Company: THS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001320695-25-000089
Chunk: 61

Company: TreeHouse Foods, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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2025 and 2024:

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Three Months Ended March 31,20252024(unaudited, in millions)Net loss (GAAP)$(31.8)$(11.7)Interest expense19.3 15.6 Interest income(2.8)(4.0)Income tax benefit(11.8)(3.6)Depreciation and amortization41.4 36.6 EBITDA (Non-GAAP)14.3 32.9 Mark-to-market adjustments(1)17.0 (7.0)Restructuring programs & other, excluding accelerated depreciation(2)15.4 6.7 Product recalls and related costs(3)5.9 6.9 Loss on extinguishment of debt(4)2.6 — Acquisition, integration, divestiture, and related costs(5)2.5 4.1 Foreign currency (gain) loss on re-measurement of intercompany notes(6)(0.2)2.4 Adjusted EBITDA (Non-GAAP)$57.5 $46.0 % of net salesNet loss margin(4.0)%(1.4)%EBITDA margin1.8 %4.0 %% of adjusted net salesAdjusted EBITDA margin7.2 %5.6 %

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(1)The Company's derivative contracts are marked-to-market each period. The non-cash unrealized changes in fair value recognized in Other expense (income), net within the Condensed Consolidated Statements of Operations are treated as Non-GAAP adjustments. As the contracts are settled, realized gains and losses are recognized, and only the mark-to-market impacts are treated as Non-GAAP adjustments. Refer to Note 17 to our Condensed Consolidated Financial Statements for additional information.(2)The Company's restructuring and margin improvement activities are part of an enterprise-wide transformation to improve the long-term profitability of the Company. During the first quarter of 2025, the Company recognized $2.9 million of accelerated depreciation within the Company's restructuring activities as depreciation expense. Refer to Note 3 to our Condensed Consolidated Financial Statements for additional information.(3)Griddle Recall and Related CostsOn October 18, 2024, the Company initiated a voluntary recall of certain frozen waffle products produced at its Brantford, Ontario, Canada facility, and on October 22, 2024, the