Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 102

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 102
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23.1 | ) |
| Business Transformation Initiatives(4)               |     |                   |   |  31.0 |   |     |                   |   |  28.1 |   |
| Financing-Related Costs(5)                           |     |                   |   |   0.2 |   |     |                   |   |   0.4 |   |
| (Gain) loss on remeasurement of warrant liability(6) |     |                   |   |  (2.2 | ) |     |                   |   | (10.2 | ) |
| Adjusted EBITDA                                      |     |                   |   | 187.2 |   |     |                   |   | 200.2 |   |

(1) Interest Income from IO Loans refers to interest income that we earn from IO notes receivable that have resulted from our initiatives to transition from RSP distribution to IO distribution. (“Business Transformation Initiatives”). There are notes payable recorded that mirror most IO notes receivable, and the interest expense associated with the notes payable is part of the interest expense, net adjustment. (2) Certain Non-Cash Adjustments are comprised primarily of the following: ▪ Incentive programs – The Company incurred $17.6 million and $15.5 million of share-based compensation, which was awarded to associates and directors, and compensation expense associated with the 2020 Omnibus Equity Incentive Plan (the "OEIP") for the fiscal year ended December 29, 2024 and the fiscal year ended December 31, 2023, respectively. ▪ Asset Impairments and Write-Offs — For the fiscal year ended December 31, 2023, the Company recorded an adjustment for a non-cash loss on sale of $13.7 million related to fixed assets for the sale of the Bluffton, Indiana plant, along with $4.7 million related to the termination of the contract that was settled with the sale, and impairments of $12.6 million related to the closure of the Company's manufacturing facilities in Birmingham, Alabama and Gramercy, Louisiana. ▪ Purchase Commitments and Other Adjustments – We have purchase commitments for specific quantities at fixed prices for certain of our products’ key ingredients. To facilitate comparisons of our underlying operating results, this adjustment was made to remove the volatility of purchase commitments related unrealized gains and losses. The adjustment related to purchase commitments and other adjustments, including cloud computing