Utz Brands Reports Third Quarter 2024 Results and Reaffirms 2024 Outlook
Utz Brands reported Q3 2024 financial results with net sales of $365.5 million and organic net sales growth of 1.9%. The company achieved a gross profit margin expansion of 370 basis points to 35.8% and adjusted EBITDA increased 3.6% to $54.0 million. Net income was $0.8 million with adjusted earnings per share growing 23.5% to $0.21. The company's retail sales decreased by 1.3%, primarily impacted by competitive promotional environment in potato chips and softness in convenience store channel. Despite challenges, Utz reaffirmed its fiscal year 2024 outlook, projecting organic net sales growth of 2-2.5% and adjusted EBITDA growth of 5-8%.
Utz Brands ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 365,5 milioni di dollari e una crescita delle vendite nette organiche dell'1,9%. L'azienda ha ottenuto un'espansione del margine di profitto lordo di 370 punti base, raggiungendo il 35,8% e l'EBITDA rettificato è aumentato del 3,6% a 54,0 milioni di dollari. Il reddito netto è stato di 0,8 milioni di dollari, con gli utili per azione rettificati in crescita del 23,5% a 0,21 dollari. Le vendite al dettaglio dell'azienda sono diminuite dell'1,3%, principalmente influenzate da un ambiente promozionale competitivo nelle patatine e dalla debolezza nel canale dei negozi di convenienza. Nonostante le sfide, Utz ha ribadito le sue previsioni per l'anno fiscale 2024, prevedendo una crescita delle vendite nette organiche del 2-2,5% e una crescita dell'EBITDA rettificato del 5-8%.
Utz Brands informó los resultados financieros del tercer trimestre de 2024, con ventas netas de 365.5 millones de dólares y un crecimiento en las ventas netas orgánicas del 1.9%. La compañía logró una expansión de 370 puntos básicos en el margen de utilidad bruta, alcanzando el 35.8%, y el EBITDA ajustado aumentó un 3.6% a 54.0 millones de dólares. Los ingresos netos fueron de 0.8 millones de dólares, con ganancias ajustadas por acción creciendo un 23.5% a 0.21 dólares. Las ventas minoristas de la empresa disminuyeron un 1.3%, impactadas principalmente por un entorno promocional competitivo en las papas fritas y la debilidad en el canal de tiendas de conveniencia. A pesar de los desafíos, Utz reafirmó su perspectiva para el año fiscal 2024, proyectando un crecimiento en las ventas netas orgánicas del 2-2.5% y un crecimiento del EBITDA ajustado del 5-8%.
Utz Brands는 2024년 3분기 재무 결과를 보고했습니다. 순매출은 3억 6,550만 달러로, 유기농 순매출 성장률은 1.9%였습니다. 회사는 총 이익률이 370bp 증가하여 35.8%에 도달했으며, 조정된 EBITDA는 3.6% 증가하여 5,400만 달러에 이르렀습니다. 순이익은 80만 달러였고, 조정된 주당 순이익이 23.5% 증가하여 0.21 달러에 달했습니다. 회사의 소매 판매는 1.3% 감소했으며, 이는 주로 감자칩의 경쟁적인 프로모션 환경과 편의점 채널의 부진에 영향을 받았습니다. 어려움에도 불구하고, Utz는 2024 회계연도 전망을 재확인하며 유기농 순매출 성장률을 2-2.5%, 조정된 EBITDA 성장률을 5-8%로 예상하고 있습니다.
Utz Brands a annoncé les résultats financiers du troisième trimestre 2024, avec des ventes nettes de 365,5 millions de dollars et une croissance des ventes nettes organiques de 1,9 %. L'entreprise a réalisé une expansion de la marge brute de 370 points de base, atteignant 35,8 %, et l'EBITDA ajusté a augmenté de 3,6 % pour atteindre 54,0 millions de dollars. Le revenu net était de 0,8 million de dollars, avec un bénéfice ajusté par action en hausse de 23,5 % à 0,21 dollar. Les ventes au détail de l'entreprise ont diminué de 1,3 %, principalement impactées par un environnement promotionnel concurrentiel dans les chips de pomme de terre et par un ralentissement dans le canal des magasins de proximité. Malgré ces défis, Utz a réaffirmé ses prévisions pour l'exercice 2024, anticipant une croissance des ventes nettes organiques de 2 à 2,5 % et une croissance de l'EBITDA ajusté de 5 à 8 %.
Utz Brands hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit Nettoumsätzen von 365,5 Millionen Dollar und einem organischen Nettoumsatzwachstum von 1,9%. Das Unternehmen erzielte eine Verbesserung der Bruttogewinnmarge um 370 Basispunkte auf 35,8%, und das bereinigte EBITDA stieg um 3,6% auf 54,0 Millionen Dollar. Der Nettogewinn betrug 0,8 Millionen Dollar, während die bereinigten Erträge pro Aktie um 23,5% auf 0,21 Dollar wuchsen. Die Einzelhandelsverkäufe des Unternehmens sanken um 1,3%, hauptsächlich beeinflusst durch ein wettbewerbsintensives Promotionsumfeld bei Kartoffelchips und eine Schwäche im Convenience-Store-Sektor. Trotz der Herausforderungen bekräftigte Utz seine Prognose für das Geschäftsjahr 2024 und erwartet ein organisches Nettoumsatzwachstum von 2-2,5% und ein Wachstum des bereinigten EBITDA von 5-8%.
- Organic net sales increased 1.9% with favorable volume/mix of 2.4%
- Gross profit margin expanded 370 basis points to 35.8%
- Adjusted EBITDA increased 3.6% to $54.0 million
- Adjusted earnings per share grew 23.5% to $0.21
- Strong working capital performance in Q3
- Net income declined to $0.8 million from $16.2 million in prior year
- Retail sales decreased 1.3% versus prior year period
- Power Brands retail sales declined 1.2%
- Increased SD&A expenses to $110.0 million from $105.5 million
- Net Leverage Ratio at 3.7x
Insights
The Q3 results show mixed performance with some positive developments in profitability metrics despite challenging market conditions. Organic Net Sales growth of
- Adjusted EBITDA increased
3.6% to$54.0 million - Adjusted EPS grew
23.5% to$0.21 - Gross profit margin expanded significantly by
370 basis points to35.8%
The company's focus on productivity initiatives is yielding results, though the competitive promotional environment and convenience store softness present challenges. The net leverage ratio of 3.7x and reaffirmed guidance suggest financial stability, but investors should monitor the promotional environment's impact on margins.
UTZ's market performance reveals interesting dynamics in the salty snacks category. While the company's retail sales declined
- Strong performance in non-measured channels offsetting traditional retail challenges
- Power Brands showing stability with only
1.2% decline - Strategic focus on distribution expansion in new geographies
The increased marketing spend and investment in selling capabilities suggest a proactive approach to market share growth, though heightened promotional activity in potato chips segment warrants attention.
3Q’24 Summary(1)
-
Net Sales of
$365.5 million -
Organic Net Sales increased
1.9% - Gross Profit Margin expansion of 370bps
- Adjusted Gross Profit Margin expansion of 270bps
-
Net Income of
$0.8 million -
Adjusted EBITDA increased
3.6% to$54.0 million -
Diluted loss per share of
$(0.03) -
Adjusted Earnings Per Share increased
23.5% to$0.21
(1) All comparisons for the third quarter of 2024 are compared to the third quarter ended October 1, 2023. |
"In the third quarter our momentum continued with solid Organic Net Sales growth, our seventh consecutive quarter of Adjusted EBITDA Margin expansion, and Adjusted Earnings Per Share growth of nearly
Third Quarter 2024 Results
Third quarter net sales of
For the 13-week period ended September 29, 2024, the Company’s retail sales, as measured by Circana MULO-C, decreased by
Gross profit margin of
SD&A expenses were
The Company reported net income of
Adjusted EBITDA increased
Balance Sheet and Cash Flow Highlights
-
As of September 29, 2024
-
Total liquidity of
, consisting of cash on hand of$223.7 million and$64.9 million available under the Company’s revolving credit facility.$158.8 million -
Net debt of
resulting in a Net Leverage Ratio of 3.7x based on trailing twelve months Normalized Adjusted EBITDA of$731.5 million .$196.5 million
-
Total liquidity of
-
For the thirty-nine weeks ended September 29, 2024
-
Cash flow provided by operations was
, which reflects strong working capital performance in the third quarter. In addition, cash flow from operations also includes an approximately$52.0 million negative impact from the sale of Good Health® and R.W. Garcia®, and the manufacturing facilities.$30 million -
Capital expenditures were
, and dividends and distributions paid were$60.9 million .$30.8 million
-
Cash flow provided by operations was
Fiscal Year 2024 Outlook
-
The Company is reaffirming its outlook for Organic Net Sales growth of
2% -2.5% . The Company continues to expect Organic Net Sales growth driven by volume growth that will be fueled by increased marketing investments, product innovation, already achieved distribution gains, and a more favorable fourth quarter growth comparison. The Company’s outlook also assumes net sales will be impacted by approximately due to the sale of the Good Health® and R.W. Garcia® brands.$45 million
-
The Company is reaffirming its outlook for Adjusted EBITDA growth of
5% -8% and assumes the estimated impact of the forgone profit contribution from the brands divested in February 2024 are mostly offset by accelerated cost savings and the transition services agreement.
-
The Company is reaffirming its outlook for Adjusted Earnings per Share growth of
28% -32% . The Company continues to expect growth driven by increased operating earnings, a more favorable effective tax rate, and lower core depreciation and amortization expense resulting from the Company’s plant divestitures in April 2024.
The Company also expects:
-
An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of
17% -19% (unchanged); -
Interest expense of approximately
(unchanged);$47 million -
Capital expenditures in the range of
(unchanged); and$80 -$90 million - Net Leverage Ratio of approximately 3.6x (unchanged) at year-end fiscal 2024.
Quantitative reconciliations are not available for the forward-looking non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results.
Conference Call and Webcast Presentation
The Company has also posted a pre-recorded management discussion of its third quarter results to its website at https://investors.utzsnacks.com. In addition, the Company will host a live question and answer session with analysts at 8:00 a.m. Eastern Time today. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://investors.utzsnacks.com to access the live listen-only webcast. Participants can also dial in over the phone by calling 1-888-596-4144. The Event Plus passcode is 3860587. The Company has also posted presentation slides and additional supplemental financial information, which are available now on Utz’s Investor Relations website.
About Utz Brands, Inc.
Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands, including Utz®, On The Border® Chips & Dips, Zapp’s®, and Boulder Canyon®, among others.
After a century with a strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz's products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in
Investors and others should note that Utz announces material financial information to its investors using its Investor Relations website,
Forward-Looking Statements
This press release includes certain statements made herein that are not historical facts but are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as “will,” “expect”, “intends”, “goal”, “on track” or other similar words, phrases or expressions. These forward-looking statements include future plans for the Company, including outlook for fiscal 2024, plans related to the transformation of the Company’s supply chain, the Company’s product mix, the Company’s ability to reduce debt, and the anticipated interest expense savings from the repricing of the
These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company’s business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: the risk that the Company’s gross profit margins may be adversely impacted by a variety of factors, including variations in pricing of raw materials, retail customer requirements and mix, sales velocities, and required promotional support; changes in consumers’ loyalty to the Company’s brands due to factors beyond the Company’s control, including changes in consumer spending due to factors such as increasing household debt; changes in demand for the Company’s products affected by changes in consumer preferences and tastes or if the Company is unable to innovate or market its products effectively, particularly in the Company’s “expansion geographies”; costs associated with building brand loyalty and interest in the Company’s products which may be affected by actions by the Company’s competitors that result in the Company’s products not being suitably differentiated from the products of their competitors; consolidation of key suppliers of the Company; any inability of the Company to adopt efficiencies into its manufacturing processes, including automation and labor optimization, its network, including through plant consolidation and lowest landed cost for shipping its products, or its logistics operations; fluctuations in results of operations of the Company from quarter to quarter because of changes in promotional activities; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the risk that recently completed business combinations and other acquisitions recently completed by the Company or dispositions disrupt plans and operations; the ability of the Company to recognize the anticipated benefits of such business combinations, acquisitions, or dispositions, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; the outcome of any legal proceedings that may be instituted against the Company following the consummation of such business combinations, acquisitions, or dispositions; changes in applicable law or regulations; costs related to any planned business combinations, acquisitions, or dispositions; the ability of the Company to develop and maintain effective internal controls; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K filed with the Commission for the fiscal year ended December 31, 2023, and other reports filed by the Company with the Commission. Forward-looking statements provide the Company’s expectations, plans or forecasts of future events and views as of the date of this communication. 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 Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise required by law.
Non-GAAP Financial Measures:
Utz uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identifies trends in our underlying operating results, and provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. These non-GAAP financial measures do not represent financial performance in accordance with generally accepted accounted principles in
Management believes that non-GAAP financial measures should be considered as supplements to the GAAP measures reported, should not be considered replacements for, or superior to, the GAAP measures, and may not be comparable to similarly named measures used by other companies. The Company’s calculation of the non-GAAP financial measures may differ from methods used by other companies. We believe that these non-GAAP financial measures provide useful information to investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date when considered with both the GAAP results and the reconciliations to the most comparable GAAP measures, and that the presentation of non-GAAP financial measures is useful to investors in the evaluation of our operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by the companies in this industry. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis.
Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others:
- Organic Net Sales
- Adjusted Gross Profit
- Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin)
- Adjusted Selling, Distribution, and Administrative Expense
- Adjusted Selling, Distribution, and Administrative Expense as % of Net Sales
- Adjusted Net Income
- Adjusted Earnings Per Share
- EBITDA
- Adjusted EBITDA
- Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin)
- Normalized Adjusted EBITDA
- Effective Normalized Tax Rate
- Net Leverage Ratio
Organic Net Sales is defined as net sales excluding the impacts of acquisitions, divestitures, and IO route conversions.
Adjusted Gross Profit represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Gross Profit Margin on Net Sales.
Adjusted Selling, Distribution, and Administrative Expense is defined as all Selling, Distribution, and Administrative expense excluding Depreciation and Amortization expense, a non- cash item. In addition, Adjusted Selling, Distribution, and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, Distribution, and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, Distribution, and Administrative Margin on Net Sales.
Adjusted Net Income is defined as Net Income excluding the additional Depreciation and Amortization expense, a non-cash item, related to the Business Combination with Collier Creek Holdings and the acquisitions of Kennedy Endeavors, Kitchen Cooked, Inventure, Golden Flake, Truco Enterprises, R.W. Garcia and Festida. In addition, Adjusted Net Income is also adjusted to exclude deferred financing fees, interest income, and expense relating to IO loans and certain non-cash items, such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warrant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments.
Adjusted Earnings Per Share is defined as Adjusted Net Income (as defined above) divided by the weighted average shares outstanding for each period on a fully diluted basis, assuming the Private Placement Warrants are net settled and the Shares of Class V Common Stock held by Continuing Members are converted to Class A Common Stock.
EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives; and financing-related costs. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz’s operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by companies in this industry. We also provide in this release, Adjusted EBITDA as a percentage of Net Sales, as an additional measure for readers to evaluate our Adjusted EBITDA Margin on Net Sales.
Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time.
Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Tax.
Net Leverage Ratio is defined as Normalized Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents.
Utz Brands, Inc.
|
|||||||
(in thousands) |
Thirteen weeks ended
|
|
Thirteen weeks ended
|
||||
Net sales |
$ |
365,523 |
|
|
$ |
371,852 |
|
Cost of goods sold |
|
234,500 |
|
|
|
252,583 |
|
Gross profit |
|
131,023 |
|
|
|
119,269 |
|
|
|
|
|
||||
Selling, distribution, and administrative expenses |
|
|
|
||||
Selling and distribution |
|
80,140 |
|
|
|
70,973 |
|
Administrative |
|
29,901 |
|
|
|
34,531 |
|
Total selling, distribution, and administrative expenses |
|
110,041 |
|
|
|
105,504 |
|
|
|
|
|
||||
Loss on sale of assets, net |
|
(1,501 |
) |
|
|
(8,488 |
) |
|
|
|
|
||||
Income from operations |
|
19,481 |
|
|
|
5,277 |
|
Other (expense) income, net |
|
|
|
||||
Interest expense |
|
(12,591 |
) |
|
|
(15,537 |
) |
Other income |
|
450 |
|
|
|
392 |
|
(Loss) gain on remeasurement of warrant liability |
|
(6,408 |
) |
|
|
15,984 |
|
Other (expense) income, net |
|
(18,549 |
) |
|
|
839 |
|
|
|
|
|
||||
Income before taxes |
|
932 |
|
|
|
6,116 |
|
Income tax expense (benefit) |
|
160 |
|
|
|
(10,099 |
) |
Net income |
|
772 |
|
|
|
16,215 |
|
Net income attributable to noncontrolling interest |
|
(2,970 |
) |
|
|
(222 |
) |
Net (loss) income attributable to controlling interest |
$ |
(2,198 |
) |
|
$ |
15,993 |
|
|
|
|
|
||||
(Loss) income per Class A Common stock: (in dollars) |
|
|
|
||||
Basic |
$ |
(0.03 |
) |
|
$ |
0.20 |
|
Diluted |
$ |
(0.03 |
) |
|
$ |
0.19 |
|
Weighted-average shares of Class A Common stock outstanding |
|
|
|
||||
Basic |
|
82,445,064 |
|
|
|
81,141,417 |
|
Diluted |
|
82,445,064 |
|
|
|
83,444,275 |
|
|
|
|
|
||||
Net income |
$ |
772 |
|
|
$ |
16,215 |
|
Other comprehensive (loss) income: |
|
|
|
||||
Change in fair value of interest rate swap |
|
(15,471 |
) |
|
|
4,047 |
|
Comprehensive (loss) income |
|
(14,699 |
) |
|
|
20,262 |
|
Net comprehensive loss (income) attributable to noncontrolling interest |
|
3,447 |
|
|
|
(1,932 |
) |
Net comprehensive (loss) income attributable to controlling interest |
$ |
(11,252 |
) |
|
$ |
18,330 |
|
Utz Brands, Inc.
|
|||||||
(in thousands) |
Thirty-nine weeks ended
|
|
Thirty-nine weeks
|
||||
Net sales |
$ |
1,068,236 |
|
|
$ |
1,086,138 |
|
Cost of goods sold |
|
692,886 |
|
|
|
744,980 |
|
Gross profit |
|
375,350 |
|
|
|
341,158 |
|
|
|
|
|
||||
Selling, distribution, and administrative expenses |
|
|
|
||||
Selling and distribution |
|
227,586 |
|
|
|
202,888 |
|
Administrative |
|
96,496 |
|
|
|
123,155 |
|
Total selling, distribution, and administrative expenses |
|
324,082 |
|
|
|
326,043 |
|
|
|
|
|
||||
Gain (loss) on sale of assets, net |
|
402 |
|
|
|
(9,275 |
) |
|
|
|
|
||||
Income from operations |
|
51,670 |
|
|
|
5,840 |
|
Other income (expense), net |
|
|
|
||||
Gain on sale of business |
|
44,015 |
|
|
|
— |
|
Interest expense |
|
(36,631 |
) |
|
|
(44,934 |
) |
Loss on debt extinguishment |
|
(1,273 |
) |
|
|
— |
|
Other income |
|
1,558 |
|
|
|
2,279 |
|
(Loss) gain on remeasurement of warrant liability |
|
(5,328 |
) |
|
|
16,560 |
|
Other income (expense), net |
|
2,341 |
|
|
|
(26,095 |
) |
|
|
|
|
||||
Income (loss) before taxes |
|
54,011 |
|
|
|
(20,255 |
) |
Income tax expense (benefit) |
|
25,395 |
|
|
|
(13,435 |
) |
Net income (loss) |
|
28,616 |
|
|
|
(6,820 |
) |
Net (income) loss attributable to noncontrolling interest |
|
(14,956 |
) |
|
|
9,562 |
|
Net income attributable to controlling interest |
$ |
13,660 |
|
|
$ |
2,742 |
|
|
|
|
|
||||
Income per Class A Common stock: (in dollars) |
|
|
|
||||
Basic |
$ |
0.17 |
|
|
$ |
0.03 |
|
Diluted |
$ |
0.16 |
|
|
$ |
0.03 |
|
Weighted-average shares of Class A Common stock outstanding |
|
|
|
||||
Basic |
|
81,763,848 |
|
|
|
81,060,961 |
|
Diluted |
|
84,948,754 |
|
|
|
83,567,756 |
|
|
|
|
|
||||
Net income (loss) |
$ |
28,616 |
|
|
$ |
(6,820 |
) |
Other comprehensive income (loss): |
|
|
|
||||
Change in fair value of interest rate swap |
|
(12,954 |
) |
|
|
3,294 |
|
Comprehensive income (loss) |
|
15,662 |
|
|
|
(3,526 |
) |
Net comprehensive (income) loss attributable to noncontrolling interest |
|
(9,601 |
) |
|
|
8,173 |
|
Net comprehensive income attributable to controlling interest |
$ |
6,061 |
|
|
$ |
4,647 |
|
Utz Brands, Inc.
|
|||||||
|
As of
|
|
As of
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
64,891 |
|
|
$ |
52,023 |
|
Accounts receivable, less allowance of |
|
132,913 |
|
|
|
135,130 |
|
Inventories |
|
101,572 |
|
|
|
104,666 |
|
Prepaid expenses and other assets |
|
40,386 |
|
|
|
30,997 |
|
Current portion of notes receivable |
|
4,603 |
|
|
|
5,237 |
|
Total current assets |
|
344,365 |
|
|
|
328,053 |
|
Non-current Assets |
|
|
|
||||
Assets held for sale |
|
— |
|
|
|
7,559 |
|
Property, plant and equipment, net |
|
315,535 |
|
|
|
318,881 |
|
Goodwill |
|
870,695 |
|
|
|
915,295 |
|
Intangible assets, net |
|
1,003,872 |
|
|
|
1,063,413 |
|
Non-current portion of notes receivable |
|
9,912 |
|
|
|
12,413 |
|
Other assets |
|
99,527 |
|
|
|
101,122 |
|
Total non-current assets |
|
2,299,541 |
|
|
|
2,418,683 |
|
Total assets |
$ |
2,643,906 |
|
|
$ |
2,746,736 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Current portion of term debt |
$ |
16,021 |
|
|
$ |
21,086 |
|
Current portion of other notes payable |
|
7,110 |
|
|
|
7,649 |
|
Accounts payable |
|
138,772 |
|
|
|
124,361 |
|
Accrued expenses and other |
|
74,913 |
|
|
|
77,590 |
|
Current portion of warrant liability |
|
48,600 |
|
|
|
— |
|
Total current liabilities |
|
285,416 |
|
|
|
230,686 |
|
Non-current portion of term debt and revolving credit facility |
|
764,792 |
|
|
|
878,511 |
|
Non-current portion of other notes payable |
|
16,592 |
|
|
|
19,174 |
|
Non-current accrued expenses and other |
|
78,986 |
|
|
|
76,720 |
|
Non-current warrant liability |
|
— |
|
|
|
43,272 |
|
Deferred tax liability |
|
113,597 |
|
|
|
114,690 |
|
Total non-current liabilities |
|
973,967 |
|
|
|
1,132,367 |
|
Total liabilities |
|
1,259,383 |
|
|
|
1,363,053 |
|
Commitments and Contingencies |
|
|
|
||||
Equity |
|
|
|
||||
Shares of Class A Common Stock, |
|
8 |
|
|
|
8 |
|
Shares of Class V Common Stock, |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
972,060 |
|
|
|
944,573 |
|
Accumulated deficit |
|
(301,750 |
) |
|
|
(298,049 |
) |
Accumulated other comprehensive income |
|
15,359 |
|
|
|
22,958 |
|
Total stockholders' equity |
|
685,683 |
|
|
|
669,496 |
|
Noncontrolling interest |
|
698,840 |
|
|
|
714,187 |
|
Total equity |
|
1,384,523 |
|
|
|
1,383,683 |
|
Total liabilities and equity |
$ |
2,643,906 |
|
|
$ |
2,746,736 |
|
Utz Brands, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS For the thirty-nine weeks ended September 29, 2024 and October 1, 2023 (In thousands) (Unaudited) |
|||||||
|
Thirty-nine weeks ended
|
|
Thirty-nine weeks
|
||||
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
28,616 |
|
|
$ |
(6,820 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Impairment and other charges |
|
— |
|
|
|
9,548 |
|
Depreciation and amortization |
|
53,390 |
|
|
|
60,114 |
|
Gain on sale of business |
|
(44,015 |
) |
|
|
— |
|
Loss (gain) on remeasurement of warrant liability |
|
5,328 |
|
|
|
(16,560 |
) |
(Gain) loss on sale of assets |
|
(402 |
) |
|
|
9,275 |
|
Loss on debt extinguishment |
|
1,273 |
|
|
|
— |
|
Share-based compensation |
|
13,776 |
|
|
|
11,808 |
|
Deferred taxes |
|
4,061 |
|
|
|
(10,743 |
) |
Deferred financing costs |
|
2,803 |
|
|
|
1,084 |
|
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(6,264 |
) |
|
|
4,947 |
|
Inventories |
|
(4,838 |
) |
|
|
644 |
|
Prepaid expenses and other assets |
|
(23,714 |
) |
|
|
(20,183 |
) |
Accounts payable and accrued expenses and other |
|
21,939 |
|
|
|
6,016 |
|
Net cash provided by operating activities |
|
51,953 |
|
|
|
49,130 |
|
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(60,872 |
) |
|
|
(45,707 |
) |
Purchases of intangibles |
|
(9,220 |
) |
|
|
— |
|
Proceeds from sale of property and equipment |
|
26,140 |
|
|
|
8,794 |
|
Proceeds from sale of business |
|
167,500 |
|
|
|
— |
|
Proceeds from sale of routes |
|
19,552 |
|
|
|
21,683 |
|
Proceeds from the sale of IO notes |
|
3,553 |
|
|
|
4,094 |
|
Notes receivable |
|
(30,568 |
) |
|
|
(26,369 |
) |
Net cash provided by (used in) investing activities |
|
116,085 |
|
|
|
(37,505 |
) |
Cash flows from financing activities |
|
|
|
||||
Borrowings on line of credit |
|
92,000 |
|
|
|
61,000 |
|
Repayments on line of credit |
|
(69,630 |
) |
|
|
(40,676 |
) |
Borrowings on term debt and notes payable |
|
25,262 |
|
|
|
4,273 |
|
Repayments on term debt and notes payable |
|
(169,864 |
) |
|
|
(23,744 |
) |
Payment of debt issuance cost |
|
(733 |
) |
|
|
(655 |
) |
Payments of tax withholding requirements for employee stock awards |
|
(1,397 |
) |
|
|
(589 |
) |
Dividends paid |
|
(15,946 |
) |
|
|
(13,921 |
) |
Distribution to noncontrolling interest |
|
(14,862 |
) |
|
|
(10,149 |
) |
Net cash used in financing activities |
|
(155,170 |
) |
|
|
(24,461 |
) |
Net increase (decrease) in cash and cash equivalents |
|
12,868 |
|
|
|
(12,836 |
) |
Cash and cash equivalents at beginning of period |
|
52,023 |
|
|
|
72,930 |
|
Cash and cash equivalents at end of period |
$ |
64,891 |
|
|
$ |
60,094 |
|
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures | ||||||||||||||||||||
Net Sales and Organic Net Sales | ||||||||||||||||||||
|
|
13-Weeks Ended |
|
|
|
39-Weeks Ended |
|
|
||||||||||||
(dollars in millions) |
|
September 29,
|
|
October 1, 2023 |
|
Change |
|
September 29,
|
|
October 1, 2023 |
|
Change |
||||||||
Net Sales as Reported |
|
$ |
365.5 |
|
$ |
371.9 |
|
|
(1.7 |
)% |
|
$ |
1,068.2 |
|
$ |
1,086.1 |
|
|
(1.6 |
)% |
Impact of Dispositions |
|
|
— |
|
|
(13.1 |
) |
|
|
|
|
— |
|
|
(33.4 |
) |
|
|
||
Impact of IO Conversions |
|
|
— |
|
|
— |
|
|
|
|
|
2.0 |
|
|
— |
|
|
|
||
Organic Net Sales (1) |
|
$ |
365.5 |
|
$ |
358.8 |
|
|
1.9 |
% |
|
$ |
1,070.2 |
|
$ |
1,052.7 |
|
|
1.7 |
% |
(1) Organic Net Sales excludes the Impact of Dispositions and the Impact of IO Conversions that took place after Q3 2023. |
Gross Profit and Adjusted Gross Profit | ||||||||||||||||
|
|
13-Weeks Ended |
|
39-Weeks Ended |
||||||||||||
(dollars in millions) |
|
September 29,
|
|
October 1, 2023 |
|
September 29,
|
|
October 1, 2023 |
||||||||
Gross Profit |
|
$ |
131.0 |
|
|
$ |
119.3 |
|
|
$ |
375.4 |
|
|
$ |
341.2 |
|
Gross Profit as a % of Net Sales |
|
|
35.8 |
% |
|
|
32.1 |
% |
|
|
35.1 |
% |
|
|
31.4 |
% |
Depreciation and Amortization |
|
|
6.6 |
|
|
|
8.3 |
|
|
|
20.5 |
|
|
|
25.9 |
|
Non-Cash, Non-recurring adjustments |
|
|
5.1 |
|
|
|
7.5 |
|
|
|
9.7 |
|
|
|
15.9 |
|
Adjusted Gross Profit |
|
$ |
142.7 |
|
|
$ |
135.1 |
|
|
$ |
405.6 |
|
|
$ |
383.0 |
|
Adjusted Gross Profit as a % of Net Sales |
|
|
39.0 |
% |
|
|
36.3 |
% |
|
|
38.0 |
% |
|
|
35.3 |
% |
Adjusted Selling, Distribution, and Administrative Expense |
||||||||||||||||
|
|
13-Weeks Ended |
|
39-Weeks Ended |
||||||||||||
(dollars in millions) |
|
September 29,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||
Selling, Distribution, and Administrative Expense |
|
$ |
110.0 |
|
|
$ |
105.5 |
|
|
$ |
324.1 |
|
|
$ |
326.0 |
|
Depreciation and Amortization in SD&A Expense |
|
|
(10.9 |
) |
|
|
(11.4 |
) |
|
|
(32.9 |
) |
|
|
(34.2 |
) |
Non-Cash, and/or Non-recurring Adjustments |
|
|
(10.4 |
) |
|
|
(11.1 |
) |
|
|
(32.5 |
) |
|
|
(46.6 |
) |
Adjusted Selling, Distribution, and Administrative Expense |
|
$ |
88.7 |
|
|
$ |
83.0 |
|
|
$ |
258.7 |
|
|
$ |
245.2 |
|
Adjusted SD&A Expense as a % of Net Sales |
|
|
24.3 |
% |
|
|
22.3 |
% |
|
|
24.2 |
% |
|
|
22.6 |
% |
Adjusted Net Income |
||||||||||||||||
|
|
13-Weeks Ended |
|
39-Weeks Ended |
||||||||||||
(dollars in millions, except per share data) |
|
September 29,
|
|
October 1, 2023 |
|
September 29,
|
|
October 1, 2023 |
||||||||
Net Income (Loss) |
|
$ |
0.8 |
|
|
$ |
16.2 |
|
|
$ |
28.6 |
|
|
$ |
(6.8 |
) |
Income Tax Expense (Benefit) |
|
|
0.2 |
|
|
|
(10.1 |
) |
|
|
25.4 |
|
|
|
(13.4 |
) |
Income (loss) Before Taxes |
|
|
1.0 |
|
|
|
6.1 |
|
|
|
54.0 |
|
|
|
(20.2 |
) |
Deferred Financing Fees |
|
|
0.3 |
|
|
|
0.6 |
|
|
|
2.8 |
|
|
|
1.1 |
|
Acquisition Step-Up Depreciation and Amortization |
|
|
10.7 |
|
|
|
12.0 |
|
|
|
33.0 |
|
|
|
35.6 |
|
Certain Non-Cash Adjustments |
|
|
6.2 |
|
|
|
24.5 |
|
|
|
15.1 |
|
|
|
42.2 |
|
Acquisition, Divestiture and Integration |
|
|
2.8 |
|
|
|
1.3 |
|
|
|
(34.5 |
) |
|
|
8.7 |
|
Business and Transformation Initiatives |
|
|
8.1 |
|
|
|
1.4 |
|
|
|
18.4 |
|
|
|
19.9 |
|
Financing-Related Costs |
|
|
— |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
Loss on Remeasurement of Warrant Liability |
|
|
6.4 |
|
|
|
(16.0 |
) |
|
|
5.3 |
|
|
|
(16.6 |
) |
Other Non-Cash and/or Non-Recurring Adjustments |
|
|
34.5 |
|
|
|
23.9 |
|
|
|
40.4 |
|
|
|
91.1 |
|
Adjusted Earnings before Taxes |
|
|
35.5 |
|
|
|
30.0 |
|
|
|
94.4 |
|
|
|
70.9 |
|
Taxes on Earnings as Reported |
|
|
(0.2 |
) |
|
|
10.1 |
|
|
|
(25.4 |
) |
|
|
13.4 |
|
Income Tax Adjustments(1) |
|
|
(5.7 |
) |
|
|
(15.5 |
) |
|
|
8.9 |
|
|
|
(25.9 |
) |
Adjusted Taxes on Earnings |
|
|
(5.9 |
) |
|
|
(5.4 |
) |
|
|
(16.5 |
) |
|
|
(12.5 |
) |
Adjusted Net Income |
|
$ |
29.6 |
|
|
$ |
24.6 |
|
|
$ |
77.9 |
|
|
$ |
58.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Average Weighted Basic Shares Outstanding on an As-Converted Basis |
|
|
140.9 |
|
|
|
140.5 |
|
|
|
140.8 |
|
|
|
140.4 |
|
Fully Diluted Shares on an As-Converted Basis |
|
|
144.1 |
|
|
|
142.8 |
|
|
|
144.0 |
|
|
|
142.9 |
|
Adjusted Earnings Per Share |
|
$ |
0.21 |
|
|
$ |
0.17 |
|
|
$ |
0.54 |
|
|
$ |
0.41 |
|
(1) Income Tax Adjustment calculated as (Loss) Income before taxes plus (i) Acquisition, Step-Up Depreciation and Amortization and (ii) Other Non-Cash and/or Non-Recurring Adjustments, multiplied by a normalized GAAP effective tax rate, minus the actual tax provision recorded in the Consolidated Statement of Operations and Comprehensive Loss. The normalized GAAP effective tax rate excludes one-time items such as the impact of tax rate changes on deferred taxes and changes in valuation allowances. |
Depreciation & Amortization |
||||||||||||
|
|
13-Weeks Ended |
|
39-Weeks Ended |
||||||||
(dollars in millions) |
|
September 29,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||
Core D&A - Non-Acquisition-related included in Gross Profit |
|
$ |
4.5 |
|
$ |
5.4 |
|
$ |
13.7 |
|
$ |
17.5 |
Step-Up D&A - Transaction-related included in Gross Profit |
|
|
2.1 |
|
|
2.9 |
|
|
6.8 |
|
|
8.4 |
Depreciation & Amortization - included in Gross Profit |
|
|
6.6 |
|
|
8.3 |
|
|
20.5 |
|
|
25.9 |
|
|
|
|
|
|
|
|
|
||||
Core D&A - Non-Acquisition-related included in SD&A Expense |
|
$ |
2.3 |
|
|
2.3 |
|
$ |
6.7 |
|
|
7.0 |
Step-Up D&A - Transaction-related included in SD&A Expense |
|
|
8.6 |
|
|
9.1 |
|
|
26.2 |
|
|
27.2 |
Depreciation & Amortization - included in SD&A Expense |
|
|
10.9 |
|
|
11.4 |
|
|
32.9 |
|
|
34.2 |
|
|
|
|
|
|
|
|
|
||||
Depreciation & Amortization - Total |
|
$ |
17.5 |
|
$ |
19.7 |
|
$ |
53.4 |
|
$ |
60.1 |
|
|
|
|
|
|
|
|
|
||||
Core Depreciation and Amortization |
|
$ |
6.8 |
|
$ |
7.7 |
|
$ |
20.4 |
|
$ |
24.5 |
Step-Up Depreciation and Amortization |
|
$ |
10.7 |
|
|
12.0 |
|
$ |
33.0 |
|
|
35.6 |
Total Depreciation and Amortization |
|
$ |
17.5 |
|
$ |
19.7 |
|
$ |
53.4 |
|
$ |
60.1 |
EBITDA and Adjusted EBITDA |
||||||||||||||||
|
|
13-Weeks Ended |
|
39-Weeks Ended |
||||||||||||
(dollars in millions) |
|
September 29,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||
Net Income (Loss) |
|
$ |
0.8 |
|
|
$ |
16.2 |
|
|
$ |
28.6 |
|
|
$ |
(6.8 |
) |
Plus non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Income Tax Expense (Benefit) |
|
|
0.2 |
|
|
|
(10.1 |
) |
|
|
25.4 |
|
|
|
(13.4 |
) |
Depreciation and Amortization |
|
|
17.5 |
|
|
|
19.7 |
|
|
|
53.4 |
|
|
|
60.1 |
|
Interest Expense, Net |
|
|
12.6 |
|
|
|
15.5 |
|
|
|
36.6 |
|
|
|
44.9 |
|
Interest Income from IO loans(1) |
|
|
(0.6 |
) |
|
|
(0.5 |
) |
|
|
(1.5 |
) |
|
|
(1.4 |
) |
EBITDA |
|
|
30.5 |
|
|
|
40.8 |
|
|
|
142.5 |
|
|
|
83.4 |
|
Certain Non-Cash Adjustments(2) |
|
|
6.2 |
|
|
|
24.5 |
|
|
|
15.1 |
|
|
|
42.2 |
|
Acquisition, Divestiture and Integration(3) |
|
|
2.8 |
|
|
|
1.3 |
|
|
|
(34.5 |
) |
|
|
8.7 |
|
Business Transformation Initiatives(4) |
|
|
8.1 |
|
|
|
1.4 |
|
|
|
18.4 |
|
|
|
19.9 |
|
Financing-Related Costs(5) |
|
|
— |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
Gain on Remeasurement of Warrant Liability(6) |
|
|
6.4 |
|
|
|
(16.0 |
) |
|
|
5.3 |
|
|
|
(16.6 |
) |
Adjusted EBITDA |
|
$ |
54.0 |
|
|
$ |
52.1 |
|
|
$ |
147.1 |
|
|
$ |
137.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) as a % of Net Sales |
|
|
0.2 |
% |
|
|
4.4 |
% |
|
|
2.7 |
% |
|
|
(0.6 |
)% |
Adjusted EBITDA as a % of Net Sales |
|
|
14.8 |
% |
|
|
14.0 |
% |
|
|
13.8 |
% |
|
|
12.7 |
% |
(1) |
Interest Income from IO loans refers to Interest Income that we earn from IO notes receivable that have resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There is a notes payable recorded that mirrors most of the IO notes receivable, and the interest expense associated with the notes payable is part of the Interest Expense, Net adjustment. |
|
(2) |
Certain Non-Cash Adjustments are comprised primarily of the following:
Incentive programs – The Company incurred
Asset Impairments and Write-Offs — For the thirteen weeks ended October 1, 2023, the Company recorded an adjustment for a non-cash loss on sale of
Purchase Commitments and Other Adjustments – We have purchase commitments for specific quantities at fixed prices for certain of our products’ key ingredients. To facilitate comparisons of our underlying operating results, this adjustment was made to remove the volatility of purchase commitments related to unrealized gains and losses. The adjustment related to Purchase Commitments and Other Adjustments, including cloud computing amortization was expense of |
|
(3) |
Adjustment for Acquisition, Divestiture and Integration Costs and (Gains) – Such expenses were |
|
(4) |
Business Transformation Initiatives Adjustment – This adjustment is related to consultancy, professional and legal fees incurred for specific initiatives and structural changes to the business that do not reflect the cost of normal business operations. In addition, gains and losses realized from the sale of distribution rights to IOs and the subsequent disposal of trucks, severance costs associated with the elimination of RSP positions, and enterprise resource planning system transition costs, fall into this category. The Company incurred such costs of |
|
(5) |
Financing-Related Costs – These costs include adjustments for various items related to raising debt and equity capital or debt extinguishment costs. |
|
(6) |
Gains and Losses – Such gains and losses related to the changes in the remeasurement of warrant liabilities are not expected to be settled in cash, and when exercised would result in a cash inflow to the Company with the Warrants converting to Class A Common Stock with the liability being extinguished and the fair value of the Warrants at the time of exercise being recorded as an increase to equity. |
Normalized Adjusted EBITDA |
|||||||||||||||||||||||||||||
|
|
FY 2023 |
|
|
|
FY 2024 |
|
||||||||||||||||||||||
(dollars in millions) |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY 2023 |
|
Q1 |
|
Q2 |
|
Q3 |
|
TTM |
|||||||||||
Adjusted EBITDA |
|
$ |
40.4 |
|
$ |
45.2 |
|
$ |
52.1 |
|
$ |
49.4 |
|
$ |
187.2 |
(1 |
) |
|
$ |
43.4 |
|
$ |
49.7 |
|
$ |
54.0 |
|
$ |
196.5 |
Pre-Acquisition Adjusted EBITDA(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Normalized Adjusted EBITDA |
|
$ |
40.4 |
|
$ |
45.2 |
|
$ |
52.1 |
|
$ |
49.4 |
|
$ |
187.2 |
(1 |
) |
|
$ |
43.4 |
|
$ |
49.7 |
|
$ |
54.0 |
|
$ |
196.5 |
(1) Does not total due to rounding. |
Net Debt and Leverage Ratio |
|||
(dollars in millions) |
|
As of
|
|
Term Loan |
|
$ |
630.3 |
Real Estate Loan |
|
|
60.3 |
ABL Facility |
|
|
22.7 |
Capital Leases(1) |
|
|
83.0 |
Deferred Purchase Price |
|
|
0.1 |
Gross Debt(2) |
|
|
796.4 |
Cash and Cash Equivalents |
|
|
64.9 |
Total Net Debt |
|
$ |
731.5 |
Last 52-Weeks Normalized Adjusted EBITDA |
|
$ |
196.5 |
Net Leverage Ratio(3) |
|
3.7x |
(1) Capital Leases include equipment term loans and exclude the impact of step-up accounting. |
(2) Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding loan value in the event of a default scenario, which historically has been uncommon. |
(3) Based on Normalized Adjusted EBITDA of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031266682/en/
Investor
Kevin Powers
Utz Brands, Inc.
kpowers@utzsnacks.com
Media
Kevin Brick
Utz Brands, Inc.
kbrick@utzsnacks.com
Source: Utz Brands, Inc.
FAQ
What was UTZ's organic net sales growth in Q3 2024?
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