# EDGAR Filing Document

**Accession Number:** 0000100493
**File Stem:** 0000100493-23-000022
**Filing Date:** 2023-2
**Character Count:** 39682
**Document Hash:** 1367480d1faede0046f6ce79f6055827
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000100493-23-000022.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000100493-23-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TYSON FOODS, INC.
- **CENTRAL INDEX KEY:** 0000100493
- **STANDARD INDUSTRIAL CLASSIFICATION:** POULTRY SLAUGHTERING AND PROCESSING [2015]
- **IRS NUMBER:** 710225165
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14704
- **FILM NUMBER:** 23588340

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 DON TYSON PARKWAY
- **CITY:** SPRINGDALE
- **STATE:** AR
- **ZIP:** 72762-6999
- **BUSINESS PHONE:** 479-290-5799

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 2020
- **STREET 2:** P O BOX 2020
- **CITY:** SPRINGDALE
- **STATE:** AR
- **ZIP:** 72765-2020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TYSON FOODS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? tsn-20230206

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**Current Report Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): February 6, 2023** 

**TYSON FOODS, INC.** 

(Exact name of Registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **001-14704** | **71-0225165** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **2200 West Don Tyson Parkway,** | **2200 West Don Tyson Parkway,** |  |  |
| **Springdale,** | **Arkansas** |  | **72762-6999** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |  | (Zip Code) |

---

**(479) 290-4000** 

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title of Each Class | Title of Each Class | Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| Class A Common Stock | Par Value | $0.10 | TSN | New York Stock Exchange |

---

Class B stock is not publicly listed for trade on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition**

On February 6, 2023, Tyson Foods, Inc. issued a press release announcing results of operations for its first quarter ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1 | <u>[Press release, dated](tsn2023q1exh-991.htm)[Febr](tsn2023q1exh-991.htm)[uary 6,](tsn2023q1exh-991.htm)[2023](tsn2023q1exh-991.htm)[, announcing the results of operations of Tyson Foods, Inc. for its f](tsn2023q1exh-991.htm)[irst quarte](tsn2023q1exh-991.htm)[r](tsn2023q1exh-991.htm)[ended](tsn2023q1exh-991.htm)[December 31,](tsn2023q1exh-991.htm)[2022.](tsn2023q1exh-991.htm)</u> |
| 104 | Cover Page Interactive Data File formatted in iXBRL. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | TYSON FOODS, INC. | TYSON FOODS, INC. |
| Date: February 6, 2023 | By: | /s/ John R. Tyson |
|  | Name: | John R. Tyson |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![picture1a17.jpg](picture1a17.jpg)

**TYSON FOODS REPORTS FIRST QUARTER 2023 RESULTS**

**Company delivers record high first quarter sales performance**

**Springdale, Arkansas – February 6, 2023** – Tyson Foods, Inc. (NYSE: TSN), one of the world's largest food companies and a recognized leader in protein with leading brands including *Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp* and *State Fair*, today reported the following results:

---

| | | |
|:---|:---|:---|
| (in millions, except per share data) | **First Quarter** | **First Quarter** |
|  | **2023** | **2022** |
| Sales | $13260 | $12933 |
| Operating Income | $467 | $1455 |
| Adjusted<sup>1</sup> Operating Income (non-GAAP) | $453 | $1432 |
| Net Income Per Share Attributable to Tyson | $0.88 | $3.07 |
| Adjusted<sup>1</sup> Net Income Per Share Attributable to Tyson (non-GAAP) | $0.85 | $2.87 |

---

<sup>1</sup> The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Adjusted operating income and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.

**<u>First Quarter Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**• Sales of $13,260 million up 2.5% from prior year**

&nbsp;&nbsp;&nbsp;&nbsp;**• GAAP operating income of $467 million, down 68% from prior year; Adjusted operating income of $453 million, down 68% from prior year**

&nbsp;&nbsp;&nbsp;&nbsp;**• GAAP EPS of $0.88, down 71% from prior year; Adjusted EPS of $0.85, down 70% from prior year**

&nbsp;&nbsp;&nbsp;&nbsp;**• Total Company GAAP operating margin of 3.5%; Adjusted operating margin (non-GAAP) of 3.4%**

&nbsp;&nbsp;&nbsp;&nbsp;**• Repurchased 4.9 million shares for $313 million** 

&nbsp;&nbsp;&nbsp;&nbsp;**• Liquidity of $2.9 billion at December 31, 2022**

"We executed our strategy in Q1, growing volume, improving staffing levels, investing in automation and building inventory to meet customer demand, all while maintaining a focus on liquidity and financial health," said Tyson Foods President and CEO Donnie King. "The strength of our retail brands, including Tyson®, Jimmy Dean®, Hillshire Farm®, and Ball Park, was demonstrated by the growth in Prepared Foods, most notably with Jimmy Dean ending the quarter at its all-time highest volume share. Our advantaged brands in advantaged categories uniquely position us to win in the marketplace."

"We faced some challenges in the first quarter. Market dynamics and some operational inefficiencies impacted our profitability. We expect to improve our performance through the back half of fiscal 2023 and into the future, as we strive to execute with excellence and work to become best in class in our industry."

"We are optimistic about the long-term outlook for Tyson. We have the world's greatest protein brands, an incredible team, and a sound strategy to serve our customers and delight consumers with high-quality, sustainable, affordable protein."

------

**SEGMENT RESULTS (in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sales** | **Sales** | **Sales** | **Sales** | **Sales** |
| *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* |
|  | **First Quarter** | **First Quarter** | **First Quarter** | **First Quarter** |
|  |  |  | **Volume** | **Avg. Price** |
|  | **2023** | **2022** | **Change** | **Change** |
| **Beef** | $4723 | $5002 | 2.9% | (8.5)% |
| **Pork** | 1529 | 1626 | (7.4)% | 1.4% |
| **Chicken** | 4263 | 3890 | 2.5% | 7.1% |
| **Prepared Foods** | 2538 | 2333 | 1.2% | 7.6% |
| **International/Other** | 612 | 550 | 6.4% | 4.9% |
| **Intersegment Sales** | (405) | (468) | n/a | n/a |
| **Total** | $**13260** | $**12933** | **0.8%** | **1.7%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operating Income (Loss)** | **Operating Income (Loss)** | **Operating Income (Loss)** | **Operating Income (Loss)** | **Operating Income (Loss)** |
| *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* |
|  | **First Quarter** | **First Quarter** | **First Quarter** | **First Quarter** |
|  |  |  | **Operating Margin** | **Operating Margin** |
|  | **2023** | **2022** | **2023** | **2022** |
| **Beef** | $166 | $956 | 3.5% | 19.1% |
| **Pork** | (21) | 164 | (1.4)% | 10.1% |
| **Chicken** | 69 | 140 | 1.6% | 3.6% |
| **Prepared Foods** | 258 | 186 | 10.2% | 8.0% |
| **International/Other** | (5) | 9 | n/a | n/a |
| **Total** | $**467** | $**1455** | **3.5%** | **11.3%** |

---

**ADJUSTED SEGMENT RESULTS (in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Operating Income (Loss) (Non-GAAP)**<sup>1</sup> | **Adjusted Operating Income (Loss) (Non-GAAP)**<sup>1</sup> | **Adjusted Operating Income (Loss) (Non-GAAP)**<sup>1</sup> | **Adjusted Operating Income (Loss) (Non-GAAP)**<sup>1</sup> | **Adjusted Operating Income (Loss) (Non-GAAP)**<sup>1</sup> |
| *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* | *(for the first quarter ended December 31, 2022, and January 1, 2022)* |
|  | **First Quarter** | **First Quarter** | **First Quarter** | **First Quarter** |
|  |  |  | **Adjusted Operating Margin (Non-GAAP)** | **Adjusted Operating Margin (Non-GAAP)** |
|  | **2023** | **2022** | **2023** | **2022** |
| **Beef** | $129 | $956 | 2.7% | 19.1% |
| **Pork** | (19) | 164 | (1.2)% | 10.1% |
| **Chicken** | 77 | 117 | 1.8% | 3.0% |
| **Prepared Foods** | 266 | 186 | 10.5% | 8.0% |
| **International/Other** |  | 9 | n/a | n/a |
| **Total** | $**453** | $**1432** | **3.4%** | **11.1%** |

---

------

**OUTLOOK**

For fiscal 2023, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) should be relatively flat compared to fiscal 2022 levels. The following is a summary of the outlook for each of our segments, as well as an outlook for revenues, capital expenditures, net interest expense, liquidity and tax rate for fiscal 2023. Certain of the outlook numbers include adjusted operating margin (a non-GAAP metric) for each segment. The Company is not able to reconcile its full-year fiscal 2023 projected adjusted results to its fiscal 2023 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Adjusted operating margin should not be considered a substitute for operating margin or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company's GAAP results and use non-GAAP financial measures only supplementally in making investment decisions

Beginning in fiscal 2022, we launched a new productivity program, which is designed to drive a better, faster and more agile organization that is supported by a culture of continuous improvement and faster decision making. We targeted an aggregate $1 billion in productivity savings by the end of fiscal 2024 relative to a fiscal 2021 cost baseline. We realized more than $700 million of productivity savings in fiscal 2022, which partially offset the impacts of inflationary market conditions, and we believe we will exceed our aggregate $1 billion target in fiscal 2023, a year ahead of our plan.

**Beef**

USDA projects domestic production will decrease approximately 5% in fiscal 2023 as compared to fiscal 2022. We anticipate an adjusted operating margin of 2% to 4% in fiscal 2023 as margins are expected to decrease from historically high levels.

**Pork**

USDA projects domestic production will be relatively flat in fiscal 2023 as compared to fiscal 2022. We anticipate adjusted operating margin of 0% to 2% in fiscal 2023.

**Chicken**

USDA projects chicken production will increase approximately 3% in fiscal 2023 as compared to fiscal 2022. We anticipate an adjusted operating margin of 2% to 4% for fiscal 2023.

**Prepared Foods**

We anticipate an adjusted operating margin of 8% to 10% in fiscal 2023 driven by volume growth, productivity and disciplined revenue management.

**International/Other**

We anticipate improved results from our foreign operations in fiscal 2023.

**Revenue**

We expect sales to be $55 billion to $57 billion in fiscal 2023.

**Capital Expenditures**

We expect capital expenditures of approximately $2.5 billion for fiscal 2023. Capital expenditures include spending for capacity expansion and utilization, automation to alleviate labor challenges and brand and product innovation.

**Net Interest Expense**

We expect net interest expense to approximate $330 million for fiscal 2023.

**Liquidity**

We expect total liquidity, which was approximately $2.9 billion at December 31, 2022, to remain above our minimum liquidity target of $1.0 billion.

**Tax Rate**

We currently expect our adjusted effective tax rate to be around 24% for fiscal 2023.

<sup>2</sup> The Company is not able to reconcile its full-year fiscal 2023 projected adjusted results to its fiscal 2023 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Adjusted operating margin should not be considered a substitute for operating margin or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company's GAAP results and use non-GAAP financial measures only supplementally in making investment decisions.

------

**TYSON FOODS, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF INCOME**

**(In millions, except per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Three Months Ended | Three Months Ended |
| | December 31, 2022 | January 1, 2022 |
| Sales | $13260 | $12933 |
| Cost of Sales | 12292 | 10918 |
| Gross Profit | 968 | 2015 |
| Selling, General and Administrative | 501 | 560 |
| Operating Income | 467 | 1455 |
| Other (Income) Expense: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | (9) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 84 | 100 |
| &nbsp;&nbsp;&nbsp;Other, net | (42) | (52) |
| Total Other (Income) Expense | 33 | 45 |
| Income before Income Taxes | 434 | 1410 |
| Income Tax Expense | 114 | 284 |
| Net Income | 320 | 1126 |
| Less: Net Income Attributable to Noncontrolling Interests | 4 | 5 |
| Net Income Attributable to Tyson | $316 | $1121 |
| Weighted Average Shares Outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Basic | 286 | 292 |
| &nbsp;&nbsp;&nbsp;Class B Basic | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 358 | 365 |
| Net Income Per Share Attributable to Tyson: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Basic | $0.91 | $3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Basic | $0.81 | $2.84 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.88 | $3.07 |
| Dividends Declared Per Share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $0.500 | $0.475 |
| &nbsp;&nbsp;&nbsp;Class B | $0.450 | $0.428 |
| Sales Growth | 2.5% |  |
| Margins: (Percent of Sales) |  |  |
| &nbsp;&nbsp;&nbsp;Gross Profit | 7.3% | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income | 3.5% | 11.3% |
| &nbsp;&nbsp;&nbsp;Net Income Attributable to Tyson | 2.4% | 8.7% |
| Effective Tax Rate | 26.1% | 20.2% |

---

------

**TYSON FOODS, INC.**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | December 31, 2022 | October 1, 2022 |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $654 | $1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 2295 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5596 | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 408 | 508 |
| Total Current Assets | 8953 | 9630 |
| Net Property, Plant and Equipment | 9120 | 8685 |
| Goodwill | 10550 | 10513 |
| Intangible Assets, net | 6213 | 6252 |
| Other Assets | 1842 | 1741 |
| Total Assets | $36678 | $36821 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current debt | $490 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 2530 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2094 | 2371 |
| Total Current Liabilities | 5114 | 5313 |
| Long-Term Debt | 7859 | 7862 |
| Deferred Income Taxes | 2473 | 2458 |
| Other Liabilities | 1445 | 1377 |
| Total Tyson Shareholders' Equity | 19635 | 19702 |
| Noncontrolling Interests | 152 | 109 |
| Total Shareholders' Equity | 19787 | 19811 |
| Total Liabilities and Shareholders' Equity | $36678 | $36821 |

---

------

**TYSON FOODS, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Three Months Ended | Three Months Ended |
| | December 31, 2022 | January 1, 2022 |
| Cash Flows From Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $320 | $1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 303 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 8 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 68 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in operating assets and liabilities | 63 | (82) |
| Cash Provided by Operating Activities | 762 | 1432 |
| Cash Flows From Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | (589) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of marketable securities | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, net of cash acquired | (39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of equity investments | (36) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (5) | (6) |
| Cash Used for Investing Activities | (669) | (459) |
| Cash Flows From Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt | 54 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt | (58) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Tyson Class A common stock | (313) | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | (169) | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | 4 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net |  | (1) |
| Cash Used for Financing Activities | (482) | (484) |
| Effect of Exchange Rate Changes on Cash | 12 | 2 |
| (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (377) | 491 |
| Cash and Cash Equivalents and Restricted Cash at Beginning of Year | 1031 | 2637 |
| Cash and Cash Equivalents and Restricted Cash at End of Period | 654 | 3128 |
| Less: Restricted Cash at End of Period |  | 172 |
| Cash and Cash Equivalents at End of Period | $654 | $2956 |

---

------

**TYSON FOODS, INC.**

**EBITDA and Adjusted EBITDA Non-GAAP Reconciliations**

**(In millions)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Fiscal Year Ended | Twelve Months Ended |
| | December 31, 2022 | January 1, 2022 | October 1, 2022 | December 31, 2022 |
| Net income | $320 | $1126 | $3249 | $2443 |
| Less: Interest income | (9) | (3) | (17) | (23) |
| Add: Interest expense | 84 | 100 | 365 | 349 |
| Add: Income tax expense | 114 | 284 | 900 | 730 |
| Add: Depreciation | 243 | 236 | 945 | 952 |
| Add: Amortization <sup>3</sup> | 58 | 62 | 246 | 242 |
| EBITDA | $810 | $1805 | $5688 | $4693 |
| Adjustments to EBITDA: |  |  |  |  |
| Less: Production facilities fire insurance proceeds, net of costs <sup>4</sup> | $(35) | $(45) | $(114) | $(104) |
| Add: Restructuring and related charges | 21 |  | 66 | 87 |
| Total Adjusted EBITDA | $796 | $1760 | $5640 | $4676 |
| Total gross debt |  |  | $8321 | $8349 |
| Less: Cash and cash equivalents |  |  | (1031) | (654) |
| Less: Short-term investments |  |  | (1) | (2) |
| Total net debt |  |  | $7289 | $7693 |
| Ratio Calculations: |  |  |  |  |
| Gross debt/EBITDA |  |  | 1.5x | 1.8x |
| Net debt/EBITDA |  |  | 1.3x | 1.6x |
| Gross debt/Adjusted EBITDA |  |  | 1.5x | 1.8x |
| Net debt/Adjusted EBITDA |  |  | 1.3x | 1.6x |

---

<sup>3</sup> Excludes the amortization of debt issuance and debt discount expense of $2 million for the three months ended December 31, 2022 and January 1, 2022, and $11 million for the fiscal year ended October 1, 2022 and the twelve months ended December 31, 2022 as it is included in interest expense.

<sup>4</sup> Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021 and Beef in the fourth quarter of fiscal 2019. Amount includes insurance proceeds, net of costs incurred, of $35 million recognized in Cost of Sales in the first quarter of fiscal 2023, $62 million net proceeds recognized in Cost of Sales and $52 million net proceeds recognized in Other, net for fiscal 2022, and $23 million recognized in Cost of Sales and $22 million net proceeds recognized in Other, net in the first quarter of fiscal 2022.

EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Net debt to EBITDA (Adjusted EBITDA) represents the ratio of our debt, net of cash, cash equivalents and short-term investments, to EBITDA (and to Adjusted EBITDA). EBITDA, Adjusted EBITDA, net debt to EBITDA and net debt to Adjusted EBITDA are presented as supplemental financial measurements in the evaluation of our business. Adjusted EBITDA is a tool intended to assist our management and investors in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations on an ongoing basis.

We believe the presentation of these financial measures helps management and investors to assess our operating performance from period to period, including our ability to generate earnings sufficient to service our debt, enhances understanding of our financial performance and highlights operational trends. These measures are widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies; however, the measurements of EBITDA (and Adjusted EBITDA) and net debt to EBITDA (and to Adjusted EBITDA) may not be comparable to those of other companies, which may limit their usefulness as comparative measures. EBITDA (and Adjusted EBITDA) and net debt to EBITDA (and to Adjusted EBITDA) are not measures required by or calculated in accordance with GAAP and should not be considered as substitutes for net income or any other measure of financial performance reported in accordance with GAAP or as a measure of operating cash flow or liquidity. EBITDA (and Adjusted EBITDA) is a useful tool for assessing, but is not a reliable indicator of, our ability to generate cash to service our debt obligations because certain of the items added to net income to determine EBITDA (and Adjusted EBITDA) involve outlays of cash. As a result, actual cash available to service our debt obligations will be different from EBITDA (and Adjusted EBITDA). Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions.

------

**TYSON FOODS, INC.**

**Adjusted EPS Non-GAAP Reconciliation**

**(In millions, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | First Quarter | First Quarter | First Quarter | First Quarter |
| | Pretax Impact | Pretax Impact | EPS Impact | EPS Impact |
| | 2023 | 2022 | 2023 | 2022 |
| Reported net income per share attributable to Tyson (GAAP EPS) |  |  | $0.88 | $3.07 |
| Less: Production facilities fire insurance proceeds, net of costs <sup>4</sup> | $(35) | $(45) | (0.07) | (0.10) |
| Add: Restructuring and related charges | $21 | $— | 0.04 |  |
| Less: Remeasurement of net deferred tax liabilities at lower enacted state tax rates | $— | $— |  | (0.10) |
| Adjusted net income per share attributable to Tyson (Adjusted EPS) |  |  | $0.85 | $2.87 |

---

Adjusted net income per share attributable to Tyson (Adjusted EPS) is presented as a supplementary measure of our financial performance that is not required by, or presented in accordance with, GAAP. We use Adjusted EPS as an internal performance measurement and as one criterion for evaluating our performance relative to that of our peers. We believe Adjusted EPS is meaningful to our investors to enhance their understanding of our financial performance and is frequently used by securities analysts, investors and other interested parties to compare our performance with the performance of other companies that report Adjusted EPS. Further, we believe that Adjusted EPS is a useful measure because it improves comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share attributable to Tyson or any other measure of financial performance reported in accordance with GAAP. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of Adjusted EPS may not be comparable to similarly titled measures reported by other companies.

------

 **TYSON FOODS, INC.**

**Adjusted Operating Income (Loss) Non-GAAP Reconciliations**

**(In millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** | **Adjusted Operating Income (Loss)** |
| *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* | *(for the first quarter ended December 31, 2022)* |
|  | **Beef** | **Pork** | **Chicken** | **Prepared Foods** | **International/Other** | **Total** |
| Reported operating income (loss) | $166 | $(21) | $69 | $258 | $(5) | $467 |
| (Less)/Add: Production facilities fire insurance proceeds, net of costs <sup>4</sup> | (42) |  | 7 |  |  | (35) |
| Add: Restructuring and related charges | 5 | 2 | 1 | 8 | 5 | 21 |
| Adjusted operating income (loss) | $129 | $(19) | $77 | $266 | $— | $453 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Operating Income** | **Adjusted Operating Income** | **Adjusted Operating Income** | **Adjusted Operating Income** | **Adjusted Operating Income** | **Adjusted Operating Income** | **Adjusted Operating Income** |
| *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* | *(for the first quarter ended January 1, 2022)* |
|  | **Beef** | **Pork** | **Chicken** | **Prepared Foods** | **International/Other** | **Total** |
| Reported operating income | $956 | $164 | $140 | $186 | $9 | $1455 |
| Less: Production facilities fire insurance proceeds, net of costs<sup>4</sup> |  |  | (23) |  |  | (23) |
| Adjusted operating income | $956 | $164 | $117 | $186 | $9 | $1432 |

---

Adjusted operating income (loss) is presented as a supplementary measure of our operating performance that is not required by, or presented in accordance with, GAAP. We use adjusted operating income (loss) as an internal performance measurement and as one criterion for evaluating our performance relative to that of our peers. We believe adjusted operating income (loss) is meaningful to our investors to enhance their understanding of our operating performance and is frequently used by securities analysts, investors and other interested parties to compare our performance with the performance of other companies that report adjusted operating income (loss). Further, we believe that adjusted operating income (loss) is a useful measure because it improves comparability of results of operations from period to period. Adjusted operating income (loss) should not be considered as a substitute for operating income (loss) or any other measure of operating performance reported in accordance with GAAP. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of adjusted operating income (loss) may not be comparable to similarly titled measures reported by other companies.

------

**About Tyson Foods, Inc.**

Tyson Foods, Inc. (NYSE: TSN) is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under four generations of family leadership, the Company has a broad portfolio of products and brands like Tyson<sup>®</sup>, Jimmy Dean<sup>®</sup>, Hillshire Farm<sup>®</sup>, Ball Park<sup>®</sup>, Wright<sup>®</sup>, Aidells<sup>®</sup>, ibp<sup>®</sup> and State Fair<sup>®</sup>. Headquartered in Springdale, Arkansas, the Company had approximately 142,000 team members on October 1, 2022. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit <u>www.tysonfoods.com</u>.

**Conference Call Information and Other Selected Data**

A conference call to discuss the Company's financial results will be held at 9 a.m. Eastern Monday, February 6, 2023. A link for the webcast of the conference call is available on the Tyson Investor Relations website at <u>http://ir.tyson.com</u>. The webcast also can be accessed by the following direct link: <u>https://events.q4inc.com/attendee/624062600</u>. For those who cannot participate at the scheduled time, a replay of the live webcast and the accompanying slides will be available at <u>http://ir.tyson.com</u>. A telephone replay will also be available until Wednesday, March 8, 2023, toll free at 1-877-344-7529, international toll 1-412-317-0088 or Canada toll free 855-669-9658. The replay access code is 3077367. Financial information, such as this news release, as well as other supplemental data, can be accessed from the Company's web site at <u>http://ir.tyson.com</u>.

**Forward-Looking Statements**

Certain information in this release constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023 other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that may cause actual results and experiences to differ from anticipated results and expectations expressed in such forward-looking statements are the following: (i) the COVID-19 pandemic and associated responses thereto have had an adverse impact on our business and operations, and the extent that the COVID-19 pandemic continues to impact us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the COVID-19 related impacts on the market, including production delays, labor shortages and increases in costs and inflation; (ii) the effectiveness of our financial excellence programs; (iii) access to foreign markets together with foreign economic conditions, including currency fluctuations, import/export restrictions and foreign politics; (iv) cyberattacks, other cyber incidents, security breaches or other disruptions of our information technology systems; (v) risks associated with our failure to consummate favorable acquisition transactions or integrate certain acquisitions' operations; (vi) the Tyson Limited Partnership's ability to exercise significant control over the Company; (vii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed grains (including corn and soybean meal) and energy; (viii) market conditions for finished products, including competition from other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for alternative proteins; (ix) outbreak of a livestock disease (such as African swine fever (ASF), avian influenza (AI) or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on livestock we own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to conduct our operations; (x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) effectiveness of advertising and marketing programs; (xii) significant marketing plan changes by large customers or loss of one or more large customers; (xiii) our ability to leverage brand value propositions; (xiv) changes in availability and relative costs of labor and contract farmers and our ability to maintain good relationships with team members, labor unions, contract farmers and independent producers providing us livestock, including as a result of our plan to relocate certain corporate team members to our world headquarters in Springdale, Arkansas; (xv) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (xvi) the effect of climate change and any legal or regulatory response thereto; (xvii) compliance with and changes to regulations and laws (both domestic and foreign), including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xviii) adverse results from litigation; (xix) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xx) impairment in the carrying value of our goodwill or indefinite life intangible assets; (xxi) our participation in a multiemployer pension plan; (xxii) volatility in capital markets or interest rates; (xxiii) risks associated with our commodity purchasing activities; (xxiv) the effect of, or changes in, general economic conditions; (xxv) impacts on our operations caused by factors and forces beyond our control, such as natural disasters, fire, bioterrorism, pandemics, armed conflicts or extreme weather; (xxvi) failure to maximize or assert our intellectual property rights; (xxvii) effects related to changes in tax rates, valuation of deferred tax assets and liabilities, or tax laws and their interpretation; and (xxviii) the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and Quarterly reports on Form 10-Q.

Media Contact: Derek Burleson, 479-290-6466<br>Investor Contact: Brandon Tucker, 479-290-3927 Source: Tyson Foods, Inc.<br>Category: IR, Newsroom