The Simply Good Foods Company Reports Fiscal First Quarter 2024 Financial Results and Reaffirms Full Fiscal Year 2024 Net Sales and Adjusted EBITDA Outlook
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Insights
The Simply Good Foods Company's recently reported financial results exhibit a modest increase in net sales, rising from $300.9 million to $308.7 million. Despite a slight dip in net income and earnings per share (EPS), the company has managed to maintain financial stability with an adjusted EPS increase and a notable rise in adjusted EBITDA from $60.8 million to $62.0 million. The company's reaffirmation of its fiscal year 2024 outlook suggests confidence in its growth trajectory, expecting net sales to increase at the high end of their 4-6% target range.
Investors should note the company's strategic emphasis on marketing and merchandising for the 'New Year, New You' season, which is anticipated to bolster sales in the upcoming quarters. The focus on volume-driven sales growth and the planned gross margin expansion indicate a robust operational strategy. However, it is crucial to monitor the execution of these growth initiatives and their impact on profitability, especially given the planned significant investments in marketing and organizational capabilities.
Simply Good Foods' performance in the nutritional foods and snacking sector is particularly noteworthy given the 8% increase in retail takeaway, which outpaces the net sales growth. This indicates a strong consumer demand for their products, likely driven by health-conscious trends and the company's effective distribution. The timing of shipments and the alignment with the 'New Year, New You' in-store programming suggest a strategic approach to capitalize on seasonal consumer behavior.
Moreover, the company's acceleration plans for Quest and the revitalization plan for Atkins could resonate well with the market's shift towards protein-rich and low-carb diets. The ability to maintain and grow market share in the competitive health food space will be critical and Simply Good Foods appears to be leveraging its brand strength and market positioning to achieve this. Close attention to consumer preferences and agile adaptation to market changes will be key factors in sustaining the observed growth momentum.
The Simply Good Foods Company's financial results reflect broader economic trends, such as consumer spending patterns in the health and wellness segment. The company's strategy to drive volume growth amidst a dynamic economic environment showcases its resilience and adaptability. The inclusion of a fifty-third week in the fiscal year 2024 calculations is a temporal factor that investors should consider when interpreting year-over-year comparisons.
While the company projects net sales growth at the higher end of its stated algorithm, the actual economic impact will depend on factors such as inflationary pressures, consumer discretionary spending and supply chain efficiencies. The anticipated gross margin expansion could be indicative of effective cost management strategies or pricing power in the marketplace, which are crucial in a period of economic uncertainty. The long-term success of Simply Good Foods will hinge on its ability to navigate macroeconomic challenges while executing its strategic growth initiatives.
DENVER, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (Nasdaq: SMPL) (“Simply Good Foods,” or the “Company”), a developer, marketer and seller of branded nutritional foods and snacking products, today reported financial results for the thirteen weeks ended November 25, 2023.
First Quarter Summary:(1)
- Net sales of
$308.7 million versus$300.9 million - Net income of
$35.6 million versus$35.9 million - Earnings per diluted share (“EPS”) of
$0.35 versus$0.36 - Adjusted Diluted EPS(2) of
$0.43 versus$0.42 - Adjusted EBITDA(4)
$62.0 million versus$60.8 million
Reaffirm fiscal year 2024 Net Sales and Adjusted EBITDA(3) outlook(4):
- Net sales expected to increase at the high end of the Company’s long-term algorithm of 4
-6% , including the benefit of a fifty- third week - Adjusted EBITDA(3) anticipated to increase slightly greater than the net sales growth rate
"We are pleased with our fiscal first quarter financial results and marketplace performance that were in line with estimates," said Geoff Tanner, President and Chief Executive Officer of Simply Good Foods. "Simply Good Foods retail takeaway in the first quarter of fiscal 2024, in the combined measured and unmeasured channels, was solid and increased slightly more than
"Our first quarter marketplace results are a positive start to the year and, while early, the second quarter is off to a good start. Additionally, we have strong marketing and merchandising plans in place for "New Year, New You" season which started this week and will run through the second quarter of fiscal 2024. We're pleased with the progress we've made on the acceleration plans for Quest and the revitalization plan for Atkins. We are confident in our strategy and execution and we believe we are positioned to drive sustained profitable growth. As such, we reaffirm our full year fiscal 2024 outlook and expect net sales growth, driven by volume, to be at the high end of our 4
Fiscal First Quarter 2024 Results
Net sales increased
Total Simply Good Foods retail takeaway for the thirteen weeks ended November 26, 2023, increased
Gross profit was
In the first quarter of fiscal 2024, the Company reported net income of
Operating expenses of
Net interest income and interest expense was
Adjusted EBITDA(3), a non-GAAP financial measure used by the Company that makes certain adjustments to net income calculated under GAAP, was
In the first quarter of fiscal 2024, the Company reported earnings per diluted share (“Diluted EPS”) of
Adjusted Diluted EPS(3), a non-GAAP financial measure used by the Company that makes certain adjustments to Diluted EPS calculated under GAAP, was
Balance Sheet and Cash Flow
At the end of the first quarter of fiscal 2024, the Company had cash of
Outlook(4)
Given the good start to the year, the Company reaffirms its full year fiscal 2024 outlook. The Company expects sales growth to be driven by volume and has strong advertising and marketing plans in place, as well as innovation, merchandising and promotions that should drive sustained, overall, financial and marketplace results.
Additionally, the Company expects lower supply chain costs in fiscal 2024, which will result in strong gross margin expansion and provide it with flexibility to meaningfully invest in marketing and growth initiatives, as well as new organizational capabilities. Therefore, the Company continues to anticipate the following for the full year fiscal 2024:
- Net sales expected to increase at the high end of the Company's long-term algorithm of 4
-6% , including the benefit of a fifty-third week; and - Adjusted EBITDA(4,6) anticipated to increase slightly greater than the net sales growth rate.
___________________________________
(1) All comparisons for the first quarter ended November 25, 2023, versus the first quarter ended November 26, 2022.
(2) Adjusted Diluted Earnings Per Share is a non-GAAP financial measure. The Company excludes acquisition related costs, such as business transaction costs, integration expense and depreciation and amortization expense in calculating Adjusted Diluted Earnings Per Share. Please refer to "Reconciliation of Adjusted Diluted Earnings Per Share" in this press release for an explanation and reconciliation of this non-GAAP financial measure.
(3) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is a non-GAAP financial measure. Please refer to "Reconciliation of Adjusted Diluted Earnings Per Share" in this press release for an explanation and reconciliation of this non-GAAP financial measure.
(4) The Company does not provide a forward-looking reconciliation of Adjusted Diluted Earnings Per Share to Earnings Per Share or Adjusted EBITDA to Net Income, the most directly comparable GAAP financial measures, expected for 2024, because we are unable to provide such a reconciliation without unreasonable effort due to the unavailability of reliable estimates for certain components of consolidated net income and the respective reconciliations, and the inherent difficulty of predicting what the changes in these components will be throughout the fiscal year. As these items may vary greatly between periods, we are unable to address the probable significance of the unavailable information, which could significantly affect our future financial results.
(5) Combined IRI MULO + C-store and Company unmeasured channel estimate for the 13-weeks ending November 26, 2023.
Conference Call and Webcast Information
The Company will host a conference call with members of the executive management team to discuss these results today, Thursday, January 4, 2024, at 6:30 a.m. Mountain time (8:30 a.m. Eastern time). Investors interested in participating in the live call can dial 877-407-0792 from the U.S. and International callers can dial 201-689-8263. In addition, the call and accompanying presentation slides will be broadcast live over the Internet hosted at the “Investor Relations” section of the Company's website at http://www.thesimplygoodfoodscompany.com. A telephone replay will be available approximately two hours after the call concludes and will be available through January 11, 2024, by dialing 844-512-2921 from the U.S., or 412-317-6671 from international locations, and entering confirmation code 13743146.
About The Simply Good Foods Company
The Simply Good Foods Company (Nasdaq: SMPL), headquartered in Denver, Colorado, is a consumer packaged food and beverage company that aims to lead the nutritious snacking movement with trusted brands that offer a variety of convenient, innovative, great-tasting, better-for-you snacks and meal replacements, and other product offerings. The product portfolio we develop, market and sell consists primarily of protein bars, ready-to-drink (“RTD”) shakes, sweet and salty snacks and confectionery products marketed under the Quest® and Atkins® brand names. Simply Good Foods is poised to expand its wellness platform through innovation and organic growth along with acquisition opportunities in the nutritional snacking space. For more information, please refer to http://www.thesimplygoodfoodscompany.com.
Investor Contact
Mark Pogharian
Vice President, Investor Relations, Treasury and Business Development
The Simply Good Foods Company
(720) 768-2681
mpogharian@simplygoodfoodsco.com
Forward Looking Statements
Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by or include words such as “will”, “expect”, “intends” or other similar words, phrases or expressions. These statements relate to future events or our future financial or operational performance and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. We caution you that these forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. You should not place undue reliance on forward-looking statements. These statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. These forward looking statements include, among other things, statements regarding our operations being dependent on changes in consumer preferences and purchasing habits regarding our products, a global supply chain and effects of supply chain constraints and inflationary pressure on us and our contract manufacturers, our ability to continue to operate at a profit or to maintain our margins, the effect pandemics or other global disruptions on our business, financial condition and results of operations, the sufficiency of our sources of liquidity and capital, our ability to maintain current operation levels and implement our growth strategies, our ability to maintain and gain market acceptance for our products or new products, our ability to capitalize on attractive opportunities, our ability to respond to competition and changes in the economy including changes regarding inflation and increasing ingredient and packaging costs and labor challenges at our contract manufacturers and third party logistics providers, the amounts of or changes with respect to certain anticipated raw materials and other costs, difficulties and delays in achieving the synergies and cost savings in connection with acquisitions, changes in the business environment in which we operate including general financial, economic, capital market, regulatory and geopolitical conditions affecting us and the industry in which we operate, our ability to maintain adequate product inventory levels to timely supply customer orders, changes in taxes, tariffs, duties, governmental laws and regulations, the availability of or competition for other brands, assets or other opportunities for investment by us or to expand our business, competitive product and pricing activity, difficulties of managing growth profitably, the loss of one or more members of our management team, potential for increased costs and harm to our business resulting from unauthorized access of the information technology systems we use in our business, expansion of our wellness platform and other risks and uncertainties indicated in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission from time to time. In addition, forward-looking statements provide the Company’s expectations, plans or forecasts of future events and views as of the date of this communication. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication.
The Simply Good Foods Company and Subsidiaries
Consolidated Balance Sheets
(Unaudited, dollars in thousands, except share and per share data)
| November 25, 2023 | August 26, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 121,391 | $ | 87,715 | ||||
| Accounts receivable, net | 135,561 | 145,078 | ||||||
| Inventories | 123,175 | 116,591 | ||||||
| Prepaid expenses | 6,076 | 6,294 | ||||||
| Other current assets | 10,336 | 15,974 | ||||||
| Total current assets | 396,539 | 371,652 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net | 23,830 | 24,861 | ||||||
| Intangible assets, net | 1,104,318 | 1,108,119 | ||||||
| Goodwill | 543,134 | 543,134 | ||||||
| Other long-term assets | 47,238 | 49,318 | ||||||
| Total assets | $ | 2,115,059 | $ | 2,097,084 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 43,249 | $ | 52,712 | ||||
| Accrued interest | 1,574 | 1,940 | ||||||
| Accrued expenses and other current liabilities | 34,083 | 35,062 | ||||||
| Current maturities of long-term debt | 83 | 143 | ||||||
| Total current liabilities | 78,989 | 89,857 | ||||||
| Long-term liabilities: | ||||||||
| Long-term debt, less current maturities | 272,032 | 281,649 | ||||||
| Deferred income taxes | 120,200 | 116,133 | ||||||
| Other long-term liabilities | 36,660 | 38,346 | ||||||
| Total liabilities | 507,881 | 525,985 | ||||||
| See commitments and contingencies (Note 9) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 1,022 | 1,019 | ||||||
| Treasury stock, 2,365,100 shares and 2,365,100 shares at cost at November 25, 2023 and August 26, 2023, respectively | (78,451 | ) | (78,451 | ) | ||||
| Additional paid-in-capital | 1,303,411 | 1,303,168 | ||||||
| Retained earnings | 383,517 | 347,956 | ||||||
| Accumulated other comprehensive loss | (2,321 | ) | (2,593 | ) | ||||
| Total stockholders’ equity | 1,607,178 | 1,571,099 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,115,059 | $ | 2,097,084 | ||||
The Simply Good Foods Company and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
(Unaudited, dollars in thousands, except share and per share data)
| Thirteen Weeks Ended | ||||||||
| November 25, 2023 | November 26, 2022 | |||||||
| Net sales | $ | 308,678 | $ | 300,878 | ||||
| Cost of goods sold | 193,560 | 189,886 | ||||||
| Gross profit | 115,118 | 110,992 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | 31,990 | 28,534 | ||||||
| General and administrative | 26,950 | 25,641 | ||||||
| Depreciation and amortization | 4,358 | 4,327 | ||||||
| Total operating expenses | 63,298 | 58,502 | ||||||
| Income from operations | 51,820 | 52,490 | ||||||
| Other income (expense): | ||||||||
| Interest income | 1,090 | 7 | ||||||
| Interest expense | (6,034 | ) | (7,055 | ) | ||||
| Gain on foreign currency transactions | 226 | 108 | ||||||
| Other income | 6 | 6 | ||||||
| Total other expense | (4,712 | ) | (6,934 | ) | ||||
| Income before income taxes | 47,108 | 45,556 | ||||||
| Income tax expense | 11,547 | 9,696 | ||||||
| Net income | $ | 35,561 | $ | 35,860 | ||||
| Other comprehensive income: | ||||||||
| Foreign currency translation, net of reclassification adjustments | 272 | (222 | ) | |||||
| Comprehensive income | $ | 35,833 | $ | 35,638 | ||||
| Earnings per share from net income: | ||||||||
| Basic | $ | 0.36 | $ | 0.36 | ||||
| Diluted | $ | 0.35 | $ | 0.36 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 99,629,188 | 99,200,557 | ||||||
| Diluted | 101,094,736 | 100,723,036 | ||||||
The Simply Good Foods Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited, dollars in thousands)
| Thirteen Weeks Ended | ||||||||
| November 25, 2023 | November 26, 2022 | |||||||
| Operating activities | ||||||||
| Net income | $ | 35,561 | $ | 35,860 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 5,605 | 4,952 | ||||||
| Amortization of deferred financing costs and debt discount | 385 | 532 | ||||||
| Stock compensation expense | 4,168 | 3,313 | ||||||
| Estimated credit losses | 51 | (141 | ) | |||||
| Unrealized gain on foreign currency transactions | (226 | ) | (108 | ) | ||||
| Deferred income taxes | 4,084 | 3,206 | ||||||
| Amortization of operating lease right-of-use asset | 1,735 | 1,660 | ||||||
| Other | 301 | 571 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 9,869 | (26,288 | ) | |||||
| Inventories | (6,699 | ) | 638 | |||||
| Prepaid expenses | 257 | (541 | ) | |||||
| Other current assets | 5,173 | 8,631 | ||||||
| Accounts payable | (9,806 | ) | (6,609 | ) | ||||
| Accrued interest | (366 | ) | 97 | |||||
| Accrued expenses and other current liabilities | (1,337 | ) | (14,843 | ) | ||||
| Other assets and liabilities | (1,232 | ) | (2,212 | ) | ||||
| Net cash provided by operating activities | 47,523 | 8,718 | ||||||
| Investing activities | ||||||||
| Purchases of property and equipment | (744 | ) | (1,151 | ) | ||||
| Investments in intangible and other assets | (56 | ) | (87 | ) | ||||
| Net cash used in investing activities | (800 | ) | (1,238 | ) | ||||
| Financing activities | ||||||||
| Proceeds from option exercises | — | 4,563 | ||||||
| Tax payments related to issuance of restricted stock units and performance stock units | (3,642 | ) | (2,298 | ) | ||||
| Payments on finance lease obligations | (61 | ) | (78 | ) | ||||
| Cash received on repayment of note receivable | 600 | — | ||||||
| Repurchase of common stock | — | (16,448 | ) | |||||
| Principal payments of long-term debt | (10,000 | ) | (6,500 | ) | ||||
| Net cash used in financing activities | (13,103 | ) | (20,761 | ) | ||||
| Cash and cash equivalents | ||||||||
| Net increase (decrease) in cash | 33,620 | (13,281 | ) | |||||
| Effect of exchange rate on cash | 56 | (69 | ) | |||||
| Cash at beginning of period | 87,715 | 67,494 | ||||||
| Cash and cash equivalents at end of period | $ | 121,391 | $ | 54,144 | ||||
Reconciliation of EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are non-GAAP financial measures commonly used in our industry and should not be construed as alternatives to net income as an indicator of operating performance or as alternatives to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP). Simply Good Foods defines EBITDA as net income or loss before interest income, interest expense, income tax expense, depreciation and amortization, and Adjusted EBITDA as further adjusted to exclude the following items: stock-based compensation expense, executive transition costs and other non-core expenses. The Company believes that EBITDA and Adjusted EBITDA, when used in conjunction with net income, are useful to provide additional information to investors. Management of the Company uses EBITDA and Adjusted EBITDA to supplement net income because these measures reflect operating results of the on-going operations, eliminate items that are not directly attributable to the Company’s underlying operating performance, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics the Company’s management uses in its financial and operational decision making. The Company also believes that EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry. EBITDA and Adjusted EBITDA may not be comparable to other similarly titled captions of other companies due to differences in the non-GAAP calculation.
The following unaudited table provides a reconciliation of EBITDA and Adjusted EBITDA to its most directly comparable GAAP measure, which is net income, for the thirteen weeks ended November 25, 2023 and November 26, 2022:
| (In thousands) | Thirteen Weeks Ended | |||||||
| November 25, 2023 | November 26, 2022 | |||||||
| Net income | $ | 35,561 | $ | 35,860 | ||||
| Interest income | (1,090 | ) | (7 | ) | ||||
| Interest expense | 6,034 | 7,055 | ||||||
| Income tax expense | 11,547 | 9,696 | ||||||
| Depreciation and amortization | 5,605 | 4,952 | ||||||
| EBITDA | 57,657 | 57,556 | ||||||
| Stock-based compensation expense | 4,168 | 3,313 | ||||||
| Executive transition costs | 366 | — | ||||||
| Other (1) | (226 | ) | (103 | ) | ||||
| Adjusted EBITDA | $ | 61,965 | $ | 60,766 | ||||
| (1) Other items consist principally of exchange impact of foreign currency transactions and other expenses. | ||||||||
Reconciliation of Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings per Share. Adjusted Diluted Earnings per Share is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to diluted earnings per share as an indicator of operating performance. Simply Good Foods defines Adjusted Diluted Earnings Per Share as diluted earnings per share before depreciation and amortization, stock-based compensation expense and executive transition costs, on a theoretical tax effected basis of such adjustments. The tax effect of such adjustments to Adjusted Diluted Earnings Per Share is calculated by applying an overall assumed statutory tax rate to each gross adjustment as shown in the reconciliation to Adjusted EBITDA, as previously defined. The assumed statutory tax rate reflects a normalized effective tax rate estimated based on assumptions regarding the Company's statutory and effective tax rate for each respective reporting period, including the current and deferred tax effects of each adjustment, and is adjusted for the effects of tax reform, if any. The Company consistently applies the overall assumed statutory tax rate to periods throughout each fiscal year and reassesses the overall assumed statutory rate on annual basis. The Company believes that the inclusion of these supplementary adjustments in presenting Adjusted Diluted Earnings per Share, when used in conjunction with diluted earnings per share, are appropriate to provide additional information to investors, reflects more accurately operating results of the on-going operations, enhances the overall understanding of past financial performance and future prospects and allows for greater transparency with respect to the key metrics the Company uses in its financial and operational decision making. The Company also believes that Adjusted Diluted Earnings per Share is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry. Adjusted Diluted Earnings per Share may not be comparable to other similarly titled captions of other companies due to differences in the non-GAAP calculation.
The following unaudited tables below provide a reconciliation of Adjusted Diluted Earnings Per Share to its most directly comparable GAAP measure, which is diluted earnings per share, for the thirteen weeks ended November 25, 2023 and November 26, 2022:
| Thirteen Weeks Ended | ||||||||
| November 25, 2023 | November 26, 2022 | |||||||
| Diluted earnings per share | $ | 0.35 | $ | 0.36 | ||||
| Depreciation and amortization | 0.06 | 0.05 | ||||||
| Stock-based compensation expense | 0.04 | 0.03 | ||||||
| Executive transition costs | 0.00 | — | ||||||
| Tax effects of adjustments (1) | (0.02 | ) | (0.02 | ) | ||||
| Adjusted diluted earnings per share | $ | 0.43 | $ | 0.42 | ||||
| (1) This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. The tax effect of each adjustment is computed (i) by dividing the gross amount of the adjustment, as shown in the Adjusted EBITDA reconciliation, by the number of diluted weighted average shares outstanding for the applicable fiscal period and (ii) applying an overall assumed statutory tax rate of | ||||||||
Reconciliation of Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is a non-GAAP financial measure which Simply Good Foods defines as the total debt outstanding under our credit agreement with Barclays Bank PLC and other parties (“Credit Agreement”), reduced by cash and cash equivalents, and divided by the trailing twelve months of Adjusted EBITDA, as previously defined.
The following unaudited table below provides a reconciliation of Net Debt to Adjusted EBITDA as of November 25, 2023:
| (In thousands) | November 25, 2023 | |||
| Net Debt: | ||||
| Total debt outstanding under the Credit Agreement | $ | 275,000 | ||
| Less: cash and cash equivalents | (121,391 | ) | ||
| Net Debt as of November 25, 2023 | $ | 153,609 | ||
| Trailing twelve months Adjusted EBITDA: | ||||
| Add: Adjusted EBITDA for the thirty-nine weeks ended November 25, 2023 | $ | 61,965 | ||
| Add: Adjusted EBITDA for the fiscal year ended August 26, 2023 | 245,555 | |||
| Less: Adjusted EBITDA for the thirty-nine weeks ended November 26, 2022 | (60,766 | ) | ||
| Trailing twelve months Adjusted EBITDA as of November 25, 2023 | $ | 246,754 | ||
| Net Debt to Adjusted EBITDA | 0.6x | |||
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