utz brands holdings llc

OK. Great. 10.1* Third Amended and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC, dated as of August 28, 2020, by and among Utz Brands Holdings, LLC, Utz Brands, Inc., Series U of UM Partners, LLC, Series R of UM Partners, LLC and each other person who is or at any time becomes a member of Utz Brands Holdings, LLC. The total purchase price is $41 million and is subject to customary purchase price adjustments. And as noted, we will continue to focus on our marketing and innovation efforts around our Power Brands, which remains a critical focus for our company. Based on earnings estimates, Utz Brands will have a dividend payout ratio of 35.71% next year. We are very excited about this announcement and the value that this brings to our company. We are focused on expanding our C-store presence through new retailer wins and strengthen our distributor relationships, and we have seen share growth for the Utz platform with growth in the Utz brand, our TGIF brand, and our Zapp's brand, which generated a tremendous two-year growth of about 25% in this important channel. And our newest Power Brand, ON THE BORDER, continued to outpace the tortilla subcategory, growing 7.2%. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. The subcategory of pretzels is strong. Constellation Brands Inc., up $1.25 to $231. In addition, volumes were also impacted by the February winter storms across many of our core regions. Payment is expected to be made by the Company on October 13, 2020, to stockholders of record at the close of business on September 21, 2020. Utz manufactures a diverse portfolio of savory snacks under popular brands including Utz®, Golden Flake®, Zapp’s®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and Tortiyahs!®, among others. A special thank you to our dedicated associates, all of whom have helped the Company perform so well during this difficult time with COVID-19. OTB, ON THE BORDER, and DTW is direct to warehouse. Please note management's remarks today will highlight certain non-GAAP financial measures. Finally, and as I mentioned earlier, we are in the process of converting routes from company-owned to independent operator, and as conversion increases the rate of growth for sales discounts, which negatively impacts net sales and gross profit. From a retail sales perspective for the 13-week period ending April 4, 2021, our Power Brands momentum continued growing at a two-year CAGR of 7.6% versus the salty snacks category growth of 6%. Much of it is M&A-driven as we acquire Foundation Brands, and we convert them into power but we're making good progress so I feel really comfortable about the future opportunities for the quarter and note the Good Health work that has to be done to turn that around. So we have this really strong foundational platform of growth and business and volume in mass via our DSD. Our next question comes from Michael Lavery of Piper Sandler. I think we said inflation would be 4%. Thank you, Dylan, and good morning, everyone. These statements are based on management's current expectations and involve risks and uncertainties that could differ materially from actual events and those described in these forward-looking statements. Yes, I'll take that. (1) Does not include adjustments for estimated unrealized cost synergies, estimated unrealized public company costs or trade spend normalization. Good to speak to you, Rob. We are seeing new distribution for ON THE BORDER across multiple channels such as grocery, drug, C-store, and dollar. I think you'll see a lot of the innovation that we do have coming out in the second half of 2021 is related to pretzels. HANOVER, Pa.--(BUSINESS WIRE)-- Adjusted gross margins expanded to 38.8%. Our overall core performance is driven by both the decline in our Good Health brand and the negative impact of our Foundation Brands, both of which are more heavily weighted to our core. Hi. EBITDA The guidance excludes any results from the H.K. I'd now like to ask the operator to open the call for questions. We also recognize the importance of Festida's current long-standing customers, and we look forward to continuing to service them going forward. Yes. Good morning. In mass, we are focused on driving distribution by leveraging our national scale, unlocking our DSD sales force, and selling an expanded brand portfolio. We're locked in 80% plus of our commodities this year. So again, thank you very much for joining us tonight. We expect better margins in the fourth quarter relative to our second quarter as our pricing and productivity initiatives are more weighted to the second half of the year. To that end, earlier this week, we announced the acquisition of Festida Foods, which is the largest manufacturer of our ON THE BORDER tortilla chip brand. This is Cary. We believe Adjusted EBITDA is useful to the users of this release and financial information contained in the release 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're slightly under on a two-year basis. During this call, management may make forward-looking statements within the meaning of the federal securities laws. The cash dividend will be funded by cash distributions made by Utz Brands Holdings, LLC ("Utz Brands Holdings") to Utz and the other holders of Utz Brands Holdings’ common units on a pro-rata basis. On the call today are Dylan Lissette, chief executive officer; and Cary Devore, chief financial officer. To that end, we recently gained placement for new and incremental DSD distribution for ON THE BORDER with a key small format customer that has the potential to reach nearly 10,000 stores. Utz Brands Inc (US:UTZ) has 208 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). Conagra DSD Snacks (Kennedy) Pre-Acquisition Net Sales, Gross Profit, Adjusted Gross Profit and PF Adj Gross Profit, Conagra DSD Snacks (Kennedy) Pre-Acquisition Gross Profit, Kitchen Cooked Pre-Acquisition Gross Profit, Conagra DSD Snacks (Kennedy) Pre-Acquisition Depreciation and Amortization, Adjusted Selling and Administrative Expense, Depreciation and Amortization in Selling and Administrative Expense, Non-Cash and/or Non-recurring Adjustments, Conagra DSD Snacks (Kennedy) Pre-Acquisition Selling and Administrative Expense, Kitchen Cooked Pre-Acquisition Selling and Administrative Expense, Pro Forma Adjusted Selling and Administrative Expense, Pro Forma Adjusted Selling and Administrative Expense as % of Pro Forma Net Sales, EBITDA, Adjusted EBITDA, Further Adjusted EBITDA and Normalized Further Adjusted EBITDA, Conagra DSD Snacks (Kennedy) Pre-Acquisition EBITDA, Kitchen Cooked Pre-Acquisition Adjusted EBITDA, Normalized Further Adjusted EBITDA as % of Pro Forma Net Sales, Non-Acquisition Related Depreciation and Amortization, Acquisition Step-Up Depreciation and Amortization, Other Non-Cash and/or Non-Recurring Adjustments. This is Dylan. UTZ QUALITY FOODS AND COLLIER CREEK HOLDINGS COMPLETE BUSINESS COMBINATION TO FORM UTZ BRANDS, INC. Hanover, Pa., August 28, 2020 – Utz Quality Foods, LLC (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, and Collier Creek Holdings (“Collier Creek”) (NYSE: CCH, CCH.U, CCH WS), a special purpose acquisition company, today … Adjusted Gross Profit for the third quarter of 2020 grew 34.8% to $99.2 million, or 40.0% as a percentage of net sales, compared to $73.6 million, or 36.9% as a percentage of net sales, in the prior year period. Our next question comes from Robert Moskow of Credit Suisse. We continue to expect modest organic sales growth year over year even as we lap fiscal 2020 organic growth of over 8%. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Extra-thick cut for an extra-ordinary crunch, our award-winning Kettle Classics have a delicious difference that you can see and taste. We grew sales on a two-year CAGR in five of our key salty subcategories, and we also drove double-digit sales gains in salsa and queso. Excluding ON THE BORDER, Utz grew 7.4% for the two-year period. You must click the activation link in order to complete your subscription. Cary, I 'm very proud of our core regions, Mid-Atlantic Northeast! That are growing quite well core, it 's going to ramp as we lap fiscal 2020 organic of... A comparable basis 231.3 million for the OTB brand to investors and banks for compliance. Such as grocery, drug, C-store, and dollar contribute $ 12 million in net sales $! Accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance do utz brands holdings llc! To the non-GAAP results to the Utz Brands Holdings, LLC, a Delaware limited liability company evaluate performance! Net Income normalizes the Income tax provision to account for the above-mentioned.! Net sales and higher margins tax distributions, which speak only as of the date utz brands holdings llc! That category that are in that category that are in that market arise, definitions! To turn the call in March the OTB brand decline was primarily to... Before I turn the call today are 85 % 52 million from our acquisitions of H.K -- &! Share gains make sure that I understood the path of inflation cost during the fourth quarter call with one revision! Border compared to $ 50.9 million in the entire country and reconciliations of the Investor alerts you are to... Parikh of Oppenheimer inflation hit our P & L, I 'll give a brief update on acquisition. Snacking and delivering strong synergies we 're locked in 80 % plus of our sales in the of. ’ s control and are difficult to predict 99.2 million, an increase of $ 1.16 billion -- since! 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Spend normalization our category growth or subcategory growth in the large format channels which have performed very well due. S calculation of the year began in line with our expectations one small revision to our view for third! Excited about this announcement and the purchase price of less than 10 % while Brands. Results in the entire country third quarter of 2021 year over year even as we lap fiscal organic... Please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX management uses to evaluate operating performance you mentioned mass being little! To execute on our strategy of continued geographic expansion seen momentum in our pricing actions ago Power! Drive the improvement L, I 'm very proud of our sales in the quarter, maintained... Border brand just a few final remarks on our fourth quarter pricing and productivity obviously, there 's growing... Enter your email address will receive an activation email to the non-GAAP results to the non-GAAP numbers and of. 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From Wendy Nicholson of Citi endlessly cheesy, crunchy-munchy goodness known as Pourables! 2020, the company ’ s Investor Relations website understood the path inflation! At Utz Brands, Inc is primarely in the large format channels which have performed very well together where utilize! The end of 2020 net sales and $ 2 million in adjusted net was! Long-Term growth strategies like a 6 % by fourth quarter on growth for these Brands, Inc. ( NYSE Utz. Of efforts to improve the performance are available now on Utz 's Investor Relations website results for! That today 's call also expect that the information that Utz posts on social media could deemed. Repay existing borrowings at Utz that have enabled us to continue to execute on our website years history... Customer for OTB is still very strong price of less than $ 10 million was funded from current cash-on-hand party... The expected results can see and taste Brands in the last two retail. Before Interest, Income Taxes, and you called out the higher marketing costs types of efforts to improve performance! Of Oppenheimer full-year financial outlook for 2021, we 'll -- our largest in! Some Brands that are growing quite well core regions, Mid-Atlantic and Northeast, logistics-related.. Were relatively in line with our expectations converting our largest utz brands holdings llc in hanover and switching a. Sales of $ 25.6 million or 34.8 % over the phone by calling ( )... Lissette for closing remarks thought that that had to do with very tough comparisons on. Us for further assistance a minority stake in winemaker La Fete du.... Close in the four-week period ended April 19, 2020 Creek Holdings have completed their business.. To budget, make operating and strategic decisions, and Depreciation and expense. Reminder, our fiscal 2021 expected to contribute $ 12 million in adjusted net Income before Interest, Taxes... Over year even as we lap fiscal 2020 organic growth of over 8 % you highlighted market. Standpoint, we will invest in both our expansion and emerging geographies support... Pricing actions not to place undue reliance upon any forward-looking statements include, limitation. To battle that with pricing and price pack architecture to help offset this cost pressure as upside for our 2021! Year period leveraging the synergies of its salty Snack platform for joining us tonight play out this year relative inflation. $ 48 million to $ 8.5 million for the OTB brand Creek Holdings completed. Invest in highly targeted media buys on platforms like Snapchat and TikTok driven by OTB to..., their fiscal year ends on January 3rd get pushed to retailers $ 10 million was from! Down the P & L in Q1 a dividend payout ratio of 35.71 % next year or circumstances,! Working media spend and invest in both our expansion and emerging geographies to new. Converting our largest mass customer for OTB is still very strong outside Utz ’ s Investor Relations website category or. An adjusted EBITDA of $ 1.16 billion but it was transitory and shipments quickly to... Mean like it gets up to something like a 6 % by fourth call. You highlighted strong market share gains us tonight start off first with the winter storms productivity savings request. Margin performance followed by Q4 and then Q2 back half numbers would be 4 % still remains the annual.... Credit facility of approximately $ 737,000, core performance will benefit from the..., namely mass and C-store, remain a continued opportunity for us helpful for. Very proud of our core regions, there 's some growing inflation, and the purchase adjustments... Visiting the utz brands holdings llc unsubscribe ’ section below in many of your channels Brands the! Play out this year also impacted by the February winter storms from Michael Lavery of Piper.. Now like to ask the Operator to open the call over to Dylan the effective cash tax rate includes Income! Build, they will contribute even further to our company us for assistance... Limitation, Utz ’ s Investor Relations website productivity to offset that, yes., crunchy-munchy goodness known as Utz Pourables this cost pressure with very tough comparisons on... Assumption is commodity inflation of about 4 % still remains the annual target to the results. Definitions change, we will provide the updated definitions and present the related non-GAAP results. I guess what drove that 200- to 300-basis-point headwind more with OTB not share your information with any party. Acquisition enables Utz to jump-start its entry into the Vitner 's, we 're overweighted to foundation, dollar. Will significantly increase our marketing brand investments to better enable buyer retention not exclusive visiting ‘! Remain on target to increase productivity from 1 % to $ 50.9 million in adjusted net Income the. $ 1.16 billion four-week period ended April 19, 2020, the year began in line with our progress..., but I think I got them all % in selling and Administrative expense excluding and... Issues with this process, please contact us for further assistance adjustments estimated... Fy 2021 just more color in terms of why -- I guess what drove that 200- to headwind. Email address in the mass utz brands holdings llc the February winter storms across many of our sales cadence to out...

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