Company: UTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001739566-25-000111
Chunk: 78

Company: Utz Brands, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 sheet arrangements. These loans are collateralized by the routes for which the loans are made. Accordingly, the Company has the ability to recover substantially all of the outstanding loan value upon default. Refer to Note 10. Contingencies.

Cash Flow

The following table presents net cash provided by or used in operating activities, investing activities and financing activities for the thirteen weeks ended March 30, 2025 and March 31, 2024.

24

(in thousands)Thirteen weeks ended March 30, 2025Thirteen weeks ended March 31, 2024Net cash used in operating activities$(20,218)$(9,065)Net cash (used in) provided by investing activities$(40,734)$158,011 Net cash provided by (used in) financing activities$67,562 $(153,965)

Net cash used in operating activities for the thirteen weeks ended March 30, 2025 was $20.2 million compared to $9.1 million for the thirteen weeks ended March 31, 2024, with the difference largely driven by timing related decreases in accounts payable and accrued expenses and other of $21.2 million and increases in accounts receivable of $6.6 million, partially offset by increase in cash net income of $17.2 million.

Cash used in investing activities for the thirteen weeks ended March 30, 2025 was $40.7 million, primarily driven by purchases of property and equipment. This compares to the cash provided by investing activity of $158.0 million for the thirteen weeks ended March 31, 2024 primarily driven by proceeds from sale of business of $167.5 million partially offset by purchases of property and equipment.

Net cash provided by financing activities was $67.6 million for the thirteen weeks ended March 30, 2025, primarily driven by net borrowings on line of credit, term debt and notes payable of $80.4 million, partially offset by the payment of dividends and distributions to noncontrolling interest, payments of employee stock awards tax withholdings and debt issuance costs. This compares to net cash used in financing activities of $154.0 million for the thirteen weeks ended March 31, 2024, which was primarily related to the pay down of debt utilizing the proceeds from the Good Health and R.W. Garcia Sale.

Debt Covenants

The Term Loan B and the ABL facility are collateralized by substantially all of the assets and liabilities of UB