Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 1

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 1
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 (1) Our GAAP net income moved from $(40.0) million to $30.7 million, representing a 176.8% change, our Adjusted EBITDA increased approximately 6.9% to $200.2 million, (1) and we finished the year as the 3 rd largest U.S. salty snack platform for the 13-week period ended December 29, 2024. (2) For Utz, 2024 was the first year of a three-year journey to deliver against the 2026 targets we introduced at our investor day in December 2023. While sales growth was more challenged than we expected due to a difficult consumer demand environment, we are executing well on our distribution growth opportunities, and we believe our accelerated productivity cost savings will continue to give us the flexibility to expand our margins and increase investments in our brands to support our continued growth. Our Utz associates made several notable accomplishments during the year including the following: • Driving a retail sales share increase nationally for total Utz and gaining volume share in both our Core and Expansion Geographies. (2) • Delivering productivity cost savings above our original expectation to fuel margin growth and investments in our brands and capabilities. • Investing nearly $100 million in capital expenditures across our supply chain, in an effort to unlock future cost savings and operating efficiencies. • Disposition of five manufacturing facilities and two brands, which we believe will accelerate our network optimization strategy, simplify execution, and enhance balance sheet flexibility. Our mission at Utz is to become the fastest-growing pure-play U.S. salty snack company of scale by: building a portfolio of consumer-loved brands coast-to-coast; developing world-class people and capabilities; and delivering top-tier financial performance. I’m confident that our progress in 2024 has us well-positioned to deliver on our mission. On behalf of the Utz Board of Directors and leadership team, we thank you for being a stockholder of Utz. Your vote is important. Sincerely, Howard Friedman Chief Executive Officer Utz Brands, Inc. (1) *See the description of the non-GAAP financial measures and reconciliation of the non-GAAP financial measures to the most comparable GAAP measures in the tables included in Annex A at Page A-1. (2) Circana Total US MULO+ w/ convenience, custom Utz Brands hierarchy, 13-weeks and 52-weeks ended 12/29/2024. THIS PROXY STATEMENT IS DATED MARCH