Company: LW
Filing Date: 2025-07-23
Form Type: 10-K
Source: 0001679273-25-000049
Chunk: 94

Company: Lamb Weston Holdings, Inc.
Filing Date: 2025-07-23
Form: 10-K
Item: Item 7
Chunk 94
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 our underlying business than could be obtained absent these disclosures.

The non-GAAP financial measures presented in this report should be viewed in addition to, and not as alternatives for, financial measures prepared in accordance with GAAP that are also presented in this report. These measures are not substitutes for their comparable GAAP financial measures, such as net income, gross profit, SG&A, equity method investment earnings, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this report may differ from similarly titled non-GAAP financial measures presented by other companies, 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:

For the Fiscal Years Ended May(in millions)20252024Net income (a)$357.2 $725.5 Interest expense, net180.0 135.8 Income tax expense143.1 230.0 Income from operations including equity method investment earnings680.3 1,091.3 Depreciation and amortization (b)378.2 306.2 Unrealized derivative gains(23.1)(24.9)Foreign currency exchange losses15.2 28.6 Blue chip swap transaction gains(21.1)(18.0)Items impacting comparability:Restructuring Plan and other expenses185.8 — Shareholder activism expense5.2 — Inventory step-up from acquisition— 20.7 Integration and acquisition-related items, net— 12.8 Adjusted EBITDA$1,220.5 $1,416.7 

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(a)Net income included:

i.Restructuring plan expenses of $185.8 million ($143.7 million after-tax, or $1.01 per share) related to the FY25 Restructuring Plan announced on October 1, 2024, for fiscal 2025. Further information on the FY25 Restructuring Plan is provided in Note 4, Restructuring, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of this Form 10-K.

ii.Shareholder activism expense of $5.2 million ($4.0 million after-tax, or $0.03 per share). for fiscal 2025.

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iii.A $23.1 million unreal