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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended June 30, 2024 |
| OR |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
Utz Brands, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 001-38686 | | 85-2751850 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
900 High Street
Hanover, PA 17331
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (717) 637-6644
N/A
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 per share | | UTZ | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
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.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧
As of July 29, 2024, 82,530,122 Class A Common Stock, par value $0.0001 per share, and 58,349,000 shares of Class V Common Stock, par value $0.0001 per share, were issued and outstanding.
INTRODUCTORY NOTE
On August 28, 2020 (the "Closing Date"), Utz Brands, Inc. (formerly Collier Creek Holdings) (the “Company”), consummated a business combination (the "Business Combination") with Utz Brands Holdings, LLC ("UBH") pursuant to the terms of the Business Combination Agreement, dated as of June 5, 2020 (the "Business Combination Agreement"), entered into by and among the Company, UBH, and Series U of UM Partners, LLC ("Series U") and Series R of UM Partners, LLC ("Series R" and together with Series U, the "Continuing Members"). Additional information about the Business Combination can be found in our Annual Report on Form 10-K for the year ended December 31, 2023.
Throughout this Quarterly Report on Form 10-Q, unless otherwise noted the "Company", "we", "us", "our", "UBI" and "Utz" refer to Utz Brands, Inc. and its consolidated subsidiaries.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for the Company’s business. Specifically, forward-looking statements may include statements relating to:
•The financial position, capital structure, indebtedness, business strategy and plans and objectives of management for future operations;
•The benefits of the Company's acquisitions, dispositions and similar transactions;
•The likelihood of the Company completing contemplated acquisitions, dispositions and similar transactions;
•The future performance of, and anticipated financial impact on, the Company;
•Expansion plans and opportunities;
•Cost savings plans and network optimization strategies;
•Transformation of the Company’s supply chain; and
•Other statements preceded by, followed by or that include the words “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” "forecast,” "intend,” "expect,” “anticipate,” “believe,” “seek,” "target” or similar expressions.
These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and the Company management’s current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, the Company’s results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ are described under Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2023.
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Utz Brands, Inc.
CONSOLIDATED BALANCE SHEETS
June 30, 2024 and December 31, 2023
(In thousands, except share information)
| | | | | | | | | | | |
| As of June 30, 2024 | | As of December 31, 2023 |
| (Unaudited) | | |
ASSETS | | | |
Current Assets | | | |
Cash and cash equivalents | $ | 66,574 | | | $ | 52,023 | |
Accounts receivable, less allowance of $3,077 and $2,933, respectively | 137,962 | | | 135,130 | |
Inventories | 100,710 | | | 104,666 | |
Prepaid expenses and other assets | 44,539 | | | 30,997 | |
Current portion of notes receivable | 4,581 | | | 5,237 | |
Total current assets | 354,366 | | | 328,053 | |
Non-current Assets | | | |
Assets held for sale | — | | | 7,559 | |
Property, plant and equipment, net | 300,050 | | | 318,881 | |
Goodwill | 870,695 | | | 915,295 | |
Intangible assets, net | 1,012,447 | | | 1,063,413 | |
Non-current portion of notes receivable | 9,968 | | | 12,413 | |
Other assets | 102,590 | | | 101,122 | |
Total non-current assets | 2,295,750 | | | 2,418,683 | |
Total assets | $ | 2,650,116 | | | $ | 2,746,736 | |
LIABILITIES AND EQUITY | | | |
Current Liabilities | | | |
Current portion of term debt | $ | 12,034 | | | $ | 21,086 | |
Current portion of other notes payable | 7,365 | | | 7,649 | |
Accounts payable | 121,793 | | | 124,361 | |
Accrued expenses and other | 68,263 | | | 77,590 | |
Total current liabilities | 209,455 | | | 230,686 | |
Non-current portion of term debt and revolving credit facility | 785,539 | | | 878,511 | |
Non-current portion of other notes payable | 17,291 | | | 19,174 | |
Non-current accrued expenses and other | 73,843 | | | 76,720 | |
Non-current warrant liability | 42,192 | | | 43,272 | |
Deferred tax liability | 116,068 | | | 114,690 | |
Total non-current liabilities | 1,034,933 | | | 1,132,367 | |
Total liabilities | 1,244,388 | | | 1,363,053 | |
Commitments and Contingencies | | | |
Equity | | | |
Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 81,530,122 and 81,187,977 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 8 | | | 8 | |
Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 59,349,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | 6 | | | 6 | |
Additional paid-in capital | 955,280 | | | 944,573 | |
Accumulated deficit | (293,750) | | | (298,049) | |
Accumulated other comprehensive income | 24,413 | | | 22,958 | |
Total stockholders' equity | 685,957 | | | 669,496 | |
Noncontrolling interest | 719,771 | | | 714,187 | |
Total equity | 1,405,728 | | | 1,383,683 | |
Total liabilities and equity | $ | 2,650,116 | | | $ | 2,746,736 | |
The accompanying notes are an integral part of these consolidated financial statements.
Utz Brands, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the thirteen and twenty-six weeks ended June 30, 2024 and July 2, 2023
(In thousands, except share information)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Net sales | $ | 356,190 | | | $ | 362,853 | | | $ | 702,713 | | | $ | 714,286 | |
Cost of goods sold | 231,436 | | | 245,460 | | | 458,386 | | | 492,397 | |
Gross profit | 124,754 | | | 117,393 | | | 244,327 | | | 221,889 | |
| | | | | | | |
Selling, distribution, and administrative expenses | | | | | | | |
Selling and distribution | 73,780 | | | 66,869 | | | 147,446 | | | 131,915 | |
Administrative | 30,813 | | | 47,584 | | | 66,595 | | | 88,624 | |
Total selling, distribution, and administrative expenses | 104,593 | | | 114,453 | | | 214,041 | | | 220,539 | |
| | | | | | | |
Gain (loss) on sale of assets, net | 2,373 | | | (279) | | | 1,903 | | | (787) | |
| | | | | | | |
Income from operations | 22,534 | | | 2,661 | | | 32,189 | | | 563 | |
Other income (expense), net | | | | | | | |
Gain on sale of business | — | | | — | | | 44,015 | | | — | |
Interest expense | (10,209) | | | (15,019) | | | (24,040) | | | (29,397) | |
Loss on debt extinguishment | (1,273) | | | — | | | (1,273) | | | — | |
Other income | 198 | | | 272 | | | 1,108 | | | 1,887 | |
Gain on remeasurement of warrant liability | 12,888 | | | 2,808 | | | 1,080 | | | 576 | |
Other income (expense), net | 1,604 | | | (11,939) | | | 20,890 | | | (26,934) | |
| | | | | | | |
Income (loss) before taxes | 24,138 | | | (9,278) | | | 53,079 | | | (26,371) | |
Income tax (benefit) expense | (1,309) | | | (725) | | | 25,236 | | | (3,336) | |
Net income (loss) | 25,447 | | | (8,553) | | | 27,843 | | | (23,035) | |
Net (income) loss attributable to noncontrolling interest | (5,599) | | | 4,429 | | | (11,986) | | | 9,784 | |
Net income (loss) attributable to controlling interest | $ | 19,848 | | | $ | (4,124) | | | $ | 15,857 | | | $ | (13,251) | |
| | | | | | | |
Income (loss) per Class A Common stock: (in dollars) | | | | | | | |
Basic | $ | 0.24 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | |
Diluted | $ | 0.23 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | |
Weighted-average shares of Class A Common stock outstanding | | | | | | | |
Basic | 81,457,014 | | | 81,063,457 | | | 81,423,240 | | | 81,020,732 | |
Diluted | 84,954,412 | | | 81,063,457 | | | 84,762,662 | | | 81,020,732 | |
| | | | | | | |
Net income (loss) | $ | 25,447 | | | $ | (8,553) | | | $ | 27,843 | | | $ | (23,035) | |
Other comprehensive income (loss): | | | | | | | |
Change in fair value of interest rate swap | (2,142) | | | 9,572 | | | 2,517 | | | (753) | |
Comprehensive income (loss) | 23,305 | | | 1,019 | | | 30,360 | | | (23,788) | |
Net comprehensive (income) loss attributable to noncontrolling interest | (4,696) | | | 383 | | | (13,048) | | | 10,105 | |
Net comprehensive income (loss) attributable to controlling interest | $ | 18,609 | | | $ | 1,402 | | | $ | 17,312 | | | $ | (13,683) | |
The accompanying notes are an integral part of these consolidated financial statements.
Utz Brands, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
For the thirteen and twenty-six weeks ended June 30, 2024 and July 2, 2023
(In thousands, except share information)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A Common Stock | | Class V Common Stock | | Additional Paid-in Capital | | Accumulated (Deficit) | | Accumulated Other Comprehensive Income | | Total Stockholders' Equity | | Non-controlling Interest | | Total Equity |
| | Shares | | Amount | | Shares | | Amount | | |
Balance at January 1, 2023 | | 80,882,334 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 926,919 | | | $ | (254,564) | | | $ | 30,777 | | | $ | 703,146 | | | $ | 748,538 | | | $ | 1,451,684 | |
Share-based compensation | | 130,534 | | | — | | | | | — | | | 4,634 | | | — | | | — | | | 4,634 | | | — | | | 4,634 | |
Payments of tax withholding requirements for employee stock awards | | | | — | | | | | — | | | (589) | | | — | | | — | | | (589) | | | — | | | (589) | |
Net loss | | | | — | | | | | — | | | — | | | (9,127) | | | — | | | (9,127) | | | (5,355) | | | (14,482) | |
Cash dividends declared | | | | — | | | | | — | | | — | | | (56) | | | — | | | (56) | | | — | | | (56) | |
Other comprehensive loss | | | | — | | | | | — | | | — | | | — | | | (5,958) | | | (5,958) | | | (4,367) | | | (10,325) | |
Balance at April 2, 2023 | | 81,012,868 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 930,964 | | | $ | (263,747) | | | $ | 24,819 | | | $ | 692,050 | | | $ | 738,816 | | | $ | 1,430,866 | |
Share-based compensation | | 128,549 | | | — | | | | | — | | | 4,305 | | | — | | | — | | | 4,305 | | | — | | | 4,305 | |
Net loss | | | | — | | | | | — | | | — | | | (4,124) | | | — | | | (4,124) | | | (4,429) | | | (8,553) | |
Other comprehensive income | | | | — | | | | | — | | | — | | | — | | | 5,526 | | | 5,526 | | | 4,046 | | | 9,572 | |
Cash dividends declared | | | | — | | | | | — | | | — | | | (9,240) | | | — | | | (9,240) | | | — | | | (9,240) | |
Distribution to noncontrolling interest | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (6,766) | | | (6,766) | |
Balance at July 2, 2023 | | 81,141,417 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 935,269 | | | $ | (277,111) | | | $ | 30,345 | | | $ | 688,517 | | | $ | 731,667 | | | $ | 1,420,184 | |
| | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2023 | | 81,187,977 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 944,573 | | | $ | (298,049) | | | $ | 22,958 | | | $ | 669,496 | | | $ | 714,187 | | | $ | 1,383,683 | |
Share-based compensation | | 218,850 | | | — | | | | | — | | | 3,913 | | | — | | | — | | | 3,913 | | | — | | | 3,913 | |
Payments of tax withholding requirements for employee stock awards | | | | — | | | | | — | | | (1,397) | | | — | | | — | | | (1,397) | | | — | | | (1,397) | |
Deferred tax impact from divestiture | | | | — | | | | | — | | | 3,003 | | | — | | | — | | | 3,003 | | | 2,135 | | | 5,138 | |
Net (loss) income | | | | — | | | | | — | | | — | | | (3,990) | | | — | | | (3,990) | | | 6,387 | | | 2,397 | |
Cash dividends declared | | | | — | | | | | — | | | — | | | (4,803) | | | — | | | (4,803) | | | — | | | (4,803) | |
Distribution to noncontrolling interest | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (3,502) | | | (3,502) | |
Other comprehensive income | | | | — | | | | | — | | | — | | | — | | | 2,694 | | | 2,694 | | | 1,965 | | | 4,659 | |
Balance at March 31, 2024 | | 81,406,827 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 950,092 | | | $ | (306,842) | | | $ | 25,652 | | | $ | 668,916 | | | $ | 721,172 | | | $ | 1,390,088 | |
Share-based compensation | | 123,295 | | | — | | | | | — | | | 5,261 | | | — | | | — | | | 5,261 | | | — | | | 5,261 | |
| | | | | | | | | | | | | | | | | | | | |
Deferred tax impact from divestiture | | | | — | | | | | — | | | (73) | | | — | | | — | | | (73) | | | 1 | | | (72) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A Common Stock | | Class V Common Stock | | Additional Paid-in Capital | | Accumulated (Deficit) | | Accumulated Other Comprehensive Income | | Total Stockholders' Equity | | Non-controlling Interest | | Total Equity |
| | Shares | | Amount | | Shares | | Amount | | |
Net income | | | | — | | | | | — | | | — | | | 19,848 | | | — | | | 19,848 | | | 5,599 | | | 25,447 | |
Cash dividends declared | | | | — | | | | | — | | | — | | | (4,940) | | | — | | | (4,940) | | | — | | | (4,940) | |
Special excess cash dividend | | | | — | | | | | — | | | — | | | (1,816) | | | — | | | (1,816) | | | — | | | (1,816) | |
Distribution to noncontrolling interest | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (3,502) | | | (3,502) | |
Tax distribution | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (2,596) | | | (2,596) | |
Other comprehensive loss | | | | — | | | | | — | | | — | | | — | | | (1,239) | | | (1,239) | | | (903) | | | (2,142) | |
Balance at June 30, 2024 | | 81,530,122 | | | $ | 8 | | | 59,349,000 | | | $ | 6 | | | $ | 955,280 | | | $ | (293,750) | | | $ | 24,413 | | | $ | 685,957 | | | $ | 719,771 | | | $ | 1,405,728 | |
The accompanying notes are an integral part of these consolidated financial statements.
Utz Brands, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the twenty-six weeks ended June 30, 2024 and July 2, 2023
(In thousands)
(Unaudited) | | | | | | | | | | | |
| Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Cash flows from operating activities | | | |
Net income (loss) | $ | 27,843 | | | $ | (23,035) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | |
Impairment and other charges | — | | | 9,548 | |
Depreciation and amortization | 35,883 | | | 40,405 | |
Gain on sale of business | (44,015) | | | — | |
Gain on remeasurement of warrant liability | (1,080) | | | (576) | |
(Gain) loss on sale of assets | (1,903) | | | 787 | |
Loss on debt extinguishment | 1,273 | | | — | |
Share-based compensation | 9,174 | | | 8,939 | |
Deferred taxes | 6,445 | | | (2,003) | |
Deferred financing costs | 2,509 | | | 451 | |
Changes in assets and liabilities: | | | |
Accounts receivable, net | (9,628) | | | (3,992) | |
Inventories | (3,969) | | | (4,379) | |
Prepaid expenses and other assets | (15,140) | | | (11,687) | |
Accounts payable and accrued expenses and other | (7,561) | | | (18,773) | |
Net cash used in operating activities | (169) | | | (4,315) | |
Cash flows from investing activities | | | |
| | | |
Purchases of property and equipment | (37,781) | | | (30,158) | |
Purchases of intangibles | (9,220) | | | — | |
Proceeds from sale of property and equipment | 24,062 | | | 959 | |
Proceeds from sale of business | 167,500 | | | — | |
Proceeds from sale of routes | 13,669 | | | 12,446 | |
Proceeds from the sale of IO notes | 1,544 | | | 2,161 | |
| | | |
Notes receivable | (18,834) | | | (16,191) | |
Net cash provided by (used in) investing activities | 140,940 | | | (30,783) | |
Cash flows from financing activities | | | |
Borrowings on line of credit | 92,000 | | | 61,000 | |
Repayments on line of credit | (47,191) | | | — | |
Borrowings on term debt and notes payable | 16,618 | | | 3,246 | |
Repayments on term debt and notes payable | (166,608) | | | (11,785) | |
Payment of debt issuance cost | (733) | | | — | |
Payments of tax withholding requirements for employee stock awards | (1,397) | | | (589) | |
| | | |
Dividends paid | (9,428) | | | (9,281) | |
Distribution to noncontrolling interest | (9,481) | | | (6,766) | |
Net cash (used in) provided by financing activities | (126,220) | | | 35,825 | |
Net increase in cash and cash equivalents | 14,551 | | | 727 | |
Cash and cash equivalents at beginning of period | 52,023 | | | 72,930 | |
Cash and cash equivalents at end of period | $ | 66,574 | | | $ | 73,657 | |
The accompanying notes are an integral part of these consolidated financial statements.
Utz Brands, Inc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation – The accompanying consolidated financial statements comprise the financial statements of Utz Brands, Inc. ("UBI" or the "Company") and its wholly owned subsidiaries. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). They do not include all information and notes required by U.S. GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s financial statements for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with the U.S. GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including our significant accounting policies, should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023. All intercompany transactions and balances have been eliminated in consolidation.
Prior Period Revision - Consolidated Statement of Cash Flows – For the twenty-six weeks ended June 30, 2024, the Company disclosed the borrowings of lines of credit and repayments of lines of credit as separate line items within the financing activities section of the Consolidated Statement of Cash Flows. The Company has corrected these line items for the twenty-six weeks ended July 2, 2023 for comparability purposes and deems the change to that period to be immaterial.
Revenue Recognition – The Company’s revenues primarily consist of the sale of salty snack items to customers, including supermarkets, mass merchants, club stores, dollar and discount stores, convenience stores, independent grocery stores, drug stores, food service, vending, military, and other channels. The Company sells its products in most regions of the United States primarily through its direct-store delivery ("DSD") network, direct to warehouse shipments, and third-party distributors. These revenue contracts generally have a single performance obligation. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs, some of which are recorded in Selling and distribution. Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components.
The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Applicable shipping and handling are included in customer billing and are recorded as revenue as the products’ control is transferred to customers. The Company assesses the goods promised in customer purchase orders and identifies a performance obligation for each promise to transfer a good that is distinct.
The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. The Company’s promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade customer or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. The Company has reserves in place of $18.2 million as of June 30, 2024, which include adjustments taken by customers of $8.9 million that are awaiting final processing and reserves of $17.4 million as of December 31, 2023, which include adjustments taken by customers of $6.2 million that are awaiting final processing. Differences between estimated expense and actual redemptions are recognized as a change in management estimate as actual redemptions are incurred.
Recently Issued Accounting Standards – In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on the Company's income tax disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Among other changes, the amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
2.DIVESTITURES
On February 5, 2024, the Company sold certain assets and brands to affiliates of Our Home™, an operating company of Better-for-You brands (“Our Home”). Under the agreement, affiliates of Our Home purchased the Good Health and R.W. Garcia brands, the Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets, and assumed the Company’s Las Vegas, NV facility lease and manufacturing operations (the "Good Health and R.W. Garcia Sale") for $167.5 million, subject to customary adjustments.
The following table summarizes the net assets and liabilities included in the Good Health and R.W. Garcia Sale on February 5, 2024:
| | | | | | | | |
| | |
| | |
| | |
| | |
Property, plant, and equipment, net | | $ | 27,483 | |
Goodwill | | 44,600 | |
Intangible assets, net | | 44,327 | |
| | |
| | |
| | |
Net working capital adjustments | | 7,075 | |
| | |
| | |
| | |
Net assets sold | | $ | 123,485 | |
The Company recognized a gain on the Good Health and R.W. Garcia Sale of $44.0 million. The gain on the Good Health and R.W. Garcia Sale is recognized as Gain on sale of business in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the twenty-six weeks ended June 30, 2024.
On April 22, 2024, the Company sold to Our Home™ its Berlin, PA, and Fitchburg, MA manufacturing facilities and certain related assets (the “Manufacturing Facilities Sale”). The total consideration for the transactions is $18.5 million related to the facilities and certain inventory, subject to customary adjustments. The Company recognized a gain on the Manufacturing Facilities Sale of $4.3 million.
The Company and Our Home will operate under transition services agreements which end during the first half of 2025. In addition, the parties will operate under reciprocal co-manufacturing agreements under which Our Home will co-manufacture certain of the Company's products and the Company will co-manufacture certain Good Health products. Certain Good Health products will continue to be distributed and sold on the Company's DSD network for Our Home. The Company received approximately $18.7 million in advance from Our Home for certain terms under these agreements for which the Company will recognize through income from operations over the term of the transition services agreements.
3.INVENTORIES
Inventories consisted of the following:
| | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | As of December 31, 2023 |
Finished goods | | $ | 67,707 | | | $ | 65,673 | |
Raw materials | | 25,309 | | | 29,757 | |
Maintenance parts | | 7,694 | | | 9,236 | |
Total inventories | | $ | 100,710 | | | $ | 104,666 | |
In connection with the Good Health and R.W. Garcia Sale in February 2024 and the Manufacturing Facilities Sale in April 2024, the Company sold inventory of $6.3 million and $1.6 million, respectively. See Note 2. Divestitures.
4.PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net, consisted of the following:
| | | | | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | | As of December 31, 2023 |
Land | | $ | 25,861 | | | | $ | 28,561 | |
Buildings | | 112,506 | | | | 123,603 | |
Machinery and equipment | | 212,126 | | | | 248,886 | |
Land improvements | | 2,651 | | | | 3,887 | |
Building improvements | | 2,472 | | | | 5,163 | |
Construction-in-progress | | 57,306 | | | | 35,533 | |
| | 412,922 | | | | 445,633 | |
Less: accumulated depreciation | | (112,872) | | | | (126,752) | |
Property, plant and equipment, net | | $ | 300,050 | | | | $ | 318,881 | |
Depreciation expense was $8.2 million and $10.6 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $17.0 million and $20.9 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Depreciation expense is included in cost of goods sold, selling, distribution, and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
During the thirteen weeks ended July 2, 2023, the Company permanently ceased operations at the Company’s manufacturing facility located in Birmingham, AL (the “Birmingham Facility”) effective in June 2023 (the “Manufacturing Closure”). Golden Flake® and other products that were produced at the Birmingham Facility continue to be produced at other manufacturing facilities. The Manufacturing Closure reduced the Company's workforce by approximately 130 employees and the Company maintains its distribution center in Birmingham. The Company recorded expense of $8.9 million in connection with the Manufacturing Closure, which includes $1.3 million in severance and related costs and $7.6 million of asset impairments related to fixed assets. The severance and related expenses were recorded in the cost of goods sold line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. The fixed asset impairments are recorded in the administrative expenses line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. In addition, during the twenty-six weeks ended July 2, 2023, the Company recognized expense of $1.9 million related to the impairment of property, plant, and equipment unrelated to the Manufacturing Closure. During the twenty-six weeks ended June 30, 2024, the Company sold the Birmingham Facility for proceeds of $6.0 million and its Gramercy, LA facility for $1.8 million. Both of these facilities were classified as Assets held for sale on the Consolidated Balance Sheet at December 31, 2023.
During the twenty-six weeks ended June 30, 2024, in connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures, the Company sold its Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets having a net book value of $27.5 million. Also, during the twenty-six weeks ended June 30, 2024 in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures, the Company sold its Berlin, PA and Fitchburg, MA
manufacturing facilities having a net book value of $12.2 million and recognized a gain on the Manufacturing Facilities Sale of $4.3 million.
5.GOODWILL AND INTANGIBLE ASSETS, NET
A rollforward of goodwill is as follows:
| | | | | | | | |
(in thousands) | | |
December 31, 2023 | | $ | 915,295 | |
Good Health and R.W. Garcia Sale, Note 2. Divestitures | | (44,600) | |
Balance as of June 30, 2024 | | $ | 870,695 | |
Intangible assets, net, consisted of the following:
| | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | As of December 31, 2023 |
Subject to amortization: | | | | |
Distributor/customer relationships | | $ | 647,712 | | | $ | 677,930 | |
Trademarks | | 59,920 | | | 63,850 | |
Amortizable assets, gross | | 707,632 | | | 741,780 | |
Accumulated amortization | | (133,842) | | | (120,405) | |
Amortizable assets, net | | 573,790 | | | 621,375 | |
Not subject to amortization: | | | | |
Trade names | | 428,733 | | | 434,513 | |
Route assets | | 9,924 | | | 7,525 | |
Intangible assets, net | | $ | 1,012,447 | | | $ | 1,063,413 | |
During the thirteen weeks ended March 31, 2024, the Company sold customer relationships and trademarks in the amount of $26.0 million and $18.3 million, respectively, related to the Good Health and R.W. Garcia Sale. See Note 2. Divestitures for further discussion. In addition, during the thirteen weeks ended June 30, 2024, the Company paid $9.2 million to purchase an indefinite life intangible right for use of a third party brand name. This intangible is included in indefinite life trade names. There were no other significant changes to intangible assets during the twenty-six weeks ended June 30, 2024 and July 2, 2023 other than those which arise from the normal course of business from buying and selling of Company-owned route assets and amortization.
Amortization of the distributor/customer relationships, technology, and trade names amounted to $9.0 million and $9.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $18.3 million and $18.8 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. The expense related to the amortization of intangibles is included in administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
6.NOTES RECEIVABLE
Contracts are executed between the Company and independent operators (“IOs”) for the sale of the product distribution routes, including a note in favor of the Company, in certain cases. The notes bear interest at rates ranging from 4.50% to 10.55% with terms ranging generally from two to ten years. The notes receivable balances due from IOs at June 30, 2024 and December 31, 2023 totaled $14.5 million and $17.6 million, respectively, and are collateralized by the routes for which the loans are made. The Company also sold certain notes to Bank of America and one other bank. The Company has a corresponding notes payable, related to the sale of IOs notes receivables. See Note 10. Contingencies.
7.ACCRUED EXPENSES AND OTHER
Current accrued expenses and other consisted of the following:
| | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | As of December 31, 2023 |
Accrued compensation and benefits | | $ | 14,294 | | | $ | 21,466 | |
| | | | |
Operating right of use liability | | 15,770 | | | 14,992 | |
Insurance liabilities | | 6,111 | | | 6,811 | |
Accrued freight and manufacturing related costs | | 2,758 | | | 4,424 | |
Accrued dividends and distributions | | 10,020 | | | 7,972 | |
Accrued interest | | 1,031 | | | 13,280 | |
Deferred transition services and other fees (a) | | 11,364 | | | — | |
Other accrued expenses | | 6,915 | | | 8,645 | |
Total accrued expenses and other | | $ | 68,263 | | | $ | 77,590 | |
(a) See Note 2. Divestitures, for further discussion.
Non-current accrued expenses and other consisted of the following: | | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | As of December 31, 2023 |
Operating right of use liability | | $ | 42,715 | | | $ | 43,928 | |
Tax Receivable Agreement liability | | 24,264 | | | 24,297 | |
Supplemental retirement and salary continuation plans | | 6,864 | | | 6,559 | |
Long-term portion of an interest rate hedge liability | | — | | | 1,936 | |
Total accrued expenses and other | | $ | 73,843 | | | $ | 76,720 | |
8.TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE
Term Debt and Revolving Credit Facility
On April 17, 2024, the Company amended its Term Loan B to refinance in full all of the $630.0 million outstanding term loan and reduce the interest rate from the Secured Overnight Financing Rate ("SOFR") plus the applicable rate of 3.00% plus a credit spread adjustment to SOFR plus the applicable rate of 2.75%, as well as certain other changes. Other material terms of the Term Loan B, including the January 2028 maturity date, remain unchanged. The Company recorded a loss on debt extinguishment of $1.3 million related to the refinancing of its Term Loan B in its Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended June 30, 2024 and twenty-six weeks ended June 30, 2024. On April 17, 2024, the Company amended its ABL facility to reduce the rate from SOFR plus the applicable rate ranging from 1.50%-2.00% plus a credit spread adjustment to SOFR plus the applicable rate ranging from 1.50%-2.00%, as well as certain other changes. Other material terms of the ABL, including maturity date, remain unchanged.
Term debt and revolving credit facilities consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt (in thousands) | | | | Original Principal Balance | | Maturity Date | | As of June 30, 2024 | | As of December 31, 2023 |
Term Loan B | | | | $ | 795,000 | | | January-28 | | $ | 630,335 | | | $ | 771,335 | |
Real Estate Term Loan (1) | | | | $ | 88,140 | | | October-32 | | 60,923 | | | 80,184 | |
Equipment loans (2) | | | | $ | 79,814 | | | | | 66,861 | | | 56,482 | |
ABL facility (3) | | | | | | October-27 | | 45,177 | | | 368 | |
Net impact of debt issuance costs and original issue discounts | | | | | | | | (5,723) | | | (8,772) | |
Total long-term debt | | | | | | | | 797,573 | | | 899,597 | |
Less: current portion | | | | | | | | (12,034) | | | (21,086) | |
Long term portion of term debt and financing obligations | | | | | | | | $ | 785,539 | | | $ | 878,511 | |
(1) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan").
(2) Equipment loans have varying maturities from November 2024 to September 2028.
(3) Asset-based revolving credit facility ("ABL facility").
In connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net, the Company made a $141.0 million accelerated payment on its Term Loan B and $8.5 million payment on its Real Estate Term Loan during twenty-six weeks ended June 30, 2024. In addition, in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net, the Company made an additional payment of $9.2 million on its Real Estate Term Loan during the thirteen weeks ended June 30, 2024.
Other Notes Payable and Capital Leases
Amounts outstanding under notes payable and capital leases consisted of the following:
| | | | | | | | | | | | | | |
(in thousands) | | As of June 30, 2024 | | As of December 31, 2023 |
Note payable – IO notes | | $ | 13,768 | | | $ | 16,478 |
Finance lease obligations | | 10,788 | | | 10,145 |
Other | | 100 | | | 200 |
Total notes payable | | 24,656 | | | 26,823 |
Less: current portion | | (7,365) | | | (7,649) |
Long term portion of notes payable | | $ | 17,291 | | | $ | 19,174 |
Interest Expense
Interest expense consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Company’s long-term debt | | $ | 9,191 | | | $ | 14,247 | | | $ | 20,973 | | | $ | 28,389 | |
Amortization of deferred financing fees | | 749 | | | 446 | | | 2,509 | | | 451 | |
IO loans | | 269 | | | 326 | | | 558 | | | 557 | |
Total interest | | $ | 10,209 | | | $ | 15,019 | | | $ | 24,040 | | | $ | 29,397 | |
9.DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE
Derivative Financial Instruments
The Company uses interest rate swaps to manage its interest rate exposure on its Term Loan B and its Real Estate Term Loan. The interest rate swaps are recorded on the Company’s Consolidated Balance Sheets at fair value. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable.
In conjunction with Real Estate Term Loan pay downs during the twenty-six weeks ended June 30, 2024 discussed within Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable and estimated future pay downs, the Company determined that $36.7 million of hedged forecasted transactions were not probable of occurring. As such, effective February 1, 2024, the Company de-designated its interest rate hedge accounting on its Real Estate Term Loan and re-designated a new interest hedging relationship totaling $47.0 million. As a result, the Company immediately reclassified $0.3 million of accumulated other comprehensive income to earnings which is reflected as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2024, $46.5 million and $36.3 million of the notional of the Company's interest rate swap is designated under interest rate hedge accounting and at fair value with mark-to-market adjustments recorded immediately in earnings, respectively. For the thirteen weeks ended and twenty-six weeks ended June 30, 2024, the Company recognized $0.3 million and $0.7 million, respectively, as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss).
As of and for the twenty-six weeks ended June 30, 2024, there were no changes to the hedge accounting related to Term Loan B.
Warrant Liabilities
As of each of June 30, 2024 and December 31, 2023, there were 7,200,000 private placement warrants outstanding which are accounted for as derivative liabilities pursuant to ASC 815-40. A reconciliation of the changes in the warrant liability during the twenty-six weeks ended June 30, 2024 is as follows:
| | | | | | | | |
(in thousands) | | |
Fair value of warrant liabilities as of December 31, 2023 | | $ | 43,272 | |
Loss on remeasurement of warrant liability | | 11,808 | |
Fair value of warrant liabilities as of March 31, 2024 | | $ | 55,080 | |
Gain on remeasurement of warrant liability | | (12,888) | |
Fair value of warrant liabilities as of June 30, 2024 | | $ | 42,192 | |
Purchase Commitments
The Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices. These purchase commitments totaled $93.7 million as of June 30, 2024 and $66.7 million as of December 31, 2023. The Company accrues for losses on firm purchase commitments in a loss position at the end of each reporting period to the extent that there is an active observable market. The Company has recorded purchase commitment gains (losses) totaling $0.1 million and $2.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $0.9 million and $(0.3) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively.
Fair Value
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total |
Assets: | | | | | | | | |
Cash and cash equivalents | | $ | 66,574 | | | $ | — | | | $ | — | | | $ | 66,574 | |
Commodity contracts | | — | | | 122 | | | — | | | 122 | |
Interest rate swaps | | — | | | 34,655 | | | — | | | 34,655 | |
Total assets | | $ | 66,574 | | | $ | 34,777 | | | $ | — | | | $ | 101,351 | |
Liabilities: | | | | | | | | |
Commodity contracts | | $ | — | | | $ | 961 | | | $ | — | | | $ | 961 | |
Private placement warrants | | — | | | 42,192 | | | — | | | 42,192 | |
Debt | | — | | | 797,573 | | | — | | | 797,573 | |
Total liabilities | | $ | — | | | $ | 840,726 | | | $ | — | | | $ | 840,726 | |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total |
Assets: | | | | | | | | |
Cash and cash equivalents | | $ | 52,023 | | | $ | — | | | $ | — | | | $ | 52,023 | |
Commodity contracts | | — | | | 211 | | | — | | | 211 | |
Interest rate swaps | | — | | | 33,332 | | | — | | | 33,332 | |
Total assets | | $ | 52,023 | | | $ | 33,543 | | | $ | — | | | $ | 85,566 | |
Liabilities: | | | | | | | | |
Commodity contracts | | $ | — | | | $ | 2,094 | | | $ | — | | | $ | 2,094 | |
Interest rate swaps | | — | | | 1,936 | | | — | | | 1,936 | |
Private placement warrants | | — | | | 43,272 | | | — | | | 43,272 | |
Debt | | — | | | 899,597 | | | — | | | 899,597 | |
Total liabilities | | $ | — | | | $ | 946,899 | | | $ | — | | | $ | 946,899 | |
10.CONTINGENCIES
Litigation Matters
The Company is involved in litigation and other matters incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial condition, results of operations or cash flows.
Guarantees
The Company partially guarantees loans made to IOs by Bank of America for the purchase of routes. The outstanding balance of loans guaranteed that were issued by Bank of America was $59.1 million and $52.8 million at June 30, 2024 and December 31, 2023, respectively, which are accounted for as an off balance sheet arrangement. As discussed in Note 6. Notes Receivable, the Company also sold notes receivable on its books to Bank of America during fiscal years 2023, and 2024, which the Company partially guarantees. The outstanding balance of notes purchased by Bank of America at June 30, 2024 and December 31, 2023 was $12.3 million and $14.8 million, respectively. Due to the structure of the transactions, the sale did not qualify for sale accounting treatment, and as such the Company records the notes payable obligation owed by the IOs to the financial institution on its Consolidated Balance Sheets; the corresponding notes receivable also remained on the Company’s Consolidated Balance Sheets. The maximum amount of future payments the Company could be required to make under these guarantees equates to 25% of the outstanding loan balance on the first day of each calendar year plus 25% of the amount of any new loans issued during such calendar year.
Additionally, the Company guarantees loans for the purchase of routes made by two other banks. The outstanding balances of these loans were $2.2 million and $2.9 million at June 30, 2024 and December 31, 2023, respectively, of which $1.8 million and $2.2 million was included in the Company's Consolidated Balance Sheets at June 30, 2024 and December 31, 2023, respectively. The maximum amount of future payments the Company could be required to make under the guarantees equates to 25% of the outstanding loan balance.
All of the above IO loans are collateralized by the routes for which the loans are made. Accordingly, the Company has the ability to recover substantially all of the outstanding loan value upon default.
11.SUPPLEMENTARY CASH FLOW INFORMATION
| | | | | | | | | | | | | | |
(in thousands) | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Cash paid for interest | | $ | 34,523 | | | $ | 28,613 | |
Refunds related to income taxes | | $ | 154 | | | $ | 387 | |
Payments for income taxes | | $ | 25,645 | | | $ | 2,564 | |
Finance lease additions | | $ | 2,307 | | | $ | 1,194 | |
The Company presents the gain on the sale of disposals of property and equipment, and the gain on the sale of routes within gain on sale of assets within the Consolidated Statement of Operations and Consolidated Statement of Cash Flows.
12.INCOME TAXES
The Company is subject to federal and state income taxes with respect to our allocable share of any taxable income or loss of UBH, as well as any standalone income or loss the Company generates. UBH is treated as a partnership for federal income tax purposes, and for most applicable state and local income tax purposes, and generally does not pay income taxes in most jurisdictions. Instead, UBH taxable income or loss is passed through to its members, including the Company. Despite its partnership treatment, UBH is liable for income taxes in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. The Company has acquired various domestic entities taxed as corporations, which are now wholly owned by us or our subsidiaries. Where required or allowed, these subsidiaries also file and pay tax as a consolidated group for federal and state income tax purposes. The Company anticipates this structure to remain in existence for the foreseeable future.
The Company recorded income tax benefit of $1.3 million and expense of $25.2 million for the thirteen and twenty-six weeks ended June 30, 2024, respectively. Comparably, the Company recorded income tax benefit for the thirteen and twenty-six weeks ended July 2, 2023 of $0.7 million and $3.3 million, respectively. The effective tax rates for the thirteen and twenty-six weeks ended June 30, 2024 were (5.4)% and 47.5%, respectively. Comparably, the effective tax rates for the thirteen and twenty-six weeks ended July 2, 2023 were 7.8% and 12.7%, respectively. The Company’s effective tax rates differ from the federal statutory rate of 21% primarily due to the impact of UBH, which is a partnership, is not taxed at the Company level, and is required to allocate some of its taxable results to the Continuing Members, as well as state taxes and the fair value impact of warrant liabilities. The Company’s effective tax rate for the thirteen and twenty-six weeks ended June 30, 2024 are 1.8% and 1.9%, respectively before consideration of any discrete items. During the thirteen and twenty-six weeks ended June 30, 2024, the effective tax rate was impacted by the sale of certain assets and brands to affiliates of Our Home™ and statutory state tax rate changes which resulted in a discrete tax (benefit) and expense of $(1.5) million and $25.1 million, respectively.
The Company regularly evaluates valuation allowances established for deferred tax assets (“DTA's”) for which future realization is uncertain. The Company assessed the available positive and negative evidence to estimate whether future taxable income would be generated to permit use of the existing DTA's. As of June 30, 2024, a significant piece of objective negative evidence evaluated was the twelve-quarter cumulative loss before taxes. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. The Company determined that there is uncertainty regarding the utilization of certain DTA's such as the investment in UBH, federal operating losses subject to annual limitations due to “change in ownership” provisions, and state net operating losses where the Company does not expect to continue to have nexus. Therefore, a valuation allowance has been recorded against the DTA's for which it is more likely than not they will not be realized. The Company has DTA’s related to its investment in the partnership that are expected to be realized in the ordinary course of operations or generate future net operating losses for which a portion will have an indefinite carryforward period. Additionally, the Company has deferred tax liabilities (“DTL’s”) related to its investment in the partnership that will not reverse in the ordinary course of business and will only reverse when the partnership is sold or liquidated. The Company has no intention of disposing of or liquidating the partnership and therefore has not considered the indefinite lived DTL as a source of income to offset other DTA’s. In weighing positive and negative evidence, both objective and subjective, including its twelve-quarter cumulative loss, the Company has recorded a valuation allowance against its DTA’s related to net operating losses and deductible book/tax differences and recorded a DTL primarily related to the book over tax basis in the investment in the partnership that will not reverse in the ordinary course of business. The Company considered that an indefinite lived DTL may be considered as a source of taxable income for an indefinite lived DTA; however, given our indefinite lived DTL will only reverse upon sale or liquidation, the Company determined that it was more appropriate to record a valuation allowance against a portion of its DTA’s. The amount of DTA considered realizable, however, could be adjusted if estimates of future taxable
income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for growth.
As of June 30, 2024, tax years 2020 through 2024 remain open and subject to examination by the Internal Revenue Service and the majority of the states where the Company has nexus, and tax years 2019 through 2024 remain open and subject to examination in selected states that have a four-year statute of limitations.
Upon audit, tax authorities may challenge all or part of a tax position. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision for income taxes in the period in which a final determination is made. The Company did not maintain any unrecognized tax benefits as of June 30, 2024 and December 31, 2023.
Tax receivable agreement liability
Pursuant to an election under section 754 of the Internal Revenue Code, the Company obtained an increase in its share of the tax basis in the net assets of UBH when it was deemed to purchase UBH units from a third party then holding common and preferred interest of the Continuing Members and purchased UBH units from the Continuing Members per the Business Combination Agreement. The Continuing Members have the option to exchange UBH units along with the forfeiture of a corresponding number of Class V Common Stock of the Company for UBI common stock post-Business Combination. The Company intends to treat any such exchanges as direct purchases for U.S. federal income tax purposes, which is expected to further increase its share of the tax basis in the net assets of UBH. The increases in tax basis may reduce the amounts the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.
Pursuant to the Business Combination Agreement, the Company entered into the Tax Receivable Agreement in connection with the Business Combination (the “Tax Receivable Agreement” or "TRA") , which provides for the payment by the Company of 85% of the amount of any tax benefits realized as a result of (i) increases in the share of the tax basis in the net assets of UBH resulting from the Business Combination and any future exchanges by the Continuing Members of UBH units for UBI common stock; (ii) tax basis increases attributable to payments made under the TRA; and (iii) tax amortization deductions attributable to the acquisition of Kennedy and the election to treat the transaction as an asset deal for tax purposes (the "TRA Payments"). The rights of each party under the TRA other than the Company are assignable, subject to certain restrictions. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors.
As of June 30, 2024 and December 31, 2023, the Company had a liability of $24.3 million and $24.3 million, respectively, related to its projected obligations under the TRA, which is reflected as current and non-current accrued expenses in the Consolidated Balance Sheets.
13.INCOME (LOSS) PER SHARE
Basic income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the periods. Diluted income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding during the periods.
The following table reconciles the numerators and denominators used in the computations of both basic and diluted income (loss) per share:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except share data) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Numerator: | | | | | | | | |
Net income (loss) attributable to common stockholders | | $ | 19,848 | | | $ | (4,124) | | | $ | 15,857 | | | $ | (13,251) | |
Denominator: | | | | | | | | |
Weighted average Class A Common Stock shares, basic | | 81,457,014 | | | 81,063,457 | | | 81,423,240 | | | 81,020,732 | |
Dilutive securities included in diluted earnings per share calculation: | | | | | | | | |
Warrants | | 2,600,077 | | | — | | | 2,574,638 | | | — | |
RSUs | | 539,622 | | | — | | | 436,799 | | | — | |
PSUs | | 305,818 | | | — | | | 285,102 | | | — | |
Stock options | | 51,881 | | | — | | | 42,883 | | | — | |
Total dilutive weighted average shares | | 84,954,412 | | | 81,063,457 | | | 84,762,662 | | | 81,020,732 | |
Basic income (loss) per share | | $ | 0.24 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | |
Diluted income (loss) per share | | $ | 0.23 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | |
Class V Common Stock not subject to (income) loss per share calculation | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | |
Net income (loss) attributable to noncontrolling interest | | $ | 5,599 | | | $ | (4,429) | | | $ | 11,986 | | | $ | (9,784) | |
The diluted income (loss) per share computation excludes the effect of certain warrants, restricted stock units ("RSUs"), performance stock units ("PSUs"), and stock options granted to directors and management which convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculation are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Warrants | | — | | | 2,376,961 | | | — | | | 2,288,240 | |
RSUs | | — | | | 268,153 | | | — | | | 195,431 | |
PSUs | | — | | | 125,634 | | | — | | | 114,863 | |
Stock options | | — | | | 7,009 | | | — | | | 4,233 | |
Shares of the Company’s Class V Common Stock do not participate in income or losses of the Company and, therefore, are not participating securities. The PSUs and RSUs, were not considered participating securities despite the holders of these stock-based compensation awards being entitled to participate in dividends declared on Class A Common Stock, if and when declared, on a one-to-one per-share basis, because the dividends are only payable upon full vesting of the awards, and as such, the dividend is forfeitable. As of each of June 30, 2024 and December 31, 2023, the Continuing Members held all 59,349,000 shares of Class V Common Stock issued and outstanding and also held an equal number of common limited liability company units of UBH, which comprise the noncontrolling interest.
14.SUBSEQUENT EVENTS
The Company performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following management's discussion and analysis of our financial condition and results of operations ("MD&A") should be read in conjunction with our unaudited interim consolidated financial statements as of and for the thirteen and twenty-six weeks ended June 30, 2024, together with our audited consolidated financial statements for our most recently completed fiscal year set forth under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Our fiscal year end is the Sunday closest to December 31. Our fiscal year 2023 ended December 31, 2023 and was a fifty-two-week fiscal year, our fiscal year 2024 will end on December 29, 2024 and is a fifty-two-week fiscal year. Our fiscal quarters are comprised of thirteen weeks each, except for fifty-three-week fiscal years for which the fourth quarter is comprised of fourteen weeks, and ends on the thirteenth Sunday of each quarter (fourteenth Sunday of the fourth quarter, when applicable).
Overview
Utz Brands Inc. (the “Company”) was founded in 1921 in Hanover, Pennsylvania and benefits from over 100 years of brand awareness and heritage in the salty snack industry. We are a leading United States manufacturer of branded salty snacks, producing a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes, and other snacks. Our iconic portfolio of authentic, craft, and “better-for-you” ("BFY") brands, includes Utz®, ON THE BORDER®, Zapp’s®, Golden Flake®, Boulder Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others, and enjoys strong household penetration in the United States, where our products can be found in approximately 49% of U.S. households as of December 31, 2023. As of June 30, 2024, we operate 8 primary manufacturing facilities across the United States with a broad range of capabilities, and are distributed nationally to grocery, mass merchant, club, convenience, drug and other retailers through direct shipments, distributors, and approximately 2,350 direct-store delivery ("DSD") routes. We have historically expanded our geographic reach and product portfolio organically and through acquisitions. Based on 2023 retail sales, we are the second-largest producer of branded salty snacks in our core geographies where we have acquired strong regional brands and distribution capabilities in recent years.
Key Developments and Trends
Our management team monitors a number of developments and trends that could impact our revenue and profitability objectives.
Long-Term Demographics, Consumer Trends, and Demand – We participate in the attractive and growing $39 billion U.S. salty snacks category, within the broader approximately $129 billion market for U.S. snack foods as of June 30, 2024. For the thirteen weeks ended June 30, 2024, U.S. retail sales for salty snacks based on Circana data increased by 0.2% versus the comparable prior year period. Our retail sales increased 1.1% over the thirteen weeks ended June 30, 2024. A 2024 study from Circana cites that 46% of consumers snack three or more times a day, down three points compared to a year ago but with no change versus five years ago Additionally, the salty snacks category has historically benefited from favorable competitive dynamics, including low private label penetration and category leaders competing primarily through marketing and innovation. We expect these consumer trends to continue to drive consistent retail sales growth for salty snacks for the foreseeable future.
Competition – The salty snack industry is highly competitive and includes many diverse participants. Our products primarily compete with other salty snacks but also compete more broadly for certain eating occasions with other snack foods. We believe that the principal competitive factors in the salty snack industry include taste, convenience, product variety, product quality, price, nutrition, consumer brand awareness, media and promotional activities, in-store merchandising execution, customer service, cost-efficient distribution, and access to retailer shelf space. We believe we compete effectively with respect to each of these factors.
Operating Costs – Our operating costs include raw materials, labor, manufacturing overhead, selling, distribution, and administrative expenses. We manage these expenses through annual cost saving and productivity initiatives, sourcing and hedging programs, pricing actions, refinancing and tax optimization. Additionally, we maintain ongoing efforts led by our transformation office, to expand our profitability, including implementing significant reductions to our operating cost structure in both supply chain and overhead costs.
Financing Costs and Exposure to Interest Rate Changes – As of June 30, 2024, we had $736.4 million in variable rate indebtedness, down from $851.5 million at December 31, 2023. The decrease in variable rate debt is primarily due to a $141.0 million payment toward the outstanding balance of the Term Loan B and $17.7 million payment toward the outstanding balance of the loan by City National Bank which is secured by a majority of the real estate assets of our subsidiaries through September 2032 (the “Real Estate Term Loan”) made in connection with the Good Health and R.W. Garcia Sale (as defined below) and the Manufacturing Facilities Sale (as defined below) each as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net. As of June 30, 2024, our variable rate indebtedness is benchmarked to the Term SOFR Screen Rate ("SOFR”). As of June 30, 2024, we have existing interest rate swaps totaling $582.9 million of debt. Our interest rate hedge strategy has limited some of our exposure to changes in interest rates. We regularly evaluate our variable and fixed-rate debt. We continue to use low-cost, short- and long-term debt to finance our ongoing working capital, capital expenditures and other investments and dividends. Our weighted average interest rate for the twenty-six weeks ended June 30, 2024 was 5.8%, up from 5.7% during the twenty-six weeks ended July 2, 2023. We have used interest rate swaps to manage part of our exposure to interest rate changes, which can drive cash flow variability related to our debt. Refer to Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable and Note 9. Derivative Financial Instruments, Purchase Commitments, Warrants and Fair Value to our unaudited consolidated financial statements included under Part I, Item 1 of this filing for additional information on debt, derivative and purchase commitment activity. The Company has experienced the effect of increased interest rates on the portion of its debt that is not hedged and, continued rising interest rates could negatively impact our net income.
Recent Developments and Significant Items Affecting Comparability
Divestitures
On February 5, 2024, the Company sold certain assets and brands to affiliates of Our Home™, an operating company of Better-for-You brands (“Our Home”). Under the agreement, affiliates of Our Home purchased the Good Health and R.W. Garcia brands, the Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets, and assumed the Company’s Las Vegas, NV facility lease and manufacturing operations (the "Good Health and R.W. Garcia Sale") for $167.5 million, subject to customary adjustments. See Note 2. Divestitures for further discussion.
On April 22, 2024, the Company sold to Our Home™ its Berlin, PA, and Fitchburg, MA manufacturing facilities and certain related assets (the “Manufacturing Facilities Sale”). The total consideration for the transactions is $18.5 million related to the facilities and certain inventory, subject to customary adjustments.
The Company and Our Home will operate under transition services agreements which end during the first half of 2025. In addition, the parties will operate under reciprocal co-manufacturing agreements under which Our Home will co-manufacture certain of the Company's products and the Company will co-manufacture certain Good Health products. Certain Good Health products will continue to be distributed and sold on the Company's DSD network for Our Home. The Company received approximately $18.7 million in advance from Our Home for certain terms under these agreements for which the Company will recognize through income from operations over the term of the transition services agreements and co-manufacturing agreements.
Trade Name Purchase
During the thirteen weeks ended June 30, 2024, the Company paid $9.2 million to purchase an indefinite life intangible for use of a third-party brand name. This intangible is included in indefinite life trade names. See Note 5. Goodwill and Intangible Assets, Net.
Commodity Trends
We regularly monitor worldwide supply and commodity costs so that we can cost-effectively secure ingredients, packaging and fuel required for production. A number of external factors such as weather, which may be impacted in unanticipated ways due to climate change, commodity market conditions, inflationary conditions, and the effects of governmental, agricultural or other programs, may affect the cost and availability of raw materials and agricultural materials used in our products. We address commodity costs primarily through the use of buying-forward, which locks in pricing for key materials between three and 18 months in advance. Other methods include hedging, net pricing adjustments to cover longer term cost inflation, and manufacturing and overhead cost control. Our hedging techniques, such as forward contracts, limit the impact of fluctuations in the cost of our principal raw materials; however, we may not be able to fully hedge against commodity cost changes, where there is a limited ability to hedge, and our hedging strategies may not protect us from increases in specific raw material costs. We experienced an increase in pricing in certain commodity trends that continued to rise throughout fiscal year 2022 and have since stabilized during fiscal year 2023 and into 2024. Commodity cost increases in commodity trends may adversely impact our net income. Additionally, the Company has experienced rising costs related to fuel and freight rates as well as rising labor costs which have negatively impacted profitability. Transportation costs have been on the rise since early in 2021 and may continue to rise which may also adversely impact net income. The Company looks to offset rising costs through increasing manufacturing and distribution efficiencies as well as through price increases to our customers, although it is unclear whether historic customer sales levels will be maintained at these higher prices. Due to competitive market conditions, planned trade or promotional incentives, or other factors, our pricing actions may also lag commodity cost changes.
While the costs of our principal raw materials fluctuate, we believe there will continue to be an adequate supply of the raw materials we use and that they will generally remain available from numerous sources. Market factors including supply and demand may result in higher costs of sourcing those materials.
Independent Operator Conversions
Our DSD distribution is executed via Company-owned routes operated by route sales professionals ("RSP" or "RSPs"), and third-party routes managed by IOs. We have used the IO and RSP models for more than a decade. In fiscal year 2017, we embarked on a multi-year strategy to convert all company-owned RSP routes to the IO model. As of June 30, 2024, substantially all of our DSD routes are managed by IOs. The conversion process involves selling distribution rights of a defined route to an IO. As we convert a large number of routes in a year, there is a meaningful decrease in the selling, distribution and administrative costs that we previously incurred on RSPs and a corresponding increase in discounts paid to IOs to cover their costs to distribute our product. The net impact is a reduction in selling and distribution expenses and a decrease in net sales and gross profit. Conversions also impact our balance sheet resulting in an increase in cash proceeds to us as a result of selling the route to an IO, or by creating notes receivable related to the sale of the routes.
Results of Operations
Overview
The following tables present selected unaudited financial data for the thirteen and twenty-six weeks ended June 30, 2024 and July 2, 2023.
| | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Net sales | $ | 356,190 | | | $ | 362,853 | | | $ | 702,713 | | | $ | 714,286 | |
Cost of goods sold | 231,436 | | | 245,460 | | | 458,386 | | | 492,397 | |
Gross profit | 124,754 | | | 117,393 | | | 244,327 | | | 221,889 | |
Selling, distribution, and administrative expenses | | | | | | | |
Selling and distribution | 73,780 | | | 66,869 | | | 147,446 | | | 131,915 | |
Administrative | 30,813 | | | 47,584 | | | 66,595 | | | 88,624 | |
Total selling, distribution, and administrative expenses | 104,593 | | | 114,453 | | | 214,041 | | | 220,539 | |
Gain (loss) on sale of assets, net | 2,373 | | | (279) | | | 1,903 | | | (787) | |
Income from operations | 22,534 | | | 2,661 | | | 32,189 | | | 563 | |
Other income (expense) | | | | | | | |
Gain on sale of business | — | | | — | | | 44,015 | | | — | |
Interest expense | (10,209) | | | (15,019) | | | (24,040) | | | (29,397) | |
Loss on debt extinguishment | (1,273) | | | — | | | (1,273) | | | — | |
Other income | 198 | | | 272 | | | 1,108 | | | 1,887 | |
Gain on remeasurement of warrant liability | 12,888 | | | 2,808 | | | 1,080 | | | 576 | |
Other income (expense), net | 1,604 | | | (11,939) | | | 20,890 | | | (26,934) | |
Income (loss) before taxes | 24,138 | | | (9,278) | | | 53,079 | | | (26,371) | |
Income tax (benefit) expense | (1,309) | | | (725) | | | 25,236 | | | (3,336) | |
Net income (loss) | 25,447 | | | (8,553) | | | 27,843 | | | (23,035) | |
Net (income) loss attributable to noncontrolling interest | (5,599) | | | 4,429 | | | (11,986) | | | 9,784 | |
Net income (loss) attributable to controlling interest | $ | 19,848 | | | $ | (4,124) | | | $ | 15,857 | | | $ | (13,251) | |
Thirteen weeks ended June 30, 2024 versus Thirteen weeks ended July 2, 2023
Net sales
Net sales were $356.2 million and $362.9 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. Net sales for the thirteen weeks ended June 30, 2024 decreased $6.7 million or 1.8% over the comparable period in 2023. The Good Health and R.W. Garcia Sale contributed 3.3% to the year-over-year decrease in net sales for thirteen weeks ended June 30, 2024 as well as 0.7% decrease was attributable to changes in pricing and a 0.1% decrease related to the Company's shift to IOs. These decreases in net sales were partially offset by favorable volume/mix of 2.3%. IO discounts increased to $47.7 million for the thirteen weeks ended June 30, 2024 from $45.8 million for the corresponding thirteen weeks ended July 2, 2023.
Sales are evaluated based on classification as Power and Foundation brands. Our Power Brands, which comprise 77% of our volume for the thirteen weeks ended June 30, 2024, are comprised of our iconic heritage Utz brand and iconic On The Border® brand; craft brands such as Zapp’s®, Golden Flake® Pork Skins, TORTIYAHS!, and Hawaiian®; BFY brands such as Boulder Canyon®; strong regional snacking brands such as Bachman®, Tim’s Cascade® Snacks, and "Dirty" Potato Chips®; and selected licensed brands such as TGI Fridays®. Our Foundation Brands, which comprise 23% of our volume for the thirteen weeks ended June 30, 2024, include strong regional snacking brands, such as Golden Flake® Chips and Cheese, and Snyder of Berlin®, as well as other partner and private label brands. For the thirteen weeks ended June 30, 2024, Power brand volume increased by approximately 4%, while Foundation brand volume decreased by approximately 10% as compared to the thirteen weeks ended July 2, 2023.
Excluding the impacts of increased IO discounts related to IO conversions and the Good Health and R.W. Garcia Sale, net sales increased 1.6% for the thirteen weeks ended June 30, 2024 versus the corresponding period in fiscal year 2023 driven by the favorable volume/mix discussed above driven by the Company's Power Brands.
Cost of goods sold and Gross profit
Gross profit was $124.8 million and $117.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. Our gross profit margin was 35.0% for the thirteen weeks ended June 30, 2024 versus 32.4% for the thirteen weeks ended July 2, 2023. The increase in gross profit and gross profit margin was primarily driven by benefits from productivity and favorable sales volume/mix offset by lower pricing, supply chain cost inflation, and investments to support the Company’s productivity initiatives. Additionally, IO discounts increased to $47.7 million for the thirteen weeks ended June 30, 2024 from $45.8 million for the thirteen weeks ended July 2, 2023.
Selling, distribution, and administrative expense
Selling, distribution, and administrative expenses were $104.6 million and $114.5 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, resulting in an decrease of $9.9 million or 8.6% for the thirteen weeks ended June 30, 2024 over the corresponding period in fiscal year 2023. The decrease in expenses for the thirteen weeks ended June 30, 2024 compared to the thirteen weeks ended July 2, 2023 was primarily attributable to the $7.6 million of impairment expense and the $1.3 million of severance expense related to the closure of the manufacturing operation at the Birmingham, AL facility as discussed in Note 4. Property, Plant and Equipment, Net. During the thirteen weeks ended July 2, 2023, the Company also recognized a liability and related expense of $4.7 million related to a contract termination with a co-manufacturer, which is recorded in the administrative line on the Consolidated Statement of Operations and Comprehensive Income (Loss). This agreement was a continuation of the Company's response to shifting production from a manufacturing facility that was damaged by a natural disaster in 2021. This decrease was partially offset by increased marketing spend, higher distribution costs, and investments in capabilities.
Gain (loss) on sale of assets
Gain (loss) on sale of assets was $2.4 million and $(0.3) million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively.
Other income (expense), net
Other income (expense), net was $1.6 million and $(11.9) million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. The increase of $13.6 million in other income for the thirteen weeks ended June 30, 2024 compared to the thirteen weeks ended July 2, 2023 was primarily due to an increase in the gain on the remeasurement of warrant liability of $10.1 million for the thirteen weeks ended June 30, 2024 and the decrease in interest expense of $4.8 million primarily related to the $141.0 million payment on our Term Loan B and $8.5 million payment on our Real Estate Term Loan during the twenty-six weeks ended June 30, 2024, as well as the additional payment on our Real Estate Term Loan of $9.2 million during the thirteen weeks ended June 30, 2024. This increase was partially offset by the loss on debt extinguishment of $1.3 million recognized during the thirteen weeks ended June 30, 2024. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable for further discussion.
Income taxes
Income tax benefit was $1.3 million and $0.7 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively.
Twenty-six weeks ended June 30, 2024 versus twenty-six weeks ended July 2, 2023
Net sales
Net sales were $702.7 million and $714.3 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Net sales for the twenty-six weeks ended June 30, 2024 decreased $11.6 million or 1.6% over the comparable period in 2023. The Good Health and R.W. Garcia Sale contributed 2.8% to the year-over-year decrease in net sales for twenty-six weeks ended June 30, 2024 and an additional 0.3% of the decrease was related to continued IO conversions and decrease of 0.1% related to pricing. The decrease in net sales was partially offset by favorable volume/mix of 1.6%. IO discounts increased to $92.1 million for the twenty-six weeks ended June 30, 2024 from $88.0 million for the corresponding twenty-six weeks ended July 2, 2023.
Sales are evaluated based on classification as Power and Foundation brands. Our Power Brands, which comprise 76% of our volume for the twenty-six weeks ended June 30, 2024, are comprised of our iconic heritage Utz brand and iconic On The Border® brand; craft brands such as Zapp’s®, Golden Flake® Pork Skins, TORTIYAHS!, and Hawaiian®; BFY brands such as Boulder Canyon®; strong regional snacking brands such as Bachman®, Tim’s Cascade® Snacks, and "Dirty" Potato Chips®; and selected licensed brands such as TGI Fridays®. Our Foundation Brands, which comprise 24% of our volume for the twenty-six weeks ended June 30, 2024, include strong regional snacking brands, such as Golden Flake® Chips and Cheese, and Snyder of Berlin®, as well as other partner and private label brands. For the twenty-six weeks ended June 30, 2024, Power brand volume increased by approximately 4%, while Foundation brand volume decreased by approximately 13% as compared to twenty-six weeks ended July 2, 2023.
Excluding the impacts of increased IO discounts related to IO conversions and the Good Health and R.W. Garcia Sale, net sales increased 1.5% for the twenty-six weeks ended June 30, 2024 versus the corresponding period in fiscal year 2023 driven by the favorable volume/mix discussed above driven by the Company's Power Brands.
Cost of goods sold and Gross profit
Gross profit was $244.3 million and $221.9 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Our gross profit margin was 34.8% for the twenty-six weeks ended June 30, 2024 versus 31.1% for the twenty-six weeks ended July 2, 2023. The increase in gross profit and gross profit margin was primarily driven by productivity and favorable sales volume/mix more than offset lower pricing, supply chain cost inflation, and investments to support the Company’s productivity initiatives. Additionally, IO discounts increased to $92.1 million for the twenty-six weeks ended June 30, 2024 from $88.0 million for the twenty-six weeks ended July 2, 2023.
Selling, distribution, and administrative expense
Selling, distribution, and administrative expenses were $214.0 million and $220.5 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively, resulting in a decrease of $6.5 million or 2.9% for the twenty-six weeks ended June 30, 2024 over the corresponding period in fiscal year 2023. The decrease in expenses for the twenty-six weeks ended June 30, 2024 compared to the thirteen weeks ended July 2, 2023 was primarily attributable to $9.5 million related to the impairment of fixed assets, primarily related to the closure of the manufacturing operation at the Birmingham, AL facility during the twenty-six weeks ended July 2, 2023 as discussed in Note 4. Property, Plant and Equipment, Net.
The Company also recognized a liability and related expense of $4.7 million related to a contract termination with a co-manufacturer, which is recorded in the administrative line on the Consolidated Statement of Operations and Comprehensive Income (Loss) during the twenty-six weeks ended July 2, 2023. This agreement was a continuation of the Company's response to shifting production from a manufacturing facility that was damaged by a natural disaster in 2021. This decrease was partially offset by an increased marketing spend, higher distribution costs, and investments in capabilities.
Gain (loss) on sale of assets
Gain (loss) on sale of assets was $1.9 million and $(0.8) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively.
Other income (expense), net
Other income (expense), net was $20.9 million and $(26.9) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. The increase in other income of $47.9 million for the twenty-six weeks ended June 30, 2024 compared to the thirteen weeks ended July 2, 2023 was primarily due to the gain on sale of business of $44.0 million relating to the Good Health and R.W. Garcia Sale which occurred on February 5, 2024. See Note 2. Divestitures for further discussion. and the decrease in interest expense of $5.4 million primarily related to the $141.0 million payment on our Term Loan B and $8.5 million payment on our Real Estate Term Loan during the twenty-six weeks ended June 30, 2024 as well as the additional payment on our Real Estate Term Loan of $9.2 million during the thirteen weeks ended June 30, 2024. This increase was partially offset by the loss on debt extinguishment of $1.3 million recognized during the thirteen weeks ended June 30, 2024. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable for further discussion.
Income taxes
Income tax expense (benefit) was $25.2 million and $(3.3) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. The increase in income tax expense for the twenty-six weeks ended June 30, 2024 versus the corresponding period in fiscal year 2023 is primarily attributable to the Good Health and R.W. Garcia Sale which occurred on February 5, 2024. See Note 2. Divestitures for further discussion.
Non-GAAP Financial Measures
We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identifies trends in our underlying operating results and provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. We have detailed the non-GAAP adjustments that we make in our non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items, acquisition, divestiture and integration costs and gains, business transformation initiatives, and financing-related costs. We believe the non-GAAP measures should always be considered along with the related U.S. GAAP financial measures. We have provided the reconciliations between the U.S. GAAP and non-GAAP financial measures below, and we also discuss our underlying U.S. GAAP results throughout this MD&A section.
Our primary non-GAAP financial measures are listed below and reflect how we evaluate our current and prior-year operating results. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis.
EBITDA and Adjusted EBITDA
We define EBITDA as Net Income before Interest, Income Taxes, and Depreciation and Amortization.
We define Adjusted EBITDA as EBITDA further adjusted to exclude certain non-cash items, such as accruals for long-term incentive programs, hedging and purchase commitments adjustments, remeasurement of warrant liabilities, asset impairments, acquisition, divestiture and integration costs and gains, business transformation initiatives, and financing-related costs.
Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe EBITDA and Adjusted EBITDA are useful to investors in the evaluation of our operating performance compared to other companies in the salty snack industry, as similar measures are commonly used by companies in this industry, however, we caution that other companies may use different definitions from us and such figures may not be directly comparable to our figures. We also report Adjusted EBITDA as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted EBITDA margins on Net Sales.
The following table provides a reconciliation from net income (loss) to EBITDA and Adjusted EBITDA for the thirteen and twenty-six weeks ended June 30, 2024 and July 2, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in millions) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Net income (loss) | | $ | 25.4 | | | $ | (8.6) | | | $ | 27.8 | | | $ | (23.0) | |
Plus non-GAAP adjustments: | | | | | | | | |
Income Tax (Benefit) Expense | | (1.3) | | | (0.7) | | | 25.2 | | | (3.3) | |
Depreciation and Amortization | | 17.6 | | | 20.3 | | | 35.9 | | | 40.4 | |
Interest Expense, Net | | 10.2 | | | 15.0 | | | 24.0 | | | 29.4 | |
Interest Income (IO loans)(1) | | (0.1) | | | (0.5) | | | (0.9) | | | (0.9) | |
EBITDA | | 51.8 | | | 25.5 | | | 112.0 | | | 42.6 | |
Certain Non-Cash Adjustments(2) | | 4.9 | | | 8.5 | | | 8.9 | | | 17.7 | |
Acquisition, Divestiture and Integration(3) | | 1.1 | | | 3.7 | | | (37.3) | | | 7.4 | |
Business Transformation Initiatives(4) | | 4.5 | | | 10.3 | | | 10.3 | | | 18.5 | |
Financing-Related Costs(5) | | 0.3 | | | — | | | 0.3 | | | 0.1 | |
Gain on Remeasurement of Warrant Liability(6) | | (12.9) | | | (2.8) | | | (1.1) | | | (0.6) | |
Adjusted EBITDA | | $ | 49.7 | | | $ | 45.2 | | | $ | 93.1 | | | $ | 85.7 | |
Net income (loss) as a % of Net Sales | | 7.1 | % | | (2.4) | % | | 4.0 | % | | (3.2) | % |
Adjusted EBITDA as a % of Net Sales | | 14.0 | % | | 12.5 | % | | 13.2 | % | | 12.0 | % |
(1)Interest Income from IO loans refers to Interest Income that we earn from IO notes receivable that have resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There is a notes payable recorded that mirrors most of the IO notes receivable, and the interest expense associated with the notes payable is part of the Interest Expense, Net adjustment.
(2)Certain Non-Cash Adjustments are comprised primarily of the following:
Incentive programs – The Company incurred $4.5 million and $3.4 million of share-based compensation expense, that was awarded to associates and directors, and compensation expense associated with the employee stock purchase plan (the "ESPP") and the omnibus equity incentive plan (the"OEIP") for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. The Company incurred $8.4 million and $8.1 million of share-based compensation expense, that was awarded to associates and directors, and compensation expense associated with the ESPP and the OEIP for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively.
Asset Impairments and Write-Offs — For the thirteen weeks ended July 2, 2023, the Company recorded an adjustment for an impairment of $7.6 million on fixed assets related to the Manufacturing Closure. During the twenty-six weeks ended July 2, 2023, the Company recorded impairments totaling $9.6 million.
Purchase Commitments and Other Adjustments – We have purchase commitments for specific quantities at fixed prices for certain of our products’ key ingredients. To facilitate comparisons of our underlying operating results, this adjustment was made to remove the volatility of purchase commitments related to unrealized gains and losses. The adjustment related to Purchase Commitments and Other Adjustments, including cloud computing amortization was expense (income) of $0.4 million and $(2.5) million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. The adjustment related to Purchase Commitments and Other Adjustments, including cloud computing amortization was $0.5 million and $0 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively.
(3)Adjustment for Acquisition, Divestiture and Integration Costs and (Gains) – Such expenses were $1.1 million and $3.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively; and $6.7 million and $8.3 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Additionally, other acquisitions and integration costs (income) of $0.3 million were recorded for the thirteen weeks ended July 2, 2023 and $(0.9) million for the twenty-six weeks ended July 2, 2023 related to the change in the liability associated with the Tax Receivable Agreement entered into in connection with the consummation of the business combination by the Company (formerly Collier Creek Holdings) with Utz Brands Holdings, LLC (“UBH”) pursuant to the terms of the Business Combination Agreement, dated as of June 5, 2020. Also included for the twenty-six weeks ended June 30, 2024 was a gain of $44.0 million related to the Good Health and R.W. Garcia Sale.
(4)Business Transformation Initiatives Adjustment – This adjustment is related to consultancy, professional, and legal fees incurred for specific initiatives and structural changes to the business that do not reflect the cost of normal business operations. In addition, gains and losses realized from the sale of distribution rights to IOs and the subsequent disposal of trucks, severance costs associated with the elimination of RSP positions, and enterprise resource planning system transition costs, fall into this category. The Company incurred such costs of $4.5 million and $5.6 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $10.3 million and $13.8 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Additionally, the thirteen and twenty-six weeks ended July 2, 2023 also includes expense of $4.7 million related to a contract termination. This agreement was a continuation of the Company's response to shifting production from a manufacturing facility that was damaged by a natural disaster in 2021.
(5)Financing-Related Costs – These costs include adjustments for various items related to raising debt and equity capital or debt extinguishment costs.
(6)Gains and losses – Such gains and losses related to the changes in the remeasurement of warrant liabilities are not expected to be settled in cash, and when exercised would result in a cash inflow to the Company with the Warrants converting to Class A Common Stock with the liability being extinguished and the fair value of the Warrants at the time of exercise being recorded as an increase to equity.
Liquidity and Capital Resources
Sources and Uses of Cash
We believe that the cash provided by operating activities, our revolving credit facility, our term loans, and derivative financial instruments will continue to provide sufficient liquidity for our working capital needs, planned capital expenditures and future payments of our contractual, and tax obligations. We continually evaluate our financing strategy to meet our short- and longer-term capital needs. From time-to-time, we may dispose of assets or enter into other cash generating transactions, such as through a sale-leaseback, when we deem beneficial. To date, we have been successful in generating cash and raising financing as needed. However, if a serious economic or credit market crisis ensues or other adverse developments arise, it could have a material adverse effect on our liquidity, results of operations and financial condition.
Financing Arrangements
The primary objective of our financing strategy is to maintain a prudent capital structure that provides us flexibility to pursue our growth objectives. We use short-term debt as management determines is reasonable, principally to finance ongoing operations, including our seasonal requirements for working capital (generally accounts receivable, inventory, and prepaid expenses and other current assets, less accounts payable, accrued payroll, and other accrued liabilities), and a combination of equity and long-term debt to finance both our base working capital needs and our non-current assets.
Term Debt and Revolving Credit Facility
On April 17, 2024, the Company amended its Term Loan B to refinance in full all of the $630.0 million outstanding term loans and reduce the interest rate from the SOFR plus the applicable rate of 3.00% plus a credit spread adjustment to SOFR plus the applicable rate of 2.75%, as well as certain other changes. Other material terms of the Term Loan B, including the January 2028 maturity date, remain unchanged. The Company recorded a loss on debt extinguishment of $1.3 million related to the refinancing of its Term Loan B in its Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended June 30, 2024 and twenty-six weeks ended June 30, 2024. On April 17, 2024, the Company amended its asset-based revolving credit facility ("ABL facility") to reduce the rate from SOFR plus the applicable rate ranging from 1.50%-2.00% plus a credit spread adjustment to SOFR plus the applicable rate ranging from 1.50%-2.00%, as well as certain other changes. Other material terms of the ABL, including maturity date, remain unchanged.
ABL Facility
As of June 30, 2024 and December 31, 2023, $45.2 million and $0.4 million, respectively, was outstanding under the Company's ABL facility. Availability under the ABL facility is based on a monthly accounts receivable and inventory borrowing base certification, which is net of outstanding letters of credit and amounts borrowed. As of June 30, 2024 and December 31, 2023, $130.3 million and $158.4 million, respectively, was available for borrowing, net of letters of credit. Standby letters of credit in the amount of $10.3 million and $12.2 million have been issued as of June 30, 2024 and December 31, 2023, respectively. The standby letters of credit are primarily issued for insurance purposes. Refer to Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable for more information.
Cash Requirements
Our expected future payments at June 30, 2024 primarily consisted of:
•Short-term cash requirements related primarily to funding operations (including expenditures for raw materials, labor, manufacturing and distribution, trade and promotions, advertising and marketing, benefit plan obligations and lease expenses) as well as periodic expenditures for acquisitions, stockholder returns (such as dividend payments), property, plant and equipment and any significant one-time non-operating items;
•Cash requirements related to Other Notes Payable and Capital Leases (Refer to Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable);
•Long-term cash requirements primarily relate to funding long-term debt repayments and related interest payment on long-term debt (Refer to Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable);
•Long-term cash requirements related to our current and deferred taxes; and
•Operating lease liabilities.
Off-Balance Sheet Arrangements
Purchase Commitments
The Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices. Refer to Note 9. Derivative Financial Instruments, Purchase Commitments, Warrants and Fair Value.
IO Guarantees Off Balance Sheet
The Company partially guarantees loans made to IOs by Bank of America and two other banks for the purchase of routes, some of which was recorded on the Company's Consolidated Balance Sheet and some of which were off-balance sheet arrangements. These loans are collateralized by the routes for which the loans are made. Accordingly, the Company has the ability to recover substantially all of the outstanding loan value upon default. Refer to Note 10. Contingencies.
Cash Flow
The following table presents net cash provided by operating activities, investing activities and financing activities for the twenty-six weeks ended June 30, 2024 and July 2, 2023.
| | | | | | | | | | | | | | |
(in thousands) | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 |
Net cash used in operating activities | | $ | (169) | | | $ | (4,315) | |
Net cash provided by (used in) investing activities | | $ | 140,940 | | | $ | (30,783) | |
Net cash (used in) provided by financing activities | | $ | (126,220) | | | $ | 35,825 | |
Net cash used in operating activities for the twenty-six weeks ended June 30, 2024 was $0.2 million compared to $4.3 million twenty-six weeks ended July 2, 2023, with the difference largely driven by increases in accounts payable and accrued expenses and other, partially offset by a decrease related to the timing of accounts receivable, net and prepaid expenses and other assets, which includes approximately $30 million impact from the Good Health and R.W. Garcia Sale and Manufacturing Facilities Sale.
Cash provided by investing activities for the twenty-six weeks ended June 30, 2024 was $140.9 million, primarily driven by proceeds from sale of business of $167.5 million, proceeds from sale of property and equipment primarily related to the sale of the manufacturing facilities in Birmingham, AL, Berlin, PA and Fitchburg, MA and proceeds from the sale of routes to IOs. These proceeds were partially offset by purchases of property and equipment, notes receivable and purchase of intangibles related to an indefinite life intangible for the use of a third party brand name. This compares to the cash used in investing activity of $30.8 million for the twenty-six weeks ended July 2, 2023 primarily driven by purchases of property and equipment.
Net cash used in financing activities was $126.2 million for the twenty-six weeks ended June 30, 2024, primarily driven by the pay down of debt utilizing the proceeds from the Good Health and R.W. Garcia Sale partially offset by borrowings on line of credit as well as payment of dividends and distribution to noncontrolling interest versus net cash provided by financing activities of $35.8 million for the twenty-six weeks ended July 2, 2023, which was primarily a result of a draw on the line of credit of $61.0 million partially offset by repayments on term debt and notes payable, payments of dividends and distribution to noncontrolling interest.
Debt Covenants
The Term Loan B and the ABL facility are collateralized by substantially all of the assets and liabilities of UBH and its subsidiaries excluding the real estate assets secured by the Real Estate Term Loan, including equity interests in certain of UBH’s subsidiaries. The credit agreements contain certain affirmative and negative covenants as to operations and the financial condition of UBH and its subsidiaries. UBH and its subsidiaries were in compliance with its financial covenants as of June 30, 2024.
New Accounting Pronouncements
See Note 1. Operations and Summary of Significant Accounting Policies to the unaudited consolidated financial statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Application of Critical Accounting Policies and Estimates
There were no changes to critical accounting policies and estimates from those disclosed in Critical Accounting Policies and Estimates under Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For quantitative and qualitative disclosures about market risk, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024. Our exposures to market risk have not changed materially since the filing of the Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We have established disclosure controls and procedures (as defined in Rules 13a-15e) of the Exchange Act, that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that information relating to the Company is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective at a level of reasonable assurance.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we are named as a defendant in legal actions arising from our normal business activities. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, we do not believe any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, prospects, financial condition, cash flows or results of operations.
ITEM 1A. RISK FACTORS
Our risk factors are set forth in Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024. There have been no material changes to our risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
a) None.
b) None.
(c) During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
The exhibits listed in the following exhibit index are furnished as part of this report.
EXHIBIT INDEX
| | | | | | | | |
| | |
Exhibit | | |
Number | | Exhibit Description |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
101.INS* | | Inline XBRL Instance Document. |
101.SCH* | | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL* | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF* | | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB* | | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE* | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104* | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| | |
* | | Filed herewith |
** | | Furnished herewith |
| | |
| | |
+ | | Indicated a management or compensatory plan. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 1, 2024 UTZ BRANDS, INC.
By: /s/ Ajay Kataria
Name: Ajay Kataria
Title: Executive Vice President,
Chief Financial Officer and Chief Accounting Officer
Exhibit 3.2
CERTIFICATE OF INCORPORATION
OF
UTZ BRANDS, INC.
(as amended March 25, 2024)
ARTICLE I
Section 1.1. Name. The name of the Corporation is Utz Brands, Inc. (the “Corporation”).
Article II
Section 2.1. Address. The registered office of the Corporation in the State of Delaware is 9 E. Loockerman Street, Suite 311, Dover, Kent County, Delaware 19901; and the name of the Corporation’s registered agent at such address is Registered Agent Solutions, Inc.
Article III
Section 3.1. Purpose. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the General Corporation Law of the State of Delaware (the “DGCL”). The Corporation is being incorporated in connection with the domestication of Collier Creek Holdings, a Cayman Islands exempted company limited by shares (“Collier Creek Cayman”), to a Delaware corporation (the “Domestication”), and this Certificate of Incorporation is being filed simultaneously with the Certificate of Corporate Domestication of Collier Creek Cayman (the “Certificate of Domestication”).
Article IV
Section 4.1. Capitalization. The total number of shares of all classes of stock that the Corporation is authorized to issue is 1,064,249,000 shares, consisting of (i) 1,000,000 shares of Preferred Stock, par value $0.0001 per share (“Preferred Stock”), (ii) 1,000,000,000 shares of Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”), (iii) 2,000,000 shares of Class B Non-Voting Common Stock, par value $0.0001 per share (“Class B Common Stock”), which shall be divided into 1,000,000 shares of Series B-1 Common Stock, par value $0.0001 per share (“Series B-1 Common Stock”) and 1,000,000 shares of Series B-2 Common Stock, par value $0.0001 per share (“Series B-2 Common Stock”) and (v) 61,249,000 shares of Class V Common Stock, par value $0.0001 per share (“Class V Common Stock” and, together with the Class A Common Stock, and the Class B Common Stock (the “Common Stock”). The number of authorized shares of any of the Class A Common Stock, Class B Common Stock, Class V Common Stock, or Preferred Stock may be increased or decreased (but not below the number of shares of such class or series then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL (or any successor provision thereto), and no vote of the holders of any of the Class A Common Stock, the Class B Common Stock, the Class V Common Stock or Preferred Stock voting separately as a class shall be required therefor, unless a vote of any such holder is required pursuant to this Certificate of Incorporation or any certificate of designations relating to any series of Preferred Stock. Upon the filing of the Certificate of Domestication and this Certificate of Incorporation, which shall occur on the closing date (such date, the “Closing Date”) of the transactions contemplated by that certain Business Combination Agreement, dated as of June 5, 2020, by and among Collier Creek Cayman, Utz Brands Holdings, LLC (“LLC”), Series U of UM Partners, LLC (“Series U”) and Series R of UM Partners, LLC (“Series R” and together with Series U, the “Sellers”), each share of capital stock of Collier Creek Cayman issued and outstanding immediately prior to the Closing (as defined in the Business Combination Agreement) will for all purposes be deemed to be one issued and outstanding, fully paid and nonassessable share of Class A Common Stock, without any action required on the part of the Corporation or the holders thereof; provided, however, in accordance with the terms of the Side Letter (as defined below), an aggregate 1,000,000 Founder Shares (as defined therein) shall automatically convert into Series B-1 Common Stock and an aggregate 1,000,000 Founder Shares shall automatically convert into Series B-2 Common Stock.
Section 4.2. Preferred Stock.
(A) The Board of Directors of the Corporation (the “Board”) is hereby expressly authorized, subject to any limitations prescribed by the DGCL, by resolution or resolutions, at any time and from time to time, to provide, out of the unissued shares of Preferred Stock, for one or more series of Preferred Stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the powers, preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series and to cause to be filed with the Secretary of State of the State of Delaware a certificate of designations with respect thereto. The powers, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding.
(B) Except as otherwise required by law, holders of a series of Preferred Stock, as such, shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Certificate of Incorporation (including any certificate of designations relating to such series).
Section 4.3. Common Stock.
(A)Voting Rights.
(1) Except as otherwise provided in this Certificate of Incorporation or as provided by law, each holder of Class A Common Stock, as such, shall be entitled to one vote for each share of Class A Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote; provided, however, that to the fullest extent permitted by law, holders of Class A Common Stock, as such, shall have no voting power with respect to, and shall not be entitled to vote on, any amendment to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) or pursuant to the DGCL.
(2) Except as required by law, no holder of Class B Common Stock, as such, shall be entitled to any voting rights with respect to Class B Common Stock.
(3) Except as otherwise provided in this Certificate of Incorporation or as provided by law, each holder of record of Class V Common Stock, as such, shall be entitled to one vote for each share of Class V Common Stock held of record by such holder on all matters on which stockholders generally or holders of Class V Common Stock as a separate class are entitled to vote (whether voting separately as a class or together with one or more classes of the Corporation’s capital stock); provided, however, to the fullest extent permitted by law, holders of Class V Common Stock, as such, shall have no voting power pursuant to this Certificate of Incorporation with respect to, and shall not be entitled to vote on, any amendment to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) or pursuant to the DGCL.
(4) Except as otherwise provided in this Certificate of Incorporation or required by applicable law, the holders of Common Stock having the right to vote in respect of such Common Stock shall vote together as a single class (or, if the holders of one or more series of Preferred Stock are entitled to vote together with the holders of Common Stock having the right to vote in respect of such Common Stock, as a single class with the holders of such other series of Preferred Stock) on all matters submitted to a vote of the stockholders having voting rights generally.
(B) Dividends and Distributions.
(1) Class A Common Stock and Class B Common Stock. Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Class A Common Stock and Class B Common Stock with respect to the payment of dividends and other distributions in cash, stock of any corporation or property of the Corporation, the holders of Class A Common Stock and Class B Common Stock shall be entitled to receive ratably, taken together as a single class, such dividends and other distributions as may from time to time be declared by the Board in its discretion out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the Board in its discretion shall determine. Notwithstanding anything to the contrary contained in this Certificate of Incorporation, the payment of any dividend or other distribution so declared with respect to the Class B Common Stock shall be contingent upon, and no dividend or other distribution shall be paid unless and until, the occurrence of a Conversion Event (as such term is defined in in that certain letter agreement, dated as of June 5, 2020, by and among the Corporation, Collier Creek Partners, LLC (the “CCH Sponsor”) and the other persons party thereto (as the same may be amended, modified or supplemented from time to time in accordance with the terms of such letter, the “Side Letter”)), if any, in respect of any such share of Class B Common Stock and, upon declaration of any dividend or other distribution, the record date for such dividend or other distribution with respect to the Class B Common Stock (but, for the avoidance of doubt, not the Class A Common Stock) shall be one day before the Conversion Date (as defined in the Side Letter), and the Board shall so set the record date upon such declaration. Such dividends or other distributions with respect to the Class B Common Stock shall be paid to the holders of the Class B Common Stock on the Conversion Date in accordance with the Side Letter.
(2) Class V Common Stock. Dividends and other distributions shall not be declared or paid on the Class V Common Stock.
(C) Liquidation, Dissolution or Winding Up. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation and of the preferential and other amounts, if any, to which the holders of Preferred Stock or any class or series of stock having a preference over the Class A Common Stock as to distributions upon dissolution or liquidation or winding up shall be entitled, the holders of all outstanding shares of Class A Common Stock (including Class A Common Stock which converted to Class A Common Stock from Class B Common Stock in accordance with Section 4.3(D) below on or prior to the date of such liquidation, dissolution or winding up (including if a Conversion Event occurred as a result of such liquidation, dissolution or winding up)) shall be entitled to receive the remaining assets of the Corporation available for distribution ratably in proportion to the number of shares held by each such stockholder. The holders of shares of (i) Class B Common Stock (other than to the extent such liquidation, dissolution or winding up constitutes a Conversion Event, in which case such Class B Common Stock shall automatically convert to Class A Common Stock in accordance with Section 4.3(D) below and the holders of such resulting Class A Common Stock shall be treated as a holder of Class A Common Stock in accordance with this Section 4.3(C)) and (ii) Class V Common Stock, in the case of clauses (i) and (ii) as such, shall not be entitled to receive any assets of the Corporation in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.
(D) Conversion of Class B Common Stock. Immediately upon any Conversion Event applicable to any shares of Class B Common Stock, such shares of Class B Common Stock shall automatically, without any further action on the part of the record holder thereof or any other person, convert into and become an equal number of shares of Class A Common Stock, which conversion shall be effective on the Conversion Date with respect to such shares of Class B Common Stock, and the holder of such share of Class B Common Stock shall become a record holder of Class A Common Stock as of such Conversion Date. Each outstanding stock certificate or book-entry credit, as applicable, that, immediately prior to such Conversion Event, represented one or more shares of Class B Common Stock shall, upon such Conversion Event, be automatically deemed to represent as of the Conversion Date an equal number of shares of Class A Common Stock, without the need for any surrender, exchange or registration thereof or any consent or notification. The Corporation, or any transfer agent of the Corporation, shall, upon the request on or after the Conversion Date of any holder whose shares of Class B Common Stock have been converted
into shares of Class A Common Stock as a result of a Conversion Event and upon surrender by such holder to the Corporation of the outstanding certificate(s) formerly representing such holder’s shares of Class B Common Stock (if any), issue and deliver to such holder certificate(s) representing the shares of Class A Common Stock into which such holder’s shares of Class B Common Stock were converted as a result of such Conversion Event (if such shares are certificated) or, if such shares are uncertificated, register such shares in book-entry form, reflecting that such holder is a record holder of Class A Common Stock as of the Conversion Date in respect of the relevant shares of Class B Common Stock.
(E) Cancellation of Class V Common Stock. In the event that any outstanding share of Class V Common Stock shall cease to be held directly or indirectly by a holder of a Common Unit (as defined in the Third Amended and Restated Limited Liability Company Agreement of the LLC, dated on or about the date hereof (the “LLC Agreement”), as set forth in the books and records of the LLC, such share shall automatically and without further action on the part of the Corporation or any holder of Class V Common Stock be transferred to the Corporation and cancelled for no consideration. The Corporation shall not issue additional shares of Class V Common Stock after the Closing Date other than in connection with the valid issuance of Common Units in accordance with the LLC Agreement or the vesting of any Restricted Common Units (as defined in the LLC Agreement) into Common Units upon the occurrence of an applicable Vesting Event (as defined in the LLC Agreement).
(F) Reservation of Stock. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock an amount equal to the number of then-outstanding Common Units subject to Exchange (as defined in the LLC Agreement) and then-outstanding Restricted Common Units plus the number of then-outstanding shares of Class B Common Stock, in each case, from time to time. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class V Common Stock an amount equal to the number of then-outstanding Restricted Common Units, from time to time.
(G) Splits. If the Corporation at any time combines or subdivides (by any stock split, stock dividend, recapitalization, reorganization, merger, amendment of this Certificate of Incorporation, scheme, arrangement or otherwise) the number of shares of Class A Common Stock into a greater or lesser number of shares, the shares of Class B Common Stock and Class V Common Stock outstanding immediately prior to such subdivision shall be proportionately similarly combined or subdivided such that the ratio of shares of outstanding Class B Common Stock and Class V Common Stock, respectively, to shares of outstanding Class A Common Stock immediately prior to such subdivision shall be maintained immediately after such combination or subdivision; provided, that (i) such actions with respect to the Class V Common Stock shall be subject to Section 4.1(d) and the last sentence of Section 3.2 of the LLC Agreement and (ii) such actions with respect to the Class B Common Stock shall be subject to the last sentence of Section 1.5 of the Side Letter. Any adjustment described in this Section 4.3(G) shall become effective at the close of business on the date the combination or subdivision becomes effective.
Article V
Section 5.1. By-Laws. In furtherance and not in limitation of the powers conferred by the DGCL, the Board is expressly authorized to make, amend, alter, change, add to or repeal the by-laws of the Corporation (as the same may be amended from time to time, the “By-Laws”) without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or this Certificate of Incorporation. Notwithstanding anything to the contrary contained in this Certificate of Incorporation or any provision of law which might otherwise permit a lesser vote of the stockholders, in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designations relating to any series of Preferred Stock), by the By-Laws or pursuant to applicable law, the affirmative vote of the holders of at least 66 2/3% of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of Article I, Article II or Article IV of the By-Laws of the Corporation, or to adopt any provision inconsistent therewith and, with respect to any other provision of the By-Laws of the Corporation, the affirmative vote of the holders of at least a majority of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or
rescind, in whole or in part, any such provision of the By-Laws of the Corporation, or to adopt any provision inconsistent therewith.
Article VI
Section 6.1. Board of Directors.
(A) Except as otherwise provided in this Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. Subject to the investor rights agreement (the “Investor Rights Agreement”) dated on or about the date hereof, by and among the Corporation, the Sellers, the CCH Sponsor and the other parties party thereto, the total number of directors constituting the whole Board shall be determined from time to time by resolution adopted by the Board. Subject to the Investor Rights Agreement, the directors (other than those directors elected by the holders of any series of Preferred Stock, voting separately as a series or together with one or more other such series, as the case may be) shall be divided into three classes designated Class I, Class II and Class III. Each class shall consist, as nearly as possible, of one-third of the total number of such directors. Class I directors shall initially serve for a term expiring at the first annual meeting of stockholders following the Closing Date, Class II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the Closing Date and Class III directors shall initially serve for a term expiring at the third annual meeting of stockholders following the Closing Date. At each annual meeting following the Closing Date, successors to the class of directors whose term expires at that annual meeting shall be elected for a term expiring at the third succeeding annual meeting of stockholders. If the number of such directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible, and any such additional director of any class elected to fill a newly created directorship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the number of directors remove, or shorten the term of, any incumbent director. Any such director shall hold office until the annual meeting at which his or her term expires and until his or her successor shall be elected and qualified, or his or her earlier death, resignation, retirement, disqualification or removal from office. The Board is authorized to assign members of the Board already in office to their respective class in accordance with the Investor Rights Agreement.
(B) Subject to the rights granted to the holders of any one or more series of Preferred Stock then outstanding and the rights granted pursuant to the Investor Rights Agreement, any newly-created directorship on the Board that results from an increase in the number of directors and any vacancy occurring in the Board (whether by death, resignation, retirement, disqualification, removal or other cause) shall be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders). Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.
(C) Any director may resign at any time upon notice to the Corporation given in writing or by any electronic transmission permitted by the By-Laws. Subject to the terms of the Investor Rights Agreement, any or all of the directors (other than the directors elected by the holders of any series of Preferred Stock of the Corporation, voting separately as a series or together with one or more other such series, as the case may be) may be removed only for cause and only upon the affirmative vote of the holders of at least 66 2/3% of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class. Subject to the terms and conditions of the Investor Rights Agreement, in case the Board or any one or more directors should be so removed, new directors may be elected pursuant to Section 6.1(B).
(D) Whenever the holders of any one or more series of Preferred Stock issued by the Corporation shall have the right, voting separately as a series or separately as a class with one or more such other series, to elect directors at an annual or special meeting of stockholders, the election, term of office, removal and other features of such directorships shall be governed by the terms of this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) applicable thereto. Notwithstanding Section 6.1(A), the
number of directors that may be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed pursuant to Section 6.1(A) hereof, and the total number of directors constituting the whole Board shall be automatically adjusted accordingly.
(E) Directors of the Corporation need not be elected by written ballot unless the By-Laws shall so provide.
Article VII
Section 7.1. Meetings of Stockholders. Any action required or permitted to be taken by the holders of stock of the Corporation must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders unless such action is recommended or approved by all directors of the Corporation then in office; provided, however, that any action required or permitted to be taken by the holders of Class V Common Stock , voting separately as a class, or, to the extent expressly permitted by the certificate of designations relating to one or more series of Preferred Stock, by the holders of such series of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding shares of the relevant class or series having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Subject to the rights of the holders of any series of Preferred Stock, special meetings of the stockholders of the Corporation may be called only by or at the direction of the Board, the Chairman of the Board or the Chief Executive Officer of the Corporation or as otherwise provided in the By-Laws.
Article VIII
Section 8.1. Limited Liability of Directors and Officers. To the fullest extent permitted by law, no director or officer of the Corporation will have any personal liability to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, as applicable. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director of the Corporation, as applicable, shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. Neither the amendment nor the repeal of this Article VIII shall eliminate, reduce or otherwise adversely affect any limitation on the personal liability of a director or officer of the Corporation existing prior to such amendment or repeal.
Article IX
Section 9.1. DGCL Section 203 and Business Combinations.
(A) The Corporation hereby expressly elects not to be governed by Section 203 of the DGCL.
(B) Notwithstanding the foregoing, the Corporation shall not engage in any business combination (as defined below), at any point in time at which the Corporation’s Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act of 1934, as amended (the “Exchange Act”), with any interested stockholder (as defined below) for a period of three years following the time that such stockholder became an interested stockholder, unless:
(1) prior to such time, the Board approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder, or
(2) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock (as defined below) of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants do not
have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer, or
(3) at or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the Corporation which is not owned by the interested stockholder.
(C) For purposes of this Article IX, references to:
(1) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another person.
(2) “associate,” when used to indicate a relationship with any person, means: (i) any corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock; (ii) any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.
(3) “business combination,” when used in reference to the Corporation and any interested stockholder of the Corporation, means:
a. any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation (i) with the interested stockholder, or (ii) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the interested stockholder and as a result of such merger or consolidation Section 9.1(B) of this Article IX is not applicable to the surviving entity;
b. any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the interested stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock of the Corporation;
c. any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any stock of the Corporation or of such subsidiary to the interested stockholder, except: (i) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the interested stockholder became such; (ii) pursuant to a merger under Section 251(g) of the DGCL; (iii) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of stock of the Corporation subsequent to the time the interested stockholder became such; (iv) pursuant to an exchange offer by the Corporation to purchase stock made on the same terms to all holders of said stock; or (v) any issuance or transfer of stock by the Corporation; provided, however, that in no case under items (iii) through (v) of this subsection (c) shall there be an increase in the interested stockholder’s proportionate share of the stock of any class or series of the Corporation or of the voting stock of the Corporation (except as a result of immaterial changes due to fractional share adjustments);
d. any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the Corporation or of any such subsidiary which is owned by the interested stockholder, except as a result of immaterial changes due to
fractional share adjustments or as a result of any purchase or redemption of any shares of stock not caused, directly or indirectly, by the interested stockholder; or
e. any receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in subsections (a) through (d) above) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.
(4) “control,” including the terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting stock, by contract, or otherwise. A person who is the owner of 20% or more of the outstanding voting stock of a corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting stock, in good faith and not for the purpose of circumventing Section 9.1(B) of Article IX, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.
(5) “interested stockholder” means any person (other than the Corporation or any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of 15% or more of the outstanding voting stock of the Corporation, or (ii) is an Affiliate or associate of the Corporation and was the owner of 15% or more of the outstanding voting stock of the Corporation at any time within the three year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder; and the Affiliates and associates of such person; but “interested stockholder” shall not include (x) any Stockholder Party, any Stockholder Party Direct Transferee, any Stockholder Party Indirect Transferee or any of their respective Affiliates or any “group,” or any member of any such group, to which such persons are a party under Rule 13d-5 of the Exchange Act, provided that a majority of the aggregate shares of voting stock of the Corporation owned by such group immediately prior to the business combination or the transaction which resulted in the stockholder becoming an interested stockholder were owned (without giving effect to beneficial ownership attributed to such person pursuant to Section 13(d)(3) of the Exchange Act or Rule 13d-5 of the Exchange Act) by one or more Stockholder Parties, Stockholder Party Direct Transferees, or Stockholder Party Indirect Transferees, or (y) any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of any action taken solely by the Corporation; provided, further, that in the case of clause (y) such person shall be an interested stockholder if thereafter such person acquires additional shares of voting stock of the Corporation, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an interested stockholder, the voting stock of the Corporation deemed to be outstanding shall include stock deemed to be owned by the person through application of the definition of “owner” below but shall not include any other unissued stock of the Corporation which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.
(6) “owner,” including the terms “own” and “owned,” when used with respect to any stock, means a person that individually or with or through any of its Affiliates or associates:
a. beneficially owns such stock, directly or indirectly; or
b. has (i) the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of stock tendered pursuant to a tender or exchange offer made by such person or any of such person’s Affiliates or associates until such tendered stock is accepted for purchase or exchange; or (ii) the right to vote such stock pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the owner of any stock because of such person’s right to vote such stock if the agreement, arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more persons; or
c. has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (ii) of subsection (b) above), or disposing of such stock with any other person that beneficially owns, or whose Affiliates or associates beneficially own, directly or indirectly, such stock.
(7) “person” means any individual, corporation, partnership, unincorporated association or other entity.
(8) “stock” means, with respect to any corporation, capital stock and, with respect to any other entity, any equity interest.
(9) “Stockholder Parties” means the Holders (as defined in the Investor Rights Agreement). The term “Stockholder Party” shall have a correlative meaning to “Stockholder Parties.”
(10) “Stockholder Party Direct Transferee” means any person that acquires (other than in a registered public offering) directly from any Stockholder Party or any of its successors or any “group,” or any member of any such group, of which such persons are a party under Rule 13d-5 of the Exchange Act, beneficial ownership of 15% or more of the then outstanding voting stock of the Corporation.
(11) “Stockholder Party Indirect Transferee” means any person that acquires (other than in a registered public offering) directly from any Stockholder Party Direct Transferee or any other Stockholder Party Indirect Transferee, beneficial ownership of 15% or more of the then outstanding voting stock of the Corporation.
(12) “voting stock” means stock of any class or series entitled to vote generally in the election of directors and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of voting stock shall refer to such percentages of the votes of such voting stock.
Article X
Section 10.1. Competition and Corporate Opportunities.
(A) In recognition and anticipation that members of the Board who are not employees of the Corporation (“Non-Employee Directors”) and their respective Affiliates and Affiliated Entities (each, as defined below) may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this Article X are set forth to regulate and define the conduct of certain affairs of the Corporation with respect to certain classes or categories of business opportunities as they may involve any of the Non-Employee Directors or their respective Affiliates and the powers, rights, duties and liabilities of the Corporation and its directors, officers and stockholders in connection therewith.
(B) No Non-Employee Director or his or her Affiliates or Affiliated Entities (the Persons (as defined below) above being referred to, collectively, as “Identified Persons” and, individually, as an “Identified Person”) shall, to the fullest extent permitted by law, have any duty to refrain from directly or indirectly (1) engaging in the same or similar business activities or lines of business in which the Corporation or any of its Affiliates now engages or proposes to engage or (2) otherwise competing with the Corporation or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, the Corporation hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate opportunity for an Identified Person and the Corporation or any of its Affiliates, except as provided in Section 10.1(C) of this Article X. Subject to Section 10.1(C) of this Article X, in the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, herself or himself and the Corporation or any of its Affiliates, such Identified Person shall, to the fullest
extent permitted by law, have no duty to communicate or offer such transaction or other business opportunity to the Corporation or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty as a stockholder, director or officer of the Corporation solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person.
(C) The Corporation does not renounce its interest in any corporate opportunity offered to any Non-Employee Director if such opportunity is expressly offered or presented to, or acquired or developed by, such person solely in his or her capacity as a director or officer of the Corporation, and the provisions of Section 10.1(B) of this Article X shall not apply to any such corporate opportunity.
(D) In addition to and notwithstanding the foregoing provisions of this Article X, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Corporation if it is a business opportunity that (i) the Corporation is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Corporation’s business or is of no practical advantage to the Corporation, (iii) is one in which the Corporation has no interest or reasonable expectancy, or (iv) is one presented to any account for the benefit of a member of the Board or such member’s Affiliate over which such member of the Board has no direct or indirect influence or control, including, but not limited to, a blind trust.
(E) For purposes of this Article X, (i) “Affiliate” shall mean (a) in respect of a member of the Board, any Person that, directly or indirectly, is controlled by such member of the Board (other than the Corporation and any entity that is controlled by the Corporation) and (b) in respect of the Corporation, any Person that, directly or indirectly, is controlled by the Corporation; (ii) “Affiliated Entity” shall mean (x) any Person of which a Non-Employee Director serves as an officer, director, employee, agent or other representative (other than the Corporation and any entity that is controlled by the Corporation), (y) any direct or indirect partner, stockholder, member, manager or other representative of such Person or (z) any Affiliate of any of the foregoing; and (iii) “Person” shall mean any individual, corporation, general or limited partnership, limited liability company, joint venture, trust, association or any other entity.
(F) To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article X.
(G) Any alteration, amendment, addition to or repeal of this Article X shall require the affirmative vote of at least 80% of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class. Neither the alteration, amendment, addition to or repeal of this Article X, nor the adoption of any provision of this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) inconsistent with this Article X, shall eliminate or reduce the effect of this Article X in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Article X, would accrue or arise, prior to such alteration, amendment, addition, repeal or adoption. This Article X shall not limit any protections or defenses available to, or indemnification or advancement rights of, any director or officer of the Corporation under this Certificate of Incorporation, the By-Laws or applicable law.
Article XI
Section 11.1. Severability. If any provision of this Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever, the validity, legality and enforceability of such provision in any other circumstance and of the remaining provisions of this Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby.
Article XII
Section 12.1. Forum. Unless the Corporation consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee, agent or stockholder of the Corporation to the Corporation or the Corporation’s stockholders, or any claim for aiding and abetting such alleged breach, (iii) any action asserting a claim against the Corporation or any current or former director, officer, other employee, agent or stockholder of the Corporation (a) arising pursuant to any provision of the DGCL, this Certificate of Incorporation (as it may be amended or restated) or the By-Laws or (b) as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (iv) any action asserting a claim against the Corporation or any current or former director, officer, other employee, agent or stockholder of the Corporation governed by the internal affairs doctrine of the law of the State of Delaware shall, as to any action in the foregoing clauses (i) through (iv), to the fullest extent permitted by law, be solely and exclusively brought in the Delaware Court of Chancery; provided, however, that the foregoing shall not apply to any claim (a) as to which the Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Delaware Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Delaware Court of Chancery, or (c) arising under federal securities laws, including the Securities Act of 1933, as amended, as to which the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum. Notwithstanding the foregoing, the provisions of this Article XII will not apply to suits brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive forum. If any action the subject matter of which is within the scope of the forum provisions is filed in a court other than a court located within the State of Delaware (a “foreign action”) in the name of any stockholder, such stockholder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”); and (y) having service of process made upon such stockholder in any such enforcement action by service upon such stockholder’s counsel in the foreign action as agent for such stockholder. Failure to enforce the foregoing provisions would cause the Corporation irreparable harm and the Corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article XII.
Article XIII
Section 13.1. Amendments. Notwithstanding anything contained in this Certificate of Incorporation to the contrary, in addition to any vote required by law, the following provisions in this Certificate of Incorporation may be amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith or herewith may be adopted, only by the affirmative vote of the holders of at least 66 2/3% of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class: Article V, Article VI, Article VII, Article VIII, Article IX, Article XII and this Article XIII. Except as expressly provided in the foregoing sentence and the remainder of this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock), this Certificate of Incorporation may be amended by the affirmative vote of the holders of at least a majority of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.
Article XIV
Section 14.1. Incorporator. The name and mailing address of the incorporator of the Corporation is as follows:
| | | | | | | | |
Name | | Address |
Jason K. Giordano | | c/o CC Capital Partners |
| | 200 Park Avenue, 58th Floor |
| | New York, NY 10166 |
* * *
IN WITNESS WHEREOF, the undersigned, being the incorporator herein before named, has executed, signed and acknowledged this Certificate of Incorporation as of this 28th day of August, 2020.
| | | | | |
| /s/ Jason K. Giordano |
| Jason K. Giordano |
| Incorporator |
[Signature Page – Certificate of Incorporation]
CERTIFICATION PURSUANT TO RULES 13A-14 AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Howard Friedman, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Utz Brands, Inc. (the “Company”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2024
By: /s/ Howard Friedman
Name: Howard Friedman
Title: Chief Executive Officer
CERTIFICATION PURSUANT TO RULES 13A-14 AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Ajay Kataria, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Utz Brands, Inc. (the “Company”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2024
By: /s/ Ajay Kataria
Name: Ajay Kataria
Title: Executive Vice President,
Chief Financial Officer and Chief Accounting Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Utz Brands, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Howard Friedman, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of section 13(a) or 15(D) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
Dated: August 1, 2024
By: /s/ Howard Friedman
Name: Howard Friedman
Title: Chief Executive Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Utz Brands, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ajay Kataria, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of section 13(a) or 15(D) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
Dated: August 1, 2024
By: /s/ Ajay Kataria
Name: Ajay Kataria
Title: Executive Vice President,
Chief Financial Officer and Chief Accounting Officer
v3.24.2.u1
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 29, 2024 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity Registrant Name |
Utz Brands, Inc.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity File Number |
001-38686
|
|
Entity Tax Identification Number |
85-2751850
|
|
Entity Address, Address Line One |
900 High Street
|
|
Entity Address, City or Town |
Hanover
|
|
Entity Address, State or Province |
PA
|
|
Entity Address, Postal Zip Code |
17331
|
|
City Area Code |
717
|
|
Local Phone Number |
637-6644
|
|
Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
|
|
Trading Symbol |
UTZ
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Central Index Key |
0001739566
|
|
Amendment Flag |
false
|
|
Current Fiscal Year End Date |
--12-29
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Class A Common Stock |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
|
82,530,122
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Class V Common Stock |
|
|
Document Information [Line Items] |
|
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Entity Common Stock, Shares Outstanding |
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58,349,000
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v3.24.2.u1
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 66,574
|
$ 52,023
|
Accounts receivable, less allowance of $3,077 and $2,933, respectively |
137,962
|
135,130
|
Inventories |
100,710
|
104,666
|
Prepaid expenses and other assets |
44,539
|
30,997
|
Current portion of notes receivable |
4,581
|
5,237
|
Total current assets |
354,366
|
328,053
|
Non-current Assets |
|
|
Assets held for sale |
0
|
7,559
|
Property, plant and equipment, net |
300,050
|
318,881
|
Goodwill |
870,695
|
915,295
|
Intangible assets, net |
1,012,447
|
1,063,413
|
Non-current portion of notes receivable |
9,968
|
12,413
|
Other assets |
102,590
|
101,122
|
Total non-current assets |
2,295,750
|
2,418,683
|
Total assets |
2,650,116
|
2,746,736
|
Current Liabilities |
|
|
Current portion of term debt |
12,034
|
21,086
|
Current portion of other notes payable |
7,365
|
7,649
|
Accounts payable |
121,793
|
124,361
|
Accrued expenses and other |
68,263
|
77,590
|
Total current liabilities |
209,455
|
230,686
|
Non-current portion of term debt and revolving credit facility |
785,539
|
878,511
|
Non-current portion of other notes payable |
17,291
|
19,174
|
Non-current accrued expenses and other |
73,843
|
76,720
|
Non-current warrant liability |
42,192
|
43,272
|
Deferred tax liability |
116,068
|
114,690
|
Total non-current liabilities |
1,034,933
|
1,132,367
|
Total liabilities |
1,244,388
|
1,363,053
|
Commitments and Contingencies |
|
|
Equity |
|
|
Additional paid-in capital |
955,280
|
944,573
|
Accumulated deficit |
(293,750)
|
(298,049)
|
Accumulated other comprehensive income |
24,413
|
22,958
|
Total stockholders' equity |
685,957
|
669,496
|
Noncontrolling interest |
719,771
|
714,187
|
Total equity |
1,405,728
|
1,383,683
|
Total liabilities and equity |
2,650,116
|
2,746,736
|
Class A Common Stock |
|
|
Equity |
|
|
Common stock |
8
|
8
|
Class V Common Stock |
|
|
Equity |
|
|
Common stock |
$ 6
|
$ 6
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounts receivable, less allowance |
$ 3,077
|
$ 2,933
|
Class A Common Stock |
|
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock authorized (in shares) |
1,000,000,000
|
1,000,000,000
|
Common stock issued (in shares) |
81,530,122
|
81,187,977
|
Common stock outstanding (in shares) |
81,530,122
|
81,187,977
|
Class V Common Stock |
|
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock authorized (in shares) |
61,249,000
|
61,249,000
|
Common stock issued (in shares) |
59,349,000
|
59,349,000
|
Common stock outstanding (in shares) |
59,349,000
|
59,349,000
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 356,190
|
$ 362,853
|
$ 702,713
|
$ 714,286
|
Cost of goods sold |
231,436
|
245,460
|
458,386
|
492,397
|
Gross profit |
124,754
|
117,393
|
244,327
|
221,889
|
Selling, distribution, and administrative expenses |
|
|
|
|
Selling and distribution |
73,780
|
66,869
|
147,446
|
131,915
|
Administrative |
30,813
|
47,584
|
66,595
|
88,624
|
Total selling, distribution, and administrative expenses |
104,593
|
114,453
|
214,041
|
220,539
|
Gain (loss) on sale of assets, net |
2,373
|
(279)
|
1,903
|
(787)
|
Income from operations |
22,534
|
2,661
|
32,189
|
563
|
Other income (expense), net |
|
|
|
|
Gain on sale of business |
0
|
0
|
44,015
|
0
|
Interest expense |
(10,209)
|
(15,019)
|
(24,040)
|
(29,397)
|
Loss on debt extinguishment |
(1,273)
|
0
|
(1,273)
|
0
|
Other income |
198
|
272
|
1,108
|
1,887
|
Gain on remeasurement of warrant liability |
12,888
|
2,808
|
1,080
|
576
|
Other income (expense), net |
1,604
|
(11,939)
|
20,890
|
(26,934)
|
Income (loss) before taxes |
24,138
|
(9,278)
|
53,079
|
(26,371)
|
Income tax (benefit) expense |
(1,309)
|
(725)
|
25,236
|
(3,336)
|
Net income (loss) |
25,447
|
(8,553)
|
27,843
|
(23,035)
|
Net (income) loss attributable to noncontrolling interest |
(5,599)
|
4,429
|
(11,986)
|
9,784
|
Net income (loss) attributable to controlling interest |
$ 19,848
|
$ (4,124)
|
$ 15,857
|
$ (13,251)
|
Income (loss) per Class A Common stock: (in dollars) |
|
|
|
|
Basic (in dollars per share) |
$ 0.24
|
$ (0.05)
|
$ 0.19
|
$ (0.16)
|
Diluted (in dollars per share) |
$ 0.23
|
$ (0.05)
|
$ 0.19
|
$ (0.16)
|
Weighted-average shares of Class A Common stock outstanding |
|
|
|
|
Basic (in shares) |
81,457,014
|
81,063,457
|
81,423,240
|
81,020,732
|
Diluted (in shares) |
84,954,412
|
81,063,457
|
84,762,662
|
81,020,732
|
Net income (loss) |
$ 25,447
|
$ (8,553)
|
$ 27,843
|
$ (23,035)
|
Other comprehensive income (loss): |
|
|
|
|
Change in fair value of interest rate swap |
(2,142)
|
9,572
|
2,517
|
(753)
|
Comprehensive income (loss) |
23,305
|
1,019
|
30,360
|
(23,788)
|
Net comprehensive (income) loss attributable to noncontrolling interest |
(4,696)
|
383
|
(13,048)
|
10,105
|
Net comprehensive income (loss) attributable to controlling interest |
$ 18,609
|
$ 1,402
|
$ 17,312
|
$ (13,683)
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v3.24.2.u1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands |
Total |
Class A Common Stock |
Class V Common Stock |
Total Stockholders' Equity |
Common Stock
Class A Common Stock
|
Common Stock
Class V Common Stock
|
Additional Paid-in Capital |
Accumulated (Deficit) |
Accumulated Other Comprehensive Income |
Non-controlling Interest |
Beginning balance (in shares) at Jan. 01, 2023 |
|
|
|
|
80,882,334
|
59,349,000
|
|
|
|
|
Beginning balance at Jan. 01, 2023 |
$ 1,451,684
|
|
|
$ 703,146
|
$ 8
|
$ 6
|
$ 926,919
|
$ (254,564)
|
$ 30,777
|
$ 748,538
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Share-based compensation (in shares) |
|
|
|
|
130,534
|
|
|
|
|
|
Share-based compensation |
4,634
|
|
|
4,634
|
|
|
4,634
|
|
|
|
Payments of tax withholding requirements for employee stock awards |
(589)
|
|
|
(589)
|
|
|
(589)
|
|
|
|
Net income (loss) |
(14,482)
|
|
|
(9,127)
|
|
|
|
(9,127)
|
|
(5,355)
|
Cash dividends declared |
(56)
|
|
|
(56)
|
|
|
|
(56)
|
|
|
Other comprehensive income (loss) |
(10,325)
|
|
|
(5,958)
|
|
|
|
|
(5,958)
|
(4,367)
|
Ending balance (in shares) at Apr. 02, 2023 |
|
|
|
|
81,012,868
|
59,349,000
|
|
|
|
|
Ending balance at Apr. 02, 2023 |
1,430,866
|
|
|
692,050
|
$ 8
|
$ 6
|
930,964
|
(263,747)
|
24,819
|
738,816
|
Beginning balance (in shares) at Jan. 01, 2023 |
|
|
|
|
80,882,334
|
59,349,000
|
|
|
|
|
Beginning balance at Jan. 01, 2023 |
1,451,684
|
|
|
703,146
|
$ 8
|
$ 6
|
926,919
|
(254,564)
|
30,777
|
748,538
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
(23,035)
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jul. 02, 2023 |
|
|
|
|
81,141,417
|
59,349,000
|
|
|
|
|
Ending balance at Jul. 02, 2023 |
1,420,184
|
|
|
688,517
|
$ 8
|
$ 6
|
935,269
|
(277,111)
|
30,345
|
731,667
|
Beginning balance (in shares) at Apr. 02, 2023 |
|
|
|
|
81,012,868
|
59,349,000
|
|
|
|
|
Beginning balance at Apr. 02, 2023 |
1,430,866
|
|
|
692,050
|
$ 8
|
$ 6
|
930,964
|
(263,747)
|
24,819
|
738,816
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Share-based compensation (in shares) |
|
|
|
|
128,549
|
|
|
|
|
|
Share-based compensation |
4,305
|
|
|
4,305
|
|
|
4,305
|
|
|
|
Net income (loss) |
(8,553)
|
|
|
(4,124)
|
|
|
|
(4,124)
|
|
(4,429)
|
Cash dividends declared |
(9,240)
|
|
|
(9,240)
|
|
|
|
(9,240)
|
|
|
Distribution to noncontrolling interest |
(6,766)
|
|
|
|
|
|
|
|
|
(6,766)
|
Other comprehensive income (loss) |
9,572
|
|
|
5,526
|
|
|
|
|
5,526
|
4,046
|
Ending balance (in shares) at Jul. 02, 2023 |
|
|
|
|
81,141,417
|
59,349,000
|
|
|
|
|
Ending balance at Jul. 02, 2023 |
1,420,184
|
|
|
688,517
|
$ 8
|
$ 6
|
935,269
|
(277,111)
|
30,345
|
731,667
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
81,187,977
|
59,349,000
|
|
81,187,977
|
59,349,000
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
1,383,683
|
|
|
669,496
|
$ 8
|
$ 6
|
944,573
|
(298,049)
|
22,958
|
714,187
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Share-based compensation (in shares) |
|
|
|
|
218,850
|
|
|
|
|
|
Share-based compensation |
3,913
|
|
|
3,913
|
|
|
3,913
|
|
|
|
Payments of tax withholding requirements for employee stock awards |
(1,397)
|
|
|
(1,397)
|
|
|
(1,397)
|
|
|
|
Deferred tax impact from divestiture |
5,138
|
|
|
3,003
|
|
|
3,003
|
|
|
2,135
|
Net income (loss) |
2,397
|
|
|
(3,990)
|
|
|
|
(3,990)
|
|
6,387
|
Cash dividends declared |
(4,803)
|
|
|
(4,803)
|
|
|
|
(4,803)
|
|
|
Distribution to noncontrolling interest |
(3,502)
|
|
|
|
|
|
|
|
|
(3,502)
|
Other comprehensive income (loss) |
4,659
|
|
|
2,694
|
|
|
|
|
2,694
|
1,965
|
Ending balance (in shares) at Mar. 31, 2024 |
|
|
|
|
81,406,827
|
59,349,000
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
1,390,088
|
|
|
668,916
|
$ 8
|
$ 6
|
950,092
|
(306,842)
|
25,652
|
721,172
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
81,187,977
|
59,349,000
|
|
81,187,977
|
59,349,000
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
1,383,683
|
|
|
669,496
|
$ 8
|
$ 6
|
944,573
|
(298,049)
|
22,958
|
714,187
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
27,843
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
|
81,530,122
|
59,349,000
|
|
81,530,122
|
59,349,000
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
1,405,728
|
|
|
685,957
|
$ 8
|
$ 6
|
955,280
|
(293,750)
|
24,413
|
719,771
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
|
|
|
81,406,827
|
59,349,000
|
|
|
|
|
Beginning balance at Mar. 31, 2024 |
1,390,088
|
|
|
668,916
|
$ 8
|
$ 6
|
950,092
|
(306,842)
|
25,652
|
721,172
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Share-based compensation (in shares) |
|
|
|
|
123,295
|
|
|
|
|
|
Share-based compensation |
5,261
|
|
|
5,261
|
|
|
5,261
|
|
|
|
Deferred tax impact from divestiture |
(72)
|
|
|
(73)
|
|
|
(73)
|
|
|
|
Net income (loss) |
25,447
|
|
|
19,848
|
|
|
|
19,848
|
|
5,599
|
Cash dividends declared |
(4,940)
|
|
|
(4,940)
|
|
|
|
(4,940)
|
|
|
Special excess cash dividend |
(1,816)
|
|
|
(1,816)
|
|
|
|
(1,816)
|
|
|
Distribution to noncontrolling interest |
(3,502)
|
|
|
|
|
|
|
|
|
(3,502)
|
Tax distribution |
(2,596)
|
|
|
|
|
|
|
|
|
(2,596)
|
Other comprehensive income (loss) |
(2,142)
|
|
|
(1,239)
|
|
|
|
|
(1,239)
|
(903)
|
Ending balance (in shares) at Jun. 30, 2024 |
|
81,530,122
|
59,349,000
|
|
81,530,122
|
59,349,000
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 1,405,728
|
|
|
$ 685,957
|
$ 8
|
$ 6
|
$ 955,280
|
$ (293,750)
|
$ 24,413
|
$ 719,771
|
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v3.24.2.u1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jul. 02, 2023 |
Cash flows from operating activities |
|
|
Net income (loss) |
$ 27,843
|
$ (23,035)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Impairment and other charges |
0
|
9,548
|
Depreciation and amortization |
35,883
|
40,405
|
Gain on sale of business |
(44,015)
|
0
|
Gain on remeasurement of warrant liability |
(1,080)
|
(576)
|
(Gain) loss on sale of assets |
(1,903)
|
787
|
Loss on debt extinguishment |
1,273
|
0
|
Share-based compensation |
9,174
|
8,939
|
Deferred taxes |
6,445
|
(2,003)
|
Deferred financing costs |
2,509
|
451
|
Changes in assets and liabilities: |
|
|
Accounts receivable, net |
(9,628)
|
(3,992)
|
Inventories |
(3,969)
|
(4,379)
|
Prepaid expenses and other assets |
(15,140)
|
(11,687)
|
Accounts payable and accrued expenses and other |
(7,561)
|
(18,773)
|
Net cash used in operating activities |
(169)
|
(4,315)
|
Cash flows from investing activities |
|
|
Purchases of property and equipment |
(37,781)
|
(30,158)
|
Purchases of intangibles |
(9,220)
|
0
|
Proceeds from sale of property and equipment |
24,062
|
959
|
Proceeds from sale of business |
167,500
|
0
|
Proceeds from sale of routes |
13,669
|
12,446
|
Proceeds from the sale of IO notes |
1,544
|
2,161
|
Notes receivable |
(18,834)
|
(16,191)
|
Net cash provided by (used in) investing activities |
140,940
|
(30,783)
|
Cash flows from financing activities |
|
|
Borrowings on line of credit |
92,000
|
61,000
|
Repayments on line of credit |
(47,191)
|
0
|
Borrowings on term debt and notes payable |
16,618
|
3,246
|
Repayments on term debt and notes payable |
(166,608)
|
(11,785)
|
Payment of debt issuance cost |
(733)
|
0
|
Payments of tax withholding requirements for employee stock awards |
(1,397)
|
(589)
|
Dividends paid |
(9,428)
|
(9,281)
|
Distribution to noncontrolling interest |
(9,481)
|
(6,766)
|
Net cash (used in) provided by financing activities |
(126,220)
|
35,825
|
Net increase in cash and cash equivalents |
14,551
|
727
|
Cash and cash equivalents at beginning of period |
52,023
|
72,930
|
Cash and cash equivalents at end of period |
$ 66,574
|
$ 73,657
|
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v3.24.2.u1
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements comprise the financial statements of Utz Brands, Inc. ("UBI" or the "Company") and its wholly owned subsidiaries. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). They do not include all information and notes required by U.S. GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s financial statements for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with the U.S. GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including our significant accounting policies, should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023. All intercompany transactions and balances have been eliminated in consolidation. Prior Period Revision - Consolidated Statement of Cash Flows – For the twenty-six weeks ended June 30, 2024, the Company disclosed the borrowings of lines of credit and repayments of lines of credit as separate line items within the financing activities section of the Consolidated Statement of Cash Flows. The Company has corrected these line items for the twenty-six weeks ended July 2, 2023 for comparability purposes and deems the change to that period to be immaterial. Revenue Recognition – The Company’s revenues primarily consist of the sale of salty snack items to customers, including supermarkets, mass merchants, club stores, dollar and discount stores, convenience stores, independent grocery stores, drug stores, food service, vending, military, and other channels. The Company sells its products in most regions of the United States primarily through its direct-store delivery ("DSD") network, direct to warehouse shipments, and third-party distributors. These revenue contracts generally have a single performance obligation. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs, some of which are recorded in Selling and distribution. Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Applicable shipping and handling are included in customer billing and are recorded as revenue as the products’ control is transferred to customers. The Company assesses the goods promised in customer purchase orders and identifies a performance obligation for each promise to transfer a good that is distinct. The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. The Company’s promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade customer or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. The Company has reserves in place of $18.2 million as of June 30, 2024, which include adjustments taken by customers of $8.9 million that are awaiting final processing and reserves of $17.4 million as of December 31, 2023, which include adjustments taken by customers of $6.2 million that are awaiting final processing. Differences between estimated expense and actual redemptions are recognized as a change in management estimate as actual redemptions are incurred. Recently Issued Accounting Standards – In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on the Company's income tax disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Among other changes, the amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
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v3.24.2.u1
DIVESTITURES
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DIVESTITURES |
DIVESTITURES On February 5, 2024, the Company sold certain assets and brands to affiliates of Our Home™, an operating company of Better-for-You brands (“Our Home”). Under the agreement, affiliates of Our Home purchased the Good Health and R.W. Garcia brands, the Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets, and assumed the Company’s Las Vegas, NV facility lease and manufacturing operations (the "Good Health and R.W. Garcia Sale") for $167.5 million, subject to customary adjustments. The following table summarizes the net assets and liabilities included in the Good Health and R.W. Garcia Sale on February 5, 2024: | | | | | | | | | | | | | | | | | | | | | Property, plant, and equipment, net | | $ | 27,483 | | Goodwill | | 44,600 | | Intangible assets, net | | 44,327 | | | | | | | | | | | Net working capital adjustments | | 7,075 | | | | | | | | | | | Net assets sold | | $ | 123,485 | |
The Company recognized a gain on the Good Health and R.W. Garcia Sale of $44.0 million. The gain on the Good Health and R.W. Garcia Sale is recognized as Gain on sale of business in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the twenty-six weeks ended June 30, 2024. On April 22, 2024, the Company sold to Our Home™ its Berlin, PA, and Fitchburg, MA manufacturing facilities and certain related assets (the “Manufacturing Facilities Sale”). The total consideration for the transactions is $18.5 million related to the facilities and certain inventory, subject to customary adjustments. The Company recognized a gain on the Manufacturing Facilities Sale of $4.3 million. The Company and Our Home will operate under transition services agreements which end during the first half of 2025. In addition, the parties will operate under reciprocal co-manufacturing agreements under which Our Home will co-manufacture certain of the Company's products and the Company will co-manufacture certain Good Health products. Certain Good Health products will continue to be distributed and sold on the Company's DSD network for Our Home. The Company received approximately $18.7 million in advance from Our Home for certain terms under these agreements for which the Company will recognize through income from operations over the term of the transition services agree
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v3.24.2.u1
INVENTORIES
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
INVENTORIES Inventories consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Finished goods | | $ | 67,707 | | | $ | 65,673 | | Raw materials | | 25,309 | | | 29,757 | | Maintenance parts | | 7,694 | | | 9,236 | | Total inventories | | $ | 100,710 | | | $ | 104,666 | |
In connection with the Good Health and R.W. Garcia Sale in February 2024 and the Manufacturing Facilities Sale in April 2024, the Company sold inventory of $6.3 million and $1.6 million, respectively. See Note 2. Divestitures.
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, consisted of the following: | | | | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | | As of December 31, 2023 | Land | | $ | 25,861 | | | | $ | 28,561 | | Buildings | | 112,506 | | | | 123,603 | | Machinery and equipment | | 212,126 | | | | 248,886 | | Land improvements | | 2,651 | | | | 3,887 | | Building improvements | | 2,472 | | | | 5,163 | | Construction-in-progress | | 57,306 | | | | 35,533 | | | | 412,922 | | | | 445,633 | | Less: accumulated depreciation | | (112,872) | | | | (126,752) | | Property, plant and equipment, net | | $ | 300,050 | | | | $ | 318,881 | |
Depreciation expense was $8.2 million and $10.6 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $17.0 million and $20.9 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Depreciation expense is included in cost of goods sold, selling, distribution, and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). During the thirteen weeks ended July 2, 2023, the Company permanently ceased operations at the Company’s manufacturing facility located in Birmingham, AL (the “Birmingham Facility”) effective in June 2023 (the “Manufacturing Closure”). Golden Flake® and other products that were produced at the Birmingham Facility continue to be produced at other manufacturing facilities. The Manufacturing Closure reduced the Company's workforce by approximately 130 employees and the Company maintains its distribution center in Birmingham. The Company recorded expense of $8.9 million in connection with the Manufacturing Closure, which includes $1.3 million in severance and related costs and $7.6 million of asset impairments related to fixed assets. The severance and related expenses were recorded in the cost of goods sold line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. The fixed asset impairments are recorded in the administrative expenses line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. In addition, during the twenty-six weeks ended July 2, 2023, the Company recognized expense of $1.9 million related to the impairment of property, plant, and equipment unrelated to the Manufacturing Closure. During the twenty-six weeks ended June 30, 2024, the Company sold the Birmingham Facility for proceeds of $6.0 million and its Gramercy, LA facility for $1.8 million. Both of these facilities were classified as Assets held for sale on the Consolidated Balance Sheet at December 31, 2023. During the twenty-six weeks ended June 30, 2024, in connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures, the Company sold its Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets having a net book value of $27.5 million. Also, during the twenty-six weeks ended June 30, 2024 in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures, the Company sold its Berlin, PA and Fitchburg, MA manufacturing facilities having a net book value of $12.2 million and recognized a gain on the Manufacturing Facilities Sale of $4.3 million.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS, NET |
GOODWILL AND INTANGIBLE ASSETS, NET A rollforward of goodwill is as follows: | | | | | | | | | (in thousands) | | | December 31, 2023 | | $ | 915,295 | | Good Health and R.W. Garcia Sale, Note 2. Divestitures | | (44,600) | | Balance as of June 30, 2024 | | $ | 870,695 | |
Intangible assets, net, consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Subject to amortization: | | | | | Distributor/customer relationships | | $ | 647,712 | | | $ | 677,930 | | Trademarks | | 59,920 | | | 63,850 | | Amortizable assets, gross | | 707,632 | | | 741,780 | | Accumulated amortization | | (133,842) | | | (120,405) | | Amortizable assets, net | | 573,790 | | | 621,375 | | Not subject to amortization: | | | | | Trade names | | 428,733 | | | 434,513 | | Route assets | | 9,924 | | | 7,525 | | Intangible assets, net | | $ | 1,012,447 | | | $ | 1,063,413 | |
During the thirteen weeks ended March 31, 2024, the Company sold customer relationships and trademarks in the amount of $26.0 million and $18.3 million, respectively, related to the Good Health and R.W. Garcia Sale. See Note 2. Divestitures for further discussion. In addition, during the thirteen weeks ended June 30, 2024, the Company paid $9.2 million to purchase an indefinite life intangible right for use of a third party brand name. This intangible is included in indefinite life trade names. There were no other significant changes to intangible assets during the twenty-six weeks ended June 30, 2024 and July 2, 2023 other than those which arise from the normal course of business from buying and selling of Company-owned route assets and amortization. Amortization of the distributor/customer relationships, technology, and trade names amounted to $9.0 million and $9.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $18.3 million and $18.8 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. The expense related to the amortization of intangibles is included in administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
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v3.24.2.u1
NOTES RECEIVABLE
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
NOTES RECEIVABLE |
NOTES RECEIVABLE Contracts are executed between the Company and independent operators (“IOs”) for the sale of the product distribution routes, including a note in favor of the Company, in certain cases. The notes bear interest at rates ranging from 4.50% to 10.55% with terms ranging generally from two to ten years. The notes receivable balances due from IOs at June 30, 2024 and December 31, 2023 totaled $14.5 million and $17.6 million, respectively, and are collateralized by the routes for which the loans are made. The Company also sold certain notes to Bank of America and one other bank. The Company has a corresponding notes payable, related to the sale of IOs notes receivables. See Note 10. Contingencies.
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v3.24.2.u1
ACCRUED EXPENSES AND OTHER
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER |
ACCRUED EXPENSES AND OTHER Current accrued expenses and other consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Accrued compensation and benefits | | $ | 14,294 | | | $ | 21,466 | | | | | | | Operating right of use liability | | 15,770 | | | 14,992 | | Insurance liabilities | | 6,111 | | | 6,811 | | Accrued freight and manufacturing related costs | | 2,758 | | | 4,424 | | Accrued dividends and distributions | | 10,020 | | | 7,972 | | Accrued interest | | 1,031 | | | 13,280 | | Deferred transition services and other fees (a) | | 11,364 | | | — | | Other accrued expenses | | 6,915 | | | 8,645 | | Total accrued expenses and other | | $ | 68,263 | | | $ | 77,590 | |
(a) See Note 2. Divestitures, for further discussion. Non-current accrued expenses and other consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Operating right of use liability | | $ | 42,715 | | | $ | 43,928 | | Tax Receivable Agreement liability | | 24,264 | | | 24,297 | | Supplemental retirement and salary continuation plans | | 6,864 | | | 6,559 | | Long-term portion of an interest rate hedge liability | | — | | | 1,936 | | Total accrued expenses and other | | $ | 73,843 | | | $ | 76,720 | |
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE |
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE Term Debt and Revolving Credit Facility On April 17, 2024, the Company amended its Term Loan B to refinance in full all of the $630.0 million outstanding term loan and reduce the interest rate from the Secured Overnight Financing Rate ("SOFR") plus the applicable rate of 3.00% plus a credit spread adjustment to SOFR plus the applicable rate of 2.75%, as well as certain other changes. Other material terms of the Term Loan B, including the January 2028 maturity date, remain unchanged. The Company recorded a loss on debt extinguishment of $1.3 million related to the refinancing of its Term Loan B in its Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended June 30, 2024 and twenty-six weeks ended June 30, 2024. On April 17, 2024, the Company amended its ABL facility to reduce the rate from SOFR plus the applicable rate ranging from 1.50%-2.00% plus a credit spread adjustment to SOFR plus the applicable rate ranging from 1.50%-2.00%, as well as certain other changes. Other material terms of the ABL, including maturity date, remain unchanged. Term debt and revolving credit facilities consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Debt (in thousands) | | | | Original Principal Balance | | Maturity Date | | As of June 30, 2024 | | As of December 31, 2023 | Term Loan B | | | | $ | 795,000 | | | January-28 | | $ | 630,335 | | | $ | 771,335 | | Real Estate Term Loan (1) | | | | $ | 88,140 | | | October-32 | | 60,923 | | | 80,184 | | Equipment loans (2) | | | | $ | 79,814 | | | | | 66,861 | | | 56,482 | | ABL facility (3) | | | | | | October-27 | | 45,177 | | | 368 | | Net impact of debt issuance costs and original issue discounts | | | | | | | | (5,723) | | | (8,772) | | Total long-term debt | | | | | | | | 797,573 | | | 899,597 | | Less: current portion | | | | | | | | (12,034) | | | (21,086) | | Long term portion of term debt and financing obligations | | | | | | | | $ | 785,539 | | | $ | 878,511 | |
(1) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan"). (2) Equipment loans have varying maturities from November 2024 to September 2028. (3) Asset-based revolving credit facility ("ABL facility"). In connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net, the Company made a $141.0 million accelerated payment on its Term Loan B and $8.5 million payment on its Real Estate Term Loan during twenty-six weeks ended June 30, 2024. In addition, in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net, the Company made an additional payment of $9.2 million on its Real Estate Term Loan during the thirteen weeks ended June 30, 2024. Other Notes Payable and Capital Leases Amounts outstanding under notes payable and capital leases consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Note payable – IO notes | | $ | 13,768 | | | $ | 16,478 | Finance lease obligations | | 10,788 | | | 10,145 | Other | | 100 | | | 200 | Total notes payable | | 24,656 | | | 26,823 | Less: current portion | | (7,365) | | | (7,649) | Long term portion of notes payable | | $ | 17,291 | | | $ | 19,174 |
Interest Expense Interest expense consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Company’s long-term debt | | $ | 9,191 | | | $ | 14,247 | | | $ | 20,973 | | | $ | 28,389 | | Amortization of deferred financing fees | | 749 | | | 446 | | | 2,509 | | | 451 | | IO loans | | 269 | | | 326 | | | 558 | | | 557 | | Total interest | | $ | 10,209 | | | $ | 15,019 | | | $ | 24,040 | | | $ | 29,397 | |
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE |
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE Derivative Financial Instruments The Company uses interest rate swaps to manage its interest rate exposure on its Term Loan B and its Real Estate Term Loan. The interest rate swaps are recorded on the Company’s Consolidated Balance Sheets at fair value. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable. In conjunction with Real Estate Term Loan pay downs during the twenty-six weeks ended June 30, 2024 discussed within Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable and estimated future pay downs, the Company determined that $36.7 million of hedged forecasted transactions were not probable of occurring. As such, effective February 1, 2024, the Company de-designated its interest rate hedge accounting on its Real Estate Term Loan and re-designated a new interest hedging relationship totaling $47.0 million. As a result, the Company immediately reclassified $0.3 million of accumulated other comprehensive income to earnings which is reflected as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2024, $46.5 million and $36.3 million of the notional of the Company's interest rate swap is designated under interest rate hedge accounting and at fair value with mark-to-market adjustments recorded immediately in earnings, respectively. For the thirteen weeks ended and twenty-six weeks ended June 30, 2024, the Company recognized $0.3 million and $0.7 million, respectively, as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss). As of and for the twenty-six weeks ended June 30, 2024, there were no changes to the hedge accounting related to Term Loan B. Warrant Liabilities As of each of June 30, 2024 and December 31, 2023, there were 7,200,000 private placement warrants outstanding which are accounted for as derivative liabilities pursuant to ASC 815-40. A reconciliation of the changes in the warrant liability during the twenty-six weeks ended June 30, 2024 is as follows: | | | | | | | | | (in thousands) | | | Fair value of warrant liabilities as of December 31, 2023 | | $ | 43,272 | | Loss on remeasurement of warrant liability | | 11,808 | | Fair value of warrant liabilities as of March 31, 2024 | | $ | 55,080 | | Gain on remeasurement of warrant liability | | (12,888) | | Fair value of warrant liabilities as of June 30, 2024 | | $ | 42,192 | |
Purchase Commitments The Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices. These purchase commitments totaled $93.7 million as of June 30, 2024 and $66.7 million as of December 31, 2023. The Company accrues for losses on firm purchase commitments in a loss position at the end of each reporting period to the extent that there is an active observable market. The Company has recorded purchase commitment gains (losses) totaling $0.1 million and $2.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $0.9 million and $(0.3) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Fair Value The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 66,574 | | | $ | — | | | $ | — | | | $ | 66,574 | | Commodity contracts | | — | | | 122 | | | — | | | 122 | | Interest rate swaps | | — | | | 34,655 | | | — | | | 34,655 | | Total assets | | $ | 66,574 | | | $ | 34,777 | | | $ | — | | | $ | 101,351 | | Liabilities: | | | | | | | | | Commodity contracts | | $ | — | | | $ | 961 | | | $ | — | | | $ | 961 | | Private placement warrants | | — | | | 42,192 | | | — | | | 42,192 | | Debt | | — | | | 797,573 | | | — | | | 797,573 | | Total liabilities | | $ | — | | | $ | 840,726 | | | $ | — | | | $ | 840,726 | |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 52,023 | | | $ | — | | | $ | — | | | $ | 52,023 | | Commodity contracts | | — | | | 211 | | | — | | | 211 | | Interest rate swaps | | — | | | 33,332 | | | — | | | 33,332 | | Total assets | | $ | 52,023 | | | $ | 33,543 | | | $ | — | | | $ | 85,566 | | Liabilities: | | | | | | | | | Commodity contracts | | $ | — | | | $ | 2,094 | | | $ | — | | | $ | 2,094 | | Interest rate swaps | | — | | | 1,936 | | | — | | | 1,936 | | Private placement warrants | | — | | | 43,272 | | | — | | | 43,272 | | Debt | | — | | | 899,597 | | | — | | | 899,597 | | Total liabilities | | $ | — | | | $ | 946,899 | | | $ | — | | | $ | 946,899 | |
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v3.24.2.u1
CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTINGENCIES |
CONTINGENCIES Litigation Matters The Company is involved in litigation and other matters incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial condition, results of operations or cash flows. Guarantees The Company partially guarantees loans made to IOs by Bank of America for the purchase of routes. The outstanding balance of loans guaranteed that were issued by Bank of America was $59.1 million and $52.8 million at June 30, 2024 and December 31, 2023, respectively, which are accounted for as an off balance sheet arrangement. As discussed in Note 6. Notes Receivable, the Company also sold notes receivable on its books to Bank of America during fiscal years 2023, and 2024, which the Company partially guarantees. The outstanding balance of notes purchased by Bank of America at June 30, 2024 and December 31, 2023 was $12.3 million and $14.8 million, respectively. Due to the structure of the transactions, the sale did not qualify for sale accounting treatment, and as such the Company records the notes payable obligation owed by the IOs to the financial institution on its Consolidated Balance Sheets; the corresponding notes receivable also remained on the Company’s Consolidated Balance Sheets. The maximum amount of future payments the Company could be required to make under these guarantees equates to 25% of the outstanding loan balance on the first day of each calendar year plus 25% of the amount of any new loans issued during such calendar year. Additionally, the Company guarantees loans for the purchase of routes made by two other banks. The outstanding balances of these loans were $2.2 million and $2.9 million at June 30, 2024 and December 31, 2023, respectively, of which $1.8 million and $2.2 million was included in the Company's Consolidated Balance Sheets at June 30, 2024 and December 31, 2023, respectively. The maximum amount of future payments the Company could be required to make under the guarantees equates to 25% of the outstanding loan balance. All of the above IO loans are collateralized by the routes for which the loans are made. Accordingly, the Company has the ability to recover substantially all of the outstanding loan value upon default.
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v3.24.2.u1
SUPPLEMENTARY CASH FLOW INFORMATION
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
SUPPLEMENTARY CASH FLOW INFORMATION |
SUPPLEMENTARY CASH FLOW INFORMATION | | | | | | | | | | | | | | | (in thousands) | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Cash paid for interest | | $ | 34,523 | | | $ | 28,613 | | Refunds related to income taxes | | $ | 154 | | | $ | 387 | | Payments for income taxes | | $ | 25,645 | | | $ | 2,564 | | Finance lease additions | | $ | 2,307 | | | $ | 1,194 | |
The Company presents the gain on the sale of disposals of property and equipment, and the gain on the sale of routes within gain on sale of assets within the Consolidated Statement of Operations and Consolidated Statement of Cash Flows.
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.24.2.u1
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES The Company is subject to federal and state income taxes with respect to our allocable share of any taxable income or loss of UBH, as well as any standalone income or loss the Company generates. UBH is treated as a partnership for federal income tax purposes, and for most applicable state and local income tax purposes, and generally does not pay income taxes in most jurisdictions. Instead, UBH taxable income or loss is passed through to its members, including the Company. Despite its partnership treatment, UBH is liable for income taxes in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. The Company has acquired various domestic entities taxed as corporations, which are now wholly owned by us or our subsidiaries. Where required or allowed, these subsidiaries also file and pay tax as a consolidated group for federal and state income tax purposes. The Company anticipates this structure to remain in existence for the foreseeable future. The Company recorded income tax benefit of $1.3 million and expense of $25.2 million for the thirteen and twenty-six weeks ended June 30, 2024, respectively. Comparably, the Company recorded income tax benefit for the thirteen and twenty-six weeks ended July 2, 2023 of $0.7 million and $3.3 million, respectively. The effective tax rates for the thirteen and twenty-six weeks ended June 30, 2024 were (5.4)% and 47.5%, respectively. Comparably, the effective tax rates for the thirteen and twenty-six weeks ended July 2, 2023 were 7.8% and 12.7%, respectively. The Company’s effective tax rates differ from the federal statutory rate of 21% primarily due to the impact of UBH, which is a partnership, is not taxed at the Company level, and is required to allocate some of its taxable results to the Continuing Members, as well as state taxes and the fair value impact of warrant liabilities. The Company’s effective tax rate for the thirteen and twenty-six weeks ended June 30, 2024 are 1.8% and 1.9%, respectively before consideration of any discrete items. During the thirteen and twenty-six weeks ended June 30, 2024, the effective tax rate was impacted by the sale of certain assets and brands to affiliates of Our Home™ and statutory state tax rate changes which resulted in a discrete tax (benefit) and expense of $(1.5) million and $25.1 million, respectively. The Company regularly evaluates valuation allowances established for deferred tax assets (“DTA's”) for which future realization is uncertain. The Company assessed the available positive and negative evidence to estimate whether future taxable income would be generated to permit use of the existing DTA's. As of June 30, 2024, a significant piece of objective negative evidence evaluated was the twelve-quarter cumulative loss before taxes. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. The Company determined that there is uncertainty regarding the utilization of certain DTA's such as the investment in UBH, federal operating losses subject to annual limitations due to “change in ownership” provisions, and state net operating losses where the Company does not expect to continue to have nexus. Therefore, a valuation allowance has been recorded against the DTA's for which it is more likely than not they will not be realized. The Company has DTA’s related to its investment in the partnership that are expected to be realized in the ordinary course of operations or generate future net operating losses for which a portion will have an indefinite carryforward period. Additionally, the Company has deferred tax liabilities (“DTL’s”) related to its investment in the partnership that will not reverse in the ordinary course of business and will only reverse when the partnership is sold or liquidated. The Company has no intention of disposing of or liquidating the partnership and therefore has not considered the indefinite lived DTL as a source of income to offset other DTA’s. In weighing positive and negative evidence, both objective and subjective, including its twelve-quarter cumulative loss, the Company has recorded a valuation allowance against its DTA’s related to net operating losses and deductible book/tax differences and recorded a DTL primarily related to the book over tax basis in the investment in the partnership that will not reverse in the ordinary course of business. The Company considered that an indefinite lived DTL may be considered as a source of taxable income for an indefinite lived DTA; however, given our indefinite lived DTL will only reverse upon sale or liquidation, the Company determined that it was more appropriate to record a valuation allowance against a portion of its DTA’s. The amount of DTA considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for growth. As of June 30, 2024, tax years 2020 through 2024 remain open and subject to examination by the Internal Revenue Service and the majority of the states where the Company has nexus, and tax years 2019 through 2024 remain open and subject to examination in selected states that have a four-year statute of limitations. Upon audit, tax authorities may challenge all or part of a tax position. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision for income taxes in the period in which a final determination is made. The Company did not maintain any unrecognized tax benefits as of June 30, 2024 and December 31, 2023. Tax receivable agreement liability Pursuant to an election under section 754 of the Internal Revenue Code, the Company obtained an increase in its share of the tax basis in the net assets of UBH when it was deemed to purchase UBH units from a third party then holding common and preferred interest of the Continuing Members and purchased UBH units from the Continuing Members per the Business Combination Agreement. The Continuing Members have the option to exchange UBH units along with the forfeiture of a corresponding number of Class V Common Stock of the Company for UBI common stock post-Business Combination. The Company intends to treat any such exchanges as direct purchases for U.S. federal income tax purposes, which is expected to further increase its share of the tax basis in the net assets of UBH. The increases in tax basis may reduce the amounts the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. Pursuant to the Business Combination Agreement, the Company entered into the Tax Receivable Agreement in connection with the Business Combination (the “Tax Receivable Agreement” or "TRA") , which provides for the payment by the Company of 85% of the amount of any tax benefits realized as a result of (i) increases in the share of the tax basis in the net assets of UBH resulting from the Business Combination and any future exchanges by the Continuing Members of UBH units for UBI common stock; (ii) tax basis increases attributable to payments made under the TRA; and (iii) tax amortization deductions attributable to the acquisition of Kennedy and the election to treat the transaction as an asset deal for tax purposes (the "TRA Payments"). The rights of each party under the TRA other than the Company are assignable, subject to certain restrictions. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors. As of June 30, 2024 and December 31, 2023, the Company had a liability of $24.3 million and $24.3 million, respectively, related to its projected obligations under the TRA, which is reflected as current and non-current accrued expenses in the Consolidated Balance Sheets.
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- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
INCOME (LOSS) PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
INCOME (LOSS) PER SHARE |
INCOME (LOSS) PER SHARE Basic income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the periods. Diluted income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding during the periods. The following table reconciles the numerators and denominators used in the computations of both basic and diluted income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except share data) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Numerator: | | | | | | | | | Net income (loss) attributable to common stockholders | | $ | 19,848 | | | $ | (4,124) | | | $ | 15,857 | | | $ | (13,251) | | Denominator: | | | | | | | | | Weighted average Class A Common Stock shares, basic | | 81,457,014 | | | 81,063,457 | | | 81,423,240 | | | 81,020,732 | | Dilutive securities included in diluted earnings per share calculation: | | | | | | | | | Warrants | | 2,600,077 | | | — | | | 2,574,638 | | | — | | RSUs | | 539,622 | | | — | | | 436,799 | | | — | | PSUs | | 305,818 | | | — | | | 285,102 | | | — | | Stock options | | 51,881 | | | — | | | 42,883 | | | — | | Total dilutive weighted average shares | | 84,954,412 | | | 81,063,457 | | | 84,762,662 | | | 81,020,732 | | Basic income (loss) per share | | $ | 0.24 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | | Diluted income (loss) per share | | $ | 0.23 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | | Class V Common Stock not subject to (income) loss per share calculation | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | | Net income (loss) attributable to noncontrolling interest | | $ | 5,599 | | | $ | (4,429) | | | $ | 11,986 | | | $ | (9,784) | |
The diluted income (loss) per share computation excludes the effect of certain warrants, restricted stock units ("RSUs"), performance stock units ("PSUs"), and stock options granted to directors and management which convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculation are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Warrants | | — | | | 2,376,961 | | | — | | | 2,288,240 | | RSUs | | — | | | 268,153 | | | — | | | 195,431 | | PSUs | | — | | | 125,634 | | | — | | | 114,863 | | Stock options | | — | | | 7,009 | | | — | | | 4,233 | |
Shares of the Company’s Class V Common Stock do not participate in income or losses of the Company and, therefore, are not participating securities. The PSUs and RSUs, were not considered participating securities despite the holders of these stock-based compensation awards being entitled to participate in dividends declared on Class A Common Stock, if and when declared, on a one-to-one per-share basis, because the dividends are only payable upon full vesting of the awards, and as such, the dividend is forfeitable. As of each of June 30, 2024 and December 31, 2023, the Continuing Members held all 59,349,000 shares of Class V Common Stock issued and outstanding and also held an equal number of common limited liability company units of UBH, which comprise the noncontrolling interest.
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS The Company performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation – The accompanying consolidated financial statements comprise the financial statements of Utz Brands, Inc. ("UBI" or the "Company") and its wholly owned subsidiaries. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). They do not include all information and notes required by U.S. GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s financial statements for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with the U.S. GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including our significant accounting policies, should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023.
|
Consolidation |
All intercompany transactions and balances have been eliminated in consolidation.
|
Prior Period Revision |
Prior Period Revision - Consolidated Statement of Cash Flows – For the twenty-six weeks ended June 30, 2024, the Company disclosed the borrowings of lines of credit and repayments of lines of credit as separate line items within the financing activities section of the Consolidated Statement of Cash Flows. The Company has corrected these line items for the twenty-six weeks ended July 2, 2023 for comparability purposes and deems the change to that period to be immaterial.
|
Revenue Recognition |
Revenue Recognition – The Company’s revenues primarily consist of the sale of salty snack items to customers, including supermarkets, mass merchants, club stores, dollar and discount stores, convenience stores, independent grocery stores, drug stores, food service, vending, military, and other channels. The Company sells its products in most regions of the United States primarily through its direct-store delivery ("DSD") network, direct to warehouse shipments, and third-party distributors. These revenue contracts generally have a single performance obligation. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs, some of which are recorded in Selling and distribution. Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Applicable shipping and handling are included in customer billing and are recorded as revenue as the products’ control is transferred to customers. The Company assesses the goods promised in customer purchase orders and identifies a performance obligation for each promise to transfer a good that is distinct. The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. The Company’s promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade customer or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards – In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on the Company's income tax disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Among other changes, the amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
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v3.24.2.u1
DIVESTITURES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of Net Assets and Liabilities |
The following table summarizes the net assets and liabilities included in the Good Health and R.W. Garcia Sale on February 5, 2024: | | | | | | | | | | | | | | | | | | | | | Property, plant, and equipment, net | | $ | 27,483 | | Goodwill | | 44,600 | | Intangible assets, net | | 44,327 | | | | | | | | | | | Net working capital adjustments | | 7,075 | | | | | | | | | | | Net assets sold | | $ | 123,485 | |
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v3.24.2.u1
INVENTORIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Finished goods | | $ | 67,707 | | | $ | 65,673 | | Raw materials | | 25,309 | | | 29,757 | | Maintenance parts | | 7,694 | | | 9,236 | | Total inventories | | $ | 100,710 | | | $ | 104,666 | |
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment, Net |
Property, plant and equipment, net, consisted of the following: | | | | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | | As of December 31, 2023 | Land | | $ | 25,861 | | | | $ | 28,561 | | Buildings | | 112,506 | | | | 123,603 | | Machinery and equipment | | 212,126 | | | | 248,886 | | Land improvements | | 2,651 | | | | 3,887 | | Building improvements | | 2,472 | | | | 5,163 | | Construction-in-progress | | 57,306 | | | | 35,533 | | | | 412,922 | | | | 445,633 | | Less: accumulated depreciation | | (112,872) | | | | (126,752) | | Property, plant and equipment, net | | $ | 300,050 | | | | $ | 318,881 | |
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v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
A rollforward of goodwill is as follows: | | | | | | | | | (in thousands) | | | December 31, 2023 | | $ | 915,295 | | Good Health and R.W. Garcia Sale, Note 2. Divestitures | | (44,600) | | Balance as of June 30, 2024 | | $ | 870,695 | |
|
Schedule of Indefinite-Lived Intangible Assets |
Intangible assets, net, consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Subject to amortization: | | | | | Distributor/customer relationships | | $ | 647,712 | | | $ | 677,930 | | Trademarks | | 59,920 | | | 63,850 | | Amortizable assets, gross | | 707,632 | | | 741,780 | | Accumulated amortization | | (133,842) | | | (120,405) | | Amortizable assets, net | | 573,790 | | | 621,375 | | Not subject to amortization: | | | | | Trade names | | 428,733 | | | 434,513 | | Route assets | | 9,924 | | | 7,525 | | Intangible assets, net | | $ | 1,012,447 | | | $ | 1,063,413 | |
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v3.24.2.u1
ACCRUED EXPENSES AND OTHER (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses and Other |
Current accrued expenses and other consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Accrued compensation and benefits | | $ | 14,294 | | | $ | 21,466 | | | | | | | Operating right of use liability | | 15,770 | | | 14,992 | | Insurance liabilities | | 6,111 | | | 6,811 | | Accrued freight and manufacturing related costs | | 2,758 | | | 4,424 | | Accrued dividends and distributions | | 10,020 | | | 7,972 | | Accrued interest | | 1,031 | | | 13,280 | | Deferred transition services and other fees (a) | | 11,364 | | | — | | Other accrued expenses | | 6,915 | | | 8,645 | | Total accrued expenses and other | | $ | 68,263 | | | $ | 77,590 | |
(a) See Note 2. Divestitures, for further discussion. Non-current accrued expenses and other consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Operating right of use liability | | $ | 42,715 | | | $ | 43,928 | | Tax Receivable Agreement liability | | 24,264 | | | 24,297 | | Supplemental retirement and salary continuation plans | | 6,864 | | | 6,559 | | Long-term portion of an interest rate hedge liability | | — | | | 1,936 | | Total accrued expenses and other | | $ | 73,843 | | | $ | 76,720 | |
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments |
Term debt and revolving credit facilities consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Debt (in thousands) | | | | Original Principal Balance | | Maturity Date | | As of June 30, 2024 | | As of December 31, 2023 | Term Loan B | | | | $ | 795,000 | | | January-28 | | $ | 630,335 | | | $ | 771,335 | | Real Estate Term Loan (1) | | | | $ | 88,140 | | | October-32 | | 60,923 | | | 80,184 | | Equipment loans (2) | | | | $ | 79,814 | | | | | 66,861 | | | 56,482 | | ABL facility (3) | | | | | | October-27 | | 45,177 | | | 368 | | Net impact of debt issuance costs and original issue discounts | | | | | | | | (5,723) | | | (8,772) | | Total long-term debt | | | | | | | | 797,573 | | | 899,597 | | Less: current portion | | | | | | | | (12,034) | | | (21,086) | | Long term portion of term debt and financing obligations | | | | | | | | $ | 785,539 | | | $ | 878,511 | |
(1) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan"). (2) Equipment loans have varying maturities from November 2024 to September 2028. (3) Asset-based revolving credit facility ("ABL facility").
|
Schedule of Amounts Outstanding Under Notes Payable |
Amounts outstanding under notes payable and capital leases consisted of the following: | | | | | | | | | | | | | | | (in thousands) | | As of June 30, 2024 | | As of December 31, 2023 | Note payable – IO notes | | $ | 13,768 | | | $ | 16,478 | Finance lease obligations | | 10,788 | | | 10,145 | Other | | 100 | | | 200 | Total notes payable | | 24,656 | | | 26,823 | Less: current portion | | (7,365) | | | (7,649) | Long term portion of notes payable | | $ | 17,291 | | | $ | 19,174 |
|
Schedule of Interest Expense |
Interest expense consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Company’s long-term debt | | $ | 9,191 | | | $ | 14,247 | | | $ | 20,973 | | | $ | 28,389 | | Amortization of deferred financing fees | | 749 | | | 446 | | | 2,509 | | | 451 | | IO loans | | 269 | | | 326 | | | 558 | | | 557 | | Total interest | | $ | 10,209 | | | $ | 15,019 | | | $ | 24,040 | | | $ | 29,397 | |
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Reconciliation of the Changes in the Warrant Liability |
A reconciliation of the changes in the warrant liability during the twenty-six weeks ended June 30, 2024 is as follows: | | | | | | | | | (in thousands) | | | Fair value of warrant liabilities as of December 31, 2023 | | $ | 43,272 | | Loss on remeasurement of warrant liability | | 11,808 | | Fair value of warrant liabilities as of March 31, 2024 | | $ | 55,080 | | Gain on remeasurement of warrant liability | | (12,888) | | Fair value of warrant liabilities as of June 30, 2024 | | $ | 42,192 | |
|
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 66,574 | | | $ | — | | | $ | — | | | $ | 66,574 | | Commodity contracts | | — | | | 122 | | | — | | | 122 | | Interest rate swaps | | — | | | 34,655 | | | — | | | 34,655 | | Total assets | | $ | 66,574 | | | $ | 34,777 | | | $ | — | | | $ | 101,351 | | Liabilities: | | | | | | | | | Commodity contracts | | $ | — | | | $ | 961 | | | $ | — | | | $ | 961 | | Private placement warrants | | — | | | 42,192 | | | — | | | 42,192 | | Debt | | — | | | 797,573 | | | — | | | 797,573 | | Total liabilities | | $ | — | | | $ | 840,726 | | | $ | — | | | $ | 840,726 | |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 52,023 | | | $ | — | | | $ | — | | | $ | 52,023 | | Commodity contracts | | — | | | 211 | | | — | | | 211 | | Interest rate swaps | | — | | | 33,332 | | | — | | | 33,332 | | Total assets | | $ | 52,023 | | | $ | 33,543 | | | $ | — | | | $ | 85,566 | | Liabilities: | | | | | | | | | Commodity contracts | | $ | — | | | $ | 2,094 | | | $ | — | | | $ | 2,094 | | Interest rate swaps | | — | | | 1,936 | | | — | | | 1,936 | | Private placement warrants | | — | | | 43,272 | | | — | | | 43,272 | | Debt | | — | | | 899,597 | | | — | | | 899,597 | | Total liabilities | | $ | — | | | $ | 946,899 | | | $ | — | | | $ | 946,899 | |
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v3.24.2.u1
SUPPLEMENTARY CASH FLOW INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
Schedule of Cash Flow, Supplemental |
| | | | | | | | | | | | | | | (in thousands) | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Cash paid for interest | | $ | 34,523 | | | $ | 28,613 | | Refunds related to income taxes | | $ | 154 | | | $ | 387 | | Payments for income taxes | | $ | 25,645 | | | $ | 2,564 | | Finance lease additions | | $ | 2,307 | | | $ | 1,194 | |
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v3.24.2.u1
INCOME (LOSS) PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
The following table reconciles the numerators and denominators used in the computations of both basic and diluted income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except share data) | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Numerator: | | | | | | | | | Net income (loss) attributable to common stockholders | | $ | 19,848 | | | $ | (4,124) | | | $ | 15,857 | | | $ | (13,251) | | Denominator: | | | | | | | | | Weighted average Class A Common Stock shares, basic | | 81,457,014 | | | 81,063,457 | | | 81,423,240 | | | 81,020,732 | | Dilutive securities included in diluted earnings per share calculation: | | | | | | | | | Warrants | | 2,600,077 | | | — | | | 2,574,638 | | | — | | RSUs | | 539,622 | | | — | | | 436,799 | | | — | | PSUs | | 305,818 | | | — | | | 285,102 | | | — | | Stock options | | 51,881 | | | — | | | 42,883 | | | — | | Total dilutive weighted average shares | | 84,954,412 | | | 81,063,457 | | | 84,762,662 | | | 81,020,732 | | Basic income (loss) per share | | $ | 0.24 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | | Diluted income (loss) per share | | $ | 0.23 | | | $ | (0.05) | | | $ | 0.19 | | | $ | (0.16) | | Class V Common Stock not subject to (income) loss per share calculation | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | | | 59,349,000 | | Net income (loss) attributable to noncontrolling interest | | $ | 5,599 | | | $ | (4,429) | | | $ | 11,986 | | | $ | (9,784) | |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The diluted income (loss) per share computation excludes the effect of certain warrants, restricted stock units ("RSUs"), performance stock units ("PSUs"), and stock options granted to directors and management which convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculation are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Thirteen weeks ended June 30, 2024 | | Thirteen weeks ended July 2, 2023 | | Twenty-six weeks ended June 30, 2024 | | Twenty-six weeks ended July 2, 2023 | Warrants | | — | | | 2,376,961 | | | — | | | 2,288,240 | | RSUs | | — | | | 268,153 | | | — | | | 195,431 | | PSUs | | — | | | 125,634 | | | — | | | 114,863 | | Stock options | | — | | | 7,009 | | | — | | | 4,233 | |
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v3.24.2.u1
DIVESTITURES - Additional Information (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
Apr. 22, 2024 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Feb. 05, 2024 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
Gain on sale of business |
|
$ 0
|
$ 0
|
$ 44,015
|
$ 0
|
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale |
|
|
|
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|
|
|
|
|
|
Sale consideration |
|
|
|
|
|
$ 167,500
|
Gain on sale of business |
|
|
|
$ 44,000
|
|
|
Advance for operating expense |
|
|
|
|
|
$ 18,700
|
Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities |
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
Sale consideration |
$ 18,500
|
|
|
|
|
|
Gain on sale of business |
$ 4,300
|
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v3.24.2.u1
DIVESTITURES - Schedule of Net Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Feb. 05, 2024 |
Dec. 31, 2023 |
Assets disposed: |
|
|
|
Goodwill |
$ 870,695
|
|
$ 915,295
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale |
|
|
|
Assets disposed: |
|
|
|
Property, plant, and equipment, net |
|
$ 27,483
|
|
Goodwill |
|
44,600
|
|
Intangible assets, net |
|
44,327
|
|
Net working capital adjustments |
|
7,075
|
|
Net assets sold |
|
$ 123,485
|
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v3.24.2.u1
INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 67,707
|
$ 65,673
|
Raw materials |
25,309
|
29,757
|
Maintenance parts |
7,694
|
9,236
|
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|
$ 104,666
|
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
$ 412,922
|
$ 445,633
|
Less: accumulated depreciation |
(112,872)
|
(126,752)
|
Property, plant and equipment, net |
300,050
|
318,881
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
25,861
|
28,561
|
Buildings |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
112,506
|
123,603
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
212,126
|
248,886
|
Land improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
2,651
|
3,887
|
Building improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
2,472
|
5,163
|
Construction-in-progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment |
$ 57,306
|
$ 35,533
|
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PROPERTY, PLANT AND EQUIPMENT, NET - Additional Information (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
Apr. 22, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jul. 02, 2023
USD ($)
employee
|
Jun. 30, 2024
USD ($)
|
Jul. 02, 2023
USD ($)
|
Feb. 05, 2024
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Depreciation expense |
|
$ 8,200
|
$ 10,600
|
$ 17,000
|
$ 20,900
|
|
Reduction in workforce | employee |
|
|
130
|
|
|
|
Impairment and other charges |
|
|
|
0
|
9,548
|
|
Gain on sale of business |
|
$ 0
|
$ 0
|
44,015
|
0
|
|
Birmingham Facility | Non Cash Expenses |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Impairment and other charges |
|
|
7,600
|
|
|
|
Birmingham Facility | Employee Severance |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Restructuring charges |
|
|
1,300
|
|
|
|
Birmingham Facility | Facility Closing |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Impairment loss |
|
|
1,900
|
|
$ 1,900
|
|
Birmingham Facility | Manufacturing Closure |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Restructuring charges |
|
|
$ 8,900
|
|
|
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
|
|
|
$ 27,483
|
Gain on sale of business |
|
|
|
44,000
|
|
|
Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Sale of productive assets |
$ 12,200
|
|
|
|
|
|
Gain on sale of business |
$ 4,300
|
|
|
|
|
|
Discontinued Operations, Disposed of by Sale | Birmingham Facility |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Sale of productive assets |
|
|
|
6,000
|
|
|
Discontinued Operations, Disposed of by Sale | Gramercy, LA Facility |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Sale of productive assets |
|
|
|
$ 1,800
|
|
|
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GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Amortizable assets, gross |
$ 707,632
|
$ 741,780
|
Accumulated amortization |
(133,842)
|
(120,405)
|
Amortizable assets, net |
573,790
|
621,375
|
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
|
|
Intangible assets, net |
1,012,447
|
1,063,413
|
Trade names |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Indefinite-lived intangible assets |
428,733
|
434,513
|
Route assets |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Indefinite-lived intangible assets |
9,924
|
7,525
|
Distributor/customer relationships |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amortizable assets, gross |
647,712
|
677,930
|
Trademarks |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amortizable assets, gross |
$ 59,920
|
$ 63,850
|
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GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Proceeds from sale of intangible assets |
|
|
|
$ 13,669
|
$ 12,446
|
Amortization of intangible assets |
$ 9,000
|
|
$ 9,400
|
$ 18,300
|
$ 18,800
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Trade names |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Purchase of indefinite life intangible asset |
$ 9,200
|
|
|
|
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Distributor/customer relationships |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Proceeds from sale of intangible assets |
|
$ 26,000
|
|
|
|
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Trademarks |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Proceeds from sale of intangible assets |
|
$ 18,300
|
|
|
|
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v3.24.2.u1
NOTES RECEIVABLE (Details) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
bank
|
Dec. 31, 2023
USD ($)
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Other notes receivable |
$ 4,581
|
$ 5,237
|
IO Notes Receivable | Notes Receivable |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Other notes receivable |
$ 14,500
|
$ 17,600
|
Number of banks | bank |
1
|
|
IO Notes Receivable | Minimum |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Interest rate |
4.50%
|
|
Term of agreement |
2 years
|
|
IO Notes Receivable | Maximum |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Interest rate |
10.55%
|
|
Term of agreement |
10 years
|
|
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ACCRUED EXPENSES AND OTHER - Current Accrued Expenses (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued compensation and benefits |
$ 14,294
|
$ 21,466
|
Operating right of use liability |
15,770
|
14,992
|
Insurance liabilities |
6,111
|
6,811
|
Accrued freight and manufacturing related costs |
2,758
|
4,424
|
Accrued dividends and distributions |
10,020
|
7,972
|
Accrued interest |
1,031
|
13,280
|
Deferred transaction services and other fees |
11,364
|
0
|
Other accrued expenses |
6,915
|
8,645
|
Total accrued expenses and other |
$ 68,263
|
$ 77,590
|
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Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Operating right of use liability |
$ 42,715
|
$ 43,928
|
Tax Receivable Agreement liability |
24,264
|
24,297
|
Supplemental retirement and salary continuation plans |
6,864
|
6,559
|
Long-term portion of an interest rate hedge liability |
0
|
1,936
|
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$ 73,843
|
$ 76,720
|
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands |
|
|
3 Months Ended |
6 Months Ended |
Apr. 17, 2024 |
Apr. 16, 2024 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
Loss on debt extinguishment |
|
|
$ 1,273
|
$ 0
|
$ 1,273
|
$ 0
|
Term Loan B | Secured Debt |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Original Principal Balance |
$ 630,000
|
|
795,000
|
|
795,000
|
|
Basis spread on variable rate |
2.75%
|
3.00%
|
|
|
|
|
Loss on debt extinguishment |
|
|
1,300
|
|
1,300
|
|
Term Loan B | Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repayments of long-term debt |
|
|
|
|
141,000
|
|
Real Estate Term Loan | Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repayments of long-term debt |
|
|
|
|
$ 8,500
|
|
Real Estate Term Loan | Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Repayments of long-term debt |
|
|
$ 9,200
|
|
|
|
ABL Facility | Minimum | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
1.50%
|
1.50%
|
|
|
|
|
ABL Facility | Maximum | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
2.00%
|
2.00%
|
|
|
|
|
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Apr. 17, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
Total long-term debt |
$ 797,573
|
|
$ 899,597
|
Net impact of debt issuance costs and original issue discounts |
(5,723)
|
|
(8,772)
|
Less: current portion |
(12,034)
|
|
(21,086)
|
Long term portion of term debt and financing obligations |
785,539
|
|
878,511
|
Real Estate Term Loan |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Original Principal Balance |
88,140
|
|
|
Real Estate Term Loan | Line of Credit |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total long-term debt |
60,923
|
|
80,184
|
ABL Facility | Line of Credit | Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total long-term debt |
45,177
|
|
368
|
Secured Debt | Term Loan B |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Original Principal Balance |
795,000
|
$ 630,000
|
|
Total long-term debt |
630,335
|
|
771,335
|
Equipment loans |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Original Principal Balance |
79,814
|
|
|
Total long-term debt |
$ 66,861
|
|
$ 56,482
|
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Amounts Outstanding Under Notes Payable (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Notes payable gross |
$ 797,573
|
$ 899,597
|
Finance lease obligations |
10,788
|
10,145
|
Note payable – IO notes |
|
|
Debt Instrument [Line Items] |
|
|
Notes payable gross |
13,768
|
16,478
|
Other |
|
|
Debt Instrument [Line Items] |
|
|
Notes payable gross |
100
|
200
|
Total notes payable |
|
|
Debt Instrument [Line Items] |
|
|
Total notes payable |
24,656
|
26,823
|
Less: current portion |
(7,365)
|
(7,649)
|
Long term portion of notes payable |
$ 17,291
|
$ 19,174
|
X |
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v3.24.2.u1
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Debt Disclosure [Abstract] |
|
|
|
|
Company’s long-term debt |
$ 9,191
|
$ 14,247
|
$ 20,973
|
$ 28,389
|
Amortization of deferred financing fees |
749
|
446
|
2,509
|
451
|
IO loans |
269
|
326
|
558
|
557
|
Total interest |
$ 10,209
|
$ 15,019
|
$ 24,040
|
$ 29,397
|
X |
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE - Additional Information (Details) - USD ($) $ in Millions |
|
3 Months Ended |
6 Months Ended |
|
Feb. 01, 2024 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Dec. 31, 2023 |
Derivative [Line Items] |
|
|
|
|
|
|
Purchase commitments |
|
$ 93.7
|
|
$ 93.7
|
|
$ 66.7
|
Purchase commitment gains (losses) |
|
$ 0.1
|
$ 2.4
|
$ 0.9
|
$ (0.3)
|
|
Private Placement Warrants |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Warrants outstanding (in shares) |
|
7,200,000
|
|
7,200,000
|
|
7,200,000
|
Cash Flow Hedging | Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Estimated future paydowns not probable of occurring |
|
|
|
$ 36.7
|
|
|
Accumulated other comprehensive income reclassified to earnings reflected as a decrease to interest expense |
$ 0.3
|
$ 0.3
|
|
0.7
|
|
|
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Notional amount |
$ 47.0
|
46.5
|
|
46.5
|
|
|
Interest rate swaps | Cash Flow Hedging | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Notional amount |
|
$ 36.3
|
|
$ 36.3
|
|
|
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE - Schedule of Reconciliation of the Changes in the Warrant Liability (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Reconciliation Of Changes In Warrant Liability [Roll Forward] |
|
|
|
|
|
Fair value of warrant liabilities, beginning balance |
$ 55,080
|
$ 43,272
|
|
$ 43,272
|
|
Loss (gain) on remeasurement of warrant liability |
(12,888)
|
11,808
|
$ (2,808)
|
(1,080)
|
$ (576)
|
Fair value of warrant liabilities, ending balance |
$ 42,192
|
$ 55,080
|
|
$ 42,192
|
|
X |
- DefinitionAmount of expense (income) related to adjustment to fair value of warrant liability.
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v3.24.2.u1
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Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
$ 66,574
|
$ 52,023
|
Total assets |
101,351
|
85,566
|
Debt |
797,573
|
899,597
|
Total liabilities |
840,726
|
946,899
|
Commodity contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Commodity contracts |
122
|
211
|
Derivative liabilities |
961
|
2,094
|
Interest rate swaps |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Interest rate swaps |
34,655
|
33,332
|
Derivative liabilities |
|
1,936
|
Private placement warrants |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
42,192
|
43,272
|
Level 1 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
66,574
|
52,023
|
Total assets |
66,574
|
52,023
|
Debt |
0
|
0
|
Total liabilities |
0
|
0
|
Level 1 | Commodity contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Commodity contracts |
0
|
0
|
Derivative liabilities |
0
|
0
|
Level 1 | Interest rate swaps |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Interest rate swaps |
0
|
0
|
Derivative liabilities |
|
0
|
Level 1 | Private placement warrants |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
0
|
0
|
Level 2 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
0
|
0
|
Total assets |
34,777
|
33,543
|
Debt |
797,573
|
899,597
|
Total liabilities |
840,726
|
946,899
|
Level 2 | Commodity contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Commodity contracts |
122
|
211
|
Derivative liabilities |
961
|
2,094
|
Level 2 | Interest rate swaps |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Interest rate swaps |
34,655
|
33,332
|
Derivative liabilities |
|
1,936
|
Level 2 | Private placement warrants |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
42,192
|
43,272
|
Level 3 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
0
|
0
|
Total assets |
0
|
0
|
Debt |
0
|
0
|
Total liabilities |
0
|
0
|
Level 3 | Commodity contracts |
|
|
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|
|
Commodity contracts |
0
|
0
|
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0
|
0
|
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|
|
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|
|
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0
|
0
|
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|
0
|
Level 3 | Private placement warrants |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
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$ 0
|
$ 0
|
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v3.24.2.u1
CONTINGENCIES (Details) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
bank
|
Dec. 31, 2023
USD ($)
|
Other Commitments [Line Items] |
|
|
Outstanding balance of guaranteed loans |
$ 797,573
|
$ 899,597
|
Bank Of America |
|
|
Other Commitments [Line Items] |
|
|
Maximum future payment of guaranteed loans |
25.00%
|
|
Cadence Bank |
|
|
Other Commitments [Line Items] |
|
|
Maximum future payment of guaranteed loans |
25.00%
|
|
Payment Guarantee |
|
|
Other Commitments [Line Items] |
|
|
Number of banks making guaranteed loans | bank |
2
|
|
Payment Guarantee | Bank Of America |
|
|
Other Commitments [Line Items] |
|
|
Loan guarantee, amount |
$ 59,100
|
52,800
|
Notes purchased |
12,300
|
14,800
|
Payment Guarantee | M&T Bank |
|
|
Other Commitments [Line Items] |
|
|
Loan guarantee, amount |
1,800
|
2,200
|
Outstanding balance of guaranteed loans |
$ 2,200
|
$ 2,900
|
X |
- DefinitionThe current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees.
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INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
|
Income tax (benefit) expense |
$ (1,309)
|
$ (725)
|
$ 25,236
|
$ (3,336)
|
|
Effective income tax rate |
(5.40%)
|
7.80%
|
47.50%
|
12.70%
|
|
Effective income tax rate, before discrete items |
1.80%
|
|
1.90%
|
|
|
Sale of assets, discrete tax expense |
$ (1,500)
|
|
$ (1,500)
|
|
|
Statutory state tax rate, amount |
25,100
|
|
25,100
|
|
|
TRA liabilty |
$ 24,264
|
|
$ 24,264
|
|
$ 24,297
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INCOME (LOSS) PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Numerator: |
|
|
|
|
Net income (loss) attributable to common stockholders |
$ 19,848
|
$ (4,124)
|
$ 15,857
|
$ (13,251)
|
Denominator: |
|
|
|
|
Weighted average Class A Common Stock shares, basic (in shares) |
81,457,014
|
81,063,457
|
81,423,240
|
81,020,732
|
Total dilutive weighted average shares (in shares) |
84,954,412
|
81,063,457
|
84,762,662
|
81,020,732
|
Basic income (loss) per share (in dollars per share) |
$ 0.24
|
$ (0.05)
|
$ 0.19
|
$ (0.16)
|
Diluted income (loss) per share (in dollars per share) |
$ 0.23
|
$ (0.05)
|
$ 0.19
|
$ (0.16)
|
Net income (loss) attributable to noncontrolling interest |
$ 5,599
|
$ (4,429)
|
$ 11,986
|
$ (9,784)
|
Warrants |
|
|
|
|
Denominator: |
|
|
|
|
Dilutive securities (in shares) |
2,600,077
|
0
|
2,574,638
|
0
|
RSUs |
|
|
|
|
Denominator: |
|
|
|
|
Dilutive securities (in shares) |
539,622
|
0
|
436,799
|
0
|
PSUs |
|
|
|
|
Denominator: |
|
|
|
|
Dilutive securities (in shares) |
305,818
|
0
|
285,102
|
0
|
Stock options |
|
|
|
|
Denominator: |
|
|
|
|
Dilutive securities (in shares) |
51,881
|
0
|
42,883
|
0
|
Class V Common Stock |
|
|
|
|
Denominator: |
|
|
|
|
Class V Common Stock not subject to (income) loss per share calculation (in shares) |
59,349,000
|
59,349,000
|
59,349,000
|
59,349,000
|
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INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jul. 02, 2023 |
Jun. 30, 2024 |
Jul. 02, 2023 |
Warrants |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from diluted earnings per share calculation (in shares) |
0
|
2,376,961
|
0
|
2,288,240
|
RSUs |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from diluted earnings per share calculation (in shares) |
0
|
268,153
|
0
|
195,431
|
PSUs |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from diluted earnings per share calculation (in shares) |
0
|
125,634
|
0
|
114,863
|
Stock options |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from diluted earnings per share calculation (in shares) |
0
|
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|
0
|
4,233
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|
6 Months Ended |
|
Jun. 30, 2024
shares
|
Dec. 31, 2023
shares
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Common stock, conversion ratio |
1
|
|
Common stock issued (in shares) |
59,349,000
|
59,349,000
|
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59,349,000
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59,349,000
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Utz Brands (NYSE:UTZ)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Utz Brands (NYSE:UTZ)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024