Utz Brands, Inc(NYSE:UTZ) 
Utz Brands, Inc. manufacturers, markets, and distributes snacking products in the United States. It offers a range of salty snacks, including potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub/party mixes, and other snacks under the Utz, Zapp's, ON THE BORDER, Golden Flake, Good H...
Website: http://www.utzsnacks.com
Founded: 1921
CEO: Dylan B. Lissette
Sector: Consumer Defensive
Industry: Packaged Foods
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Brand Portfolio Anchored in Salty Snacks: Utz Brands is a U.S. salty snack company with a portfolio spanning potato chips, pretzels, cheese snacks, and related categories, marketed under the Utz name and other regional/national brands.
- Growth Strategy Focused on Distribution Expansion and Mix: A key strategic theme is expanding geographic reach and shelf presence while improving product mix through innovation, merchandising, and channel diversification (e.g., convenience, grocery, and club).
- Input-Cost and Promotional Environment Drive Margin Volatility: Profitability can be sensitive to commodity inputs (e.g., potatoes, oils, packaging), freight/labor costs, and promotional intensity, making gross margin and EBITDA performance dependent on pricing and productivity initiatives.
- Operational Execution and Supply Chain Efficiency as Key Levers: Manufacturing utilization, network optimization, and logistics efficiency are important drivers of service levels and cost structure, with productivity programs often central to the margin narrative.
- Competitive Snack Landscape Requires Continuous Innovation: Utz competes with large national players and private label, so maintaining brand relevance through new flavors, formats, and targeted marketing is critical to sustaining share and velocity.
Bull Thesis:
- Strong Brand Portfolio and Market Share Growth: Utz Brands boasts a diverse portfolio of well-known and beloved snack brands, including Utz, Zapp's, Boulder Canyon, and On The Border. This strong brand equity allows for pricing power and resilience in various market conditions. The company has consistently demonstrated an ability to gain market share in the fragmented salty snack category, driven by both organic growth and strategic acquisitions.
- Expanding Direct-Store-Delivery (DSD) Network and National Reach: Utz continues to expand its highly efficient DSD network, which is crucial for freshness and shelf presence in the snack industry. This expansion, particularly into underpenetrated regions, provides a significant runway for sales growth and improved distribution efficiency. Increased national availability of its regional power brands can unlock substantial new revenue streams.
- Resilient Snack Category and Favorable Consumer Trends: The salty snack category is generally recession-resistant and benefits from ongoing consumer trends such as increased at-home consumption, demand for convenient foods, and a willingness to pay for premium and specialty snacks. Utz's portfolio is well-positioned to capitalize on these trends, offering both traditional favorites and innovative healthier options.
- Synergies and Integration Success from Acquisitions: While Utz has been acquisitive, successful integration of acquired brands (like On The Border, R.W. Garcia, and Vitner's) into its DSD network and operational structure can unlock significant cost synergies and cross-selling opportunities. Realizing these synergies can drive margin expansion and accelerate revenue growth beyond what individual brands could achieve alone.
Bear Thesis:
- High Debt Load and Interest Expense: Utz's growth strategy has heavily relied on acquisitions, leading to a significant debt load. This high leverage increases financial risk, limits future strategic flexibility, and makes the company vulnerable to rising interest rates, which can materially impact profitability through increased interest expenses.
- Intense Competition and Pricing Pressure: The salty snack market is highly competitive, dominated by large players like PepsiCo's Frito-Lay, as well as numerous regional and private-label brands. This intense competition can lead to pricing pressure, increased marketing spend, and challenges in maintaining or expanding market share, potentially compressing margins.
- Input Cost Inflation and Supply Chain Volatility: Utz is susceptible to fluctuations in the cost of key raw materials (e.g., potatoes, corn, oils), packaging, and transportation. Persistent inflation in these areas, coupled with potential supply chain disruptions, can erode profit margins if the company is unable to fully pass on these costs to consumers through price increases without impacting demand.
- Integration Risks and Execution Challenges from Acquisitions: While acquisitions offer growth potential, there are inherent risks in integrating multiple companies with different cultures, systems, and supply chains. Poor integration can lead to operational inefficiencies, higher-than-expected costs, write-downs, and a failure to realize anticipated synergies, ultimately hindering financial performance.
Main Competitors:
- PepsiCo ($PEP) (Lay's, Doritos, Cheetos (Frito-Lay division)), PepsiCo, through its Frito-Lay division, is the dominant player in the salty snack market. It competes with Utz across virtually all categories (potato chips, tortilla chips, pretzels, cheese snacks) with its vast portfolio of iconic brands, extensive distribution network, and massive marketing budget.
- Campbell Soup Company ($CPB) (Snyder's of Hanover, Cape Cod, Kettle Brand), Campbell Soup Company's Snyder's-Lance division is a direct and significant competitor to Utz, particularly in pretzels (Snyder's of Hanover) and premium/kettle-style potato chips (Cape Cod, Kettle Brand). They also compete in other snack categories, leveraging strong brand recognition and distribution.
- Kellogg Company ($K) (Pringles), Kellogg Company competes with Utz primarily through its Pringles brand, a major global player in the potato crisp segment. While Pringles offers a distinct stacked chip format, it directly vies for market share and consumer snack occasions against Utz's traditional potato chip offerings.
- Various Retailers (Private Label) (Store Brand Potato Chips, Pretzels), Private label brands from major grocery retailers (e.g., Kroger, Walmart, Aldi) represent a significant competitive force. They often compete on price, offering value alternatives to branded snacks like Utz, and can capture substantial market share, particularly among budget-conscious consumers.
Moat:
Utz Brands operates in a highly competitive and fragmented salty snack market. Its primary moat lies in its strong portfolio of established regional and national brands (e.g., Utz, Zapp's, Boulder Canyon), a robust Direct Store Delivery (DSD) system, particularly strong in the East Coast, and a successful acquisition strategy that has expanded its geographic reach and product offerings. The competitive landscape is intense, dominated by giants like PepsiCo's Frito-Lay with vast resources, strong national players like Campbell's (Snyder's-Lance) and Kellogg's (Pringles), and significant price pressure from private label brands. Utz's strategy involves leveraging its DSD network, expanding its national footprint through strategic acquisitions, and continuous innovation within its diverse brand portfolio to compete effectively across various snack categories and consumer segments.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2023-01-01 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-08-29 | 2021-07-04 | 2021-04-04 | 2021-01-03 | 2020-09-27 | 2020-08-29 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net sales | 361,300,000 | 342,200,000 | 377,800,000 | 366,700,000 | 352,084,000 | 341,045,000 | 365,523,000 | 356,190,000 | 346,523,000 | 352,099,000 | 371,852,000 | 362,853,000 | 351,433,000 | 350,147,000 | 340,767,000 | 300,932,000 | 312,680,000 | 297,919,000 | 269,182,000 | -240,824,000 | 79,372,000 | 79,372,000 | |||||||||
yoy | 2.62% | 0.34% | 3.36% | 2.95% | 1.60% | -3.14% | -1.70% | -1.84% | -1.40% | 6.20% | 6.48% | 16.78% | 14.38% | 11.79% | -229.84% | 275.35% | |||||||||||||||
qoq | 5.58% | -9.42% | 3.03% | 4.15% | 3.24% | -6.70% | 2.62% | 2.79% | -1.58% | -5.31% | 2.48% | 3.25% | 2.75% | 13.24% | -3.76% | 10.68% | -211.78% | -403.41% | 0.00% | ||||||||||||
cost of goods sold | 269,400,000 | 355,800,000 | 250,900,000 | 239,900,000 | 233,854,000 | 221,618,000 | 234,500,000 | 231,436,000 | 226,950,000 | 236,771,000 | 252,583,000 | 245,460,000 | 246,937,000 | 238,618,000 | 236,960,000 | 210,451,000 | 210,053,000 | 202,359,000 | 173,941,000 | -158,313,000 | 55,305,000 | 55,305,000 | |||||||||
gross profit | 91,900,000 | -13,600,000 | 126,900,000 | 126,800,000 | 118,230,000 | 119,427,000 | 131,023,000 | 124,754,000 | 119,573,000 | 115,328,000 | 119,269,000 | 117,393,000 | 104,496,000 | 111,529,000 | 103,807,000 | 90,481,000 | 102,627,000 | 95,560,000 | 95,241,000 | -82,511,000 | 24,067,000 | 24,067,000 | |||||||||
yoy | -22.27% | -111.39% | -3.15% | 1.64% | -1.12% | 3.55% | 9.86% | 6.27% | 14.43% | 6.94% | 13.09% | 15.49% | 8.63% | -5.00% | -224.38% | 297.06% | |||||||||||||||
qoq | -775.74% | -110.72% | 0.08% | 7.25% | -1.00% | -8.85% | 5.03% | 4.33% | 3.68% | -3.30% | 1.60% | 12.34% | 7.44% | 14.73% | -11.84% | 0.33% | -215.43% | -442.84% | 0.00% | ||||||||||||
gross margin % | 25.44% | -3.97% | 33.59% | 34.58% | 33.58% | 35.02% | 35.85% | 35.02% | 34.51% | 32.75% | 32.07% | 32.35% | 29.73% | NaN% | 31.85% | 30.46% | 30.07% | 32.82% | NaN% | 32.08% | 35.38% | 34.26% | 30.32% | 30.32% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | |
selling, general, and administrative expenses | |||||||||||||||||||||||||||||||
selling | 51,100,000 | 60,200,000 | 67,985,000 | 64,439,000 | 56,728,000 | -50,334,000 | 16,859,000 | 16,859,000 | |||||||||||||||||||||||
general and administrative | 34,300,000 | 36,157,000 | 30,724,000 | 29,041,000 | 29,933,000 | ||||||||||||||||||||||||||
total selling, general, and administrative expenses | 85,400,000 | ||||||||||||||||||||||||||||||
gain on sale of assets | 1,300,000 | 9,900,000 | -500,000 | -900,000 | 660,000 | -480,000 | -1,501,000 | 2,373,000 | 1,925,000 | -8,488,000 | -279,000 | -508,000 | 1,375,000 | 367,000 | |||||||||||||||||
income from operations | 7,800,000 | 4,100,000 | 3,300,000 | 6,400,000 | 5,676,000 | 7,236,000 | 19,481,000 | 22,534,000 | 9,655,000 | 10,177,000 | 5,277,000 | 2,661,000 | -2,098,000 | 5,292,000 | -22,487,000 | -5,977,000 | 2,875,000 | 4,369,000 | 9,299,000 | -53,507,000 | -1,179,000 | -1,179,000 | -556,336 | -1,232,234 | -268,294 | -444,442 | -125,790 | -159,706 | |||
yoy | 37.42% | -43.34% | -83.06% | -71.60% | -41.21% | -28.90% | 269.17% | 746.82% | -560.20% | -0.28% | -111.83% | -64.90% | -614.69% | -164.28% | -105.37% | -470.57% | -1771.47% | 4242.28% | 339.44% | 165.28% | 342.27% | 671.56% | |||||||||
qoq | 90.24% | 24.24% | -48.44% | 12.76% | -21.56% | -62.86% | -13.55% | 133.39% | -5.13% | 92.86% | 98.31% | -226.84% | -123.53% | 276.23% | -307.90% | -53.02% | -117.38% | 4438.34% | 0.00% | 111.92% | -54.85% | 359.28% | -39.63% | 253.32% | -21.24% | ||||||
operating margin % | 2.16% | 1.20% | 0.87% | 1.75% | 1.61% | 2.12% | 5.33% | 6.33% | 2.79% | 2.89% | 1.42% | 0.73% | -0.60% | NaN% | 1.51% | -6.60% | -1.99% | 0.92% | NaN% | 1.47% | 3.45% | 22.22% | -1.49% | -1.49% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | |
other loss | -9,600,000 | ||||||||||||||||||||||||||||||
interest expense | -10,400,000 | -9,600,000 | -10,600,000 | -11,400,000 | -11,470,000 | -8,231,000 | -12,591,000 | -10,209,000 | -13,831,000 | -15,656,000 | -15,537,000 | -15,019,000 | -14,378,000 | -10,727,000 | -9,103,000 | -8,225,000 | -7,726,000 | -7,896,000 | -10,861,000 | 24,711,000 | -1,818,000 | -1,818,000 | |||||||||
loss on debt extinguishment | -531,000 | -1,273,000 | |||||||||||||||||||||||||||||
other income | 800,000 | -300,000 | 1,200,000 | -600,000 | 362,000 | 899,000 | 450,000 | 198,000 | 910,000 | 787,000 | 392,000 | 272,000 | 1,615,000 | -645,000 | 520,000 | 1,335,000 | 740,000 | 758,000 | 718,000 | -933,000 | -2,323,000 | -2,323,000 | |||||||||
gain on remeasurement of warrant liability | -700,000 | 12,500,000 | 11,016,000 | 15,552,000 | -6,408,000 | 12,888,000 | -14,328,000 | 15,984,000 | 2,808,000 | -2,232,000 | 5,760,000 | 1,944,000 | 2,520,000 | 36,288,000 | 19,368,000 | ||||||||||||||||
income before taxes | -1,800,000 | 1,300,000 | -6,800,000 | 6,900,000 | 5,053,000 | 13,502,750 | 932,000 | 24,138,000 | 28,941,000 | -5,063,750 | 6,116,000 | -320,000 | -22,345,000 | -29,729,000 | -5,320,000 | -5,320,000 | |||||||||||||||
income tax expense | 600,000 | -2,500,000 | 13,400,000 | -3,200,000 | -625,000 | 13,335,000 | 160,000 | -1,309,000 | 26,544,000 | -2,611,000 | -2,865,000 | 2,772,000 | 5,835,000 | 827,000 | 420,000 | 1,004,000 | -3,054,000 | -2,889,000 | |||||||||||||
net income | -2,400,000 | -3,300,000 | -20,200,000 | 10,100,000 | 5,678,000 | 2,121,000 | 772,000 | 25,447,000 | 2,397,000 | -33,212,000 | 16,215,000 | -8,553,000 | -14,482,000 | 2,545,000 | -31,898,000 | -16,182,000 | 31,350,000 | 16,179,000 | -23,349,000 | -26,675,000 | -2,431,000 | -2,431,000 | -383,906 | 177,794 | 1,532,158 | 1,782,823 | 2,357,404 | 2,301,928 | |||
yoy | -142.27% | -255.59% | -2716.58% | -60.31% | 136.88% | -106.39% | -95.24% | -397.52% | -116.55% | 537.13% | -73.19% | -10.51% | -297.16% | -30.70% | -217.53% | -765.53% | 5981.96% | -15103.32% | -258.67% | -236.36% | -116.29% | -92.28% | |||||||||
qoq | -27.27% | -83.66% | -300.00% | 77.88% | 167.70% | 174.74% | -96.97% | 961.62% | -107.22% | -304.82% | -289.58% | -40.94% | -107.98% | 97.12% | -151.62% | -169.29% | -12.47% | 997.29% | 0.00% | 533.23% | -315.93% | -88.40% | -14.06% | -24.37% | 2.41% | ||||||
net income margin % | -0.66% | -0.96% | -5.35% | 2.75% | 1.61% | 0.62% | 0.21% | 7.14% | 0.69% | -9.43% | 4.36% | -2.36% | -4.12% | NaN% | 0.73% | -9.36% | -5.38% | 10.03% | NaN% | 5.43% | -8.67% | 11.08% | -3.06% | -3.06% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | |
net loss attributable to noncontrolling interest | 700,000 | 800,000 | 5,500,000 | 400,000 | 1,824,000 | 193,000 | -2,970,000 | -5,599,000 | -6,387,000 | 5,533,000 | -222,000 | 4,429,000 | 5,355,000 | 634,000 | 14,328,000 | 8,435,000 | 1,902,000 | 1,400,000 | 820,000 | 9,391,000 | 2,320,000 | ||||||||||
net income attributable to controlling interest | -1,700,000 | -2,500,000 | -14,700,000 | 10,500,000 | 7,502,000 | 2,314,000 | -2,198,000 | 19,848,000 | -27,679,000 | 15,993,000 | -4,124,000 | 3,179,000 | -7,747,000 | 33,252,000 | 17,579,000 | -22,529,000 | -17,284,000 | -111,000 | -111,000 | ||||||||||||
income per class a common stock: | |||||||||||||||||||||||||||||||
basic | -20,000 | 10,000 | -170,000 | 120,000 | 90 | 42.5 | -30 | 240 | |||||||||||||||||||||||
diluted | -20,000 | 10,000 | -170,000 | 120,000 | 90 | 40 | -30 | 230 | |||||||||||||||||||||||
weighted-average shares of class a common stock outstanding | |||||||||||||||||||||||||||||||
basic | 88,347,854,000,000 | 86,577,082 | 86,958,867,000,000 | 86,118,292,000,000 | 85,721,393,000 | 82,102,876 | 82,445,064,000 | 81,457,014,000 | 81,389,465,000 | 81,081,458 | 81,141,417,000 | 81,063,457,000 | 80,093,094 | 80,171,174,000 | 76,677,981 | 76,713,241,000 | 76,500,488,000 | 59,369,050 | 59,369,050 | ||||||||||||
diluted | 88,347,854,000,000 | 87,773,614 | 86,958,867,000,000 | 87,679,440,000,000 | 87,535,340,000 | 85,433,980 | 82,445,064,000 | 84,954,412,000 | 81,389,465,000 | 81,081,458 | 83,444,275,000 | 81,063,457,000 | 80,093,094 | 81,510,936,000 | 81,090,229 | 80,906,618,000 | 81,732,056,000 | 68,271,930 | 68,271,930 | ||||||||||||
other comprehensive income: | |||||||||||||||||||||||||||||||
change in fair value of interest rate swap | 2,300,000 | 12,699,983.9 | -2,500,000 | -3,800,000 | -6,452,000 | 12,946,522 | -15,471,000 | -2,142,000 | 4,659,000 | -3,307,543 | 4,047,000 | 9,572,000 | -10,325,000 | 3,011,000 | 27,809,000 | ||||||||||||||||
comprehensive loss | -100,000 | -24,807,000 | -4,089,000 | -21,707,000 | |||||||||||||||||||||||||||
net comprehensive loss attributable to noncontrolling interest | -200,000 | -12,699,985.2 | 6,500,000 | 1,900,000 | 4,364,000 | 9,589,347 | 3,447,000 | -4,696,000 | -8,352,000 | -8,152,181 | -1,932,000 | 383,000 | 9,722,000 | -647,000 | 2,362,000 | ||||||||||||||||
net comprehensive income attributable to controlling interest | -300,000 | 4,399,991 | -16,200,000 | 8,200,000 | 3,590,000 | -6,049,394 | -11,252,000 | 18,609,000 | -4,679,756 | 18,330,000 | 1,402,000 | 4,909,000 | |||||||||||||||||||
selling, distribution, and administrative expenses | |||||||||||||||||||||||||||||||
selling and distribution | 62,875,000 | 88,400,000 | 85,800,000 | 77,265,000 | 78,565,000 | 80,140,000 | 73,780,000 | 73,666,000 | 71,035,000 | 70,973,000 | 66,869,000 | 65,046,000 | 68,796,000 | 88,110,000 | |||||||||||||||||
administrative | 26,075,000 | 34,700,000 | 33,700,000 | 35,949,000 | 33,146,000 | 29,901,000 | 30,813,000 | 35,782,000 | 36,041,000 | 34,531,000 | 47,584,000 | 41,040,000 | 38,816,000 | 38,551,000 | 9,963,000 | 8,451,000 | 8,451,000 | ||||||||||||||
total selling, distribution, and administrative expenses | 88,950,000 | 123,100,000 | 119,500,000 | 113,214,000 | 111,711,000 | 110,041,000 | 104,593,000 | 109,448,000 | 107,076,000 | 105,504,000 | 114,453,000 | 106,086,000 | 107,612,000 | 126,661,000 | |||||||||||||||||
gain on sale of business | 44,015,000 | ||||||||||||||||||||||||||||||
comprehensive income | 17,099,976.2 | -22,700,000 | 6,300,000 | -774,000 | -15,638,741 | -14,699,000 | 23,305,000 | 7,056,000 | 3,472,425 | 20,262,000 | 1,019,000 | 5,556,000 | -30,393,654 | 33,938,000 | 18,186,000 | -16,360 | 141 | 141 | |||||||||||||
loss on sale of assets | -470,000 | ||||||||||||||||||||||||||||||
loss on remeasurement of warrant liability | -11,808,000 | -21,501,000 | |||||||||||||||||||||||||||||
net loss attributable to controlling interest | -3,990,000 | -9,127,000 | -17,570,000 | ||||||||||||||||||||||||||||
loss per class a common stock: | |||||||||||||||||||||||||||||||
basic | -50 | ||||||||||||||||||||||||||||||
diluted | -50 | ||||||||||||||||||||||||||||||
net comprehensive loss attributable to controlling interest | -1,296,000 | -15,085,000 | -1,727,000 | ||||||||||||||||||||||||||||
income tax benefit | -3,358,750 | -10,099,000 | -725,000 | ||||||||||||||||||||||||||||
earnings per class a common stock: | |||||||||||||||||||||||||||||||
basic | 7.5 | 200 | -50 | 40 | 90 | 430 | 220 | ||||||||||||||||||||||||
diluted | 7.5 | 190 | -50 | 40 | 85 | 400 | 210 | ||||||||||||||||||||||||
loss before taxes | -9,278,000 | -17,093,000 | -29,126,000 | ||||||||||||||||||||||||||||
other expense | -14,995,000 | ||||||||||||||||||||||||||||||
earnings per class a common stock: | |||||||||||||||||||||||||||||||
basic & diluted | -110 | -220 | -300 | ||||||||||||||||||||||||||||
weighted-average shares of class a common stock outstanding | |||||||||||||||||||||||||||||||
selling, general and administrative expenses | |||||||||||||||||||||||||||||||
total selling, general and administrative expenses | 96,357,000 | 98,709,000 | 93,480,000 | 86,661,000 | |||||||||||||||||||||||||||
gain on disposal of property, plant and equipment | 169,000 | 60,000 | 607,000 | 297,000 | -5,697,000 | 5,000 | 5,000 | ||||||||||||||||||||||||
gain on sale of routes | -270,000 | -1,103,000 | 1,682,000 | 422,000 | -5,670,000 | 59,000 | 59,000 | ||||||||||||||||||||||||
total gain on sale of assets | -101,000 | -1,043,000 | 2,289,000 | 719,000 | -11,367,000 | 64,000 | 64,000 | ||||||||||||||||||||||||
income before income tax expense | 6,607,750 | 32,177,000 | 16,599,000 | ||||||||||||||||||||||||||||
change in value of interest rate swap | 528,750 | 686,000 | 607,000 | ||||||||||||||||||||||||||||
interest rate swap | 822,000 | 252 | 252 | ||||||||||||||||||||||||||||
selling and administrative expenses | |||||||||||||||||||||||||||||||
total selling and administrative expenses | -40,371,000 | 25,310,000 | 25,310,000 | ||||||||||||||||||||||||||||
earnings per share of class a common stock: | |||||||||||||||||||||||||||||||
basic | |||||||||||||||||||||||||||||||
diluted | |||||||||||||||||||||||||||||||
other comprehensive gain: | |||||||||||||||||||||||||||||||
income tax (benefit) expense | -2,889,000 | ||||||||||||||||||||||||||||||
net income (income) attributable to noncontrolling interest | 2,320,000 | ||||||||||||||||||||||||||||||
general and administrative expenses | 556,336 | 1,232,234 | 268,294 | 444,442 | 125,790 | 159,706 | |||||||||||||||||||||||||
investment income on trust account | 172,430 | 1,410,028 | 1,800,452 | 2,227,265 | 2,483,194 | 2,461,634 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||
weighted-average shares outstanding of class a ordinary shares | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | |||||||||||||||||||||||||
basic and diluted net income per share, class a | 0.03 | 0.04 | 0.05 | 0.06 | 0.06 | ||||||||||||||||||||||||||
weighted-average shares outstanding of class b ordinary shares | 11,875,000 | 11,875,000 | 11,875,000 | 11,875,000 | 11,875,000 | 11,875,000 | |||||||||||||||||||||||||
basic and diluted net loss per share, class b | -0.05 | -0.1 | -0.02 | -0.04 | -0.01 | -0.01 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2023-01-01 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-07-04 | 2021-04-04 | 2021-01-03 | 2020-09-27 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||
current assets | ||||||||||||||||||||||||||||
cash and cash equivalents | 73,700,000 | 120,400,000 | 57,700,000 | 54,600,000 | 62,748,000 | 56,138,000 | 64,891,000 | 66,574,000 | 47,004,000 | 52,023,000 | 60,094,000 | 73,657,000 | 57,921,000 | 72,930,000 | 20,133,000 | 14,899,000 | 41,898,000 | 25,961,000 | 26,745,000 | 4,020,000 | 46,831,000 | 32,024,000 | ||||||
accounts receivables | 113,400,000 | 100,800,000 | 133,300,000 | 161,300,000 | 134,998,000 | 119,867,000 | 132,913,000 | 137,962,000 | 135,227,000 | 135,130,000 | 132,038,000 | 140,977,000 | 137,056,000 | 136,985,000 | 152,061,000 | 148,432,000 | 131,388,000 | 152,777,000 | 143,503,000 | 130,599,000 | 118,305,000 | 123,236,000 | ||||||
inventories | 122,500,000 | 119,300,000 | 112,900,000 | 125,500,000 | 107,576,000 | 101,362,000 | 101,572,000 | 100,710,000 | 104,586,000 | 104,666,000 | 116,674,000 | 122,386,000 | 123,456,000 | 118,006,000 | 99,545,000 | 93,778,000 | 79,517,000 | 70,812,000 | 69,978,000 | 67,584,000 | 59,810,000 | 57,164,000 | ||||||
prepaid expenses and other assets | 46,300,000 | 39,900,000 | 24,400,000 | 44,000,000 | 34,694,000 | 35,269,000 | 40,386,000 | 44,539,000 | 36,978,000 | 30,997,000 | 44,196,000 | 40,090,000 | 33,713,000 | 34,991,000 | 21,660,000 | 17,042,000 | 18,395,000 | 16,632,000 | 15,315,000 | 12,276,000 | 11,573,000 | 8,431,000 | ||||||
current portion of notes receivable | 4,000,000 | 4,000,000 | 5,100,000 | 5,100,000 | 4,339,000 | 4,622,000 | 4,603,000 | 4,581,000 | 4,987,000 | 5,237,000 | 5,553,000 | 5,745,000 | 9,081,000 | 9,274,000 | 6,424,000 | 6,401,000 | 6,706,000 | 6,669,000 | 7,991,000 | 5,918,000 | 7,666,000 | 5,856,000 | ||||||
total current assets | 359,900,000 | 384,400,000 | 333,400,000 | 390,500,000 | 344,355,000 | 317,258,000 | 344,365,000 | 354,366,000 | 328,782,000 | 328,053,000 | 358,555,000 | 382,855,000 | 361,227,000 | 372,186,000 | 299,823,000 | 280,552,000 | 277,904,000 | 272,851,000 | 263,532,000 | 220,397,000 | 244,185,000 | 226,711,000 | 401,500 | 739,748 | 721,566 | 864,711 | 934,237 | 1,070,178 |
non-current assets | ||||||||||||||||||||||||||||
assets held for sale | 10,400,000 | 10,300,000 | 6,700,000 | 3,253,000 | 7,559,000 | |||||||||||||||||||||||
property, plant and equipment | 379,900,000 | 379,200,000 | 396,500,000 | 389,700,000 | 374,956,000 | 345,210,000 | 315,535,000 | 300,050,000 | 295,836,000 | 318,881,000 | 329,846,000 | 345,664,000 | 346,976,000 | 345,198,000 | 338,039,000 | 298,656,000 | 303,807,000 | 281,121,000 | 285,611,000 | 262,999,000 | 270,416,000 | 285,481,000 | ||||||
goodwill | 865,200,000 | 865,200,000 | 870,700,000 | 870,700,000 | 870,695,000 | 870,695,000 | 870,695,000 | 870,695,000 | 870,695,000 | 915,295,000 | 915,295,000 | 915,295,000 | 915,295,000 | 915,295,000 | 915,490,000 | 915,490,000 | 915,438,000 | 889,521,000 | 892,524,000 | 880,063,000 | 862,183,000 | 664,335,000 | ||||||
intangible assets | 956,500,000 | 963,900,000 | 973,000,000 | 983,000,000 | 989,834,000 | 996,510,000 | 1,003,872,000 | 1,012,447,000 | 1,011,237,000 | 1,063,413,000 | 1,070,691,000 | 1,081,231,000 | 1,089,885,000 | 1,099,565,000 | 1,120,154,000 | 1,130,208,000 | 1,142,509,000 | 1,147,556,000 | 1,157,679,000 | 1,167,268,000 | 1,171,709,000 | 854,909,000 | ||||||
non-current portion of notes receivable | 10,800,000 | 10,800,000 | 10,500,000 | 11,500,000 | 9,114,000 | 9,192,000 | 9,912,000 | 9,968,000 | 11,477,000 | 12,413,000 | 13,246,000 | 13,975,000 | 11,395,000 | 12,794,000 | 19,326,000 | 19,614,000 | 20,725,000 | 22,140,000 | 23,857,000 | 22,348,000 | 20,000,000 | 23,125,000 | ||||||
other assets | 203,400,000 | 179,800,000 | 185,800,000 | 191,900,000 | 190,113,000 | 189,547,000 | 99,527,000 | 102,590,000 | 103,972,000 | 101,122,000 | 109,267,000 | 102,064,000 | 91,261,000 | 95,328,000 | 81,821,000 | 78,505,000 | 55,963,000 | 19,356,000 | 20,423,000 | 14,160,000 | 15,671,000 | 6,918,000 | ||||||
total non-current assets | 2,426,200,000 | 2,409,200,000 | 2,443,200,000 | 2,446,800,000 | 2,434,712,000 | 2,411,154,000 | 2,299,541,000 | 2,295,750,000 | 2,296,470,000 | 2,418,683,000 | 2,438,345,000 | 2,458,229,000 | 2,454,812,000 | 2,468,180,000 | 2,474,830,000 | 2,442,473,000 | 2,438,442,000 | 2,359,694,000 | 2,380,094,000 | 2,346,838,000 | 2,339,979,000 | 1,834,768,000 | ||||||
total assets | 2,786,100,000 | 2,793,600,000 | 2,776,600,000 | 2,837,300,000 | 2,779,067,000 | 2,728,412,000 | 2,643,906,000 | 2,650,116,000 | 2,625,252,000 | 2,746,736,000 | 2,796,900,000 | 2,841,084,000 | 2,816,039,000 | 2,840,366,000 | 2,774,653,000 | 2,723,025,000 | 2,716,346,000 | 2,632,545,000 | 2,643,626,000 | 2,567,235,000 | 2,584,164,000 | 2,061,479,000 | 453,004,799 | 453,170,617 | 451,742,407 | 450,085,100 | 447,927,361 | 445,580,109 |
liabilities and equity | ||||||||||||||||||||||||||||
current liabilities | ||||||||||||||||||||||||||||
current portion of term debt | 30,300,000 | 31,400,000 | 25,900,000 | 23,200,000 | 17,712,000 | 16,097,000 | 16,021,000 | 12,034,000 | 20,651,000 | 21,086,000 | 20,649,000 | 19,290,000 | 19,207,000 | 18,472,000 | 14,255,000 | 11,414,000 | 11,414,000 | 7,500,000 | 469,000 | 740,000 | ||||||||
current portion of other notes payable | 6,100,000 | 6,500,000 | 7,200,000 | 7,000,000 | 6,788,000 | 6,917,000 | 7,110,000 | 7,365,000 | 7,696,000 | 7,649,000 | 8,317,000 | 8,584,000 | 11,893,000 | 12,589,000 | 13,214,000 | 13,057,000 | 9,957,000 | 10,021,000 | 8,979,000 | 8,142,000 | 9,018,000 | 7,909,000 | ||||||
accounts payable | 188,300,000 | 197,400,000 | 172,200,000 | 188,500,000 | 157,473,000 | 150,927,000 | 138,772,000 | 121,793,000 | 115,651,000 | 124,361,000 | 135,931,000 | 119,597,000 | 111,010,000 | 114,360,000 | 95,906,000 | 104,967,000 | 95,369,000 | 77,559,000 | 74,674,000 | 64,214,000 | 57,254,000 | 56,066,000 | 196,830 | 161,579 | 11,654 | 41,642 | 3,894 | 23,420 |
accrued expenses and other | 90,300,000 | 87,900,000 | 68,800,000 | 75,100,000 | 57,480,000 | 78,281,000 | 74,913,000 | 68,263,000 | 91,278,000 | 77,590,000 | 62,714,000 | 63,423,000 | 71,357,000 | 92,012,000 | 65,819,000 | 53,356,000 | 71,280,000 | 52,932,000 | 59,599,000 | 49,585,000 | 80,788,000 | 61,789,000 | ||||||
total current liabilities | 315,000,000 | 323,200,000 | 274,100,000 | 303,300,000 | 261,485,000 | 285,270,000 | 285,416,000 | 209,455,000 | 235,276,000 | 230,686,000 | 227,611,000 | 210,894,000 | 213,467,000 | 237,433,000 | 189,194,000 | 182,794,000 | 188,020,000 | 151,184,000 | 153,924,000 | 129,441,000 | 147,529,000 | 126,504,000 | 2,071,269 | 1,853,181 | 602,765 | 477,616 | 102,700 | 112,851 |
non-current liabilities | ||||||||||||||||||||||||||||
non-current portion of term debt and revolving credit facility | 812,000,000 | 824,800,000 | 842,700,000 | 830,480,000 | 764,792,000 | 785,539,000 | 736,246,000 | 895,172,000 | 947,700,000 | 910,083,000 | 877,066,000 | 852,722,000 | 718,443,000 | |||||||||||||||
non-current portion of other notes payable | 13,100,000 | 14,200,000 | 15,800,000 | 16,800,000 | 14,805,000 | 14,985,000 | 16,592,000 | 17,291,000 | 19,086,000 | 19,174,000 | 19,496,000 | 21,173,000 | 18,362,000 | 20,339,000 | 24,115,000 | 23,129,000 | 24,709,000 | 25,315,000 | 27,473,000 | 25,418,000 | 24,564,000 | 26,186,000 | ||||||
non-current accrued expenses and other | 181,400,000 | 166,500,000 | 170,000,000 | 174,000,000 | 170,870,000 | 164,185,000 | 78,986,000 | 73,843,000 | 73,691,000 | 76,720,000 | 75,551,000 | 73,407,000 | 70,366,000 | 67,269,000 | 61,714,000 | 56,109,000 | 55,838,000 | 33,256,000 | 37,280,000 | 37,483,000 | 37,771,000 | 60,641,000 | ||||||
deferred tax liability | 127,200,000 | 126,600,000 | 129,800,000 | 122,600,000 | 123,805,000 | 123,744,000 | 113,597,000 | 116,068,000 | 115,785,000 | 114,690,000 | 114,059,000 | 122,798,000 | 125,159,000 | 124,802,000 | 135,917,000 | 136,837,000 | 136,334,000 | 74,634,000 | 75,010,000 | 74,847,000 | 73,786,000 | 22,958,000 | ||||||
total non-current liabilities | 1,133,700,000 | 1,125,500,000 | 1,140,400,000 | 1,156,100,000 | 1,139,960,000 | 1,055,398,000 | 973,967,000 | 1,034,933,000 | 999,888,000 | 1,132,367,000 | 1,133,222,000 | 1,210,006,000 | 1,171,706,000 | 1,151,249,000 | 1,137,332,000 | 1,113,077,000 | 1,093,653,000 | 974,973,000 | 1,010,431,000 | 960,591,000 | 914,121,000 | 520,496,000 | ||||||
total liabilities | 1,448,700,000 | 1,448,700,000 | 1,414,500,000 | 1,459,400,000 | 1,401,445,000 | 1,340,668,000 | 1,259,383,000 | 1,244,388,000 | 1,235,164,000 | 1,363,053,000 | 1,360,833,000 | 1,420,900,000 | 1,385,173,000 | 1,388,682,000 | 1,326,526,000 | 1,295,871,000 | 1,281,673,000 | 1,126,157,000 | 1,164,355,000 | 1,090,032,000 | 1,061,650,000 | 647,000,000 | 17,521,269 | 17,303,181 | 16,052,765 | 15,927,616 | 15,552,700 | 15,562,851 |
commitments and contingencies | ||||||||||||||||||||||||||||
equity | ||||||||||||||||||||||||||||
shares of class a common stock, 0.0001 par value... | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 7,000 | ||||||||||||
shares of class v common stock, 0.0001 par value... | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | ||||||||||||
additional paid-in capital | 1,039,200,000 | 1,037,000,000 | 1,032,800,000 | 1,017,200,000 | 1,014,569,000 | 988,510,000 | 972,060,000 | 955,280,000 | 952,227,000 | 944,573,000 | 938,898,000 | 935,269,000 | 930,964,000 | 926,919,000 | 939,575,000 | 909,144,000 | 912,574,000 | 959,748,000 | 944,758,000 | 941,003,000 | 623,729,000 | 479,028,000 | 785,556 | |||||
accumulated deficit | -334,400,000 | -326,600,000 | -318,400,000 | -298,400,000 | -303,663,000 | -304,663,000 | -301,750,000 | -293,750,000 | -306,842,000 | -298,049,000 | -265,743,000 | -277,111,000 | -263,747,000 | -254,564,000 | -259,593,000 | -254,168,000 | -236,598,000 | -224,662,000 | -254,085,000 | -264,019,000 | -22,401,000 | -10,172,000 | ||||||
accumulated other comprehensive income | 4,700,000 | 3,300,000 | 10,900,000 | 12,400,000 | 14,678,000 | 18,590,000 | 15,359,000 | 24,413,000 | 25,652,000 | 22,958,000 | 32,682,000 | 30,345,000 | 24,819,000 | 30,777,000 | 21,288,000 | 19,558,000 | 3,715,000 | 3,039,000 | 2,353,000 | 1,746,000 | 924,000 | 252,000 | ||||||
total stockholders' equity | 709,500,000 | 725,300,000 | 731,200,000 | 725,598,000 | 685,683,000 | 685,957,000 | 671,051,000 | 705,851,000 | 688,517,000 | 692,050,000 | 703,146,000 | 701,284,000 | 674,548,000 | 679,705,000 | 738,139,000 | 693,040,000 | 678,743,000 | |||||||||||
noncontrolling interest | 627,900,000 | 631,200,000 | 636,800,000 | 646,700,000 | 652,024,000 | 685,293,000 | 698,840,000 | 719,771,000 | 719,037,000 | 714,187,000 | 730,216,000 | 731,667,000 | 738,816,000 | 748,538,000 | 746,843,000 | 752,606,000 | 754,968,000 | 768,249,000 | 786,231,000 | 798,460,000 | 920,249,000 | 945,359,000 | ||||||
total equity | 1,337,400,000 | 1,344,900,000 | 1,362,100,000 | 1,377,900,000 | 1,377,622,000 | 1,387,744,000 | 1,384,523,000 | 1,405,728,000 | 1,390,088,000 | 1,383,683,000 | 1,436,067,000 | 1,420,184,000 | 1,430,866,000 | 1,451,684,000 | 1,448,127,000 | 1,427,154,000 | 1,434,673,000 | 1,506,388,000 | 1,479,271,000 | 1,477,203,000 | 1,522,514,000 | 1,414,479,000 | ||||||
total liabilities and equity | 2,786,100,000 | 2,793,600,000 | 2,776,600,000 | 2,837,300,000 | 2,779,067,000 | 2,728,412,000 | 2,643,906,000 | 2,650,116,000 | 2,625,252,000 | 2,746,736,000 | 2,796,900,000 | 2,841,084,000 | 2,816,039,000 | 2,840,366,000 | 2,774,653,000 | 2,723,025,000 | 2,716,346,000 | 2,632,545,000 | 2,643,626,000 | 2,567,235,000 | 2,584,164,000 | 2,061,479,000 | ||||||
current portion of warrant liability | 9,500,000 | 22,032,000 | 33,048,000 | 48,600,000 | ||||||||||||||||||||||||
non-current portion of term debt | 818,200,000 | 752,484,000 | 878,511,000 | 893,335,000 | 830,548,000 | 778,000,000 | 410,711,000 | |||||||||||||||||||||
total stockholders’ equity | 713,700,000 | 702,451,000 | 669,496,000 | |||||||||||||||||||||||||
non-current warrant liability | 42,192,000 | 55,080,000 | 43,272,000 | 28,944,000 | 44,928,000 | 47,736,000 | 45,504,000 | 38,520,000 | 44,280,000 | 46,224,000 | 48,744,000 | 85,032,000 | 104,400,000 | |||||||||||||||
members' equity | ||||||||||||||||||||||||||||
current portion of term debt and financing obligations | 10,672,000 | 10,672,000 | ||||||||||||||||||||||||||
current warrant liability | ||||||||||||||||||||||||||||
non-current portion of term debt, revolving credit facility and financing obligations | 793,024,000 | 785,636,000 | ||||||||||||||||||||||||||
shares of class a common stock (successor), 0.0001 par value... | 7,000 | 6,000 | ||||||||||||||||||||||||||
shares of class v common stock (successor), 0.0001 par value... | 6,000 | 6,000 | ||||||||||||||||||||||||||
total stockholders' equity and members' equity | 602,265,000 | 469,120,000 | ||||||||||||||||||||||||||
assets: | ||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||
cash | 313,562 | 585,123 | 585,253 | 672,015 | 672,146 | 738,881 | ||||||||||||||||||||||
prepaid expenses | 87,938 | 154,625 | 136,313 | 192,696 | 262,091 | 331,297 | ||||||||||||||||||||||
marketable securities held in trust account | 452,603,299 | 452,430,869 | ||||||||||||||||||||||||||
liabilities and shareholders’ equity: | ||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||
accrued expenses | 1,667,665 | 1,514,828 | 444,337 | 319,200 | 12,032 | 32,657 | ||||||||||||||||||||||
accrued expenses - related parties | 206,774 | 176,774 | 146,774 | 116,774 | 86,774 | 56,774 | ||||||||||||||||||||||
deferred underwriting commissions and legal fees | 15,450,000 | 15,450,000 | 15,450,000 | 15,450,000 | 15,450,000 | 15,450,000 | ||||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 430,483,529 | 430,867,428 | 430,689,635 | 429,157,481 | 427,374,659 | 425,017,252 | ||||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||||||||||
preferred shares, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||||||||||||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 1,188 | 1,188 | 1,188 | 1,188 | 1,188 | 1,188 | ||||||||||||||||||||||
retained earnings | 4,998,597 | 4,998,611 | 4,998,621 | 4,998,618 | 4,998,620 | 4,213,070 | ||||||||||||||||||||||
total shareholders’ equity | 5,000,001 | |||||||||||||||||||||||||||
total liabilities and shareholders’ equity | 453,004,799 | |||||||||||||||||||||||||||
liabilities and shareholders' equity: | ||||||||||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||
shareholders' equity: | ||||||||||||||||||||||||||||
total shareholders' equity | 5,000,008 | 5,000,007 | 5,000,003 | 5,000,002 | 5,000,006 | |||||||||||||||||||||||
total liabilities and shareholders' equity | 453,170,617 | 451,742,407 | 450,085,100 | 447,927,361 | 445,580,109 | |||||||||||||||||||||||
cash and marketable securities held in trust account | 451,020,841 | 449,220,389 | 446,993,124 | 444,509,931 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-07-04 | 2021-04-04 | 2021-01-03 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||
net income | -2,400,000 | -3,300,000 | -20,200,000 | 10,122,000 | 5,678,000 | 2,121,000 | 773,000 | 25,446,000 | 2,397,000 | -16,182,000 | 31,350,000 | 16,179,000 | -23,349,000 | -13,619,000 | -383,906 | 177,794 | 3,314,981 | 2,301,928 | ||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||
depreciation and amortization | 22,500,000 | 22,000,000 | 20,400,000 | 21,255,000 | 18,745,000 | 17,550,000 | 17,507,000 | 17,581,000 | 18,302,000 | 19,374,000 | 19,709,000 | 20,311,000 | 20,094,000 | 22,443,000 | 22,121,000 | 21,430,000 | 20,743,000 | 19,145,000 | 19,407,000 | 15,150,000 | ||||
gain on remeasurement of warrant liability | 14,328,000 | -15,984,000 | ||||||||||||||||||||||
gain on sale of assets | -1,300,000 | -1,375,000 | -367,000 | |||||||||||||||||||||
loss on debt extinguishment | 0 | 0 | -31,000 | 531,000 | 0 | 0 | 0 | |||||||||||||||||
share-based compensation | 3,900,000 | 4,700,000 | 5,400,000 | 2,672,000 | 4,328,000 | 4,519,000 | 4,602,000 | 5,261,000 | 3,913,000 | 2,869,000 | 4,305,000 | 4,634,000 | 4,400,000 | 1,379,000 | ||||||||||
deferred taxes | 600,000 | 7,200,000 | -1,161,000 | 61,000 | -2,384,000 | 286,000 | 6,159,000 | -8,740,000 | -2,360,000 | 357,000 | -2,889,000 | 1,912,000 | -501,000 | 163,000 | 1,061,000 | |||||||||
deferred financing costs | 300,000 | 300,000 | 351,000 | 349,000 | 294,000 | 749,000 | 1,760,000 | 633,000 | 446,000 | 5,000 | 362,000 | 341,000 | 2,870,000 | |||||||||||
changes in assets and liabilities: | ||||||||||||||||||||||||
accounts receivable | -12,600,000 | 32,500,000 | 28,000,000 | -26,269,000 | -15,131,000 | 13,046,000 | 3,364,000 | -1,050,000 | -8,578,000 | -3,092,000 | 8,939,000 | -3,921,000 | -71,000 | -3,629,000 | -17,044,000 | 26,049,000 | -9,274,000 | -10,127,000 | -11,176,000 | 20,540,000 | ||||
inventories | -3,200,000 | -6,400,000 | 12,700,000 | -17,986,000 | -6,214,000 | 210,000 | -869,000 | 2,221,000 | -6,190,000 | 12,008,000 | 5,023,000 | 1,071,000 | -5,450,000 | -5,768,000 | -14,261,000 | -3,031,000 | -834,000 | 310,000 | -7,040,000 | -17,000 | ||||
prepaid expenses and other assets | -3,500,000 | -10,700,000 | 20,000,000 | -10,388,000 | -7,112,000 | -79,745,000 | -8,574,000 | -8,637,000 | -6,503,000 | 5,750,000 | -8,496,000 | -9,564,000 | -2,123,000 | -5,389,000 | -26,000 | 6,667,000 | -1,369,000 | -9,095,000 | 866,000 | -4,933,000 | ||||
accounts payable and accrued expenses and other | -16,500,000 | 39,300,000 | -23,800,000 | 48,777,000 | -9,777,000 | 101,149,000 | 29,500,000 | -18,973,000 | 11,412,000 | 3,714,000 | 24,789,000 | -2,681,000 | -16,092,000 | 4,796,000 | 464,000 | 2,784,000 | -2,915,000 | 14,167,000 | -19,487,000 | 7,602,000 | ||||
net cash from operating activities | -12,200,000 | 64,900,000 | 51,200,000 | 16,318,000 | -20,218,000 | 54,213,000 | 52,122,000 | 8,896,000 | -9,065,000 | 27,510,000 | 53,445,000 | 4,128,000 | -8,443,000 | 9,736,000 | -36,004,000 | 44,105,000 | 4,326,000 | 13,139,000 | -13,183,000 | 26,816,000 | -271,561 | -130 | -86,893 | -206,009 |
capital expenditures | -13,800,000 | -13,600,000 | -23,500,000 | -26,905,000 | -38,795,000 | -37,767,000 | -23,091,000 | -24,151,000 | -13,630,000 | -10,017,000 | -15,549,000 | -16,252,000 | -13,906,000 | -52,141,000 | -8,137,000 | -13,945,000 | -6,971,000 | -8,689,000 | -2,134,000 | -6,920,000 | 0 | 0 | 0 | 0 |
free cash flows | -26,000,000 | 51,300,000 | 27,700,000 | -10,587,000 | -59,013,000 | 16,446,000 | 29,031,000 | -15,255,000 | -22,695,000 | 17,493,000 | 37,896,000 | -12,124,000 | -22,349,000 | -42,405,000 | -44,141,000 | 30,160,000 | -2,645,000 | 4,450,000 | -15,317,000 | 19,896,000 | -271,561 | -130 | -86,893 | -206,009 |
cash flows from investing activities | ||||||||||||||||||||||||
purchases of property and equipment | -13,800,000 | -13,600,000 | -23,500,000 | -26,905,000 | -38,795,000 | -37,767,000 | -23,091,000 | -24,151,000 | -13,630,000 | -10,017,000 | -15,549,000 | -16,252,000 | -13,906,000 | -52,141,000 | -8,137,000 | -13,945,000 | -6,971,000 | -8,689,000 | -2,134,000 | -6,920,000 | ||||
proceeds from sale of property and equipment | 100,000 | 23,700,000 | 100,000 | 44,000 | 756,000 | 500,000 | 2,078,000 | 18,056,000 | 6,006,000 | 745,000 | 7,835,000 | 508,000 | 451,000 | 1,413,000 | 1,138,000 | 1,429,000 | 114,000 | 1,099,000 | 391,000 | |||||
proceeds from sale of routes | 8,300,000 | 8,700,000 | 6,000,000 | 6,711,000 | 4,989,000 | 7,106,000 | 5,883,000 | 6,470,000 | 7,199,000 | 6,982,000 | 9,237,000 | 6,319,000 | 6,127,000 | 7,779,000 | 4,604,000 | 6,159,000 | 4,227,000 | 2,350,000 | 1,450,000 | 2,074,000 | ||||
proceeds from the sale of io notes | 1,500,000 | 700,000 | 1,500,000 | 3,428,000 | 472,000 | 1,359,000 | 2,009,000 | 689,000 | 855,000 | 1,311,000 | 1,933,000 | 1,294,000 | 867,000 | 3,840,000 | 0 | 5,627,000 | 2,295,000 | |||||||
purchases of io routes and other changes in note receivables | -11,600,000 | |||||||||||||||||||||||
net cash from investing activities | -15,500,000 | 8,300,000 | -23,900,000 | -30,566,000 | -40,734,000 | -41,124,000 | -24,855,000 | -17,071,000 | 158,011,000 | -10,987,000 | -6,722,000 | -16,765,000 | -14,018,000 | -47,002,000 | -249,000 | -58,017,000 | -7,538,000 | -45,232,000 | -25,311,000 | -493,381,000 | ||||
cash flows from financing activities | ||||||||||||||||||||||||
borrowings on line of credit | 60,000,000 | 64,000,000 | 42,000,000 | 50,000,000 | 85,000,000 | 22,500,000 | 0 | 55,000,000 | 37,000,000 | |||||||||||||||
repayments on line of credit | -60,000,000 | -84,500,000 | -82,000,000 | -39,340,000 | -35,160,000 | -45,069,000 | -22,439,000 | -10,072,000 | -37,119,000 | |||||||||||||||
borrowings on term debt and notes payable | 23,100,000 | 30,600,000 | 12,330,000 | 38,470,000 | 13,850,000 | 8,644,000 | 6,820,000 | 9,798,000 | 8,840,000 | 1,027,000 | 915,000 | 2,331,000 | 20,147,000 | 8,726,000 | 40,522,000 | 12,617,000 | 88,000,000 | 720,000,000 | ||||||
repayments on term debt and notes payable | -7,600,000 | -4,200,000 | -6,100,000 | -5,649,000 | -7,951,000 | -3,878,000 | -3,256,000 | -12,369,000 | -154,239,000 | -5,467,000 | -11,959,000 | -5,541,000 | -6,244,000 | -4,552,000 | -9,066,000 | -5,826,000 | -3,107,000 | -2,820,000 | -783,735,000 | -619,000 | ||||
payment of debt issuance cost | 0 | 0 | 30,000 | -1,730,000 | 0 | 0 | -1,000 | 0 | -125,000 | -713,000 | -8,372,000 | |||||||||||||
payments of tax withholding requirements for employee stock awards | -1,700,000 | 0 | 0 | -32,000 | -2,168,000 | 0 | 0 | 0 | -1,397,000 | 0 | 0 | 0 | -589,000 | 0 | -6,217,000 | |||||||||
dividends paid | -6,200,000 | -5,400,000 | -5,300,000 | -6,199,000 | -5,401,000 | -5,778,000 | -6,518,000 | |||||||||||||||||
distribution to noncontrolling interest | -3,500,000 | -3,500,000 | -3,400,000 | -5,002,000 | -3,498,000 | -3,467,000 | -5,381,000 | -6,098,000 | -3,383,000 | -3,383,000 | -3,383,000 | -3,383,000 | -3,383,000 | -4,847,000 | -3,131,000 | -10,828,000 | -181,000 | -9,536,000 | ||||||
net cash from financing activities | -19,000,000 | -24,200,000 | 6,138,000 | 67,562,000 | -21,842,000 | -28,950,000 | 27,745,000 | -153,965,000 | -24,594,000 | -60,286,000 | 28,373,000 | 7,452,000 | 42,500,000 | 9,254,000 | 29,849,000 | 2,428,000 | 54,818,000 | -4,317,000 | 481,372,000 | |||||
net increase in cash and cash equivalents | -46,700,000 | 62,700,000 | 3,100,000 | -8,110,000 | 6,610,000 | -8,753,000 | -1,683,000 | -8,071,000 | -13,563,000 | 14,807,000 | ||||||||||||||
cash and cash equivalents at beginning of period | 120,400,000 | 0 | 0 | -38,000 | 56,138,000 | 0 | 0 | 0 | 52,023,000 | 0 | 0 | 0 | 72,930,000 | 0 | 41,898,000 | 0 | 0 | 0 | 46,831,000 | 0 | ||||
cash and cash equivalents at end of period | 73,700,000 | 62,700,000 | 3,100,000 | -8,148,000 | 62,748,000 | -8,753,000 | -1,683,000 | 19,570,000 | 47,004,000 | -8,071,000 | -13,563,000 | 15,736,000 | 57,921,000 | 5,234,000 | 14,899,000 | 15,937,000 | -784,000 | 22,725,000 | 4,020,000 | 14,807,000 | ||||
impairment and other charges | 0 | 0 | 3,027,000 | 0 | 7,603,000 | 1,945,000 | 0 | 3,319,000 | ||||||||||||||||
gain on sale of business | 0 | 0 | 0 | -44,015,000 | ||||||||||||||||||||
loss on sale of assets | -9,900,000 | 500,000 | 860,000 | -660,000 | 480,000 | 1,501,000 | -2,373,000 | 470,000 | -1,925,000 | 8,488,000 | 279,000 | 508,000 | ||||||||||||
deferred income taxes | ||||||||||||||||||||||||
amortization of deferred financing costs | ||||||||||||||||||||||||
purchases of intangibles | 0 | 0 | 0 | -557,000 | 0 | -1,200,000 | ||||||||||||||||||
proceeds from sale of business | 0 | 0 | 0 | 167,500,000 | ||||||||||||||||||||
proceeds from insurance claims for capital investments | ||||||||||||||||||||||||
purchase of io routes and other changes in note receivables | ||||||||||||||||||||||||
net cash provided (used in) by financing activities | ||||||||||||||||||||||||
loss on remeasurement of warrant liability | -11,016,000 | 11,808,000 | 2,232,000 | -5,760,000 | -1,944,000 | -2,520,000 | -36,288,000 | -19,368,000 | 21,501,000 | |||||||||||||||
notes receivable | -13,844,000 | -8,156,000 | -12,322,000 | -11,734,000 | -8,915,000 | -9,919,000 | -11,708,000 | -10,178,000 | -8,634,000 | -7,557,000 | -9,070,000 | 221,000 | -4,546,000 | -4,351,000 | -4,177,000 | -924,000 | -4,338,000 | |||||||
acquisitions, net of cash acquired | 0 | -75,000 | -50,954,000 | 0 | -41,442,000 | -25,189,000 | ||||||||||||||||||
proceeds from issuance of shares | ||||||||||||||||||||||||
dividends | -4,625,000 | -4,640,000 | -4,618,000 | -4,663,000 | -4,244,000 | -4,189,000 | -3,826,000 | -3,821,000 | -4,261,000 | |||||||||||||||
net decrease in cash and cash equivalents | -5,019,000 | -15,009,000 | 5,234,000 | -26,999,000 | -784,000 | 22,725,000 | -42,811,000 | |||||||||||||||||
stock based compensation | 2,883,000 | 5,732,000 | ||||||||||||||||||||||
exercised warrants | 0 | 0 | 0 | 57,232,000 | ||||||||||||||||||||
net loss | 16,215,000 | -8,553,000 | -14,482,000 | 2,545,000 | -31,898,000 | |||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||||||
line of credit borrowings | -40,676,000 | 41,000,000 | 20,000,000 | 9,824,000 | 20,000,000 | 15,000,000 | ||||||||||||||||||
amortization of step-up of inventory | 0 | |||||||||||||||||||||||
acquisition of utz brands holdings, llc, net of cash acquired | 19,000 | |||||||||||||||||||||||
distributions to members | ||||||||||||||||||||||||
proceeds from insurance claims | 2,000,000 | |||||||||||||||||||||||
gain on disposal of property and equipment | -169,000 | -60,000 | -607,000 | -297,000 | ||||||||||||||||||||
gain on sale of routes | 270,000 | 1,103,000 | -1,682,000 | -422,000 | -690,000 | |||||||||||||||||||
contribution from member and noncontrolling interest | ||||||||||||||||||||||||
stock-based compensation | 2,041,000 | |||||||||||||||||||||||
amortization of deferred financing fees | 330,000 | |||||||||||||||||||||||
loss on disposal of property and equipment | ||||||||||||||||||||||||
proceeds on sale of property and equipment | 1,282,000 | |||||||||||||||||||||||
proceeds on the sale of io notes | ||||||||||||||||||||||||
(gain) loss on disposal of property and equipment | ||||||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||||||
investment income on trust account | -172,430 | -1,410,028 | ||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||
prepaid expenses | 66,687 | -18,312 | 125,778 | -9,768 | ||||||||||||||||||||
accounts payable | 35,251 | 149,925 | 7,760 | -91,692 | ||||||||||||||||||||
accrued expenses | 152,837 | 1,070,491 | 432,305 | 25,157 | ||||||||||||||||||||
accrued expenses - related parties) | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
net decrease in cash | -271,561 | -130 | -206,009 | |||||||||||||||||||||
cash - beginning of the period | 0 | 585,253 | 944,890 | |||||||||||||||||||||
cash - end of the period | -271,561 | 585,123 | 738,881 | |||||||||||||||||||||
supplemental disclosure of noncash financing activities: | ||||||||||||||||||||||||
change in value of class a ordinary shares subject to possible redemption | -383,899 | 177,793 | 3,314,976 | 2,301,930 | ||||||||||||||||||||
● | ||||||||||||||||||||||||
accrued expenses - related parties | 30,000 | 60,000 | 30,000 | |||||||||||||||||||||
5 | ||||||||||||||||||||||||
general and administrative expenses paid by related parties | ||||||||||||||||||||||||
cash flows from investing activities: | ||||||||||||||||||||||||
cash deposited in trust account | ||||||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||||
proceeds from issuance of class b ordinary shares to sponsor | ||||||||||||||||||||||||
proceeds received from note payable to related parties | ||||||||||||||||||||||||
repayment of note payable and general and administrative expenses paid by related parties | ||||||||||||||||||||||||
proceeds received from initial public offering | ||||||||||||||||||||||||
proceeds received from private placement | ||||||||||||||||||||||||
payment of offering costs | ||||||||||||||||||||||||
net increase in cash | -86,893 | |||||||||||||||||||||||
cash - beginning of the year | ||||||||||||||||||||||||
cash - end of the year | ||||||||||||||||||||||||
deferred legal fees and underwriting commissions in connection with the initial public offering | ||||||||||||||||||||||||
offering costs included in accounts payable | ||||||||||||||||||||||||
note 1. | ||||||||||||||||||||||||
interest income held in trust account | -2,461,634 | |||||||||||||||||||||||
formation and operating costs paid by related party | ||||||||||||||||||||||||
offering costs paid | ||||||||||||||||||||||||
supplemental disclosure of noncash activities: | ||||||||||||||||||||||||
deferred offering costs included in accrued expenses | ||||||||||||||||||||||||
deferred offering costs included in accounts payable |