oil-dri corporation of america midwest ideas conference€¦ · $ share today $ share opportunity...
TRANSCRIPT
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Oil-Dri Corporation of America
Midwest IDEAS ConferenceAugust 29, 2019
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Cautionary Statements Regarding
Forward-Looking Information
Except for the historical information contained herein, certain of the matters discussed in this communication constitute
“forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934,
both as amended by the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “outlook,” “forecast,”
“would,” “could,” “should,” “project,” “intend,” “plan,” “continue,” “seek,” “estimate,” “anticipate,” “believe,” “may,” “will,”
“target,” “assume” and words and terms of similar substance used in connection with any discussion of future plans,
actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to,
statements regarding anticipated future financial and operating performance and results, and estimates for growth
overall and in particular business lines. These statements are based on the current expectations of management of Oil-
Dri Corporation of America (“the Company”). There are a number of risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements included in this presentation, and we encourage you
especially to review the ones that were identified in Item 1A (Risk Factors) of the Company’s most recent Annual
Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Other unknown or
unpredictable factors could also have material adverse effects on future results, performance or achievements of the
Company. You are cautioned not to place undue reliance on forward-looking statements in this presentation. Except to
the extent required by law, the Company does not have any intention or obligation to update publicly any forward-
looking statements contained in this presentation, whether as a result of new information, future event, changes in
assumptions, or otherwise.
2
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3
Lightweight Cat Litter Innovation
Daniel S. JaffeePresident & Chief Executive Officer
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4
Coast-to-Coast Mineral Experts for 78 Years
Chicago HQ + Innovation
Taft
Ripley
Ochlocknee
• Mined in CA, MS, IL, and GA
• Oil-Dri’s locations in each region
Lightweight Clay(Calcium Bentonite, Attapulgite,
Diatomaceous Shale)
35lbs/ft3
• Mined in SD and WY
Heavyweight Clay(Sodium Bentonite)
70lbs/ft3
Blue Mountain
Mounds
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5DIG Insights, Quantitative Consumer Research. Aug 2018, n=500
Lightweight is the Future of Cat Litter
15%
88%73%
12% 12%
$ Share Today $ Share Opportunity
Lightweight Loyals Heavyweight Non-Loyals Heavyweight Loyals
• Category Lightweight Sales +8%
• Oil-Dri Lightweight Sales +15%
• Oil-Dri Share of Lightweight: 23%
Oil-Dri is well-positioned to capture this growth!
$1.7 Billion Opportunity
Based in part on data reported by Nielsen through its Answers on Demand Service for the Cat Litter Category for the 24-week period ending 7/24/19 for the total market. Copyright © 2019 Nielsen.
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Performance
6
Oil-Dri Solves the Lightweight Value Disconnect
Concentrated Laundry Detergent
Competitive Lightweight Litter
Oil-Dri’s Lightweight Litter
Price/Use
Parity
Parity
Sub-Par
+50% Premium
Laundry
Detergent
Competitor
Litter
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$8.88
$6.95
$7.37
$6.93
RETAILER A
$8.15
$7.01
$6.92 $6.93
RETAILER B
$8.49
$6.96$7.87
$6.95
RETAILER C
Based in part on data reported by Nielsen through its Scantrack Service for the Cat Litter Category for the Q2 2017 and Q2 2019 periods (ending 7/1/17
and 6/29/19 respectively) for the Total US Food market. 10lb Private Label LW and 20lb Private Label HW products analyzed. Copyright © 2019 Nielsen.
7
Line Pricing Lightweight Works
PL LW Price
PL HW Price
PL LW Velocities (U/S/W)
1.4
3.2
Q2 2017 Q2 2019
2.1
4.8
Q2 2017 Q2 2019
2.2
5.0
Q2 2017 Q2 2019
+129% +129% +127%
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Lightweight Benefits Consumers AND the Earth
More Truck Capacity, Less CO2
Unloading/Stocking DC
Delivering to Stores
Transporting/ Shipping to Consumer
Pouring and Disposing
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9
NBC CLEAR THE SHELTERS 2019
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10
THE ELLEN DEGENERES SHOW – CAT WEEK SPONSORSHIP
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11
Business to Business Products GroupGrowing Through Innovation
Mike McPhersonGroup Vice President, B2B
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Integrators
Oil-Dri’s Presence in the Agricultural Marketplace
Seeds
(Coatings)
Crop Protection Chemicals
(Carriers)
Fertilizers
(Carriers / Nutrients)
Biological Control Products
(Carriers)
Grain
(Corn, Soybean, Canola)
Processing Grain Sales
Ethanol FoodBiodieselFeed Mills
Meal
Cooperatives
DDGS
CROP &
HORTICULTURE
FLUIDS
PURIFICATION
ANIMAL
HEALTH
Oil
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13
Agriculture Megatrends
Growing World Population
Rising Meat Consumption
Natural Foods
Distrust of Chemicals
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Investing in New Research Capabilities to
Capitalize on Trends
14
Life
Sciences
Cat Litter
Intestinal Health
Additives
Microbial
Agricultural
Carriers
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Phase I Life Sciences Lab - 2018
15
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Phase II Life Sciences Lab - 2019
16
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For 30 years Oil-Dri has been the leading supplier of
mineral carriers for agricultural chemicals.
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Plant Agriculture Innovation
18
• Oil-Dri is the market leader for mineral carriers used to deliver
synthetic chemicals for crop and plant protection
• We are developing formulated mineral carriers to deliver
micro-organisms for crop and plant protection.
• Biological crop and plant protection is a $1B GLOBAL MARKET*
and moving from liquids to granules in selected applications
*Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024, IMARC Group, Jun 2019
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Oil-Dri created Amlan International in 2009 to
expand in the animal health industry.
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Oil-Dri is the leading manufacturer of activated calcium
montmorillonite, a mineral that has proven efficacy to
control bacterial related disease in livestock.
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Mineral Chemisorption of Salmonella Bacteria, 5µm
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First-of-its-kind product to bind disease-causing fungal
and bacterial toxins.
Products to control fungal toxins is a $1B global market*
Animal Agriculture Innovation
1st Generation - 2009
*Feed Mycotoxin Binders & Modifiers Market by Type (Binders and Modifiers), Livestock (Poultry, Swine,
Ruminants, and Aquatic Animals), Source (Inorganic and Organic), Form (Dry and Liquid), and Region -
Global Forecast to 2025, MarketsAndMarkets.com, Apr 2019
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Alternatives to antibiotics used to promote growth in livestock production is a $1B+ global market*
Natural Growth Promotion for Poultry
Animal Agriculture Innovation
2nd Generation - 2016
*Animal Growth Promoters & Performance Enhancers Market by Product (Antibiotics, Hormones, Feed
Enzymes, Probiotics & Prebiotics, Organic Acids, Phytogenics) & by Animal (Poultry, Porcine, Livestock,
Equine, Aquaculture) - Global Forecast to 2020, MarketsAndMarkets.com, May 2016
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Natural Antimicrobial
Antimicrobials is a $1B+ global market*
Animal Agriculture Innovation
3rd Generation - 2020
*Animal Antibiotics and Antimicrobials Market by Product (Tetracycline, Penicillin, Sulfonamide, Macrolide,
Cephalosporin, Fluoroquinolone), Mode of Delivery (Premixes, Oral Powder, Injection), Animal (Food-
producing & Companion) - Global Forecast to 2021, MarketsAndMarkets.com, Dec 2016
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Natural Coccidiostat
Coccidiostats is a $876 million global market*
Animal Agriculture Innovation
4th Generation - 2020
*Medicinal Feed Additives, Vetnosis, 2016
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OIL-DRI’S PATHWAY TO GROWTH
FOR AGRICULTURE LIFE SCIENCES
Combining mineral technology with
life sciences to create innovations
that help animals and plants grow.
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Financial Results
Susan KrehChief Financial Officer
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Net Sales (millions)
$162
$173
$186 $188
$205$212
$232 $236
$219$227
$241$251
$266$261 $262 $262 $266
$207
$100
$150
$200
$250
$300
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
CAGR 3.2% (FY 02 - FY 18)
28
Q3
FY
18
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Tons Sold (thousands)
1028 1022 1032990
1014982
1026
967
899869
844821
877836
795767
742
566
300
500
700
900
1100
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
CAGR -2.0% (FY 02 - FY 18)
29
Q3
FY
18
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Net Sales Per Ton
$158$169
$180$190
$202$216
$226
$244 $244
$261
$285
$305 $304$313
$330$342
$359 $366
$100
$200
$300
$400
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
CAGR 5.4% (FY 02 - FY 18)
30
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Gross Profit Per Ton
$30$35
$42 $41$38
$47 $45
$51$55
$58
$70
$81
$68$72
$97 $96 $97
$85
$25
$50
$75
$100
$125
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
CAGR 6.7% (FY 02 - FY 18)
31
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Paid Dividends Per Share
$0.36 $0.36$0.40
$0.43$0.40*
$0.49$0.53
$0.57$0.61
$0.65$0.69
$0.73$0.77
$0.81$0.85
$0.89$0.93
$0.97
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 FY 19
CAGR 6.0% (FY 02 - FY 19)
32*On June 6, 2006, ODCA Board of Directors announced a 5:4 stock split of all Common and Class B stock. FY02 – FY05 reflect dividends paid prior to the 2006 stock split.
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ODC Closing Share Price (As of July 31)
$6.00
$9.56
$13.11$14.42
$15.98$16.68$17.22$15.75
$21.88$20.69
$21.93
$31.86
$29.17
$26.26
$37.45
$41.36
$35.43
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 FY 19
CAGR 11.0% (FY 02 - FY 19)$42.36
33
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Earnings Per Share
-$0.16
$0.43
$0.68
$0.88$0.73*
$1.09
$1.25$1.33 $1.30 $1.26
$0.85
$2.07
$1.17
$1.59
$1.87
$1.47
$1.11
$0.74
-$0.50
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
CAGR 6.5% (FY 03 - FY 18)
34*On June 6, 2006, ODCA Board of Directors announced a 5:4 stock split of all Common and Class B stock. FY02 – FY05 share counts have been restated to reflect the stock split.
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Outstanding Debt (millions)
$34.3
$31.4
$27.4
$23.3
$35.2
$31.2
$27.1
$21.5
$18.3
$33.3
$29.7
$25.9
$22.4
$18.9
$15.4
$12.2
$9.2
$6.1
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
FY 02 `03 `04 `05 `06 `07 `08 `09 `10 `11 `12 `13 `14 `15 `16 `17 `18 Q3 FY19
35
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Contact Informationwww.oildri.com
Investor Relations
Leslie Garber
Manager, Investor Relations
(312) 706-3299
Corporate Office
410 N. Michigan Avenue
Suite 400
Chicago, IL 60611
(312) 321-1515