Company: UTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001739566-25-000153
Chunk: 44

Company: Utz Brands, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 an additional measure for investors to evaluate our Adjusted EBITDA margins on net sales.

The following table provides a reconciliation from net income to EBITDA and Adjusted EBITDA, including as a percentage of net sales, for the thirteen weeks ended and twenty-six weeks ended June 29, 2025 and June 30, 2024:

(dollars in millions)Thirteen weeks ended June 29, 2025Thirteen weeks ended June 30, 2024Twenty-six weeks ended June 29, 2025Twenty-six weeks ended June 30, 2024Net income$10.1 $25.4 $15.8 $27.8 Non-GAAP adjustments:Income Tax (Benefit) Expense(3.2)(1.3)(3.8)25.2 Depreciation and Amortization21.3 17.6 40.0 35.9 Interest Expense, Net11.4 10.2 22.9 24.0 Interest Income (IO loans)(1)(0.5)(0.1)(1.0)(0.9)EBITDA39.1 51.8 73.9 112.0 Certain Non-Cash Adjustments(2)5.4 4.9 11.1 8.9 Acquisitions, Divestitures and Investments(3)9.6 1.1 17.0 (37.3)Business Transformation Initiatives(4)7.1 4.5 14.5 10.3 Financing-Related Costs(5)— 0.3 0.8 0.3 Gain on Remeasurement of Warrant Liability(6) (12.5)(12.9)(23.5)(1.1)Adjusted EBITDA$48.7 $49.7 $93.8 $93.1 Net income as a % of Net Sales2.8 %7.1 %2.2 %4.0 %Adjusted EBITDA as a % of Net Sales13.3 %14.0 %13.0 %13.2 %

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(1)Interest Income (IO loans) refers to interest income that we earn from IO notes receivable that has resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There