Hostess Investor Presentation Deck
Hy Non-GAAP Reconciliations
BRANDS
GAAP results
Non-GAAP adjustments:
Foreign currency remeasurement
Project consulting costs (1)
Tax receivable agreement remeasurement
Change in fair value of warrant liabilities
Insurance proceeds (2)
Accelerated depreciation related to network optimization
Other (3)
Remeasurement of tax liabilities
Discrete income tax expense
Tax impact of adjustments
Adjusted Non-GAAP results
Income tax
Interest expense
Depreciation & amortization
Share-based compensation
Adjusted EBITDA
1.
2.
3.
Gross
Profit
$ 465.7
1.9
0.2
$ 467.7
Twelve Months Ended December 31, 2022
Gross Operating Net Net Income
Margin
34.3% $220.3 $
Income
Margin
0.1
3.9
(0.9)
1.9
0.3
34.4% $225.5
Income
164.2
0.6
3.9
(0.9)
(33.0)
1.9
0.7
(2.2)
1.2
(1.9)
134.6
50.0
41.0
58.2
10.5
294.1
12.1% $
0.3
(0.1)
(2.3)
0.1
Diluted
3.7
3.0
4.3
0.8
21.7%
EPS
0.01
0.03
(0.01)
1.19 $ 410.0
(0.24)
0.02
(0.2)
(0.02)
0.01
0.1
(0.1)
(0.01)
9.9 $0.98
Gross
Profit
0.7
$ 410.7
Twelve Months Ended December 31, 2021
Gross Operating Net Net Income
Margin
Income
35.9% $200.7 $
0.1
6.1
(1.4)
2.1
36.0% $ 207.5
Income
119.3
(0.5)
6.1
(1.4)
(0.6)
4.3
(3.3)
(1.9)
122.0
45.7
39.8
51.7
9.6
$268.8
Margin
10.4% $
0.5
(0.1)
0.4
(0.3)
(0.2)
10.7
Diluted
4.0
3.5
4.5
0.8
23.5%
EPS
0.86
0.04
(0.01)
0.03
(0.03)
(0.01)
$ 0.88
Project consulting costs are included in general and administrative on the condensed consolidated statement of operations.
Gain from receipt of insurance proceeds under the representation and warranty insurance policy purchased in connection with the Voortman acquisition in 2020 included in other expense (income) on the condensed consolidated statement
of operations.
In 2022, costs related to certain corporate initiatives, of which $0.2 million is included in cost of goods sold, $0.1 million is included in general and administrative and $0.4 million is included in other expense (income) on the consolidated
statement of operations. In 2021, costs related to certain corporate initiatives, including $2.8 million of Voortman acquisition related costs. Of the total $4.3 million, $0.7 million is included in cost of goods sold, $1.4 million is included in
general and administrative and $2.2 million is included in other expense (income) on the consolidated statement of operations.
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