Company: LW
Filing Date: 2025-04-03
Form Type: 10-Q
Source: 0001679273-25-000026
Chunk: 92

Company: Lamb Weston Holdings, Inc.
Filing Date: 2025-04-03
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 and other companies may not define these non-GAAP financial measures the same way we do.

The following table reconciles net income to Adjusted EBITDA:

Thirteen Weeks EndedThirty-Nine Weeks Ended(in millions)February 23,2025February 25,2024February 23,2025February 25,2024Net income (a)$146.0 $146.1 $237.3 $595.8 Interest expense, net47.3 35.7 135.8 95.5 Income tax expense57.5 43.1 121.7 179.3 Income from operations including equity method investment earnings250.8 224.9 494.8 870.6 Depreciation and amortization (b)98.5 80.0 282.4 222.0 Unrealized derivative (gains) losses(5.9)27.3 (11.8)1.6 Foreign currency exchange losses7.0 16.4 17.2 21.8 Blue chip swap transaction gains (c)(0.6)(7.4)(20.5)(14.5)Items impacting comparability:Restructuring Plan expenses (d)10.3 — 169.4 — Shareholder activism expense (e)3.7 — 4.1 — Inventory step-up from acquisition— — — 20.7 Integration and acquisition-related items, net— 2.4 — 11.2 Adjusted EBITDA$363.8 $343.6 $935.6 $1,133.4 

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(a)Net income reflects the following: 

i.During the thirteen and thirty-nine weeks ended February 23, 2025, we recorded an approximately $9 million ($7 million after-tax, or $0.05 per share) benefit and $31 million ($24 million after-tax, or $0.17 per share) charge related to the voluntary product withdrawal that was initiated in the fourth quarter of fiscal 2024.

ii.We recorded a $25.0 million charge ($19.0 million after-tax, or $0.13 per share) and $95.9 million charge ($72.9 million after-tax, or $0.50 per share) for the write-off of excess raw potatoes in North America for the thirteen and thirty-nine