On this page of StockholderLetter.com we present the latest annual shareholder letter from BELLRING BRANDS, INC. — ticker symbol BRBR. Reading current and past BRBR letters to shareholders can bring important insights into the investment thesis.
Ready... 2024 Annual Report

for MORE Our flagship brand, Premier Protein, leads the entire convenient nutrition category, one of the fastest-growing categories in the retail space. We have compelling brand and customer strategies ready to go and we now have enough shake supply to fuel them. We have leveled up our systems and processes and we are united around our purpose, Changing Lives with Good Energy . We know there will be challenges, but we are energized, stronger than ever and we are READY FOR MORE. BellRing Brands 2024 Annual Report 1
Financial Highlights (in millions except per share data) Net Sales 2020 2021 2022 2023 2024 $ 988.3 $ 1,247.1 $ 1,371.5 $ 1,666.8 $ 1,996.2 Gross Profit 338.0 386.2 421.8 530.2 707.3 Operating Profit 164.0 168.0 212.4 287.3 387.7 Net Earnings Including Redeemable Noncontrolling Interest 100.1 114.4 116.0 165.5 246.5 Net Earnings Available to Common Stockholders Diluted Earnings per Share of Common Stock 23.5 Operating Cash Flow Adjusted EBITDA(1) Adjusted Net Earnings Available to Common Stockholders(1) Adjusted Diluted Earnings per Share of Common Stock(1) 0.60 27.6 82.3 0.88 165.5 1.23 246.5 1.86 97.2 226.1 21.0 215.6 199.6 197.2 233.9 271.4 338.3 440.2 24.3 0.70 0.62 35.8 0.90 108.9 1.16 177.2 1.32 255.5 1.93 To Our Stockholders BellRing Brands has had an incredible five years since our initial public offering ( IPO ) in October 2019. Our purpose is to Change Lives with Good Energy, and we have improved millions of people s lives with our products. Premier Protein products are now in 1 in 5 households, up from 11% in 2019(2). We more than doubled our net sales and Adjusted EBITDA(1), starting from net sales of approximately $850 million in 2019 to just shy of $2 billion in 2024, with Adjusted EBITDA(1) growing from $198 million to $440 million. We have also delivered incredible returns for our stockholders, with our stock returning 355% since our IPO. And lastly, we have done all this while strengthening our Good Energy culture, with our employees voting us a Great Place to Work every single year. What is truly amazing about BellRing Brands we are just getting started! During the past two years our team has been working hard to build out our shake supply network, build compelling brand strategies, ready our innovation, and up-level our systems and processes, and now with full supply, a solid organizational foundation and amazing growth plans we are READY FOR MORE! 2 BellRing Brands 2024 Annual Report We are ready to introduce MORE PEOPLE to our brands. We are ready to expand our category and products into MORE PLACES. We are ready to surprise and delight consumers with MORE PRODUCTS. We are ready to Change MORE Lives with Good Energy. BellRing is a growth company, and we have been preparing for the moment when our supply would be unconstrained, and we are ready! Now to our brands and a brief recap of 2024: Our flagship brand, Premier Protein, had a pivotal year in 2024. Our shake supply steadily increased throughout the year and, with net sales growth of 23%, we demonstrated strong demand is there. The brand reached new highs across many key metrics, including market share, household penetration, distribution and buy rate. Premier Protein remained the #1 brand in the ready-to-drink ( RTD ) segment, as well as the #1 brand in the convenient nutrition category (across tracked channels)(3). The brand added just over three percentage points of household penetration in convenient nutrition, reaching 19.4% of households(2).
MORE opportunities to reach new People Places Products Protein MORE growth in new MORE innovative MORE healthy Changing MORE Lives with Good Energy 8 BellRing Brands 2024 Annual Report BellRing Brands 2024 Annual Report 3
 • shareholder letter icon 12/17/2024 Letter Continued (Full PDF)
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BRBR Shareholder/Stockholder Letter Transcript:

Ready...
2024 Annual Report


for MORE
Our flagship brand, Premier Protein, leads the
entire convenient nutrition category, one of the
fastest-growing categories in the retail space.
We have compelling brand and customer
strategies ready to go and we now have enough
shake supply to fuel them. We have leveled up
our systems and processes and we are united
around our purpose,    Changing Lives with Good
Energy   . We know there will be challenges, but
we are energized, stronger than ever and we are
READY FOR MORE.
BellRing Brands 2024 Annual Report
1

Financial Highlights
(in millions except per share data)
Net Sales
2020
2021
2022
2023
2024
$ 988.3
$ 1,247.1
$ 1,371.5
$ 1,666.8
$ 1,996.2
Gross Profit
338.0
386.2
421.8
530.2
707.3
Operating Profit
164.0
168.0
212.4
287.3
387.7
Net Earnings Including Redeemable Noncontrolling Interest
100.1
114.4
116.0
165.5
246.5
Net Earnings Available to Common Stockholders
Diluted Earnings per Share of Common Stock
23.5

Operating Cash Flow
Adjusted EBITDA(1)
Adjusted Net Earnings Available to Common Stockholders(1)
Adjusted Diluted Earnings per Share of Common Stock(1)
0.60
27.6

82.3

0.88
165.5

1.23
246.5

1.86
97.2
226.1
21.0
215.6
199.6
197.2
233.9
271.4
338.3
440.2
24.3

0.70
0.62
35.8

0.90
108.9

1.16
177.2

1.32
255.5

1.93
To Our
Stockholders
BellRing Brands has had an incredible five years since
our initial public offering (   IPO   ) in October 2019. Our
purpose is to    Change Lives with Good Energy,    and
we have improved millions of people   s lives with our
products. Premier Protein products are now in 1 in 5
households, up from 11% in 2019(2). We more than
doubled our net sales and Adjusted EBITDA(1), starting
from net sales of approximately $850 million in 2019 to
just shy of $2 billion in 2024, with Adjusted EBITDA(1)
growing from $198 million to $440 million. We have
also delivered incredible returns for our stockholders,
with our stock returning 355% since our IPO. And
lastly, we have done all this while strengthening our
Good Energy culture, with our employees voting us a
   Great Place to Work    every single year.
What is truly amazing about BellRing Brands   we
are just getting started! During the past two years our
team has been working hard to build out our shake
supply network, build compelling brand strategies,
ready our innovation, and up-level our systems
and processes, and now with full supply, a solid
organizational foundation and amazing growth plans   
we are READY FOR MORE!
2
BellRing Brands 2024 Annual Report
We are ready to introduce MORE PEOPLE to
our brands. We are ready to expand our category
and products into MORE PLACES. We are ready
to surprise and delight consumers with MORE
PRODUCTS. We are ready to Change MORE Lives
with Good Energy.
BellRing is a growth company, and we have been
preparing for the moment when our supply would be
unconstrained, and we are ready!
Now to our brands and a brief recap of 2024: Our
flagship brand, Premier Protein, had a pivotal year in
2024. Our shake supply steadily increased throughout
the year and, with net sales growth of 23%, we
demonstrated strong demand is there. The brand
reached new highs across many key metrics, including
market share, household penetration, distribution and
buy rate. Premier Protein remained the #1 brand in
the ready-to-drink (   RTD   ) segment, as well as the
#1 brand in the convenient nutrition category (across
tracked channels)(3). The brand added just over
three percentage points of household penetration in
convenient nutrition, reaching 19.4% of households(2).

MORE opportunities to reach new
People
Places
Products
Protein
MORE growth in new
MORE innovative
MORE healthy
Changing MORE Lives
with Good Energy
8
BellRing Brands 2024 Annual Report
BellRing Brands 2024 Annual Report
3



shareholder letter icon 12/17/2024 Letter Continued (Full PDF)
 

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