Pro Forma Financials and Market Positioning
Non-GAAP Reconciliation
Non-GAAP Reconciliation
Fiscal Year Ended,
December December December
Fiscal Quarter Ended,
March 31, March 29,
31, 2017
30, 2018
29, 2019
2019
2020
Net Sales (Per GAAP)
$707
$772
$768
$178
$228
Net
Independent DSD Operator Discounts
40
58
77
17
21
Sales
Adjusted Net Sales
$747
$830
$845
$196
$249
Net Income (Per GAAP)
$17
($28)
($13)
($3)
$2
Depreciation and Amortization
Interest Expense, net (1)
29
30
29
7
9
43
45
12
Tax Expense (Benefit)
(16)
2
3
0
760
9
9
2
EBITDA
$39
$48
$64
$16
$21
EBITDA
Certain Non-Cash Adjustments (2)
12
17
16
1
1
Acquisition and Integration (3)
6
11
3
1
5
Business Transformation Initiatives (4)
13
3
5
Financing-Related Costs (5)
4
1
5
55
0
2
0
Adjusted EBITDA
$73
$80
$93
$18
$29
Note: Dollars in Millions.
1). Includes net interest expense related to third-party obligations and interest income on loans made to independent DSD operators to facilitate their purchase of delivery routes.
2). Accounting policy change, fair value adjustment to long-term incentive program, mark-to-market commodity adjustments, and asset impairment/write-offs.
3). Non-recurring professional fees and expenses, travel, and integration costs related to historical acquisitions.
4). Non-recurring and one-time costs (including consulting and professional fees) of business transformation initiatives related primarily to the RSP-IO conversion, Rice/Lissette family-related items, onboarding/severance for
certain administrative employees, and change in vacation policy.
5). Non-recurring financing costs and loss on extinguishment of debt.
utz
BRANDS
SM
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