMENTS ARE BASED ON MANAGEMENT’S
CURRENT INTENT, BELIEF, EXPECTATIONS,
ESTIMATES, AND PROJECTIONS REGARDING THE
COMPANY AND ITS INDUSTRY. THESE
STATEMENTS ARE NOT GUARANTEES OF
FUTURE PERFORMANCE AND INVOLVE RISKS, UNCERTAINTIES,
ASSUMPTIONS, AND OTHER FACTORS THAT
ARE
DIFFICULT TO PREDICT AND MAY BE BEYOND OUR
CONTROL. THE FACTORS THAT COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE PROJECTED IN THE FORWARD-LOOKING
STATEMENTS INCLUDE, AMONG OTHERS, (I)
THE RISK FACTORS SET FORTH IN PART I
ITEM 1A OF THE 2022 ANNUAL REPORT (II) THE
RISKS AND HAZARDS INHERENT IN THE SHELL EGG BUSINESS
(INCLUDING DISEASE, PESTS, WEATHER CONDITIONS,
AND POTENTIAL FOR PRODUCT RECALL), INCLUDING
BUT NOT LIMITED TO THE CURRENT OUTBREAK OF HIGHLY
PATHOGENIC AVIAN INFLUENZA (HPAI)
AFFECTING POULTRY IN THE U.S., CANADA AND
OTHER COUNTRIES THAT WAS FIRST DETECTED
IN COMMERCIAL FLOCKS IN THE U.S. IN FEBRUARY
2022, (III) CHANGES IN THE DEMAND FOR AND MARKET
PRICES OF SHELL EGGS AND FEED COSTS, (IV) OUR ABILITY
TO PREDICT AND MEET DEMAND FOR CAGE-FREE
AND OTHER SPECIALTY EGGS, (V) RISKS, CHANGES,
OR OBLIGATIONS THAT COULD RESULT
FROM OUR FUTURE ACQUISITION OF NEW FLOCKS OR
BUSINESSES AND RISKS OR CHANGES THAT MAY
CAUSE CONDITIONS TO COMPLETING A PENDING ACQUISITION
NOT TO BE MET, (VI) RISKS RELATING TO
THE EVOLVING COVID-19 PANDEMIC, INCLUDING
WITHOUT LIMITATION INCREASED COSTS AND
RISING INFLATION AND INTEREST RATES, WHICH
GENERALLY HAVE BEEN EXACERBATED
BY RUSSIA’S INVASION OF UKRAINE
STARTING FEBRUARY 2022, (VII) OUR ABILITY TO
RETAIN EXISTING CUSTOMERS, ACQUIRE NEW
CUSTOMERS AND GROW OUR PRODUCT MIX AND (VIII)
ADVERSE RESULTS IN
PENDING LITIGATION MATTERS. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD
-LOOKING STATEMENTS BECAUSE, WHILE WE
BELIEVE THE ASSUMPTIONS ON WHICH THE FORWARD
-LOOKING STATEMENTS ARE BASED ARE REASONABLE,
THERE CAN BE NO ASSURANCE THAT THESE
FORWARD-LOOKING STATEMENTS WILL
PROVE TO BE ACCURATE. FURTHER, FORWARD
-LOOKING STATEMENTS INCLUDED HEREIN ARE
ONLY MADE AS OF THE RESPECTIVE DATES
THEREOF, OR IF NO DATE IS STATED,
AS OF THE DATE HEREOF. EXCEPT AS OTHERWISE
REQUIRED BY LAW, WE DISCLAIM
ANY INTENT OR OBLIGATION TO UPDATE
PUBLICLY THESE FORWARD-LOOKING STATEMENTS,
WHETHER BECAUSE OF NEW INFORMATION,
FUTURE EVENTS, OR OTHERWISE. NOTICE REGARDING
NON‐GAAP FINANCIAL MEASURES IN ADDITION TO
U.S. GAAP FINANCIAL MEASURES, THIS PRESENTATION
CONTAINS AND MAY REFER TO CERTAIN
NON‐GAAP FINANCIAL MEASURES. THESE NON‐GAAP
FINANCIAL MEASURES ARE IN ADDITION TO, NOT
A SUBSTITUTE FOR OR SUPERIOR TO, MEASURES OF
FINANCIAL PERFORMANCE PREPARED IN ACCORDANCE
WITH GAAP. THESE NON‐GAAP FINANCIAL
MEASURES SHOULD NOT BE CONSIDERED REPLACEMENTS
FOR, AND SHOULD BE READ TOGETHER WITH, THE MOST
COMPARABLE GAAP FINANCIAL MEASURES. RECONC
ILIATIONS TO THE MOST DIRECTLY COMPARABLE
GAAP FINANCIAL MEASURES AND STATEMENTS
OF WHY MANAGEMENT BELIEVES THESE MEASURES
ARE USEFUL TO INVESTORS ARE INCLUDED HEREIN IF
THE RECONCILIATION IS
NOT PRESENTED ON THE PAGE IN WHICH THE MEASURE
IS PUBLISHED. CAL-MAINE FOODS | STEPHENS 2022
ANNUAL INVESTMENT CONFERENCE | NOVEMBER 2022
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