Company: UTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001739566-25-000111
Chunk: 14

Company: Utz Brands, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 30, 2025 and March 31, 2024

(In thousands)

(Unaudited)Thirteen weeks ended March 30, 2025Thirteen weeks ended March 31, 2024Cash flows from operating activitiesNet income$5,678 $2,397 Adjustments to reconcile net income to net cash used in operating activities:Depreciation and amortization18,745 18,302 Gain on sale of business— (44,015)(Gain) loss  on remeasurement of warrant liability (11,016)11,808 (Gain) loss on sale of assets(660)470 Loss on debt extinguishment531 — Share-based compensation4,328 3,913 Deferred taxes61 6,159 Deferred financing costs349 1,760 Changes in assets and liabilities:Accounts receivable, net(15,131)(8,578)Inventories(6,214)(6,190)Prepaid expenses and other assets(7,112)(6,503)Accounts payable and accrued expenses and other(9,777)11,412 Net cash used in operating activities(20,218)(9,065)Cash flows from investing activitiesPurchases of property and equipment(38,795)(13,630)Proceeds from sale of property and equipment756 6,006 Proceeds from sale of business— 167,500 Proceeds from sale of routes4,989 7,199 Proceeds from the sale of IO notes472 855 Notes receivable(8,156)(9,919)Net cash (used in) provided by investing activities(40,734)158,011 Cash flows from financing activitiesBorrowings on line of credit85,000 37,000 Repayments on line of credit(35,160)(37,119)Borrowings on term debt and notes payable38,470 9,798 Repayments on term debt and notes payable(7,951)(154,239)Payment of debt issuance cost(1,730)— Payments of tax withholding requirements for employee stock awards(2,168)(1,397)Dividends paid(5,401)(4,625)Distribution to noncontrolling interest(3,498)(3,383)Net cash provided by (used in) financing activities67,562 (153,965)Net increase (decrease) in cash and cash equivalents6,610