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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Utz Brands Inc | NYSE:UTZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.55% | 18.13 | 18.40 | 17.8692 | 18.00 | 1,229,797 | 01:00:00 |
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Successor
|
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Predecessor
|
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Successor
|
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Predecessor
|
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Thirteen
weeks ended April 4, 2021 |
| | |
Thirteen
weeks ended March 29, 2020 |
| |
From
August 29, 2020 through January 3, 2021 (as restated) |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||||||||
Net sales
|
| | | $ | 269,182 | | | | | | | 228,029 | | | | | $ | 325,648 | | | | | | $ | 638,662 | | | | | $ | 768,228 | | | | | $ | 772,035 | | |
Cost of goods sold
|
| | | | 173,941 | | | | | | | 148,015 | | | | | | 219,977 | | | | | | | 411,595 | | | | | | 514,430 | | | | | | 505,330 | | |
Gross profit
|
| | | | 95,241 | | | | | | | 80,014 | | | | | | 105,671 | | | | | | | 227,067 | | | | | | 253,798 | | | | | | 266,705 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling
|
| | | | 56,728 | | | | | | | 48,333 | | | | | | 63,616 | | | | | | | 131,579 | | | | | | 163,589 | | | | | | 183,374 | | |
Administrative
|
| | | | 29,933 | | | | | | | 19,940 | | | | | | 43,871 | | | | | | | 64,050 | | | | | | 64,723 | | | | | | 68,018 | | |
Total selling and administrative
expenses |
| | | | 86,661 | | | | | | | 68,273 | | | | | | 107,487 | | | | | | | 195,629 | | | | | | 228,312 | | | | | | 251,392 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment
|
| | | | 297 | | | | | | | 68 | | | | | | 109 | | | | | | | 79 | | | | | | 6,028 | | | | | | (2,312) | | |
Gain on sale of routes, net
|
| | | | 422 | | | | | | | 404 | | | | | | 749 | | | | | | | 1,264 | | | | | | 7,232 | | | | | | 6,382 | | |
Total gain on sale of assets
|
| | | | 719 | | | | | | | 472 | | | | | | 858 | | | | | | | 1,343 | | | | | | 13,260 | | | | | | 4,070 | | |
(Loss) income from operations
|
| | | | 9,299 | | | | | | | 12,213 | | | | | | (958) | | | | | | | 32,781 | | | | | | 38,746 | | | | | | 19,383 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,861) | | | | | | | (9,643) | | | | | | (13,301) | | | | | | | (26,659) | | | | | | (48,388) | | | | | | (45,715) | | |
Other income (expense)
|
| | | | 718 | | | | | | | 580 | | | | | | (2,058) | | | | | | | 1,271 | | | | | | (576) | | | | | | 607 | | |
Loss on remeasurement of warrant liabilities
|
| | | | (21,501) | | | | | | | — | | | | | | (91,851) | | | | | | | — | | | | | | — | | | | | | — | | |
Other (expense) income, net
|
| | | | (31,644) | | | | | | | (9,063) | | | | | | (107,210) | | | | | | | (25,388) | | | | | | (48,964) | | | | | | (45,108) | | |
(Loss) income before taxes
|
| | | | (22,345) | | | | | | | 3,150 | | | | | | (108,168) | | | | | | | 7,393 | | | | | | (10,218) | | | | | | (25,725) | | |
Income tax expense (benefit)
|
| | | | 1,004 | | | | | | | 1,458 | | | | | | (267) | | | | | | | 3,973 | | | | | | 3,146 | | | | | | 1,919 | | |
Net (loss) income
|
| | | | (23,349) | | | | | | | 1,692 | | | | | | (107,901) | | | | | | | 3,420 | | | | | | (13,364) | | | | | | (27,644) | | |
Net loss (income) attributable to noncontrolling interest
|
| | | | 820 | | | | | | | — | | | | | | 7,971 | | | | | | | — | | | | | | (2,808) | | | | | | (2,856) | | |
Net (loss) income attributable to controlling interest
|
| | | $ | (22,529) | | | | | | $ | 1.692 | | | | | $ | (99,930) | | | | | | $ | 3,420 | | | | | $ | (16,172) | | | | | $ | (30,500) | | |
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Successor
|
| | |
Predecessor
|
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Successor
|
| | |
Predecessor
|
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Thirteen
Weeks Ended April 4, 2021 |
| | |
Thirteen
Weeks Ended March 29, 2020 |
| |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||||||||
Net cash (used in) provided by operating activities
|
| | | $ | (13,183) | | | | | | $ | (2,773) | | | | | $ | (932) | | | | | | $ | 30,627 | | | | | $ | 27,992 | | | | | $ | 15,747 | | |
Net cash (used in) investing activities
|
| | | | (25,311) | | | | | | | (14,464) | | | | | | (681,882) | | | | | | | (21,516) | | | | | | (115,882) | | | | | | (2,169) | | |
Net cash provided by (used
in) financing activities |
| | | | (4,317) | | | | | | | 7,815 | | | | | | 241,973 | | | | | | | (10,451) | | | | | | 96,029 | | | | | | (16,366) | | |
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As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Total assets
|
| | | $ | 2,567,235 | | | | | $ | 2,584,164 | | |
Total liabilities
|
| | | | 1,090,032 | | | | | | 1,199,262 | | |
Total equity (deficit)
|
| | | | 1,477,203 | | | | | | 1,384,902 | | |
(amounts in thousands, except for share information)
|
| |
Utz Brands, Inc.
(Successor) as of 1/3/2021 (as restated) |
| |
Term Loan
Refinancing Transaction Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined Total |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | |||||
Current assets: | | | | | | | | | | | | | | | | | | | | | |||||
Cash and cash equivalents
|
| | | | 46,831 | | | | | | (11,135) | | | | | | (aaa) | | | | | | 35,696 | | |
Accounts receivable, net
|
| | | | 118,305 | | | | | | | | | | | | | | | | | | 118,305 | | |
Inventories
|
| | | | 59,810 | | | | | | | | | | | | | | | | | | 59,810 | | |
Prepaid and other assets
|
| | | | 11,573 | | | | | | | | | | | | | | | | | | 11,573 | | |
Current portion of notes receivable
|
| | | | 7,666 | | | | | | | | | | | | | | | | | | 7,666 | | |
Total current assets
|
| | | | 244,185 | | | | | | (11,135) | | | | | | | | | | | | 233,050 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | | 270,416 | | | | | | | | | | | | | | | | | | 270,416 | | |
Goodwill
|
| | | | 862,183 | | | | | | | | | | | | | | | | | | 862,183 | | |
Intangible assets, net
|
| | | | 1,171,709 | | | | | | | | | | | | | | | | | | 1,171,709 | | |
Non-current portion of notes receivable
|
| | | | 20,000 | | | | | | | | | | | | | | | | | | 20,000 | | |
Other assets
|
| | | | 15,671 | | | | | | | | | | | | | | | | | | 15,671 | | |
Total non-current assets
|
| | | | 2,339,979 | | | | | | | | | | | | | | | | | | 2,339,979 | | |
Total assets
|
| | | | 2,584,164 | | | | | | (11,135) | | | | | | | | | | | | 2,573,029 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of term debt
|
| | | | 469 | | | | | | 7,200 | | | | | | (ddd) | | | | | | 7,669 | | |
Current portion of other notes payable
|
| | | | 9,018 | | | | | | | | | | | | | | | | | | 9,018 | | |
Accounts payable
|
| | | | 57,254 | | | | | | | | | | | | | | | | | | 57,254 | | |
Accrued expenses and other
|
| | | | 80,788 | | | | | | | | | | | | | | | | | | 80,788 | | |
Current portion of warrant liability
|
| | | | 52,580 | | | | | | (52,580) | | | | | | (ccc) | | | | | | — | | |
Total current liabilities
|
| | | | 200,109 | | | | | | (45,380) | | | | | | | | | | | | 154,729 | | |
Long-term liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current portion of term debt
|
| | | | 778,000 | | | | | | (11,135) | | | | | | (aaa) | | | | | | 704,947 | | |
| | | | | | | | | | | 2,514 | | | | | | (bbb) | | | | | | | | |
| | | | | | | | | | | (57,232) | | | | | | (ccc) | | | | | | | | |
| | | | | | | | | | | (7,200) | | | | | | (ddd) | | | | | | | | |
Non-current portion of other notes payable
|
| | | | 24,564 | | | | | | | | | | | | | | | | | | 24,564 | | |
Non-current accrued expenses and other
|
| | | | 37,771 | | | | | | | | | | | | | | | | | | 37,771 | | |
Deferred tax liability
|
| | | | 73,786 | | | | | | | | | | | | | | | | | | 73,786 | | |
Non-current warrant liability
|
| | | | 85,032 | | | | | | | | | | | | | | | | | | 85,032 | | |
Total non-current liabilities
|
| | | | 999,153 | | | | | | (73,053) | | | | | | | | | | | | 926,100 | | |
Total liabilities
|
| | | | 1,199,262 | | | | | | (118,433) | | | | | | | | | | | | 1,080,829 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity (Deficit): | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Class A Common Stock (Successor), $0.0001 par value; 1,000,000,000 shares authorized; 71,094,714 shares issued and outstanding at January 3, 2021
|
| | | | 7 | | | | | | — | | | | | | (ccc) | | | | | | 7 | | |
Shares of Class V Common Stock (Successor), $0.0001 par value; 61,249,000 shares authorized; 60,349,000 shares issued and outstanding at January 3, 2021
|
| | | | 6 | | | | | | | | | | | | | | | | | | 6 | | |
Additional paid-in capital (Successor)
|
| | | | 793,461 | | | | | | 142,526 | | | | | | (ccc) | | | | | | 935,987 | | |
Accumulated deficit (Successor)
|
| | | | (241,490) | | | | | | (2,514) | | | | | | (bbb) | | | | | | (244,004) | | |
Accumulated other comprehensive income
|
| | | | 924 | | | | | | | | | | | | | | | | | | 924 | | |
Total stockholders’ equity
|
| | | | 552,908 | | | | | | 140,012 | | | | | | | | | | | | 692,920 | | |
Noncontrolling interest
|
| | | | 831,994 | | | | | | (32,714) | | | | | | (ccc) | | | | | | 799,280 | | |
Total equity
|
| | | | 1,384,902 | | | | | | 107,298 | | | | | | | | | | | | 1,492,200 | | |
Total liabilities and equity
|
| | | | 2,584,164 | | | | | | (11,135) | | | | | | | | | | | | 2,573,029 | | |
(amounts in thousands except for
share information) |
| |
Collier Creek
Holdings (Historical) From 1/1/2020 to 8/28/2020 |
| |
Utz Brands,
Inc. (Successor) for the period 8/29/2020 to 1/3/2021 (as restated) |
| | |
Utz Brands
Holdings, LLC (Predecessor) for the period 12/30/2019 to 8/28/2020 |
| |
Business
Combination Transaction Accounting Adjustments |
| | | | | | | |
Pro Forma
for the Business Combination Subtotal |
| |
Truco
Holdco Inc. for the period 1/1/2020 to 12/14/2020 |
| |
Truco
Transactions Accounting Adjustments |
| | | | | | | |
Term Loan
Refinancing Transaction Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined Total |
| |||||||||||||||||||||||||||
Net sales
|
| | | | — | | | | | | 325,648 | | | | | | | 638,662 | | | | | | | | | | | | | | | | | | 964,310 | | | | | | 189,919 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,154,229 | | |
Cost of goods sold
|
| | | | — | | | | | | 219,977 | | | | | | | 411,595 | | | | | | 5,453 | | | | | | (a) | | | | | | 637,025 | | | | | | 121,907 | | | | | | (8,607) | | | | | | (cc) | | | | | | — | | | | | | | | | | | | 750,325 | | |
Gross profit
|
| | | | — | | | | | | 105,671 | | | | | | | 227,067 | | | | | | (5,453) | | | | | | | | | | | | 327,285 | | | | | | 68,012 | | | | | | 8,607 | | | | | | | | | | | | — | | | | | | | | | | | | 403,904 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Selling
|
| | | | — | | | | | | 63,616 | | | | | | | 131,579 | | | | | | 62 | | | | | | (a) | | | | | | 195,257 | | | | | | 20,249 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | 215,506 | | |
Administrative
|
| | | | 13,526 | | | | | | 43,871 | | | | | | | 64,050 | | | | | | 9,878 | | | | | | (a) | | | | | | 141,552 | | | | | | 32,531 | | | | | | 8,937 | | | | | | (aa) | | | | | | — | | | | | | | | | | | | 177,902 | | |
| | | | | | | | | | | | | | | | | | | | | | | | 10,227 | | | | | | (f) | | | | | | | | | | | | | | | | | | (5,118) | | | | | | (ee) | | | | | | | | | | | | | | | | | | | | |
Total selling and administrative expenses
|
| | | | 13,526 | | | | | | 107,487 | | | | | | | 195,629 | | | | | | 20,167 | | | | | | | | | | | | 336,809 | | | | | | 52,780 | | | | | | 3,819 | | | | | | | | | | | | — | | | | | | | | | | | | 393,408 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Gain on disposal of property, plant and equipment
|
| | | | — | | | | | | 109 | | | | | | | 79 | | | | | | — | | | | | | | | | | | | 188 | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | 188 | | |
Gain on sale of routes, net
|
| | | | — | | | | | | 749 | | | | | | | 1,264 | | | | | | — | | | | | | | | | | | | 2,013 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,013 | | |
Total gain on sale of assets
|
| | | | — | | | | | | 858 | | | | | | | 1,343 | | | | | | — | | | | | | | | | | | | 2,201 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,201 | | |
(Loss) income from operations
|
| | | | (13,526) | | | | | | (958) | | | | | | | 32,781 | | | | | | (25,620) | | | | | | | | | | | | (7,323) | | | | | | 15,232 | | | | | | 4,788 | | | | | | | | | | | | — | | | | | | | | | | | | 12,697 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Interest income (expense)
|
| | | | 1,612 | | | | | | (13,301) | | | | | | | (26,659) | | | | | | (1,612) | | | | | | (b) | | | | | | (29,923) | | | | | | (5,033) | | | | | | 5,033 | | | | | | (bb) | | | | | | (9,930) | | | | | | (ff) | | | | | | (39,853) | | |
| | | | | | | | | | | | | | | | | | | | | | | | 10,037 | | | | | | (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other income (expense)
|
| | | | — | | | | | | (2,058) | | | | | | | 1,271 | | | | | | | | | | | | | | | | | | (787) | | | | | | 11 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (776) | | |
Loss on remeasurement of warrant liability
|
| | | | — | | | | | | (91,851) | | | | | | | — | | | | | | — | | | | | | | | | | | | (91,851) | | | | | | — | | | | | | — | | | | | | | | | | | | 17,547 | | | | | | (gg) | | | | | | (74,304) | | |
Other income (expense), net
|
| | | | 1,612 | | | | | | (107,210) | | | | | | | (25,388) | | | | | | 8,425 | | | | | | | | | | | | (122,561) | | | | | | (5,022) | | | | | | 5,033 | | | | | | | | | | | | 7,617 | | | | | | | | | | | | (114,933) | | |
(Loss) income before taxes
|
| | | | (11,914) | | | | | | (108,168) | | | | | | | 7,393 | | | | | | (17,195) | | | | | | | | | | | | (129,884) | | | | | | 10,210 | | | | | | 9,821 | | | | | | | | | | | | 7,617 | | | | | | | | | | | | (102,236) | | |
Income tax expense/ (benefit)
|
| | | | — | | | | | | (267) | | | | | | | 3,973 | | | | | | (2,438) | | | | | | (d) | | | | | | 1,268 | | | | | | 498 | | | | | | 2,542 | | | | | | (d) | | | | | | (1,438) | | | | | | (d) | | | | | | 2,870 | | |
Net (loss) income
|
| | | | (11,914) | | | | | | (107,901) | | | | | | | 3,420 | | | | | | (14,757) | | | | | | | | | | | | (131,152) | | | | | | 9,712 | | | | | | 7,279 | | | | | | | | | | | | 9,055 | | | | | | | | | | | | (105,106) | | |
Net loss (income) attributable to noncontrolling interest
|
| | | | — | | | | | | 7,971 | | | | | | | — | | | | | | 11,325 | | | | | | (e) | | | | | | 19,296 | | | | | | — | | | | | | (7,516) | | | | | | (e) | | | | | | 4,393 | | | | | | (e) | | | | | | 16,173 | | |
Net (loss) income attributable to controlling interest
|
| | | | (11,914) | | | | | | (99,930) | | | | | | | 3,420 | | | | | | (3,432) | | | | | | | | | | | | (111,856) | | | | | | 9,712 | | | | | | (237) | | | | | | | | | | | | 13,448 | | | | | | | | | | | | (88,933) | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap
|
| | | | — | | | | | | 924 | | | | | | | (7,463) | | | | | | — | | | | | | | | | | | | (6,539) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (6,539) | | |
Comprehensive (loss) income
|
| | | | (11,914) | | | | | | (99,006) | | | | | | | (4,043) | | | | | | (3,432) | | | | | | | | | | | | (118,395) | | | | | | 9,712 | | | | | | (237) | | | | | | | | | | | | 13,448 | | | | | | | | | | | | (95,472) | | |
Earnings per share (Note 4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding
of Class A ordinary shares/ Common Stock, basic and diluted |
| | | | 44,000,000 | | | | | | 61,085,943 | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 76,071,431 | | |
Basic and diluted earnings (loss) per
share, Class A |
| | | | 0.04 | | | | | | (1.64) | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.17) | | |
Weighted average shares outstanding
of Class B ordinary shares/ Common Stock, basic and diluted |
| | | | 11,875,000 | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Basic and diluted earnings per share,
Class B |
| | | | (1.14) | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Identifiable intangible assets
|
| |
Fair Value
(in thousands) |
| |
Useful Life
(in years) |
| |
Amortization
Expense for the period from December 30, 2019 to August 28, 2020 (in thousands) |
| |||||||||
Indefinite lived trade names
|
| | | $ | 355,500 | | | | | | Indefinite | | | | | | n/a | | |
Finite lived trade names
|
| | | | 56,000 | | | | | | 15 | | | | | | 2,489 | | |
Customer relationships
|
| | | | 443,500 | | | | | | 25 | | | | | | 11,827 | | |
Technology
|
| | | | 43 | | | | | | 5 | | | | | | 6 | | |
Master distribution rights
|
| | | | 2,221 | | | | | | 15 | | | | | | 99 | | |
Company owned routes
|
| | | | 13,886 | | | | | | Indefinite | | | | | | n/a | | |
Total
|
| | | $ | 871,150 | | | | | | | | | | | $ | 14,421 | | |
Less: Historical amortization expenses
|
| | | | | | | | | | | | | | | | 5,100 | | |
Pro forma adjustment
|
| | | | | | | | | | | | | | | $ | 9,321 | | |
For the year ended January 3, 2021 (in thousands)
|
| | | | | | |
Refinanced Term Loan principal
|
| | | $ | 720,000 | | |
Interest rate
|
| | | | 3.53% | | |
Interest expense of Refinanced Term Loan
|
| | | | 25,407 | | |
Additional interest for certain portion of refinanced term loan due to interest rate swap from variable-to-fixed
|
| | | | 2,026 | | |
Amortization of debt issuance costs and discount on Refinanced Term Loan
|
| | | | 1,195 | | |
Bridge Credit Agreement commitment fees and deferred financing costs
|
| | | | 2,514 | | |
Total
|
| | | | 31,142 | | |
Less: | | | | | | | |
Outstanding UBH First Lien Term Loan
|
| | | | 416,513 | | |
Interest rate
|
| | | | 4.84% | | |
Interest expense on UBH First Lien Term Loan
|
| | | | (20,155) | | |
Interest on Bridge Credit Agreement recognized in fiscal year 2020
|
| | | | (1,057) | | |
Pro forma adjustment to interest expense
|
| | | $ | 9,930 | | |
(in thousands)
|
| | | | | | |
Private Placement Warrants outstanding
|
| | | | 7,200 | | |
Fair value of Private Placement Warrants at December 30, 2019
|
| | | $ | 1.49 | | |
Fair value of Private Placement Warrants at January 3, 2021
|
| | | | 11.81 | | |
Expense due to the remeasurement of the warrant liability
|
| | | $ | (74,304) | | |
Less: expense recognized by UBI in Successor period for the remeasurement of the warrant liability
|
| | | | (91,851) | | |
Pro forma adjustment
|
| | | $ | 17,547 | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Non-GAAP
Combined |
| |||||||||
(in thousands)
|
| |
From
August 29, 2020 through January 3, 2021 (as restated) |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
For the
year ended January 3, 2021 (as restated) |
| |||||||||
Net sales
|
| | | $ | 325,648 | | | | | | $ | 638,662 | | | | | $ | 964,310 | | |
Cost of goods sold
|
| | | | 219,977 | | | | | | | 411,595 | | | | | | 631,572 | | |
Gross profit
|
| | | | 105,671 | | | | | | | 227,067 | | | | | | 332,738 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | |
Selling
|
| | | | 63,616 | | | | | | | 131,579 | | | | | | 195,195 | | |
Administrative
|
| | | | 43,871 | | | | | | | 64,050 | | | | | | 107,921 | | |
Total selling and administrative expenses
|
| | | | 107,487 | | | | | | | 195,629 | | | | | | 303,116 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment
|
| | | | 109 | | | | | | | 79 | | | | | | 188 | | |
Gain on sale of routes, net
|
| | | | 749 | | | | | | | 1,264 | | | | | | 2,013 | | |
Total gain on sale of assets
|
| | | | 858 | | | | | | | 1,343 | | | | | | 2,201 | | |
(Loss) income from operations
|
| | | | (958) | | | | | | | 32,781 | | | | | | 31,823 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (13,301) | | | | | | | (26,659) | | | | | | (39,960) | | |
Other (expense) income
|
| | | | (2,058) | | | | | | | 1,271 | | | | | | (787) | | |
Loss on remeasurement of warrant liabilities
|
| | | | (91,851) | | | | | | | — | | | | | | (91,851) | | |
Other (expense) income, net
|
| | | | (107,210) | | | | | | | (25,388) | | | | | | (132,598) | | |
(Loss) income before taxes
|
| | | | (108,168) | | | | | | | 7,393 | | | | | | (100,775) | | |
Income tax (benefit) expense
|
| | | | (267) | | | | | | | 3,973 | | | | | | 3,706 | | |
Net (loss) income
|
| | | | (107,901) | | | | | | | 3,420 | | | | | | (104,481) | | |
Net loss attributable to noncontrolling interest
|
| | | | 7,971 | | | | | | | — | | | | | | 7,971 | | |
Net (loss) income attributable to controlling interest
|
| | | $ | (99,930) | | | | | | $ | 3,420 | | | | | $ | (96,510) | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Non-GAAP
Combined |
| |
Predecessor
|
| ||||||||||||||||||
(in thousands)
|
| |
Thirteen
weeks ended April 4,2021 |
| | |
Thirteen
weeks ended March 29,2020 |
| |
For the
year ended January 3, 2021 (as restated) |
| |
For the
year ended December 29, 2019 |
| |
For the
year ended December 30, 2018 |
| |||||||||||||||
Net sales
|
| | | $ | 269,182 | | | | | | $ | 228,029 | | | | | $ | 964,310 | | | | | $ | 768,228 | | | | | $ | 772,035 | | |
Cost of goods sold
|
| | | | 173,941 | | | | | | | 148,015 | | | | | | 631,572 | | | | | | 514,430 | | | | | | 505,330 | | |
Gross profit
|
| | | | 95,241 | | | | | | | 80,014 | | | | | | 332,738 | | | | | | 253,798 | | | | | | 266,705 | | |
Selling and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling
|
| | | | 56,728 | | | | | | | 48,333 | | | | | | 195,195 | | | | | | 163,589 | | | | | | 183,374 | | |
Administrative
|
| | | | 29,933 | | | | | | | 19,940 | | | | | | 107,921 | | | | | | 64,723 | | | | | | 68,018 | | |
Total selling and administrative expenses
|
| | | | 86,661 | | | | | | | 68,273 | | | | | | 303,116 | | | | | | 228,312 | | | | | | 251,392 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment
|
| | | | 297 | | | | | | | 68 | | | | | | 188 | | | | | | 6,028 | | | | | | (2,312) | | |
Gain on sale of routes, net
|
| | | | 422 | | | | | | | 404 | | | | | | 2,013 | | | | | | 7,232 | | | | | | 6,382 | | |
Total gain on sale of assets
|
| | | | 719 | | | | | | | 472 | | | | | | 2,201 | | | | | | 13,260 | | | | | | 4,070 | | |
Income from operations
|
| | | | 9,299 | | | | | | | 12,213 | | | | | | 31,823 | | | | | | 38,746 | | | | | | 19,383 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,861) | | | | | | | (9,643) | | | | | | (39,960) | | | | | | (48,388) | | | | | | (45,715) | | |
Other (expense) income
|
| | | | 718 | | | | | | | 580 | | | | | | (787) | | | | | | (576) | | | | | | 607 | | |
Loss on remeasurement of warrant liabilities
|
| | | | (21,501) | | | | | | | — | | | | | | (91,851) | | | | | | — | | | | | | — | | |
Other (expense) income, net
|
| | | | (31,644) | | | | | | | (9,063) | | | | | | (132,598) | | | | | | (48,964) | | | | | | (45,108) | | |
Loss before taxes
|
| | | | (22,345) | | | | | | | 3,150 | | | | | | (100,775) | | | | | | (10,218) | | | | | | (25,725) | | |
Income tax expense
|
| | | | 1,004 | | | | | | | 1,458 | | | | | | 3,706 | | | | | | 3,146 | | | | | | 1,919 | | |
Net loss
|
| | | | (23,349) | | | | | | | 1,692 | | | | | | (104,481) | | | | | | (13,364) | | | | | | (27,644) | | |
Net loss (income) attributable
to noncontrolling interest |
| | | | 820 | | | | | | | — | | | | | | 7,971 | | | | | | (2,808) | | | | | | (2,856) | | |
Net (loss) income attributable
to controlling interest |
| | | $ | (22,529) | | | | | | $ | 1,692 | | | | | $ | (96,510) | | | | | $ | (16,172) | | | | | $ | (30,500) | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| |
Non-GAAP
Combined |
| |
Predecessor
|
| ||||||||||||||||||||||||
(dollars in millions)
|
| |
Thirteen
weeks ended April 4, 2021 |
| | |
Thirteen
weeks ended March 29, 2020 |
| |
From
August 29, 2020 through January 3, 2021 (as restated) |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
For the
year ended January 3, 2021 (as restated) |
| |
For the
year ended December 29, 2019 |
| |
For the
year ended December 30, 2018 |
| |||||||||||||||||||||
Net (loss) income
|
| | | $ | (23.3) | | | | | | $ | 1.7 | | | | | $ | (107.9) | | | | | | $ | 3.4 | | | | | $ | (104.5) | | | | | $ | (13.4) | | | | | $ | (27.6) | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax Expense
|
| | | | 1.0 | | | | | | | 1.5 | | | | | | | | | | | | | | | | | | | 3.7 | | | | | | 3.2 | | | | | | 1.9 | | |
Depreciation and Amortization
|
| | | | 19.4 | | | | | | | 8.9 | | | | | | | | | | | | | | | | | | | 50.5 | | | | | | 29.3 | | | | | | 30.4 | | |
Interest Expense, Net
|
| | | | 10.9 | | | | | | | 9.6 | | | | | | | | | | | | | | | | | | | 40.0 | | | | | | 48.3 | | | | | | 45.7 | | |
Interest Income (IO loans)(1)
|
| | | | (1.0) | | | | | | | (0.5) | | | | | | | | | | | | | | | | | | | (2.4) | | | | | | (3.4) | | | | | | (2.6) | | |
EBITDA | | | | | 7.0 | | | | | | | 21.2 | | | | | | | | | | | | | | | | | | | (12.7) | | | | | | 64.0 | | | | | | 47.8 | | |
Certain Non-Cash Adjustments(2)
|
| | | | 4.2 | | | | | | | 1.1 | | | | | | | | | | | | | | | | | | | 3.2 | | | | | | 9.4 | | | | | | 12.5 | | |
Acquisition and Integration(3)
|
| | | | 1.9 | | | | | | | 5.2 | | | | | | | | | | | | | | | | | | | 40.0 | | | | | | 3.3 | | | | | | 11.3 | | |
Business Transformation
Initiatives(4) |
| | | | 3.3 | | | | | | | 1.6 | | | | | | | | | | | | | | | | | | | 8.8 | | | | | | 5.1 | | | | | | 3.0 | | |
Financing-Related Costs(5)
|
| | | | — | | | | | | | 0.1 | | | | | | | | | | | | | | | | | | | 2.7 | | | | | | 4.7 | | | | | | 0.9 | | |
Loss on Remeasurement of Warrant Liability(6)
|
| | | | 21.5 | | | | | | | — | | | | | | | | | | | | | | | | | | | 91.9 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | | 37.9 | | | | | | | 29.2 | | | | | | | | | | | | | | | | | | | 133.9 | | | | | | 86.5 | | | | | | 75.5 | | |
Adjusted EBITDA as a % of Net Sales
|
| | | | 14.1% | | | | | | | 12.8% | | | | | | | | | | | | | | | | | | | 13.9% | | | | | | 11.3% | | | | | | 9.8% | | |
Adjustment to remove 53rd week
|
| | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | (3.1) | | | | | | — | | | | | | — | | |
Conagra DSD Snacks (Kennedy) Pre-Acquisition EBITDA(7)
|
| | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | — | | | | | | 9.9 | | | | | | — | | |
Kitchen Cooked Pre-Acquisition Adjusted EBITDA(7)
|
| | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | — | | | | | | 0.5 | | | | | | — | | |
HKA Pre-Acquisition Adjusted EBITDA(7)
|
| | | | — | | | | | | | 0.3 | | | | | | | | | | | | | | | | | | | 1.1 | | | | | | 1.6 | | | | | | — | | |
Vitner's Pre-Acquisition Adjusted EBITDA(7)
|
| | | | — | | | | | | | 0.4 | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Truco Pre-Acquisition Adjusted EBITDA(7)
|
| | | | — | | | | | | | 9.7 | | | | | | | | | | | | | | | | | | | 47.5 | | | | | | 31.1 | | | | | | — | | |
Further Adjusted EBITDA
|
| | | $ | 37.9 | | | | | | $ | 39.6 | | | | | | | | | | | | | | | | | | $ | 179.4 | | | | | $ | 129.6 | | | | | $ | 75.5 | | |
| | |
Successor
|
| |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Thirteen
weeks ended April 4, 2021 |
| |
Thirteen
weeks ended March 29, 2020 |
| |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
For the
year ended December 29, 2019 |
| |
For the
year ended December 30, 2018 |
| ||||||||||||||||||
Net cash (used in) provided by operating activities
|
| | | | (13,183) | | | | | $ | (2,773) | | | | | $ | (932) | | | | | | $ | 30,627 | | | | | $ | 27,992 | | | | | $ | 15,747 | | |
Net cash used in investing
activities |
| | | | (25,311) | | | | | | (14,464) | | | | | | (681,882) | | | | | | | (21,516) | | | | | | (115,882) | | | | | | (2,169) | | |
Net cash provided by (used in) financing activities
|
| | | | (4,317) | | | | | | 7,815 | | | | | | 241,973 | | | | | | | (10,451) | | | | | | 96,029 | | | | | | (16,366) | | |
Element of
Compensation |
| |
Objective
|
| |
Key Features
|
| |
% of Target Total Direct
Compensation |
|
| | | | | |
Adjusted EBITDA and Net Sales, as well as individual performance against pre-determined objectives
|
| | | |
Long-Term Incentive Awards | | | Motivate and reward executive contributions in achieving long-term objectives that align with the interests of our stockholders | | |
•
Variable pay component
•
Awards to senior management are issued as performance share units and stock options and have a multi-year vesting period
•
Option award value is fixed at grant, and ultimate value to the executive is based on stock performance
•
Awards in the form of performance share units have ultimate value based on our relative total shareholder return against our peer group
|
| |
30 – 50%
|
|
Severance | | | Provide temporary income following an executive’s involuntary termination of employment whether or not following a change in control of our Company | | |
•
Fixed pay component
•
Payments are formula-driven based on executive’s salary, bonus target and level in the organization
|
| | | |
| B&G Foods, Inc. | | | Lancaster Colony Corporation | |
| BellRing Brands, Inc. | | | Lassonde Industries Inc. | |
| Calavo Growers, Inc. | | | National Beverage Corp | |
| Flowers Foods, Inc. | | | Prestige Consumer Healthcare Inc. | |
| Hostess Brands, Inc. | | | The Hain Celestial Group, Inc. | |
| J & J Snack Foods Corp. | | | The Simply Good Foods Company | |
| John B. Sanfilippo & Sons, Inc. | | | Tootsie Roll Industries, Inc. | |
Named Executive Officer
|
| |
2020 Annual Base
Salary(1) |
| |
2021 Annual
Base Salary Merit Increase |
| |
2021 Additional
Annual Base Salary Adjustments |
| |
2021 Base Salary
|
| ||||||||||||
Dylan B. Lissette
|
| | | $ | 750,000 | | | | | | 0.0% | | | | | | N/A | | | | | $ | 750,000 | | |
Cary Devore
|
| | | | 500,000 | | | | | | 0.0% | | | | | | N/A | | | | | | 500,000 | | |
Mark Schreiber
|
| | | | 414,105 | | | | | | 1.5% | | | | | | N/A | | | | | | 418,246 | | |
| | |
Fiscal 2020 Goals
($ millions) |
| | | | | | | |||||||||||||||
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Fiscal 2020
Results ($ millions) |
| ||||||||||||
Adjusted EBITDA
|
| | | $ | 112.8 | | | | | $ | 119.0 | | | | | $ | 132.0 | | | | | $ | 133.9 | | |
| | |
(95% of Target)
|
| | | | | | | |
(111% of Target
|
| | | | | | | ||||||
Net Sales
|
| | | | 880.7 | | | | | | 906.7 | | | | | | 943.1 | | | | | | 964.3 | | |
| | |
(97% of Target)
|
| | | | | | | |
(104% of Target)
|
| | | | | | |
IPS Rating
|
| |
IPS
|
|
Significantly Exceeded Expectations(5)
|
| |
150 – 200%
|
|
Exceeded Expectations(4)
|
| |
120 – 150%
|
|
Met Expectations(3)
|
| |
80 – 120%
|
|
Below Expectations(2)
|
| |
50 – 80%
|
|
Unsatisfactory(1) | | |
0%
|
|
Named Executive Officer
|
| |
Base Salary
|
| |
Target %
|
| |
Adjusted
EBITDA Score |
| |
Net Sales
Score |
| |
IPS
|
| |
2020
Annual Bonus |
| ||||||||||||||||||
Dylan B. Lissette
|
| | | $ | 1,295,844(1) | | | | | | 100% | | | | | | 200% | | | | | | 200% | | | | | | 165% | | | | | $ | 2,500,979 | | |
Cary Devore
|
| | | | 500,000 | | | | | | 75% | | | | | | 200% | | | | | | 200% | | | | | | 185% | | | | | | 738,750 | | |
Mark Schreiber
|
| | | | 414,105 | | | | | | 60% | | | | | | 200% | | | | | | 200% | | | | | | 150% | | | | | | 472,080 | | |
Named Executive Officer
|
| |
Number of Shares of Class A
Common Stock Subject to Option |
| |||
Dylan B. Lissette
|
| | | | 149,204 | | |
Cary Devore
|
| | | | 37,301 | | |
Mark Schreiber
|
| | | | 30,893 | | |
| B&G Foods, Inc. | | | Lancaster Colony Corporation | |
| BellRing Brands, Inc. | | | Lassonde Industries Inc. | |
| Calavo Growers, Inc. | | | National Beverage Corp | |
| Flowers Foods, Inc. | | | Prestige Consumer Healthcare Inc. | |
| Hostess Brands, Inc. | | | The Hain Celestial Group, Inc. | |
| J & J Snack Foods Corp. | | | The Simply Good Foods Company | |
| John B. Sanfilippo & Sons, Inc. | | | Tootsie Roll Industries, Inc. | |
Named Executive Officer
|
| |
Number of Shares of Class A
Common Stock Subject to Performance Share Units at 50th Percentile Level of Performance |
| |||
Dylan B. Lissette
|
| | | | 49,735 | | |
Cary Devore
|
| | | | 12,434 | | |
Mark Schreiber
|
| | | | 10,298 | | |
Named Executive Officer
|
| |
Number of Shares of Class A
Common Stock Subject to 2020 LTIP RSUs from Conversion of Phantom Units Outstanding as of December 29, 2019 |
| |
Number of Shares of
Class A Common Stock Subject to 2020 LTIP RSUs from Conversion of Phantom Units Issued During Fiscal Year 2020 |
| |
Total
|
| |||||||||
Dylan B. Lissette
|
| | | | 119,454 | | | | | | ― | | | | | | 119,454 | | |
Cary Devore
|
| | | | 119,454 | | | | | | 14,557 | | | | | | 134,011 | | |
Mark Schreiber
|
| | | | 119,454 | | | | | | ― | | | | | | 119,454 | | |
| Chief Executive Officer | | | 6 times the CEO’s annual base salary | |
| Chairman | | | 6 times the annual Board retainer | |
| Non-employee Director | | | 5 times the annual Board retainer | |
Name and Principal Position
|
| |
Fiscal
Year |
| |
Salary
|
| |
Bonus(1)
|
| |
Stock
Awards(2) |
| |
Non-Equity
Incentive Plan Compensation(3) |
| |
All Other
Compensation(4) |
| |
Total
|
| |||||||||||||||||||||
Dylan B. Lissette | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Chief Executive Officer
|
| | | | 2020 | | | | | $ | 1,295,844(5) | | | | | $ | 365 | | | | | $ | 2,999,856 | | | | | $ | 2,383,056 | | | | | $ | 12,565 | | | | | $ | 6,691,686 | | |
| | | | | 2019 | | | | | $ | 1,512,469(5) | | | | | $ | 625,030 | | | | | $ | ― | | | | | $ | ― | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Executive Vice President, Chief Financial Officer
|
| | | | 2020 | | | | | $ | 501,923 | | | | | $ | 365 | | | | | $ | 1,528,959 | | | | | $ | 738,750 | | | | | $ | 11,400 | | | | | $ | 2,781,397 | | |
| | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 481,610 | | | | | $ | 843,955 | | | | | $ | ― | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Mark Schreiber | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Executive Vice President, Chief Customer Officer, Sales & Marketing
|
| | | | 2020 | | | | | $ | 421,597 | | | | | $ | 365 | | | | | $ | 1,193,247 | | | | | $ | 472,079 | | | | | $ | 14,323 | | | | | $ | 2,101,611 | | |
Name
|
| |
Contributions Under
Profit Sharing/401(K) Plan ($)(a) |
| |
Other ($)
|
| |
Total ($)
|
| |||||||||
Dylan B. Lissette
|
| | | $ | 15,292 | | | | | $ | 1,328(b) | | | | | $ | 16,620 | | |
Cary Devore
|
| | | | 11,400 | | | | | | ― | | | | | | 11,400 | | |
Mark Schreiber
|
| | | | 15,302 | | | | | | 4,059(c) | | | | | | 19,361 | | |
| Assumptions: | | | | | | | |
|
Time to liquidity event
|
| | | | 2 years | | |
|
Volatility
|
| |
35.00%
|
| |||
|
Risk-free rate
|
| |
1.60%
|
| |||
|
Dividend yield
|
| |
0.00%
|
| |||
|
Lack of marketability discount
|
| |
10.00%
|
|
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date for Options |
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Equity
Incentive Plan Awards: Number of securities underlying unexercised unearned options (#) |
| |
Option
exercise price ($/Share) |
| |
Option
Expiration Date |
| |
Number of
shares or units of stock that have not vested (#)(2) |
| |
Market
value of shares of units of stock that have not vested ($)(3) |
| |
Equity
incentive plan awards: Number of unearned shares, units or other rights that have not vested (#) |
| |
Equity
Incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($)(3) |
| ||||||||||||||||||||||||||||||
Dylan B. Lissette
|
| | | | 8/29/2020(1) | | | | | | — | | | | | | 149,204 | | | | | | — | | | | | $ | 16.34 | | | | | | 8/28/2030 | | | | | | 119,454 | | | | | $ | 2,635,155 | | | | | | 49,735 | | | | | $ | 1,097,154 | | |
Cary Devore
|
| | | | 8/29/2020(1) | | | | | | — | | | | | | 37,301 | | | | | | — | | | | | $ | 16.34 | | | | | | 8/28/2030 | | | | | | 134,011 | | | | | $ | 2,956,283 | | | | | | 12,434 | | | | | $ | 274,294 | | |
Mark Schreiber
|
| | | | 8/29/2020(1) | | | | | | — | | | | | | 30,893 | | | | | | — | | | | | $ | 16.34 | | | | | | 8/28/2030 | | | | | | 119,454 | | | | | $ | 2,635,155 | | | | | | 10,298 | | | | | $ | 227,174 | | |
Name
|
| |
Fees earned or paid
in cash ($) |
| |
Stock awards ($)(1)
|
| |
All other
compensation ($) |
| |
Total ($)
|
| ||||||||||||
Roger K. Deromedi
|
| | | $ | ― | | | | | $ | ― | | | | | $ | ― | | | | | $ | ― | | |
Michael W. Rice
|
| | | $ | 206,246(2) | | | | | $ | ― | | | | | $ | ― | | | | | $ | 206,246 | | |
John W. Altmeyer
|
| | | $ | 29,247 | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 115,247 | | |
Timothy P. Brown
|
| | | $ | 28,206(3) | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 114,206 | | |
Christina Choi
|
| | | $ | 25,806 | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 111,806 | | |
Antonio F. Fernandez
|
| | | $ | 25,806 | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 111,806 | | |
Jason K. Giordano
|
| | | $ | ― | | | | | $ | ― | | | | | $ | ― | | | | | $ | ― | | |
B. John Lindeman
|
| | | $ | 25,806 | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 111,806 | | |
Craig D. Steeneck
|
| | | $ | 39,570 | | | | | $ | 86,000 | | | | | $ | ― | | | | | $ | 125,570 | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Roger K. Deromedi | | |
67
|
| | Chairman; Director | |
Dylan B. Lissette | | |
49
|
| | Chief Executive Officer; Director | |
Michael W. Rice | | |
78
|
| | Director; Chairman Emeritus; Special Advisor | |
John W. Altmeyer | | |
62
|
| | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | |
58
|
| | Director | |
Christina Choi | | |
43
|
| | Director | |
Antonio F. Fernandez | | |
61
|
| | Director | |
Jason K. Giordano | | |
42
|
| | Director; Chair, Compensation Committee | |
B. John Lindeman | | |
51
|
| | Director | |
Craig D. Steeneck | | |
63
|
| | Director; Chair, Audit Committee | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Dylan B. Lissette | | |
49
|
| | Chief Executive Officer | |
Eric Aumen | | |
44
|
| | Vice President, Chief Accounting Officer | |
Cary Devore | | |
48
|
| | Executive Vice President, Chief Financial Officer | |
Ajay Kataria | | |
44
|
| | Executive Vice President, Finance & Accounting | |
Thomas Lawrence | | |
53
|
| | Executive Vice President, Chief Supply Chain Officer | |
Mark Schreiber | | |
57
|
| | Executive Vice President, Chief Customer Officer, Sales & Marketing | |
James Sponaugle | | |
44
|
| |
Senior Vice President, Human Resources & Personnel Development
|
|
Todd Staub | | |
55
|
| | Executive Vice President, Chief Administrative Officer | |
| | |
Beneficial Ownership
|
| |||||||||||||||||||||||||||
Name and Address of Beneficial Owner
|
| |
Class A
Common Stock |
| |
% of
Class |
| |
Class V
Common Stock(1) |
| |
% of
Class |
| |
% of
Total Voting Power(2) |
| |||||||||||||||
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
John Altmeyer
|
| | | | 20,703 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Timothy P. Brown
|
| | | | 15,703 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Christina Choi
|
| | | | 5,703 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Roger K. Deromedi(3)
|
| | | | 7,003,666 | | | | | | 8.87% | | | | | | — | | | | | | — | | | | | | 5.03% | | |
Antonio F. Fernandez
|
| | | | 184,036 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Jason K. Giordano(4)
|
| | | | 5,602,934 | | | | | | 7.14% | | | | | | — | | | | | | — | | | | | | 4.04% | | |
B. John Lindeman
|
| | | | 11,283 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Dylan B. Lissette(5)
|
| | | | 900,000 | | | | | | 1.18% | | | | | | — | | | | | | — | | | | | | * | | |
Michael W. Rice
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig D. Steeneck
|
| | | | 258,203 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Cary Devore
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark Schreiber
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Directors and Executive Officers as a Group (17 persons)(6)
|
| | | | 14,003,731 | | | | | | 17.32% | | | | | | — | | | | | | — | | | | | | 9.92% | | |
Greater than Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CC Collier Holdings, LLC(7)
|
| | | | 8,404,400 | | | | | | 10.59% | | | | | | — | | | | | | — | | | | | | 6.01% | | |
Morgan Stanley(8)
|
| | | | 4,284,777 | | | | | | 5.60% | | | | | | — | | | | | | — | | | | | | 3.13% | | |
T. Rowe Price Associates, Inc.(9)
|
| | | | 8,042,340 | | | | | | 10.51% | | | | | | — | | | | | | — | | | | | | 5.88% | | |
Neuberger Berman Group, LLC(10)
|
| | | | 4,891,714 | | | | | | 6.39% | | | | | | — | | | | | | — | | | | | | 3.57% | | |
Series R of UM Partners, LLC(11)
|
| | | | — | | | | | | — | | | | | | 9,052,350 | | | | | | 15.00% | | | | | | 6.61% | | |
Series U of UM Partners, LLC(11)
|
| | | | — | | | | | | — | | | | | | 51,296,650 | | | | | | 85.00% | | | | | | 37.48% | | |
The Vanguard Group(12)
|
| | | | 4,077,104 | | | | | | 5.33% | | | | | | — | | | | | | — | | | | | | 2.98% | | |
| | |
Beneficial Ownership
Before the Offering |
| |
Shares to be Sold in the
Offering |
| |
Beneficial
Ownership After the Offering |
| |||||||||||||||||||||||||||
Name of Selling Holder
|
| |
Number of
Shares |
| |
%(1)
|
| |
Number of
Shares |
| |
%(1)
|
| |
Number of
Shares |
| |
%(1)
|
| ||||||||||||||||||
Roger K. Deromedi(2)
|
| | | | 7,003,666 | | | | | | 8.9% | | | | | | 7,003,666 | | | | | | 8.9% | | | | | | — | | | | | | — | | |
Jason K. Giordano(3)
|
| | | | 5,602,934 | | | | | | 7.1% | | | | | | 5,602,934 | | | | | | 7.1% | | | | | | — | | | | | | — | | |
CC Collier Holdings, LLC(4)
|
| | | | 8,404,400 | | | | | | 10.6% | | | | | | 8,404,400 | | | | | | 10.6% | | | | | | | | | | | | | | |
Antonio Fernandez(5)
|
| | | | 184,036 | | | | | | * | | | | | | 178,333 | | | | | | * | | | | | | 5,703 | | | | | | * | | |
Matthew M. Mannelly(6)
|
| | | | 178,333 | | | | | | * | | | | | | 178,333 | | | | | | * | | | | | | — | | | | | | — | | |
Craig D. Steeneck(7)
|
| | | | 258,203 | | | | | | * | | | | | | 252,500 | | | | | | * | | | | | | 5,703 | | | | | | * | | |
William D. Toler(8)
|
| | | | 252,500 | | | | | | * | | | | | | 252,500 | | | | | | * | | | | | | — | | | | | | — | | |
Series U of UM Partners, LLC(9)
|
| | | | 51,296,650 | | | | | | 37.5% | | | | | | 51,296,650 | | | | | | 37.5% | | | | | | — | | | | | | — | | |
| | |
Beneficial Ownership
Before the Offering |
| |
Shares to be Sold in
the Offering |
| |
Beneficial
Ownership After the Offering |
| |||||||||||||||||||||||||||
Name of Selling Holder
|
| |
Number of
Warrants |
| |
%(1)
|
| |
Number of
Warrants |
| |
%(1)
|
| |
Number of
Warrants |
| |
%
|
| ||||||||||||||||||
Roger K. Deromedi(2)
|
| | | | 2,400,000 | | | | | | 33.3% | | | | | | 2,400,000 | | | | | | 33.3% | | | | | | — | | | | | | — | | |
Jason K. Giordano(3)
|
| | | | 1,920,000 | | | | | | 26.7% | | | | | | 1,920,000 | | | | | | 26.7% | | | | | | — | | | | | | — | | |
CC Collier Holdings, LLC(4)
|
| | | | 2,880,000 | | | | | | 40.0% | | | | | | 2,880,000 | | | | | | 40.0% | | | | | | — | | | | | | — | | |
| | |
F-Page
No. |
| |||
Audited Financial Statements of Utz Brands, Inc. and Subsidiaries: | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Financial Statements of Utz Brands, Inc. and Subsidiaries | | | | | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
Audited Financial Statements of Truco Holdco Inc. and Subsidiaries | | | | | | | |
| | | | F-71 | | | |
| | | | F-72 | | | |
| | | | F-73 | | | |
| | | | F-74 | | | |
| | | | F-75 | | | |
| | | | F-76 | | | |
Unaudited Financial Statements of Truco Holdco Inc. and Subsidiaries | | | | | | | |
| | | | F-89 | | | |
| | | | F-90 | | | |
| | | | F-91 | | | |
| | | | F-92 | | | |
| | | | F-93 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
| | |
(as restated)
|
| | | | | | | | |||
ASSETS | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 46,831 | | | | | | $ | 15,053 | | |
Accounts receivable, less allowance of $239 and $1,353, respectively
|
| | | | 118,305 | | | | | | | 106,816 | | |
Inventories
|
| | | | 59,810 | | | | | | | 50,894 | | |
Prepaid expenses and other assets
|
| | | | 11,573 | | | | | | | 4,563 | | |
Current portion of notes receivable
|
| | | | 7,666 | | | | | | | 6,754 | | |
Total current assets
|
| | | | 244,185 | | | | | | | 184,080 | | |
Non-current Assets | | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | | 270,416 | | | | | | | 171,717 | | |
Goodwill
|
| | | | 862,183 | | | | | | | 202,407 | | |
Intangible assets, net
|
| | | | 1,171,709 | | | | | | | 184,014 | | |
Non-current portion of notes receivable
|
| | | | 20,000 | | | | | | | 28,636 | | |
Other assets
|
| | | | 15,671 | | | | | | | 7,693 | | |
Total non-current assets
|
| | | | 2,339,979 | | | | | | | 594,467 | | |
Total assets
|
| | | $ | 2,584,164 | | | | | | $ | 778,547 | | |
LIABILITIES AND EQUITY (DEFICIT) | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | |
Current portion of term debt
|
| | | $ | 469 | | | | | | $ | 6,299 | | |
Current portion of other notes payable
|
| | | | 9,018 | | | | | | | 7,984 | | |
Accounts payable
|
| | | | 57,254 | | | | | | | 49,028 | | |
Accrued expenses and other
|
| | | | 80,788 | | | | | | | 44,206 | | |
Current portion of warrant liability
|
| | | | 52,580 | | | | | | | — | | |
Total current liabilities
|
| | | | 200,109 | | | | | | | 107,517 | | |
Non-current portion of term debt
|
| | | | 778,000 | | | | | | | 633,826 | | |
Non-current portion of other notes payable
|
| | | | 24,564 | | | | | | | 31,800 | | |
Non-current accrued expenses and other
|
| | | | 37,771 | | | | | | | 19,633 | | |
Non-current warrant liability
|
| | | | 85,032 | | | | | | | — | | |
Deferred tax liability
|
| | | | 73,786 | | | | | | | 19,123 | | |
Total non-current liabilities
|
| | | | 999,153 | | | | | | | 704,382 | | |
Total liabilities
|
| | | | 1,199,262 | | | | | | | 811,899 | | |
Commitments and contingencies | | | | | | | | | | | | | | |
Equity (Deficit) | | | | | | | | | | | | | | |
Members’ equity (deficit)
|
| | | | | | | | | | | (27,446) | | |
Shares of Class A Common Stock (Successor), $0.0001 par value; 1,000,000,000 shares authorized; 71,094,714 shares issued and outstanding at January 3, 2021
|
| | | | 7 | | | | | | | | | |
Shares of Class V Common Stock (Successor), $0.0001 par value; 61,249,000 shares
authorized; 60,349,000 issued and outstanding at January 3, 2021 |
| | | | 6 | | | | | | | | | |
Additional paid-in capital (Successor)
|
| | | | 793,461 | | | | | | | | | |
Accumulated deficit (Successor)
|
| | | | (241,490) | | | | | | | | | |
Accumulated other comprehensive income
|
| | | | 924 | | | | | | | 1,408 | | |
Total stockholders’ equity and members’ equity (deficit)
|
| | | | 552,908 | | | | | | | (26,038) | | |
Noncontrolling interest
|
| | | | 831,994 | | | | | | | (7,314) | | |
Total equity (deficit)
|
| | | | 1,384,902 | | | | | | | (33,352) | | |
Total liabilities and equity (deficit)
|
| | | $ | 2,584,164 | | | | | | $ | 778,547 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||
| | |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||
| | |
(as restated)
|
| | | | | | | | | | | | | | | | | | | | |||
Net sales
|
| | | $ | 325,648 | | | | | | $ | 638,662 | | | | | $ | 768,228 | | | | | $ | 772,035 | | |
Cost of goods sold
|
| | | | 219,977 | | | | | | | 411,595 | | | | | | 514,430 | | | | | | 505,330 | | |
Gross profit
|
| | | | 105,671 | | | | | | | 227,067 | | | | | | 253,798 | | | | | | 266,705 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling
|
| | | | 63,616 | | | | | | | 131,579 | | | | | | 163,589 | | | | | | 183,374 | | |
Administrative
|
| | | | 43,871 | | | | | | | 64,050 | | | | | | 64,723 | | | | | | 68,018 | | |
Total selling and administrative expenses
|
| | | | 107,487 | | | | | | | 195,629 | | | | | | 228,312 | | | | | | 251,392 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment
|
| | | | 109 | | | | | | | 79 | | | | | | 6,028 | | | | | | (2,312) | | |
Gain on sale of routes, net
|
| | | | 749 | | | | | | | 1,264 | | | | | | 7,232 | | | | | | 6,382 | | |
Total gain on sale of assets
|
| | | | 858 | | | | | | | 1,343 | | | | | | 13,260 | | | | | | 4,070 | | |
(Loss) income from operations
|
| | | | (958) | | | | | | | 32,781 | | | | | | 38,746 | | | | | | 19,383 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (13,301) | | | | | | | (26,659) | | | | | | (48,388) | | | | | | (45,715) | | |
Other (expense) income
|
| | | | (2,058) | | | | | | | 1,271 | | | | | | (576) | | | | | | 607 | | |
Loss on remeasurement of warrant liability
|
| | | | (91,851) | | | | | | | — | | | | | | — | | | | | | — | | |
Other (expense) income, net
|
| | | | (107,210) | | | | | | | (25,388) | | | | | | (48,964) | | | | | | (45,108) | | |
(Loss) income before taxes
|
| | | | (108,168) | | | | | | | 7,393 | | | | | | (10,218) | | | | | | (25,725) | | |
Income tax (benefit) expense
|
| | | | (267) | | | | | | | 3,973 | | | | | | 3,146 | | | | | | 1,919 | | |
Net (loss) income
|
| | | | (107,901) | | | | | | | 3,420 | | | | | | (13,364) | | | | | | (27,644) | | |
Net loss (income) attributable to noncontrolling interest
|
| | | | 7,971 | | | | | | | — | | | | | | (2,808) | | | | | | (2,856) | | |
Net (loss) income attributable to controlling interest
|
| | | $ | (99,930) | | | | | | $ | 3,420 | | | | | $ | (16,172) | | | | | $ | (30,500) | | |
Earnings per share of Class A Common Stock: (in dollars)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (1.64) | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares of Class A Common Stock
outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 61,085,943 | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of interest rate swap
|
| | | $ | 924 | | | | | | $ | (7,463) | | | | | $ | 1,408 | | | | | $ | — | | |
Comprehensive (loss) income
|
| | | $ | (99,006) | | | | | | $ | (4,043) | | | | | $ | (14,764) | | | | | $ | (30,500) | | |
Predecessor
|
| |
Members’
(Deficit) Equity |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Noncontrolling
Interest |
| |
Total
(Deficit) Equity |
| ||||||||||||
Balance at January 1, 2018
|
| | | $ | (79,310) | | | | | $ | — | | | | | $ | (12,251) | | | | | $ | (91,561) | | |
Net (loss) income
|
| | | | (30,500) | | | | | | — | | | | | | 2,856 | | | | | | (27,644) | | |
Distributions to members and noncontrolling interest
|
| | | | (10,161) | | | | | | — | | | | | | (1,950) | | | | | | (12,111) | | |
Balance at December 30, 2018
|
| | | | (119,971) | | | | | | — | | | | | | (11,345) | | | | | | (131,316) | | |
Net (loss) income
|
| | | | (16,172) | | | | | | — | | | | | | 2,808 | | | | | | (13,364) | | |
Other comprehensive income
|
| | | | — | | | | | | 1,408 | | | | | | — | | | | | | 1,408 | | |
Contributions from members and noncontrolling interest
|
| | | | 120,158 | | | | | | — | | | | | | 3,750 | | | | | | 123,908 | | |
Distributions to members and noncontrolling interest
|
| | | | (11,461) | | | | | | — | | | | | | (2,527) | | | | | | (13,988) | | |
Balance at December 29, 2019
|
| | | | (27,446) | | | | | | 1,408 | | | | | | (7,314) | | | | | | (33,352) | | |
Net income
|
| | | | 3,420 | | | | | | — | | | | | | — | | | | | | 3,420 | | |
Other comprehensive loss
|
| | | | — | | | | | | (7,463) | | | | | | — | | | | | | (7,463) | | |
Merger of noncontrolling interest
|
| | | | (7,314) | | | | | | — | | | | | | 7,314 | | | | | | — | | |
Distributions to members
|
| | | | (6,415) | | | | | | — | | | | | | — | | | | | | (6,415) | | |
Balance at August 28, 2020
|
| | | $ | (37,755) | | | | | $ | (6,055) | | | | | $ | — | | | | | $ | (43,810) | | |
| | |
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 |
| | | ||||||||||||||||||||||||||||||||||||||||
Successor
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at August 29,
2020 (as restated) |
| | | | 57,369,050 | | | | | $ | 6 | | | | | | 57,765,978 | | | | | $ | 6 | | | | | $ | 472,329 | | | | | $ | (134,331) | | | | | $ | — | | | | | $ | 338,010 | | | | | $ | 950,768 | | | | | $ | 1,288,778 | | | | | ||||
Conversion of Restricted Sponsor Shares
|
| | | | 2,000,000 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | ||
Conversion of Continuing Members’ Retained Restricted Units
|
| | | | | | | | | | — | | | | | | 3,483,022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | ||
Conversion of warrants
|
| | | | 10,825,664 | | | | | | 1 | | | | | | | | | | | | — | | | | | | 299,867 | | | | | | — | | | | | | — | | | | | | 299,868 | | | | | | (88,255) | | | | | | 211,613 | | | | | | | ||
Share-based
compensation |
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | 6,790 | | | | | | — | | | | | | — | | | | | | 6,790 | | | | | | — | | | | | | 6,790 | | | | | ||||
Exchange
|
| | | | 900,000 | | | | | | — | | | | | | (900,000) | | | | | | — | | | | | | 13,724 | | | | | | — | | | | | | — | | | | | | 13,724 | | | | | | (13,724) | | | | | | — | | | | | ||||
Tax impact arising from
exchanges and conversion of warrants, net of valuation allowance of $45,993 |
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | 751 | | | | | | — | | | | | | — | | | | | | 751 | | | | | | 741 | | | | | | 1,492 | | | | | | | | |
Net loss
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | (99,930) | | | | | | — | | | | | | (99,930) | | | | | | (7,971) | | | | | | (107,901) | | | | | | | | |
Other comprehensive income
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 924 | | | | | | 924 | | | | | | — | | | | | | 924 | | | | | | | | |
Dividends declared ($0.11 per share of Class A Common Stock)
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | (7,229) | | | | | | — | | | | | | (7,229) | | | | | | — | | | | | | (7,229) | | | | | | | | |
Distribution to noncontrolling interest
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,565) | | | | | | (9,565) | | | | | | | | |
Balance at January 3,
2021 (as restated) |
| | | | 71,094,714 | | | | | $ | 7 | | | | | | 60,349,000 | | | | | $ | 6 | | | | | $ | 793,461 | | | | | | (241,490) | | | | | $ | 924 | | | | | $ | 552,908 | | | | | $ | 831,994 | | | | | $ | 1,384,902 | | | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||
| | |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
For the year
ended December 29, 2019 |
| |
For the year
ended December 30, 2018 |
| ||||||||||||
| | |
(as restated)
|
| | | | | | | | | | | | | | | | | | | | |||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (107,901) | | | | | | $ | 3,420 | | | | | $ | (13,364) | | | | | $ | (27,644) | | |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment and other charges
|
| | | | — | | | | | | | — | | | | | | 3,880 | | | | | | 2,900 | | |
Depreciation and amortization
|
| | | | 20,688 | | | | | | | 24,055 | | | | | | 29,290 | | | | | | 30,358 | | |
Amortization of step-up of inventory
|
| | | | 5,795 | | | | | | | — | | | | | | — | | | | | | — | | |
(Gain) loss on disposal of property and equipment
|
| | | | (109) | | | | | | | (79) | | | | | | (6,028) | | | | | | 2,312 | | |
Gain on sale of routes
|
| | | | (749) | | | | | | | (1,264) | | | | | | (7,232) | | | | | | (6,382) | | |
Stock based compensation
|
| | | | 6,790 | | | | | | | — | | | | | | — | | | | | | — | | |
Loss on remeasurement of warrant liabilities
|
| | | | 91,851 | | | | | | | — | | | | | | — | | | | | | — | | |
Loss on debt extinguishment
|
| | | | 2,500 | | | | | | | — | | | | | | 4,336 | | | | | | — | | |
Deferred income taxes
|
| | | | (958) | | | | | | | 3,583 | | | | | | 1,949 | | | | | | 900 | | |
Deferred financing costs
|
| | | | (2,639) | | | | | | | 1,742 | | | | | | 955 | | | | | | 2,355 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 16,611 | | | | | | | (11,786) | | | | | | 11,542 | | | | | | (76) | | |
Inventories, net
|
| | | | 887 | | | | | | | (6,883) | | | | | | 3,476 | | | | | | 2,926 | | |
Prepaid expenses and other assets
|
| | | | (7,064) | | | | | | | (3,456) | | | | | | (1,993) | | | | | | 583 | | |
Accounts payable and accrued expenses and other
|
| | | | (26,634) | | | | | | | 21,295 | | | | | | 1,181 | | | | | | 7,515 | | |
Net cash (used in) provided by operating activities
|
| | | | (932) | | | | | | | 30,627 | | | | | | 27,992 | | | | | | 15,747 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of Utz Brands Holdings, LLC, net of cash
acquired |
| | | | (185,448) | | | | | | | — | | | | | | — | | | | | | — | | |
Acquisitions, net of cash acquired
|
| | | | (406,485) | | | | | | | (8,816) | | | | | | (137,845) | | | | | | — | | |
Purchases of property and equipment
|
| | | | (9,892) | | | | | | | (11,828) | | | | | | (19,996) | | | | | | (13,038) | | |
Purchases of intangibles
|
| | | | (79,013) | | | | | | | (650) | | | | | | — | | | | | | — | | |
Proceeds on sale of property and equipment
|
| | | | 1,344 | | | | | | | 615 | | | | | | 12,059 | | | | | | 4,740 | | |
Proceeds from sale of routes
|
| | | | 2,082 | | | | | | | 2,774 | | | | | | 3,008 | | | | | | 4,326 | | |
Proceeds on the sale of IO notes
|
| | | | — | | | | | | | — | | | | | | 33,204 | | | | | | — | | |
Notes receivable, net
|
| | | | (4,470) | | | | | | | (3,611) | | | | | | (6,312) | | | | | | 1,803 | | |
Net cash used in investing activities
|
| | | | (681,882) | | | | | | | (21,516) | | | | | | (115,882) | | | | | | (2,169) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings on term debt and notes payable
|
| | | | 370,000 | | | | | | | 2,650 | | | | | | 121,250 | | | | | | 1,356 | | |
Repayments on term debt and notes payable
|
| | | | (239,989) | | | | | | | (6,686) | | | | | | (135,141) | | | | | | (5,611) | | |
Contribution from member and noncontrolling interest
|
| | | | — | | | | | | | — | | | | | | 123,908 | | | | | | — | | |
Exercised warrants
|
| | | | 124,495 | | | | | | | — | | | | | | — | | | | | | — | | |
Dividends paid
|
| | | | (2,968) | | | | | | | — | | | | | | — | | | | | | — | | |
Distributions to members
|
| | | | — | | | | | | | (6,415) | | | | | | (11,461) | | | | | | (10,161) | | |
Distribution to noncontrolling interest
|
| | | | (9,565) | | | | | | | — | | | | | | (2,527) | | | | | | (1,950) | | |
Net cash provided by (used in) financing activities
|
| | | | 241,973 | | | | | | | (10,451) | | | | | | 96,029 | | | | | | (16,366) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (440,841) | | | | | | | (1,340) | | | | | | 8,139 | | | | | | (2,788) | | |
Cash and cash equivalents at beginning of period
|
| | | | 487,672 | | | | | | | 15,053 | | | | | | 6,914 | | | | | | 9,702 | | |
Cash and cash equivalents at end of period
|
| | | $ | 46,831 | | | | | | $ | 13,713 | | | | | $ | 15,053 | | | | | $ | 6,914 | | |
|
Operating Entities
|
| |
Holding Entities
|
|
| Utz Quality Foods, LLC | | | Utz Brands, Inc. | |
| UTZTRAN, LLC | | | Utz Brands Holdings, LLC | |
| Golden Flake Snack Foods, Inc. | | | GH Pop Holdings, LLC | |
| Inventure Foods, Inc. and its subsidiaries | | | Heron Holding Corporation | |
| Kennedy Endeavors, LLC | | | Truco Holdco, Inc. | |
| Good Health Natural Products, LLC | | | | |
| Condor Snack Foods, LLC | | | | |
| Snikiddy, LLC | | | | |
| Kitchen Cooked, Inc. | | | | |
| Truco Enterprises, LP | | | | |
| | |
Successor
|
| |||||||||||||||
| | |
As of January 3, 2021
|
| |||||||||||||||
(in thousands)
|
| |
As Reported
|
| |
Restated Impact
|
| |
As Restated
|
| |||||||||
Current portion of warrant liabilities
|
| | | $ | — | | | | | $ | 52,580 | | | | | $ | 52,580 | | |
Total current liabilities
|
| | | | 147,529 | | | | | | 52,580 | | | | | | 200,109 | | |
Non-current warrant liabilities
|
| | | | — | | | | | | 85,032 | | | | | | 85,032 | | |
Total non-current liabilities
|
| | | | 914,121 | | | | | | 85,032 | | | | | | 999,153 | | |
Total liabilities
|
| | | | 1,061,650 | | | | | | 137,612 | | | | | | 1,199,262 | | |
Additional paid-in capital
|
| | | | 623,729 | | | | | | 169,732 | | | | | | 793,461 | | |
Accumulated deficit
|
| | | | (22,401) | | | | | | (219,089) | | | | | | (241,490) | | |
Total stockholders’ equity
|
| | | | 602,265 | | | | | | (49,357) | | | | | | 552,908 | | |
Noncontrolling interest
|
| | | | 920,249 | | | | | | (88,255) | | | | | | 831,994 | | |
Total equity
|
| | | | 1,522,514 | | | | | | (137,612) | | | | | | 1,384,902 | | |
| | |
Successor
|
| |||||||||||||||
| | |
From August 29, 2020 through January 3, 2021
|
| |||||||||||||||
(in thousands, except share data)
|
| |
As Reported
|
| |
Restated Impact
|
| |
As Restated
|
| |||||||||
Loss on remeasurement of warrant liabilities
|
| | | $ | — | | | | | $ | (91,851) | | | | | $ | (91,851) | | |
Other (expense) income, net
|
| | | | (15,359) | | | | | | (91,851) | | | | | | (107,210) | | |
(Loss) income before taxes
|
| | | | (16,317) | | | | | | (91,851) | | | | | | (108,168) | | |
Net (loss) income
|
| | | | (16,050) | | | | | | (91,851) | | | | | | (107,901) | | |
Net loss (income) attributable to controlling interest
|
| | | | (8,079) | | | | | | (91,851) | | | | | | (99,930) | | |
Comprehensive (loss) income
|
| | | | (7,155) | | | | | | (91,851) | | | | | | (99,006) | | |
Earnings per share of Class A Common Stock – Basic and Diluted
(in dollars) |
| | | | (0.13) | | | | | | (1.51) | | | | | | (1.64) | | |
| | |
Fair Value
(In Thousands) |
| |
Useful Life
(In Years) |
| ||||||
Indefinite lived trade names
|
| | | $ | 355,500 | | | | | | Indefinite | | |
Finite lived trade names
|
| | | | 56,000 | | | | | | 15 | | |
Customer relationships
|
| | | | 443,500 | | | | | | 25 | | |
Technology
|
| | | | 43 | | | | | | 5 | | |
Master distribution rights
|
| | | | 2,221 | | | | | | 15 | | |
Company owned routes
|
| | | | 13,886 | | | | | | Indefinite | | |
Total
|
| | | $ | 871,150 | | | | | | | | |
(in thousands)
|
| | | | | | |
Customer relationships
|
| | | | 13,200 | | |
Favorable and unfavorable lease intangibles
|
| | | | (85) | | |
Total assets acquired:
|
| | | | 73,230 | | |
Liabilities assumed: | | | | | | | |
Accounts payable
|
| | | | 4,996 | | |
Accrued expenses and other
|
| | | | 1,644 | | |
Other non-current liabilities
|
| | | | 18 | | |
Total liabilities assumed:
|
| | | | 6,658 | | |
Net identifiable assets acquired
|
| | | | 66,572 | | |
Goodwill
|
| | | $ | 71,500 | | |
|
(in thousands)
|
| |
For the year ended
January 3, 2021 (unaudited) |
| |
For the year ended
December 29, 2019 (unaudited) |
| ||||||
| | |
(as restated)
|
| |
(as restated)
|
| ||||||
Pro forma net sales
|
| | | $ | 1,154,229 | | | | | $ | 1,014,223 | | |
Pro forma net loss
|
| | | | (203,491) | | | | | | (25,875) | | |
Pro forma net loss attributable to controlling interest
|
| | | | (197,849) | | | | | | (10,927) | | |
Pro forma net loss attributable to noncontrolling interest
|
| | | | (5,642) | | | | | | (14,948) | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Finished goods
|
| | | $ | 28,935 | | | | | | $ | 24,447 | | |
Raw materials
|
| | | | 25,150 | | | | | | | 22,122 | | |
Maintenance parts
|
| | | | 5,746 | | | | | | | 4,575 | | |
| | | | | 59,831 | | | | | | | 51,144 | | |
Less: inventory reserve
|
| | | | (21) | | | | | | | (250) | | |
Total inventories
|
| | | $ | 59,810 | | | | | | $ | 50,894 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Land
|
| | | $ | 22,750 | | | | | | $ | 14,970 | | |
Buildings
|
| | | | 83,780 | | | | | | | 104,736 | | |
Machinery and equipment
|
| | | | 157,513 | | | | | | | 297,666 | | |
Land improvements
|
| | | | 2,228 | | | | | | | 1,174 | | |
Building improvements
|
| | | | 1,047 | | | | | | | 3,561 | | |
Construction-in-progress
|
| | | | 15,518 | | | | | | | 7,341 | | |
| | | | | 282,836 | | | | | | | 429,448 | | |
Less: accumulated depreciation
|
| | | | (12,420) | | | | | | | (257,731) | | |
Property, plant and equipment, net
|
| | | $ | 270,416 | | | | | | $ | 171,717 | | |
(in thousands)
|
| | | | | | |
Balance as of Balance as of December 30, 2018
|
| | | $ | 130,907 | | |
Acquisition of Kennedy
|
| | | | 71,500 | | |
Balance as of December 29, 2019
|
| | | | 202,407 | | |
Acquisition of Kitchen Cooked
|
| | | | 4,060 | | |
Kennedy acquisition adjustment
|
| | | | 989 | | |
August 28, 2020
|
| | | $ | 207,456 | | |
(in thousands)
|
| | | | | | |
Balance as of August 29, 2020
|
| | | $ | 644,956 | | |
Acquisition of H.K. Anderson
|
| | | | 3,540 | | |
Acquisition of Truco
|
| | | | 213,687 | | |
January 3, 2021
|
| | | $ | 862,183 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Subject to amortization: | | | | | | | | | | | | | | |
Distributor/customer relationships
|
| | | $ | 671,150 | | | | | | $ | 107,100 | | |
Technology
|
| | | | 43 | | | | | | | 1,250 | | |
Trademarks
|
| | | | 57,810 | | | | | | | 22,610 | | |
Master distribution rights
|
| | | | 2,221 | | | | | | | — | | |
Unfavorable lease
|
| | | | — | | | | | | | (85) | | |
Amortizable assets, gross
|
| | | | 731,224 | | | | | | | 130,875 | | |
Accumulated amortization
|
| | | | (8,268) | | | | | | | (20,425) | | |
Amortizable assets, net
|
| | | | 722,956 | | | | | | | 110,450 | | |
Not subject to amortization | | | | | | | | | | | | | | |
Trade names
|
| | | | 434,513 | | | | | | | 66,580 | | |
Master distribution rights
|
| | | | — | | | | | | | 4,677 | | |
IO routes
|
| | | | 14,240 | | | | | | | 2,307 | | |
Intangible assets, net
|
| | | $ | 1,171,709 | | | | | | $ | 184,014 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Accrued compensation and benefits
|
| | | $ | 36,968 | | | | | | $ | 14,198 | | |
Insurance liabilities
|
| | | | 8,100 | | | | | | | 7,880 | | |
Accrued freight and manufacturing related costs
|
| | | | 6,972 | | | | | | | 4,930 | | |
Truco acquisition tax consideration(1)
|
| | | | 4,468 | | | | | | | — | | |
Accrued dividends
|
| | | | 4,261 | | | | | | | — | | |
Short term interest rate hedge liability
|
| | | | 3,048 | | | | | | | — | | |
Accrued sales tax
|
| | | | 1,300 | | | | | | | 1,300 | | |
Accrued interest
|
| | | | 1,220 | | | | | | | 4,184 | | |
Other accrued expenses
|
| | | | 14,451 | | | | | | | 11,714 | | |
Total accrued expenses and other
|
| | | $ | 80,788 | | | | | | $ | 44,206 | | |
(in thousands)
|
| | | | | | |
2021
|
| | | $ | 469 | | |
2022
|
| | | | 242 | | |
2023
|
| | | | 204 | | |
2024
|
| | | | 410,193 | | |
2025
|
| | | | 370,000 | | |
Thereafter
|
| | | | — | | |
Total
|
| | | $ | 781,108 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Note payable — IO notes
|
| | | $ | 23,106 | | | | | | $ | 33,700 | | |
Capital lease
|
| | | | 8,967 | | | | | | | 6,055 | | |
Other
|
| | | | 1,509 | | | | | | | 29 | | |
Total notes payable
|
| | | | 33,582 | | | | | | | 39,784 | | |
Less: current portion
|
| | | | (9,018) | | | | | | | (7,984) | | |
Long term portion of notes payable
|
| | | $ | 24,564 | | | | | | $ | 31,800 | | |
(in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 46,831 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,831 | | |
Total assets
|
| | | $ | 46,831 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,831 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts
|
| | | $ | — | | | | | $ | 248 | | | | | $ | — | | | | | $ | 248 | | |
Interest rate swaps
|
| | | | — | | | | | | 5,163 | | | | | | — | | | | | | 5,163 | | |
Public warrants
|
| | | | 52,580 | | | | | | — | | | | | | — | | | | | | 52,580 | | |
Private placement warrants
|
| | | | — | | | | | | 85,032 | | | | | | — | | | | | | 85,032 | | |
Debt
|
| | | | — | | | | | | 778,469 | | | | | | — | | | | | | 778,469 | | |
Total liabilities
|
| | | $ | 52,580 | | | | | $ | 868,912 | | | | | $ | — | | | | | $ | 921,492 | | |
(in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps
|
| | | | — | | | | | | 1,486 | | | | | | — | | | | | | 1,486 | | |
Total assets
|
| | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts
|
| | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt
|
| | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities
|
| | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands)
|
| |
Gains/(Losses) on
Cash Flow Hedges |
| |||
Balance as of December 30, 2018
|
| | | $ | — | | |
Unrealized gain on cash flow hedges
|
| | | | 1,408 | | |
Balance as of December 29, 2019
|
| | | | 1,408 | | |
Unrealized loss on cash flow hedges
|
| | | | (7,463) | | |
Balance as of August 28, 2020
|
| | | $ | (6,055) | | |
(in thousands)
|
| |
Gain on
Cash Flow Hedges |
| |||
Balance as of August 29, 2020
|
| | | $ | — | | |
Unrealized gain on cash flow hedges
|
| | | | 924 | | |
Balance as of January 3, 2021
|
| | | $ | 924 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||
(in thousands)
|
| |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||
Current: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | | $ | — | | | | | $ | 140 | | | | | $ | (142) | | |
State
|
| | | | (219) | | | | | | | 1,301 | | | | | | 1,057 | | | | | | 1,161 | | |
Total current
|
| | | | (219) | | | | | | | 1,301 | | | | | | 1,197 | | | | | | 1,019 | | |
Deferred: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | (528) | | | | | | | 3,197 | | | | | | 1,650 | | | | | | 412 | | |
State
|
| | | | 480 | | | | | | | (525) | | | | | | 299 | | | | | | 488 | | |
Total deferred
|
| | | | (48) | | | | | | | 2,672 | | | | | | 1,949 | | | | | | 900 | | |
Total
|
| | | $ | (267) | | | | | | $ | 3,973 | | | | | $ | 3,146 | | | | | $ | 1,919 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||
(in thousands)
|
| |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||
Federal statutory rate (21%)
|
| | | $ | (22,715) | | | | | | $ | 1,552 | | | | | $ | (2,146) | | | | | $ | (5,402) | | |
State income taxes, net of federal benefit
|
| | | | 393 | | | | | | | 641 | | | | | | 1,755 | | | | | | 1,045 | | |
Pre-transaction loss of Utz Brands Holdings, LLC
|
| | | | — | | | | | | | 1,752 | | | | | | 4,204 | | | | | | 5,650 | | |
Investment in Utz Brands Holdings, LLC
|
| | | | (23,844) | | | | | | | — | | | | | | — | | | | | | — | | |
Noncontrolling interest in Utz Brands Holdings, LLC
|
| | | | 1,497 | | | | | | | — | | | | | | — | | | | | | — | | |
Valuation allowance
|
| | | | 25,121 | | | | | | | — | | | | | | (683) | | | | | | 257 | | |
Remeasurements of warrant liability
|
| | | | 19,288 | | | | | | | — | | | | | | — | | | | | | — | | |
Nondeductible expenses
|
| | | | — | | | | | | | 8 | | | | | | 6 | | | | | | 11 | | |
Other
|
| | | | (7) | | | | | | | 20 | | | | | | 10 | | | | | | 358 | | |
| | | | $ | (267) | | | | | | $ | 3,973 | | | | | $ | 3,146 | | | | | $ | 1,919 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of January 3,
2021 |
| | |
As of December 29,
2019 |
| ||||||
Deferred Tax Assets: | | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 279 | | | | | | $ | 171 | | |
Pension, retirement and other benefits
|
| | | | 532 | | | | | | | 548 | | |
Inventories, including uniform capitalization
|
| | | | 201 | | | | | | | 19 | | |
Investment in Utz Brands Holdings, LLC
|
| | | | 50,371 | | | | | | | — | | |
Acquisition costs
|
| | | | 985 | | | | | | | — | | |
Net operating losses
|
| | | | 18,887 | | | | | | | 18,915 | | |
Credits
|
| | | | 108 | | | | | | | 105 | | |
Charitable contributions
|
| | | | — | | | | | | | 101 | | |
Other deferred tax assets
|
| | | | 509 | | | | | | | — | | |
Total gross deferred tax assets
|
| | | | 71,872 | | | | | | | 19,859 | | |
Valuation allowance
|
| | | | (57,177) | | | | | | | (1,563) | | |
Net deferred tax assets
|
| | | | 14,695 | | | | | | | 18,296 | | |
Deferred Tax Liabilities: | | | | | | | | | | | | | | |
Plant and equipment, accelerated depreciation
|
| | | | (12,560) | | | | | | | (11,117) | | |
Intangibles
|
| | | | (75,681) | | | | | | | (26,301) | | |
Other deferred tax liabilities
|
| | | | (240) | | | | | | | (1) | | |
Total deferred tax liabilities
|
| | | | (88,481) | | | | | | | (37,419) | | |
Net deferred tax liabilities
|
| | | $ | (73,786) | | | | | | $ | (19,123) | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
(in thousands)
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| ||||||
Leases
|
| | | $ | 9,335 | | | | | | $ | 9,200 | | |
Less: accumulated depreciation
|
| | | | 526 | | | | | | | 1,600 | | |
Leases, net
|
| | | $ | 8,809 | | | | | | $ | 7,600 | | |
(in thousands)
|
| | | | | | |
2021
|
| | | $ | 10,106 | | |
2022
|
| | | | 8,674 | | |
2023
|
| | | | 6,756 | | |
2024
|
| | | | 5,325 | | |
2025
|
| | | | 3,880 | | |
Thereafter
|
| | | | 2,928 | | |
Total
|
| | | $ | 37,669 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||
Customer
|
| |
From
August 29, 2020 through January 3, 2021 |
| | |
From
December 30, 2019 through August 28, 2020 |
| |
Year Ended
December 29, 2019 |
| |
Year Ended
December 30, 2018 |
| ||||||||||||
Customer A
|
| | | | 11% | | | | | | | 12% | | | | | | 9% | | | | | | 9% | | |
Customer B
|
| | | | 4 | | | | | | | 5 | | | | | | 2 | | | | | | 2 | | |
Customer C
|
| | | | 5 | | | | | | | 4 | | | | | | 5 | | | | | | 7 | | |
Total net sales concentrations
|
| | | | 20% | | | | | | | 21% | | | | | | 16% | | | | | | 18% | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
Customer
|
| |
As of
January 3, 2021 |
| | |
As of
December 29, 2019 |
| |
As of
December 30, 2018 |
| |||||||||
Customer A
|
| | | | 11% | | | | | | | 14% | | | | | | 14% | | |
Customer B
|
| | | | 4 | | | | | | | 3 | | | | | | 3 | | |
Customer C
|
| | | | 5 | | | | | | | 5 | | | | | | 4 | | |
Total accounts receivable concentrations:
|
| | | | 20% | | | | | | | 22% | | | | | | 21% | | |
| | |
Successor
|
| |||
(in thousands, except share data)
|
| |
From August 29, 2020
through January 3, 2021 |
| |||
| | |
(as restated)
|
| |||
Basic and diluted earnings per share: | | | | | | | |
Numerator: | | | | | | | |
Net loss attributable to controlling interest
|
| | | $ | (99,930) | | |
Dividends related to participating share-based compensation awards
|
| | | | (110) | | |
Net loss attributable to common stockholders
|
| | | $ | (100,040) | | |
Denominator: | | | | | | | |
Weighted average Class A Common Stock shares, basic and diluted
|
| | | | 61,085,943 | | |
Basic and diluted earnings per share
|
| | | $ | (1.64) | | |
Anti-dilutive securities excluded from diluted earnings per share calculation:
|
| | | | | | |
Warrants
|
| | | | 8,095,866 | | |
2020 LTIP RSUs
|
| | | | 1,151,262 | | |
Initial grant RSUs
|
| | | | 26,923 | | |
PSUs
|
| | | | 140,076 | | |
Stock options
|
| | | | 34,680 | | |
Total
|
| | | | 9,448,807 | | |
Class V Common Stock not subject to earnings per share calculation
|
| | | | 60,349,000 | | |
Net loss attributable to noncontrolling interest
|
| | | $ | 7,971 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||||||||
(in thousands, except share data)
|
| |
From
September 28, 2020 through January 3, 2021 |
| |
From
August 29, 2020 through September 27, 2020 |
| | |
From
June 29, 2020 through August 28, 2020 |
| |
From
March 30, 2020 through June 28, 2020 |
| |
From
December 30, 2019 through March 29, 2020 |
| |||||||||||||||
| | |
(as restated)
|
| |
(as restated)
|
| | | | | |||||||||||||||||||||
Net revenue
|
| | | $ | 246,276 | | | | | $ | 79,372 | | | | | | $ | 168,656 | | | | | $ | 241,977 | | | | | $ | 228,029 | | |
Operating income (loss)
|
| | | | 221 | | | | | | (1,179) | | | | | | | 3,117 | | | | | | 17,451 | | | | | | 12,213 | | |
Net (loss) income
|
| | | | (87,462) | | | | | | (20,439) | | | | | | | (4,824) | | | | | | 6,552 | | | | | | 1,692 | | |
Net (loss) income attributable to controlling interest
|
| | | | (81,811) | | | | | | (18,119) | | | | | | | (4,824) | | | | | | 6,552 | | | | | | 1,692 | | |
Earnings per common share attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted Class A share
|
| | | $ | (1.32) | | | | | $ | (0.31) | | | | | | | | | | | | | | | | | | | | | |
| | |
Predecessor
|
| |||||||||||||||||||||
| | |
Thirteen weeks ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
December 29,
2019 |
| |
September 29,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| ||||||||||||
Net revenue
|
| | | $ | 201,756 | | | | | $ | 199,628 | | | | | $ | 188,432 | | | | | $ | 178,412 | | |
Operating (loss) income
|
| | | | (13,803) | | | | | | 24,882 | | | | | | 18,494 | | | | | | 9,173 | | |
Net (loss) income
|
| | | | (23,989) | | | | | | 10,323 | | | | | | 2,917 | | | | | | (2,615) | | |
Net (loss) income attributable to controlling interest
|
| | | | (24,654) | | | | | | 9,600 | | | | | | 2,202 | | | | | | (3,320) | | |
| | |
Successor
|
| |||||||||||||||
| | |
As of September 27, 2020
|
| |||||||||||||||
(in thousands)
|
| |
As Reported
|
| |
Restated Impact
|
| |
As Restated
|
| |||||||||
Warrant liabilities
|
| | | $ | — | | | | | $ | 150,887 | | | | | $ | 150,887 | | |
Total non-current liabilities
|
| | | | 520,496 | | | | | | 150,887 | | | | | | 671,383 | | |
Total liabilities
|
| | | | 647,000 | | | | | | 150,887 | | | | | | 797,887 | | |
Additional paid-in capital
|
| | | | 479,028 | | | | | | (5,641) | | | | | | 473,387 | | |
Accumulated deficit
|
| | | | (10,172) | | | | | | (145,246) | | | | | | (155,418) | | |
Total stockholders’ equity
|
| | | | 469,120 | | | | | | (150,887) | | | | | | 318,233 | | |
Total equity
|
| | | | 1,414,479 | | | | | | (150,887) | | | | | | 1,263,592 | | |
| | |
Successor
|
| |
Successor
|
| ||||||||||||||||||||||||||||||
| | |
From September 28, 2020 through
January 3, 2021 |
| |
From August 29, 2020 through
September 27, 2021 |
| ||||||||||||||||||||||||||||||
(in thousands, except share data)
|
| |
As Reported
|
| |
Restated
Impact |
| |
As Restated
|
| |
As Reported
|
| |
Restated
Impact |
| |
As Restated
|
| ||||||||||||||||||
Loss on remeasurement of warrant
liabilities |
| | | $ | — | | | | | $ | (73,843) | | | | | $ | (73,843) | | | | | $ | — | | | | | $ | (18,008) | | | | | $ | (18,008) | | |
(Loss) income before taxes
|
| | | | (10,997) | | | | | | (73,843) | | | | | | (84,840) | | | | | | (5,320) | | | | | | (18,008) | | | | | | (23,328) | | |
Net (loss) income
|
| | | | (13,619) | | | | | | (73,843) | | | | | | (87,462) | | | | | | (2,431) | | | | | | (18,008) | | | | | | (20,439) | | |
Net (loss) income attributable to controlling interest
|
| | | | (7,968) | | | | | | (73,843) | | | | | | (81,811) | | | | | | (111) | | | | | | (18,008) | | | | | | (18,119) | | |
Comprehensive (loss) income
|
| | | | (7,296) | | | | | | (73,843) | | | | | | (81,139) | | | | | | 141 | | | | | | (18,008) | | | | | | (17,867) | | |
Earnings per share of Class A Common Stock – Basic and Diluted (in dollars)
|
| | | | (0.13) | | | | | | (1.19) | | | | | | (1.32) | | | | | | — | | | | | | (0.31) | | | | | | (0.31) | | |
| | |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
| | |
(Unaudited)
|
| |
(as restated)
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 4,020 | | | | | $ | 46,831 | | |
Accounts receivable, less allowance of $739 and $239, respectively
|
| | | | 130,599 | | | | | | 118,305 | | |
Inventories
|
| | | | 67,584 | | | | | | 59,810 | | |
Prepaid expenses and other assets
|
| | | | 12,276 | | | | | | 11,573 | | |
Current portion of notes receivable
|
| | | | 5,918 | | | | | | 7,666 | | |
Total current assets
|
| | | | 220,397 | | | | | | 244,185 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | | 262,999 | | | | | | 270,416 | | |
Goodwill
|
| | | | 880,063 | | | | | | 862,183 | | |
Intangible assets, net
|
| | | | 1,167,268 | | | | | | 1,171,709 | | |
Non-current portion of notes receivable
|
| | | | 22,348 | | | | | | 20,000 | | |
Other assets
|
| | | | 14,160 | | | | | | 15,671 | | |
Total non-current assets
|
| | | | 2,346,838 | | | | | | 2,339,979 | | |
Total assets
|
| | | $ | 2,567,235 | | | | | $ | 2,584,164 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt
|
| | | | 7,500 | | | | | | 469 | | |
Current portion of other notes payable
|
| | | | 8,142 | | | | | | 9,018 | | |
Accounts payable
|
| | | | 64,214 | | | | | | 57,254 | | |
Accrued expenses and other
|
| | | | 49,585 | | | | | | 80,788 | | |
Current warrant liability
|
| | | | — | | | | | | 52,580 | | |
Total current liabilities
|
| | | | 129,441 | | | | | | 200,109 | | |
Non-current portion of term debt and revolving credit facility
|
| | | | 718,443 | | | | | | 778,000 | | |
Non-current portion of other notes payable
|
| | | | 25,418 | | | | | | 24,564 | | |
Non-current accrued expenses and other
|
| | | | 37,483 | | | | | | 37,771 | | |
Deferred tax liability
|
| | | | 74,847 | | | | | | 73,786 | | |
Non-current warrant liability
|
| | | | 104,400 | | | | | | 85,032 | | |
Total non-current liabilities
|
| | | | 960,591 | | | | | | 999,153 | | |
Total liabilities
|
| | | | 1,090,032 | | | | | | 1,199,262 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | |
Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 76,481,833 and 71,094,714 shares issued and outstanding as of April 4, 2021 and January 3, 2021, respectively.
|
| | | | 7 | | | | | | 7 | | |
Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 60,349,000
shares issued and outstanding as of April 4, 2021 and January 3, 2021. |
| | | | 6 | | | | | | 6 | | |
Additional paid-in capital
|
| | | | 941,003 | | | | | | 793,461 | | |
Accumulated deficit
|
| | | | (264,019) | | | | | | (241,490) | | |
Accumulated other comprehensive income
|
| | | | 1,746 | | | | | | 924 | | |
Total stockholders’ equity
|
| | | | 678,743 | | | | | | 552,908 | | |
Noncontrolling interest
|
| | | | 798,460 | | | | | | 831,994 | | |
Total equity
|
| | | | 1,477,203 | | | | | | 1,384,902 | | |
Total liabilities and equity
|
| | | $ | 2,567,235 | | | | | $ | 2,584,164 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
Thirteen
weeks ended April 4, 2021 |
| | |
Thirteen
weeks ended March 29, 2020 |
| ||||||
Net sales
|
| | | $ | 269,182 | | | | | | | 228,029 | | |
Cost of goods sold
|
| | | | 173,941 | | | | | | | 148,015 | | |
Gross profit
|
| | | | 95,241 | | | | | | | 80,014 | | |
Selling, general and administrative expenses | | | | | | | | | | | | | | |
Selling
|
| | | | 56,728 | | | | | | | 48,333 | | |
General and administrative
|
| | | | 29,933 | | | | | | | 19,940 | | |
Total selling, general and administrative expenses
|
| | | | 86,661 | | | | | | | 68,273 | | |
Gain on sale of assets | | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment
|
| | | | 297 | | | | | | | 68 | | |
Gain on sale of routes, net
|
| | | | 422 | | | | | | | 404 | | |
Total gain on sale of assets
|
| | | | 719 | | | | | | | 472 | | |
Income from operations
|
| | | | 9,299 | | | | | | | 12,213 | | |
Other (expense) income | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,861) | | | | | | | (9,643) | | |
Other income
|
| | | | 718 | | | | | | | 580 | | |
Loss on remeasurement of warrant liability
|
| | | | (21,501) | | | | | | | — | | |
Other (expense) income, net
|
| | | | (31,644) | | | | | | | (9,063) | | |
(Loss) income before taxes
|
| | | | (22,345) | | | | | | | 3,150 | | |
Income tax expense
|
| | | | 1,004 | | | | | | | 1,458 | | |
Net (loss) income
|
| | | | (23,349) | | | | | | | 1,692 | | |
Net loss attributable to noncontrolling interest
|
| | | | 820 | | | | | | | — | | |
Net (loss) income attributable to controlling interest
|
| | | $ | (22,529) | | | | | | $ | 1,692 | | |
Earnings per Class A Common stock: (in dollars) | | | | | | | | | | | | | | |
Basic & diluted
|
| | | $ | (0.30) | | | | | | | | | |
Weighted-average shares of Class A Common stock outstanding | | | | | | | | | | | | | | |
Basic & diluted
|
| | | | 75,927,005 | | | | | | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | |
Interest rate swap
|
| | | $ | 822 | | | | | | $ | (7,208) | | |
Comprehensive loss
|
| | | $ | (21,707) | | | | | | $ | (5,516) | | |
Predecessor
|
| |
Members’ (Deficit)
Equity |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Noncontrolling
Interest |
| |
Total (Deficit)
Equity |
| ||||||||||||
Balance at December 29, 2019
|
| | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
Net income
|
| | | | 1,692 | | | | | | — | | | | | | — | | | | | | 1,692 | | |
Other comprehensive loss
|
| | | | — | | | | | | (7,208) | | | | | | — | | | | | | (7,208) | | |
Merger of noncontrolling interest
|
| | | | (7,314) | | | | | | — | | | | | | 7,314 | | | | | | — | | |
Distributions to members
|
| | | | (2,657) | | | | | | — | | | | | | — | | | | | | (2,657) | | |
Balance at March 29, 2020
|
| | | $ | (35,725) | | | | | $ | (5,800) | | | | | $ | — | | | | | $ | (41,525) | | |
| | |
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 |
| ||||||||||||||||||||||||||||||||||||
Successor
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 3, 2021 (as restated)
|
| | | | 71,094,714 | | | | | $ | 7 | | | | | | 60,349,000 | | | | | $ | 6 | | | | | $ | 793,461 | | | | | $ | (241,490) | | | | | $ | 924 | | | | | $ | 552,908 | | | | | $ | 831,994 | | | | | $ | 1,384,902 | | |
Conversion of warrants
|
| | | | 4,976,717 | | | | | | — | | | | | | | | | | | | — | | | | | | 144,659 | | | | | | — | | | | | | — | | | | | | 144,659 | | | | | | (32,714) | | | | | | 111,945 | | |
Share-based compensation
|
| | | | 410,402 | | | | | | — | | | | | | | | | | | | — | | | | | | 2,883 | | | | | | — | | | | | | — | | | | | | 2,883 | | | | | | — | | | | | | 2,883 | | |
Net loss
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | (22,529) | | | | | | — | | | | | | (22,529) | | | | | | (820) | | | | | | (23,349) | | |
Other comprehensive income
|
| | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 822 | | | | | | 822 | | | | | | — | | | | | | 822 | | |
Balance at April 4, 2021
|
| | | | 76,481,833 | | | | | $ | 7 | | | | | | 60,349,000 | | | | | $ | 6 | | | | | $ | 941,003 | | | | | $ | (264,019) | | | | | $ | 1,746 | | | | | $ | 678,743 | | | | | $ | 798,460 | | | | | $ | 1,477,203 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
Thirteen
weeks ended April 4, 2021 |
| | |
Thirteen
weeks ended March 29, 2020 |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (23,349) | | | | | | $ | 1,692 | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
| | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 19,407 | | | | | | | 8,912 | | |
Loss on remeasurement of warrant liability
|
| | | | 21,501 | | | | | | | — | | |
Gain on disposal of property and equipment
|
| | | | (297) | | | | | | | (68) | | |
Gain on sale of routes
|
| | | | (422) | | | | | | | (404) | | |
Stock based compensation
|
| | | | 2,883 | | | | | | | — | | |
Deferred taxes
|
| | | | 1,061 | | | | | | | 975 | | |
Deferred financing costs
|
| | | | 2,870 | | | | | | | 653 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (11,176) | | | | | | | (15,374) | | |
Inventories
|
| | | | (7,040) | | | | | | | 2,676 | | |
Prepaid expenses and other assets
|
| | | | 866 | | | | | | | (618) | | |
Accounts payable and accrued expenses and other
|
| | | | (19,487) | | | | | | | (1,217) | | |
Net cash used in operating activities
|
| | | | (13,183) | | | | | | | (2,773) | | |
Cash flows from investing activities | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired
|
| | | | (25,189) | | | | | | | (8,789) | | |
Purchases of property and equipment
|
| | | | (2,134) | | | | | | | (3,556) | | |
Purchases of intangibles
|
| | | | (1,200) | | | | | | | (650) | | |
Proceeds from sale of property and equipment
|
| | | | 391 | | | | | | | 152 | | |
Proceeds from sale of routes
|
| | | | 1,450 | | | | | | | 1,159 | | |
Proceeds from the sale of IO notes
|
| | | | 2,295 | | | | | | | — | | |
Notes receivable, net
|
| | | | (924) | | | | | | | (2,780) | | |
Net cash used in investing activities
|
| | | | (25,311) | | | | | | | (14,464) | | |
Cash flows from financing activities | | | | | | | | | | | | | | |
Line of credit borrowings, net
|
| | | | 15,000 | | | | | | | 10,000 | | |
Borrowings on term debt and notes payable
|
| | | | 720,000 | | | | | | | 2,650 | | |
Repayments on term debt and notes payable
|
| | | | (783,735) | | | | | | | (2,178) | | |
Payment of debt issuance cost
|
| | | | (8,372) | | | | | | | — | | |
Exercised warrants
|
| | | | 57,232 | | | | | | | — | | |
Dividends
|
| | | | (4,261) | | | | | | | — | | |
Distributions to members
|
| | | | — | | | | | | | (2,657) | | |
Distribution to noncontrolling interest
|
| | | | (181) | | | | | | | — | | |
Net cash (used in) provided by financing activities
|
| | | | (4,317) | | | | | | | 7,815 | | |
Net decrease in cash and cash equivalents
|
| | | | (42,811) | | | | | | | (9,422) | | |
Cash and cash equivalents at beginning of period
|
| | | | 46,831 | | | | | | | 15,053 | | |
Cash and cash equivalents at end of period
|
| | | $ | 4,020 | | | | | | $ | 5,631 | | |
| | |
Fair Value
(In Thousands) |
| |
Useful Life
(In Years) |
| |||
Indefinite lived trade names
|
| | | $ | 355,500 | | | |
Indefinite
|
|
Finite lived trade names
|
| | | | 56,000 | | | |
15
|
|
Customer relationships
|
| | | | 443,500 | | | |
25
|
|
Technology
|
| | | | 43 | | | |
5
|
|
Master distribution rights
|
| | | | 2,221 | | | |
15
|
|
Company owned routes
|
| | | | 13,886 | | | |
Indefinite
|
|
Total
|
| | | $ | 871,150 | | | | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Finished goods
|
| | | $ | 33,981 | | | | | $ | 28,935 | | |
Raw materials
|
| | | | 27,544 | | | | | | 25,129 | | |
Maintenance parts
|
| | | | 6,059 | | | | | | 5,746 | | |
Total inventories
|
| | | $ | 67,584 | | | | | $ | 59,810 | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Land
|
| | | $ | 22,674 | | | | | $ | 22,750 | | |
Buildings
|
| | | | 83,996 | | | | | | 83,780 | | |
Machinery and equipment
|
| | | | 165,670 | | | | | | 157,513 | | |
Land improvements
|
| | | | 2,226 | | | | | | 2,228 | | |
Building improvements
|
| | | | 1,057 | | | | | | 1,047 | | |
Construction-in-progress
|
| | | | 9,685 | | | | | | 15,518 | | |
| | | | | 285,308 | | | | | | 282,836 | | |
Less: accumulated depreciation
|
| | | | (22,309) | | | | | | (12,420) | | |
Property, plant and equipment, net
|
| | | $ | 262,999 | | | | | $ | 270,416 | | |
(in thousands)
|
| | | | | | |
Balance as of Balance as of January 3, 2021
|
| | | $ | 862,183 | | |
Acquisition of Vitner’s
|
| | | | 17,880 | | |
Balance as of April 4, 2021
|
| | | $ | 880,063 | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships
|
| | | $ | 671,940 | | | | | $ | 671,150 | | |
Technology
|
| | | | 43 | | | | | | 43 | | |
Trade names
|
| | | | 60,750 | | | | | | 57,810 | | |
Master distribution rights
|
| | | | 2,221 | | | | | | 2,221 | | |
Amortizable assets, gross
|
| | | | 734,954 | | | | | | 731,224 | | |
Accumulated amortization
|
| | | | (17,739) | | | | | | (8,268) | | |
Amortizable assets, net
|
| | | | 717,215 | | | | | | 722,956 | | |
Not subject to amortization: | | | | | | | | | | | | | |
Trade names
|
| | | | 434,513 | | | | | | 434,513 | | |
Company owned routes
|
| | | | 15,540 | | | | | | 14,240 | | |
Intangible assets, net
|
| | | $ | 1,167,268 | | | | | $ | 1,171,709 | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| | |
As of
January 3, 2021 |
| ||||||
Accrued compensation and benefits
|
| | | $ | 17,789 | | | | | | $ | 36,968 | | |
Accrued freight and manufacturing related costs
|
| | | | 7,013 | | | | | | | 6,972 | | |
Insurance liabilities
|
| | | | 7,256 | | | | | | | 8,100 | | |
Short term interest rate hedge liability
|
| | | | 3,009 | | | | | | | 3,048 | | |
Accrued interest
|
| | | | 576 | | | | | | | 1,220 | | |
Accrued sales tax
|
| | | | 1,300 | | | | | | | 1,300 | | |
Truco acquisition tax consideration
|
| | | | 4,468 | | | | | | | 4,468 | | |
Accrued distributions
|
| | | | — | | | | | | | 4,261 | | |
Other accrued expenses
|
| | | | 8,174 | | | | | | | 14,451 | | |
Total accrued expenses and other
|
| | | $ | 49,585 | | | | | | $ | 80,788 | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Note payable – IO notes
|
| | | $ | 23,567 | | | | | $ | 23,106 | | |
Capital lease
|
| | | | 8,448 | | | | | | 8,967 | | |
Other
|
| | | | 1,545 | | | | | | 1,509 | | |
Total notes payable
|
| | | | 33,560 | | | | | | 33,582 | | |
Less: current portion
|
| | | | (8,142) | | | | | | (9,018) | | |
Long term portion of notes payable
|
| | | $ | 25,418 | | | | | $ | 24,564 | | |
(in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 4,020 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,020 | | |
Total assets
|
| | | $ | 4,020 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,020 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts
|
| | | $ | — | | | | | $ | 220 | | | | | $ | — | | | | | $ | 220 | | |
Interest rate swaps
|
| | | | — | | | | | | 4,351 | | | | | | — | | | | | | 4,351 | | |
Private placement warrants
|
| | | | — | | | | | | 104,400 | | | | | | — | | | | | | 104,400 | | |
Debt
|
| | | | — | | | | | | 725,943 | | | | | | — | | | | | | 725,943 | | |
Total liabilities
|
| | | $ | — | | | | | $ | 834,914 | | | | | $ | — | | | | | $ | 834,914 | | |
(in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 46,831 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,831 | | |
Total assets
|
| | | $ | 46,831 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,831 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts
|
| | | $ | — | | | | | $ | 248 | | | | | $ | — | | | | | $ | 248 | | |
Interest rate swaps
|
| | | | — | | | | | | 5,163 | | | | | | — | | | | | | 5,163 | | |
Public warrants
|
| | | | 52,580 | | | | | | — | | | | | | — | | | | | | 52,580 | | |
Private placement warrants
|
| | | | — | | | | | | 85,032 | | | | | | — | | | | | | 85,032 | | |
Debt
|
| | | | — | | | | | | 778,469 | | | | | | — | | | | | | 778,469 | | |
Total liabilities
|
| | | $ | 52,580 | | | | | $ | 868,912 | | | | | $ | — | | | | | $ | 921,492 | | |
(in thousands)
|
| |
Gain on
Cash Flow Hedges |
| |||
Balance as of January 3, 2021
|
| | | $ | 924 | | |
Unrealized gain on cash flow hedges
|
| | | | 822 | | |
Balance as of April 4, 2021
|
| | | $ | 1,746 | | |
(in thousands)
|
| |
Loss on
Cash Flow Hedges |
| |||
Balance as of December 29, 2019
|
| | | $ | 1,408 | | |
Unrealized loss on cash flow hedges
|
| | | | (7,208) | | |
Balance as of March 29, 2020
|
| | | $ | (5,800) | | |
(in thousands)
|
| |
As of
April 4, 2021 |
| |
As of
January 3, 2021 |
| ||||||
Leases
|
| | | $ | 9,423 | | | | | $ | 9,335 | | |
Less: accumulated depreciation
|
| | | | 1,113 | | | | | | 526 | | |
Leases, net
|
| | | $ | 8,310 | | | | | $ | 8,809 | | |
| | |
Successor
|
| |||
(in thousands, except share data)
|
| |
Thirteen
weeks ended April 4, 2021 |
| |||
Basic and diluted earnings per share: | | | | | | | |
Numerator: | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (22,529) | | |
Denominator: | | | | | | | |
Weighted average Class A Common Stock shares, basic
|
| | | | 75,927,005 | | |
Basic and diluted earnings per share
|
| | | $ | (0.30) | | |
Anti-dilutive securities excluded from diluted earnings per share calculation:
|
| | | | | | |
Warrants
|
| | | | 4,092,590 | | |
2020 LTIP RSUs
|
| | | | 1,307,549 | | |
Initial Grant RSUs
|
| | | | 57,742 | | |
PSUs
|
| | | | 142,541 | | |
Stock options
|
| | | | 93,211 | | |
Total
|
| | | | 5,693,633 | | |
Class V Common Stock not subject to earnings per share calculation
|
| | | | 60,349,000 | | |
Net loss attributable to noncontrolling interest
|
| | | $ | (820) | | |
| | |
December 31, 2019
|
| |||
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash
|
| | | $ | 573,893 | | |
Accounts receivable, net
|
| | | | 14,018,925 | | |
Inventories, net
|
| | | | 2,897,350 | | |
Prepaid expenses and other current assets
|
| | | | 540,067 | | |
Total current assets
|
| | | | 18,030,235 | | |
Leasehold improvements and equipment, net
|
| | | | 672,448 | | |
Goodwill
|
| | | | 38,342,678 | | |
Intangible assets, net
|
| | | | 48,868,334 | | |
Other receivables
|
| | | | 445,117 | | |
Other assets, net
|
| | | | 226,845 | | |
Total assets
|
| | | $ | 106,585,657 | | |
Liabilities and Stockholder’s Equity | | | | | | | |
Current liabilities: | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 5,602,500 | | |
Accounts payable – trade
|
| | | | 4,816,734 | | |
Accrued expenses and other liabilities
|
| | | | 5,383,758 | | |
Income taxes payable
|
| | | | 97,018 | | |
Total current liabilities
|
| | | | 15,900,010 | | |
Long-term debt, less current maturities and unamortized debt issuance costs of $770,492
in 2019 |
| | | | 76,646,072 | | |
Deferred income taxes
|
| | | | 9,264,562 | | |
Total liabilities
|
| | | | 101,810,644 | | |
Commitments and contingencies (Note 16) | | | | | | | |
Stockholder’s Equity | | | | | | | |
Common stock, 30,000,000 shares authorized; 25,917,198 shares issued and outstanding as of December 31, 2019
|
| | | | 25,917 | | |
Additional paid-in capital
|
| | | | 3,738,455 | | |
Retained earnings
|
| | | | 1,010,641 | | |
Total stockholder’s equity
|
| | | | 4,775,013 | | |
Total liabilities and stockholder’s equity
|
| | | $ | 106,585,657 | | |
| | |
2019
|
| |||
Net sales
|
| | | $ | 148,223,441 | | |
Cost of sales
|
| | | | 90,781,865 | | |
Gross profit
|
| | | | 57,441,576 | | |
Operating expenses: | | | | | | | |
Direct selling expenses
|
| | | | 20,858,073 | | |
General and administrative expenses
|
| | | | 15,174,317 | | |
Depreciation and amortization
|
| | | | 8,392,566 | | |
| | | | | 44,424,956 | | |
Operating income
|
| | | | 13,016,620 | | |
Other expense: | | | | | | | |
Other expense, net
|
| | | | 74,289 | | |
Interest expense
|
| | | | 7,590,561 | | |
| | | | | 7,664,850 | | |
Income before taxes
|
| | | | 5,351,770 | | |
Income tax expense
|
| | | | 1,415,734 | | |
Net income
|
| | | $ | 3,936,036 | | |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings (Accumulated Deficit) |
| |
Total
Stockholder’s Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, December 31, 2018
|
| | | | 25,917,198 | | | | | $ | 25,917 | | | | | $ | 3,376,675 | | | | | $ | (2,925,395) | | | | | $ | 477,197 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 519,494 | | | | | | — | | | | | | 519,494 | | |
Exercise and repurchase of options
|
| | | | — | | | | | | — | | | | | | (157,714) | | | | | | — | | | | | | (157,714) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,936,036 | | | | | | 3,936,036 | | |
Balance, December 31, 2019
|
| | | | 25,917,198 | | | | | $ | 25,917 | | | | | $ | 3,738,455 | | | | | $ | 1,010,641 | | | | | $ | 4,775,013 | | |
| | |
2019
|
| |||
Cash flows from operating activities: | | | | | | | |
Net income
|
| | | $ | 3,936,036 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | |
Depreciation and amortization
|
| | | | 8,392,566 | | |
Write-off and amortization of debt issuance costs
|
| | | | 511,477 | | |
Allowance for doubtful accounts
|
| | | | 29,907 | | |
Allowance for excess and obsolete inventory
|
| | | | 330,659 | | |
Share-based compensation
|
| | | | 519,494 | | |
Deferred taxes
|
| | | | (2,185,291) | | |
Changes in assets and liabilities:
|
| | | | | | |
Accounts receivable
|
| | | | 1,526,957 | | |
Inventories
|
| | | | (801,822) | | |
Prepaid expenses and other current assets
|
| | | | 156,274 | | |
Other receivables
|
| | | | 192,106 | | |
Other assets
|
| | | | (106,948) | | |
Accounts payable – trade
|
| | | | (1,639,516) | | |
Accrued expenses and other liabilities
|
| | | | 851,212 | | |
Income tax payable
|
| | | | (377,197) | | |
Net cash provided by operating activities
|
| | | | 11,335,914 | | |
Cash flows from investing activities: | | | | | | | |
Payments received from supplier for note receivable
|
| | | | 330,000 | | |
Purchases of leasehold improvements and equipment
|
| | | | (114,566) | | |
Net cash provided by investing activities
|
| | | | 215,434 | | |
Cash flows from financing activities: | | | | | | | |
Principal payments on long-term debt
|
| | | | (12,852,500) | | |
Debt issuance costs
|
| | | | (101,871) | | |
Repurchase of shares of common stock
|
| | | | (157,714) | | |
Net cash used in financing activities
|
| | | | (13,112,085) | | |
Net (decrease) in cash
|
| | | | (1,560,737) | | |
Cash: | | | | | | | |
Beginning of year
|
| | | | 2,134,630 | | |
End of year
|
| | | $ | 573,893 | | |
Supplemental disclosures of cash flow information: | | | | | | | |
Cash paid during the period for:
|
| | | | | | |
Interest
|
| | | $ | 7,079,084 | | |
Income taxes
|
| | | $ | 3,988,183 | | |
| Computer equipment | | |
3 – 5 years
|
|
| Computer software | | |
3 years
|
|
| Furniture and fixtures | | |
5 – 7 years
|
|
| Machinery and equipment | | |
5 – 7 years
|
|
| | |
December 31,
2019 |
| |||
Raw Materials
|
| | | $ | 701,509 | | |
Finished Goods
|
| | | | 2,406,661 | | |
| | | | | 3,108,170 | | |
Less: Inventory Reserves
|
| | | | (210,820) | | |
Total Inventories
|
| | | $ | 2,897,350 | | |
| | |
December 31,
2019 |
| |||
Computer equipment
|
| | | $ | 786,232 | | |
Computer software
|
| | | | 2,469,993 | | |
Furniture and fixtures
|
| | | | 360,695 | | |
Machinery and equipment
|
| | | | 396,199 | | |
Leasehold improvements
|
| | | | 212,957 | | |
| | | | | 4,226,076 | | |
Less accumulated depreciation
|
| | | | (3,553,628) | | |
Total leasehold improvements and equipment
|
| | | $ | 672,448 | | |
December 31, 2019:
|
| |
Life (Years)
|
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Amount |
| |||||||||
Tradename
|
| |
Indefinite
|
| | | $ | 10,000 | | | | | $ | — | | | | | $ | 10,000 | | |
License agreement
|
| |
12
|
| | | | 67,000,000 | | | | | | (30,708,333) | | | | | | 36,291,667 | | |
Customer relationships
|
| |
12
|
| | | | 19,000,000 | | | | | | (8,708,333) | | | | | | 10,291,667 | | |
Supplier relationships
|
| |
12
|
| | | | 100,000 | | | | | | (45,833) | | | | | | 54,167 | | |
Recipes
|
| |
12
|
| | | | 4,100,000 | | | | | | (1,879,167) | | | | | | 2,220,833 | | |
Noncompete agreements
|
| |
5
|
| | | | 500,000 | | | | | | (500,000) | | | | | | — | | |
| | | | | | | $ | 90,710,000 | | | | | $ | (41,841,666) | | | | | $ | 48,868,334 | | |
|
2020
|
| | | $ | 7,516,667 | | |
|
2021
|
| | | | 7,516,667 | | |
|
2022
|
| | | | 7,516,667 | | |
|
2023
|
| | | | 7,516,667 | | |
|
2024
|
| | | | 7,516,667 | | |
| | |
December 31,
2019 |
| |||
Employee-related costs
|
| | | $ | 1,919,907 | | |
Royalties
|
| | | | 1,633,168 | | |
Accrued Freight
|
| | | | 1,126,759 | | |
Other
|
| | | | 703,924 | | |
Total
|
| | | $ | 5,383,758 | | |
|
2020
|
| | | $ | 5,602,500 | | |
|
2021
|
| | | | 77,416,564 | | |
| | | | | $ | 83,019,064 | | |
| | |
2019
|
| |||
Current: | | | | | | | |
Federal
|
| | | $ | 3,059,795 | | |
State
|
| | | | 541,230 | | |
| | | | | 3,601,025 | | |
Deferred: | | | | | | | |
Federal
|
| | | | (2,068,956) | | |
State
|
| | | | (116,335) | | |
| | | | | (2,185,291) | | |
| | | | $ | 1,415,734 | | |
| | |
2019
|
| |||
Computed “expected” income tax expense
|
| | | $ | 1,123,871 | | |
State income taxes, net of federal tax expense
|
| | | | 337,630 | | |
Other
|
| | | | (45,767) | | |
| | | | $ | 1,415,734 | | |
| | |
2019
|
| |||
Deferred tax assets: | | | | | | | |
Receivable allowances
|
| | | $ | 92,474 | | |
Inventory
|
| | | | 90,572 | | |
Accrued expenses
|
| | | | 309,115 | | |
Share-based compensation
|
| | | | 825,081 | | |
Section 163j interest limitation
|
| | | | 1,070,236 | | |
Other
|
| | | | 13,510 | | |
| | | | | 2,400,988 | | |
Deferred tax liabilities: | | | | | | | |
Intangible assets
|
| | | | (11,614,301) | | |
Leasehold improvements and equipment
|
| | | | (51,249) | | |
| | | | | (11,665,550) | | |
| | | | $ | (9,264,562) | | |
| | |
Time Based
|
| |
Performance
Target |
| ||||||||||||||||||
| | |
Number of
Incentive Units |
| |
Weighted
Average Exercise Price |
| |
Number of
Incentive Units |
| |
Weighted
Average Exercise Price |
| ||||||||||||
Balance, December 31, 2018
|
| | | | 612,833 | | | | | $ | 3.57 | | | | | | 130,020 | | | | | $ | 4.14 | | |
Granted
|
| | | | 275,000 | | | | | | 3.44 | | | | | | 91,667 | | | | | | 3.44 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | (527,960) | | | | | | 4.14 | | | | | | (130,020) | | | | | | 4.14 | | |
Balance, December 31, 2019
|
| | | | 359,873 | | | | | $ | 2.63 | | | | | | 91,667 | | | | | $ | 3.44 | | |
Exercisable, December 31, 2019
|
| | | | 84,873 | | | | | $ | 0.02 | | | | | | — | | | | | $ | — | | |
| | |
Time Based
|
| |
Performance
Target |
| |
Change in
Control |
| |||||||||||||||||||||||||||
| | |
Number
of Options |
| |
Weighted
Average Exercise Price |
| |
Number
of Options |
| |
Weighted
Average Exercise Price |
| |
Number
of Options |
| |
Weighted
Average Exercise Price |
| ||||||||||||||||||
Balance, December 31, 2018
|
| | | | 1,147,659 | | | | | $ | 2.53 | | | | | | 592,522 | | | | | $ | 1.57 | | | | | | 337,297 | | | | | $ | 0.024 | | |
Granted
|
| | | | 362,990 | | | | | | 4.27 | | | | | | 121,910 | | | | | | 4.01 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (38,800) | | | | | | 1.85 | | | | | | (21,161) | | | | | | 0.35 | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | (184,600) | | | | | | 4.15 | | | | | | (116,791) | | | | | | 3.84 | | | | | | (92,367) | | | | | | 0.024 | | |
Balance, December 31, 2019
|
| | | | 1,287,249 | | | | | $ | 2.78 | | | | | | 576,481 | | | | | $ | 2.03 | | | | | | 244,930 | | | | | $ | 0.024 | | |
Exercisable, December 31, 2019
|
| | | | 852,242 | | | | | $ | 2.10 | | | | | | 472,433 | | | | | $ | 1.33 | | | | | | — | | | | | $ | — | | |
| | |
2019
|
|
Expected term
|
| |
1 year
|
|
Estimated volatility
|
| |
30.0%
|
|
Estimated dividend yield
|
| |
0.0%
|
|
Risk-free interest rate
|
| |
1.6% – 1.8%
|
|
|
2020
|
| | | $ | 419,407 | | |
|
2021
|
| | | | 401,735 | | |
|
2022
|
| | | | 421,373 | | |
|
2023
|
| | | | 421,373 | | |
| | | | | $ | 1,663,888 | | |
| | |
September 30,
2020 |
| |||
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash
|
| | | $ | 874,836 | | |
Accounts receivable, net of allowance for doubtful accounts of $19,034
|
| | | | 17,763,241 | | |
Inventories, net
|
| | | | 3,526,610 | | |
Prepaid expenses and other current assets
|
| | | | 653,092 | | |
Income taxes receivable
|
| | | | 268,638 | | |
Total current assets
|
| | | | 23,086,417 | | |
Leasehold improvements and equipment, net
|
| | | | 499,045 | | |
Goodwill
|
| | | | 38,342,678 | | |
Intangible assets, net
|
| | | | 43,230,834 | | |
Other receivables
|
| | | | 507,824 | | |
Other assets, net
|
| | | | 219,192 | | |
Total assets
|
| | | $ | 105,885,990 | | |
Liabilities and Stockholder’s Equity | | | | | | | |
Current liabilities: | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 5,602,500 | | |
Accounts payable – trade
|
| | | | 6,934,781 | | |
Accrued expenses and other liabilities
|
| | | | 6,625,842 | | |
Total current liabilities
|
| | | | 19,163,123 | | |
Long-term debt, less current maturities and unamortized debt issuance costs of $405,542
|
| | | | 57,488,379 | | |
Deferred income taxes
|
| | | | 8,066,391 | | |
Total liabilities
|
| | | | 84,717,893 | | |
Commitments and contingencies (Note 14) | | | | | | | |
Stockholder’s Equity | | | | | | | |
Common stock, 30,000,000 shares authorized; 25,972,368 shares issued and outstanding at September 30, 2020
|
| | | | 25,972 | | |
Additional paid-in capital
|
| | | | 4,912,167 | | |
Retained earnings
|
| | | | 16,229,958 | | |
Total stockholder’s equity
|
| | | | 21,168,097 | | |
Total liabilities and stockholder’s equity
|
| | | $ | 105,885,990 | | |
| | |
September 30,
2020 |
| |||
Net sales
|
| | | $ | 151,890,649 | | |
Cost of sales
|
| | | | 90,794,092 | | |
Gross profit
|
| | | | 61,096,557 | | |
Operating expenses: | | | | | | | |
Direct selling expenses
|
| | | | 20,066,644 | | |
General and administrative expenses
|
| | | | 11,723,118 | | |
Depreciation and amortization
|
| | | | 6,133,964 | | |
| | | | | 37,923,726 | | |
Operating income
|
| | | | 23,172,831 | | |
Other expense (income): | | | | | | | |
Other (income), net
|
| | | | (8,823) | | |
Interest expense
|
| | | | 4,259,103 | | |
| | | | | 4,250,280 | | |
Income before taxes
|
| | | | 18,922,551 | | |
Income tax expense
|
| | | | 3,703,234 | | |
Net income
|
| | | $ | 15,219,317 | | |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Total
Stockholder’s Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 25,917,198 | | | | | $ | 25,917 | | | | | $ | 3,738,455 | | | | | $ | 1,010,641 | | | | | $ | 4,775,013 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 1,319,766 | | | | | | — | | | | | | 1,319,766 | | |
Issuance of common stock
|
| | | | 55,170 | | | | | | 55 | | | | | | 272,652 | | | | | | — | | | | | | 272,707 | | |
Exercise and repurchase of options
|
| | | | — | | | | | | — | | | | | | (418,706) | | | | | | — | | | | | | (418,706) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 15,219,317 | | | | | | 15,219,317 | | |
Balance, September 30, 2020
|
| | | | 25,972,368 | | | | | $ | 25,972 | | | | | $ | 4,912,167 | | | | | $ | 16,229,958 | | | | | $ | 21,168,097 | | |
| | |
September 30,
2020 |
| |||
Cash flows from operating activities: | | | | | | | |
Net income
|
| | | $ | 15,219,317 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | |
Depreciation and amortization
|
| | | | 6,133,964 | | |
Write-off and amortization of debt issuance costs
|
| | | | 364,950 | | |
Allowance for doubtful accounts
|
| | | | 1,914 | | |
Allowance for excess and obsolete inventory
|
| | | | 123,629 | | |
Share-based compensation
|
| | | | 1,319,766 | | |
Deferred taxes
|
| | | | (1,198,171) | | |
Changes in assets and liabilities:
|
| | | | | | |
Accounts receivable
|
| | | | (3,746,230) | | |
Inventories
|
| | | | (752,889) | | |
Prepaid expenses and other current assets
|
| | | | (113,025) | | |
Other assets
|
| | | | (113,932) | | |
Accounts payable – trade
|
| | | | 2,118,047 | | |
Accrued expenses and other liabilities
|
| | | | 1,242,084 | | |
Income tax receivable/payable
|
| | | | (365,656) | | |
Net cash provided by operating activities
|
| | | | 20,233,768 | | |
Cash flows from investing activities: | | | | | | | |
Payments received from supplier for note receivable
|
| | | | 210,000 | | |
Purchases of leasehold improvements and equipment
|
| | | | (201,476) | | |
Net cash provided by investing activities
|
| | | | 8,524 | | |
Cash flows from financing activities: | | | | | | | |
Principal payments on long-term debt
|
| | | | (19,522,643) | | |
Repurchase of shares of common stock
|
| | | | (418,706) | | |
Net cash used in financing activities
|
| | | | (19,941,349) | | |
Net increase in cash
|
| | | | 300,943 | | |
Cash: | | | | | | | |
Beginning of year
|
| | | | 573,893 | | |
End of year
|
| | | $ | 874,836 | | |
Supplemental disclosures of cash flow information: | | | | | | | |
Cash paid during the period for:
|
| | | | | | |
Interest
|
| | | $ | 3,894,152 | | |
Income taxes
|
| | | $ | 5,274,045 | | |
| | |
September 30,
2020 |
| |||
Raw Materials
|
| | | $ | 673,980 | | |
Finished Goods
|
| | | | 3,187,079 | | |
| | | | | 3,861,059 | | |
Less: Inventory Reserves
|
| | | | (334,449) | | |
Total Inventories
|
| | | $ | 3,526,610 | | |
| | |
September 30,
2020 |
| |||
Computer equipment
|
| | | $ | 791,607 | | |
Computer software
|
| | | | 2,477,299 | | |
Furniture and fixtures
|
| | | | 360,695 | | |
Machinery and equipment
|
| | | | 546,689 | | |
Leasehold improvements
|
| | | | 251,262 | | |
| | | | | 4,427,552 | | |
Less accumulated depreciation
|
| | | | (3,928,507) | | |
Total leasehold improvements and equipment
|
| | | $ | 499,045 | | |
September 30, 2020:
|
| |
Life (Years)
|
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Amount |
| |||||||||
Tradename
|
| |
Indefinite
|
| | | $ | 10,000 | | | | | $ | — | | | | | $ | 10,000 | | |
License agreement
|
| |
12
|
| | | | 67,000,000 | | | | | | (34,895,834) | | | | | | 32,104,166 | | |
Customer relationships
|
| |
12
|
| | | | 19,000,000 | | | | | | (9,895,833) | | | | | | 9,104,167 | | |
Supplier relationships
|
| |
12
|
| | | | 100,000 | | | | | | (52,083) | | | | | | 47,917 | | |
Recipes
|
| |
12
|
| | | | 4,100,000 | | | | | | (2,135,416) | | | | | | 1,964,584 | | |
Noncompete agreements
|
| |
5
|
| | | | 500,000 | | | | | | (500,000) | | | | | | — | | |
| | | | | | | $ | 90,710,000 | | | | | $ | (47,479,166) | | | | | $ | 43,230,834 | | |
| | |
September 30,
2020 |
| |||
Employee-related costs
|
| | | $ | 2,028,621 | | |
Royalties
|
| | | | 2,261,794 | | |
Accrued Freight
|
| | | | 1,403,312 | | |
Other
|
| | | | 932,115 | | |
Total
|
| | | $ | 6,625,842 | | |
| | |
September 30,
2020 |
| |||
Current: | | | | | | | |
Federal
|
| | | $ | 4,644,945 | | |
State
|
| | | | 256,460 | | |
| | | | | 4,901,405 | | |
Deferred: | | | | | | | |
Federal
|
| | | | (598,137) | | |
State
|
| | | | (600,034) | | |
| | | | | (1,198,171) | | |
| | | | $ | 3,703,234 | | |
1 Year Utz Brands Chart |
1 Month Utz Brands Chart |
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